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 8, 2012

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 Beats Operating Guidance; Growth Projects on Schedule

Quarter 3 2012

Report

for the quarter and nine months ended 30 September 2012

Group results for the quarter….

·   Gold production of 1.03Moz, lower-than-anticipated production from South Africa and Obuasi.
·   Total cash costs of $866/oz, compared with guidance of $835/oz to $865/oz.
·   Adjusted headline earnings of $235m, or 61 US cents a share.
·   Quarterly dividend declared of 50 South African cents per share (approximately 6 US cents per share).
·   Capital expenditure cut by $200m to $2bn - $2.1bn; certain projects and corporate costs under review.
·   Tropicana on track for first production of gold before the end of next year; Kibali remains on track.
·   Technology & Innovation Consortium making good progress on reef-boring project for South African mines.
·   All Injury Frequency Rate (AIFR) the lowest on record at 7.93 per million hours worked.

For the first three quarters….

·   Profit attributable to equity shareholders at $1,019m (2011: $1,167m).
·   Adjusted headline earnings at $917m (2011: $1,002m).
·   EBITDA at $2,065m, compared to $2,234m during the same period last year.
·   Year to date AIFR of 8.2 per million hours worked, a 16% improvement on 2011 year-end performance.

Quarter

Nine months

ended

Sep

Jun

Sep

2012

2011

2012

2011

US dollar / Imperial

Operating review
Gold
Produced

- oz (000)

1,030

1,073

1,092

3,084

3,217

Price received

$/oz

1,648

1,607

1,713

1,649

1,539

Total cash costs

- $/oz

866

801

737

821

716

Total production costs

- $/oz

1,081

1,002 922

1,027

910

Financial review
Adjusted gross profit

$m 573

633 816

1,923

1,942

Gross profit

- $m

512

633 815

1,862

1,941

Profit attributable to equity shareholders - $m

168

287 456

1,019

1,167

- cents/share

118

263

302

Headline earnings

- $m

178

307 476

1,036

1,194

- cents/share

123

268

309

Adjusted headline earnings

235

253

457

917

1,002

- cents/share

118

237

260

Cash flow from operating activities

- $m

304

462 863

1,348

2,011

Capital expenditure

- $m

545

451 408

1,350

1,002

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.

Certain statements made in this communication, other than statements of historical fact, 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 achievement of project milestones, the completion and commencement of commercial operations of certain of AngloGold
Ashanti’s exploration and production projects and the completion of acquisitions and dispositions, AngloGold Ashanti’s liquidity and capital resources and capital expenditures
and the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental issues, are forward-looking statements or forecasts
regarding AngloGold Ashanti’s operations, economic performance and financial condition. These forward-looking statements or forecasts involve known and unknown risks,
uncertainties and other factors that may cause AngloGold Ashanti’s actual results, performance or achievements to differ materially from the anticipated results, performance
or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking
statements and forecasts 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, social, political 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 2011, which was distributed to shareholders on 4 April 2012, the company’s 2011 annual report on Form 20-F, which was filed with the Securities and
Exchange Commission in the United States on 23 April 2012 and the prospectus supplement to the company’s prospectus dated 17 July 2012 that was filed with the
Securities and Exchange Commission on 25 July 2012. 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.
Consequently, stakeholders are cautioned not to place undue reliance on forward-looking statements. 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, except to
the extent required by applicable law. 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 may contain 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.

Operations at a glance

for the quarter ended 30 September 2012

oz (000)

Year-on-year

% Variance

Qtr on Qtr

% Variance

$/oz

Year-on-year

% Variance

Qtr on Qtr

% Variance

Year-on-year

$m Variance

Qtr on Qtr

$m Variance

SOUTH AFRICA

373

(5)

849

208

(82)

Great Noligwa

1,047

(17)

(7)

Kopanang

(38)

(14)

1,104

(46)

(13)

Moab Khotsong

(35)

(15)

1,029

(39)

(6)

Mponeng

126

623

108

(5)

Savuka

(23)

(17)

1,026

(7)

(3)

TauTona

847

(7)

(5)

First Uranium SA

898

Surface Operations

(9)

852

(3)

(6)

CONTINENTAL AFRICA

357

(13)

(12)

916

197

(128)

(47)

Ghana

Iduapriem

(6)

(4)

1,051

(12)

(1)

Obuasi

(23)

(28)

1,167

(33)

(20)

Guinea

Siguiri - Attr. 85%

(10)

985

(10)

(14)

Mali

Morila - Attr. 40%

(25)

(18)

780

(5)

(10)

(6)

Sadiola - Attr. 41%

(16)

963

(19)

(12)

Yatela - Attr. 40%

(13)

1,790

(23)

(1)

(2)

Namibia

Navachab

(6)

(29)

1,040

(6)

(3)

(9)

Tanzania

Geita

127

(15)

(9)

682

(46)

(10)

Non-controlling interests,
exploration and other

(2)

(1)

AUSTRALASIA

(10)

937

(40)

(21)

Australia

Sunrise Dam

(10)

891

(43)

(19)

Exploration and other

(3)

(3)

AMERICAS

237

798

154

(98)

(9)

Argentina

Cerro Vanguardia - Attr. 92.50%

772

161

(20)

Brazil

AngloGold Ashanti Mineração

(10)

(6)

837

(61)

(17)

Serra Grande

100

853

(7)

(1)

United States of America

Cripple Creek & Victor

(13)

(6)

725

(16)

Non-controlling interests,
exploration and other

(10)

(7)

OTHER

(9)

Sub-total

1,030

(6)

(4)

866

601

(263)

(51)

Equity accounted investments included above

(28)

(9)

AngloGold Ashanti

573

(243)

(60)

Refer to note B "Non GAAP disclosure" for definition

Variance September 2012 quarter on September 2011 quarter - increase (decrease).

Variance September 2012 quarter on June 2012 quarter - increase (decrease).

Equity accounted joint ventures.

Effective 1 July 2012, AngloGold Ashanti increased its shareholding in Serra Grande from 50% to 100%.

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

The current quarter’s adjusted headline earnings (AHE) of $235m or 61 US cents per share is lower, when compared with
$457m or 118 US cents per share recorded in the third quarter of 2011. The decline is principally due to a 6% drop in gold
production, a $65/oz lower gold price, higher cash costs associated with inflation including wage increases, lower grades
and by-product credits, increased exploration and study costs, and higher finance charges. These adverse impacts were
partially mitigated by the deferred tax credit of $58m from the Serra Grande tax restructuring.

When compared to the June 2012 quarter, AHE declined by 7% primarily due to 4% lower production, higher unit costs
(wage increases and winter power tariffs in the South African region and, for the wage increases, also in the Americas),
lower by-product credits, increased exploration and study costs, and higher finance charges.

Profit attributable to equity shareholders for the third quarter was $168m and year-to-date amounted to $1,019m compared
to $1,167m for the year-to-date last year. The third quarter net profit of $168m was 41% or $119m lower than the June
quarter due to higher costs, increased exploration and study costs, higher finance costs and fair value losses relating to the
convertible bonds and commodity contracts. These factors were partly mitigated by the deferred tax credit from the Serra
Grande tax restructuring. Cash flow generated from operating activities was $304m during the third quarter, compared with
$863m a year earlier. Capital expenditure was $545m (including equity accounted joint ventures) for the September 2012
quarter compared to $408m for the September 2011 quarter. Net debt increased from $879m at the end of the second
quarter to $1,569m at the end of September following the completion of the acquisition of First Uranium’s Mine Waste
Solutions for $335m on 20 July 2012, and higher capital expenditure. AngloGold Ashanti expects net debt to increase by
year-end given its project capital expenditure profile.

SOUTH AFRICA
Following a wave of labour unrest and unprotected strike action that took place throughout South Africa since early August,
workers at AngloGold Ashanti’s Kopanang mine embarked on an unprotected strike on 20 September, preventing the
commencement of the night shift on 20 September. Workers at the three West Wits and balance of the Vaal River regions’
operations joined the unprotected work stoppage on 25 September.

