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 November 9, 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
                                            NINE MONTHS ENDED 30 SEPTEMBER 2011 PREPARED IN
                                            ACCORDANCE WITH INTERNATIONAL FINANCIAL
                                            REPORTING STANDARDS (IFRS)

Quarter 3 2011

Report

for the quarter and nine months ended 30 September 2011

Group results for the quarter and nine months ended September….

·   Record adjusted headline earnings (AHE) of $457m, or 118 US cents a share, up 51% year-on-year.
·   Net profit attributable to equity shareholders of $456m.
·   Quarterly cash inflow from operations more than doubles to $863m* year-on-year.
·   Quarterly free cash flow of $300m after capex, finance costs, tax and translation impacts; net debt declines by 28%
   to $620m.
·   AHE and cash inflow from operations for 9 months ended 30 September 2011 above $1bn and $2bn respectively.
·   Move to quarterly dividend payments; third-quarter dividend of 90 South African cents or approximately 11 US
   cents per share declared.
·   Total cash costs of $737/oz, well within guidance; Production marginally up on previous quarter at 1.092Moz.

Adjusted for hedge buy-back costs.

Quarter

Nine months

Quarter

Nine months

ended

Sep

Jun

Sep

Jun

Sep

2011

2010

2011

2010

2011

2010

2011

2010

SA rand / Metric

US dollar / Imperial

Operating review

Gold

Produced

- kg / oz (000) 33,970 33,776

36,129 100,049 104,714

1,092

1,086

1,162

3,217

3,367

Price received

- R/kg / $/oz 394,799 328,951 (47,750) 345,618 148,314

1,713

1,510

(239)

1,539

598

Price received excluding

hedge buy-back costs

- R/kg / $/oz 394,799 328,951 267,707 345,618 259,858

1,713

1,510

1,141

1,539

1,086

Total cash costs

- R/kg / $/oz 168,935 153,441 151,007 160,402 149,953

737

705

643

716

627

Total production costs

- R/kg / $/oz 211,460 199,541 187,695 203,940 187,282

922

916

800

910

783

Financial review

Adjusted gross profit (loss)

- Rm / $m

5,870

4,268

(8,670)

13,602

(4,310)

816

629 (1,229)

1,942

(652)

Adjusted gross profit excluding

hedge buy-back costs

- Rm / $m

5,870

4,268

2,969

13,602

7,329

816

629

408

1,942

986

Profit attributable to equity

shareholders

- Rm / $m

3,304

3,195

443

8,158

233

456

470

1,167

- cents/share

855

829

120

2,114

118

122

302

Adjusted headline earnings

(loss)

- Rm / $m

3,310

2,317

(8,389)

7,043

(6,947)

457

342 (1,184)

1,002

(993)

- cents/share

857

601

(2,277)

1,825

(1,890)

118

(321)

260

(270)

Adjusted headline earnings

excluding hedge buy-back
costs

- Rm / $m

3,310

2,317

2,184

7,043

3,626

457

342

303

1,002

494

- cents/share

857

601

593

1,825

987

118

260

134

Cash flow from operating

activities excluding hedge
buy-back costs

- Rm / $m

6,497

4,298

3,238

14,402

7,527

863

635

424

2,011

990

Capital expenditure

- Rm / $m

2,874

2,342

1,855

6,956

4,841

408

346

253

1,002

650

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.

Operations at a glance

for the quarter ended 30 September 2011

oz (000)

% Variance

$/oz

% Variance

$m Variance

SOUTH AFRICA

394

(9)

757

290

Great Noligwa

(7)

1,255

Kopanang

(6)

700

Moab Khotsong

(5)

715

Mponeng

117

(8)

587

113

Savuka

931

TauTona

(3)

908

Surface Operations

(33)

881

(17)

CONTINENTAL AFRICA

411

739

325

Ghana

Iduapriem

861

(3)

Obuasi

(6)

829

(2)

Guinea

Siguiri - Attributable 85%

(15)

949

(1)

Mali

Morila - Attributable 40%

(4)

819

(1)

Sadiola - Attributable 41%

(6)

792

Yatela - Attributable 40%

1,548

Namibia

Navachab

1,110

(8)

Tanzania

Geita

149

473

142

Non-controlling interests, exploration
and other

(2)

AUSTRALASIA

(18)

1,570

(2)

Australia

Sunrise Dam

(18)

1,568

Exploration and other

AMERICAS

238

524

252

101

Argentina

Cerro Vanguardia - Attributable 92.50%

296

Brazil

AngloGold Ashanti Mineração

101

554

Serra Grande - Attributable 50%

919

United States of America

Cripple Creek & Victor

(1)

561

Non-controlling interests, exploration
and other

OTHER

(4)

(25)

Sub-total 1,092 1 737 5 864 194

Equity accounted investments included above

(48)

(7)

AngloGold Ashanti

816

187

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

Equity accounted joint ventures.

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

Rounding of figures may result in computational discrepancies.

Production

Total cash costs

Adjusted

gross profit (loss)

Financial and Operating Report

OVERVIEW FOR THE QUARTER

FINANCIAL AND CORPORATE REVIEW

Strong performances from Continental Africa and South America, along with full exposure to a record gold price and
weaker currencies in Brazil and South Africa drove third quarter earnings and cash flow generation to their highest levels
ever during the third quarter. Adjusted headline earnings* (AHE), surged by 51% to $457m, or 118 US cents a share in
the three months to 30 September, compared with $303m, or 82 US cents the same period last year. The quarter’s AHE
includes a once-off net tax credit of $70m. Compared with the previous quarter, AHE were 34% higher.

Cash flow generated from operating activities surged to $863m during the period under review compared with an outflow
of $1.1bn a year earlier. Free cash flow, after all capital expenditure, finance costs and tax, was $300m. These robust
inflows helped further strengthen the group’s statement of financial position. Net debt (excluding the mandatory
convertible bond) was further reduced by $246m, to $620m at the end of the quarter. Capital expenditure of $408m was
spent during the quarter, taking the year-to-date expenditure to $1bn.

*Excluding hedge buy-back costs

DIVIDEND

While AngloGold Ashanti has a four-year, internally funded plan targeted at expanding production by about a million
ounces, its enhanced operating and financial performance has allowed the company the opportunity to further improve
returns to shareholders. Dividends will, with immediate effect, be paid quarterly rather than half-yearly, offering direct and
timeous participation in the improved financial performance and strong market fundamentals, while maintaining the ability
to both fund capital expenditure and preserve the company’s investment grade credit rating.

The board of directors is pleased to announce a dividend of 90 South African cents for the third quarter, equivalent to the
dividend paid in the first half of this year. The company anticipates paying the same dividend again for the fourth quarter,
which will represent a dividend of 270 South African cents for the year. This is an 86% increase on the South African
145 cent total dividend payment for all of 2010 and represents a cumulative annual compound growth rate in dividends
since 2008 of 39%.

Looking to 2012, the company will aim to improve the dividend payment yet again on the back of stronger gold prices
after providing for its capital expenditure requirements.

“Our power to generate earnings and strong cash flow is clear in these numbers,” Chief Executive Officer Mark Cutifani
said. “the upward jump in the dividend demonstrates the fundamental strength of the business and the market, while
maintaining the ability to fund our growth pipeline”.

OPERATING RESULTS

Production for the three months to 30 September 2011 was 1.092Moz at a total cash cost of $737/oz. This compares
with guidance of 1.11Moz at $775/oz and the previous quarter’s production of 1.086Moz at $705/oz. The previous
quarter’s costs received the once-off benefit of higher-grade feed at Geita to compensate for the SAG mill shutdown,
which was not repeated. The third quarter’s result was bolstered by strong performances at Geita in Tanzania, Iduapriem
in Ghana and from the Americas, where Cerro Vanguardia in Argentina was once again a standout as the group’s most
efficient producer. Nevertheless, Sunrise Dam’s recovery from flooding in the first half of the year was again slower than
anticipated, as was the ramp-up of production following the five-day wage-related strike which closed the South African
operations during August. In addition, winter power tariffs, higher payroll costs, increased royalties and lower by-product
credits also contributed to cost pressure on the South African unit cash costs.

SAFETY

Tragically, three fatalities occurred during the quarter, one each at Mponeng, Moab Khotsong and Kopanang. These
incidents underscore the importance of ongoing efforts to mitigate workplace risks through Project ONE and its emphasis
on planning and scheduling, as well as more visible and effective leadership at the operations. Significant strides
continue to be made in the group’s overall safety performance. The fatality injury frequency rate for the first nine months
of this year has improved by 46% over last year’s level, while for the September quarter, the all injury frequency rate
(AIFR) of 9.51 per million hours is the lowest on record. To date this year, the Continental Africa division improved its
AIFR by an impressive 39% over last year’s figure. Systemic improvement in the safety performance across the group is
becoming entrenched, though there remains much to be done to reach the target of zero harm.

OPERATING REVIEW

The South African operations produced 394,000oz at a total cash cost of $757/oz for the three months to 30 September
2011, compared with 431,000oz at $688/oz the previous quarter. The lower output resulted from the strike and an
increased number of government-imposed safety-related stoppages. Costs increased due to lower volumes, as well as
the winter power tariff, mid-year wage increases and higher royalty payments resulting from the strong gold price. By-
product contributions also decreased as uranium sales were partially deferred in anticipation of higher prices toward
year-end. At the West Wits Operations, production at Mponeng, declined 8% to 117,000oz at a total cash cost of
$587/oz, while the adjacent TauTona Mine, having dealt with increased seismicity during the quarter, produced 3% less
than the previous quarter at 58,000oz, at a total cash cost of $908/oz. At the Vaal River Operations, production at Great
Noligwa, disrupted by safety-related stoppages and geological constraints, closed 7% below the previous quarter at
25,000oz with total cash costs rising 17% to $1,255/oz. Moab Khotsong’s production declined by 5% compared to the
previous quarter at 71,000oz, with cost inflation contained at 8% despite the lower by-product contribution. Kopanang
experienced lower mining values, cutting production by 6% to 78,000oz. Cost increase was contained to 2% at $700/oz.
Surface Operations experienced a 33% decline in gold production to 32,000oz at $881/oz, following a decrease in grade
in the specific area reclaimed, as well as milling constraints.

The Continental Africa operations produced 411,000oz at a total cash cost of $739/oz in the third quarter of 2011,
compared with 377,000oz at a total cash cost of $705/oz the previous quarter. At Geita, significant increase in tonnages
following last quarter’s mill shutdown, helped boost production 39% to 149,000oz at a total cash cost of $473/oz.
Iduapriem increased production by 9% to 48,000oz at a total cash cost of $861/oz, with improved plant availability and
higher tonnage offsetting lower recovered grade. Obuasi saw a 6% drop in production to 78,000oz at a total cash cost of
$829/oz, due principally to lower grades and equipment availability underground. In Mali, production from Morila and
Sadiola was 4% and 6% lower, and as planned at Navachab, in Namibia, production and costs both improved due to
higher grades and tonnage throughput. Siguiri remains a challenge, with lower-than-anticipated grades from the Sintroko
pit contributing to a 15% drop in output to 56,000oz at a total cash cost of $949/oz.

The Americas operations produced 238,000oz at a total cash cost of $524/oz in the third quarter of 2011, compared with
216,000oz at a total cash cost of $487/oz the previous quarter. Cerro Vanguardia delivered another sterling performance
in Argentina’s difficult inflationary environment, increasing production by 8% to 52,000oz at $296/oz. Again, Project
ONE’s implementation helped improve efficiencies, particularly with regard to consumables, partly offsetting the impact of
inflation, lower by-product credits and higher royalty payments. At Brasil Mineração, higher tonnage and grades boosted
production by 20% to 101,000oz, whilst costs were 12% higher at $554/oz given continued inflationary impacts,
particularly on maintenance costs and payroll, following the annual salary increase in August. At Serra Grande, higher
grades and tonnages pushed production 7% higher to 15,000oz at $919/oz. At Cripple Creek & Victor gold production
was steady at 69,000oz, while cash costs increased 3% to $561/oz.

In Australia, Sunrise Dam continued to feel the impact of the flooding which damaged the pit wall earlier this year.
Mining in the open pit remained suspended while remediation work was undertaken. Production decreased by 18% to
50,000oz, while recovery work and lower output pushed total cash costs 3% higher to $1,568/oz.

PROJECTS

AngloGold Ashanti incurred capital expenditure of $408m during the quarter, of which $141m was spent on growth
projects. Of the growth-related capital, $68m was spent in the Americas, $22m was spent in Continental Africa, $25m in
Australasia and $26m in South Africa.

At the Kibali joint venture, in the Democratic Republic of the Congo, good progress was made on the relocation of
villagers, with a total of 301 new houses completed in the Kokiza settlement. Construction also commenced on the
Catholic Church complex, roads and other infrastructure. Randgold Resources, AngloGold Ashanti’s partner and
operator of the project, aims to complete the final feasibility study on the project by month-end. AngloGold Ashanti’s
Business and Technical Development team will review the study in January 2012 before its submission to the board in
February.

The optimised feasibility study for the Mongbwalu project, also in the DRC, will also be submitted to the board for
approval in February. The project’s review panel recommended further work to improve the overall business strategy
together with a recommendation for the project team to obtain approval for the ‘Early Works’ programme. Cost estimates
and the project execution plan is under review by the project team, with a final review by the Business and Technical
Development team scheduled for December 2011 before board submission.

At the Córrego do Sítio project, in Brazil, the Concentrate circuit is operating, the carbon-in-leach circuit is cold
commissioned and crushing-milling-flotation areas handed over to the operating team. The mine ramp-up phase is also
on track, with plant production scheduled by the end of the year.

The Tropicana Gold Project in Australia continued on budget and schedule, with first gold production anticipated in the
second half of 2013. The principal design of the majority of engineering and infrastructure works were completed, the
contract was awarded for the construction of the accommodation camp and good progress continued on construction of
the 220km access road.

EXPLORATION

Total exploration expenditure during the third quarter, inclusive of expenditure at equity accounted joint ventures, was $96m
($35m on brownfield, $33m on greenfield and $28m on pre-feasibility studies), compared with $82m the previous quarter
($32m on brownfield, $27m on greenfield and $23m 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.

In Australia, at the Tropicana JV (AngloGold Ashanti 70%, Independence Group 30%), exploration targeted the Swizzler
target which lies between the Tropicana and Havana deposits and the Havana Deeps. Reconnaissance aircore drilling
and RC/diamond drilling of a number of key prospects also continued on the Tropicana JV tenements. At the wholly-
owned Viking project, several high priority geochemical anomalies were delineated, with drill testing scheduled for the
fourth quarter. At the Gawler JV with Stellar Resources (AngloGold Ashanti earning 75%), covering the Coronation Bore
and Gairdner projects in South Australia, results of aeromagnetic and ground gravity surveys will be used to define
targets for diamond drilling.

At Sunrise Dam, exploration continued to extend the known mineral resource underground, and target and follow-up on
significant intercepts returned from the deeper areas below the current workings (Vogue Prospect). The drilling for the
period totalled 18,174m. Early stage exploration work continued on a number of surface prospects both on and adjacent
to the mine.

In the Americas, the focus during the quarter remained on early stage exploration in Colombia, Canada, the United States,
Brazil and Argentina.

