Edgar Filing: ANGLOGOLD ASHANTI LTD

Page 1

UNITED STATES

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 August 4, 2011

Commission File Number 1-14846

AngloGold Ashanti Limited

(Name of registrant)

76 Jeppe Street

Newtown, 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 AND SIX MONTHS
ENDED 30 JUNE 2011, PREPARED IN ACCORDANCE WITH
INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

Quarter 2 2011

Report

for the quarter and six months ended 30 June 2011

Group results for the quarter….

º Adjusted headline earnings rise 68% to record $342m, or 89 US cents per share.
º Interim dividend rises 38% to 90 South African cents per share, or 44% to 13 US cents per ADS.
º Total cash costs at $705/oz, well within guidance; production up 5% to 1.086Moz.
º Operating improvements and gold price drive cash flow from operations 24% higher to $635m.
º Free cash flow at $207m after capex, finance costs and tax; net debt lowered to $866m.
º Continental Africa posts output growth and 14% cost reduction; Obuasi and Geita improve.
º South African production up 7%, shows good cost control despite currency gain and increased power tariff.
º Uranium production of 338klbs and silver production of 642koz.
º Americas region grows production 6%, keeps costs flat in challenging inflationary environment.
º Cerro Vanguardia’s output gains 7%; total cash costs drop 39%, the lowest in the group at $264/oz.
º Brownfield exploration campaigns in Argentina, Brazil and Australia return high grade intersections.

Quarter

Six months

Quarter

Six months

ended

Jun

Mar

Jun

Mar

Jun

2011

2010

2011

2010

2011

2010

2011

2010

SA rand / Metric

US dollar / Imperial

Operating review

Gold

Produced

- kg / oz (000)

33,776

32,303 35,011 66,079 68,586

1,086

1,039

1,126

2,124

2,205

Price received

- R/kg / $/oz

328,951

312,261 265,806 320,702 255,564

1,510

1,391

1,095

1,451

1,056

Total cash costs

- R/kg / $/oz

153,441

158,707 149,365 156,015 149,397

705

706

617

705

618

Total production costs

- R/kg / $/oz

199,541

200,632 183,891 200,075 187,065

916

893

759

905

774

Financial review

Adjusted gross profit

- Rm / $m

4,268

3,464 2,723 7,732 4,360

629

497

359

1,126

578

Profit (loss) attributable to equity

shareholders

- Rm / $m

3,195

1,658 (1,360)

4,854 (210)

470

241

(187)

711

(30)

- cents/share

829

430 (371)

1,259 (57)

122

(51)

184

(8)

Adjusted headline earnings

- Rm / $m

2,317

1,415 980

3,733

1,442

342

203

129

544

190

- cents/share

601

367 267 968 393

141

Cash flow from operating activities - Rm / $m

4,298

3,607 2,963 7,905 4,289

635

513

386

1,148

566

Capital expenditure

- Rm / $m

2,342

1,740 1,703 4,082 2,986

346

249

226

594

397

Notes:

1. Refer to note C "Non-GAAP disclosure" for the definition.

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

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

$ represents US dollar, unless otherwise stated.

Rounding of figures may result in computational discrepancies.

IMPORTANT NOTICE TO SHAREHOLDERS: SEE “SHAREHOLDERS’ NOTICE BOARD” ON THE
INSIDE BACK COVER

Operations at a glance
for the quarter ended 30 June 2011

oz (000)

% Variance

$/oz

% Variance

$m Variance

SOUTH AFRICA

431

688

264

Great Noligwa

1,071

(11)

Kopanang

684

Moab Khotsong

663

Mponeng

127

566

102

Savuka

876

TauTona

848

(1)

Surface Operations

588

CONTINENTAL AFRICA

377

705

(14)

244

Ghana

Iduapriem

(21)

891

(6)

Obuasi

732

(28)

Guinea

Siguiri - Attributable 85%

801

(2)

Mali

Morila - Attributable 40%

826

(1)

Sadiola - Attributable 41%

687

(2)

Yatela - Attributable 40%

(14)

1,280

(8)

Namibia

Navachab

(18)

1,202

(4)

Tanzania

Geita

107

441

(46)

Production

Total cash costs

Adjusted

gross profit (loss)

Non-controlling interests, exploration
and other

AUSTRALASIA

(15)

1,595

(10)

(15)

Australia

Sunrise Dam

(15)

1,516

(5)

(16)

Exploration and other

(5)

AMERICAS

216

487

151

(5)

Argentina

Cerro Vanguardia - Attributable 92.50%

264

(39)

Brazil

AngloGold Ashanti Mineração

493

(19)

Serra Grande - Attributable 50%

(18)

881

(3)

(9)

United States of America

Cripple Creek & Victor

546

Non-controlling interests, exploration
and other

(10)

OTHER

Sub-total

1,086

705

670

143

Equity accounted investments included above

(41)

(10)

AngloGold Ashanti

629

132

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

Equity accounted joint ventures.

Variance June 2011 quarter on March 2011 quarter - increase (decrease).

Rounding of figures may result in computational discrepancies.

Financial and Operating Report

OVERVIEW FOR THE QUARTER

FINANCIAL AND CORPORATE REVIEW

Operating production and cost performances in South Africa, Continental Africa and the Americas, along with full
exposure to the record gold price drove marked improvements in earnings and cash flow generation during the
second quarter. Adjusted headline earnings surged by 68% to a record $342m, or 89 US cents a share in the
three months to 30 June, compared with $203m, or 53 US cents the previous quarter.

Net profit attributable to equity shareholders rose from $241m recorded in the first quarter to $470m for the
second quarter. This increase was on the back of improved earnings and fair value gains on the two convertible
bonds.

Cash generated from operating activities improved by 24%, to $635m during the period under review. Free cash
flow, after all capital expenditure, finance costs and tax, was $207m. These robust inflows helped further
strengthen the group’s balance sheet. Net debt (excluding the mandatory convertible bond) was further reduced
to $866m at the end of the quarter, from $1.1bn at the end of March. About two-thirds of AngloGold Ashanti’s
targeted capital expenditure for the year of $1.6bn will be spent over the remainder of the year, with a
commensurate impact on net debt in the second half.

Given the improved cash flow, the board has declared a dividend of 90 South African cents per share, an
increase of 38% over the corresponding period last year. The increase is largely in line with the improvement in
the gold price over the period and reflects AngloGold Ashanti’s desire to improve returns to shareholders while
retaining the capacity to fund its growth projects.

OPERATING RESULTS

Production and total cash costs for the three months to 30 June 2011, a period impacted by 5 public holidays and
a local government election in South Africa, were broadly in line with guidance at 1.086Moz at $705/oz,
compared with 1.039Moz at $706/oz the previous quarter. Guidance for the second quarter was 1.09Moz at a
total cash cost of $760/oz.

The cost performance was bolstered by improved production and efficiencies at key assets, greater by-product
credits and stockpiling of ore during the shutdown and repair of the SAG mill at Geita during the quarter.
Continental Africa delivered good production gains coupled with a 14% drop in total cash costs, while South
Africa and the Americas showed rising production and good cost control at key assets. Australia continued to
face challenges following the first quarter’s flooding, as wet weather hampered recovery efforts. Group total cash
costs were marginally better than the previous quarter despite increased power tariffs in South Africa.

SAFETY

Tragically, three fatalities occurred during the quarter in separate incidents following a seismic event at Mponeng,
surface accident at the Cuiabá mine in Brazil and at an exploration site in Eritrea. Continued focus on mitigating
risks in the workplace, through visible leadership at each operation and implementation of the Safety
Transformation component of Project ONE, remains a priority for each member of the company. AngloGold
Ashanti’s fatality frequency rate has improved by 73% since 2007 and is some 60% better than its local peer
group. The company’s all injury frequency rate of 10 injuries per million hours worked was the lowest in
AngloGold Ashanti’s history, indicating that efforts toward effecting a comprehensive change in attitude toward
safety across every level in the group are gaining traction. South Africa and Continental Africa fared especially
well in this regard during the quarter. There remains, as always, room for further improvement.

OPERATING REVIEW

The South African operations produced 431,000oz at a total cash cost of $688/oz in the second quarter of 2011,
compared with 401,000oz at a total cash cost of $637/oz in the previous quarter. The increase in production
resulted from continued operational improvements following the seasonally slow first quarter. The increase in
total cash costs was contained to 8%, despite a stronger rand, winter electricity tariffs and higher royalties
triggered by the rising gold price. At the West Wits operations, production from Mponeng, the company’s largest
mine, increased by 8% to 127,000oz after temperature constraints and safety related production stoppages which
hampered operations in the first quarter, were addressed. Neighbouring TauTona experienced yield
improvements following a release of tons locked up in the VCR shaft area and achieved higher volumes mined.
These factors together afforded a 11% increase in gold production to 60,000oz, at a total cash cost of $848/oz. At
the Vaal River operations, production at Moab Khotsong increased by 10% to 75,000oz, after operational
constraints related to high temperatures and compressed air, which affected the previous quarter, were
addressed. Kopanang managed a 4% increase in production to 83,000oz following fewer safety related

stoppages, which led to improved area mined and tons milled. Total cash costs, however, increased by 16% to
$684/oz due to winter electricity tariffs and royalties. Great Noligwa was another beneficiary of fewer safety-
related interruptions as well as a resolution to ore pass blockages that impacted the previous quarter. The mine
posted a 23% increase in production to 27,000oz. Surface Operations production remained at 48,000oz, however
total cash costs increased 9% to $588/oz.

The Continental Africa operations produced 377,000oz at a total cash cost of $705/oz in the second quarter of
2011, compared with 363,000oz at a total cash cost of $819/oz the previous quarter. In Ghana, Obuasi staged a
strong operating performance with a 19% increase in production to 83,000oz and a 28% improvement in total
cash costs to $732/oz. The improvement stemmed principally from improved availability of underground
equipment, a successful drive to improve consistency in plant operations and access to higher grade blocks.
Iduapriem, where the plant underwent a scheduled maintenance shutdown, posted a planned 21% decline in
output to 44,000oz and a resultant increase in total cash costs to $891/oz. Notwithstanding a shutdown to repair
and upgrade one of the ends on the SAG mill, Geita, in Tanzania, benefited from higher grades mined at the
Nyankanga and Geita Hill pits. Production at the mine rose 14% to 107,000oz, while total cash costs dropped
46% to $441/oz. In Mali, improved grades and throughput pushed production from Sadiola 10% higher to
33,000oz, while total cash costs improved marginally to $687/oz. Morila’s production rose 14% to 25,000oz as
higher grades were processed from stockpiles. In Guinea, Siguiri’s production increased marginally to 66,000oz,
but increased royalties following the higher gold price, along with rising fuel prices and use of consumables drove
total cash costs 19% higher to $801/oz. Navachab, in Namibia, continued to face challenges related to its DMS
plant, compounded by lower recovered grades and tonnages. Production fell 18% to 14,000oz and total cash
costs rose 26% to $1,202/oz.

The Americas operations produced 216,000oz at a total cash cost of $487/oz in the second quarter of 2011,
compared with 203,000oz at a total cash cost of $480/oz in the previous quarter. In Argentina, Cerro Vanguardia
delivered another strong performance with higher grades driving a 7% rise in production to 48,000oz. Higher
silver prices helped push total cash costs 39% lower to $264/oz, again the lowest for the group. In Brazil, Serra
Grande faced dilution issues and lower recoveries due to challenges experienced with filtration. Both issues have
been addressed. Production fell 18% to 14,000oz, while total cash costs rose 24% to $881/oz. At AngloGold
Ashanti Córrego do Sítio Mineração (AngloGold Ashanti Mineração), production was unchanged at 84,000oz, as
higher tonnages offset lower grades. A better performance from the underground fleet at Cuiaba offset the effects
of lower grade, a stronger real and general cost inflation in Brazil. Total cash costs rose 11% to $493/oz. In the
US, Cripple Creek & Victor’s production increased by 23% to 70,000oz as ore was placed on newer sections of
the pad, closer to the liner. Total cash costs rose 11% to $546/oz, due mainly to higher diesel prices and mining
costs.

Australasia produced 61,000oz at a total cash cost of $1,595/oz in the second quarter of 2011, compared with
72,000oz at a total cash cost of $1,153/oz the previous quarter. This quarter’s figure includes a non-cash
deferred stripping charge of $93/oz. The pit-wall slippage at Sunrise Dam, together with the continued impact of
the previous quarter’s flood, severely affected all aspects of the operation. Mining in the open pit was suspended
during the quarter while dewatering the underground mine remained a priority. Additional support work required
for the switchback to the main access ramp was also undertaken during the quarter, extending the period needed
to remediate the operation.

PROJECTS

AngloGold Ashanti incurred capital expenditure of $346m during the quarter, of which $126m was spent on
growth projects. Of the growth-related capital, $61m was spent in the Americas, $30m was spent in Continental
Africa, $16m in Australasia and $19m in South Africa.

The team at the Córrego do Sítio project, in Brazil, continued to make swift progress, despite stiff competition for
skilled engineering personnel in Brazil. Full production for the first phase of the project, estimated at 140,000oz a
year, remained on schedule for 2013. Drainage for the stockpiles at the site was completed, water treatment
piping installed and tested and civil engineering work for the crushing and milling circuit finished. Installation of
the SAG, primary-ball and regrind mills was also finished and the lining of the autoclave and the conditioning tank
completed. Commissioning of the milling and flotation areas will get underway during the third quarter. Work on
the Sao Bento plant also continued during the quarter, with key equipment refurbished, including the existent
flotation cells and warehouse and laboratory facilities. In the mining area, ore production reached 40,800 tons
during the quarter.

At the Tropicana Gold Project (AngloGold Ashanti 70% and manager) and Independence Group NL (30%)
construction works focused predominantly on the 220km long site access road during the quarter. Although
heavy rain in June caused work to be suspended for 11 days, the road remains on schedule to be completed in
the fourth quarter.

During the second quarter, the open pit mining contract was finalised and awarded to Macmahon Holdings Ltd.
Procurement negotiations are underway on the long lead-time major equipment packages and detailed
engineering design is on track for completion ahead of the start of processing plant construction in the second
quarter of 2012. Recruitment of the Tropicana Gold Mine management team has been completed.

The Mineral Resource and Ore Reserve at Tropicana was updated as at 30 June 2011 to reflect recent increases
in the gold price and changes to the resource model through increased drill density in the Havana South and
Boston Shaker zones. The Ore Reserve increased by 540,000 ounces to 56.4 Mt grading 2.16g/t Au containing
3.91Moz of gold whilst the Measured, Indicated and Inferred Resource estimate increased slightly to 78.6Mt
grading 2.12g/t Au for 5.36Moz of gold.

The increased Ore Reserve was primarily due to the inclusion of the Boston Shaker pit, which added 243,000oz,
and conversion of Inferred Resources into Indicated status at Havana South, which added a further 257,000oz
Au. Although drilling activities on the mining leases during the quarter were constrained by rain, three multi-
purpose RC rigs are on site, with drilling predominantly focused on Havana Deeps.

Shallow drilling has been completed in the Swizzler area (between the Tropicana and Havana pits) where there is
potential for the two pits to merge. Better RC drill results from Swizzler included: TFRC3531 15m at 3.6g/t Au
from 98m; TFRC 3560 16m @ 3.8g/t Au from 127m TFRC3562 5.0m at 5.2g/t Au from 139m. Limited diamond
drilling was completed down dip of Swizzler and one hole (TFD421) returned an encouraging 6m @ 19.2g/t Au
from 255m. A follow up programme of RC/Diamond drilling has commenced to assess the Swizzler Deeps area.

A pre-feasibility study, including substantial drilling programmes, is being carried out to evaluate open pit and
underground mining options of the Havana Deeps mineralisation. A total of 20,600m of RC and diamond drilling
was completed in the quarter. Only limited assays have been returned to date with a best result of 14m @ 6.5g/t
Au from 421m in HDD077.

At the Kibali joint venture, in the Democratic Republic of the Congo, work commenced in July on the relocation of
the inhabitants of 14 villages affected by the development of the mine, which remains on track to yield first
production in 2014. Kokiza, as the new settlement is called, will ultimately comprise more than 3,500 houses
accommodating about 15,000 people, a Catholic Church complex and other places of worship, schools, seven
medical centres, five public market places and a government office. Transport infrastructure built to serve the
town will consist of 50km of primary roads in addition to the 20km of secondary roads already constructed.
Randgold Resources, which also owns a 45% stake in the project, is Kibali’s operator and project manager. The
expected date to complete the Kibali project feasibility study is Quarter 4 2011.

The feasibility study for the Mongbwalu project, in which AngloGold Ashanti owns a 86.22% stake, and is also in
the DRC, is currently undergoing an optimization by the Business and Technical Development team. The project
is expected to be submitted to the board for approval later this year.

EXPLORATION

Total exploration expenditure during the second quarter, inclusive of expenditure at equity accounted joint
ventures, was $82m ($32m on brownfield, $27m on greenfield and $23m on pre-feasibility studies), compared
with $71m the previous quarter ($26m on brownfield, $25m on greenfield and $20m on pre-feasibility studies).
The following are highlights from the company’s exploration activities during the quarter. More detail on
AngloGold Ashanti’s exploration programme can be found at www.anglogoldashanti.com.

Greenfield exploration activities were undertaken in six regions (Australia, Americas, Pacific, Sub-Saharan Africa
and the Middle East & North Africa) during Q2 2011. A total of 60,453 metres of diamond, RC and AC drilling was
completed at existing priority targets and used to delineate new targets in Australia, Colombia, Argentina, Guinea,
Gabon, the DRC, Egypt, Ethiopia, Brazil and the Solomon Islands.

In Australia, at the Tropicana JV (AngloGold Ashanti 70%, Independence Group 30%), exploration continued
during the second quarter following up significant results from previous work. Significant results were received
from aircore drilling during the quarter for several prospects including Iceberg, 35km south of Tropicana, where
20m @ 0.99g/t Au was intersected from 32m, including 8.0m @ 2.19g/t Au from 40m. At Margarita, 10km SW of
Tropicana, results included 1m at 1.76g/t Au from 45m. At Ninja, 15km WSW of Tropicana – Havana, results
included 2m at 1.01g/t Au.

Brownfield drilling on the Vogue discovery, beneath the current workings at Sunrise Dam has continued, yielding
positive results. Drilling confirms a broad zone of significant mineralisation beneath current workings at depths
ranging from 600m to 800m. Bulked intercepts across the entire zone include: 166m @ 4.7g/t Au and 229m @
5.1g/t Au.

Greenfields exploration in the Americas during the second quarter of 2011 continued focusing on early stage
exploration in Colombia, Canada, USA, Brazil and Argentina. In Colombia exploration programmes were
undertaken in four separate regions. A 3,000m diamond drilling programme and sampling and mapping was
completed at the Nuevo Chaquiro prospect around Quebradona. Elsewhere, mapping and sampling programmes
were undertaken at the La Llanada, La Vega and Anaima-Tocha Belt. Geophysical programmes included the
commencement of regional airborne magnetic and radiometric surveys, utilising two helicopter borne systems.

In Brazil, drilling commenced at the Falcao Project, a joint venture with Horizonte Minerals. Regional geochemical
sampling programmes were undertaken over the Santana JV area and Juruena project areas. In Argentina
exploration drilling started at El Volcan on targets defined by earlier drill programmes.

In the Solomon Islands, exploration activities continued at the Kele and Mase Joint Ventures with XDM
Resources, while tenement applications associated with two additional Joint Venture agreements covering the
New Georgia and Vangunu project areas progressed. At Mase, diamond drilling was restarted during May with a
total of 247m completed during the quarter. At Kele diamond drilling continued with 1,370m completed during the
quarter. Here, mechanical cutting and sampling of 4.52km of trenches focussed in the Tango West, Konga and
Kukumbokulu prospect areas.