The company worked throughout this challenging period to find a mutually agreeable solution to the unprocedural work
stoppage, which cost approximately 32,000oz a week in lost production while the entire South African portfolio remained
idle. AngloGold Ashanti, along with its major gold-producing peers in South Africa, used the Entry Level Task Team,
established in the 2011 collective wage negotiation process to: increase the entry-level pay of employees; establish a new
pay category for equipment operators; provide an allowance for rock-drill operators; and increase pay by 2% for most
categories of worker. The net impact of this settlement on the payroll cost for AngloGold Ashanti is $16m per annum.

Striking employees at the Kopanang and Great Noligwa mines, as well as the surface operations, started returning to work
on Monday 22 October while Moab Khotsong followed a day later. The situation at those mines, as well as all surface
operations, remains normal and they are in the process of ramping up to full production.

On Friday 26 October following extensive dialogue between AngloGold Ashanti’s regional management and employees,
most of the striking workforce returned to the three West Wits mines. TauTona, however, was again disrupted by an
underground sit-in on 1 November where employees demanded early payment of a safety incentive, which was offered to
help ensure the safe restart of the mine. A day later, Mponeng’s normal operations were disrupted by a similar sit-in. This
occurred again on 5 November at Mponeng, with threats made by striking miners to their colleagues. In both cases, damage
was caused to company property. In the wake of this second disruption at Mponeng, a decision was taken to suspend
operations at the mine given that AngloGold Ashanti was unable to ensure the safety of staff. Striking employees will again
receive no pay while the situation persists and the mine will remain closed until assurances can be received that normal,
safe operations can resume. These work stoppages on the world’s deepest underground mines, which have started
suddenly and have lasted five weeks (and longer in the case of Mponeng), are unprecedented and pose significant safety
risks and operating challenges. AngloGold Ashanti continues to take every precaution to ensure the operations are restarted
safely and that the ore bodies are not compromised.

As of 2 November, AngloGold Ashanti estimates the strike had cost about 250,000oz of lost production during the fourth
quarter due to the work stoppages and also in the slow ramp up to full production. While concerted efforts are being made to
end the impasse at Mponeng, and to prevent it from spreading to neighbouring operations, the continued disruption will
further exacerbate the production losses. The lower volumes will have a commensurate impact on regional and group unit
cash costs.

CORPORATE UPDATE
AngloGold Ashanti’s management has moved decisively to counter the impact of the strike, in order to maintain appropriate
financial flexibility. Capital expenditure for 2012 has been reduced by $200m and is now estimated at $2bn to $2.1bn. A
study of all corporate and operating costs is currently being conducted. AngloGold Ashanti’s industry leading exploration
programme is being focused on key, high-potential projects and capital projects are being reviewed. At Mongbwalu, in the

Democratic Republic of Congo, the development schedule is being reviewed in order to provide time to assess additional
discoveries that have been made. Development of the Sadiola Deep Sulphides project is being slowed, as are the life
extension projects at Moab Khotsong and Mponeng in South Africa. Also in South Africa, production plans are being
reviewed to focus the existing operations on higher margin, higher quality operations. Additional detail will be provided
along with fourth-quarter and full-year operating and financial results in early 2013, when AngloGold Ashanti traditionally
provides production, capital expenditure and cost forecasts for the year ahead.

DIVIDEND
The company remains committed to focusing on the cash returns to shareholders whilst, as previously stated, considering
cash flow, investment needs and the financial strength of the business in the context of delivering on its business plan and
strategic growth objectives. The unprotected strike action at the South African operations, which started late in the third
quarter and continued through much of the fourth quarter to date, have had an adverse impact on the quarter three results
and will significantly impact the quarter four results. On 17 October 2012, following the downgrade of the South African
sovereign ratings, Standard and Poor’s announced that the company is being placed on credit watch negative, which may
result in downgrading the company’s credit rating below investment grade. On the basis of these developments and
management’s efforts to effect cuts in expenditures whilst retaining confidence in the long term outlook, the Board has
reduced the quarter three dividend to 50 South African cents per share. It is expected that the dividend will be at a similar
level in the fourth quarter assuming that the unprotected strike action is speedily resolved, before moving back in line with
long term operating and financial performance in 2013.

SAFETY
Tragically, four fatal incidents were reported during the quarter. Safety remains the highest priority across the organisation
and the focus remains on improving safety throughout the organisation through various programmes and initiatives including
the on-going implementation of Project ONE, incident risk protocols and risk management training. As a result, overall safety
performance continues to improve. The All Injury Frequency Rate (AIFR) in the third quarter was the lowest quarterly rate on
record for the organisation at 7.93 per million hours worked. Year-to-date, the AIFR was 8.2 per million hours worked, a
16% improvement when compared to the 2011 year-end performance, and all regions reflect double digit improvement in
AIFR against 2011 year-end performance. Notably, Kopanang achieved 1,000,000 fatality free shifts and Yatela remains
injury free for 2012.

OPERATING REVIEW
Production for the three months to 30 September 2012 was 1.03Moz at a total cash cost of $866/oz compared to 1.09Moz
at a total cash cost of $737/oz for the three months to 30 September 2011. This compares with guidance for the period of
1.07Moz to 1.10Moz at a total cash cost of $835/oz to $865/oz. Output was affected primarily by labour unrest in South
Africa and lower-than-anticipated performance from the Obuasi mine in Ghana. Lower volumes had an adverse effect on
unit total cash costs.

The South African operations produced 373,000oz at a total cash cost of $849/oz in the three months to 30 September
2012 compared with 394,000oz at a total cash cost of $757/oz a year earlier. The year-on-year performance was impacted
by labour unrest in South Africa, where absenteeism and work stoppages in the immediate aftermath of the Marikana
shooting on 16 August, and the strike that started at Kopanang on 20 September and spread to the remainder of the South
African operations on 25 September, affected production. The performance was also adversely affected by winter power-
tariff increases in South Africa; increased seismic activity in the West Wits area; reduced volumes mined coupled with lower
mining grades in the Vaal River district; inflationary pressures and continued safety-related stoppages through the quarter.

At the West Wits operations, Mponeng’s production increased by 8% year-on-year to 126,000oz due to improved volumes,
as the same quarter last year was negatively impacted by safety stoppages. Total cash costs rose 6% to $623/oz year-on-
year as a result of continued efforts to improve in-stope safety. At neighbouring TauTona, output increased from a year
earlier to 60,000oz, mainly as a result of improved volumes mined. Total cash costs decreased by 7% to $847/oz due to
improved production, cost savings initiatives and vigorous cost management. The full implementation of Project ONE has
resulted in production improvements through the completion of Simunye training, shaft optimisation and shaft compliance.
The stabilisation of the Vertical Transport and Turbo areas has resulted in cost improvements due to restructuring of work.

The Vaal River Operations, particularly Moab Khotsong, were severely impacted by safety-related stoppages along with
mining flexibility constraints and the industrial strike action. Gold production at Moab Khotsong fell by 35% from a year
earlier to 46,000oz principally due to the above mentioned operational issues as well as a 10% reduction in grade with a
44% rise in total cash cost to $1,029/oz. The successful implementation of a work management system and recovery plan
at Great Noligwa resulted in a 16% year-on-year increase in production to 29,000oz. At the same time, total cash costs
decreased by 17% to $1,047/oz. Kopanang, adversely affected by mining flexibility issues and lower mining grades,
experienced a 38% year-on-year decline in production to 48,000oz while total cash costs rose by 58% to $1,104/oz.

Surface Operations production rose by 25% to 40,000oz whilst total cash costs decreased by 3% to $852/oz.

The production business units completed the first of a series of engagement workshops to improve working relationships.
To address the skills level of middle managers, an Advanced Mine Overseers training programme is expected to be rolled
out upon finalisation of the programme, following excellent results in its pilot phase. Simunye training, to improve safety and
production of all production teams is progressing well with 61% of all stoping crews trained.