In North America, Greenfield exploration activities continued in Utah, Nunavut and Ontario. In the United States, at Cripple
Creek and Victor, a total of 21,685m were drilled. Several Reverse Circulation (RC) holes for the MLE-2 Programme
displayed significant ore grade gold mineralisation well below the 2011 WHEX and Grassy Valley Design Pit bottoms. The
results from these holes will help to deepen the current WHEX and Grassy Valley Design pit bottoms.

In Colombia, where the tenement position is about 16,000km

, exploration programmes were undertaken in five areas:

Quebradona, Anaima-Tocha, La Llanada, Rio Dulce and La Vega. Assay results from the Nuevo Chaquiro prospect at
Quebradona merit further drilling. In addition, 7,649 line km of airborne geophysics was completed over key projects in the
country. At Gramalote, the brownfields team conducted infill drilling at Gramalote Central and exploration drilling focused on
Monjas East, Monjas West, Trinidad and El Limon targets with 10,566m drilled. Several significant intercepts were obtained
from the reconnaissance drilling. Soil sampling and condemnation drilling continued in the Palestina Valley. At La Colosa,
drilling progressed well with 13,967m drilled and 27 boreholes completed. Five rigs are now operating on site. Very
significant intersections continued to be obtained on the edges of the previously defined system. These will add significantly
to the overall mineralised system.

Work was also undertaken on the Falcao joint venture with Horizonte minerals in Brazil, with diamond drilling yielding
promising results.

At Cerro Vanguardia in Argentina, 14,530m of drilling was completed. Thirteen veins were drilled with encouraging results in
both vein texture encountered and assay results. Trenching and channel sampling to facilitate drilling targeting was active
on eight different veins.

In the Solomon Islands, exploration continued at the Kele and Mase Joint Ventures with XDM Resources, where AngloGold
Ashanti earned a 51% interest in both projects. At Mase, 1,168m diamond drilling was undertaken in seven holes, at four
prospects. Hand dug trenching was completed and reconnaissance mapping carried out in five areas. Ground surveying
and mapping was completed for planned ground geophysical surveys. At Kele, diamond drilling continued with 745m
completed in six holes, at three prospects. Mechanical trenching was completed at one prospect and soil sampling was
completed in two areas.

In Sub-Saharan Africa regional exploration programmes were undertaken in Guinea, the DRC and Gabon. In Gabon, first
phase exploratory drilling was completed on the Ndjole and Mevang joint venture licences. Results include 2m @ 4.7 g/t Au
from 114m, 1m @ 3.42 g/t Au from 115m, 2m @ 1.59g/t Au from 84m, 1.5m @ 4.52g/t Au from 130.5m, 1.5m @ 1.26g/t Au
from 128m and 4.5m @ 1.94 g/t Au (including 1m @ 6.74 g/t Au from 40.5m).

In Guinea, regional greenfields exploration programmes were conducted in Blocks 2, 3 and 4 and the Corridor Block that
cover an area of some 1,600km

. The main activities included drilling at the Saraya project and the Kounkoun prospect

located in Blocks 2 and 3 respectively. Other activities included regional ground geophysics programmes and soil sampling

on exploration licences. The assay backlog for samples from Saraya and Kounkoun is being cleared, with two rigs expected
to recommence drilling in the fourth quarter.

At neighbouring Siguiri, a total of 31,874m of brownfields drilling was also completed during the quarter. RC infill drilling
focused on upgrading the oxide mineral resources in Kozan Central West, with positive results. Fresh rock RC drilling
focused on the Tubani Extension and tested the potential for gold mineralisation in the fresh rock below the current pit to a
depth of approximately 150m. Fresh rock RCDD drilling focused on the old Kozan and Sintroko Push Backs pits. This aimed
to test fresh rock potential and depth extent of ore zones below the current pits, as well as to provide valuable structural
information on the mineralisation styles in the fresh rock. Drilling for metallurgical test work focused on Sokunu, Kozan and
Kami. These samples will be used to determine the optimum metallurgical processing routes and recoveries for new oxide,
transition and fresh ore. Geochemical soil sampling focused on the southeast of Block 1 to develop the resource pipeline.

In Mali, a total of 27,576m of drilling was completed at Yatela and Sadiola during the quarter. Substantial sterilisation drilling
was undertaken as part of development activities for both the Sadiola Sulphide Project and Yatela Gold Mine. Termite
mound sampling of 200m X 50m over the Yatela concession has advanced the geological understanding of the overall
Yatela land package and refined numerous targets adjacent to the current mining operations which will be aggressively
explored in the coming months. A project aimed at providing detailed alteration information supporting the metallurgical
database, as well as improving the understanding of the Sadiola orebody as a whole commenced during the quarter.
Spectral scanning of the Sadiola drill core is planned to achieve 70,000m by early 2012.

In the DRC, drilling, trenching and soil sampling on regional grids at the 5,866 km

AGK Kilo JV project, covering seven

prospects. Assay results were received for the Bakombe trenches with an encouraging intercept of 45m @ 1.5 g/t Au,
including 7m @ 3.0 g/t Au and 6m @ 2.1 g/t Au. Assay results from trenches in the Lodjo area include significant intercepts
of 25m @ 2.26g/t Au and 20m @ 2.8g/t Au.

Progress was also made by the brownfields team in the Mongbwalu project area, where about 1,212m of drilling was carried
out over the Adidi and Kanga Mineral Resource. Mine dewatering and metallurgical test work was undertaken in support of
the feasibility study.

At Kibali, 13,063m of drilling focused on feasibility work and underground infrastructure. Exploration drilling commenced on
a number of high priority satellite deposits. Exploration drilling was undertaken on the Kombokolo deposit, and at Agbarabo,
which was formerly the highest grade underground mine on the property reporting grades of more than 30g/t Au.

Greenfields exploration in the Middle East & North Africa region is being undertaken by the Thani Ashanti strategic alliance.
Exploration involved diamond drilling at the Hutite prospect, located on the Hodine licence in Egypt. A total of 2,498m of
diamond drilling was completed during the quarter. All significant results are from the Central Domain which stretches for
roughly 1km and remains open along strike and at depth. Three rigs will drill the Hodine licence during the fourth quarter.
Significant results at Hutite include 7m @ 7.05 g/t Au from 84m and 9m @ 1.35 g/t Au from 108m in HUD016, 3m @
7.23 g/t Au from 178m and 8m @ 18.57 g/t Au from 203m in HUD017, and 5m @ 3.0 g/t Au from 159m in HUD020.

The Afar JV with Stratex International, also yielded significant results at the Megenta project in Ethiopia. These include,
3.3m @ 4.45 g/t Au from 92m in Hole 12 (including 0.7m @ 19.5 g/t Au) and 44m @ 0.67 g/t Au from 68m in Hole 10
(including 0.3m @ 8.27 g/t Au & 3m @ 3.56 g/t Au).

In Ghana, the Brownfields team at Obuasi achieved 633m at its Below 50 Level exploration programme. The team also
commenced a Mineral Resource infill programme at the Anyankyerim deposit (1,084m), the results of which will inform a
feasibility study for the potential reopening of the Obuasi Oxide Treatment Plant.

At Geita, in Tanzania, 20,691m of drilling was completed during the quarter, focused on Mineral Resource infill drilling
around the mining operations and more regional exploration to support the growth strategy. Resource upgrade drilling was
carried out at Nyankanga cut 7 & 8, as well as the Geita Hill W2 deposits.

OUTLOOK

Given the increased safety stoppages in South Africa, the ongoing water shortages at CC&V and the slower ramp up at
Sunrise Dam, full year 2011 production is now estimated to be around 4.33Moz. Total cash costs are estimated at
between $735-$745/oz on the basis of weaker local operating currency assumptions for the year (R7.10/$, A$1.03/$,
BRL1.66/$ and AP4.12/$) and fuel at $111/barrel. This translates to a fourth quarter estimated production of
approximately 1.11Moz at a total cash cost of approximately $790/oz, this assumes an exchange rate of R7.50/$,
A$1.00/$, BRL1.75/$ and AP4.25/$ and fuel at $105/barrel. The increase in fourth quarter total cash costs are driven
mainly by deferred stripping and inventory charges.

As in prior years, the fourth quarter numbers will be distorted by year-end accounting adjustments such as re-
assessment of useful asset lives, rehabilitation, direct and indirect tax, and inventory provisions.

Review of the Gold Market

Gold price movement and investment markets

Gold price data

After rising only 4.5% from January to June, the third quarter saw a 30% advance in the gold price, which peaked at a
record $1,920/oz. The quarter was also marked by a sharp increase in gold price volatility, reflecting investor
nervousness and uncertainty. Fallout from the U.S. federal debt ceiling debacle was exacerbated when Standard &
Poor’s downgraded the country’s sovereign rating, citing political risk and a rising debt burden. Against this backdrop, the
European debt crisis accelerated as EU member states were indecisive about increasing the European Financial Stability
Facility and restructuring the sovereign debt obligations of some member states. The latter brought into focus the exposure
of the European banking sector to sovereign defaults and their concomitant systemic risk. Recent data show that hope of
recovery in the U.S. is precarious, with some commentators raising the likelihood of another recession. This slew of bad
news buffeted the commodity complex with the gold price a casualty as many investors preferred to move into cash.

Investment demand

The third quarter’s economic and debt woes reignited investor interest in ETFs. By the time the US sovereign rating
downgrade was announced, combined holdings of the major ETFs rose 6% to 72Mozs from the start of the quarter.
Subsequent additions were more modest and remained positive over the quarter. In India, the ETF market continued to
show steady growth and potential as a promising long-term source of gold demand. The COMEX positioning was more
volatile over the period, increasing from 24Mozs net long at the start of July to a peak of almost 34Moz around early August,
when the U.S. debt rating was downgraded. Significant liquidation, however, occurred during the last week of September,
taking the net long position down to 21.4Moz at quarter end. Bar and coin demand in the US remains firm. China on the
other hand continued to exhibit seemingly insatiable demand for imported kilobars, as the market continued to expand.
Jewellery manufacturers started producing investment bars for sale in retail outlets across China. In India, unprecedented
price volatility dampened investment demand. China also responded negatively to price volatility but still showed growth,
although not as high as in the second quarter.

Official sector

The official sector continued to be prominent on the demand side during the quarter. Thailand, Bolivia, Tajikistan and
Russia were all reported to have added to their reserves during August. One market analyst suggested that a higher
gold price does not necessarily impede central bank buying, particularly for those whose gold allocation is considered to
be relatively low. The end of the quarter saw the conclusion of the second year of the current Central Bank Agreement and
at the time of writing, no third-quarter sales under this agreement could be confirmed. Sales for the second year totalled just
over 53 tonnes, 52 of which came from the IMF.

Jewellery sales

After seven consecutive quarters of growth, the Indian market experienced its first contraction in the third quarter. This is
traditionally a slower period as the trade sector starts to stock up for Diwali. This year, however, rupee gold-price volatility
caused many to defer purchases, with some retailers’ stock levels at half of what they were at the same time last year. It is
estimated that the quarter under review will see a 20% to 25% year-on-year fall in demand. In China, notwithstanding
volatility, the jewellery market was estimated to have grown some 5-8%. August and September saw strong sales as the
market moved into the peak sales time around the National Day holiday. Manufacturers experienced strong sales during the
Shenzhen Jewellery Fair, with sales during that week estimated at some 40-50 tonnes. The trade remained upbeat and
sought to manage gold price volatility by cautiously timing purchases and managing stock levels accordingly. A number of
Chinese retailers have launched franchise operations to expand their reach. Gold price volatility also dampened demand in
the U.S. jewellery sector but the quarter under review registered modest growth. The bifurcation of the market into high- and
low-end continued, with silver continuing to dominate the lower end while higher-end gold retailers still enjoyed firm sales
despite the economic malaise.

Group income statement

Quarter

Nine months

ended

September

June

September

2011

2010

2011

2010

SA Rand million

Notes

Reviewed

Unaudited

Reviewed

Unaudited

Revenue

13,428

11,547

10,668

35,377

29,040

Gold income

12,850

10,680

10,372

33,464

28,220

Cost of sales

(6,980)

(6,412)

(6,659)

(19,863)

(18,819)

Loss on non-hedge derivatives and other
commodity contracts

(5)

(14)

(1,041)

(7)

(4,607)

Gross profit

5,865

4,254

2,672

13,594

4,794

Corporate administration, marketing and other
expenses

(488)

(449)

(376)

(1,401)

(1,070)

Exploration costs

(541)

(429)

(440)

(1,367)

(1,108)

Other operating expenses

(84)

(53)

(50)

(225)

(122)

Special items

(97)

197

(424)

111

(686)

Operating profit

4,655

3,520

1,382

10,712

1,808

Interest received

203

192

Exchange gain (loss)

123

(34)

(113)

(75)

Fair value adjustment on option component of
convertible bonds

499

(166)

677

319

Finance costs and unwinding of obligations

(345)

(342)

(285)

(1,028)

(846)

Fair value adjustment on mandatory convertible
bonds

442

(160)

647

(160)

Share of equity accounted investments' profit

175

139

151

396

403

Profit before taxation

4,837

4,297

867

11,699

1,641

Taxation

(1,465)

(1,013)

(318)

(3,342)

(1,140)

Profit for the period

3,372

3,284

549

8,357

501

Allocated as follows:

Equity shareholders

3,304

3,195

443

8,158

233

Non-controlling interests

106

199

268

3,372

3,284

549

8,357

501

Basic earnings per ordinary share (cents)

855

829

120

2,114

Diluted earnings per ordinary share (cents)

810

694

120

1,897

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 reviewed financial statements for the quarter ended on 30 September 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 Inc, the Group's statutory auditors and approved by the Board of AngloGold Ashanti Limited. Ernst & Young Inc issued an
unmodified review report which can be inspected at the registered offices of AngloGold Ashanti Limited.

Group income statement

Quarter

Nine months

ended

September

June

September

2011

2010

2011

2010

US Dollar million

Notes

Reviewed

Unaudited

Reviewed

Unaudited

Revenue

1,873

1,704

1,461

5,066

3,901

Gold income

1,793

1,576

1,420

4,791

3,791

Cost of sales

(977)

(947)

(911)

(2,849)

(2,529)

Loss on non-hedge derivatives and other
commodity contracts

(1)

(2)

(152)

(1)

(625)

Gross profit

815

627

357

1,941

637

Corporate administration, marketing and other
expenses

(67)

(66)

(52)

(201)

(144)

Exploration costs

(76)

(63)

(60)

(196)

(149)

Other operating expenses

(11)

(8)

(7)

(32)

(16)

Special items

(13)

(60)

(95)

Operating profit

648

519

178

1,530

233

Interest received

Exchange gain (loss)

(6)

(16)

(11)

Fair value adjustment on option component of
convertible bonds

(24)

Finance costs and unwinding of obligations

(48)

(50)

(39)

(148)

(114)

Fair value adjustment on mandatory convertible
bonds

(22)

Share of equity accounted investments' profit

Profit before taxation

669

632

106

1,673

206

Taxation

(204)

(149)

(41)

(477)

(149)

Profit for the period

465

483

1,196

Allocated as follows:

Equity shareholders

456

470

1,167

Non-controlling interests

465

483

1,196

Basic earnings per ordinary share (cents)

118

122

302

Diluted earnings per ordinary share (cents)

112

102

271

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

Nine months

ended

September

June

September

2011

2010

2011

2010

SA Rand million

Reviewed

Unaudited

Reviewed

Unaudited

Profit for the period

3,372

3,284

549

8,357

501

Exchange differences on translation of foreign
operations

3,754

(1,100)

4,251

(1,007)

Share of equity accounted investments' other
comprehensive (expense) income

(3)

(5)

(2)

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)

(99)

(1)

182

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

(319)

(189)

(519)

142

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

126

142

(41)

Deferred taxation thereon

(82)

(82)

(275)

(173)

(459)

114

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

3,479

(153)

(1,056)

3,788

(713)

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

6,851

3,131

(507)

12,145

(212)

Allocated as follows:

Equity shareholders

6,783

3,042

(613)

11,946

(480)

Non-controlling interests

106

199

268

6,851

3,131

(507)

12,145

(212)

Rounding of figures may result in computational discrepancies.