In Sub-Saharan Africa, project generation work is ongoing and new conceptual targets to guide longer term
strategies in Africa have been developed.

In the Democratic Republic of the Congo, regional exploration continued on Ashanti Goldfields Kilo (AGK)
5,487km

Kilo project. Greenfield exploration activities continued in six projects Lodjo, Issuru, Dala, Alosi Camp

3, Mont Tsi and Petsi. Five diamond holes were drilled at Mont Tsi and drilling has commenced at Issuru to the
north of the Mongbwalu project area. Drilling will recommence at Mont Tsi after the completion of a ground
geophysical survey.

In Gabon, drilling continued at La Mboumi West and Central on the Ndjolé licence, a joint venture with Dome
Ventures, Renewal applications have been completed for the Ndjole & Mevang JV licences. Geochemical soil
sampling and mapping continues over La Mboumi as well as AGA’s Eteke North (Ogooue licence).

In Guinea, regional exploration work, including soil sampling and drilling programmes on Blocks 2, 3 and 4 in the
Siguiri Mine region. A total of 7,360 geochemical soil samples were collected. Encouraging gold in soil
geochemical anomalies were revealed by this work.

Additional resource delineation and definition drilling was completed at Saraya in late June. A total of 2,969m of
diamond and 3,646m of RC drilling was completed. Assay results from infill drilling include apparent thickness
intercepts of 18m @ 5.4g/t Au from 80m, 9m @ 4.91g/t Au from146m and 14m @ 1.9g/t Au from 190 in
SARC277 and: 14m @ 1.25g/t Au from 110m in SARCDD007. Delineation and infill drilling commenced at
Kounkoun, located in Block 3, where twelve holes totalling 2,346m were completed during the quarter, while
assay results from this work are pending.

Greenfields exploration in the Middle East & North Africa region is being undertaken by Thani Ashanti; a 50:50
Strategic Alliance between AngloGold Ashanti and Thani Investments. Exploration during Q2 involved diamond
drilling at the Hutite prospect, located on the Hodine licence in Egypt. Here 3,043m of diamond drilling was
completed during the quarter and results include: 3m @ 4.83g/t Au from 55m, 5m @ 4.61g/t Au from 152m and
5m @ 1.42g/t Au from 163m in HUD004. Most significant results returned this quarter are from the 1,000m long
Central Zone, where mineralisation has been intersected in all seven holes drilled to date.

In Eritrea, follow-up stream sediment geochemistry and mapping is in progress over the targets identified from
the 10,000 line km airborne EM, magnetic and radiometric survey at the Kerkasha and Akordat North exploration
licences.

The Afar JV with Stratex International has commenced diamond drilling at the Megenta project in Ethiopia. As
part of this agreement, Thani Ashanti has a minimum exploration commitment of $1m, and can earn 51% interest
in the licences by spending $3m. Results from the upper portion of the first hole contain several ~0.5g/t Au
results and some >1g/t Au intercepts from narrow veins. The results are consistent with the envisaged
mineralisation model. AngloGold Ashanti increased its stake in Stratex International to an interest of
approximately 11.2% through a $5m private placement, meeting the SARB investment requirements of a
minimum of 10%

Twenty four exploration licence applications were submitted in Saudi Arabia. The applications form a contiguous
block of 2,356km2.

OUTLOOK

Operations were impacted during the first half of the year by a number of factors, which would in themselves
have led annual production to the lower end of initial guidance of 4.55Moz to 4.75Moz. These include flooding at
Sunrise Dam, the decision to stop mining the shaft pillar at TauTona for safety reasons, drought at Cripple Creek
& Victor which impacted optimal functioning of the leach pad and lower-than-anticipated grades at Siguiri.

As a result of the operational impacts as outlined above and the strike in South Africa at the end of July, the year
guidance is being revised to around 4.45Moz. The lower production, along with higher fuel prices and stronger
local operating currencies in Brazil and South Africa result in total cash cost guidance of $725/oz-$740/oz, This
assumes an oil price of $114/barrel and average exchange rate of R6.83/$ and equivalent Australian dollar and
Brazilian real rates.

Third quarter production is expected to be around 1.11Moz at a total cash cost of $775/oz. This assumes an oil
price of $115/barrel and average exchange rate of R6.75/$ and equivalent Australian dollar and Brazilian real
rates.

Review of the Gold Market

Gold price movement and investment markets

Gold price data

During April, the gold price continued to benefit from ongoing economic uncertainty in Europe and the United
States, receiving an additional boost from the threat to the triple A credit rating of the United States. Bullion
traded to an intraday high of $1,575/oz at the start of May. However this momentum was not sustained and
after a brief correction, the price traded sideways for the balance of the quarter. Many of the factors that
drove gold in the first month of the quarter persisted as the European debt crisis worsened. Domestic politics
and brinkmanship in the United States saw the debt ceiling impasse adding yet more uncertainty to global
financial markets, adding to the metal’s tailwind. Although the latter is likely to be resolved, the ongoing
sovereign solvency turmoil in Europe should underpin the gold price going forward. Despite the modest 4.5%
increase in the average gold price in the quarter under review, the increase marks the 10th consecutive
quarter of growth and represents gold’s longest winning streak since the 1920s.

Investment demand

ETF holdings for the quarter remained fairly stagnant with net investment for the quarter at around 1.2Moz,
growth of less than 2% from its opening position. In contrast, during the second quarter of last year when
similar concerns over sovereign risk were escalating, ETF holdings grew by around 9Moz. Not surprisingly,
most of the growth can be attributed to European ETFs. The COMEX net long position posted a high of
30.5Mozs in the second quarter, which unsurprisingly coincided with the run in the gold price. Global
estimated bar and coin demand from the December 2010 quarter to the June 2011 quarter stands at 1,396
tons, a 49% increased year-on-year; most of the growth is driven by European investors. While ETFs have
received alot of press in recent times it is worth noting that the bar and coin market is three times the size of
the ETF market. In China, investment demand slowed from the extreme highs of the first quarter, but still
recorded year-on-year estimated growth approaching double digits. Outlook for the rest of the year remains
good as inflationary pressures continue to weigh on the Chinese economy. Fears over inflation similarly
underpin the continuation of India’s record gold demand. In the second quarter of 2010, 154 tons were
imported, while in the first two months of this quarter, 192 tons flowed into India. Some 75% of this gold will
be destined for the jewellery market.

Official sector

While the ETF markets failed to register growth, the official sector has been relatively active. In the first half
of the year central banks bought about 151 tons. Mexico added some 100 tons, significantly increasing its
holding from previous levels of 6.9 tons. Russia and Thailand were other notable buyers, further
consolidating the trend of developing economies diversifying their central bank holdings. Sales under the
third Central Bank Agreement for the current year to date are virtually zero as central banks expand their
gold reserves.

Jewellery sales

As mentioned, India’s storming 2011 continued in the second quarter and the jewellery market remained
buoyant. Unlike in 2010, consumers now appear accustomed to higher gold prices and many expect it to
continue to rise through the year as fuel, food and fast-moving consumer goods show no sign of ending their
upward price trajectory. Indian consumers were not perturbed by gold price volatility in the quarter under
review as relative Rupee gold price stability helped ameliorate the situation. Unlike their Indian counterparts,
Chinese consumers did exhibit discomfort with the relatively volatile gold price. The second quarter is
traditionally a slower quarter in China and the three months through June were no different, although year-
on-year jewellery demand still registered an increase (which may have stretched to double digits). One factor
that may have dampened gold purchases was a new drive by commercial banks to attract liquidity by
increasing the one-month interest rate for deposits to 7%, while the annual deposit rate is in the region of
3.5%. In the United States, the strategically vital high-end gold market continued to show signs of strength
with an estimated growth of 15%. High-end gold brands continue to outperform lower- and mid-end gold
plays as the high price of gold continues to gnaw away at gold content in cheaper jewellery. At JCK, the
major trade show held in June, most attendees were more upbeat than last year as the industry builds off a
stronger, more sustainable base.

Mineral Resource and Ore Reserve

Mineral Resources and Ore Reserves are reported in accordance with the minimum standards described by
the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC
Code, 2004 Edition), and also conform to the standards set out in the South African Code for the Reporting
of Exploration Results, Mineral Resources and Mineral Reserves (The SAMREC Code, 2007 edition).
Mineral Resources are inclusive of the Ore Reserve component unless otherwise stated.

Introduction

In January 2011, given the continued rally in the gold price, AngloGold Ashanti committed to publishing its
updated Mineral Resource and Ore Reserves using a price higher than the $850/oz that was used to
determine the 2010 Ore Reserve.

Mineral Resource

The total Mineral Resource increased from 220.0Moz in December 2010 to 232.6Moz in June 2011. A six
month increase of 15.7Moz occurred before the subtraction of depletion and an increase of 12.6Moz after
the subtraction of depletion. It should be noted that changes in economic assumptions from December 2010
to June 2011 resulted in the Mineral Resource increasing by 14.8Moz whilst exploration and modelling
resulted in an increase of 4.8Moz. The remaining decrease of 3.9Moz resulted from various other factors.
Depletions from the Mineral Resource for the six months totalled 3.1Moz.

MINERAL RESOURCE

Moz

Mineral Resource as at 31 December 2010

220.0

Reductions

Siguiri

Due to revision of modelling procedures

(0.3)

Other

Total of non significant changes

(1.5)

Additions

Iduapriem

Increase in Mineral Resource price

1.2

Geita

Combined effect of price and estimation

1.9

La Colosa

Due primarily to exploration success

3.8

Obuasi

Increase in Mineral Resource price

5.9

Other

Total of non significant changes

1.6

Mineral Resource as at 30 June 2011

232.6

Rounding of numbers may results in computational discrepancies

Mineral Resources have been estimated at a gold price of $1,600/oz (2010: $1,100/oz).

ORE RESERVE

The AngloGold Ashanti Ore Reserve increased from 71.2Moz in December 2010 to 74.0Moz in June 2011. A
six month increase of 5.4Moz occurred before the subtraction of 2.6Moz for depletion, resulting in an
increase of 2.9Moz after the subtraction of depletion. It should be noted that changes in the economic
assumptions from December 2010 to June 2011 resulted in the Ore Reserve increasing by 2.3Moz while
exploration and modelling resulted in a further increase of 1.1Moz. The remaining increase of 2.0Moz
resulted from various other factors.

Ore Reserve

Moz

Ore Reserve as at 31 December 2010

71.2

Reductions

Other

Total non-significant changes

(0.9)

Additions

Navachab

Improved Ore Reserve price

0.5

Obuasi

Improved Ore Reserve price

0.6

Cripple Creek and Victor

Additional area added to Mine Life Extension Two

0.9

Geita

Improved Ore Reserve price

1.0

Other

Total non-significant changes

0.7

Ore Reserve as at 30 June 2011

74.0

Rounding of numbers may result in computational discrepancies

Ore reserves have been calculated using a gold price of $1,100/oz (2010: $850/oz).

By-products

Several by-products are recovered as a result of the processing of gold Ore Reserves. These include
21,233t of uranium oxide from the South African operations, 440,270t of sulphur from Brazil and 37.6Moz of
silver from Argentina.

Competent persons

The information in this report relating to exploration results, Mineral Resources and Ore Reserves is based
on information compiled by the Competent Persons. The Competent Persons consent to the inclusion of
Exploration Results, Mineral Resource and Ore Reserve information in this report, in the form and context in
which it appears.

During the past decade, the company has developed and implemented a rigorous system of internal and
external reviews of Exploration Results, Mineral Resources or Ore Reserves. A documented chain of
responsibility exists from the Competent Persons at the operations to the company's Mineral Resource and
Ore Reserve Steering Committee. Accordingly, the Chairman of the Mineral Resource and Ore Reserve
Steering Committee, VA Chamberlain, MSc (Mining Engineering), BSc (Hons) (Geology), MGSSA,
FAusIMM, assumes responsibility for the Mineral Resource and Ore Reserve processes for AngloGold
Ashanti and is satisfied that the Competent Persons have fulfilled their responsibilities.

* A detailed breakdown of Mineral Resource and Ore Reserve and backup detail is provided on the AngloGold Ashanti website
(www.anglogoldashanti.com).

MINERAL RESOURCE BY COUNTRY (ATTRIBUTABLE) INCLUSIVE OF ORE RESERVE

as at 30 June 2011

Category

Tonnes

million

Grade

g/t

Contained

gold

tonnes

Contained

gold

Moz

South Africa

Measured

24.54

15.16

371.99 11.96

Indicated

731.24

2.83

2,069.76

66.54

Inferred

40.82

13.81

563.55

18.12

Total

796.60

3.77

3,005.29

96.62

Democratic Republic of the Congo

Measured

- -

Indicated

60.85

3.70

224.89

7.23

Inferred

30.02

3.29

98.90

3.18

Total

90.87

3.56

323.79

10.41

Ghana

Measured

93.99

4.81

452.50 14.55

Indicated

99.93

3.57

357.24

11.49

Inferred

143.40

3.45

494.20

15.89

Total

337.31

3.87

1,303.94

41.92

Guinea

Measured

39.30

0.62

24.45 0.79

Indicated

118.24

0.73

86.11

2.77

Inferred

63.87

0.80

51.40

1.65

Total

221.42

0.73

161.95

5.21

Mali

Measured

13.68

1.33

18.15 0.58

Indicated

62.86

1.57

98.67

3.17

Inferred

19.38

1.53

29.67

0.95

Total

95.92

1.53

146.50

4.71

Namibia

Measured

18.19

0.77

13.93 0.45

Indicated

102.35

1.22

125.18

4.02

Inferred

16.68

1.15

19.26

0.62

Total

137.22

1.15

158.38

5.09

Tanzania

Measured

- -

Indicated

110.35

2.82

311.36

10.01

Inferred

33.43

2.98

99.65

3.20

Total

143.78

2.86

411.01

13.21

Australia

Measured

36.51

1.71

62.41 2.01

Indicated

45.73

2.56

116.91

3.76

Inferred

9.26

4.22

39.05

1.26

Total

91.50

2.39

218.37

7.02

Argentina

Measured

11.66

1.68

19.59 0.63

Indicated

21.70

3.84

83.36

2.68

Inferred

11.03

3.12

34.40

1.11

Total

44.39

3.09

137.35

4.42

Brazil

Measured

10.81

6.22

67.25 2.16

Indicated

15.66

6.15

96.25

3.09

Inferred

32.57

6.66

216.77

6.97

Total

59.03

6.44

380.27

12.23

Colombia

Measured

- -

Indicated

15.78

0.93

14.75

0.47

Inferred

537.93

0.98

525.02

16.88

Total

553.71

0.97

539.77

17.35

United States

Measured

286.41

0.79

227.22 7.31

Indicated

227.22

0.69

157.13

5.05

Inferred

100.67

0.65

64.98

2.09

Total

614.30

0.73

449.33

14.45

Total

Measured

535.09

2.35

1,257.49 40.43

Indicated

1,611.92

2.32

3,741.61

120.30

Inferred

1,039.06

2.15

2,236.84

71.92

Total

3,186.07

2.27

7,235.95

232.64

Rounding of figures may result in computational discrepancies.

MINERAL RESOURCE BY COUNTRY (ATTRIBUTABLE) EXCLUSIVE OF ORE RESERVE

as at 30 June 2011

Category

Tonnes

million

Grade

g/t

Contained

gold

tonnes

Contained

gold

Moz

South Africa

Measured

7.45

19.60

145.91 4.69

Indicated

546.22

1.69

925.05

29.74

Inferred

19.64

18.69

367.04

11.80

Total

573.31

2.51

1,437.99

46.23

Democratic Republic of the Congo

Measured

- -

Indicated

27.41

3.07

84.20 2.71

Inferred

30.02

3.29

98.90 3.18

Total

57.43

3.19

183.10

5.89

Ghana

Measured

28.28

3.89

109.90 3.53

Indicated

69.92

3.89

272.22 8.75

Inferred

109.78

4.02

441.30 14.19

Total

207.99

3.96

823.42

26.47

Guinea

Measured

0.83

0.54

0.45 0.01

Indicated

42.39

0.74

31.22 1.00

Inferred

41.25

0.87

35.73 1.15

Total

84.47

0.80

67.39

2.17

Mali

Measured

4.69

0.75

3.52 0.11

Indicated

31.17

1.26

39.35 1.27

Inferred

18.60

1.56

29.05 0.93

Total

54.46

1.32

71.92

2.31

Namibia

Measured

6.88

0.53

3.65 0.12

Indicated

44.56

1.12

50.11 1.61

Inferred

16.68

1.15

19.26 0.62

Total

68.13

1.07

73.02

2.35

Tanzania

Measured

- -

Indicated

53.48

2.76

147.65 4.75

Inferred

33.43

2.98

99.65 3.20

Total

86.91

2.85

247.31

7.95

Australia

Measured

3.33

0.76

2.52 0.08

Indicated

16.54

2.46

40.64 1.31

Inferred

9.26

4.22

39.05 1.26

Total

29.13

2.82

82.21

2.64

Argentina

Measured

2.24

2.67

5.98 0.19

Indicated

17.73

2.25

39.88 1.28

Inferred

11.03

3.12

34.40 1.11

Total

30.99

2.59

80.27

2.58

Brazil

Measured

3.27

7.01

22.94 0.74

Indicated

7.11

6.18

43.89 1.41

Inferred

28.32

6.83

193.44 6.22

Total

38.70

6.72

260.27

8.37

Colombia

Measured

- -

Indicated

15.78

0.93

14.75 0.47

Inferred

537.93

0.98

525.02 16.88

Total

553.71

0.97

539.77

17.35

United States

Measured

116.49

0.74

86.77 2.79

Indicated

136.46

0.67

91.61 2.95

Inferred

100.67

0.65

64.98 2.09

Total

353.62

0.69

243.36

7.82

Total

Measured

173.47

2.20

381.63 12.27

Indicated

1,008.76

1.77

1,780.57 57.25

Inferred

956.62

2.04

1,947.81 62.62

Total

2,138.85

1.92

4,110.02

132.14

Rounding of figures may result in computational discrepancies.

ORE RESERVE BY COUNTRY (ATTRIBUTABLE)

as at 30 June 2011

Category

Tonnes

million

Grade

g/t

Contained

gold

tonnes

Contained

gold

Moz

South Africa

Proved

10.18

8.21

83.56 2.69

Probable

188.06

4.44

835.84

26.87

Total

198.24

4.64

919.40

29.56

Democratic Republic of the Congo

Proved

- -

Probable

33.44

4.21

140.69 4.52

Total

33.44

4.21

140.69

4.52

Ghana

Proved

41.77

3.23

134.74 4.33

Probable

53.17

4.47

237.74 7.64

Total

94.94

3.92

372.47

11.98

Guinea

Proved

37.84

0.62

23.39 0.75

Probable

74.21

0.69

51.53 1.66

Total

112.05

0.67

74.92

2.41

Mali

Proved

4.43

2.21

9.78 0.31

Probable

42.85

1.59

68.25 2.19

Total

47.27

1.65

78.03

2.51

Namibia

Proved

11.30

0.78

8.84 0.28

Probable

57.79

1.12

64.57 2.08

Total

69.10

1.06

73.41

2.36

Tanzania

Proved

- -

Probable

56.87

2.86

162.92 5.24

Total

56.87

2.86

162.92

5.24

Australia

Proved

33.18

1.80

59.89 1.93

Probable

29.19

2.61

76.27 2.45

Total

62.37

2.18

136.16

4.38

Argentina

Proved

10.53

1.39

14.69 0.47

Probable

9.21

4.88

44.94 1.45

Total

19.74

3.02

59.63

1.92

Brazil

Proved

7.03

5.43

38.15 1.23

Probable

7.85

5.26

41.27 1.33

Total

14.88

5.34

79.41

2.55

United States

Proved

169.92

0.83

140.46 4.52

Probable

90.76

0.72

65.52 2.11

Total

260.68

0.79

205.98

6.62

Total

Proved

326.17

1.57

513.49 16.51

Probable

643.41

2.78

1,789.53 57.53

Total

969.58

2.38

2,303.02

74.04

Rounding of figures may result in computational discrepancies.