The Continental Africa Region operations produced 357,000oz at a total cash cost of $916/oz in the third quarter of 2012,
compared with 411,000oz at a total cash cost of $739/oz reported in the third quarter of 2011.

In Tanzania, production at Geita was 15% lower than the same period last year at 127,000oz as mining grades normalised
to plan, partly mitigated by an increase in tonnage throughput. Total cash costs increased, when compared to the same
period last year, by 44% to $682/oz due to the lower production and increases in mining contract rates.

In Ghana, production at Iduapriem was 45,000oz, 6% lower than the third quarter in 2011 due to delays in accessing higher
grade areas and increased environmental compliance costs. Total cash costs were higher at $1,051/oz primarily due to the
lower production. At Obuasi, production was 23% lower than a year earlier at 60,000oz due to development of ore stopes
being behind schedule with a resultant delay in access to average reserve grade ore. Consequently, total cash costs rose
41% to $1,167/oz. The decision to terminate the relationship with the development contractor was announced during
October, given that sub-par development performance has been identified as a key constraint to the mine’s performance in
recent years. AngloGold Ashanti is expected to assume operational accountability for development at the mine after the
required 28-day notice period. The costs of the termination and consequential impact will be reflected in the fourth quarter
financials.

In Guinea, Siguiri’s production rose 7% year-on-year to 60,000oz as tonnage throughput was sustained at the higher levels
achieved in the previous quarter. Total cash costs were 4% higher at $985/oz.

In Mali, Morila’s production was 25% lower year-on-year at 18,000oz as the higher grade ore stockpiles were fully depleted
and processing of the marginal grade stockpiles commenced. Despite the lower year-on-year production, total cash costs
decreased by 5% to $780/oz. Sadiola, which continues to be affected by lower grades and transition ore, had production
16% lower than the same quarter in the prior year at 26,000oz, and its total cash costs increased by 22% to $963/oz,
primarily as a result of the lower production.

In Namibia, Navachab’s production was 15,000oz, 6% lower than the same period last year, reflecting a decrease in
tonnage as a result of industrial action in the quarter that impacted normal operations. Total cash costs averaged $1,040/oz.

The Americas region produced 237,000oz of gold at a total cash cost of $798/oz in the third quarter of 2012, compared with
238,000oz at a total cash cost of $524/oz a year earlier.

At Cripple Creek & Victor gold production was 60,000oz which was 13% lower than the third quarter in 2011, while cash
cost increased by 29% to $725/oz primarily due to higher cost ounces placed on the heap leach pad. Cripple Creek & Victor
received two critical approvals related to Mine Life Extension 2 (MLE 2) project.

At AngloGold Ashanti Brasil Mineração, production was 10% lower than the same quarter last year at 91,000oz with lower
production from Cuiabá due to geotechnical issues and lower equipment availability. At the Córrego do Sítio operation, the
sulphide plant reached stabilization in August and mine ramp up continues toward full production which is expected by the
end of the year. Total cash cost rose 51% to $837/oz as a consequence of lower gold produced and higher labour costs due
to the annual collective agreement in August, as well as ore stockpile and gold in process movements. At Serra Grande,
production was 100% higher than the prior year at 30,000oz following the acquisition of the remaining 50% stake in the
mine on 28 June 2012. Total cash cost was 7% lower at $853/oz as a result of ore stockpile and gold in process movements
and the weakening real. This was partially offset by higher labour costs due to the annual collective agreement in August
and higher development costs.

In Argentina, at Cerro Vanguardia, attributable gold production at 56,000oz was 8% higher than the same quarter last year
as a consequence of an increase in tonnage throughput. Attributable silver production at 516,000oz represents a 3%
increase compared to the previous quarter. Total cash cost at the operation was $772/oz. Costs were impacted by
continuing local inflation issues.

In Australasia production at Sunrise Dam increased by 28% year-on-year to 64,000oz with total cash costs decreasing
43% to $891/oz. Cash costs saw a $30m (A$29m) credit due to the receipt of insurance claim funds relating to the pit wall
failure. During the quarter, a total of 172m of underground capital development and 2,695m of operational development
were completed during the quarter.

PROJECTS
AngloGold Ashanti incurred capital expenditure of $545m (including equity-accounted joint ventures) during the quarter, of
which $262m was spent on growth projects. Of the growth related capital $21m was spent in the Americas, $116m was
spent in Continental Africa, $73m in Australasia and $52m in South Africa.

The Kibali project, the joint venture between state-owned Sokimo (10%), AngloGold Ashanti (45%) and operator Randgold
Resources (45%), is expected to require attributable project capital expenditure of $982m (including contingencies and
escalation), to fund development of the open pit and underground mines, as well as associated infrastructure, with first gold
from the open pit targeted for late next year. Year-to-date, AngloGold Ashanti has spent $137m towards the development of
the Kibali project which continued to make steady progress in line with the development schedule. Bulk earthworks and civil
works progressed with the first concrete pour to the mill achieved at the end of the quarter. The Relocation Action Plan
(RAP) continues in earnest with the completion of repairs to the houses impacted by storm damage together with planned
construction of the remaining houses. A total of 1,554 houses have been constructed to date.

Tropicana Gold Project continues to make steady progress towards its first production expected by year-end 2013. The
key activities that drove project expenditure in the September quarter included infrastructure construction focused on village
installation, bore field pipeline, structural steel buildings and administration facilities, with plant construction works including
concrete, tankage and the commencement of structural steel. The project is progressing well, and is 64% complete. Design
and procurement activities are complete and the focus is aimed at expediting and managing the respective site based
contractors to ensure delivery of work in line with project expectations. Subsequent to the last update, the Electrical and
Instrumentation (E&I) contract was awarded and the last main contract, the Tailings Storage Facility (TSF) construction
contract, was tendered. The E&I contract was within the forecast and the opening bids for the TSF contract were within the
forecast, providing additional confidence in the capital cost forecast.

Technology and Innovation Project
AngloGold Ashanti’s Technology & Innovation Consortium continued to clear technical hurdles on the path to creating a
safe, automated mining method intended for use at AngloGold Ashanti’s deep-level underground mining operations. During
the third quarter, the team completed three raise bore holes on reef at the 97 level site at TauTona. The remaining two holes
planned for the year will focus on improving the speed of the drilling process. Substantial headway in the design and testing
of ultra high strength backfill has also been achieved. Initial surface pumping trial has proven that the 160Mpa strength mix
design could be pumped over a horizontal distance of 40m and a height of 3m.

EXPLORATION
Total exploration expenditure during the third quarter, inclusive of expenditure at equity accounted joint ventures, was
$107m ($33m on brownfield, $35m on greenfield and $39m on pre-feasibility studies), compared with $96m in the third
quarter of 2011 ($35m on brownfield, $33m on greenfield, and $28m on pre-feasibility studies). The following are highlights
from the company’s exploration activities during the quarter.

Greenfield exploration activities were undertaken in six regions (Australia, Americas, Pacific, Sub-Saharan Africa and the
Middle East & North Africa) during the third quarter of 2012. A total of 105,673 metres of diamond, RC and aircore drilling
was completed on existing priority targets and used to delineate new targets in Australia, Colombia, Brazil, Guinea,
Tanzania, Egypt, the Solomon Islands and the DRC.

In Colombia, exploration included diamond drilling at the Nuevo Chaquiro target on the Quebradona project, a joint venture
between AngloGold Ashanti (69.6%) and B2Gold (30.4%). A total of 3,406m was drilled, targeting porphyry Au-Cu-Mo and
associated epithermal mineralisation. To date, mineralisation has been traced to depths approaching 1,500m.

At La Colosa, drilling continued for geotechnical and hydrological studies, and the continuity of the structurally controlled
high grade core was established. The four drills operating during the quarter completed 12,700m, including 310m @ 1.98g/t
from 20m. Positive assay results continued to return from holes drilled previously in 2012 with Borehole COL148 returning a
value of 1.84g/t over 201m from a depth of 400m.