Group statement of comprehensive income

Quarter

Nine months

ended

September

June

September

2011

2010

2011

2010

US Dollar million

Reviewed

Unaudited

Reviewed

Unaudited

Profit for the period

465

483

1,196

Exchange differences on translation of foreign
operations

(389)

151

(412)

Share of equity accounted investments' other
comprehensive (expense) income

(1)

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

(42)

(27)

(71)

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

(6)

Deferred taxation thereon

(11)

(11)

(36)

(25)

(63)

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

(425)

(1)

157

(476)

130

Total comprehensive income
for the period net of tax

482

222

720

187

Allocated as follows:

Equity shareholders

469

208

691

150

Non-controlling interests

482

222

720

187

Rounding of figures may result in computational discrepancies.

Group statement of financial position

As at

September

June

December

September

2011

2010

SA Rand million

Note

Reviewed

Audited

Unaudited

ASSETS

Non-current assets

Tangible assets

48,991

42,256

40,600

41,489

Intangible assets

1,547

1,357

1,277

1,296

Investments in associates and equity accounted joint ventures

5,613

4,451

4,087

4,329

Other investments

1,563

1,521

1,555

1,627

Inventories

3,304

2,820

2,268

Trade and other receivables

942

1,060

1,000

994

Derivatives

Deferred taxation

557

142

131

Cash restricted for use

179

172

214

Other non-current assets

62,772

53,847

51,191

52,405

Current assets

Inventories

7,778

6,295

5,848

5,860

Trade and other receivables

2,257

1,923

1,625

1,588

Derivatives

453

Current portion of other non-current assets

Cash restricted for use

304

207

Cash and cash equivalents

8,717

5,656

3,776

9,313

19,066

14,104

11,328

17,300

Non-current assets held for sale

110

114

19,078

14,116

11,438

17,414

TOTAL ASSETS

81,850

67,963

62,629

69,819

EQUITY AND LIABILITIES

Share capital and premium

45,903

45,824

45,678

45,598

Retained earnings and other reserves

(8,243)

(14,500)

(19,470)

(19,159)

Non-controlling interests

1,086

923

815

916

Total equity

38,746

32,247

27,023

27,355

Non-current liabilities

Borrowings

19,778

16,514

16,877

17,363

Environmental rehabilitation and other provisions

4,845

4,294

3,873

3,332

Provision for pension and post-retirement benefits

1,326

1,274

1,258

1,187

Trade, other payables and deferred income

133

131

110

119

Derivatives

636

596

1,158

947

Deferred taxation

8,519

7,073

5,910

5,776

35,237

29,882

29,186

28,724

Current liabilities

Current portion of borrowings

382

204

886

1,864

Trade, other payables and deferred income

5,769

4,732

4,630

4,061

Derivatives

7,316

Taxation

1,716

898

882

499

7,867

5,834

6,398

13,740

Non-current liabilities held for sale

7,867

5,834

6,420

13,740

Total liabilities

43,104

35,716

35,606

42,464

TOTAL EQUITY AND LIABILITIES

81,850

67,963

62,629

69,819

Rounding of figures may result in computational discrepancies.

Group statement of financial position

As at

September

June

December

September

2011

2010

US Dollar million

Note

Reviewed

Audited

Unaudited

ASSETS

Non-current assets

Tangible assets

6,042

6,271

6,180

5,961

Intangible assets

191

201

194

186

Investments in associates and equity accounted joint ventures

692

661

622

Other investments

193

226

237

234

Inventories

407

419

345

326

Trade and other receivables

116

157

152

143

Derivatives

Deferred taxation

Cash restricted for use

Other non-current assets

7,741

7,991

7,792

7,530

Current assets

Inventories

959

934

890

842

Trade and other receivables

279

286

247

228

Derivatives

Current portion of other non-current assets

Cash restricted for use

Cash and cash equivalents

1,075

839

575

1,338

2,352

2,093

1,724

2,485

Non-current assets held for sale

2,353

2,095

1,740

2,502

TOTAL ASSETS

10,094

10,086

9,532

10,032

EQUITY AND LIABILITIES

Share capital and premium

6,660

6,648

6,627

6,615

Retained earnings and other reserves

(2,015)

(2,000)

(2,638)

(2,817)

Non-controlling interests

133

137

124

132

Total equity

4,778

4,785

4,113

3,930

Non-current liabilities

Borrowings

2,439

2,451

2,569

2,495

Environmental rehabilitation and other provisions

597

637

589

479

Provision for pension and post-retirement benefits

164

189

191

170

Trade, other payables and deferred income

Derivatives

176

136

Deferred taxation

1,051

1,050

900

830

4,345

4,435

4,442

4,127

Current liabilities

Current portion of borrowings

135

268

Trade, other payables and deferred income

712

703

705

584

Derivatives

1,051

Taxation

212

133

134

971

866

974

1,975

Non-current liabilities held for sale

971

866

977

1,975

Total liabilities

5,316

5,301

5,419

6,102

TOTAL EQUITY AND LIABILITIES

10,094

10,086

9,532

10,032

Rounding of figures may result in computational discrepancies.

Group statement of cash flows

Quarter

Nine months

ended

September

June

September

2011

2010

2011

2010

SA Rand million

Reviewed

Unaudited

Reviewed

Unaudited

Cash flows from operating activities

Receipts from customers

13,336

11,127

10,566

34,586

28,762

Payments to suppliers and employees

(6,753)

(6,286)

(7,105)

(19,635)

(20,737)

Cash generated from operations

6,583

4,841

3,461

14,951

8,025

Dividends received from equity accounted investments

333

116

629

721

Taxation refund

492

657

Taxation paid

(427)

(1,129)

(339)

(1,835)

(1,219)

Cash utilised for hedge buy-back costs

(11,021)

Net cash inflow (outflow) from operating activities

6,497

4,298

(7,783)

14,402

(3,494)

Cash flows from investing activities

Capital expenditure

(2,739)

(2,186)

(1,771)

(6,560)

(4,638)

Proceeds from disposal of tangible assets

468

488

Other investments acquired

(515)

(209)

(432)

(939)

(680)

Investment in associates and equity accounted joint ventures

(222)

(171)

(48)

(560)

(219)

Proceeds from disposal of associate

Loans advanced to associates and equity accounted joint ventures

(78)

(16)

(94)

(22)

Proceeds from disposal of subsidiary

Cash in subsidiary disposed

(77)

Proceeds from disposal of investments

266

186

280

557

461

Expenditure on intangible assets

(49)

(49)

(Increase) decrease in cash restricted for use

(65)

(123)

142

(157)

174

Interest received

201

173

Loans advanced

(33)

Repayment of loans advanced

Net cash outflow from investing activities

(3,281)

(2,402)

(1,300)

(7,512)

(4,291)

Cash flows from financing activities

Proceeds from issue of share capital

5,596

5,625

Share issue expenses

(2)

(113)

(2)

(113)

Proceeds from borrowings

681

7,139

721

14,786

Repayment of borrowings

(792)

(21)

(1,893)

(9,926)

Finance costs paid

(105)

(386)

(46)

(613)

(422)

Mandatory convertible bond transaction costs

(155)

Dividends paid

(368)

(72)

(264)

(747)

(707)

Net cash (outflow) inflow from financing activities

(568)

(440)

12,136

(2,511)

9,088

Net increase in cash and cash equivalents

2,648

1,456

3,053

4,379

1,303

Translation

413

(347)

489

(166)

Cash and cash equivalents at beginning of period

5,656

4,187

6,607

3,849

8,176

Cash and cash equivalents at end of period

8,717

5,656

9,313

8,717

9,313

Cash generated from operations

Profit before taxation

4,837

4,297

867

11,699

1,641

Adjusted for:

Movement on non-hedge derivatives and other commodity contracts

241

2,448

Amortisation of tangible assets

1,374

1,274

1,240

3,942

3,680

Finance costs and unwinding of obligations

345

342

285

1,028

846

Environmental, rehabilitation and other expenditure

(38)

237

200

Special items

174

542

313

796

Amortisation of intangible assets

Deferred stripping

237

181

765

Fair value adjustment on option component of convertible bonds

(88)

(499)

166

(677)

(319)

Fair value adjustment on mandatory convertible bonds

(66)

(442)

160

(647)

160

Interest received

(75)

(73)

(58)

(203)

(192)

Share of equity accounted investments' profit

(175)

(139)

(151)

(396)

(403)

Other non-cash movements

(38)

100

118

Movements in working capital

324

(401)

(213)

(608)

(1,592)

6,583

4,841

3,461

14,951

8,025

Movements in working capital

(Increase) decrease in inventories

(1,960)

(587)

306

(2,902)

(565)

Decrease (increase) in trade and other receivables

196

(91)

(80)

(392)

(582)

Increase (decrease) in trade and other payables

2,088

277

(439)

2,686

(445)

324

(401)

(213)

(608)

(1,592)

Rounding of figures may result in computational discrepancies.

Group statement of cash flows

Quarter

Nine months

ended

September

June

September

2011

2010

2011

2010

US Dollar million

Reviewed

Unaudited

Reviewed

Unaudited

Cash flows from operating activities

Receipts from customers

1,875

1,641

1,441

4,967

3,859

Payments to suppliers and employees

(988)

(926)

(995)

(2,864)

(2,809)

Cash generated from operations

887

715

446

2,103

1,050

Dividends received from equity accounted investments

104

Taxation refund

Taxation paid

(59)

(167)

(47)

(266)

(164)

Cash utilised for hedge buy-back costs

(1,550)

Net cash inflow (outflow) from operating activities

863

635

(1,126)

2,011

(560)

Cash flows from investing activities

Capital expenditure

(382)

(323)

(242)

(939)

(623)

Proceeds from disposal of tangible assets

Other investments acquired

(74)

(31)

(58)

(135)

(91)

Investment in associates and equity accounted joint ventures

(31)

(25)

(6)

(80)

(29)

Proceeds from disposal of associate

Loans advanced to associates and equity accounted joint ventures

(10)

(2)

(13)

(3)

Proceeds from disposal of subsidiary

Cash in subsidiary disposed

(11)

Proceeds from disposal of investments

Expenditure on intangible assets

(6)

(6)

(Increase) decrease in cash restricted for use

(9)

(18)

(22)

Interest received

Loans advanced

(4)

Repayment of loans advanced

Net cash outflow from investing activities

(458)

(354)

(177)

(1,074)

(575)

Cash flows from financing activities

Proceeds from issue of share capital

790

793

Share issue expenses

(16)

Proceeds from borrowings

101

1,011

106

2,040

Repayment of borrowings

(104)

(3)

(259)

(1,318)

Finance costs paid

(14)

(57)

(8)

(89)

(57)

Mandatory convertible bond transaction costs

(22)

Dividends paid

(50)

(11)

(37)

(103)

(96)

Net cash (outflow) inflow from financing activities

(65)

(65)

1,715

(342)

1,324

Net increase in cash and cash equivalents

340

216

412

595

189

Translation

(104)

(106)

Cash and cash equivalents at beginning of period

839

619

866

586

1,100

Cash and cash equivalents at end of period

1,075

839

1,338

1,075

1,338

Cash generated from operations

Profit before taxation

669

632

106

1,673

206

Adjusted for:

Movement on non-hedge derivatives and other commodity contracts

336

Amortisation of tangible assets

192

188

170

565

494

Finance costs and unwinding of obligations

148

114

Environmental, rehabilitation and other expenditure

(6)

Special items

110

Amortisation of intangible assets

Deferred stripping

(1)

103

Fair value adjustment on option component of convertible bonds

(11)

(73)

(98)

(40)

Fair value adjustment on mandatory convertible bonds

(9)

(64)

(95)

Interest received

(10)

(11)

(8)

(29)

(26)

Share of equity accounted investments' profit

(24)

(21)

(57)

(54)

Other non-cash movements

(4)

Movements in working capital

(58)

(121)

(242)

887

715

446

2,103

1,050

Movements in working capital

Increase in inventories

(15)

(92)

(63)

(123)

(151)

Decrease (increase) in trade and other receivables

(15)

(34)

(8)

(95)

(Decrease) increase in trade and other payables

(40)

(58)

(121)

(242)

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 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

Profit for the period

233

268

501

Other comprehensive (expense) income

(2)

182

114

(1,007)

(713)

Total comprehensive (expense) income

- (2) 233 182 114 - (1,007) (480) 268 (212)

Shares issued

5,764

Share-based payment for share awards
net of exercised

Dividends paid

(492)

Dividends of subsidiaries

(274)

Transfers to other reserves

(25)

Translation

(15)

(31)

(44)

Balance at 30 September 2010

45,598

1,247

(25,909)

(16)

497

(285)

5,307

26,439

916

27,355

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

8,158

199

8,357

Other comprehensive (expense) income

(5)

(459)

4,251

3,788

Total comprehensive (expense) income

- (5) 8,158 1 (459) - 4,251 11,946 199 12,145

Shares issued

227

Share issue expenses

(2)

Share-based payment for share awards
net of exercised

Dividends paid

(651)

Dividends of subsidiaries

(87)

Translation

(275)

(1)

(9)

(159)

159

Balance at 30 September 2011

45,903

1,421

(18,205)

(15)

175

(418)

8,799

37,660

1,086

38,746

US Dollar million

Balance at 31 December 2009

5,805

161

(2,744)

(23)

(38)

(317)

2,900

130

3,030

Profit for the period

Other comprehensive income

130

Total comprehensive income

- - 20 25 15 - 90 150 37 187

Shares issued

811

Share-based payment for share awards
net of exercised

Dividends paid

(67)

Dividends of subsidiaries

(37)

Transfers to other reserves

(3)

Translation

(7)

(1)

(3)

(2)

Balance at 30 September 2010

6,615

179

(2,798)

(2)

(41)

(227)

3,798

132

3,930

Balance at 31 December 2010

6,627

194

(2,750)

(2)

(62)

(104)

3,989

124

4,113

Profit for the period

1,167

1,196

Other comprehensive expense

(1)

(63)

(412)

(476)

Total comprehensive (expense) income

- (1) 1,167 - (63) - (412) 691 29 720

Shares issued

Share-based payment for share awards
net of exercised

Dividends paid

(89)

Dividends of subsidiaries

(13)

Translation

(32)

(1)

(7)

Balance at 30 September 2011

6,660

175

(1,642)

(2)

(52)

(516)

4,645

133

4,778

Rounding of figures may result in computational discrepancies.