Group income statement

Quarter

Six months

ended

June

March

June

2011

2010

2011

2010

SA Rand million

Notes

Reviewed

Unaudited

Reviewed

Unaudited

Revenue

11,547

10,402

9,918

21,948

18,371

Gold income

10,680

9,934

9,625

20,614

17,847

Cost of sales

(6,412)

(6,469)

(6,099)

(12,882)

(12,159)

(Loss) gain on non-hedge derivatives and other
commodity contracts

(14)

(3,625)

(3)

(3,566)

Gross profit (loss)

4,254

3,476

(99)

7,729

2,122

Corporate administration, marketing and other
expenses

(449)

(465)

(392)

(913)

(694)

Exploration costs

(429)

(397)

(391)

(826)

(668)

Other operating expenses

(53)

(88)

(15)

(141)

(71)

Special items

197

(89)

208

(262)

Operating profit (loss)

3,520

2,537

(986)

6,057

427

Interest received

128

134

Exchange (loss) gain

(34)

(1)

(30)

Fair value adjustment on option component of
convertible bonds

499

129

589

485

Finance costs and unwinding of obligations

(342)

(341)

(323)

(683)

(561)

Fair value adjustment on mandatory convertible
bonds

442

139

581

Share of equity accounted investments' profit

139

220

253

Profit (loss) before taxation

4,297

2,565

(1,022)

6,862

774

Taxation

(1,013)

(864)

(264)

(1,877)

(822)

Profit (loss) for the period

3,284

1,701

(1,286)

4,985

(48)

(

)

(

)

Allocated as follows:

Equity shareholders

3,195

1,658

(1,360)

4,854

(210)

Non-controlling interests

131

162

3,284

1,701

(1,286)

4,985

(48)

Basic earnings (loss) per ordinary share (cents)

829

430

(371)

1,259

(57)

Diluted earnings (loss) per ordinary share (cents)

826

429

(371)

1,255

(57)

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 unaudited financial statements for the quarter ended on 30 June 2011 have been prepared by the corporate accounting staff of
AngloGold Ashanti Limited headed by Mr John Edwin Staples, the Group's Chief Financial Accounting Officer. This process was supervised
by Mr Srinivasan Venkatakrishnan, the Group's Chief Financial Officer. These financial statements were reviewed (but not audited) by Ernst
& Young, the Group's statutory auditors and approved by the Board of AngloGold Ashanti Limited. Ernst & Young issued an unqualified
review opinion which can be inspected at the registered offices of AngloGold Ashanti Limited.

Group income statement

Quarter

Six months

ended

June

March

June

2011

2010

2011

2010

US Dollar million

Notes

Reviewed

Unaudited

Reviewed

Unaudited

Revenue

1,704

1,489

1,314

3,194

2,440

Gold income

1,576

1,422

1,275

2,998

2,370

Cost of sales

(947)

(926)

(810)

(1,873)

(1,617)

(Loss) gain on non-hedge derivatives and other
commodity contracts

(2)

(486)

(473)

Gross profit (loss)

627

498

(21)

1,125

280

Corporate administration, marketing and other
expenses

(66)

(66)

(51)

(132)

(91)

Exploration costs

(63)

(57)

(52)

(120)

(89)

Other operating expenses

(8)

(13)

(2)

(21)

(10)

Special items

(12)

(35)

Operating profit (loss)

519

363

(138)

882

Interest received

Exchange (loss) gain

(6)

(5)

Fair value adjustment on option component of
convertible bonds

Finance costs and unwinding of obligations

(50)

(49)

(43)

(99)

(75)

Fair value adjustment on mandatory convertible
bonds

Share of equity accounted investments' profit

Profit (loss) before taxation

632

371

(144)

1,004

100

Taxation

(149)

(123)

(33)

(273)

(109)

Profit (loss) for the period

483

248

(177)

731

(9)

(

)

( )

Allocated as follows:

Equity shareholders

470

241

(187)

711

(30)

Non-controlling interests

483

248

(177)

731

(9)

Basic earnings (loss) per ordinary share (cents)

122

(51)

184

(8)

Diluted earnings (loss) per ordinary share (cents)

122

(51)

184

(8)

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.

Group statement of comprehensive income

Quarter

Six months

ended

June

March

June

2011

2010

2011

2010

SA Rand million

Reviewed

Unaudited

Reviewed

Unaudited

Profit (loss) for the period

3,284

1,701

(1,286)

4,985

(48)

Exchange differences on translation of foreign
operations

474

373

497

Share of equity accounted investments' other
comprehensive expense

(3)

(2)

(4)

(5)

(4)

Net gain on cash flow hedges

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

279

Realised gain on hedges of capital items

Deferred taxation thereon

(1)

(1)

(98)

183

Net (loss) gain on available-for-sale financial
assets

(189)

(11)

144

(200)

Release on disposal and impairment of
available-for-sale financial assets

(41)

Deferred taxation thereon

(173)

(11)

115

(184)

Other comprehensive (expense) income
for the period net of tax

(153)

462

486

309

343

Total comprehensive income (expense)
for the period net of tax

3,131

2,163

(800)

5,294

295

Allocated as follows:

Equity shareholders

3,042

2,120

(874)

5,163

133

Non-controlling interests

131

162

3,131

2,163

(800)

5,294

295

Rounding of figures may result in computational discrepancies.

Group statement of comprehensive income

Quarter

Six months

ended

June

March

June

2011

2010

2011

2010

US Dollar million

Reviewed

Unaudited

Reviewed

Unaudited

Profit (loss) for the period

483

248

(177)

731

(9)

Exchange differences on translation of foreign
operations

(48)

(84)

(23)

(62)

Share of equity accounted investments' other
comprehensive expense

(1)

(1)

Net gain on cash flow hedges

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

Realised gain on hedges of capital items

Deferred taxation thereon

(13)

Net (loss) gain on available-for-sale financial
assets

(27)

(2)

(29)

Release on disposal and impairment of
available-for-sale financial assets

(6)

Deferred taxation thereon

(25)

(2)

(27)

Other comprehensive expense
for the period net of tax

(1)

(50)

(69)

(51)

(29)

Total comprehensive income (expense)
for the period net of tax

482

198

(246)

680

(38)

Allocated as follows:

Equity shareholders

469

191

(256)

660

(59)

Non-controlling interests

482

198

(246)

680

(38)

Rounding of figures may result in computational discrepancies.

Group statement of financial position

As at

June

March

December

June

2011

2010

SA Rand million

Note

Reviewed

Unaudited

Audited

Unaudited

ASSETS

Non-current assets

Tangible assets

42,256

41,488

40,600

43,625

Intangible assets

1,357

1,325

1,277

1,272

Investments in associates and equity accounted joint ventures

4,451

4,337

4,087

4,559

Other investments

1,521

1,677

1,555

1,512

Inventories

2,820

2,453

2,268

2,422

Trade and other receivables

1,060

1,099

1,000

1,022

Derivatives

Deferred taxation

142

131

Cash restricted for use

172

131

214

345

Other non-current assets

102

53,847

52,665

51,191

54,906

Current assets

Inventories

6,295

6,082

5,848

6,061

Trade and other receivables

1,923

1,878

1,625

1,595

Derivatives

1,148

Current portion of other non-current assets

Cash restricted for use

207

123

106

Cash and cash equivalents

5,656

4,187

3,776

6,607

14,104

12,314

11,328

15,519

Non-current assets held for sale

110

653

14,116

12,324

11,438

16,172

TOTAL ASSETS

67,963

64,989

62,629

71,078

EQUITY AND LIABILITIES

Share capital and premium

45,824

45,742

45,678

40,057

Retained earnings and other reserves

(14,500)

(17,641)

(19,470)

(18,414)

Non-controlling interests

923

874

815

939

Total equity

32,247

28,975

27,023

22,582

Non-current liabilities

Borrowings

16,514

16,991

16,877

12,556

Environmental rehabilitation and other provisions

4,294

4,025

3,873

3,459

Provision for pension and post-retirement benefits

1,274

1,268

1,258

1,189

Trade, other payables and deferred income

131

112

110

150

Derivatives

596

1,093

1,158

852

Deferred taxation

7,073

6,428

5,910

5,200

29,882

29,917

29,186

23,406

Current liabilities

Current portion of borrowings

204

312

886

185

Trade, other payables and deferred income

4,732

4,645

4,630

4,065

Derivatives

19,646

Taxation

898

1,140

882

1,134

5,834

6,097

6,398

25,030

Non-current liabilities held for sale

5,834

6,097

6,420

25,090

Total liabilities

35,716

36,014

35,606

48,496

TOTAL EQUITY AND LIABILITIES

67,963

64,989

62,629

71,078

Rounding of figures may result in computational discrepancies.

Group statement of financial position

As at

June

March

December

June

2011

2010

US Dollar million

Note

Reviewed

Unaudited

Audited

Unaudited

ASSETS

Non-current assets

Tangible assets

6,271

6,132

6,180

5,718

Intangible assets

201

196

194

167

Investments in associates and equity accounted joint ventures

661

641

622

598

Other investments

226

248

237

198

Inventories

419

363

345

317

Trade and other receivables

157

162

152

134

Derivatives

Deferred taxation

Cash restricted for use

Other non-current assets

7,991

7,784

7,792

7,196

Current assets

Inventories

934

899

890

794

Trade and other receivables

286

277

247

209

Derivatives

150

Current portion of other non-current assets

Cash restricted for use

Cash and cash equivalents

839

619

575

866

2,093

1,820

1,724

2,033

Non-current assets held for sale

2,095

1,822

1,740

2,119

TOTAL ASSETS

10,086

9,606

9,532

9,315

EQUITY AND LIABILITIES

Share capital and premium

6,648

6,637

6,627

5,834

Retained earnings and other reserves

(2,000)

(2,483)

(2,638)

(2,998)

Non-controlling interests

137

129

124

123

Total equity

4,785

4,283

4,113

2,959

Non-current liabilities

Borrowings

2,451

2,511

2,569

1,646

Environmental rehabilitation and other provisions

637

595

589

453

Provision for pension and post-retirement benefits

189

187

191

156

Trade, other payables and deferred income

Derivatives

162

176

112

Deferred taxation

1,050

950

900

681

4,435

4,421

4,442

3,068

Current liabilities

Current portion of borrowings

135

Trade, other payables and deferred income

703

687

705

533

Derivatives

2,575

Taxation

133

169

134

148

866

902

974

3,280

Non-current liabilities held for sale

866

902

977

3,288

Total liabilities

5,301

5,323

5,419

6,356

TOTAL EQUITY AND LIABILITIES

10,086

9,606

9,532

9,315

Rounding of figures may result in computational discrepancies.

Group statement of cash flows

Quarter

Six months

ended

June

March

June

2011

2010

2011

2010

SA Rand million

Reviewed

Unaudited

Reviewed

Unaudited

Cash flows from operating activities

Receipts from customers

11,127

10,123

10,030

21,250

18,196

Payments to suppliers and employees

(6,286)

(6,596)

(6,992)

(12,882)

(13,632)

Cash generated from operations

4,841

3,527

3,038

8,368

4,564

Dividends received from equity accounted investments

203

488

297

605

Taxation received

492

157

649

Taxation paid

(1,129)

(280)

(563)

(1,409)

(880)

Net cash inflow from operating activities

4,298

3,607

2,963

7,905

4,289

Cash flows from investing activities

Capital expenditure

(2,186)

(1,635)

(1,600)

(3,821)

(2,867)

Proceeds from disposal of tangible assets

Other investments acquired

(209)

(215)

(127)

(424)

(248)

Acquisition of associates and equity accounted joint ventures

(171)

(166)

(99)

(337)

(171)

Proceeds on disposal of associate

Loans advanced to associates and equity accounted joint ventures

(16)

(6)

(16)

(23)

Proceeds from disposal of subsidiary

Cash in subsidiary disposed

(77)

Proceeds from disposal of investments

186

105

127

291

181

(Increase) decrease in cash restricted for use

(123)

(92)

Interest received

122

116

Loans advanced

(1)

(37)

Repayment of loans advanced

Net cash outflow from investing activities

(2,402)

(1,829)

(1,610)

(4,231)

(2,991)

Cash flows from financing activities

Proceeds from issue of share capital

Share issue expenses

(2)

(2)

Proceeds from borrowings

7,383

7,647

Proceeds from borrowings

7,383

7,647

Repayment of borrowings

(21)

(1,080)

(7,263)

(1,101)

(9,905)

Finance costs paid

(386)

(122)

(301)

(508)

(376)

Dividends paid

(72)

(306)

(182)

(378)

(443)

Net cash outflow from financing activities

(440)

(1,503)

(337)

(1,942)

(3,048)

Net increase (decrease) in cash and cash equivalents

1,456

275

1,016

1,732

(1,750)

Translation

245

181

Cash and cash equivalents at beginning of period

4,187

3,849

5,346

3,849

8,176

Cash and cash equivalents at end of period

5,656

4,187

6,607

5,656

6,607

Cash generated from operations

Profit (loss) before taxation

4,297

2,565

(1,022)

6,862

774

Adjusted for:

Movement on non-hedge derivatives and other commodity contracts

(11)

2,878

2,206

Amortisation of tangible assets

1,274

1,294

1,173

2,568

2,440

Finance costs and unwinding of obligations

342

341

323

683

561

Environmental, rehabilitation and other expenditure

237

(18)

237

Special items

139

255

Amortisation of intangible assets

Deferred stripping

141

324

181

528

Fair value adjustment on option component of convertible bonds

(499)

(90)

(129)

(589)

(485)

Fair value adjustment on mandatory convertible bonds

(442)

(139)

(581)

Interest received

(73)

(55)

(70)

(128)

(134)

Share of equity accounted investments' profit

(139)

(81)

(89)

(220)

(253)

Other non-cash movements

137

Movements in working capital

(401)

(531)

(431)

(932)

(1,379)

4,841

3,527

3,038

8,368

4,564

Movements in working capital

Increase in inventories

(587)

(354)

(775)

(941)

(872)

Increase in trade and other receivables

(91)

(497)

(199)

(589)

(501)

Increase (decrease) in trade and other payables

277

320

543

598

(6)

(401)

(531)

(431)

(932)

(1,379)

Rounding of figures may result in computational discrepancies.

Group statement of cash flows

Quarter

Six months

ended

June

March

June

2011

2010

2011

2010

US Dollar million

Reviewed

Unaudited

Reviewed

Unaudited

Cash flows from operating activities

Receipts from customers

1,641

1,451

1,332

3,092

2,418

Payments to suppliers and employees

(926)

(950)

(934)

(1,876)

(1,814)

Cash generated from operations

715

501

398

1,216

604

Dividends received from equity accounted investments

Taxation received

Taxation paid

(167)

(40)

(75)

(207)

(117)

Net cash inflow from operating activities

635

513

386

1,148

566

Cash flows from investing activities

Capital expenditure

(323)

(234)

(212)

(556)

(381)

Proceeds from disposal of tangible assets

Other investments acquired

(31)

(31)

(17)

(62)

(33)

Acquisition of associates and equity accounted joint ventures

(25)

(24)

(13)

(49)

(23)

Proceeds on disposal of associate

Loans advanced to associates and equity accounted joint ventures

(2)

(1)

(2)

(3)

Proceeds from disposal of subsidiary

Cash in subsidiary disposed

(11)

Proceeds from disposal of investments

(Increase) decrease in cash restricted for use

(18)

(13)

Interest received

Loans advanced

(5)

Repayment of loans advanced

Net cash outflow from investing activities

(354)

(261)

(213)

(615)

(398)

Cash flows from financing activities

Proceeds from issue of share capital

Share issue expenses

Proceeds from borrowings

995

1,029

Repayment of borrowings

(3)

(152)

(963)

(155)

(1,315)

Finance costs paid

(57)

(18)

(40)

(75)

(50)

Dividends paid

(11)

(43)

(24)

(54)

(59)

Net cash outflow from financing activities

(65)

(212)

(29)

(277)

(391)

Net increase (decrease) in cash and cash equivalents

216

144

256

(223)

Translation

(7)

(11)

(3)

(11)

Cash and cash equivalents at beginning of period

619

586

733

586

1,100

Cash and cash equivalents at end of period

839

619

866

839

866

Cash generated from operations

Profit (loss) before taxation

632

371

(144)

1,004

100

Adjusted for:

Movement on non-hedge derivatives and other commodity contracts

(2)

387

293

Amortisation of tangible assets

188

185

156

373

324

Finance costs and unwinding of obligations

Environmental, rehabilitation and other expenditure

(2)

Special items

Amortisation of intangible assets

Deferred stripping

Fair value adjustment on option component of convertible bonds

(73)

(15)

(17)

(88)

(64)

Fair value adjustment on mandatory convertible bonds

(64)

(22)

(87)

Interest received

(11)

(8)

(9)

(19)

(18)

Share of equity accounted investments' profit

(21)

(12)

(11)

(32)

(33)

Other non-cash movements

Movements in working capital

(58)

(80)

(60)

(139)

(184)

715

501

398

1,216

604

Movements in working capital

Increase in inventories

(92)

(17)

(55)

(109)

(88)

Increase in trade and other receivables

(15)

(66)

(17)

(81)

(61)

Increase (decrease) in trade and other payables

(35)

(58)

(80)

(60)

(139)

(184)

Rounding of figures may result in computational discrepancies.

Group statement of changes in equity

Share

Cash

Available

Foreign

capital

Other

flow

for

Actuarial

currency

Non-

and

capital

Retained

hedge

sale

(losses) translation

controlling

Total

SA Rand million

premium

reserves

earnings

reserve

gains

reserve

Total

interests

equity

Balance at 31 December 2009

39,834

1,194

(25,739)

(174)

414

(285)

6,314

21,558

966

22,524

(Loss) profit for the period

(210)

162

(48)

Other comprehensive (expense) income

(4)

183

343

Total comprehensive (expense) income

- (4) (210) 183 71 - 93 133 162 295

Shares issued

223

Share-based payment for share awards
net of exercised

Dividends paid

(255)

Dividends of subsidiaries

(209)

Transfers to other reserves

(26)

Translation

(39)

(20)

Balance at 30 June 2010

40,057

1,229

(26,243)

(17)

495

(285)

6,407

21,643

939

22,582

Balance at 31 December 2010

45,678

1,275

(25,437)

(15)

568

(409)

4,548

26,208

815

27,023

Profit for the period

4,854

131

4,985

Other comprehensive (expense) income

(5)

(184)

497

309

Total comprehensive (expense) income

- (5) 4,854 1 (184) - 497 5,163 131 5,294

Shares issued

148

Share issue expenses

(2)

Share-based payment for share awards
net of exercised

127

Dividends paid

(306)

Dividends of subsidiaries

(37)

Translation

(35)

(1)

(14)

Balance at 30 June 2011

45,824

1,403

(20,924)

(13)

399

(410)

5,045

31,324

923

32,247

Equity holders of the parent

(

)

(

)

(

)

US Dollar million

Balance at 31 December 2009

5,805

161

(2,744)

(23)

(38)

(317)

2,900

130

3,030

(Loss) profit for the period

(30)

(9)

Other comprehensive (expense) income

(1)

(62)

(29)

Total comprehensive (expense) income

- (1) (30) 24 10 - (62) (59) 21 (38)

Shares issued

Share-based payment for share awards
net of exercised

Dividends paid

(34)

Dividends of subsidiaries

(28)

Transfers to other reserves

(3)

Translation

(2)

(1)

Balance at 30 June 2010

5,834

161

(2,806)

(2)

(37)

(379)

2,836

123

2,959

Balance at 31 December 2010

6,627

194

(2,750)

(2)

(62)

(104)

3,989

124

4,113

Profit for the period

711

731

Other comprehensive expense

(1)

(27)

(23)

(51)

Total comprehensive (expense) income

- (1) 711 - (27) - (23) 660 20 680

Shares issued

Share-based payment for share awards
net of exercised

Dividends paid

(43)

Dividends of subsidiaries

(5)

Translation

(4)

(2)

Balance at 30 June 2011

6,648

208

(2,077)

(2)

(61)

(127)

4,648

137

4,785

Rounding of figures may result in computational discrepancies.