In Australia, encouraging results have been returned for first pass aircore drilling at the Beaker prospect, within the Viking
project (AGA 100%) and include 9m @ 1.74g/t Au, 3m @ 9.07g/t Au and 3m @ 3.17g/t Au. Results are still awaited for the
recently completed diamond drilling programme.

At Tropicana, drilling for the Havana Deeps Prefeasibility Study was completed during the quarter with 2,183m of diamond
drilling. All assay results have been returned and have been incorporated into the geological model. Two encouraging
results were received from holes at the north eastern limit of drilling at Havana (18m @ 5.4g/t Au from 500m and 5m @
9.0g/t Au from 560m). These indicate the potential for a third high grade shoot at Havana.

A Mineral Resource model update is targeted for completion by year end, with this forming the basis for open pit and
underground mining studies scheduled to be undertaken during 2013. Study work has commenced with metallurgical testing
underway and mining and geotechnical review commenced.

In Guinea, exploration work focussed on the Kounkoun trend in Block 3, with infill and delineation drilling. Resource
modelling is in progress for Saraya in Block 2, while reconnaissance drilling will commence over Block 4 after the wet
season in the fourth quarter. At Kounkoun Central and Kounkoun South, a total of 14,894m of drilling was completed;
comprising 8,434m aircore, 6,460m of RC, and follows previously delineated mineralised zones. The best results include,
but are not limited to (true widths), 46.04m @ 2.11g/t Au from 12m in KKAC559, 29.13m @ 2.74g/t Au from 144.5m in
KKDD008, 23m @ 1.84g/t Au from 11m in KKRC124, 29.7m @ 1.18g/t Au from 45m in KKAC593, 15.97m @ 2.23g/t Au
from 43m in KKRC084 and 10.34m @ 3.07g/t Au from 35m in KKAC580.

At Siguiri, a total of 33,707m of drilling was completed, with about two-thirds of RC drilling focused on upgrading oxide
Mineral Resources around Kozan, Soloni, Kossise NE, Kalamagna and Tubani-Bidini. The Kozan and Soloni infill drilling
areas consistently returned some good intersections during the quarter, while the infill programme in the gap between
Tubani and Bidini confirmed the continuous nature of the steeply dipping ore bodies. Infill drilling at Kossise NE successfully
targeted the extensions of steeply dipping NE trending mineralised faults identified by the CET research group in the
Kossise pit in 2011.

At Geita, drilling programmes focused on capitalised infill drilling programmes (13,067m) at Geita Hill East and West,
Nyankanga Blocks 1, 2 and cut 7, Ridge 8 and Star Comet-Ridge 8 gap. Expensed drilling (13,167m) was undertaken at
Nyankanga Block 4 Gap and the refractory ore Mineral Resource delineation at Kukuluma – Matendani – Area 3 drilling
projects.

Assay results for DD & RC infill holes indicated positive intersections. For Nyankanga, Geita Hill and Ridge 8 the received
results confirmed the continuation of the ore body as expected. For Star & Comet extension, for most sections drilled the
orezone widened with respect to the existing ore boundaries. Sterilisation drilling (1,860m) for Geita Hill waste dump area
was completed.

At Navachab in Namibia, seven diamond drill holes (2,908m) were completed during the quarter in the NP3 area targeting
the FW main shoot veins down plunge extension. Assays returned in the quarter show some high Au intersections of nearly
40m thickness (e.g. N868 39.47m @ 3.12g/t Au from 74.37m).

In Egypt at Hutite, 4,235m of diamond and RC drilling was completed from the Central Domain and the best results include:
9m @ 10.8g/t Au from 259m in HUD057, 7m @ 4.2g/t Au from 280m in HUD058, 9m @ 5.4g/t Au from 59m in HUD061,
25m @ 1.82g/t Au from 118m in HUD060 and 4m @ 7.88g/t Au from 189m in HUD067. The first six deep holes to depths of
600m below surface have been completed and results will be reported in the fourth quarter 2012.

More detail on AngloGold Ashanti’s exploration programme can be found at www.anglogoldashanti.com. An updated
Reserve and Resources Statement will be published with our full-year financial report at the end of the financial year.

OUTLOOK

Given the continued work stoppage at the Mponeng mine and the uncertainty around the timing of a resolution and also the
consequent ramp-up of production, AngloGold Ashanti believes it prudent to withhold quarterly cost and production
guidance for the fourth quarter at this time. Once a resolution is reached, normal work patterns have resumed and there is
greater visibility of future production, the company will review this position. As in prior years, the fourth quarter earnings will
be distorted by year-end accounting adjustments such as reassessment of useful lives, re-set of environment and
rehabilitation provisions, direct and indirect tax and inventory provisions. In addition the fourth quarter 2012 will also include
the adverse impact of the South African strikes and the cost of changeover of the Obuasi mining contract.

Group income statement

Quarter

Nine months

ended

September

June

September

2012

2011

2012

2011

US Dollar million

Notes

Reviewed

Revenue

1,664

1,684

1,873

5,142

5,066

Gold income

1,629

1,619

1,793

4,955

4,791

Cost of sales

(1,056)

(986)

(977)

(3,032)

(2,849)

Loss on non-hedge derivatives and other
commodity contracts

(61)

(1)

(61)

(1)

Gross profit

512

633

815

1,862

1,941

Corporate administration, marketing and other
expenses

(70)

(69)

(67)

(207)

(201)

Exploration and evaluation costs

(107)

(88)

(76)

(271)

(196)

Other operating expenses

(5)

(28)

(11)

(40)

(32)

Special items

(25)

(13)

Operating profit

305

456

648

1,344

1,530

Dividends received

Interest received

Exchange gain

Fair value adjustment on option component of
convertible bonds

(2)

Finance costs and unwinding of obligations

(65)

(49)

(48)

(163)

(148)

Fair value adjustment on mandatory convertible
bonds

(11)

Share of equity-accounted investments' (loss)
profit

(6)

Profit before taxation

245

471

669

1,405

1,673

Taxation

(76)

(186)

(204)

(373)

(477)

Profit for the period

169

285

465

1,032

1,196

Allocated as follows:

Equity shareholders

168

287

456

1,019

1,167

Non-controlling interests

(2)

169

285

465

1,032

1,196

Basic earnings per ordinary share (cents)

(1)

118

263

302

Diluted earnings per ordinary share (cents)

(2)(3)

109

220

248

(1)

Calculated on the basic weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

(2)

Calculated on the diluted weighted average number of ordinary shares.

The reviewed financial statements for the quarter and nine months ended 30 September 2012 have been prepared by the corporate
accounting staff of AngloGold Ashanti Limited headed by Mr John Edwin Staples, the Group's Chief Accounting Officer. This process was
supervised by Mr Mark Cutifani, the Group's Chief Executive Officer and Mr Srinivasan Venkatakrishnan, the Group's Chief Financial Officer.
The financial statements for the quarter and nine months ended 30 September 2012 were reviewed, but not audited, by the Group's statutory
auditors, Ernst & Young Inc. A copy of their unmodified review report is available for inspection at the company's head office.

(3)

Restated - refer note 8

Group statement of comprehensive income

Quarter

Nine months

ended

September

June

September

2012

2011

2012

2011

US Dollar million

Reviewed

Profit for the period

169

285

465

1,032

1,196

Exchange differences on translation of foreign
operations

(24)

(128)

(389)

(57)

(412)

Share of equity-accounted investments' other
comprehensive loss

(1)

Net loss on available-for-sale financial
assets

(6)

(12)

(42)

(17)

(71)

Release on impairment of available-for-sale
financial assets

Deferred taxation thereon

(1)

(11)

(4)

(7)

(36)

(9)

(63)

Deferred taxation rate change on actuarial losses

(9)

Other comprehensive loss for the
period net of tax

(28)

(135)

(425)

(75)

(476)

Total comprehensive income
for the period net of tax

141

150

957

720

Allocated as follows:

Equity shareholders

140

152

944

691

Non-controlling interests

(2)

141

150

957

720

Rounding of figures may result in computational discrepancies.