Equity holders of the parent

Segmental reporting

for the quarter and nine months ended 30 September 2011

Nine months ended

Sep

Jun

Sep

Jun

Sep

2011

2010

2011

2010

2011

2010

2011

2010

Reviewed

Unaudited

Reviewed

Unaudited

Reviewed

Unaudited

Reviewed Unaudited

Gold income

South Africa

4,839

4,432

4,633

13,181

11,558

675

654

634

1,889

1,553

Continental Africa

4,919

3,918

3,490

12,641

9,950

683

578

478

1,807

1,336

Australasia

658

629

711

1,960

2,403

282

323

Americas

3,195

2,335

2,082

7,649

6,129

448

344

285

1,095

822

13,610

11,313

10,916

35,431

30,039

1,899

1,669

1,495

5,073

4,035

Equity accounted investments
included above

(760)

(633)

(544)

(1,967)

(1,819)

(106)

(93)

(75)

(282)

(244)

12,850

10,680

10,372

33,464

28,220

1,793

1,576

1,420

4,791

3,791

Nine months ended

Sep

Jun

Sep

Jun

Sep

2011

2010

2011

2010

2011

2010

2011

2010

Reviewed

Unaudited

Reviewed

Unaudited

Reviewed

Unaudited

Reviewed Unaudited

Gross profit (loss)

South Africa

2,092

1,787

2,742

5,348

3,525

290

264

375

763

479

Continental Africa

2,346

1,658

(573)

5,136

(192)

325

245

(86)

732

(36)

Australasia

(71)

(992)

(34)

(940)

(10)

(139)

(5)

(132)

Americas

1,795

1,008

1,636

3,904

2,981

252

149

226

558

403

Corporate and other

(23)

149

158

(4)

6,210

4,531

2,841

14,431

5,532

863

668

380

2,060

736

Equity accounted investments
included above

(345)

(278)

(168)

(837)

(738)

(48)

(41)

(23)

(119)

(99)

5,865

4,254

2,672

13,594

4,794

815

627

357

1,941

637

Nine months ended

Sep

Jun

Sep

Jun

Sep

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited

Unaudited Unaudited

Adjusted gross profit (loss)
excluding hedge buy-back

costs

(1)

South Africa

2,092

1,787

1,374

5,348

2,929

290

264

189

763

394

Continental Africa

2,347

1,655

795

5,134

2,343

325

244

109

731

315

Australasia

(71)

(38)

(34)

(62)

(10)

(5)

(8)

Americas

1,799

1,025

979

3,914

2,700

253

151

134

560

362

Corporate and other

(23)

149

158

(4)

6,215

4,545

3,137

14,439

8,067

864

670

431

2,061

1,084

Equity accounted investments
included above

(345)

(278)

(168)

(837)

(738)

(48)

(41)

(23)

(119)

(99)

5,870

4,268

2,969

13,602

7,329

816

629

408

1,942

986

(1)

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

Rounding of figures may result in computational discrepancies.

SA Rand million

US Dollar million

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

Quarter ended

Segmental reporting (continued)

Nine months ended

Sep

Jun

Sep

Jun

Sep

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited

Unaudited Unaudited

Gold production

(1)

South Africa

12,243

13,415

14,859

38,124

40,726

394

431

478

1,226

1,309

Continental Africa

12,769

11,740

11,600

35,796

34,768

411

377

373

1,151

1,118

Australasia

1,558

1,888

2,894

5,690

9,138

183

294

Americas

7,401

6,733

6,776

20,440

20,082

238

216

218

657

646

33,970

33,776

36,129

100,049

104,714

1,092

1,086

1,162

3,217

3,367

Nine months ended

Sep

Jun

Sep

Jun

Sep

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited

Unaudited Unaudited

Capital expenditure

South Africa

1,004

786

731

2,453

2,087

140

116

100

351

280

Continental Africa

722

710

439

1,868

1,022

101

105

268

137

Australasia

227

130

433

219

Americas

895

709

604

2,155

1,488

125

105

308

200

Corporate and other

2,922

2,342

1,855

7,005

4,841

408

346

253

1,002

650

Equity accounted investments
included above

(143)

(156)

(84)

(404)

(203)

(20)

(23)

(11)

(58)

(27)

2,780

2,186

1,771

6,601

4,638

388

323

242

944

623

As at

Sep

Jun

Dec

Sep

Jun

Dec

Sep

2011

2010

2011

2010

Reviewed

Audited

Unaudited

Reviewed

Audited

Unaudited

Total assets

South Africa

16,489

15,989

16,226

16,394

2,033

2,373

2,469

2,356

Continental Africa

33,687

27,486

26,060

26,896

4,154

4,079

3,966

3,864

Australasia

4,717

3,830

3,644

3,466

582

568

555

498

Americas

19,287

15,172

13,855

13,918

2,378

2,252

2,109

2,000

Corporate and other

8,341

6,030

3,384

9,667

1,029

895

515

1,389

82,521

68,507

63,169

70,341

10,176

10,167

9,614

10,107

Equity accounted investments
included above

(671)

(544)

(540)

(522)

(82)

(81)

(82)

(75)

81,850

67,963

62,629

69,819

10,094

10,086

9,532

10,032

(1)

Gold production includes equity accounted investments.

Rounding of figures may result in computational discrepancies.

SA Rand million

US Dollar million

SA Rand million

US Dollar million

Quarter ended

oz (000)

Notes

for the quarter and nine months ended 30 September 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 nine months ended 30 September 2011.

2. Revenue

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep Jun Sep

Sep

Jun Sep Sep Sep

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Reviewed Reviewed Unaudited Reviewed Unaudited Reviewed Reviewed Unaudited Reviewed Unaudited

SA Rand million

US Dollar million

Gold income

12,850

10,680

10,372

33,464

28,220

1,793

1,576

1,420

4,791

3,791

By-products (note 3)

406

458

224

1,220

614

175

Royalties received (note 6)

336

490

Interest received

203

192

13,428

11,547

10,668

35,377

29,040

1,873

1,704

1,461

5,066

3,901

Cost of sales

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep Jun Sep

Sep

Jun Sep Sep Sep

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Reviewed Reviewed Unaudited

Reviewed

Unaudited

Reviewed

Reviewed Unaudited Reviewed Unaudited

SA Rand million

US Dollar million

Cash operating costs

(5,542)

(4,972)

(5,220)

(15,621)

(14,964)

(777)

(733)

(715)

(2,241)

(2,011)

Insurance reimbursement

123

By-products revenue (note 2)

406

458

224

1,220

614

175

(5,136)

(4,514)

(4,959)

(14,401)

(14,227)

(720)

(666)

(679)

(2,066)

(1,912)

Royalties

(395)

(321)

(282)

(992)

(717)

(55)

(47)

(39)

(142)

(96)

Other cash costs

(67)

(48)

(43)

(165)

(128)

(9)

(7)

(6)

(23)

(18)

Total cash costs

(5,598)

(4,883)

(5,284)

(15,558)

(15,072)

(784)

(721)

(724)

(2,231)

(2,026)

Retrenchment costs

(26)

(20)

(23)

(73)

(102)

(4)

(3)

(10)

(14)

Rehabilitation and other non-cash costs

(80)

(349)

(106)

(497)

(228)

(11)

(52)

(15)

(72)

(31)

Production costs

(5,704)

(5,251)

(5,414)

(16,129)

(15,401)

(799)

(775)

(741)

(2,314)

(2,070)

Amortisation of tangible assets

(1,374)

(1,274)

(1,240)

(3,942)

(3,680)

(192)

(188)

(170)

(565)

(494)

Amortisation of intangible assets

(4)

(4)

(12)

(11)

(1)

(1)

(2)

(1)

Total production costs

(7,083)

(6,529)

(6,658)

(20,083)

(19,093)

(992)

(964)

(912)

(2,881)

(2,566)

Inventory change

102

117

(1)

221

274

(6,980)

(6,412)

(6,659)

(19,863)

(18,819)

(977)

(947)

(911)

(2,849)

(2,529)

Loss on non-hedge derivatives and other commodity contracts

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep Jun Sep

Sep

Jun Sep Sep Sep

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Reviewed Reviewed Unaudited

Reviewed

Unaudited

Reviewed

Reviewed Unaudited Reviewed Unaudited

SA Rand million

US Dollar million

Loss on realised non-hedge derivatives

(745)

(2,072)

(101)

(277)

Loss on hedge buy-back costs

- (11,639)

(11,639)

(1,637)

(Loss) gain on unrealised non-hedge

derivatives

(5)

(14)

11,343

(7)

9,104

(1)

(2)

1,586

(1)

1,289

(5)

(14)

(1,041)

(7)

(4,607)

(1)

(2)

(152)

(1)

(625)

Rounding of figures may result in computational discrepancies.

5. Other operating expenses

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep Jun Sep

Sep

Jun Sep Sep Sep

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Reviewed Reviewed Unaudited

Reviewed

Unaudited

Reviewed

Reviewed Unaudited Reviewed Unaudited

SA Rand million

US Dollar million

Pension and medical defined benefit

provisions

(53)

(26)

(24)

(104)

(72)

(7)

(4)

(3)

(15)

(10)

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

(31)

(27)

(26)

(121)

(50)

(4)

(4)

(17)

(6)

(84)

(53)

(50)

(225)

(122)

(11)

(8)

(7)

(32)

(16)

6. Special items

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep Jun Sep

Sep

Jun Sep Sep Sep

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Reviewed Reviewed Unaudited

Reviewed

Unaudited

Reviewed

Reviewed Unaudited Reviewed Unaudited

SA Rand million

US Dollar million

Indirect tax expenses and legal claims

(26)

(32)

(93)

(79)

(3)

(5)

(13)

(10)

Mandatory convertible bonds issue

discount, underwriting and
professional fees

(401)

(56)

Net impairments of tangible assets

(note 9)

(22)

(66)

(92)

(94)

(235)

(3)

(10)

(13)

(14)

(32)

Black Economic Empowerment

transaction modification costs for
Izingwe (Pty) Ltd

(44)

(7)

Impairment of other receivables

(1)

(3)

(4)

(11)

(56)

(1)

(8)

Contractor termination costs at Geita

Gold Minining Limited

(8)

(1)

Recovery (loss) on consignment

inventory

Insurance claim recovery

103

Royalties received

(1)

(note 2)

336

490

Net (loss) profit on disposal and

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

(21)

(74)

(15)

(109)

(4)

(10)

(2)

(15)

Impairment of investments (note 9)

(124)

(12)

(136)

(16)

(2)

(18)

Profit on disposal of investments

(note 9)

Profit on disposal of subsidiary ISS

International Limited (note 9)

(97)

197

(424)

111

(686)

(13)

(60)

(95)

(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

Nine months ended

Quarter ended

Nine months ended

Sep Jun Sep

Sep

Jun Sep Sep Sep

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Reviewed Reviewed Unaudited

Reviewed

Unaudited

Reviewed

Reviewed Unaudited Reviewed Unaudited

SA Rand million

US Dollar million

Finance costs

(246)

(250)

(189)

(744)

(575)

(34)

(37)

(26)

(107)

(78)

Unwinding of obligations, accretion of

convertible bonds and other
discounts

(99)

(92)

(96)

(284)

(271)

(14)

(14)

(13)

(41)

(36)

(345)

(342)

(285)

(1,028)

(846)

(48)

(50)

(39)

(148)

(114)

8. Taxation

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep Jun Sep

Sep

Jun Sep Sep Sep

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Reviewed Reviewed Unaudited

Reviewed

Unaudited

Reviewed

Reviewed Unaudited Reviewed Unaudited

SA Rand million

US Dollar million

South African taxation
Mining tax

(318)

(318)

(42)

(42)

Non-mining tax

(27)

(28)

(59)

(4)

(7)

Prior year provision

(49)

618

(34)

594

(7)

(5)

Deferred taxation
Temporary differences

(373)

(470)

1,311

(1,247)

1,297

(53)

(69)

184

(180)

183

Unrealised non-hedge derivatives and

other commodity contracts

(2,152)

(1,892)

(301)

(267)

Change in estimated deferred tax rate

(7)

(1)

(662)

(546)

(76)

(1,626)

(60)

(92)

(80)

(7)

(232)

(5)

Foreign taxation
Normal taxation

(769)

(351)

(358)

(1,487)

(1,011)

(107)

(52)

(49)

(211)

(136)

Prior year provision

(55)

(53)

(29)

(7)

(7)

(4)

Deferred taxation
Temporary differences

(118)

(176)

(18)

(17)

(27)

(1)

Unrealised non-hedge derivatives and

other commodity contracts

(23)

(3)

(802)

(467)

(242)

(1,716)

(1,080)

(113)

(69)

(33)

(245)

(145)

(1,465) (1,013) (318) (3,342) 1,140) (204) (149) (41) (477) (149)

Rounding of figures may result in computational discrepancies.

9. Headline earnings

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep Jun Sep

Sep

Jun Sep Sep Sep

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Reviewed Reviewed Unaudited

Reviewed

Unaudited

Reviewed

Reviewed Unaudited Reviewed Unaudited

SA Rand million

US Dollar million

The profit attributable to equity

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

Profit attributable to equity shareholders

3,304

3,195

443

8,158

233

456

470

1,167

Net impairments of tangible assets

(note 6)

235

Net loss (profit) on disposal and

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

(18)

109

(3)

Impairment of investments (note 6)

124

136

Profit on disposal of subsidiary ISS

International Limited (note 6)

(14)

(2)

Profit on disposal of investments

(note 6)

(45)

(6)

Net impairment (reversal) of investment

in associates and joint ventures

(74)

(40)

(10)

(6)

Special items of associates

(7)

(1)

Taxation on items above - current

portion

Taxation on items above - deferred

portion

(15)

(32)

(51)

(53)

(87)

(2)

(5)

(7)

(8)

(12)

3,458

3,244

476

8,359

402

476

477

1,194

Headline earnings per ordinary share

(cents)

(1)

895

841

129

2,166

109

123

124

309

Diluted headline earnings per ordinary

share (cents)

(2)

846

706

129

1,944

109

117

104

278

(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

Nine months ended

Sep

Jun

Sep Sep Sep

2011

2010 2011 2010

Reviewed

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

381,850,470

381,573,111

380,966,077 381,850,470 380,966,077

E ordinary shares in issue

3,421,848 3,444,060 2,837,150 3,421,848 2,837,150

Total ordinary shares:

385,272,318

385,017,171

383,803,227 385,272,318 383,803,227

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

381,644,151

381,480,773

364,556,377 381,471,126 363,135,881

E ordinary shares

3,431,215

2,665,595

2,954,409 2,958,298 3,305,316

Fully vested options

1,305,486

1,435,811

905,619 1,447,478 1,100,186

Weighted average number of shares

386,380,852

385,582,179

368,416,405 385,876,902 367,541,383

Dilutive potential of share options

1,290,253

1,109,716

1,113,099

1,321,614

1,158,835

Dilutive potential of convertible bonds

33,524,615

33,524,615

Diluted number of ordinary shares

421,195,720

420,216,510

369,529,504 420,723,131 368,700,218

11. Share capital and premium

As at

Sep

Jun

Dec

Sep

Sep Jun Dec Sep

2011

2010

2011 2011 2010 2010

Reviewed Reviewed

Audited Unaudited Reviewed Reviewed

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

Ordinary shares issued

234

156

5,771

5,733

812

806

E ordinary shares cancelled

(15)

(13)

(90)

(85)

(2)

(2)

(13)

(12)

Sub-total

46,562

46,486

46,343

46,310

6,765

6,754

6,734

6,729

Redeemable preference shares held within the group

(313)

(313)

(53)

(53)

Ordinary shares held within the group

(148)

(149)

(139)

(181)

(22)

(23)

(22)

(28)

E ordinary shares held within the group

(198)

(200)

(213)

(218)

(30)

(30)

(32)

(33)

Balance at end of period

45,903

45,824

45,678

45,598

6,660

6,648

6,627

6,615

Rounding of figures may result in computational discrepancies.