Segmental

reporting

for the quarter and six months ended 30 June 2011

Six months ended

Jun

Mar

Jun

Mar

Jun

2011

2010

2011

2010

2011

2010

2011

2010

Reviewed

Unaudited

Reviewed

Unaudited

Reviewed

Unaudited

Reviewed Unaudited

Gold income

South Africa

4,432

3,910

3,842

8,342

6,925

654

560

509

1,214

919

Continental Africa

3,918

3,805

3,378

7,722

6,460

578

545

448

1,123

858

Australasia

629

674

847

1,303

1,691

113

189

225

Americas

2,335

2,119

2,168

4,454

4,047

344

303

287

647

537

11,313

10,508

10,235

21,821

19,123

1,669

1,505

1,356

3,173

2,540

Equity accounted investments
included above

(633)

(574)

(610)

(1,207)

(1,276)

(93)

(82)

(81)

(175)

(169)

10,680

9,934

9,625

20,614

17,847

1,576

1,422

1,275

2,998

2,370

Six months ended

Jun

Mar

Jun

Mar

Jun

2011

2010

2011

2010

2011

2010

2011

2010

Reviewed

Unaudited

Reviewed

Unaudited

Reviewed

Unaudited

Reviewed Unaudited

Gross profit (loss)

South Africa

1,787

1,469

(14)

3,255

783

264

210

(4)

474

104

Continental Africa

1,658

1,132

(433)

2,790

382

245

163

(61)

407

Australasia

(71)

(34)

(10)

(5)

Americas

1,008

1,101

436

2,110

1,345

149

158

306

178

Corporate and other

149

(49)

100

129

(7)

4,531

3,690

154

8,221

2,692

668

529

1,196

356

Equity accounted investments

AngloGold Ashanti’s operating segments are being reported based on the financial information provided to the Chief Executive Officer and the
Executive Management team, collectively identified as the Chief Operating Decision Maker (“CODM”). Individual members of the Executive
Management team are responsible for geographic regions of the business.

Quarter ended

SA Rand million

US Dollar million

SA Rand million

US Dollar million
included above

(278)

(214)

(253)

(491)

(570)

(41)

(31)

(34)

(71)

(76)

4,254

3,476

(99)

7,729

2,122

627

498

(21)

1,125

280

Six months ended

Jun

Mar

Jun

Mar

Jun

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited

Unaudited Unaudited

Adjusted gross profit (loss)
excluding hedge buy-back

costs

(1)

South Africa

1,787

1,469

1,168

3,255

1,555

264

210

154

474

205

Continental Africa

1,655

1,132

768

2,787

1,549

244

163

102

407

206

Australasia

(71)

(34)

(24)

(10)

(5)

(3)

Americas

1,025

1,090

950

2,115

1,721

151

156

126

307

228

Corporate and other

149

(49)

100

129

(7)

4,545

3,678

2,975

8,223

4,930

670

527

393

1,197

653

Equity accounted investments
included above

(278)

(214)

(253)

(491)

(570)

(41)

(31)

(34)

(71)

(76)

4,268

3,464

2,723

7,732

4,360

629

497

359

1,126

578

(1)

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

Rounding of figures may result in computational discrepancies.

SA Rand million

US Dollar million

Quarter ended

Segmental reporting (continued)

Six months ended

Jun

Mar

Jun

Mar

Jun

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited

Unaudited Unaudited

Gold production

(1)

South Africa

13,415

12,466

13,919

25,881

25,867

431

401

447

832

Continental Africa

11,740

11,287

11,525

23,027

23,168

377

363

371

740

745

Australasia

1,888

2,244

2,692

4,132

6,244

133

201

Americas

6,733

6,306

6,876

13,039

13,306

216

203

221

419

428

33,776

32,303

35,011

66,079

68,586

1,086

1,039

1,126

2,124

2,205

Six months ended

Jun

Mar

Jun

Mar

Jun

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited

Unaudited Unaudited

Capital expenditure

South Africa

786

663

746

1,449

1,356

116

211

180

Continental Africa

710

436

380

1,146

584

105

167

Australasia

130

205

146

Americas

709

551

491

1,260

884

105

183

117

Corporate and other

2,342

1,740

1,703

4,082

2,986

346

249

226

594

397

Equity accounted investments
included above

(156)

(105)

(102)

(261)

(118)

(23)

(15)

(14)

(38)

(16)

2,186

1,635

1,600

3,821

2,867

323

234

212

556

381

As at

Jun

Mar

Dec

Jun

Mar

Dec

Jun

2011

2010

2011

2010

Reviewed

Unaudited

Audited

Unaudited

Reviewed

Unaudited

Audited

Unaudited

SA Rand million

US Dollar million

SA Rand million

US Dollar million

Quarter ended

oz (000)

Total assets

South Africa

15,989

16,275

16,226

17,080

2,373

2,406

2,469

2,238

Continental Africa

27,486

26,682

26,060

29,671

4,079

3,944

3,966

3,889

Australasia

3,830

4,000

3,644

3,374

568

591

555

442

Americas

15,172

14,656

13,855

14,939

2,252

2,166

2,109

1,958

Corporate and other

6,030

3,917

3,384

6,565

895

579

515

860

68,507

65,530

63,169

71,629

10,167

9,686

9,614

9,387

Equity accounted investments
included above

(544)

(541)

(540)

(551)

(81)

(80)

(82)

(72)

67,963

64,989

62,629

71,078

10,086

9,606

9,532

9,315

(1)

Gold production includes equity accounted investments.

Rounding of figures may result in computational discrepancies.

SA Rand million

US Dollar million

Notes

for the quarter and six months ended 30 June 2011

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 2010.

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, 2008 for the preparation of financial
information of the group for the quarter and six months ended 30 June 2011.

2. Revenue

Quarter ended

Six months ended

Quarter ended

Six months ended

Jun Mar Jun

Jun

Mar Jun Jun Jun

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Reviewed Unaudited Unaudited

Reviewed

Unaudited

Reviewed

Unaudited Unaudited Reviewed Unaudited

SA Rand million

US Dollar million

Gold income

10,680

9,934

9,625

20,614

17,847

1,576

1,422

1,275

2,998

2,370

By-products (note 3)

458

356

223

814

390

118

Royalties received

336

393

Interest received

128

134

11,547

10,402

9,918

21,948

18,371

1,704

1,489

1,314

3,194

2,440

Cost of sales

Quarter ended

Six months ended

Quarter ended

Six months ended

Jun Mar Jun

Jun

Mar Jun Jun Jun

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Reviewed Unaudited Unaudited

Reviewed

Unaudited

Reviewed

Unaudited Unaudited Reviewed Unaudited

SA Rand million

US Dollar million

Cash operating costs

(4,972)

(5,107) (4,969)

(10,079)

(9,743)

(733)

(730) (659)

(1,464)

(1,296)

Insurance reimbursement

By-products revenue (note 2)

458

356

223

814

390

118

(4,514)

(4,751) (4,661)

(9,265)

(9,268)

(666)

(679) (619)

(1,346)

(1,233)

Royalties

(321)

(276) (246)

(597)

(435)

(47)

(40) (32) (87) (58)

Other cash costs

(48)

(50) (48)

(98)

(85)

(7)

(7) (7)

(14)

(11)

Total cash costs

(4,883)

(5,077) (4,955)

(9,960)

(9,787)

(721)

(726) (658)

(1,447)

(1,302)

Retrenchment costs

(20)

(28) (26)

(47)

(78)

(3)

(4) (4) (7)

(10)

Rehabilitation and other non-cash costs

(349)

(68) (36)

(417)

(122)

(52)

(10) (5)

(61)

(16)

Production costs

(5,251)

(5,173) (5,017)

(10,425)

(9,987)

(775)

(740) (666)

(1,515)

(1,329)

Amortisation of tangible assets

(1,274)

(1,294) (1,173)

(2,568)

(2,440)

(188)

(185) (156) (373) (324)

Amortisation of intangible assets

(4)

(4) (4)

(8)

(7)

(1)

(1) -

(1)

Total production costs

(6,529)

(6,471) (6,193)

(13,001)

(12,435)

(964)

(925) (822)

(1,889)

(1,654)

Inventory change

117

119

275

(1)

(6,412)

(6,469) (6,099)

(12,882)

(12,159)

(947)

(926) (810)

(1,873)

(1,617)

(Loss) gain on non-hedge derivatives and other commodity contracts

Quarter ended

Six months ended

Quarter ended

Six months ended

Jun Mar Jun

Jun

Mar Jun Jun Jun

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Reviewed Unaudited Unaudited

Reviewed

Unaudited

Reviewed

Unaudited Unaudited Reviewed Unaudited

SA Rand million

US Dollar million

Loss on realised non-hedge derivatives

- (803)

(1,327)

- (107)

- (176)

(Loss) gain on unrealised non-hedge

derivatives

(14)

11 (2,822)

(3)

(2,239)

(2)

2 (380)

- (297)

(14)

11 (3,625)

(3)

(3,566)

(2)

2 (486)

- (473)

Rounding of figures may result in computational discrepancies.

Other operating expenses

Quarter ended

Six months ended

Quarter ended

Six months ended

Jun Mar Jun

Jun

Mar Jun Jun Jun

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Reviewed Unaudited Unaudited

Reviewed

Unaudited

Reviewed

Unaudited Unaudited Reviewed Unaudited

SA Rand million

US Dollar million

Pension and medical defined benefit

provisions

(26)

(26) (24)

(51)

(48)

(4)

(4) (3) (8) (7)

Claims filed by former employees in

respect of loss of employment, work-
related accident injuries and diseases,
governmental fiscal claims and care
and maintenance of old tailings
operations

(27)

(62) 9

(90)

(23)

(4)

(9) 1

(13) (3)

(53)

(88) (15)

(141)

(71)

(8)

(13) (2)

(21)

(10)

6. Special items

Quarter ended

Six months ended

Quarter ended

Six months ended

Jun Mar Jun

Jun

Mar Jun Jun Jun

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Reviewed Unaudited Unaudited

Reviewed

Unaudited

Reviewed

Unaudited Unaudited Reviewed Unaudited

SA Rand million

US Dollar million

Indirect tax expenses and legal claims

(32)

(35) (35)

(67)

(79)

(5)

(5) (5)

(10)

(11)

Net impairments of tangible assets

(note 9)

(66)

(7) (62)

(72)

(143)

(10)

(1) (8)

(11)

(19)

Black Economic Empowerment

transaction modification costs for
Izingwe (Pty) Ltd

(44)

(44)

(7)

(7)

Impairment of other receivables

(3)

(7) (19)

(10)

(52)

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

Contractor termination costs at Geita

Gold Mining Limited

(4)

(8)

(1)

Insurance claim recovery

Royalties received

(1)

336

393

Net profit (loss) on disposal and

derecognition of land, mineral rights,
tangible assets and exploration
properties (note 9)

(11) (24)

7 (35)

(2) (3) 1 (5)

Impairment of investment (note 9)

(12)

(12)

(2)

(2)

Profit on disposal of investments

(note 9)

Profit on disposal of subsidiary

ISS International Limited (note 9)

197

(89)

208

(262)

(12)

(35)

(1)

The June 2011 quarter includes the sale of the Ayanfuri royalty to Franco Nevada Corporation for a pre-taxation amount of R237m, $35m.

7. Finance costs and unwinding of obligations

Quarter ended

Six months ended

Quarter ended

Six months ended

Jun Mar Jun

Jun

Mar Jun Jun Jun

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Reviewed Unaudited Unaudited

Reviewed

Unaudited

Reviewed

Unaudited Unaudited Reviewed Unaudited

SA Rand million

US Dollar million

Finance costs

(250)

(248) (245)

(498)

(386)

(37)

(36) (33) (72) (52)

Unwinding of obligations, accretion of

convertible bonds and other discounts

(92)

(93) (78)

(185)

(175)

(14)

(13) (10) (27) (23)

(342)

(341) (323)

(683)

(561)

(50)

(49) (43) (99) (75)

8. Taxation

Quarter ended

Six months ended

Quarter ended

Six months ended

Jun Mar Jun

Jun

Mar Jun Jun Jun

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Reviewed Unaudited Unaudited

Reviewed

Unaudited

Reviewed

Unaudited Unaudited Reviewed Unaudited

SA Rand million

US Dollar million

South African taxation

Mining tax

- (84)

(84)

- (11)

Non-mining tax

(27)

(10) (35)

(37)

(130)

(4)

(1) (5) (5)

(17)

Under provision prior year

(49)

(5) (12)

(54)

(23)

(7)

(1) (2) (8) (3)

Deferred taxation

Temporary differences

(470)

(403) (122)

(873)

(14)

(69)

(58) (15)

(127) (1)

Unrealised non-hedge derivatives

and other commodity contracts

- 420

260

- 56 - 34

Change in estimated deferred tax rate

- (22)

- (3) - 1

(546)

(418) 146

(964)

(80)

(60) 21

(140) 3

Foreign taxation

Normal taxation

(351)

(367) (315)

(718)

(652)

(52)

(52) (42)

(104) (87)

Over (under) provision prior year

- (60)

(58)

- (8) - (8)

Deferred taxation

Temporary differences

(118)

(79) (13)

(198)

(105)

(17)

(11) (1)

(29)

(14)

Unrealised non-hedge derivatives

and other commodity contracts

- (23)

(23)

- (3) - (3)

(467)

(446) (410)

(913)

(838)

(69)

(63) (54)

(133)

(112)

(1,013)

(864) (264)

(1,877)

(822)

(149)

(123) (33)

(273)

(109)

Rounding of figures may result in computational discrepancies.

9. Headline earnings (loss)

Quarter ended

Six months ended

Quarter ended

Six months ended

Jun Mar Jun

Jun

Mar Jun Jun Jun

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Reviewed Unaudited Unaudited Reviewed Unaudited Reviewed Unaudited Unaudited Reviewed Unaudited

SA Rand million

US Dollar million

The profit (loss) attributable to equity

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

Profit (loss) attributable to equity

shareholders

3,195

1,658 (1,360)

4,854

(210)

470

241 (187) 711 (30)

Net impairments of tangible assets

(note 6)

7 62

143

1 8

Net (profit) loss on disposal and

derecognition of land, mineral rights,
tangible assets and exploration
properties (note 6)

(18)

11 24

(7)

(3)

2 3 (1) 5

Impairment of investment (note 6)

- -

- - 2 -

Profit on disposal of subsidiary

ISS International Limited (note 6)

(14) -

(14)

(2) -

Profit on disposal of investments

(note 6)

- (45)

(45)

- (6) - (6)

Impairment of investment in associates

and joint ventures

- 15

- 2 2 5

Taxation on items above - current

portion

- 3

- - 1 -

Taxation on items above - deferred

portion

(32)

(6) (14)

(38)

(35)

(5)

(1) (2) (6) (5)

3,244

1,656 (1,315)

4,900

(74)

477

241 (181) 718 (12)

Headline earnings (loss) per ordinary

share (cents)

(1)

841

429 (359)

1,271

(20)

124

62 (49) 186 (3)

Diluted headline earnings (loss) per

ordinary share (cents)

(2)

839

428

(359)

1,267

(20)

123

62 (49) 186 (3)

(1)

Calculated on the basic weighted average number of ordinary shares.

(2)

Calculated on the diluted weighted average number of ordinary shares.

10. Number of shares

Quarter ended

Six months ended

Jun

Mar

Jun Jun Jun

2011

2010 2011 2010

Reviewed

Unaudited

Unaudited Reviewed Unaudited

Authorised number of shares:
Ordinary shares of 25 SA cents each

600,000,000

600,000,000

600,000,000 600,000,000 600,000,000

E ordinary shares of 25 SA cents each

4,280,000

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 2,000,000

B redeemable preference shares of 1 SA cent each

5,000,000

5,000,000

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

Issued and fully paid number of shares:
Ordinary shares in issue

381,573,111

381,403,955

362,752,860 381,573,111 362,752,860

E ordinary shares in issue

3,444,060

2,774,290

3,005,932

3,444,060

3,005,932

Total ordinary shares:

385,017,171

384,178,245

365,758,792 385,017,171 365,758,792

A redeemable preference shares

2,000,000

2,000,000

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

B redeemable preference shares

778,896

778,896

778,896 778,896 778,896

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

381,480,773

381,272,542

362,530,946 381,377,232 362,413,862

E ordinary shares

2,665,595

2,782,784

3,235,727 2,723,866 3,483,676

Fully vested options

1,435,811

1,587,017

1,017,064 1,517,717 1,063,772

Weighted average number of shares

385,582,179

385,642,343

366,783,737 385,618,815 366,961,310

Dilutive potential of share options

1,109,716

834,453

1,125,147

Diluted number of ordinary shares

(1)

386,691,895

386,476,796

366,783,737 386,743,962 366,961,310

(1)

The basic and diluted number of ordinary shares is the same for the quarter and six months ended June 2010 as the effects of shares for performance

related options are anti-dilutive.

11. Share capital and premium

As at

Jun

Mar

Dec

Jun

Jun Mar Dec Jun

2011

2010

2011 2011 2010 2010

Reviewed

Unaudited

Audited

Unaudited

Reviewed Unaudited

Audited Unaudited

SA Rand million

US Dollar million

Balance at beginning of period

46,343

46,343

40,662

6,734

6,734 5,935 5,935

Ordinary shares issued

156

5,771

210

9 812 28

E ordinary shares cancelled

(13)

(3)

(90)

(64)

(2)

(1) (13) (9)

Sub-total

46,486

46,401

46,343

40,808

6,754

6,742 6,734 5,954

Redeemable preference shares held within the group

(313)

(313)

(53)

(53) (53) (53)

Ordinary shares held within the group

(149)

(136)

(139)

(199)

(23)

(21) (22) (31)

E ordinary shares held within the group

(200)

(210)

(213)

(239)

(30)

(31) (32) (36)

Balance at end of period

45,824

45,742

45,678

40,057

6,648

6,637 6,627 5,834

Rounding of figures may result in computational discrepancies.