Group statement of financial position

As at

September

June

December

September

2012

2011

US Dollar million

Note

Reviewed

Audited

Reviewed

ASSETS

Non-current assets

Tangible assets

7,620

6,789

6,525

6,042

Intangible assets

289

243

210

191

Investments in equity-accounted associates and joint ventures

928

835

702

692

Other investments

175

178

186

193

Inventories

589

454

410

407

Trade and other receivables

116

Deferred taxation

160

Cash restricted for use

Other non-current assets

9,887

8,674

8,220

7,741

Current assets

Inventories

1,220

1,138

1,064

959

Trade and other receivables

557

460

350

279

Current portion of other non-current assets

Cash restricted for use

Cash and cash equivalents

1,123

987

1,112

1,075

2,961

2,617

2,561

2,352

Non-current assets held for sale

2,962

2,619

2,582

2,353

TOTAL ASSETS

12,849

11,293

10,802

10,094

EQUITY AND LIABILITIES

Share capital and premium

6,721

6,711

6,689

6,660

Retained earnings and other reserves

(1,040)

(1,135)

(1,660)

(2,015)

Shareholders' equity

5,681

5,576

5,029

4,645

Non-controlling interests

137

133

Total equity

5,742

5,637

5,166

4,778

Non-current liabilities

Borrowings

2,708

2,492

2,456

2,439

Environmental rehabilitation and other provisions

1,234

795

782

597

Provision for pension and post-retirement benefits

214

217

195

164

Trade, other payables and deferred income

Derivatives

Deferred taxation

1,215

1,149

1,158

1,051

5,411

4,693

4,698

4,345

Current liabilities

Current portion of borrowings

713

Trade, other payables and deferred income

829

732

751

712

Taxation

154

199

155

212

1,696

963

938

971

Total liabilities

7,107

5,656

5,636

5,316

TOTAL EQUITY AND LIABILITIES

12,849

11,293

10,802

10,094

Rounding of figures may result in computational discrepancies.

Group statement of cash flows

Quarter

Nine months

ended

September

June

September

2012

2011

2012

2011

US Dollar million

Note

Reviewed

Cash flows from operating activities

Receipts from customers

1,603

1,691

1,875

5,052

4,967

Payments to suppliers and employees

(1,149)

(1,106)

(988)

(3,339)

(2,864)

Cash generated from operations

454

585

887

1,713

2,103

Dividends received from equity-accounted joint ventures

Taxation refund

Taxation paid

(164)

(143)

(59)

(419)

(266)

Net cash inflow from operating activities

304

462

863

1,348

2,011

Cash flows from investing activities

Capital expenditure

(448)

(374)

(382)

(1,135)

(939)

Interest capitalised and paid

(4)

(2)

(8)

Expenditure on intangible assets

(24)

(20)

(6)

(52)

(6)

Proceeds from disposal of tangible assets

Other investments acquired

(18)

(23)

(74)

(80)

(135)

Proceeds from disposal of investments

Investments in equity-accounted associates and joint ventures

(106)

(66)

(31)

(217)

(80)

Proceeds from disposal of equity-accounted joint venture

Loans advanced to equity-accounted associates and joint ventures

(1)

(48)

(10)

(64)

(13)

Loans repaid by equity-accounted associates and joint ventures

Dividends received

Proceeds from disposal of subsidiary

Cash in subsidiary acquired (disposed)

(11)

Acquisition of subsidiary and loan

(335)

(335)

(Increase) decrease in cash restricted for use

(33)

(9)

(31)

(22)

Interest received

Repayment of loans advanced

Net cash outflow from investing activities

(937)

(483)

(458)

(1,792)

(1,074)

Cash flows from financing activities

Proceeds from issue of share capital

Proceeds from borrowings

1,061

150

101

1,212

106

Repayment of borrowings

(203)

(4)

(104)

(212)

(259)

Finance costs paid

(17)

(57)

(14)

(89)

Acquisition of non-controlling interest

(215)

Revolving credit facility and bond transaction costs

(21)

(29)

Dividends paid

(46)

(66)

(50)

(214)

(103)

Net cash inflow (outflow) from financing activities

775

(192)

(65)

455

(342)

Net increase (decrease) in cash and cash equivalents

142

(213)

340

595

Translation

(6)

(16)

(104)

(106)

Cash and cash equivalents at beginning of period

987

1,216

839

1,112

586

Cash and cash equivalents at end of period

1,123

987

1,075

1,123

1,075

Cash generated from operations

Profit before taxation

245

471

669

1,405

1,673

Adjusted for:

Movement on non-hedge derivatives and other commodity contracts

Amortisation of tangible assets

202

195

192

588

565

Finance costs and unwinding of obligations

163

148

Environmental, rehabilitation and other expenditure

(2)

(6)

(2)

Special items

Amortisation of intangible assets

Deferred stripping

(7)

(1)

(11)

Fair value adjustment on option component of convertible bonds

(24)

(11)

(66)

(98)

Fair value adjustment on mandatory convertible bonds

(29)

(9)

(97)

(95)

Interest received

(10)

(9)

(10)

(31)

(29)

Share of equity-accounted investments' loss (profit)

(24)

(16)

(57)

Other non-cash movements

(4)

Movements in working capital

(129)

(111)

(352)

(121)

454

585

887

1,713

2,103

Movements in working capital

Increase in inventories

(87)

(92)

(15)

(209)

(123)

(Increase) decrease in trade and other receivables

(90)

(37)

(181)

(8)

Increase (decrease) in trade and other payables

(40)

(129)

(111)

(352)

(121)

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

US Dollar million

premium

reserves

earnings

reserve

gains

reserve

Total

interests

equity

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 loss

(1)

(63)

(412)

(476)

Total comprehensive (loss) 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) 30

(1)

(7)

Balance at 30 September 2011

6,660

175

(1,642)

(2)

(52)

(516)

4,645

133

4,778

Balance at 31 December 2011

6,689

171

(1,300)

(2)

(78)

(469)

5,029

137

5,166

Profit for the period

1,019

1,032

Other comprehensive loss

(9)

(57)

(75)

Total comprehensive income (loss)

- - 1,019 - (9) (9) (57) 944 13 957

Shares issued

Share-based payment for share awards
net of exercised

Acquisition of non-controlling interest

(144)

(71)

(215)

Dividends paid

(193)

Dividends of subsidiaries

(17)

Translation

(6)

(1)

Balance at 30 September 2012

6,721

177

(615)

(2)

(84)

(526)

5,681

5,742

Rounding of figures may result in computational discrepancies.

Equity holders of the parent

Segmental reporting

for the quarter and nine months ended 30 September 2012

Sep

Jun

Sep

2012

2011

2012

2011

Reviewed

Gold income
South Africa

606

539

675

1,669

1,889

Continental Africa

582

653

683

1,958

1,807

Australasia

101

117

333

282

Americas

421

390

448

1,243

1,095

1,709

1,700

1,899

5,203

5,073

Equity-accounted investments included above

(80)

(81)

(106)

(248)

(282)

1,629

1,619

1,793

4,955

4,791

Gross profit (loss)

South Africa

147

205

290

534

763

Continental Africa

197

244

325

758

732

Australasia

(5)

Americas

154

163

252

551

558

Corporate and other

(4)

540

652

863

1,945

2,060

Equity-accounted investments included above

(28)

(19)

(48)

(83)

(119)

512

633

815

1,862

1,941

Capital expenditure

South Africa

161

130

140

396

351

Continental Africa

208

180

101

510

268

Australasia

176

Americas

125

233

308

Corporate and other

545

451

408

1,350

1,002

Equity-accounted investments included above

(73)

(54)

(20)

(161)

(58)

472

397

388

1,189

944

Sep

Jun

Sep

2012

2011

2012

2011

Reviewed

Gold production

South Africa

373

362

394

1,041

1,226

Continental Africa

357

407

411

1,146

1,151

Australasia

203

183

Americas

237

233

238

695

657

1,030

1,073

1,092

3,084

3,217

As at

Sep

Jun

Dec

Sep

2012

2011

Reviewed

Audited

Reviewed

Total assets

South Africa

3,131

2,234

2,148

2,033

Continental Africa

4,840

4,685

4,288

4,072

Australasia

994

803

736

582

Americas

2,765

2,652

2,501

2,378

Corporate and other

1,120

919

1,129

1,029

12,849

11,293

10,802

10,094

Rounding of figures may result in computational discrepancies.