12. Exchange rates

Sep

Jun

Dec Sep

2011

2010 2010

Unaudited

Unaudited Unaudited

ZAR/USD average for the year to date

6.97

6.89

7.30 7.45

ZAR/USD average for the quarter

7.14

6.78

6.88 7.31

ZAR/USD closing

8.11

6.74

6.57 6.96

ZAR/AUD average for the year to date

7.24

7.11

6.71 6.68

ZAR/AUD average for the quarter

7.50

7.20

6.80 6.61

ZAR/AUD closing

7.81

7.23

6.70 6.73

BRL/USD average for the year to date

1.63

1.63

1.76 1.78

BRL/USD average for the quarter

1.64

1.60

1.70 1.75

BRL/USD closing

1.89

1.56

1.67 1.69

ARS/USD average for the year to date

4.08

4.04

3.91 3.89

ARS/USD average for the quarter

4.16

4.08

3.96 3.94

ARS/USD closing

4.20

4.11

3.97 3.96

13. Capital commitments

Sep

Jun

Dec

Sep

Sep Jun Dec Sep

2011

2010

2011 2011 2010 2010

Reviewed

Audited

Unaudited

Reviewed Reviewed

Audited Unaudited

SA Rand million

US Dollar million

Orders placed and outstanding on capital contracts at the

prevailing rate of exchange

(1)

2,317 2,719 1,156 1,624 286 403 176 233

(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 September 2011 are detailed below:

Contingencies and guarantees

As at

Sep

2011

Sep

2010

Sep

2011

Sep

2010

Reviewed

Unaudited

Reviewed

Unaudited

SA Rand million

US Dollar million

Contingent liabilities
Groundwater pollution

(1)

Deep groundwater pollution – South Africa

(2)

Sales tax on gold deliveries – Brazil

(3)

684

590

Other tax disputes – Brazil

(4)

286

226

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

100

1,156

985

142

141

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 $52m,
R423m (Sep 2010: $53m, R369m). The company’s attributable share of the second assessment is approximately
$32m, R261m (Sep 2010: $32m, R223m). 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
$9m, R72m (Sep 2010: $9m, R63m).

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 $26m, R214m (Sep 2010: $23m, R160m).

(5) Indirect taxes – AngloGold Ashanti (Ghana) Limited received a tax assessment for $11m, R86m (Sep 2010: $10m,

R70m) 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 – Boddington Gold Mine – 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, R788m, of which $26m, R188m (Sep 2010:
$2m, R13m) has been received to date. Royalties of $9m, R64m (Sep 2010: $2m, R13m) were received during the
quarter.

(8) Royalty – Tau Lekoa Gold Mine – 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 1.5 million 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 1.5 million ounces 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, R8m (Sep 2010: Nil) 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 $12m, R100m (Sep 2010: $14m,
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 $44m, R357m at 30 September
2011 (Sep 2010: $48m, R334m). The last audited value added tax return was for the period ended 28 February
2011 and at the reporting date the audited amount was $58m, R470m (Sep 2010: $47m, R327m). 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 $73m, R592m at 30 September 2011
(Sep 2010: $55m, R383m). 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 $61m, R495m (Sep 2010: $42, R292m) have been lodged with the Customs and Excise authorities
which are still outstanding, whilst claims for a refund of $12m, R97m (Sep 2010: $13m, R90m) 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

Appointment to the board of directors: On 31 August 2011, AngloGold Ashanti announced the appointment of
Ms Nozipho January-Bardill to the board with effect from 1 October 2011.

18. Dividend

Interim Dividend No. 110 of 90 South African cents or 7.6182 UK pence or 19.188 cedis per ordinary share was
paid to registered shareholders on 9 September 2011, while a dividend of 2.337 Australian cents per CHESS
Depositary Interest (CDI) was paid on the same day. On 12 September 2011, holders of Ghanaian Depositary
Shares (GhDS) were paid 0.19188 cedis per GhDS. Each CDI represents one-fifth of an ordinary share, and 100
GhDSs represents one ordinary share. A dividend of 12.0812 US cents per American Depositary Share (ADS) was
paid to holders of American Depositary Receipts (ADRs) on 19 September 2011. Each ADS represents one
ordinary share.

Interim Dividend No. E10 of 45 South African cents was paid to holders of E ordinary shares on 9 September 2011,
being those employees participating in the Bokamoso ESOP and Izingwe Holdings (Proprietary) Limited.

The directors declared Interim Dividend No. 111 of 90 South African cents per ordinary share for the quarter ended
30 September 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, 24 November

Last date to trade ordinary shares cum dividend

Friday, 25 November

Last date to register transfers of certificated securities cum dividend

Friday, 25 November

Ordinary shares trade ex-dividend

Monday, 28 November

Record date

Friday, 2 December

Payment date

Friday, 9 December

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, 28 November 2011 and Friday, 2 December
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, 30 November

Record date

Friday, 2 December

Approximate date for currency conversion

Friday, 9 December

Approximate payment date of dividend

Monday, 19 December

Assuming an exchange rate of R7.8662/$, the dividend payable per ADS is equivalent to 11.4414 US cents.
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, 25 November

GhDSs trade ex-dividend

Monday, 28 November

Record date

Friday, 2 December

Approximate payment date of dividend

Monday, 12 December

Assuming an exchange rate of R1/¢0.20476, the dividend payable per share is equivalent to 0.1843 cedis.
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 Interim Dividend No. E11 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 December 2011.

By order of the Board

T T MBOWENI

M CUTIFANI

Chairman

Chief Executive Officer

7 November 2011

Non-GAAP disclosure

Sep

Jun

Sep

Jun

Sep

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited

Headline earnings (note 9)

3,458

3,244

476

8,359

402

476

477

1,194

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

(11,343)

(9,104)

(1,586)

(1,289)

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

2,152

1,915

301

270

Fair value adjustment on option component of convertible bonds

(88)

(499)

166

(677)

(319)

(11)

(73)

(98)

(40)

Fair value adjustment on mandatory convertible bonds

(66)

(442)

160

(647)

160

(9)

(64)

(95)

Adjusted headline earnings (loss)

(1)

3,310

2,317

(8,389)

7,043

(6,947)

457

342

(1,184)

1,002

(993)

Hedge buy-back and related costs net of taxation

10,573

1,487

Adjusted headline earnings excluding hedge buy-back costs

(1)

3,310

2,317

2,184

7,043

3,626

457

342

303

1,002

494

Cents per share

(2)

Adjusted headline earnings

(1)

857

601

(2,277)

1,825

(1,890)

118

(321)

260

(270)

Adjusted headline earnings excluding hedge buy-back costs

(1)

857

601

593

1,825

987

118

260

134

(1)

(2)

Sep

Jun

Sep

Jun

Sep

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited

Reconciliation of gross profit to adjusted gross

profit:

(1)

Gross profit

5,865

4,254

2,672

13,594

4,794

815

627

357

1,941

637

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

(11,343)

(9,104)

(1,586)

(1,289)

Adjusted gross profit (loss)

(1)

5,870

4,268

(8,670)

13,602

(4,310)

816

629

(1,229)

1,942

(652)

Hedge buy-back costs (note 4)

11,639

1,637

Adjusted gross profit excluding hedge buy-back costs

(1)

5,870

4,268

2,969

13,602

7,329

816

629

408

1,942

986

Price received

Sep

Jun

Sep

Jun

Sep

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited

Gold income (note 2)

12,850

10,680

10,372

33,464

28,220

1,793

1,576

1,420

4,791

3,791

Adjusted for non-controlling interests

(349)

(282)

(294)

(906)

(853)

(49)

(42)

(40)

(130)

(115)

12,501

10,398

10,078

32,558

27,367

1,744

1,534

1,380

4,661

3,676

Loss on realised non-hedge derivatives (note 4)

(745)

(2,072)

(101)

(277)

Hedge buy-back costs (note 4)

(11,639)

(1,637)

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

760

633

544

1,968

1,819

106

282

244

Attributable gold income including realised non-hedge
derivatives

13,261

11,031

(1,762)

34,525

15,475

1,850

1,628

(284)

4,943

2,006

Attributable gold sold - kg / - oz (000)

33,590

33,534

36,894

99,895

104,340

1,080

1,078

1,186

3,212

3,355

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

394,799

328,951

(47,750)

345,618

148,314

1,713

1,510

(239)

1,539

598

Attributable gold income including realised non-hedge derivatives
as above

13,261

11,031

(1,762)

34,525

15,475

1,850

1,628

(284)

4,943

2,006

Hedge buy-back costs (note 4)

11,639

1,637

Attributable gold income including realised non-hedge derivatives
normalised for hedge buy-back costs

13,261

11,031

9,877

34,525

27,114

1,850

1,628

1,353

4,943

3,643

Attributable gold sold - kg / - oz (000)

33,590

33,534

36,894

99,895

104,340

1,080

1,078

1,186

3,212

3,355

Revenue price per unit normalised for hedge buy-back costs
- R/kg / - $/oz

394,799

328,951

267,707

345,618

259,858

1,713

1,510

1,141

1,539

1,086

Rounding of figures may result in computational discrepancies.

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

Nine 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;

Nine 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:

SA Rand million

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;

US Dollar million

Adjusted gross profit

Quarter ended

Nine months ended

Quarter ended

Calculated on the basic weighted average number of ordinary shares.

(1)

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

Quarter ended

US Dollar million / Imperial

Quarter ended

Nine months ended

SA Rand million / Metric

Sep

Jun

Sep

Jun

Sep

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited

Total costs

Total cash costs (note 3)

5,598

4,883

5,284

15,558

15,072

784

721

724

2,231

2,026

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

(259)

(45)

(193)

(604)

(416)

(36)

(7)

(26)

(85)

(56)

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

400

345

365

1,094

1,046

157

141

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

5,739

5,183

5,456

16,048

15,702

804

765

747

2,303

2,110

Retrenchment costs (note 3)

102

Rehabilitation and other non-cash costs (note 3)

349

106

497

228

Amortisation of tangible assets (note 3)

1,374

1,274

1,240

3,942

3,680

192

188

170

566

494

Amortisation of intangible assets (note 3)

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

(55)

(107)

(67)

(217)

(162)

(7)

(16)

(9)

(31)

(22)

Associates and equity accounted joint ventures' share of
production costs

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

7,183

6,740

6,781

20,404

19,611

1,007

995

929

2,928

2,636

Gold produced - kg / - oz (000)

33,970

33,776

36,129

100,049

104,714

1,092

1,086

1,162

3,217

3,367

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

168,935

153,441

151,007

160,402

149,953

737

705

643

716

627

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

211,460

199,541

187,695

203,940

187,282

922

916

800

910

783

EBITDA

Operating profit

4,655

3,520

1,382

10,712

1,808

648

519

178

1,530

233

Amortisation of tangible assets (note 3)

1,374

1,274

1,240

3,942

3,680

192

188

170

565

494

Amortisation of intangible assets (note 3)

Net impairments of tangible assets (note 6)

235

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

(11,343)

(9,104)

(1,586)

(1,289)

Hedge buy-back costs (note 4)

11,639

1,637

Mandatory convertible bond issue discount,
underwriting and professional fees (note 6)

401

Exchange effects of equity raising

Share of associates' EBITDA

280

264

197

725

752

103

101

Impairment of investment (note 6)

124

136

Loss (profit) on disposal and abandonment of assets (note 6)

(18)

109

(3)

Profit on disposal of ISS International Limited (note 6)

(14)

(2)

6,485

5,136

3,706

15,629

9,507

902

758

509

2,234

1,278

Interest cover

EBITDA (note E)

6,485

5,136

3,706

15,629

9,507

902

758

509

2,234

1,278

Finance costs (note 7)

246

250

189

744

575

107

Capitalised finance costs

253

250

189

751

575

108

Interest cover - times

Operating cash flow

Net cash inflow (outflow) from operating activities

6,497

4,298

(7,783)

14,402

(3,494)

863

635

(1,126)

2,011

(560)

Stay-in-business capital expenditure

(1,853)

(1,480)

(1,296)

(4,447)

(3,387)

(259)

(218)

(177)

(636)

(455)

Expenditure on intangible assets

(49)

(49)

(6)

(6)

4,595

2,818

(9,079)

9,906

(6,881)

598

417

(1,303)

1,369

(1,015)

As at

Sep

Jun

Dec

Sep

Jun

Dec

Sep

2011

2010

2011

2010

Unaudited

Net asset value - cents per share

Total equity

38,746

32,247

27,023

27,355

4,778

4,785

4,113

3,930

Mandatory convertible bonds

6,253

5,270

5,739

5,860

771

782

874

842

44,999

37,517

32,762

33,215

5,549

5,567

4,987

4,772

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

385

385

384

385

385

384

Net asset value - cents per share

11,680

9,744

8,532

8,654

1,440

1,446

1,299

1,243

Total equity

38,746

32,247

27,023

27,355

4,778

4,785

4,113

3,930

Mandatory convertible bonds

6,253

5,270

5,739

5,860

771

782

874

842

Intangible assets

(1,547)

(1,357)

(1,277)

(1,296)

(191)

(201)

(194)

(186)

43,452

36,160

31,485

31,919

5,358

5,366

4,793

4,586

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

385

385

384

385

385

384

Net tangible asset value - cents per share

11,278

9,392

8,199

8,317

1,391

1,394

1,248

1,195

Net debt

Borrowings - long-term portion

13,538

11,254

11,148

11,503

1,670

1,670

1,697

1,653

Borrowings - short-term portion

369

193

876

1,864

133

268

Total borrowings

(1)

13,907

11,447

12,024

13,367

1,715

1,698

1,830

1,921

Corporate office lease

(259)

(259)

(32)

(38)

(39)

(37)

Unamortised portion on the convertible and rated bonds

585

679

757

696

101

115

100

Cash restricted for use

(483)

(379)

(283)

(298)

(60)

(56)

(43)

Cash and cash equivalents

(8,717)

(5,656)

(3,776)

(9,313)

(1,075)

(839)

(575)

(1,338)

Net debt excluding mandatory convertible bonds

5,033

5,832

8,463

4,193

620

866

1,288

603

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

Rounding of figures may result in computational discrepancies.