12. Exchange rates

Jun

Mar

Dec Jun

2011

2010 2010

Unaudited

Unaudited Unaudited

ZAR/USD average for the year to date

6.89

6.99

7.30 7.52

ZAR/USD average for the quarter

6.78

6.99

6.88 7.54

ZAR/USD closing

6.74

6.77

6.57 7.63

ZAR/AUD average for the year to date

7.11

7.03

6.71 6.71

ZAR/AUD average for the quarter

7.20

7.03

6.80 6.65

ZAR/AUD closing

7.23

6.99

6.70 6.38

BRL/USD average for the year to date

1.63

1.67

1.76 1.80

BRL/USD average for the quarter

1.60

1.67

1.70 1.79

BRL/USD closing

1.56

1.63

1.67 1.80

ARS/USD average for the year to date

4.04

4.01

3.91 3.87

ARS/USD average for the quarter

4.08

4.01

3.96 3.90

ARS/USD closing

4.11

4.05

3.97 3.93

13. Capital commitments

Jun

Mar

Dec

Jun

Jun Mar Dec Jun

2011

2010

2011 2011 2010 2010

Reviewed

Unaudited

Audited

Unaudited

Reviewed Unaudited

Audited Unaudited

SA Rand million

US Dollar million

Orders placed and outstanding on capital contracts at the

prevailing rate of exchange

(1)

2,719

1,852

1,156

1,809

403

274 176 237

(1)

Includes capital commitments relating to equity accounted joint ventures.

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, 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 finance arrangements contain financial covenants and other similar undertakings. To
the extent that external borrowings are required, the group’s 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 sufficient measures are in place to ensure that these facilities can be
refinanced.

14. Contingencies

AngloGold Ashanti’s material contingent liabilities and assets at 30 June 2011 are detailed below:

Contingencies and guarantees

SA Rand million

US Dollar million

Contingent liabilities
Groundwater pollution

(1)

Deep groundwater pollution – South Africa

(2)

Sales tax on gold deliveries – Brazil

(3)

687

102

Other tax disputes – Brazil

(4)

282

Indirect taxes – Ghana

(5)

ODMWA litigation

(6)

Contingent assets
Royalty – Boddington Gold Mine

(7)

Royalty – Tau Lekoa Gold Mine

(8)

-
-

Financial Guarantees
Oro Group (Pty) Limited

(9)

100

1,151

171

AngloGold Ashanti is subject to contingencies pursuant to environmental laws and regulations that may in future
require the group to take corrective action as follows:

(1) Groundwater pollution – AngloGold Ashanti has identified groundwater contamination plumes at certain of its

operations, which have occurred primarily as a result of seepage from mine residue stockpiles. Numerous
scientific, technical and legal studies have been undertaken to assist in determining the magnitude of the
contamination and to find sustainable remediation solutions. The group has instituted processes to reduce future

potential seepage and it has been demonstrated that Monitored Natural Attenuation (MNA) by the existing
environment will contribute to improvement in some instances. Furthermore, literature reviews, field trials and base
line modelling techniques suggest, but are not yet proven, that the use of phyto-technologies can address the soil
and groundwater contamination. Subject to the completion of trials and the technology being a proven remediation
technique, no reliable estimate can be made for the obligation.

(2) Deep groundwater pollution – The company has identified a flooding and future pollution risk posed by deep

groundwater in the Klerksdorp and Far West Rand gold fields. Various studies have been undertaken by
AngloGold Ashanti since 1999. Due to the interconnected nature of mining operations, any proposed solution
needs to be a combined one supported by all the mines located in these gold fields. As a result the Department of
Mineral Resources and affected mining companies are now involved in the development of a “Regional Mine
Closure Strategy”. In view of the limitation of current information for the accurate estimation of a liability, no reliable
estimate can be made for the obligation.

(3) Sales tax on gold deliveries – Mineração Serra Grande S.A. (MSG), received two tax assessments from the State

of Goiás related to payments of sales taxes on gold deliveries for export. AngloGold Ashanti C rrego do Sit o
Mineração S.A. manages the operation and its attributable share of the first assessment is approximately $63m,
R425m. The company’s attributable share of the second assessment is approximately $39m, R262m. In
November 2006 the administrative council’s second chamber ruled in favour of MSG and fully cancelled the tax
liability related to the first period. In July 2011, the administrative council’s second chamber ruled in favour of MSG
and fully cancelled the tax liability related to the second period. The State of Goiás has appealed to the full board
of the State of Goiás tax administrative council. The company believes both assessments are in violation of federal
legislation on sales taxes.

(4) Other tax disputes – MSG received a tax assessment in October 2003 from the State of Minas Gerais related to

sales taxes on gold. The tax administrators rejected the company’s appeal against the assessment. The company
is now appealing the dismissal of the case. The company’s attributable share of the assessment is approximately
$11m, R72m.

AngloGold Ashanti subsidiaries in Brazil are involved in various disputes with tax authorities. These disputes
involve federal tax assessments including income tax, royalties, social contributions and annual property tax. The
amount involved is approximately $31m, R210m.

(5) Indirect taxes – AngloGold Ashanti (Ghana) Limited received a tax assessment for $12m, R82m during September

2009 in respect of 2006, 2007 and 2008 tax years, following an audit by the tax authorities related to indirect taxes
on various items. Management is of the opinion that the indirect taxes are not payable and the company has
lodged an objection.

(6) Occupational Diseases in Mines and Works Act (ODMWA) litigation - The case of Mr Thembekile Mankayi was

heard in the High Court of South Africa in June 2008, and an appeal heard in the Supreme Court of Appeals in
2010. In both instances judgement was awarded in favour of AngloGold Ashanti Limited. A further appeal that was
lodged by Mr Mankayi was heard in the Constitutional Court in 2010. Judgement in the Constitutional Court was
handed down on 3 March 2011.

Following the judgement, Mr Mankayi’s executor may proceed with his case in the High Court. This will comprise,
amongst others, providing evidence showing that Mr Mankayi contracted silicosis as a result of negligent conduct
on the part of AngloGold Ashanti.

The company will defend the case and any subsequent claims on their merits. Should other individuals or groups
lodge similar claims, these too would be defended by the company and adjudicated by the Courts on their merits.
In view of the limitation of current information for the accurate estimation of a possible liability, no reliable estimate
can be made for this possible obligation.

(7) Royalty – As a result of the sale of the interest in the Boddington Gold Mine joint venture during 2009, the group is

entitled to receive a royalty on any gold recovered or produced by the Boddington Gold Mine, where the gold price
is in excess of Boddington Gold Mine’s cash cost plus $600/oz. The royalty commenced on 1 July 2010 and is
capped at a total amount of $100m, R674m. Royalties of $7m, R45m were received during the quarter. Total
royalties of $17m, R124m have been received to date.

(8) Royalty – As a result of the sale of the interest in the Tau Lekoa Gold Mine during 2010, the group is entitled to

receive a royalty on the production of a total of 1.5Moz ounces by the Tau Lekoa Gold Mine and in the event that
the average monthly rand price of gold exceeds R180,000/kg (subject to inflation adjustment). Where the average
monthly rand price of gold does not exceed R180,000/kg (subject to inflation adjustment), the ounces produced in
that quarter do not count towards the total 1.5Moz upon which the royalty is payable.

The royalty will be determined at 3% of the net revenue (being gross revenue less State royalties) generated by
the Tau Lekoa assets. Royalties of $1m, R7m were received during the quarter.

(9) Provision of surety – The company has provided sureties in favour of a lender on a gold loan facility with its affiliate

Oro Group (Pty) Limited and one of its subsidiaries to a maximum value of $15m, R100m. The suretyship
agreements have a termination notice period of 90 days.

15. Concentration of risk

There is a concentration of risk in respect of recoverable value added tax and fuel duties from the Tanzanian
government:

•

Recoverable value added tax due from the Tanzanian government amounts to $46m, R310m at 30 June 2011
(31 March 2011: $47m, R317m). The last audited value added tax return was for the period ended 31 October
2010 and at the reporting date the audited amount was $47m, R317m. The outstanding amounts at Geita have
been discounted to their present value at a rate of 7.82%.

•

Recoverable fuel duties from the Tanzanian government amounts to $71m, R478m at 30 June 2011 (31 March
2011: $67m, R451m). 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 the refund of fuel duties amounting to
$53m, R357m have been lodged with the Customs and Excise authorities which are still outstanding, whilst
claims for a refund of $18m, R121m have not yet been submitted. The amounts outstanding have been
discounted to their present value at a rate of 7.82%.

16. Borrowings

AngloGold Ashanti’s borrowings are interest bearing.

17. Announcements

Restructuring of the Black Economic Empowerment Share Ownership transaction: On 14 April 2011
AngloGold Ashanti announced the proposed restructure of the Black Economic Empowerment transaction (BEE
transaction). Shareholders in general meeting approved the restructure on 11 May 2011, by the requisite majority.

Sale of mining area to Blyvooruitzicht Gold Mining Company: On 14 July 2011, AngloGold Ashanti confirmed
that it had offered to sell to Blyvooruitzicht Gold Mining Company, a South African incorporated company, some
390,000 square metres of its neighbouring Savuka mining area, for a consideration of R35 million. The area
offered for sale was not within the company’s current mine plan. The sale is subject to the finalisation of a binding
agreement and the securing of the necessary regulatory approvals.

Acquisition of an interest in First Uranium: On 22 July 2011, AngloGold Ashanti announced that it had entered
into an agreement to acquire 47,065,916 shares (or approximately 19.79%) in First Uranium Corporation (First
Uranium), a Canadian incorporated company, from Village Main Reef Limited (Village), a South African
incorporated company, at a price of CAD0.60 per share. In addition, Village have granted to AngloGold Ashanti,
lock-up rights and rights of first refusal for its remaining approximate 5.7% stake in First Uranium and its holding of
approximately R392.8 million convertible bonds issued by First Uranium.

18. Dividend

The directors declared Interim Dividend No. 110 of 90 (Interim Dividend No. 108: 65) South African cents per
ordinary share for the six months ended 30 June 2011. In compliance with the requirements of Strate, given the
company's primary listing on the JSE Limited, the salient dates for payment of the dividend are as follows:

To holders of ordinary shares and to holders of CHESS Depositary Interests (CDIs)
Each CDI represents one-fifth of an ordinary share.

2011

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

Thursday, 25 August

Last date to trade ordinary shares cum dividend

Friday, 26 August

Last date to register transfers of certificated securities cum dividend

Friday, 26 August

Ordinary shares trade ex dividend

Monday, 29 August

Record date

Friday, 2 September

Payment date

Friday, 9 September

On the payment date, dividends due to holders of certificated securities on the South African and United Kingdom
share registers will be electronically transferred to shareholders' bank accounts. Given the increasing incidences
of fraud with respect to cheque payments, the company has ceased the payment of dividends by way of cheque.
Shareholders are requested to notify the relevant share registrars with banking details to enable future dividends to
be paid via electronic funds transfer. Refer to the back cover for share registrar details.

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

To comply with further requirements of Strate, between Monday, 29 August 2011 and Friday, 2 September 2011,
both days inclusive, no transfers between the South African, United Kingdom, Australian and Ghana share
registers will be permitted and no ordinary shares pertaining to the South African share register may be
dematerialised or rematerialised.

To holders of American Depositary Shares
Each American Depositary Share (ADS) represents one ordinary share.

2011

Ex dividend on New York Stock Exchange

Wednesday, 31 August

Record date

Friday, 2 September

Approximate date for currency conversion

Friday, 9 September

Approximate payment date of dividend

Monday, 19 September

Assuming an exchange rate of R6.7437/$, the dividend payable per ADS is equivalent to 13.3458 US cents. This
compares with the interim dividend of 9.0034 US cents per ADS paid on 20 September 2010. However the actual
rate of payment will depend on the exchange rate on the date for currency conversion.

To holders of Ghanaian Depositary Shares (GhDSs)
100 GhDSs represent one ordinary share.

2011

Last date to trade and to register GhDSs cum dividend

Friday, 26 August

GhDSs trade ex dividend

Monday, 29 August

Record date

Friday, 2 September

Approximate payment date of dividend

Monday, 12 September

Assuming an exchange rate of R1/¢0.2243, the dividend payable per share is equivalent to 0.2018 cedis. This
compares with the interim dividend of 0.1266 cedis per share paid on 13 September 2010. However, the actual
rate of payment will depend on the exchange rate on the date for currency conversion. In Ghana, the authorities
have determined that dividends payable to residents on the Ghana share register be subject to a final withholding
tax at a rate of 8%.

In addition, directors declared Dividend No. E10 of 45 South African cents per E ordinary share, payable to
employees participating in the Bokamoso ESOP and Izingwe Holdings (Proprietary) Limited. These dividends will
be paid on Friday, 9 September 2011.

By order of the Board

T T MBOWENI

M CUTIFANI

Chairman

Chief Executive Officer

2 August 2011

Non-GAAP disclosure

Jun

Mar

Jun

Mar

Jun

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited

Headline earnings (loss) (note 9)

3,244

1,656

(1,315)

4,900

(74)

477

241

(181)

718

(12)

Loss (gain) on unrealised non-hedge derivatives and other
commodity contracts (note 4)

(11)

2,822

2,239

(2)

380

297

Deferred tax on unrealised non-hedge derivatives and other
commodity contracts (note 8)

(398)

(237)

(53)

(31)

Fair value adjustment on option component of convertible bonds

(499)

(90)

(129)

(589)

(485)

(73)

(15)

(17)

(88)

(64)

Fair value adjustment on mandatory convertible bonds

(442)

(139)

(581)

(64)

(22)

(87)

Adjusted headline earnings

(1)

2,317

1,415

980

3,733

1,442

342

203

129

544

190

Cents per share

(2)

Adjusted headline earnings

(1)

601

367

267

968

393

141

(1)

(2)

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

The group uses certain Non-GAAP performance measures and ratios in managing the 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 to, 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 that other companies use.

During 2010 the Group completed the elimination of its hedge book which has resulted in full exposure to prevailing spot gold prices.

Adjusted headline earnings

Quarter ended

Six months ended

(Gain) 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:

SA Rand million

The unrealised fair value change on the option component of the convertible bonds;

Six months ended

US Dollar million

Quarter ended

In the September 2010 quarter the hedge book was further reduced and contracts to the value of $1.6bn were accelerated and settled. The impact on earnings after taxation was $1.5bn in
the September 2010 quarter. In the December 2010 quarter the hedge book was fully settled and hedge contracts to the value of $1.1bn were accelerated and settled. The impact on
earnings after taxation was $1.1bn in the December 2010 quarter;

The unrealised fair value change of the warrants on shares and the embedded derivative.

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

Adjusted headline earnings is intended to illustrate earnings after adjusting for:

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

The unrealised fair value change in contracts that were still open at reporting dates, 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;

Calculated on the basic weighted average number of ordinary shares.

Jun

Mar

Jun

Mar

Jun

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited Unaudited Unaudited Unaudited Unaudited

Reconciliation of gross profit (loss) to adjusted gross

profit:

(1)

Gross profit (loss)

4,254

3,476

(99)

7,729

2,122

627

498

(21)

1,125

280

Loss (gain) on unrealised non-hedge derivatives and other
commodity contracts (note 4)

(11)

2,822

2,239

(2)

380

297

Adjusted gross profit

(1)

4,268

3,464

2,723

7,732

4,360

629

497

359

1,126

578

Price received

Jun

Mar

Jun

Mar

Jun

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited Unaudited Unaudited Unaudited Unaudited

Gold income (note 2)

10,680

9,934

9,625

20,614

17,847

1,576

1,422

1,275

2,998

2,370

Adjusted for non-controlling interests

(282)

(275)

(557)

(559)

(42)

(39)

(36)

(81)

(74)

10,398

9,659

9,350

20,057

17,288

1,534

1,383

1,239

2,917

2,296

Loss on realised non-hedge derivatives (note 4)

(803)

(1,327)

(107)

(176)

Associates and equity accounted joint ventures' share of gold
income including realised non-hedge derivatives

633

574

609

1,207

1,276

176

170

Attributable gold income including realised non-hedge
derivatives

11,031

10,233

9,156

21,264

17,237

1,628

1,465

1,213

3,093

2,290

Attributable gold sold - kg / - oz (000)

33,534

32,771

34,447

66,305

67,446

1,078

1,054

1,108

2,132

2,168

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

328,951

312,261

265,806

320,702

255,564

1,510

1,391

1,095

1,451

1,056

Rounding of figures may result in computational discrepancies.

SA Rand million

US Dollar million

Adjusted gross profit

Quarter ended

Six months ended

Quarter ended

(1)

Adjusted gross profit excludes unrealised non-hedge derivatives and other commodity contracts.

Quarter ended

US Dollar million / Imperial

Quarter ended

Six months ended

SA Rand million / Metric

Jun

Mar

Jun

Mar

Jun

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited Unaudited Unaudited Unaudited Unaudited

Total costs

Total cash costs (note 3)

4,883

5,077

4,955

9,960

9,787

721

726

658

1,447

1,302

Adjusted for non-controlling interests and non-gold producing
companies

(45)

(299)

(67)

(345)

(222)

(7)

(43)

(9)

(50)

(30)

Associates' and equity accounted joint ventures' share of
total cash costs

345

349

342

694

682

101

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

5,183

5,127

5,229

10,309

10,247

765

733

694

1,498

1,363

Retrenchment costs (note 3)

Rehabilitation and other non-cash costs (note 3)

349

417

122

Amortisation of tangible assets (note 3)

1,274

1,294

1,173

2,568

2,440

188

185

156

373

324

Amortisation of intangible assets (note 3)

Adjusted for non-controlling interests and non-gold producing
companies

(107)

(55)

(43)

(161)

(95)

(16)

(8)

(6)

(22)

(13)

Associates and equity accounted joint ventures' share of
production costs

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

6,740

6,481

6,438

13,221

12,830

995

927

855

1,922

1,707

Gold produced - kg / - oz (000)

33,776

32,303

35,011

66,079

68,586

1,086

1,039

1,126

2,124

2,205

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

153,441

158,707

149,365

156,015

149,397

705

706

617

705

618

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

199,541

200,632

183,891

200,075

187,065

916

893

759

905

774

EBITDA

Operating profit (loss)

3,520

2,537

(986)

6,057

427

519

363

(138)

882

Amortisation of tangible assets (note 3)

1,274

1,294

1,173

2,568

2,440

188

185

156

373

324

Amortisation of intangible assets (note 3)

Net impairments of tangible assets (note 6)

143

Loss (gain) on unrealised non-hedge derivatives and other
commodity contracts (note 4)

(11)

2,822

2,239

(2)

380

297

Share of associates' EBITDA

264

181

237

445

555

Impairment of investment (note 6)

(Profit) loss on disposal and abandonment of assets (note 6)

(18)

(7)

(3)

(1)

Profit on disposal of ISS International Limited (note 6)

(14)

(2)

Profit on disposal of investments (note 6)

(45)

(6)

5,136

4,009

3,290

9,145

5,801

758

574

435

1,331

769

Interest cover

EBITDA (note E)

Quarter ended

Six months ended

Quarter ended

Six months ended

SA Rand million / Metric

US Dollar million / Imperial

EBITDA (note E)

5,136

4,009

3,290

9,145

5,801

758

574

435

1,331

769

Finance costs (note 7)

250

248

245

498

386

Interest cover - times

Operating cash flow

Net cash inflow (outflow) from operating activities

4,298

3,607

2,963

7,905

4,289

635

513

386

1,148

566

Stay-in-business capital expenditure

(1,480)

(1,114)

(1,211)

(2,594)

(2,091)

(218)

(159)

(161)

(378)

(278)

2,818

2,493

1,752

5,311

2,198

417

354

225

770

288

As at

Jun

Mar

Dec

Jun

Mar

Dec

Jun

2011

2010

2011

2010

Unaudited Unaudited Unaudited Unaudited

Net asset value - cents per share

Total equity

32,247

28,975

27,023

22,582

4,785

4,283

4,113

2,959

Mandatory convertible bonds

5,270

5,742

5,739

782

849

874

37,517

34,717

32,762

22,582

5,567

5,132

4,987

2,959

Number of ordinary shares in issue - million (note 10)

385

384

366

385

384

366

Net asset value - cents per share

9,744

9,037

8,532

6,174

1,446

1,336

1,299

809

Total equity

32,247

28,975

27,023

22,582

4,785

4,283

4,113

2,959

Mandatory convertible bonds

5,270

5,742

5,739

782

849

874

Intangible assets

(1,357)

(1,325)

(1,277)

(1,272)

(201)

(196)

(194)

(167)

36,160

33,392

31,485

21,310

5,366

4,936

4,793

2,792

Number of ordinary shares in issue - million (note 10)

385

384

366

385

384

366

Net tangible asset value - cents per share

9,392

8,692

8,199

5,826

1,394

1,285

1,248

763

Net debt

Borrowings - long-term portion

11,254

11,259

11,148

12,556

1,670

1,664

1,697

1,646

Borrowings - short-term portion

193

301

876

185

133

Total borrowings

(1)

11,447

11,560

12,024

12,741

1,698

1,708

1,830

1,670

Corporate office lease

(259)

(259)

(258)

(38)

(38)

(39)

(34)

Unamortised portion on the convertible and rated bonds

679

593

757

938

101

115

123

Cash restricted for use

(379)

(254)

(283)

(451)

(56)

(37)

(43)

(59)

Cash and cash equivalents

(5,656)

(4,187)

(3,776)

(6,607)

(839)

(619)

(575)

(866)

Net debt excluding mandatory convertible bonds

5,832

7,453

8,463

6,363

866

1,102

1,288

834

(1) Borrowings exclude the mandatory convertible bonds (note H).