Quarter ended

oz (000)

US Dollar million

Nine months ended

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

US Dollar million

Nine months ended

Notes

for the quarter and nine months ended 30 September 2012

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. Except for the change in presentation
currency detailed in note 16, 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 2011 and
revised International Financial Reporting Standards (IFRS) which are effective 1 January 2012, where applicable.
The effect of the revised and amended accounting standards applicable to this period are not considered to have a
material impact on the financial statements of the group.

The financial statements of AngloGold Ashanti Limited have been prepared in compliance with IAS 34, 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 2012.

2. Revenue

Quarter ended

Nine months ended

Sep

Jun

Sep Sep Sep

2012

2011 2012 2011

Reviewed

Reviewed Reviewed Reviewed

US Dollar million

Gold income

1,629

1,619

1,793

4,955

4,791

By-products (note 3)

132

175

Dividends received

Royalties received (note 5)

(10)

Interest received

1,664

1,684

1,873

5,142

5,066

Cost of sales

Quarter ended

Nine months ended

Sep

Jun

Sep Sep Sep

2012

2011 2012 2011

Reviewed

Reviewed Reviewed Reviewed

US Dollar million

Cash operating costs

866

815

777

2,445

2,241

Insurance reimbursement

(30)

- -

(30) -

By-products revenue (note 2)

(28)

(43)

(57) (132) (175)

808

772

720

2,283

2,066

Royalties

142

Other cash costs

Total cash costs

867

825

784

2,450

2,231

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

885

853

799

2,509

2,314

Amortisation of tangible assets

202

195

192

588

565

Amortisation of intangible assets

Total production costs

1,089

1,049

992

3,100

2,881

Inventory change

(32)

(63)

(14) (68) (31)

1,056

986

977

3,032

2,849

Other operating expenses

Quarter ended

Nine months ended

Sep

Jun

Sep Sep Sep

2012

2011 2012 2011

Reviewed

Reviewed Reviewed Reviewed

US Dollar million

Pension and medical defined benefit provisions

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

Rounding of figures may result in computational discrepancies.

5. Special items

Quarter ended

Nine months ended

Sep

Jun

Sep

Sep Sep

2012

2011

2012 2011

Reviewed

Reviewed Reviewed

US Dollar million

Indirect tax expenses and legal claims

- 3 8

Impairment of tangible assets (note 8)

1 3 2

Impairment reversal of intangible assets (note 8)

- -

(10) -

Black Economic Empowerment transaction

modification costs for Izingwe (Pty) Limited

- - -

Impairment of other receivables

- - 1

Royalties received (note 2)

(1)

(12)

(13)

(18) (71)

Net loss on disposal and derecognition of land,

mineral rights, tangible assets, exploration
properties and other (note 8)

3 4

Impairment of investments (note 8)

- 16 4

Profit on disposal of subsidiary ISS International

Limited (note 8)

- - -

(2)

(8)

13 -

(18)

(1)

Boddington royalties include an over accrual relating to the prior quarter of $11m.

Finance costs and unwinding of obligations

Quarter ended

Nine months ended

Sep

Jun

Sep

Sep Sep

2012

2011

2012 2011

Reviewed

Reviewed Reviewed

US Dollar million

Finance costs

121 107

Unwinding of obligations, accretion of convertible

bonds and other discounts

43 41

163 148

7. Taxation

Quarter ended

Nine months ended

Sep

Jun

Sep

Sep Sep

2012

2011

2012 2011

Reviewed

Reviewed Reviewed

US Dollar million

South African taxation
Mining tax

31 42 82

Non-mining tax

4 (1)

11 4

(Over) under prior year provision

(2)

1 (3)

Deferred taxation
Temporary differences

7 53 37

180

Unrealised non-hedge derivatives and other

commodity contracts

(17)

- -

(17) -

Change in statutory tax rate

- -

(131) -

43 92 (18)

232

Foreign taxation
Normal taxation

94 107 300

211

Under prior year provision

6 7 6

Deferred taxation

Temporary differences

(32)

43 (1)

Change in statutory tax rate

- -

41 -

143 113 391

245

186 204 373

477

Rounding of figures may result in computational discrepancies.

8. Headline earnings

Quarter ended

Nine months ended

Sep

Jun

Sep Sep Sep

2012

2011 2012 2011

Reviewed

Reviewed Reviewed Reviewed

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

168

287 456

1,019

1,167

Impairment of tangible assets (note 5)

Impairment reversal of intangible assets (note 5)

- -

(10) -

Net loss on disposal and derecognition of land,

mineral rights, tangible assets, exploration
properties and other (note 5)

Impairment of investments (note 5)

Profit on disposal of subsidiary ISS International

Limited (note 5)

(2)

Net impairment of investment in associates and joint

ventures

Special items of associates

- -

(3) -

Taxation on items above - current portion

(1)

- -

(1)

Taxation on items above - deferred portion

(1)

1 (2) -

(8)

178

307 476

1,036

1,194

Headline earnings per ordinary share (cents)

(1)

123

268

309

Diluted headline earnings per ordinary share (cents)

(2)(3)

114

224

254

(1)

Calculated on the basic weighted average number of ordinary shares.

(2)

Calculated on the diluted weighted average number of ordinary shares.

(3)

The September 2011 quarter and the September 2011 nine months ended diluted earnings per ordinary share and diluted headline earnings per

ordinary share amounts have been corrected to take into account the earnings effect of the fair value adjustment of the option component of the 3.5%
convertible bonds. The impact of this correction decreased diluted earnings per ordinary share by 3 cents and 23 cents and diluted headline earnings
per ordinary share by 3 cents and 24 cents respectively.

Number of shares

Quarter ended

Nine months ended

Sep

Jun

Sep Sep Sep

2012

2011 2012 2011

Reviewed

Reviewed Reviewed Reviewed

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

383,110,317

382,812,185

381,850,470 383,110,317 381,850,470

E ordinary shares in issue

2,498,230

2,513,952

3,421,848 2,498,230 3,421,848

Total ordinary shares:

385,608,547

385,326,137

385,272,318 385,608,547 385,272,318

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

382,854,974

382,507,333

381,644,151 382,593,036 381,471,126

E ordinary shares

2,546,474

2,550,514

3,431,215 2,541,262 2,958,298

Fully vested options

1,447,978

1,799,218

1,305,486 1,706,404 1,447,478

Weighted average number of shares

386,849,426

386,857,065

386,380,852 386,840,702 385,876,902

Dilutive potential of share options

1,510,368

1,353,761

1,290,253 1,545,223 1,321,614

Dilutive potential of convertible bonds

(1)

33,524,615

33,524,615 33,524,615 33,524,615

Diluted number of ordinary shares

388,359,794

421,735,441

421,195,720 421,910,540 420,723,131

(1)

The dilutive effect of the convertible bonds are not the same for the quarter and the nine months ended September 2012 as the effect of the convertible
bonds are anti-dilutive for the quarter.

10. Share capital and premium

As At

Sep

Jun Dec Sep

2012

2012 2011 2011

Reviewed

Reviewed Audited

Reviewed

US Dollar million

Balance at beginning of period

6,782

6,782

6,734

Ordinary shares issued

E ordinary shares issued and cancelled

(1)

(1) (9) (2)

Sub-total

6,813

6,803

6,782

6,765

Redeemable preference shares held within the group

(53)

(53) (53) (53)

Ordinary shares held within the group

(17)

(17) (17) (22)

E ordinary shares held within the group

(22)

(22) (23) (30)

Balance at end of period

6,721

6,711

6,689

6,660

Rounding of figures may result in computational discrepancies.