US Dollar million

SA Rand million

Quarter ended

Nine months ended

Quarter ended

Nine months ended

SA Rand million / Metric

US Dollar million / Imperial

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 ft

2,625

Mined

- 000 tons

1,691

526

312

558

3,088

Milled / Treated

- 000 tons

1,575

547

294

616

3,032

Yield

- oz/t

0.230

0.137

0.062

0.194

0.189

Gold produced

- oz (000)

362

119

574

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

2,725

Yield

- oz/t

0.012

0.013

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcy

16,982

225

17,207

Mined

- 000 tons

34,541

240

7,459

42,240

Treated

- 000 tons

6,684

725

254

7,663

Stripping ratio

- ratio

5.43

35.22

22.71

6.42

Yield

- oz/t

0.049

0.044

0.176

0.052

Gold produced

- oz (000)

325

402

HEAP LEACH OPERATION

Mined

- 000 tons

1,578

19,132

20,710

Placed

- 000 tons

288

5,920

6,209

Stripping ratio

- ratio

9.09

2.40

2.58

Yield

- oz/t

0.031

0.012

0.013

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

5.67

11.77

32.05

21.94

9.36

TOTAL

IMPERIAL OPERATING RESULTS
QUARTER ENDED SEPTEMBER 2011

Subsidiaries' gold produced

- oz (000)

394

348

238

1,029

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

394

411

238

1,092

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

393

324

246

1,018

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

393

386

246

1,080

Minority gold sold

- oz (000)

Spot price

- $/oz

1,705

Price received

- $/oz sold

1,718

1,724

1,683

1,697

1,713

Total cash costs

- $/oz produced

757

739

1,570

524

737

Total production costs

- $/oz produced

981

884

1,743

710

922

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED SEPTEMBER 2011 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

675

684

448

1,899

(106)

1,793

Cash costs

(320)

(315)

(79)

(183)

(897)

(841)

By-products revenue

Total cash costs

(298)

(313)

(79)

(151)

(840)

(784)

Retrenchment costs

(2)

(1)

(4)

Rehabilitation and other non-cash costs

(2)

(5)

(11)

Amortisation of assets

(84)

(55)

(9)

(44)

(3)

(195)

(193)

Total production costs

(386)

(373)

(87)

(201)

(3)

(1,050)

(992)

Inventory change

(5)

Cost of sales

(386)

(359)

(92)

(195)

(3)

(1,035)

(977)

Adjusted gross profit (loss)

290

325

253

(4)

864

(48)

816

Unrealised non-hedge derivatives and other
commodity contracts

(1)

Gross profit (loss)

290

325

252

(4)

863

(48)

815

Corporate and other costs

(3)

(9)

(66)

(78)

Exploration

(18)

(16)

(32)

(11)

(78)

(76)

Intercompany transactions

(11)

(1)

Special items

(4)

(13)

(8)

(13)

Operating profit (loss)

282

(6)

211

(75)

694

(47)

648

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

(1)

(2)

(17)

(15)

(3)

(18)

Exchange gain (loss)

(1)

Share of equity accounted investments profit

(8)

(2)

(10)

Profit (loss) before taxation

280

283

(4)

213

(88)

685

(16)

669

Taxation

(96)

(102)

(27)

(220)

(204)

Profit (loss) for the period

184

182

(3)

187

(84)

465

Equity shareholders

184

178

(3)

180

(83)

456

Non-controlling interests

(1)

Operating profit (loss)

282

(6)

211

(75)

694

(47)

648

Unrealised non-hedge derivatives and other

commodity contracts

Intercompany transactions

(13)

Special items

Share of associates' EBIT

(8)

(2)

(10)

EBIT

287

303

(5)

204

(82)

707

Amortisation of assets

195

(2)

193

Share of associates' amortisation

EBITDA

371

358

248

(79)

902

Profit (loss) attributable to equity shareholders

184

178

(3)

180

(83)

456

Special items

Share of associates' special items

Taxation on items above

(2)

Headline earnings (loss)

187

(3)

180

(75)

476

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

(11)

Fair value adjustment on mandatory
convertible bonds

(9)

Adjusted headline earnings (loss)

187

(3)

181

(95)

457

Ore reserve development capital

106

Stay-in-business capital

161

(2)

159

Project capital

141

(18)

123

Total capital expenditure

140

101

125

408

(20)

388

Rounding of figures may result in computational discrepancies.

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

IMPERIAL OPERATING RESULTS
QUARTER ENDED JUNE 2011

Subsidiaries' gold produced

- oz (000)

431

313

216

1,022

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 (loss) gain

(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 loss 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

3,221

Mined

- 000 tons

2,013

452

117

570

3,151

Milled / Treated

- 000 tons

1,877

480

144

564

3,065

Yield

- oz/t

0.227

0.147

0.092

0.193

0.202

Gold produced

- oz (000)

425

109

618

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

2,792

314

3,106

Yield

- oz/t

0.019

0.015

0.018

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcy

14,492

1,748

16,240

Mined

- 000 tons

29,361

4,053

8,231

41,646

Treated

- 000 tons

5,873

862

271

7,006

Stripping ratio

- ratio

4.54

3.86

26.04

5.47

Yield

- oz/t

0.049

0.092

0.173

0.059

Gold produced

- oz (000)

288

414

HEAP LEACH OPERATION

Mined

- 000 tons

1,661

16,507

18,168

Placed

- 000 tons

256

6,017

6,273

Stripping ratio

- ratio

8.43

1.87

2.07

Yield

- oz/t

0.030

0.014

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

6.17

11.19

62.31

23.15

9.55

TOTAL

IMPERIAL OPERATING RESULTS
QUARTER ENDED SEPTEMBER 2010

Subsidiaries' gold produced

- oz (000)

478

310

218

1,099

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

478

373

218

1,162

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

513

306

220

1,125

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

513

367

220

1,186

Minority gold sold

- oz (000)

Spot price

- $/oz

1,226

Price received

- $/oz sold

(287)

(62)

(405)

(359)

(239)

Price received excluding hedge
buy-back costs

- $/oz sold

1,135

1,152

1,141

1,137

1,141

Total cash costs

- $/oz produced

594

725

1,064

433

643

Total production costs

- $/oz produced

772

879

1,142

573

800

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED SEPTEMBER 2010 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

582

436

277

1,394

(75)

1,319

Cash costs

(293)

(279)

(99)

(139)

(805)

(754)

By-products revenue

Total cash costs

(284)

(278)

(99)

(119)

(774)

(724)

Retrenchment costs

(3)

(1)

(3)

Rehabilitation and other non-cash costs

(2)

(13)

(1)

(15)

Amortisation of assets

(81)

(46)

(7)

(36)

(2)

(173)

(170)

Total production costs

(369)

(336)

(106)

(157)

(965)

(912)

Inventory change

(24)

(1)

Cost of sales

(393)

(327)

(104)

(143)

(963)

(911)

Adjusted gross profit (loss) excluding
hedge buy-back costs

189

109

(5)

134

431

(23)

408

Hedge buy-back costs

(729)

(446)

(134)

(328)

(1,637)

Adjusted gross (loss) profit

(540)

(337)

(139)

(194)

(1,206)

(23)

(1,229)

Unrealised non-hedge derivatives and other
commodity contracts

915

251

420

1,586

Gross profit (loss)

375

(86)

(139)

226

380

(23)

357

Corporate and other costs

(3)

(4)

(9)

(43)

(58)

(59)

Exploration

(11)

(14)

(23)

(13)

(61)

(60)

Intercompany transactions

(12)

(1)

Special items

(8)

(1)

(52)

(58)

(1)

(60)

Operating profit (loss)

365

(113)

(152)

193

(90)

202

(24)

178

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

(1)

(2)

(74)

(78)

Exchange gain (loss)

(8)

(6)

(4)

(19)

(16)

Share of equity accounted investments profit

Profit (loss) before taxation

363

(124)

(152)

187

(156)

118

(13)

106

Taxation

(32)

(17)

(24)

(53)

(41)

Profit (loss) for the period

381

(156)

(149)

170

(180)

Equity shareholders

381

(160)

(149)

161

(183)

Non-controlling interests

Operating profit (loss)

365

(113)

(152)

193

(90)

202

(24)

178

Unrealised non-hedge derivatives and other
commodity contracts

(915)

(251)

(420)

(1,586)

Hedge buy-back costs

729

446

134

328

1,696

Intercompany transactions

(13)

Special items

Share of associates' EBIT

EBIT

198

(17)

102

(42)

336

Amortisation of assets

173

(2)

170

Share of associates' amortisation

EBITDA

280

140

(10)

139

(39)

509

Profit (loss) attributable to equity shareholders

381

(160)

(149)

161

(183)

Special items

Share of associates' special items

(10)

(1)

(12)

Taxation on items above

(6)

(1)

(7)

Headline earnings (loss)

395

(159)

(149)

160

(192)

Unrealised non-hedge derivatives and other
commodity contracts

(915)

(251)

(420)

(1,586)

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

301

Fair value adjustment on option component
of convertible bonds

Fair value loss on mandatory convertible

Hedge buy-back and related costs
net of taxation

523

443

134

328

1,487

Adjusted headline earnings (loss) excluding
hedge buy-back costs

304

(15)

(86)

303

Ore reserve development capital

Stay-in-business capital

(1)

Project capital

(10)

Total capital expenditure

100

253

(11)

242

(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

8,285

Mined

- 000 tons

5,244

1,503

800

1,644

9,190

Milled / Treated

- 000 tons

4,758

1,631

802

1,705

8,896

Yield

- oz/t

0.231

0.139

0.102

0.189

0.194

Gold produced

- oz (000)

1,098

226

323

1,729

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

8,774

Yield

- oz/t

0.015

Gold produced

- oz (000)

128

133

OPEN-PIT OPERATION

Volume mined

- 000 bcy

51,879

1,842

53,721

Mined

- 000 tons

104,163

4,025

22,303

130,490

Treated

- 000 tons

18,735

2,107

758

21,600

Stripping ratio

- ratio

4.44

6.62

23.45

5.33

Yield

- oz/t

0.048

0.167

0.052

Gold produced

- oz (000)

898

102

127

1,126

HEAP LEACH OPERATION

Mined

- 000 tons

5,143

54,360

59,503

Placed

- 000 tons

910

17,649

18,559

Stripping ratio

- ratio

6.92

2.18

2.35

Yield

- oz/t

0.031

0.012

0.013

Gold placed

- oz (000)

206

234

Gold produced

- oz (000)

208

229

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

5.89

11.21

37.82

20.93

9.27

TOTAL

IMPERIAL OPERATING RESULTS
NINE MONTHS ENDED SEPTEMBER 2011

Subsidiaries' gold produced

- oz (000)

1,226

965

183

657

3,031

Joint ventures' gold produced

- oz (000)

186

Attributable gold produced

- oz (000)

1,226

1,151

183

657

3,217

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

1,225

955

187

661

3,028

Joint ventures' gold sold

- oz (000)

184

Attributable gold sold

- oz (000)

1,225

1,139

187

661

3,212

Minority gold sold

- oz (000)

Spot price

- $/oz

1,534

Price received

- $/oz sold

1,542

1,540

1,511

1,541

1,539

Total cash costs

- $/oz produced

693

753

1,414

498

716

Total production costs

- $/oz produced

918

902

1,570

720

910

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - NINE MONTHS
ENDED SEPTEMBER 2011 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

1,889

1,807

282

1,095

5,072

(282)

4,791

Cash costs

(932)

(898)

(260)

(493)

(2,564)

158

(2,406)

By-products revenue

176

(1)

175

Total cash costs

(850)

(893)

(259)

(407)

(2,388)

157

(2,231)

Retrenchment costs

(7)

(1)

(2)

(11)

(10)

Rehabilitation and other non-cash costs

(6)

(20)

(1)

(46)

(73)

(72)

Amortisation of assets

(263)

(152)

(28)

(122)

(9)

(574)

(566)

Total production costs

(1,126)

(1,067)

(287)

(577)

(3,045)

164

(2,881)

Inventory change

(9)

(2)

Cost of sales

(1,126)

(1,076)

(287)

(536)

(3,012)

162

(2,849)

Adjusted gross profit (loss)

763

731

(5)

560

2,061

(119)

1,942

Unrealised non-hedge derivatives and other
commodity contracts

(1)

Gross profit (loss)

763

732

(5)

558

2,060

(119)

1,941

Corporate and other costs

(9)

(7)

(2)

(33)

(181)

(232)

(1)

(233)

Exploration

(1)

(51)

(38)

(81)

(29)

(200)

(196)

Intercompany transactions

(34)

(1)

(2)

Special items

(12)

561

(568)

Operating profit (loss)

742

1,201

(12)

445

(729)

1,647

(117)

1,530

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

(4)

(1)

(3)

Exchange (loss) gain

(8)

Share of equity accounted investments profit

(15)

(7)

(21)

Profit (loss) before taxation

738

1,192

(10)

439

(648)

1,711

(38)

1,673

Taxation

(230)

(214)

(68)

(4)

(515)

(477)

Profit (loss) for the period

509

977

(9)

371

(652)

1,196

Equity shareholders

509

964

(9)

359

(655)

1,167

Non-controlling interests

Operating profit (loss)

742

1,201

(12)

445

(729)

1,647

(117)

1,530

Unrealised non-hedge derivatives and other
commodity contracts

Intercompany transactions

(37)

Special items

(539)

(3)

(1)

561

Share of associates' EBIT

(15)

(4)

(19)

117

EBIT

756

695

(14)

432

(209)

1,660

Amortisation of assets

263

152

122

574

(6)

567

Share of associates' amortisation

EBITDA

1,019

848

553

(201)

2,234

Profit (loss) attributable to equity shareholders

509

964

(9)

359

(655)

1,167

Special items

(539)

(3)

(1)

561

Share of associates' special items

Taxation on items above

(7)

Headline earnings (loss)

516

424

(11)

358

(92)

1,194

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

(98)

Fair value loss on mandatory convertible

(95)

Adjusted headline earnings (loss)

516

424

(11)

359

(286)

1,002

Ore reserve development capital

204

299

Stay-in-business capital

162

348

(4)

344

Project capital

179

355

(54)

301

Total capital expenditure

351

268

308

1,002

(58)

944

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 ft

10,035

Mined

- 000 tons

6,151

1,550

469

1,507

9,677

Milled / Treated

- 000 tons

5,719

1,525

397

1,566

9,207

Yield

- oz/t

0.207

0.153

0.119

0.187

0.191

Gold produced

- oz (000)

1,182

234

293

1,756

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

8,311

864

9,175

Yield

- oz/t

0.015

0.019

0.016

Gold produced

- oz (000)

127

144

OPEN-PIT OPERATION

Volume mined

- 000 bcy

47,060

5,009

52,069

Mined

- 000 tons

93,356

11,766

23,804

128,927

Treated

- 000 tons

17,579

2,596

860

21,035

Stripping ratio

- ratio

4.03

4.88

25.41

5.01

Yield

- oz/t

0.046

0.095

0.172

0.058

Gold produced

- oz (000)

816

247

148

1,211

HEAP LEACH OPERATION

Mined

- 000 tons

3,942

50,843

54,784

Placed

- 000 tons

953

17,309

18,262

Stripping ratio

- ratio

6.95

1.98

2.12

Yield

- oz/t

0.039

0.014

0.015

Gold placed

- oz (000)

241

278

Gold produced

- oz (000)

205

257

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

5.48

11.28

66.59

23.35

9.10

TOTAL

IMPERIAL OPERATING RESULTS
NINE MONTHS ENDED SEPTEMBER 2010

Subsidiaries' gold produced

- oz (000)