Rounding of figures may result in computational discrepancies.

US Dollar million

SA Rand million

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 ft

2,962

Mined

- 000 tons

1,834

486

261

571

3,152

Milled / Treated

- 000 tons

1,651

541

243

550

2,983

Yield

- oz/t

0.233

0.151

0.092

0.181

0.197

Gold produced

- oz (000)

384

587

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

3,089

Yield

- oz/t

0.015

0.016

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcy

18,444

172

18,616

Mined

- 000 tons

36,920

395

7,611

44,926

Treated

- 000 tons

5,872

736

260

6,867

Stripping ratio

- ratio

4.63

7.57

23.32

5.49

Yield

- oz/t

0.049

0.052

0.167

0.054

Gold produced

- oz (000)

288

370

HEAP LEACH OPERATION

Mined

- 000 tons

1,925

17,947

19,872

Placed

- 000 tons

317

5,980

6,298

Stripping ratio

- ratio

6.31

2.07

2.25

Yield

- oz/t

0.032

0.011

0.012

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

6.21

11.01

40.57

20.73

9.39

TOTAL

Subsidiaries' gold produced

- oz (000)

431

313

216

1,022

J i t

(000)

IMPERIAL OPERATING RESULTS
QUARTER ENDED JUNE 2011

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

431

377

216

1,086

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

431

310

213

1,016

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

431

372

213

1,078

Minority gold sold

- oz (000)

Spot price

- $/oz

1,496

Price received

- $/oz sold

1,516

1,506

1,498

1,507

1,510

Total cash costs

- $/oz produced

688

705

1,595

487

705

Total production costs

- $/oz produced

905

861

1,745

794

916

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED JUNE 2011 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

654

578

344

1,669

(94)

1,576

Cash costs

(330)

(277)

(97)

(160)

(839)

(788)

By-products revenue

Total cash costs

(297)

(275)

(97)

(129)

(772)

(721)

Retrenchment costs

(2)

(1)

(3)

Rehabilitation and other non-cash costs

(2)

(8)

(1)

(41)

(52)

Amortisation of assets

(89)

(52)

(8)

(38)

(4)

(191)

(189)

Total production costs

(390)

(335)

(106)

(208)

(1,017)

(964)

Inventory change

(1)

Cost of sales

(390)

(334)

(103)

(193)

(999)

(947)

Adjusted gross profit (loss)

264

244

(10)

151

670

(41)

629

Unrealised non-hedge derivatives and other
commodity contracts

(3)

(2)

Gross profit (loss)

264

245

(10)

149

668

(41)

627

Corporate and other costs

(3)

(4)

(10)

(57)

(74)

Exploration

(13)

(12)

(30)

(10)

(64)

(63)

Intercompany transactions

(11)

(1)

Special items

(7)

581

(562)

Operating profit (loss)

253

797

(6)

109

(595)

559

(40)

519

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(1)

(2)

(1)

101

Exchange gain (loss)

(4)

(2)

(1)

(6)

Share of equity accounted investments profit

(3)

(5)

Profit (loss) before taxation

252

792

(6)

104

(497)

645

(13)

632

Taxation

(79)

(71)

(12)

(2)

(162)

(149)

Profit (loss) for the period

174

722

(5)

(499)

483

Equity shareholders

174

717

(5)

(508)

470

Non-controlling interests

Operating profit (loss)

253

797

(6)

109

(595)

559

(40)

519

Unrealised non-hedge derivatives and other
commodity contracts

Intercompany transactions

(12)

Special items

(550)

(3)

(1)

555

Share of associates' EBIT

(3)

EBIT

261

258

(9)

109

(52)

567

Amortisation of assets

191

(2)

189

Share of associates' amortisation

EBITDA

350

310

(1)

147

(48)

758

Profit (loss) attributable to equity shareholders

174

717

(5)

(508)

470

Special items

(550)

(3)

(1)

555

Share of associates' special items

Taxation on items above

(5)

(4)

Headline earnings (loss)

177

167

(7)

477

Unrealised non-hedge derivatives and other
commodity contracts

Deferred tax on unrealised non-hedge
derivatives and other commodity contracts

Fair value adjustment on option component
of convertible bonds

(73)

Fair value adjustment on mandatory
convertible bonds

(64)

Adjusted headline earnings (loss)

177

167

(7)

(88)

342

Ore reserve development capital

Stay-in-business capital

122

(1)

121

Project capital

126

(22)

104

Total capital expenditure

116

105

346

(23)

323

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 ft

2,698

Mined

- 000 tons

1,718

491

226

514

2,949

Milled / Treated

- 000 tons

1,533

544

265

539

2,880

Yield

- oz/t

0.230

0.127

0.154

0.193

0.197

Gold produced

- oz (000)

353

104

567

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

2,960

Yield

- oz/t

0.016

0.017

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcy

16,452

1,446

17,898

Mined

- 000 tons

32,702

3,390

7,233

43,324

Treated

- 000 tons

6,180

646

244

7,070

Stripping ratio

- ratio

3.52

6.13

24.42

4.42

Yield

- oz/t

0.046

0.048

0.157

0.050

Gold produced

- oz (000)

285

355

HEAP LEACH OPERATION

Mined

- 000 tons

1,640

17,280

18,921

Placed

- 000 tons

304

5,748

6,052

Stripping ratio

- ratio

6.14

2.08

2.24

Yield

- oz/t

0.029

0.011

0.012

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

5.80

10.84

40.58

20.06

9.07

TOTAL

Subsidiaries' gold produced

- oz (000)

401

303

203

979

J i t

(000)

IMPERIAL OPERATING RESULTS
QUARTER ENDED MARCH 2011

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

401

363

203

1,039

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

401

322

203

995

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

401

381

203

1,054

Minority gold sold

- oz (000)

Spot price

- $/oz

1,387

Price received

- $/oz sold

1,397

1,388

1,387

1,386

1,391

Total cash costs

- $/oz produced

637

819

1,153

480

706

Total production costs

- $/oz produced

871

965

1,304

651

893

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED MARCH 2011 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

560

545

303

1,505

(82)

1,422

Cash costs

(282)

(307)

(83)

(150)

(5)

(827)

(777)

By-products revenue

Total cash costs

(255)

(305)

(83)

(128)

(5)

(776)

(726)

Retrenchment costs

(3)

(1)

(4)

Rehabilitation and other non-cash costs

(2)

(8)

(1)

(10)

Amortisation of assets

(89)

(46)

(11)

(39)

(2)

(188)

(186)

Total production costs

(349)

(359)

(94)

(169)

(7)

(977)

(925)

Inventory change

(24)

(1)

Cost of sales

(349)

(383)

(91)

(147)

(7)

(977)

(926)

Adjusted gross profit (loss)

210

163

156

(7)

527

(31)

497

Unrealised non-hedge derivatives and other
commodity contracts

Gross profit (loss)

210

163

158

(7)

529

(31)

498

Corporate and other costs

(2)

(3)

(2)

(14)

(58)

(79)

Exploration

(20)

(11)

(19)

(8)

(58)

(57)

Intercompany transactions

(12)

Special items

(1)

(6)

Operating profit (loss)

207

121

124

(59)

393

(30)

363

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(1)

(2)

(4)

Exchange (loss) gain

(3)

(2)

Share of equity accounted investments profit

(4)

(2)

(6)

Profit (loss) before taxation

206

116

121

(63)

381

(10)

371

Taxation

(55)

(42)

(2)

(29)

(6)

(133)

(123)

Profit (loss) for the period

151

(1)

(68)

248

Equity shareholders

151

(1)

(64)

241

Non-controlling interests

(4)

Operating profit (loss)

207

121

124

(59)

393

(30)

363

Unrealised non-hedge derivatives and other
commodity contracts

(2)

Intercompany transactions

(12)

Special items

(2)

Share of associates' EBIT

(4)

(2)

(6)

EBIT

209

134

119

(75)

386

Amortisation of assets

188

(2)

186

Share of associates' amortisation

EBITDA

298

180

158

(73)

574

Profit (loss) attributable to equity shareholders

151

(1)

(64)

241

Special items

(2)

Share of associates' special items

Taxation on items above

(1)

Headline earnings (loss)

152

(1)

(66)

241

Unrealised non-hedge derivatives and other
commodity contracts

(2)

Deferred tax on unrealised non-hedge
derivatives and other commodity contracts

Fair value adjustment on option component of
convertible bonds

(15)

Fair value loss on mandatory convertible

(22)

Adjusted headline earnings (loss)

152

(1)

(103)

203

Ore reserve development capital

Stay-in-business capital

(1)

Project capital

(14)

Total capital expenditure

249

(15)

234

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 ft

3,369

Mined

- 000 tons

2,064

509

186

499

3,257

Milled / Treated

- 000 tons

1,966

484

109

497

3,055

Yield

- oz/t

0.207

0.149

0.103

0.175

0.189

Gold produced

- oz (000)

407

578

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

2,841

260

3,101

Yield

- oz/t

0.014

0.020

0.015

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcy

16,325

1,453

17,777

Mined

- 000 tons

31,466

3,426

8,451

43,342

Treated

- 000 tons

6,306

890

309

7,504

Stripping ratio

- ratio

3.60

6.47

25.52

4.69

Yield

- oz/t

0.044

0.085

0.166

0.054

Gold produced

- oz (000)

279

405

HEAP LEACH OPERATION

Mined

- 000 tons

1,504

16,853

18,356

Placed

- 000 tons

362

5,612

5,974

Stripping ratio

- ratio

7.70

2.04

2.21

Yield

- oz/t

0.030

0.014

0.015

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

5.66

11.23

58.91

23.76

9.16

TOTAL

Subsidiaries' gold produced

- oz (000)

447

304

221

1,059

J i t

(000)

IMPERIAL OPERATING RESULTS
QUARTER ENDED JUNE 2010

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

447

371

221

1,126

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

437

291

221

1,040

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

437

359

221

1,108

Minority gold sold

- oz (000)

Spot price

- $/oz

1,198

Price received

- $/oz sold

1,090

1,109

1,085

1,087

1,095

Total cash costs

- $/oz produced

560

702

1,063

416

617

Total production costs

- $/oz produced

734

823

1,137

551

759

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED JUNE 2010 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

476

412

262

1,249

(81)

1,169

Cash costs

(257)

(269)

(92)

(127)

(733)

(688)

By-products revenue

Total cash costs

(250)

(268)

(92)

(107)

(703)

(658)

Retrenchment costs

(3)

(4)

Rehabilitation and other non-cash costs

(1)

(3)

(4)

(5)

Amortisation of assets

(74)

(43)

(6)

(34)

(2)

(158)

(156)

Total production costs

(329)

(313)

(98)

(141)

(870)

(822)

Inventory change

Cost of sales

(322)

(310)

(99)

(137)

(856)

(810)

Adjusted gross profit (loss)

154

102

126

393

(34)

359

Unrealised non-hedge derivatives and other
commodity contracts

(158)

(162)

(70)

(380)

Gross profit (loss)

(4)

(61)

(34)

(21)

Corporate and other costs

(2)

(1)

(3)

(52)

(54)

Exploration

(12)

(10)

(23)

(6)

(52)

Intercompany transactions

(8)

Special items

(8)

(7)

(1)

(2)

(12)

Operating profit (loss)

(14)

(83)

(41)

(105)

(34)

(138)

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(18)

(17)

Exchange gain (loss)

(3)

(2)

Share of equity accounted investments profit

(6)

Profit (loss) before taxation

(14)

(87)

(58)

(127)

(17)

(144)

Taxation

(44)

(28)

(50)

(33)

Profit (loss) for the period

(8)

(131)

(1)

(43)

(177)

Equity shareholders

(8)

(134)

(5)

(46)

(187)

Non-controlling interests

Operating profit (loss)

(14)

(83)

(41)

(105)

(34)

(138)

Unrealised non-hedge derivatives and other

commodity contracts

158

162

(10)

380

commodity contracts

Intercompany transactions

(8)

Special items

(6)

Share of associates' EBIT

(4)

EBIT

152

(11)

100

(51)

276

Amortisation of assets

158

(2)

156

Share of associates' amortisation

EBITDA

225

130

(4)

133

(49)

435

Profit (loss) attributable to equity shareholders

(8)

(134)

(5)

(46)

(187)

Special items

(6)

Share of associates' special items

Taxation on items above

(1)

(2)

Headline earnings (loss)

(1)

(135)

(4)

(42)

(181)

Unrealised non-hedge derivatives and other
commodity contracts

158

162

(10)

380

Deferred tax on unrealised non-hedge
derivatives and other commodity contracts

(56)

(53)

Fair value adjustment on option component
of convertible bonds

(17)

Adjusted headline earnings (loss)

101

(6)

(59)

129

Ore reserve development capital

Stay-in-business capital

(1)

Project capital

(13)

Total capital expenditure

226

(14)

212

(1) Gold income received is gold income per income statement and loss on realised non-hedge derivatives (note 4).

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 ft

5,660

Mined

- 000 tons

3,552

977

488

1,085

6,102

Milled / Treated

- 000 tons

3,183

1,084

508

1,089

5,864

Yield

- oz/t

0.231

0.139

0.124

0.187

0.197

Gold produced

- oz (000)

737

151

203

1,154

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

6,049

Yield

- oz/t

0.016

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcy

34,896

1,617

36,514

Mined

- 000 tons

69,621

3,785

14,844

88,250

Treated

- 000 tons

12,052

1,382

504

13,937

Stripping ratio

- ratio

4.05

6.26

23.85

4.92

Yield

- oz/t

0.048

0.050

0.162

0.052

Gold produced

- oz (000)

573

725

HEAP LEACH OPERATION

Mined

- 000 tons

3,565

35,228

38,793

Placed

- 000 tons

621

11,729

12,350

Stripping ratio

- ratio

6.23

2.07

2.24

Yield

- oz/t

0.030

0.011

0.012

Gold placed

- oz (000)

132

151

Gold produced

- oz (000)

134

148

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

6.01

10.92

40.57

20.40

9.23

TOTAL

Subsidiaries' gold produced

- oz (000)

832

617

133

419

2,001

J i t

(000)

123

IMPERIAL OPERATING RESULTS
SIX MONTHS ENDED JUNE 2011

Joint ventures' gold produced

- oz (000)

123

Attributable gold produced

- oz (000)

832

740

133

419

2,124

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

832

632

132

415

2,011

Joint ventures' gold sold

- oz (000)

121

Attributable gold sold

- oz (000)

832

753

132

415

2,132

Minority gold sold

- oz (000)

Spot price

- $/oz

1,441

Price received

- $/oz sold

1,458

1,446

1,439

1,448

1,451

Total cash costs

- $/oz produced

663

761

1,355

484

705

Total production costs

- $/oz produced

889

912

1,505

725

905

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
SIX MONTHS ENDED JUNE 2011 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

1,214

1,123

189

647

3,173

(176)

2,998

Cash costs

(612)

(584)

(181)

(310)

(1,666)

101

(1,565)

By-products revenue

119

118

Total cash costs

(552)

(580)

(180)

(256)

(1,548)

101

(1,447)

Retrenchment costs

(5)

(2)

(7)

Rehabilitation and other non-cash costs

(4)

(16)

(1)

(41)

(62)

(61)

Amortisation of assets

(178)

(98)

(19)

(77)

(6)

(379)

(374)

Total production costs

(739)

(694)

(200)

(377)

(1,995)

106

(1,889)

Inventory change

(1)

(23)

(2)

Cost of sales

(740)

(717)

(194)

(340)

(1,976)

104

(1,873)

Adjusted gross profit (loss)

474

407

(5)

307

1,197

(71)

1,126

Unrealised non-hedge derivatives and other
commodity contracts

(1)

Gross profit (loss)

474

407

(5)

306

1,196

(71)

1,125

Corporate and other costs

(5)

(7)

(2)

(24)

(115)

(153)

Exploration

(33)

(23)

(49)

(18)

(122)

(120)

Intercompany transactions

(23)

(1)

Special items

(8)

574

(561)

Operating profit (loss)

460

918

(6)

234

(654)

952

(70)

882

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(2)

(3)

(1)

100

Exchange (loss) gain

(7)

(1)

(8)

(5)

Share of equity accounted investments profit

(7)

(5)

(12)

Profit (loss) before taxation

458

908

(6)

225

(560)

1,026

(22)

1,004

Taxation

(133)

(113)

(41)

(8)

(295)

(273)

Profit (loss) for the period

325

796

(6)

184

(568)

731

Equity shareholders

325

786

(6)

179

(572)

711

Non-controlling interests

Operating profit (loss)

460

918

(6)

234

(654)

952

(70)

882

Unrealised non-hedge derivatives and other
commodity contracts

Intercompany transactions

(24)

Special items

(549)

(3)

(1)

554

Share of associates' EBIT

(7)

(3)

(9)

EBIT

469

392

(9)

228

(127)

953

Amortisation of assets

178

379

(4)

374

Share of associates' amortisation

EBITDA

648

490

305

(121)

1,331

Profit (loss) attributable to equity shareholders

325

786

(6)

179

(572)

711

Special items

(549)

(3)

(1)

554

Share of associates' special items

Taxation on items above

(5)

Headline earnings (loss)

328

237

(8)

178

(17)

718

Unrealised non-hedge derivatives and other
commodity contracts

Deferred tax on unrealised non-hedge
derivatives and other commodity contracts

Fair value adjustment on option component
of convertible bonds

(88)

Fair value loss on mandatory convertible

(87)

Adjusted headline earnings (loss)

328

237

(8)

178

(191)

544

Ore reserve development capital

133

193

Stay-in-business capital

187

(2)

185

Project capital

111

215

(36)

179

Total capital expenditure

211

167

183

594

(38)

556

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 ft

6,813

Mined

- 000 tons

4,138

1,098

352

937

6,525

Milled / Treated

- 000 tons

3,842

1,045

253

1,002

6,143

Yield

- oz/t

0.197

0.156

0.134

0.183

0.185

Gold produced

- oz (000)

757

163

184

1,138

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

5,519

549

6,068

Yield

- oz/t

0.013

0.022

0.014

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcy

32,568

3,262

35,829

Mined

- 000 tons

63,995

7,713

15,573

87,281

Treated

- 000 tons

11,706

1,734

589

14,029

Stripping ratio

- ratio

3.83

5.60

25.09

4.81

Yield

- oz/t

0.045

0.096

0.171

0.057

Gold produced

- oz (000)