11. Exchange rates

Sep

Jun Dec Sep

2012

2012 2011 2011

Unaudited

Unaudited Unaudited Unaudited

ZAR/USD average for the year to date

8.04

7.93

7.26

6.97

ZAR/USD average for the quarter

8.25

8.12

8.09

7.14

ZAR/USD closing

8.30

8.16

8.04

8.11

AUD/USD average for the year to date

0.97

0.97

0.96

AUD/USD average for the quarter

0.96

0.99

0.95

AUD/USD closing

0.96

0.98

0.97

1.04

BRL/USD average for the year to date

1.92

1.86

1.68

1.63

BRL/USD average for the quarter

2.03

1.96

1.80

1.64

BRL/USD closing

2.03

2.02

1.87

1.89

ARS/USD average for the year to date

4.46

4.39

4.13

4.08

ARS/USD average for the quarter

4.61

4.44

4.25

4.16

ARS/USD closing

4.70

4.53

4.30

4.20

12. Capital commitments

Sep

Jun

Dec

Sep

2012

2011

Reviewed Reviewed

Audited

Reviewed

US Dollar million

Orders placed and outstanding on capital contracts at the

prevailing rate of exchange

(1)

1,004

491

202

286

(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.

13. Business combinations

Acquisition of First Uranium (Pty) Limited

On 20 July 2012, AngloGold Ashanti acquired the entire share capital of First Uranium (Pty) Limited (South Africa), a
wholly owned subsidiary of Toronto-based First Uranium Corporation and the owner of Mine Waste Solutions, a
recently commissioned tailings retreatment operation located in South Africa’s Vaal River region and in the immediate
proximity of AngloGold Ashanti’s own tailings facilities, for an aggregate cash consideration of $335m. The
transaction was funded from cash reserves and debt facilities. The acquisition has been accounted for using the
acquisition method.

The fair value of the identifiable assets and liabilities of First Uranium (Pty) Limited as at the date of acquisition was:

2012

US Dollars million

Assets
Tangible assets

616

Listed Investments

Cash restricted for use

Deferred tax

Inventories

134

Trade and other receivables

Cash and cash equivalents

815

Liabilities
Deferred tax

Environmental rehabilitation and other provisions

386

Loans from group companies

204

Trade and other payables

698

Total identifiable net assets at fair value

117

Purchase consideration

131

Goodwill recognised on acquisition

Analysis of cash flows on acquisition:

Net cash acquired with the subsidiary

Cash paid - Share capital acquired

(131)

Cash paid - Loan acquired

(204)
(330)

From the date of acquisition, First Uranium has contributed $21m of revenue and a loss of $44m to the net profit
before tax of the group which is principally due to the unrealised portion of the commodity contract. If the
combination had taken place at the beginning of the year, the profit for the period would have been $1,076m and
revenue would have been $5,208m.

The transaction costs of $3m have been expensed and are included in administrative expenses in the income
statement and are part of the operating activities in the statement of cash flows.

The goodwill of $14m arising from the acquisition consists largely of the expected synergies arising from the
immediate proximity of AngloGold Ashanti’s own tailings facilities to the Mine Waste Solutions plant that will allow
processing of AngloGold Ashanti’s Vaal River tailings without having to build additional processing facilities. The
processing of AngloGold Ashanti tailings will reduce the environmental liability associated with those tailings. In
addition the company is able to utilise its recently developed processes and recovery technology for tailings which
will increase the ore recovery rates from both AngloGold Ashanti and First Uranium tailings alike.

None of the goodwill recognised is expected to be deductible for income tax purposes. There have been no
significant movements in provisions except for the fair value movements related to the commodity contract or
goodwill since the date of acquisition.

Financial assets acquired includes trade and other receivables with a fair value of $2m. All trade and other
receivables are expected to be collectible.

14. Contingencies

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

Contingencies and guarantees

Sep

2012

Sep

2011

Reviewed

Unaudited

US Dollar million

Contingent liabilities
Groundwater pollution

(1)

Deep groundwater pollution – South Africa

(2)

Indirect taxes – Ghana

(3)

ODMWA litigation

(4)

Other tax disputes – AngloGold Ashanti Brasil Mineração Ltda

(5)

Sales tax on gold deliveries – Mineração Serra Grande S.A.

(6)

172

Other tax disputes – Mineração Serra Grande S.A.

(7)

Litigation – Ghana

(8)

Contingent assets
Indemnity – Kinross Gold Corporation

(9)

(98)

Royalty – Boddington Gold Mine

(10)

Royalty – Tau Lekoa Gold Mine

(11)

Financial Guarantees
Oro Group (Pty) Limited

(12)

190

142

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

operations, which have occurred primarily as a result of seepage. Numerous scientific, technical and legal
studies have been undertaken to assist in determining the extent 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
improvements in some instances. Furthermore, literature reviews, field trials and base line modelling techniques
suggest, but have 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. 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, in South Africa, 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 estimation of a liability, no reliable estimate can be made for the
obligation.

(3) Indirect taxes – AngloGold Ashanti (Ghana) Limited received a tax assessment for $21m (2011: $11m) 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.

(4) Occupational Diseases in Mines and Works Act, 1973 (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 Appeal in 2010. In both instances judgement was awarded in favour of AngloGold Ashanti Limited on the
basis that an employer is indemnified against such a claim for damages by virtue of the provisions of section 35
of the Compensation for Occupational Injuries and Diseases Act, 1993 (COIDA). 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. The Constitutional Court held that section 35 of COIDA does not indemnify the
employer against such claims. Mr Mankayi passed away subsequent to the hearing in the Supreme Court of
Appeal. Following the Constitutional Court 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 Limited.

On or about 21 August 2012, AngloGold Ashanti Limited was served with motion proceedings in Johannesburg
relating to silicosis and other occupational lung diseases (“OLD”). The motion proceedings seek to have the
court certify a class of mineworkers with OLD who previously worked or continue to work in one of six gold
mines currently within AngloGold Ashanti’s South African operations. In the event the class is certified, such
class of workers would institute actions by way of a summons against AngloGold Ashanti Limited and potentially
other defendants for amounts as yet unspecified. At least one similar class action has been threatened against
AngloGold Ashanti Limited by another law firm. As of 30 September 2012, a further 31 individual claims have
been received and AngloGold Ashanti has filed a notice of intention to oppose the claims. It is possible that
additional class actions and/or individual claims relating to silicosis and/or other OLD will be filed against
AngloGold Ashanti Limited in the future.

AngloGold Ashanti will defend these and any other future claims, if and when filed, on their merits. Should
AngloGold Ashanti be unsuccessful in defending any such claims, or in otherwise favourably resolving
perceived deficiencies in the national occupational disease compensation framework that were identified in an
earlier decision by the Constitutional Court, such matters would have an adverse effect on AngloGold Ashanti’s
financial position, which could be material. In view of the limitation of current information for the estimation of
any liability that may arise as a result of such claims, no reasonable estimate can be made of any such potential
liability.

(5) Other tax disputes - In November 2007, the Departamento Nacional de Produção Mineral (DNPM), a Brazilian

federal mining authority, issued a tax assessment against AngloGold Ashanti Brazil Mineração (AABM) in the
amount of $21m (2011: $21m) relating to the calculation and payment by AABM of the financial contribution on
mining exploitation (CFEM) in the period from 1991 to 2006. AngloGold Ashanti Limited’s subsidiaries in Brazil
are involved in various other 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 $12m (2011: $5m).