1,309

906

294

646

3,155

Joint ventures' gold produced

- oz (000)

212

Attributable gold produced

- oz (000)

1,309

1,118

294

646

3,367

Minority gold produced

- oz (000)

106

Subsidiaries' gold sold

- oz (000)

1,315

894

291

646

3,147

Joint ventures' gold sold

- oz (000)

208

Attributable gold sold

- oz (000)

1,315

1,102

291

646

3,355

Minority gold sold

- oz (000)

106

Spot price

- $/oz

1,178

Price received

- $/oz sold

531

691

608

570

598

Price received excluding hedge
buy-back costs

- $/oz sold

1,086

1,095

1,069

1,079

1,086

Total cash costs

- $/oz produced

592

686

1,012

422

627

Total production costs

- $/oz produced

787

823

1,091

560

783

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - NINE MONTHS
ENDED SEPTEMBER 2010 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

1,428

1,248

311

770

3,758

(244)

3,514

Cash costs

(800)

(792)

(298)

(385)

(2,249)

141

(2,108)

By-products revenue

Total cash costs

(775)

(789)

(297)

(333)

(2,166)

141

(2,026)

Retrenchment costs

(12)

(2)

(14)

Rehabilitation and other non-cash costs

(4)

(26)

(1)

(31)

Amortisation of assets

(240)

(130)

(23)

(103)

(7)

(503)

(495)

Total production costs

(1,031)

(945)

(320)

(439)

(2,714)

147

(2,566)

Inventory change

(4)

(2)

Cost of sales

(1,034)

(934)

(319)

(408)

(2,673)

145

(2,529)

Adjusted gross profit (loss) excluding
hedge buy-back costs

394

315

(8)

362

1,084

(99)

986

Hedge buy-back costs

(729)

(446)

(134)

(328)

(1,637)

Adjusted gross profit (loss)

(335)

(131)

(142)

(553)

(99)

(652)

Unrealised non-hedge derivatives and other
commodity contracts

815

369

1,289

Gross profit (loss)

479

(36)

(132)

403

736

(99)

637

Corporate and other costs

(7)

(5)

(1)

(20)

(127)

(160)

Exploration

(1)

(34)

(32)

(61)

(23)

(151)

(149)

Intercompany transactions

(25)

(1)

Special items

(24)

(53)

(94)

(1)

(95)

Operating profit (loss)

448

(125)

(158)

321

(154)

331

(98)

233

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

(1)

(6)

(66)

(70)

Exchange gain (loss)

(11)

(8)

(11)

Share of equity accounted investments
profit (loss)

Profit (loss) before taxation

446

(141)

(158)

314

(209)

252

(46)

206

Taxation

(112)

(83)

(9)

(195)

(149)

Profit (loss) for the period

452

(253)

(155)

231

(218)

Equity shareholders

452

(263)

(155)

211

(225)

Equity shareholders

452

(263)

(155)

211

(225)

Non-controlling interests

Operating profit (loss)

448

(125)

(158)

321

(154)

331

(98)

233

Unrealised non-hedge derivatives and other
commodity contracts

(815)

(95)

(10)

(369)

(1,289)

Hedge buy-back costs

729

446

134

328

1,696

Intercompany transactions

(28)

Special items

(6)

Share of associates' EBIT

(3)

EBIT

395

262

(39)

282

(123)

776

Amortisation of assets

240

130

103

503

(7)

495

Share of associates' amortisation

EBITDA

634

392

(16)

385

(117)

1,278

Profit (loss) attributable to equity shareholders

452

(263)

(155)

211

(225)

Special items

(6)

Share of associates' special items

(6)

(1)

(7)

Taxation on items above

(8)

(3)

(1)

(12)

Headline earnings (loss)

477

(255)

(160)

211

(229)

Unrealised non-hedge derivatives and
other commodity contracts

(815)

(95)

(10)

(369)

(1,289)

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

267

270

Fair value adjustment on option component
of convertible bond

(40)

Fair value loss on mandatory convertible bond

Hedge buy-back and related costs
net of taxation

523

443

134

328

1,487

Adjusted headline earnings (loss) excluding
hedge buy-back costs

452

(33)

169

(187)

494

Ore reserve development capital

182

259

Stay-in-business capital

199

(3)

196

Project capital

103

193

(25)

168

Total capital expenditure

280

137

200

650

(27)

623

(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

244

Mined

- 000 tonnes

1,534

478

283

506

2,802

Milled / Treated

- 000 tonnes

1,429

496

267

559

2,751

Yield

- g/t

7.87

4.71

2.13

6.64

6.49

Gold produced

- kg

11,246

2,336

569

3,713

17,863

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

2,472

Yield

- g/t

0.40

0.44

Gold produced

- kg

997

1,088

OPEN-PIT OPERATION

Volume mined

- 000 bcm

12,983

172

13,155

Mined

- 000 tonnes

31,335

218

6,766

38,319

Treated

- 000 tonnes

6,063

658

230

6,952

Stripping ratio

- ratio

5.43

35.22

22.71

6.42

Yield

- g/t

1.67

1.50

6.05

1.80

Gold produced

- kg

10,104

989

1,395

12,488

HEAP LEACH OPERATION

Mined

- 000 tonnes

1,431

17,356

18,788

Placed

- 000 tonnes

261

5,371

5,632

Stripping ratio

- ratio

9.09

2.40

2.58

Yield

- g/t

1.05

0.43

0.46

Gold placed

- kg

275

2,297

2,573

Gold produced

- kg

238

2,293

2,531

PRODUCTIVITY PER EMPLOYEE

Actual

- g

176

366

997

682

291

TOTAL

METRIC OPERATING RESULTS
QUARTER ENDED SEPTEMBER 2011

Subsidiaries' gold produced

- kg

12,243

10,822

1,558

7,401

32,023

Joint ventures' gold produced

- kg

1,947

Attributable gold produced

- kg

12,243

12,769

1,558

7,401

33,970

Minority gold produced

- kg

310

603

913

Subsidiaries' gold sold

- kg

12,232

10,059

1,711

7,646

31,647

Joint ventures' gold sold

- kg

1,943

Attributable gold sold

- kg

12,232

12,002

1,711

7,646

33,590

Minority gold sold

- kg

332

653

985

Spot price

- R/kg

391,507

Price received

- R/kg sold

395,628

398,860

384,427

389,420

394,799

Total cash costs

- R/kg produced

173,263

169,453

359,740

120,879

168,935

Total production costs

- R/kg produced

224,553

202,915

399,434

163,708

211,460

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - QUARTER ENDED
SEPTEMBER 2011 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

4,839

4,919

658

3,195

13,610

(760)

12,850

Cash costs

(2,287)

(2,246)

(563)

(1,309)

(2)

(6,407)

402

(6,005)

By-products revenue

165

225

409

(3)

406

Total cash costs

(2,121)

(2,231)

(561)

(1,084)

(1)

(5,998)

400

(5,598)

Retrenchment costs

(13)

(8)

(5)

(26)

Rehabilitation and other non-cash costs

(14)

(33)

(34)

(81)

(80)

Amortisation of assets

(601)

(391)

(62)

(317)

(21)

(1,392)

(1,378)

Total production costs

(2,749)

(2,663)

(622)

(1,440)

(23)

(7,498)

415

(7,083)

Inventory change

(35)

103

(1)

102

Cost of sales

(2,747)

(2,572)

(658)

(1,396)

(23)

(7,395)

415

(6,980)

Adjusted gross profit (loss)

2,092

2,347

1,799

(23)

6,215

(345)

5,870

Unrealised non-hedge derivatives and other
commodity contracts

(4)

(5)

Gross profit (loss)

2,092

2,346

1,795

(23)

6,210

(345)

5,865

Corporate and other costs

(25)

(3)

(68)

(476)

(571)

(1)

(572)

Exploration

(3)

(127)

(111)

(231)

(81)

(552)

(541)

Intercompany transactions

(80)

(9)

(4)

Special items

(32)

(95)

(64)

(97)

Operating profit (loss)

2,033

2,046

(37)

1,501

(552)

4,990

(335)

4,655

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

(9)

(11)

(104)

(93)

(25)

(116)

Exchange gain (loss)

(6)

(2)

124

123

Share of equity accounted investments
profit (loss)

(58)

(13)

(71)

247

175

Profit (loss) before taxation

2,024

2,057

(26)

1,525

(630)

4,950

(113)

4,837

Taxation

(694)

(741)

(176)

(1,578)

113

(1,465)

Profit (loss) for the period

1,331

1,317

(19)

1,349

(605)

3,372

Equity shareholders

1,331

1,285

(19)

1,302

(595)

3,304

Non-controlling interests

(11)

fit (l

)

2 033

2 046

(37)

1 501

(552)

4 990

(335)

4 655

Operating profit (loss)

2,033

2,046

(37)

1,501

(552)

4,990

(335)

4,655

Unrealised non-hedge derivatives and other
commodity contracts

Intercompany transactions

(92)

Special items

(1)

167

Share of associates' EBIT

(58)

(12)

(70)

335

265

EBIT

2,072

2,191

(30)

1,451

(592)

5,092

Amortisation of assets

601

391

317

1,392

(14)

1,378

Share of associates' amortisation

EBITDA

2,673

2,582

1,768

(570)

6,485

Profit (loss) attributable to equity shareholders

1,331

1,285

(19)

1,302

(595)

3,304

Special items

(1)

167

Share of associates' special items

Taxation on items above

(14)

(1)

(14)

Headline earnings (loss)

1,355

1,350

(19)

1,302

(529)

3,458

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

(66)

Adjusted headline earnings (loss)

1,355

1,350

(19)

1,306

(682)

3,310

Ore reserve development capital

505

123

752

Stay-in-business capital

311

477

283

1,163

(13)

1,149

Project capital

187

155

176

489

1,007

(129)

878

Total capital expenditure

1,004

722

227

895

2,922

(143)

2,780

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

METRIC OPERATING RESULTS
QUARTER ENDED JUNE 2011

Subsidiaries' gold produced

- kg

13,415

9,758

1,888

6,733

31,794

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

1 718

5 442

(40)

741

(4 070)

3 791

(271)

3 520

Operating profit (loss)

1,718

5,442

(40)

741

(4,070)

3,791

(271)

3,520

Unrealised non-hedge derivatives and other
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

299

Mined

- 000 tonnes

1,826

410

106

517

2,859

Milled / Treated

- 000 tonnes

1,702

435

131

512

2,780

Yield

- g/t

7.77

5.05

3.17

6.62

6.92

Gold produced

- kg

13,223

2,200

414

3,391

19,229

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

2,533

285

2,818

Yield

- g/t

0.65

0.50

0.63

Gold produced

- kg

1,636

143

1,779

OPEN-PIT OPERATION

Volume mined

- 000 bcm

11,080

1,336

12,416

Mined

- 000 tonnes

26,636

3,677

7,467

37,780

Treated

- 000 tonnes

5,328

782

246

6,356

Stripping ratio

- ratio

4.54

3.86

26.04

5.47

Yield

- g/t

1.68

3.17

5.93

2.03

Gold produced

- kg

8,952

2,480

1,456

12,887

HEAP LEACH OPERATION

Mined

- 000 tonnes

1,507

14,975

16,482

Placed

- 000 tonnes

232

5,458

5,691

Stripping ratio

- ratio

8.43

1.87

2.07

Yield

- g/t

1.04

0.47

0.49

Gold placed

- kg

242

2,554

2,797

Gold produced

- kg

305

1,929

2,234

PRODUCTIVITY PER EMPLOYEE

Actual

- g

192

348

1,938

720

297

TOTAL

METRIC OPERATING RESULTS
QUARTER ENDED SEPTEMBER 2010

Subsidiaries' gold produced

- kg

14,859

9,645

2,894

6,776

34,174

Joint ventures' gold produced

- kg

1,955

Attributable gold produced

- kg

14,859

11,600

2,894

6,776

36,129

Minority gold produced

- kg

341

743

1,084

Subsidiaries' gold sold

- kg

15,948

9,532

2,697

6,829

35,005

Joint ventures' gold sold

- kg

1,889

Attributable gold sold

- kg

15,948

11,421

2,697

6,829

36,894

Minority gold sold

- kg

334

778

1,112

Spot price

- R/kg

287,837

Price received

- R/kg sold

(58,520)

(7,300)

(86,186)

(75,066)

(47,750)

Price received excluding hedge
buy-back costs

- R/kg sold

266,454

270,165

267,056

266,777

267,707

Total cash costs

- R/kg produced

139,350

170,196

250,073

101,552

151,007

Total production costs

- R/kg produced

181,238

206,279

268,283

134,440

187,695

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - QUARTER ENDED
SEPTEMBER 2010 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

4,249

3,181

720

2,020

10,171

(544)

9,627

Cash costs

(2,139)

(2,037)

(725)

(1,011)

(5,874)

366

(5,509)

By-products revenue

141

225

(1)

224

Total cash costs

(2,071)

(2,031)

(724)

(870)

(5,649)

365

(5,284)

Retrenchment costs

(19)

(2)

(4)

(25)

(23)

Rehabilitation and other non-cash costs

(11)

(90)

(5)

(107)

(106)

Amortisation of assets

(592)

(332)

(53)

(266)

(18)

(1,261)

(1,244)

Total production costs

(2,693)

(2,455)

(776)

(1,146)

(7,042)

384

(6,658)

Inventory change

(182)

104

(8)

(1)

Cost of sales

(2,875)

(2,387)

(759)

(1,042)

(7,034)

375

(6,659)

Adjusted gross profit (loss)

1,374

795

(38)

979

3,137

(168)

2,969

Hedge buy-back costs

(5,183)

(3,169)

(953)

(2,335)

(11,639)

Adjusted gross (loss) profit

(3,809)

(2,374)

(991)

(1,356)

(8,502)

(168)

(8,670)

Unrealised non-hedge derivatives and other
commodity contracts

6,550

1,801

(1)

2,992

11,343

Gross (loss) profit

2,742

(573)

(992)

1,636

2,841

(168)

2,672

Corporate and other costs

(18)

(26)

(2)

(66)

(313)

(426)

Exploration

(2)

(76)

(100)

(170)

(95)

(444)

(440)

Intercompany transactions

(91)

(2)

(6)

Special items

(55)

(6)

(370)

(416)

(8)

(424)

Operating profit (loss)

2,667

(772)

(1,084)

1,396

(652)

1,555

(173)

1,382

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

(9)

(18)

(2)

(526)

(550)

(3)

(553)

Exchange gain (loss)

(63)

(45)

(27)

(134)

(113)

Share of equity accounted investments profit

(1)

151

Profit (loss) before taxation

2,657

(852)

(1,086)

1,355

(1,115)

959

(92)

867

Taxation

108

(235)

(125)

(178)

(410)

(318)

Profit (loss) for the period

2,765

(1,087)

(1,066)

1,230

(1,293)

549

Equity shareholders

2,765

(1,111)

(1,066)

1,166

(1,311)

443

Non-controlling interests

106

Non-controlling interests

106

Operating profit (loss)

2,667

(772)

(1,084)

1,396

(652)

1,555

(173)

1,382

Unrealised non-hedge derivatives and
other commodity contracts

(6,550)

(1,801)

(2,992)

(11,343)

Hedge buy-back costs

5,183

3,169

953

2,335

422

12,060

Intercompany transactions

(98)