528

167

101

796

HEAP LEACH OPERATION

Mined

- 000 tons

2,280

34,336

36,616

Placed

- 000 tons

697

11,292

11,989

Stripping ratio

- ratio

6.13

2.03

2.14

Yield

- oz/t

0.042

0.014

0.016

Gold placed

- oz (000)

159

188

Gold produced

- oz (000)

143

185

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

5.16

11.33

68.77

23.46

8.88

TOTAL

Subsidiaries' gold produced

- oz (000)

832

596

201

428

2,056

J i t

(000)

149

IMPERIAL OPERATING RESULTS
SIX MONTHS ENDED JUNE 2010

Joint ventures' gold produced

- oz (000)

149

Attributable gold produced

- oz (000)

832

745

201

428

2,205

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

803

587

204

427

2,020

Joint ventures' gold sold

- oz (000)

148

Attributable gold sold

- oz (000)

803

735

204

427

2,168

Minority gold sold

- oz (000)

Spot price

- $/oz

1,154

Price received

- $/oz sold

1,054

1,067

1,039

1,049

1,056

Total cash costs

- $/oz produced

590

666

988

416

618

Total production costs

- $/oz produced

796

795

1,067

553

774

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
SIX MONTHS ENDED JUNE 2010 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

846

813

212

493

2,364

(170)

2,195

Cash costs

(507)

(513)

(199)

(247)

(1,445)

(1,354)

By-products revenue

Total cash costs

(491)

(511)

(198)

(214)

(1,393)

(1,302)

Retrenchment costs

(9)

(1)

(11)

(10)

Rehabilitation and other non-cash costs

(3)

(13)

(16)

Amortisation of assets

(159)

(84)

(16)

(67)

(4)

(330)

(325)

Total production costs

(662)

(608)

(214)

(282)

(1,749)

(1,654)

Inventory change

(1)

Cost of sales

(641)

(607)

(215)

(265)

(1,711)

(1,617)

Adjusted gross profit (loss)

205

206

(3)

228

653

(76)

578

Unrealised non-hedge derivatives and other
commodity contracts

(101)

(156)

(51)

(297)

Gross profit (loss)

104

178

356

(76)

280

Corporate and other costs

(4)

(1)

(11)

(84)

(102)

Exploration

(24)

(18)

(37)

(10)

(90)

(89)

Intercompany transactions

(13)

(1)

Special items

(17)

(23)

(1)

(35)

Operating profit (loss)

(12)

(7)

128

(63)

129

(74)

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(3)

Exchange gain (loss)

(2)

Share of equity accounted investments
profit (loss)

(10)

Profit (loss) before taxation

(17)

(7)

127

(53)

134

(33)

100

Taxation

(12)

(80)

(66)

(142)

(109)

Profit (loss) for the period

(97)

(6)

(38)

(9)

Equity shareholders

(103)

(6)

(42)

(30)

Non-controlling interests

Operating profit (loss)

(12)

(7)

128

(63)

129

(74)

Unrealised non-hedge derivatives and other

101

156

(10)

297

Un
commodity contracts

101

156

(10)

297

Intercompany transactions

(14)

Special items

(6)

Share of associates' EBIT

(5)

EBIT

196

167

(22)

180

(82)

439

Amortisation of assets

159

330

(4)

325

Share of associates' amortisation

EBITDA

355

251

(6)

246

(78)

769

Profit (loss) attributable to equity shareholders

(103)

(6)

(42)

(30)

Special items

(6)

Share of associates' special items

Taxation on items above

(2)

(3)

(4)

Headline earnings (loss)

(96)

(11)

(37)

(12)

Unrealised non-hedge derivatives and
other commodity contracts

101

156

(10)

297

Deferred tax on unrealised non-hedge
derivatives and other commodity contracts

(34)

(31)

Fair value adjustment on option component
of convertible bond

(64)

Adjusted headline earnings (loss)

148

(18)

101

(101)

190

Ore reserve development capital

116

166

Stay-in-business capital

114

(2)

112

Project capital

117

(14)

103

Total capital expenditure

180

117

397

(16)

381

(1) Gold income received is gold income per income statement, (loss) gain on realised non-hedge derivatives (note 4).

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

275

Mined

- 000 tonnes

1,664

441

237

518

2,860

Milled / Treated

- 000 tonnes

1,497

490

220

499

2,707

Yield

- g/t

7.97

5.19

3.15

6.20

6.75

Gold produced

- kg

11,937

2,546

693

3,094

18,270

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

2,803

Yield

- g/t

0.53

0.54

Gold produced

- kg

1,478

1,514

OPEN-PIT OPERATION

Volume mined

- 000 bcm

14,101

131

14,232

Mined

- 000 tonnes

33,493

358

6,905

40,756

Treated

- 000 tonnes

5,327

667

236

6,230

Stripping ratio

- ratio

4.63

7.57

23.32

5.49

Yield

- g/t

1.68

1.79

5.74

1.85

Gold produced

- kg

8,963

1,195

1,352

11,510

HEAP LEACH OPERATION

Mined

- 000 tonnes

1,746

16,282

18,028

Placed

- 000 tonnes

288

5,425

5,713

Stripping ratio

- ratio

6.31

2.07

2.25

Yield

- g/t

1.10

0.39

0.42

Gold placed

- kg

317

2,100

2,417

Gold produced

- kg

195

2,287

2,482

PRODUCTIVITY PER EMPLOYEE

Actual

- g

193

343

1,262

645

292

TOTAL

Subsidiaries' gold produced

- kg

13,415

9,758

1,888

6,733

31,794

J i t

1 982

METRIC OPERATING RESULTS
QUARTER ENDED JUNE 2011

Joint ventures' gold produced

- kg

1,982

Attributable gold produced

- kg

13,415

11,740

1,888

6,733

33,776

Minority gold produced

- kg

362

563

925

Subsidiaries' gold sold

- kg

13,420

9,649

1,925

6,612

31,606

Joint ventures' gold sold

- kg

1,928

Attributable gold sold

- kg

13,420

11,577

1,925

6,612

33,534

Minority gold sold

- kg

363

577

941

Spot price

- R/kg

326,078

Price received

- R/kg sold

330,266

328,101

326,549

328,472

328,951

Total cash costs

- R/kg produced

149,788

153,485

347,372

106,092

153,441

Total production costs

- R/kg produced

197,117

187,545

379,933

173,081

199,541

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - QUARTER ENDED
JUNE 2011 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

4,432

3,918

629

2,335

11,313

(633)

10,680

Cash costs

(2,236)

(1,877)

(658)

(1,086)

169

(5,687)

347

(5,340)

By-products revenue

226

215

459

(2)

458

Total cash costs

(2,009)

(1,865)

(656)

(871)

173

(5,228)

345

(4,883)

Retrenchment costs

(15)

(5)

(20)

Rehabilitation and other non-cash costs

(14)

(56)

(6)

(276)

(351)

(349)

Amortisation of assets

(606)

(349)

(56)

(258)

(24)

(1,293)

(1,278)

Total production costs

(2,644)

(2,270)

(717)

(1,409)

149

(6,892)

362

(6,529)

Inventory change

(1)

100

124

(7)

117

Cost of sales

(2,645)

(2,263)

(700)

(1,309)

149

(6,768)

355

(6,412)

Adjusted gross profit (loss)

1,787

1,655

(71)

1,025

149

4,545

(278)

4,268

Unrealised non-hedge derivatives and other
commodity contracts

(17)

(14)

Gross profit (loss)

1,787

1,658

(71)

1,008

149

4,531

(278)

4,254

Corporate and other costs

(21)

(26)

(1)

(67)

(386)

(501)

(1)

(502)

Exploration

(2)

(87)

(80)

(202)

(67)

(437)

(429)

Intercompany transactions

(75)

(5)

Special items

(47)

3,973

112

(3,847)

197

Operating profit (loss)

1,718

5,442

(40)

741

(4,070)

3,791

(271)

3,520

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(7)

(11)

(2)

(7)

697

670

672

Exchange gain (loss)

(24)

(12)

(5)

(41)

(34)

Share of equity accounted investments
profit (loss)

(18)

(37)

175

139

Profit (loss) before taxation

1,711

5,408

(43)

703

(3,396)

4,383

(86)

4,297

Taxation

(533)

(479)

(80)

(16)

(1,099)

(1,013)

Profit (loss) for the period

1,178

4,929

(34)

623

(3,412)

3,284

Equity shareholders

1,178

4,899

(34)

622

(3,470)

3,195

Non-controlling interests

Operating profit (loss)

1,718

5,442

(40)

741

(4,070)

3,791

(271)

3,520

Unrealised non-hedge derivatives and other

(3)

commodity contracts

(3)

Intercompany transactions

(80)

Special items

(3,766)

(20)

(7)

3,802

Share of associates' EBIT

(18)

(3)

(21)

271

249

EBIT

1,769

1,748

(60)

737

(352)

3,843

Amortisation of assets

606

349

258

1,293

(15)

1,278

Share of associates' amortisation

EBITDA

2,375

2,098

(5)

995

(328)

5,136

Profit (loss) attributable to equity shareholders

1,178

4,899

(34)

622

(3,470)

3,195

Special items

(3,766)

(20)

(7)

3,802

Share of associates' special items

Taxation on items above

(31)

(1)

(26)

Headline earnings (loss)

1,198

1,133

(48)

615

347

3,244

Unrealised non-hedge derivatives and
other commodity contracts

(3)

Deferred tax on unrealised non-hedge
derivatives and other commodity contracts

Fair value adjustment on option component
of convertible bonds

(499)

Fair value loss on mandatory convertible

(442)

Adjusted headline earnings (loss)

1,198

1,130

(48)

632

(594)

2,317

Ore reserve development capital

462

113

663

Stay-in-business capital

198

428

180

825

(8)

817

Project capital

126

201

111

415

854

(148)

706

Total capital expenditure

786

710

130

709

2,342

(156)

2,186

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

251

Mined

- 000 tonnes

1,558

445

205

467

2,676

Milled / Treated

- 000 tonnes

1,390

493

240

489

2,613

Yield

- g/t

7.89

4.37

5.29

6.60

6.75

Gold produced

- kg

10,974

2,154

1,271

3,229

17,628

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

2,685

Yield

- g/t

0.56

0.57

Gold produced

- kg

1,493

1,527

OPEN-PIT OPERATION

Volume mined

- 000 bcm

12,578

1,105

13,683

Mined

- 000 tonnes

29,666

3,075

6,561

39,303

Treated

- 000 tonnes

5,606

586

221

6,414

Stripping ratio

- ratio

3.52

6.13

24.42

4.42

Yield

- g/t

1.58

1.66

5.37

1.72

Gold produced

- kg

8,867

973

1,189

11,029

HEAP LEACH OPERATION

Mined

- 000 tonnes

1,488

15,676

17,164

Placed

- 000 tonnes

276

5,215

5,491

Stripping ratio

- ratio

6.14

2.08

2.24

Yield

- g/t

0.99

0.38

0.41

Gold placed

- kg

272

2,002

2,274

Gold produced

- kg

232

1,888

2,119

PRODUCTIVITY PER EMPLOYEE

Actual

- g

180

337

1,262

624

282

TOTAL

Subsidiaries' gold produced

- kg

12,466

9,429

2,244

6,306

30,445

J i t

1 858

METRIC OPERATING RESULTS
QUARTER ENDED MARCH 2011

Joint ventures' gold produced

- kg

1,858

Attributable gold produced

- kg

12,466

11,287

2,244

6,306

32,303

Minority gold produced

- kg

356

634

989

Subsidiaries' gold sold

- kg

12,465

10,001

2,168

6,299

30,933

Joint ventures' gold sold

- kg

1,838

Attributable gold sold

- kg

12,465

11,839

2,168

6,299

32,771

Minority gold sold

- kg

381

576

956

Spot price

- R/kg

311,511

Price received

- R/kg sold

313,682

311,339

310,879

311,657

312,261

Total cash costs

- R/kg produced

143,256

184,129

258,724

107,929

158,707

Total production costs

- R/kg produced

195,878

217,000

292,533

146,254

200,632

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED MARCH 2011 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

3,910

3,805

674

2,119

10,508

(574)

9,934

Cash costs

(1,971)

(2,145)

(582)

(1,049)

(36)

(5,783)

349

(5,433)

By-products revenue

185

155

357

(1)

356

Total cash costs

(1,786)

(2,132)

(581)

(894)

(33)

(5,426)

349

(5,077)

Retrenchment costs

(21)

(1)

(6)

(28)

Rehabilitation and other non-cash costs

(12)

(53)

(4)

(69)

(68)

Amortisation of assets

(623)

(323)

(76)

(274)

(16)

(1,312)

(1,298)

Total production costs

(2,442)

(2,509)

(656)

(1,178)

(49)

(6,835)

364

(6,471)

Inventory change

(163)

149

(3)

Cost of sales

(2,441)

(2,672)

(637)

(1,030)

(49)

(6,830)

360

(6,469)

Adjusted gross profit (loss)

1,469

1,133

1,090

(49)

3,678

(214)

3,464

Unrealised non-hedge derivatives and other
commodity contracts

(1)

Gross profit (loss)

1,469

1,132

1,101

(49)

3,690

(214)

3,476

Corporate and other costs

(14)

(24)

(11)

(95)

(407)

(551)

(2)

(553)

Exploration

(2)

(138)

(76)

(133)

(55)

(403)

(397)

Intercompany transactions

(83)

(3)

Special items

(5)

(44)

Operating profit (loss)

1,448

843

871

(415)

2,747

(210)

2,537

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(10)

(11)

(2)

(41)

(58)

(57)

Exchange gain (loss)

(24)

(13)

Share of equity accounted investments
profit (loss)

(28)

(16)

(44)

125

Profit (loss) before taxation

1,437

809

850

(470)

2,632

(67)

2,565

Taxation

(382)

(293)

(12)

(205)

(39)

(931)

(864)

Profit (loss) for the period

1,056

516

(7)

645

(509)

1,701

Equity shareholders

1,056

480

(7)

610

(480)

1,658

Non-controlling interests

(29)

Operating profit (loss)

1,448

843

871

(415)

2,747

(210)

2,537

Unrealised non-hedge derivatives and other

(12)

(11)

commodity contracts

(12)

(11)

Intercompany transactions

(86)

Special items

(2)

(14)

Share of associates' EBIT

(28)

(15)

(43)

210

167

EBIT

1,457

936

833

(530)

2,696

Amortisation of assets

623

323

274

1,312

(14)

1,298

Share of associates' amortisation

EBITDA

2,081

1,259

1,107

(514)

4,009

Profit (loss) attributable to equity shareholders

1,056

480

(7)

610

(480)

1,658

Special items

(2)

(14)

Share of associates' special items

Taxation on items above

(5)

(6)

Headline earnings (loss)

1,060

489

(7)

608

(494)

1,656

Unrealised non-hedge derivatives and
other commodity contracts

(12)

(11)

Deferred tax on unrealised non-hedge
derivatives and other commodity contracts

Fair value adjustment on option component
of convertible bonds

(90)

Fair value loss on mandatory convertible

(139)

Adjusted headline earnings (loss)

1,060

490

(7)

596

(724)

1,415

Ore reserve development capital

453

102

666

Stay-in-business capital

225

105

454

(6)

448

Project capital

116

125

344

620

(99)

521

Total capital expenditure

663

436

551

1,740

(105)

1,635

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

313

Mined

- 000 tonnes

1,872

461

169

452

2,955

Milled / Treated

- 000 tonnes

1,783

439

451

2,772

Yield

- g/t

7.10

5.12

3.53

6.01

6.49

Gold produced

- kg

12,665

2,249

349

2,710

17,973

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

2,577

236

2,813

Yield

- g/t

0.49

0.67

0.50

Gold produced

- kg

1,253

158

1,411

OPEN-PIT OPERATION

Volume mined

- 000 bcm

12,481

1,111

13,591

Mined

- 000 tonnes

28,545

3,108

7,666

39,320

Treated

- 000 tonnes

5,721

807

280

6,808

Stripping ratio

- ratio

3.60

6.47

25.52

4.69

Yield

- g/t

1.52

2.90

5.68

1.85

Gold produced

- kg

8,668

2,343

1,593

12,604

HEAP LEACH OPERATION

Mined

- 000 tonnes

1,364

15,288

16,653

Placed

- 000 tonnes

328

5,091

5,419

Stripping ratio

- ratio

7.70

2.04

2.21

Yield

- g/t

1.04

0.48

0.51

Gold placed

- kg

340

2,427

2,767

Gold produced

- kg

450

2,573

3,023

PRODUCTIVITY PER EMPLOYEE

Actual

- g

176

349

1,832

739

285

TOTAL

Subsidiaries' gold produced

- kg

13,919

9,430

2,692

6,876

32,916

2 095

METRIC OPERATING RESULTS
QUARTER ENDED JUNE 2010

Joint ventures' gold produce

- kg

2,095

Attributable gold produced

- kg

13,919

11,525

2,692

6,876

35,011

Minority gold produced

- kg

371

687

1,058

Subsidiaries' gold sold

- kg

13,581

9,047

2,837

6,877

32,341

Joint ventures' gold sold

- kg

2,106

Attributable gold sold

- kg

13,581

11,153

2,837

6,877

34,447

Minority gold sold

- kg

371

682

1,053

Spot price

- R/kg

290,579

Price received

- R/kg sold

264,841

269,178

261,744

263,918

265,806

Total cash costs

- R/kg produced

135,419

170,075

257,247

100,619

149,365

Total production costs

- R/kg produced

177,715

199,330

275,057

133,519

183,891

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - QUARTER ENDED
JUNE 2010 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

3,597

3,109

742

1,983

9,432

(609)

8,822

Cash costs

(1,937)

(2,024)

(694)

(958)

(5,521)

343

(5,178)

By-products revenue

149

224

(1)

223

Total cash costs

(1,885)

(2,016)

(692)

(808)

105

(5,297)

342

(4,955)

Retrenchment costs

(23)

(3)

(27)

(26)

Rehabilitation and other non-cash costs

(11)

(22)

(33)

(3)

(36)

Amortisation of assets

(554)

(321)

(48)

(253)

(16)

(1,193)

(1,176)

Total production costs

(2,474)

(2,359)

(740)

(1,065)

(6,549)

356

(6,193)

Inventory change

(1)

Cost of sales

(2,428)

(2,342)

(741)

(1,033)

(6,456)

357

(6,099)

Adjusted gross profit (loss)

1,168

768

950

2,975

(253)

2,723

Unrealised non-hedge derivatives and other
commodity contracts

(1,182)

(1,201)

(514)

(2,822)

Gross (loss) profit

(14)

(433)

436

154

(253)

(99)

Corporate and other costs

(14)

(6)

(24)

(395)

(407)

(1)

(408)

Exploration

(1)

(92)

(78)

(171)

(49)

(391)

Intercompany transactions

(57)

(2)

(3)

Special items

(61)

(51)

(8)

(16)

(89)

Operating profit (loss)

(90)

(602)

231

(308)

(733)

(253)

(986)

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(3)

(133)

(127)

(124)

Exchange gain (loss)

(27)

(17)

(14)

(1)

Share of equity accounted investments profit

(47)

136

Profit (loss) before taxation

(87)

(632)

219

(432)

(894)

(128)

(1,022)

Taxation

(334)

(218)

109

(393)

128

(264)

Profit (loss) for the period

(49)

(966)

(323)

(1,286)

Equity shareholders

(49)

(989)

(27)

(345)

(1,360)

Non-controlling interests

Operating profit (loss)

(90)

(602)

231

(308)

(733)

(253)

(986)

Unrealised non-hedge derivatives and

1,182

1,201

(75)

514

2,822

other commodity contracts

1,182

1,201

(75)

514

2,822

Intercompany transactions

(62)

Special items

(46)

Share of associates' EBIT

(33)

253

221

EBIT

1,154

659

(83)

755

(388)

2,097

Amortisation of assets

554

321

253

1,193

(16)

1,176

Share of associates' amortisation

EBITDA

1,708

980

(35)

1,008

(372)

3,290

Profit (loss) attributable to equity shareholders

(49)

(989)

(27)

(345)

(1,360)

Special items

(46)

Share of associates' special items

Taxation on items above

(7)

(6)

(1)

(11)

Headline earnings (loss)

(991)

(22)

(315)

(1,315)

Unrealised non-hedge derivatives and
other commodity contracts

1,182

1,201

(75)

514

2,822

Deferred tax on unrealised non-hedge
derivatives and other commodity contracts

(420)

(398)

Fair value adjustment on option component
of convertible bonds

(129)

Adjusted headline earnings (loss)

767

210

(46)

492

(444)

980

Ore reserve development capital

467

667

Stay-in-business capital

212

148

160

551

(8)

544

Project capital

153

246

484

(95)

389

Total capital expenditure

746

380

491

1,703

(102)

1,600

(1) Gold income received is gold income per income statement and loss on realised non-hedge derivatives (note 4).

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

526

Mined

- 000 tonnes

3,222

886

442

985

5,535

Milled / Treated

- 000 tonnes

2,888

983

460

988

5,319

Yield

- g/t

7.93

4.78

4.27

6.40

6.75

Gold produced

- kg

22,911

4,701

1,964

6,322

35,898

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

5,488

Yield

- g/t

0.54

0.55

Gold produced

- kg

2,970

3,041

OPEN-PIT OPERATION

Volume mined

- 000 bcm

26,679

1,237

27,916

Mined

- 000 tonnes

63,160

3,433

13,466

80,059

Treated

- 000 tonnes

10,933

1,253

457

12,643

Stripping ratio

- ratio

4.05

6.26

23.85

4.92

Yield

- g/t

1.63

1.73

5.56

1.78

Gold produced

- kg

17,829

2,168

2,541

22,539

HEAP LEACH OPERATION

Mined

- 000 tonnes

3,234

31,958

35,192

Placed

- 000 tonnes

564

10,640

11,204

Stripping ratio

- ratio

6.23

2.07

2.24

Yield

- g/t

1.04

0.39

0.42

Gold placed

- kg

589

4,102

4,690

Gold produced

- kg

426

4,175

4,601

PRODUCTIVITY PER EMPLOYEE

Actual

- g

187

340

1,262

634

287

TOTAL

Subsidiaries' gold produced

- kg

25,881

19,187

4,132

13,039

62,239

Joint ventures' gold produced

3 840

METRIC OPERATING RESULTS
SIX MONTHS ENDED JUNE 2011

Joint ventures' gold produced

- kg

3,840

Attributable gold produced

- kg

25,881

23,027

4,132

13,039

66,079

Minority gold produced

- kg

718

1,197

1,915

Subsidiaries' gold sold

- kg

25,884

19,650

4,093

12,911

62,539

Joint ventures' gold sold

- kg

3,766

Attributable gold sold

- kg

25,884

23,416

4,093

12,911

66,305

Minority gold sold

- kg

744

1,153

1,897

Spot price

- R/kg

318,942

Price received

- R/kg sold

322,280

319,626

318,250

320,268

320,702

Total cash costs

- R/kg produced

146,642

168,506

299,228

106,981

156,015

Total production costs

- R/kg produced

196,520

201,983

332,467

160,107

200,075

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
SIX MONTHS ENDED JUNE 2011 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

Total group

Gold income

8,342

7,722

1,303

4,454

21,821

(1,207)

20,614

Cash costs

(4,207)

(4,021)

(1,240)

(2,136)

134

(11,470)

697

(10,774)

By-products revenue

412

371

816

(3)

814

Total cash costs

(3,795)

(3,997)

(1,236)

(1,765)

140

(10,654)

694

(9,960)

Retrenchment costs

(36)

(1)

(11)

(48)

(47)

Rehabilitation and other non-cash costs

(26)

(109)

(6)

(279)

(420)

(417)

Amortisation of assets

(1,229)

(672)

(132)

(532)

(41)

(2,606)

(2,576)

Total production costs

(5,086)

(4,779)

(1,374)

(2,587)

100

(13,727)

726

(13,001)

Inventory change

(156)

248

129

(10)

119

Cost of sales

(5,087)

(4,935)

(1,337)

(2,339)

100

(13,597)

716

(12,882)

Adjusted gross profit (loss)

3,255

2,787

(34)

2,115

100

8,223

(491)

7,732

Unrealised non-hedge derivatives and other
commodity contracts

(5)

(3)

Gross profit (loss)

3,255

2,790

(34)

2,110

100

8,221

(491)

7,729

Corporate and other costs

(35)

(50)

(12)

(162)

(793)

(1,051)

(3)

(1,054)

Exploration

(3)

(225)

(156)

(335)

(122)

(840)

(826)

Intercompany transactions

(158)

(9)

167

Special items

(51)

3,929

161

(3,837)

208

Operating profit (loss)

3,166

6,286

(41)

1,612

(4,485)

6,538

(481)

6,057

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(17)

(22)

(9)

656

612

615

Exchange gain (loss)

(48)

(4)

(3)

(54)

(30)

Share of equity accounted investments
profit (loss)

(46)

(34)

(80)

300

220

Profit (loss) before taxation

3,149

6,216

(37)

1,553

(3,866)

7,015

(153)

6,862

Taxation

(915)

(771)

(4)

(285)

(55)

(2,030)

153

(1,877)

Profit (loss) for the period

2,234

5,445

(40)

1,268

(3,921)

4,985

Equity shareholders

2,234

5,379

(40)

1,232

(3,951)

4,854

Non-controlling interests

132

131

Operating profit (loss)

3,166

6,286

(41)

1,612

(4,485)

6,538

(481)

6,057

Unrealised non-hedge derivatives and

other commodity contracts

(2)

Intercompany transactions

158

(167)

Special items

(3,757)

(20)

(9)

3,788

Share of associates' EBIT

(46)

(18)

(64)

481

416

EBIT

3,227

2,685

(61)

1,570

(880)

6,541

Amortisation of assets

1,229

672

132

532

2,606

(29)

2,576

Share of associates' amortisation

EBITDA

4,456

3,357

2,102

(839)

9,147

Profit (loss) attributable to equity shareholders

2,234

5,379

(40)

1,232

(3,951)

4,854

Special items

(3,757)

(20)

(9)

3,788

Share of associates' special items

Taxation on items above

(37)

(1)

(31)

Headline earnings (loss)

2,258

1,622

(55)

1,223

(147)

4,900

Unrealised non-hedge derivatives and
other commodity contracts

(2)

Deferred tax on unrealised non-hedge
derivatives and other commodity contracts

Fair value adjustment on option component
of convertible bonds

(589)

Fair value loss on mandatory convertible

(581)

Adjusted headline earnings (loss)

2,258

1,619

(55)

1,228

(1,318)

3,733

Ore reserve development capital

914

167

215

1,329

Stay-in-business capital

293

653

285

1,279

(14)

1,265

Project capital

242

326

147

760

1,474

(247)

1,227

Total capital expenditure

1,449

1,146

205

1,260

4,082

(261)

3,821

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

633

Mined

- 000 tonnes

3,754

996

319

850

5,919

Milled / Treated

- 000 tonnes

3,486

948

230

909

5,572

Yield

- g/t

6.76

5.35

4.59

6.28

6.35

Gold produced

- kg

23,556

5,070

1,053

5,708

35,387

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

5,007

498

5,505

Yield

- g/t

0.46

0.76

0.49

Gold produced

- kg

2,311

376

2,687

OPEN-PIT OPERATION

Volume mined

- 000 bcm

24,899

2,494

27,392

Mined

- 000 tonnes

58,056

6,997

14,128

79,180

Treated

- 000 tonnes

10,619

1,573

535

12,727

Stripping ratio

- ratio

3.83

5.60

25.09

4.81

Yield

- g/t

1.55

3.30

5.88

1.95

Gold produced

- kg

16,433

5,191

3,142

24,765

HEAP LEACH OPERATION

Mined

- 000 tonnes

2,068

31,149

33,218

Placed

- 000 tonnes

632

10,244

10,876

Stripping ratio

- ratio

6.13

2.03

2.14

Yield

- g/t

1.43

0.48

0.54

Gold placed

- kg

904

4,930

5,835

Gold produced

- kg

1,290

4,457

5,747

PRODUCTIVITY PER EMPLOYEE

Actual

- g

160

352

2,139

730

276

TOTAL

Subsidiaries' gold produced

- kg

25,867

18,525

6,244

13,306

63,943

Joint ventures' gold produced

4 643

METRIC OPERATING RESULTS
SIX MONTHS ENDED JUNE 2010

Joint ventures' gold produced

- kg

4,643

Attributable gold produced

- kg

25,867

23,168

6,244

13,306

68,586

Minority gold produced

- kg

771

1,432

2,202

Subsidiaries' gold sold

- kg

24,964

18,273

6,351

13,268

62,856

Joint ventures' gold sold

- kg

4,590

Attributable gold sold

- kg

24,964

22,863

6,351

13,268

67,446

Minority gold sold

- kg

766

1,427

2,193

Spot price

- R/kg

278,985

Price received

- R/kg sold

255,429

258,240

250,259

253,749

255,564

Total cash costs

- R/kg produced

142,702

160,963

238,588

100,500

149,397

Total production costs

- R/kg produced

192,261

192,105

257,682

133,761

187,065

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
SIX MONTHS ENDED JUNE 2010 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

Total group

Gold income received

(1)

6,377

6,117

1,589

3,713

17,796

(1,276)

16,520

Cash costs

(3,809)

(3,856)

(1,493)

(1,857)

153

(10,861)

684

(10,177)

By-products revenue

117

247

392

(3)

390

Total cash costs

(3,691)

(3,840)

(1,490)

(1,610)

162

(10,469)

682

(9,787)

Retrenchment costs

(69)

(1)

(9)

(79)

(78)

Rehabilitation and other non-cash costs

(21)

(99)

(120)

(2)

(122)

Amortisation of assets

(1,192)

(634)

(119)

(503)

(32)

(2,480)

(2,448)

Total production costs

(4,973)

(4,573)

(1,609)

(2,121)

129

(13,148)

713

(12,435)

Inventory change

152

(4)

129

282

(7)

275

Cost of sales

(4,822)

(4,568)

(1,613)

(1,992)

129

(12,866)

706

(12,159)

Adjusted gross profit (loss)

1,555

1,549

(24)

1,721

129

4,930

(570)

4,360

Unrealised non-hedge derivatives and other
commodity contracts

(772)

(1,167)

(376)

(2,239)

Gross profit (loss)

783

382

1,345

129

2,692

(570)

2,122

Corporate and other costs

(32)

(10)

(6)

(85)

(632)

(764)

(1)

(765)

Exploration

(3)

(180)

(136)

(281)

(77)

(678)

(668)

Intercompany transactions

(95)

(7)

(5)

107

Special items

(125)

(174)

(3)

(6)

(263)

(262)

Operating profit (loss)

623

(78)

(50)

971

(478)

987

(561)

427

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(25)

Exchange gain (loss)

(18)

(15)

(20)

Share of equity accounted investments
profit (loss)

(73)

326

253

Profit (loss) before taxation

623

(120)

(49)

965

(395)

1,025

(251)

774

Taxation

(95)

(599)

(499)

110

(1,073)

251

(822)

Profit (loss) for the period

529

(719)

(41)

467

(284)

(48)

Equity shareholders

529

(766)

(41)

383

(315)

(210)

Non-controlling interests

162

Operating profit (loss)

623

(78)

(50)

971

(478)

987

(561)

427

Unrealised non-hedge derivatives and

other commodity contracts

772

1,167

(76)

376

2,239

other commodity contracts

Intercompany transactions

(107)

Special items

(46)

133

Share of associates' EBIT

(38)

561

523

EBIT

1,488

1,261

(166)

1,355

(617)

3,321

Amortisation of assets

1,192

634

119

503

2,480

(32)

2,448

Share of associates' amortisation

EBITDA

2,680

1,895

(46)

1,858

(585)

5,801

Profit (loss) attributable to equity shareholders

529

(766)

(41)

383

(315)

(210)

Special items

(46)

133

Share of associates' special items

Taxation on items above

(12)

(22)

(32)

Headline earnings (loss)

609

(711)

(84)

386

(275)

(74)

Unrealised non-hedge derivatives and
other commodity contracts

772

1,167

(76)

376

2,239

Deferred tax on unrealised non-hedge
derivatives and other commodity contracts

(260)

(237)

Fair value adjustment on option component
of convertible bond

(485)

Adjusted headline earnings (loss)

1,122

456

(137)

761

(759)

1,442

Ore reserve development capital

874

130

176

1,246

Stay-in-business capital

331

216

257

858

(12)

845

Project capital

151

238

451

882

(106)

776

Total capital expenditure

1,356

584

146

884

2,986

(118)

2,867

(1) Gold income received is gold income per income statement, (loss) gain on realised non-hedge derivatives (note 4).

Rounding of figures may result in computational discrepancies.

Notes

Shareholders’ notice board

IMPORTANT NOTICE TO SHAREHOLDERS

DISTRIBUTION OF QUARTERLY AND ANNUAL REPORTS

On 1 May 2011, the South African Companies Act, 71 of 2008 came into effect. In line with this Act, companies are no
longer obliged to print and post certain material – such as quarterly and annual reports – to shareholders, unless
shareholders specifically request to receive documents in a printed format.

AngloGold Ashanti recognises that the majority of its shareholders would prefer that:
•

Timely information be available on the company’s website or by e-mail;

•

The company be prudent in the publication and postage of material in line with its cost reduction initiatives; and

•

Scarce natural and man-made resources are used responsibly. By reducing the printing and postage of reports, we
will use less paper, ink, energy and water, and we will reduce our carbon emissions.

By way of this notice, AngloGold Ashanti advises that shareholders wishing to receive information from the company in
the future should indicate their preference. AngloGold Ashanti will continue to provide information in printed format to
any shareholder that elects to receive the same.

I would like to receive printed information by post.

I would like to receive information by email at the following email address:
………………………………………………………….. (No email will exceed 1Mb.)

I will access the information on the company’s website. Please send an e-mail alert to me, notifying me when new
information is available on the website, at the above e-mail address

Please fax, post or e-mail your response to:
Fax number:

+27 11 637 6677

E-mail address:

companysecretary@anglogoldashanti.com

Postal address:

Company Secretary, P O Box 62117, Marshalltown, 2107, South Africa

Alternatively, you may fill this information in online at: http://www.rair.co.za/clients/aga/aga-site/shareholder-notice.htm.

The registration form will be available on the website from 22 August 2011.

Should you not make an election, you will no longer receive any reports from AngloGold Ashanti.

Dematerialised shareholders, who do not wish to receive copies of reports, should advise their CSD Participant or
Stockbroker to amend their records accordingly.

PAYMENT OF DIVIDENDS BY WAY OF CHEQUE

Given the increasing incidences of fraud with respect to cheque payments, the company will ceased the payment of
dividends by way of cheque. If you have not already lodged a bank mandate form, you are requested to notify the
relevant share registrars with banking details to enable future dividends to be paid via electronic funds transfer. Refer to
the back cover for share registrar details.

If you have not already completed a bank mandate form and lodged this with the share registrar of if you do not do so,
you will receive no further dividends from the company until such time as a completed bank mandated form is so lodged.

CHANGE OF DETAILS

Shareholders are reminded that the onus is on them to keep the company, through its nominated share registrars, or
through the relevant CSDPs or Brokers, apprised of any change in their postal address and personal particulars.
Similarly, where shareholders receive dividend payments electronically (EFT), they should ensure that the banking
details which the share registrars and/or CSDPs have on file are correct.

Certain statements made in this communication, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash
costs and other operating results, growth prospects and outlook of AngloGold Ashanti’s operations, individually or in the aggregate, including the completion and commencement of commercial
operations of certain of AngloGold Ashanti’s exploration and production projects and the completion of announced mergers and acquisitions transactions, AngloGold Ashanti’s liquidity, capital
resources and capital expenditure and the outcome and consequences of any litigation or regulatory proceedings or environmental issues, 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
including environmental approvals and actions, fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion of certain of these and other factors,
refer to AngloGold Ashanti's annual report for the year ended 31 December 2010, which was distributed to shareholders on 29 March 2011 and the company’s 2010 annual report on Form 20-
F, which was filed with the Securities and Exchange Commission in the United States on May 31, 2011. These factors are not necessarily all of the important factors that could cause AngloGold
Ashanti’s actual results to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future
results. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today’s date 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.

This communication contains certain “Non-GAAP” financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. 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 measures of performance prepared in accordance
with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use.

AngloGold Ashanti posts information that is important to investors on the main page of its website at www.anglogoldashanti.com and under the “Investors” tab on the main page. This information is
updated regularly. Investors should visit this website to obtain important information about AngloGold Ashanti.

Administrative

information

NGLO

OLD

SHANTI

IMITED

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

Share codes:

ISIN: ZAE000043485
JSE:

ANG

LSE:

AGD

NYSE:

ASX:

AGG

GhSE (Shares):

AGA

GhSE (GhDS):

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
(PO Box 2665)
Accra
Ghana
Telephone: +233 303 772190
Fax: +233 303 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 * (Chief Financial
Officer)

Non-Executive
T T Mboweni (Chairman)
F B Arisman

R Gasant
W A Nairn
Prof L W Nkuhlu
F Ohene-Kena

S M Pityana

* British

American

~ Australian

South African

+ Ghanaian

Officers
Company Secretary:

Ms L Eatwell

Investor Relations Contacts

South Africa
Michael Bedford
Telephone: +27 11 637 6273
Mobile: +27 82 374 8820
E-mail: mbedford@AngloGoldAshanti.com

United States
Stewart Bailey
Telephone: +1-212-836-4303
Mobile: +1-646-717-3978
E-mail: sbailey@AngloGoldAshanti.com

General E-mail enquiries
investors@AngloGoldAshanti.com

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

Company secretarial E-mail
Companysecretary@AngloGoldAshanti.com

AngloGold Ashanti posts information that is
important to investors on the main page of its
website at www.anglogoldashanti.com and
under the “Investors” tab on the main page.
This information is updated regularly. Investors
should visit this website to obtain important
information about AngloGold Ashanti.

PUBLISHED BY ANGLOGOLD ASHANTI

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
The Pavilions
Bridgwater Road
Bristol BS99 7NH
England
Telephone: +44 870 702 0000
Fax: +44 870 703 6119

Australia
Computershare Investor Services Pty
Limited
Level 2, 45 St George's Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 2949 (in Australia)
Fax: +61 8 9323 2033

Ghana
NTHC Limited
Martco House
Off Kwame Nkrumah Avenue
PO Box K1A 9563 Airport
Accra
Ghana
Telephone: +233 303 229664
Fax: +233 303 229975

ADR Depositary
The Bank of New York Mellon ("BoNY")
BNY Shareowner Services
PO Box 358016
Pittsburgh, PA 15252-8016
United States of America
Telephone: +1 800 522 6645 (Toll free in
USA) or +1 201 680 6578 (outside USA)
E-mail: shrrelations@mellon.com
Website:
www.bnymellon.com.com\shareowner

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: August 4, 2011

By:

/s/ L Eatwell

Name: L EATWELL
Title: Company Secretary