Special items

144

158

166

Share of associates' EBIT

(1)

165

180

EBIT

1,443

690

(128)

746

(304)

2,446

Amortisation of assets

592

332

266

1,261

(17)

1,244

Share of associates' amortisation

EBITDA

2,035

1,022

(76)

1,012

(286)

3,706

Profit (loss) attributable to equity shareholders

2,765

(1,111)

(1,066)

1,166

(1,311)

443

Special items

144

158

166

Share of associates' special items

(74)

(8)

(82)

Taxation on items above

(43)

(8)

(51)

Headline earnings (loss)

2,866

(1,107)

(1,066)

1,161

(1,378)

476

Unrealised non-hedge derivatives and
other commodity contracts

(6,550)

(1,801)

(2,992)

(11,343)

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

2,152

Fair value adjustment on option component
of convertible bonds

166

Fair value loss on mandatory convertible

160

Hedge buy-back and related costs
net of taxation

3,717

3,148

953

2,335

422

10,573

Adjusted headline earnings (loss)

2,185

240

(112)

504

(630)

2,184

Ore reserve development capital

479

105

680

Stay-in-business capital

160

244

182

623

(7)

616

Project capital

126

317

552

(77)

475

Total capital expenditure

731

439

604

1,855

(84)

1,771

(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

770

Mined

- 000 tonnes

4,757

1,364

726

1,491

8,337

Milled / Treated

- 000 tonnes

4,317

1,480

727

1,546

8,070

Yield

- g/t

7.91

4.76

3.48

6.49

6.66

Gold produced

- kg

34,157

7,036

2,533

10,035

53,761

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

7,960

Yield

- g/t

0.50

0.52

Gold produced

- kg

3,967

162

4,129

OPEN-PIT OPERATION

Volume mined

- 000 bcm

39,663

1,409

41,071

Mined

- 000 tonnes

94,495

3,651

20,233

118,378

Treated

- 000 tonnes

16,996

1,911

688

19,595

Stripping ratio

- ratio

4.44

6.62

23.45

5.33

Yield

- g/t

1.64

1.65

5.72

1.79

Gold produced

- kg

27,933

3,157

3,936

35,026

HEAP LEACH OPERATION

Mined

- 000 tonnes

4,666

49,314

53,980

Placed

- 000 tonnes

825

16,011

16,836

Stripping ratio

- ratio

6.92

2.18

2.35

Yield

- g/t

1.05

0.40

0.43

Gold placed

- kg

864

6,399

7,263

Gold produced

- kg

664

6,468

7,133

PRODUCTIVITY PER EMPLOYEE

Actual

- g

183

349

1,176

651

288

TOTAL

38 124

30 009

5 690

20 440

94 262

METRIC OPERATING RESULTS
NINE MONTHS ENDED SEPTEMBER 2011

Subsidiaries' gold produced

- kg

38,124

Joint ventures' gold produced

- kg

5,787

Attributable gold produced

- kg

38,124

35,796

5,690

20,440

100,049

Minority gold produced

- kg

1,028

1,800

2,828

Subsidiaries' gold sold

- kg

38,116

29,709

5,804

20,557

94,186

Joint ventures' gold sold

- kg

5,709

Attributable gold sold

- kg

38,116

35,418

5,804

20,557

99,895

Minority gold sold

- kg

1,076

1,806

2,882

Spot price

- R/kg

343,979

Price received

- R/kg sold

345,817

346,476

337,755

345,990

345,618

Total cash costs

- R/kg produced

155,190

168,844

315,797

112,013

160,402

Total production costs

- R/kg produced

205,522

202,315

350,804

161,411

203,940

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - NINE MONTHS
ENDED SEPTEMBER 2011 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

Total group

Gold income

13,181

12,641

1,960

7,649

35,431

(1,967)

33,464

Cash costs

(6,493)

(6,268)

(1,803)

(3,445)

131

(17,877)

1,099

(16,779)

By-products revenue

577

596

1,225

(5)

1,220

Total cash costs

(5,916)

(6,228)

(1,797)

(2,849)

139

(16,652)

1,093

(15,558)

Retrenchment costs

(49)

(9)

(16)

(74)

(73)

Rehabilitation and other non-cash costs

(40)

(142)

(6)

(313)

(501)

(497)

Amortisation of assets

(1,830)

(1,063)

(194)

(849)

(62)

(3,998)

(3,954)

Total production costs

(7,835)

(7,443)

(1,996)

(4,027)

(21,225)

1,142

(20,083)

Inventory change

(64)

292

232

(11)

221

Cost of sales

(7,833)

(7,507)

(1,994)

(3,735)

(20,993)

1,131

(19,863)

Adjusted gross profit (loss)

5,348

5,134

(34)

3,914

14,439

(837)

13,602

Unrealised non-hedge derivatives and other
commodity contracts

(10)

(7)

Gross profit (loss)

5,348

5,136

(34)

3,904

14,431

(837)

13,594

Corporate and other costs

(60)

(49)

(15)

(229)

(1,269)

(1,622)

(5)

(1,626)

Exploration

(6)

(352)

(266)

(566)

(203)

(1,393)

(1,367)

Intercompany transactions

(238)

(9)

(13)

259

Special items

(84)

3,834

246

(3,901)

111

Operating profit (loss)

5,199

8,331

(78)

3,113

(5,037)

11,528

(816)

10,712

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

(26)

(4)

(21)

553

519

(20)

499

Exchange gain (loss)

(53)

(2)

Share of equity accounted investments
profit (loss)

(104)

(47)

(152)

547

396

Profit (loss) before taxation

5,173

8,274

(63)

3,078

(4,496)

11,965

(266)

11,699

Taxation

(1,609)

(1,512)

(461)

(30)

(3,608)

266

(3,342)

Profit (loss) for the period

3,564

6,762

(59)

2,617

(4,526)

8,357

Equity shareholders

3,564

6,664

(59)

2,534

(4,545)

8,158

Non-controlling interests

199

Operating profit (loss)

5,199

8,331

(78)

3,113

(5,037)

11,528

(816)

10,712

Unrealised non-hedge derivatives and
other commodity contracts

(2)

Intercompany transactions

238

(259)

Special items

100

(3,691)

(21)

(10)

3,852

231

Share of associates' EBIT

(104)

(30)

(134)

816

682

EBIT

5,298

4,876

(91)

3,021

(1,471)

11,633

Amortisation of assets

1,830

1,063

194

849

3,998

(44)

3,954

Share of associates' amortisation

EBITDA

7,128

5,939

103

3,870

(1,409)

15,631

Profit (loss) attributable to equity shareholders

3,564

6,664

(59)

2,534

(4,545)

8,158

Special items

100

(3,691)

(21)

(10)

3,852

230

Share of associates' special items

Taxation on items above

(51)

(2)

(46)

Headline earnings (loss)

3,613

2,971

(74)

2,525

(676)

8,359

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

(677)

Fair value loss on mandatory convertible

(647)

Adjusted headline earnings (loss)

3,613

2,969

(74)

2,534

(2,000)

7,043

Ore reserve development capital

1,419

257

338

2,081

Stay-in-business capital

604

1,130

568

2,442

(27)

2,414

Project capital

429

481

322

1,249

2,482

(376)

2,105

Total capital expenditure

2,453

1,868

433

2,155

7,005

(404)

6,601

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

932

Mined

- 000 tonnes

5,580

1,406

425

1,367

8,778

Milled / Treated

- 000 tonnes

5,188

1,383

360

1,421

8,353

Yield

- g/t

7.09

5.26

4.07

6.40

6.54

Gold produced

- kg

36,779

7,270

1,467

9,099

54,615

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

7,540

783

8,323

Yield

- g/t

0.52

0.66

0.54

Gold produced

- kg

3,947

519

4,466

OPEN-PIT OPERATION

Volume mined

- 000 bcm

35,978

3,830

39,808

Mined

- 000 tonnes

84,691

10,674

21,595

116,961

Treated

- 000 tonnes

15,947

2,355

780

19,083

Stripping ratio

- ratio

4.03

4.88

25.41

5.01

Yield

- g/t

1.59

3.26

5.89

1.97

Gold produced

- kg

25,384

7,671

4,598

37,653

HEAP LEACH OPERATION

Mined

- 000 tonnes

3,576

46,124

49,700

Placed

- 000 tonnes

865

15,702

16,567

Stripping ratio

- ratio

6.95

1.98

2.12

Yield

- g/t

1.33

0.48

0.52

Gold placed

- kg

1,147

7,485

8,631

Gold produced

- kg

1,595

6,386

7,981

PRODUCTIVITY PER EMPLOYEE

Actual

- g

171

351

2,071

726

283

TOTAL

40 726

28 170

9 138

20 082

98 116

METRIC OPERATING RESULTS
NINE MONTHS ENDED SEPTEMBER 2010

Subsidiaries' gold produced

- kg

Joint ventures' gold produced

- kg

6,598

Attributable gold produced

- kg

40,726

34,768

9,138

20,082

104,714

Minority gold produced

- kg

1,112

2,174

3,286

Subsidiaries' gold sold

- kg

40,912

27,804

9,048

20,097

97,861

Joint ventures' gold sold

- kg

6,479

Attributable gold sold

- kg

40,912

34,283

9,048

20,097

104,340

Minority gold sold

- kg

1,100

2,205

3,305

Spot price

- R/kg

282,015

Price received

- R/kg sold

133,050

169,782

149,985

142,012

148,314

Price received excluding hedge
buy-back costs

- R/kg sold

259,727

262,212

255,266

258,176

259,858

Total cash costs

- R/kg produced

141,479

164,043

242,225

100,855

149,953

Total production costs

- R/kg produced

188,239

196,855

261,039

133,990

187,282

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - NINE MONTHS
ENDED SEPTEMBER 2010 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

Total group

Gold income received

(1)

10,626

9,298

2,310

5,733

27,967

(1,819)

26,148

Cash costs

(5,947)

(5,892)

(2,218)

(2,868)

191

(16,735)

1,050

(15,685)

By-products revenue

186

388

617

(3)

614

Total cash costs

(5,762)

(5,870)

(2,213)

(2,480)

208

(16,118)

1,046

(15,072)

Retrenchment costs

(88)

(2)

(13)

(104)

(102)

Rehabilitation and other non-cash costs

(32)

(189)

(5)

(227)

(1)

(228)

Amortisation of assets

(1,784)

(967)

(172)

(768)

(49)

(3,740)

(3,691)

Total production costs

(7,666)

(7,029)

(2,385)

(3,267)

158

(20,189)

1,096

(19,093)

Inventory change

(31)

233

289

(15)

274

Cost of sales

(7,697)

(6,955)

(2,372)

(3,034)

158

(19,900)

1,081

(18,819)

Adjusted gross profit (loss) excluding
hedge buy-back costs

2,929

2,343

(62)

2,700

158

8,067

(738)

7,329

Hedge buy-back costs

(5,183)

(3,169)

(953)

(2,335)

(11,639)

Adjusted gross profit (loss)

(2,254)

(826)

(1,015)

365

158

(3,572)

(738)

(4,310)

Unrealised non-hedge derivatives and other
commodity contracts

5,778

634

2,616

9,104

Gross profit (loss)

3,525

(192)

(940)

2,981

158

5,532

(738)

4,794

Corporate and other costs

(50)

(36)

(8)

(151)

(945)

(1,191)

(1)

(1,192)

Exploration

(5)

(257)

(236)

(451)

(172)

(1,121)

(1,108)

Intercompany transactions

(186)

(8)

(11)

205

Special items

(180)

(2)

(376)

(679)

(8)

(686)

Operating profit (loss)

3,290

(851)

(1,134)

2,367

(1,130)

2,542

(734)

1,808

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

(9)

(42)

(458)

(496)

(495)

Exchange gain (loss)

(80)

(59)

(78)

(75)

Share of equity accounted investments
profit (loss)

(1)

387

403

Profit (loss) before taxation

3,281

(973)

(1,135)

2,321

(1,510)

1,984

(343)

1,641

Taxation

(833)

(624)

(67)

(1,483)

343

(1,140)

Profit (loss) for the period

3,294

(1,806)

(1,106)

1,697

(1,577)

501

Equity shareholders

3,294

(1,877)

(1,106)

1,549

(1,627)

233

Non controlling interests

148

268

148

268

Operating profit (loss)

3,290

(851)

(1,134)

2,367

(1,130)

2,542

(734)

1,808

Unrealised non-hedge derivatives and
other commodity contracts

(5,778)

(634)

(75)

(2,616)

(9,104)

Hedge buy-back costs

5,183

3,169

953

2,335

422

12,060

Intercompany transactions

186

(205)

Special items

237

(45)

292

299

Share of associates' EBIT

(1)

(22)

(23)

726

703

EBIT

2,930

1,950

(294)

2,101

(921)

5,767

Amortisation of assets

1,784

967

172

768

3,740

(49)

3,691

Share of associates' amortisation

EBITDA

4,715

2,917

(122)

2,870

(872)

9,507

Profit (loss) attributable to equity shareholders

3,294

(1,877)

(1,106)

1,549

(1,627)

233

Special items

237

(45)

292

299

Share of associates' special items

(40)

(8)

(47)

Taxation on items above

(55)

(23)

(8)

(83)

Headline earnings (loss)

3,476

(1,819)

(1,149)

1,547

(1,652)

402

Unrealised non-hedge derivatives and
other commodity contracts

(5,778)

(634)

(75)

(2,616)

(9,104)

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

1,892

1,915

Fair value adjustment on option component
of convertible bond

(319)

Fair value loss on mandatory convertible bond

160

Hedge buy-back and related costs
net of taxation

3,717

3,148

953

2,335

422

10,573

Adjusted headline earnings (loss)

3,306

695

(249)

1,265

(1,389)

3,626

Ore reserve development capital

1,353

198

282

1,926

Stay-in-business capital

491

460

439

1,481

(20)

1,461

Project capital

243

364

767

1,434

(183)

1,251

Total capital expenditure

2,087

1,022

219

1,488

4,841

(203)

4,638

(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.

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 31 May 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

ANGLOGOLD ASHANTI LIMITED

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

Share codes:

ISIN: ZAE000043485
JSE:

ANG

LSE:

AGD

NYSE:

ASX:

AGG

GhSE (Shares):

AGA

GhSE (GhDS):

AAD

Euronext Paris:

Euronext Brussels:

ANG

JSE Sponsor:

UBS

Auditors:

Ernst & Young Inc.

Offices

Registered and Corporate
76 Jeppe Street
Newtown 2001
(PO Box 62117, Marshalltown 2107)
South Africa
Telephone: +27 11 637 6000
Fax: +27 11 637 6624

Australia
Level 13, St Martins Tower
44 St George's Terrace
Perth, WA 6000
(PO Box Z5046, Perth WA 6831)
Australia
Telephone: +61 8 9425 4602
Fax: +61 8 9425 4662

Ghana
Gold House
Patrice Lumumba Road
(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

Ms N P January-Bardill

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 BS13 8AE
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: +233 302 229664
Fax: +233 302 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
ANGLOGOLD ASHANTI.

Telephone: +1-888-BNY-ADRS

SIGNATURES

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

AngloGold Ashanti Limited

Date: November 9, 2011

By: /s/ L Eatwell

Name: L EATWELL
Title: Company Secretary