(6) Sales tax on gold deliveries – In 2006, Mineração Serra Grande S.A. (MSG), received two tax assessments

from the State of Goiás related to payments of state sales taxes at the rate of 12% on gold deliveries for export
from one Brazilian state to another during the period from February 2004 to the end of May 2006. The first and
second assessments are approximately $106m (2011: attributable share $52m) and $66m (2011: attributable
share $32m) respectively. 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. In November 2011
(first case) and June 2012 (second case), the administrative council’s full board approved the suspension of
proceedings and the remittance of the matter to the Department of Supervision of Foreign Trade (COMEX) for
review and verification. The first case was already returned to the COMEX and the second case was sent in
June 2012. The company believes both assessments are in violation of federal legislation on sales taxes.

(7) 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 assessment is approximately $18m (2011: attributable
share $9m).

(8) AngloGold Ashanti Ghana terminated its longstanding Underground Development Contract with Mining and

Building Construction Company (MBC). MBC has submitted various claims against AngloGold Ashanti Ghana
arising out of this contract to the value of $32m. The company intends to defend against the claims.

(9) Indemnity - As part of the acquisition by AngloGold Ashanti of the remaining 50% interest in MSG during June

2012, Kinross Gold Corporation (Kinross) has provided an indemnity to a maximum amount of BRL255m
($126m at quarter end exchange rates) against the specific exposures discussed in items 6 and 7 above.

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

is entitled to receive a royalty on any gold recovered or produced by the Boddington Gold Mine, where the gold
price is in excess of Boddington Gold Mine's total cash cost plus $600/oz. The royalty commenced on 1 July
2010 and is capped at a total amount of $100m, of which $45m (2011: $26m) has been recorded to date.
Royalties of nil (2011: $9m) were recorded during the quarter as a result of the conditions mentioned above not
being met.

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

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

The royalty will be determined at 3% of the net revenue (being gross revenue less State royalties) generated by
the Tau Lekoa assets. Royalties on 273,019oz produced have been received to date. Royalties of $1m
(2011: $1m) were received during the quarter.

(12) 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 (2011: $12m). The
suretyship agreements have a termination notice period of 90 days.

15. Borrowings

AngloGold Ashanti’s borrowings are interest bearing.

16. Change in presentation currency

Effective 1 January 2012, the group changed the presentation currency of its results from reporting in US Dollars
and South African Rands to reporting only in US Dollars. Management has concluded that the change in
presentation currency will result in more reliable and relevant information than the prior position of reporting in two
currencies. Management considered the following factors: the majority of AngloGold Ashanti's operating mines use
US Dollars as their functional currency; the majority of AngloGold Ashanti's annual production and reserves are
derived from non-South African Rand denominated countries; the majority of AngloGold Ashanti shareholders are
not domiciled in a South African Rand denominated country; management prepare investor presentations and
analysis in US Dollars only; and the management accounts, except for South Africa which is reported in dual
currency, are reported to the Chief Operating Decision Maker in US Dollars.

The change in presentation currency has no effect on comparative information.

17. Announcements

On 23 July 2012, AngloGold Ashanti announced that it had signed a new US$1bn, five-year unsecured revolving
credit facility (RCF) maturing in July 2017 with a banking syndicate. The facility replaced the four-year, US$1bn
unsecured RCF maturing in April 2014.

On 25 July 2012, AngloGold Ashanti announced the pricing of an offering of $750m aggregate principal amount of
5.125% notes due 2022. The notes were issued by AngloGold Ashanti Holdings plc, a wholly owned subsidiary of
the company, at an issue price of 99.398%. The company received net proceeds from the offering of $737m, after
deducting discounts and estimated expenses. The notes are unsecured and fully and unconditionally guaranteed by
the company.

On 14 August 2012, AngloGold Ashanti announced that Maria Esperanza Sanz Perez, Group General Counsel, will
also assume the role of Company Secretary following the retirement of Lynda Eatwell. The appointment was
effective 1 September 2012.

On 21 September 2012, AngloGold Ashanti announced an unprotected strike at Kopanang operations which
prevented the night shift from taking place on 20 September 2012. Subsequently, on 25 September 2012,
AngloGold announced that workers at South African operations (West Wits and Vaal River) had embarked on an
unprotected strike, joining those at Kopanang mine, preventing the commencement of the night shift on
25 September 2012.

On 10 October 2012, the JSE Limited granted AngloGold Ashanti the listing of its Senior Unsecured Fixed Rate
Notes of R300m, due 14 January 2013, and Senior Unsecured Floating Rate Notes of R700m, due 11 October
2013, under its R10bn Domestic Medium Term Note Programme dated 29 June 2012.

On 13 October 2012, AngloGold Ashanti terminated its underground development contract with Mining and Building
Construction Company (MBC) at the Obuasi mine in Ghana. AngloGold Ashanti is committed to ensuring that the
estimated 900 members of MBC’s workforce directly affected by the termination of the underground development
contract receive their current due entitlements. The remaining surface contracts at Obuasi between the two parties
remain intact.

On 6 November 2012, AngloGold Ashanti announced a second sit-in by dayshift employees at Mponeng mine
which has again forced management to halt mining and processing activity. These sit-ins follow the unprotected
strike, which started on 25 September 2012. Work has continued as normal at AngloGold Ashanti’s remaining
South African mines.

18. Dividend

The salient details Dividend No. 114 for the quarter ended 30 June 2012 paid by AngloGold Ashanti Limited
(Registration Number 1944/017354/06) is shown below:

Rate

Exchange

Gross

dividend

declared

Withholding

tax at

15%

Net

dividend

paid

Date of

Payment

2012

South African cents per ordinary share

100

85 14 September

UK pence per ordinary share

R13.13825/£1

7.6114

1.1417

6.4697 14 September

Australian cents per CHESS Depositary Interest (CDI) R1/A$0.11530

2.306

0.346

1.960 14 September

Ghana cedi per ordinary share

R1/¢0.2358

0.2358

0.035

0.20043 14 September

Ghana cedi per Ghanaian Depositary Share (GhDS)

R1/¢0.2358

0.00236

0.00035

0.002004 17 September

US cents per American Depositary Share (ADS)

R8.262276/$1

12.1032

1.8155

10.2877 24 September

Each CDI represents one-fifth of an ordinary share, and 100 GhDSs represents one ordinary share. Each ADS
represents one ordinary share.

Quarter ended 30 June 2012 Dividend No. E14 of 50 South African cents (gross), or 42.5 South African cents (net)
was paid to holders of E ordinary shares on 14 September 2012, being those employees participating in the
Bokamoso ESOP and 50 South African cents (gross) was paid to Izingwe Holdings (Proprietary) Limited on the
same day.

The directors of AngloGold Ashanti Limited (Registration Number 1944/017354/06) declared Dividend No. 115 for
the quarter ended 30 September 2012 as detailed below. In terms of the withholding tax on dividends which
became effective on 1 April 2012, the following additional information is disclosed:

Dividends have been declared out of total reserves
Rate of dividend declared per ordinary share in South African cents (gross)

Dividends tax rate applicable to shareholders liable to pay the dividend tax

15%

STC credits utilised in South African cents

Nil

Rate in South African cents (net) where dividend tax at 15% is payable

42.5

The ordinary shares in issue of AngloGold Ashanti Limited at the date of declaration is

383,285,642

The E ordinary shares in issue of AngloGold Ashanti Limited at the date of declaration is

1,620,158

AngloGold Ashanti Limited’s tax reference number 9640006608

In compliance with the requirements of Strate, given the company’s primary listing on the JSE, 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.

2012

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

Thursday, 22 November

Last date to trade ordinary shares cum dividend

Friday, 23 November

Last date to register transfers of certificated securities cum dividend

Friday, 23 November

Ordinary shares trade ex-dividend

Monday, 26 November

Record date

Friday, 30 November

Payment date

Friday, 14 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, 26 November and Friday, 30 November 2012,
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.

2012

Ex dividend on New York Stock Exchange

Wednesday, 28 November

Record date

Friday, 30 November

Approximate date for currency conversion

Friday, 14 December

Approximate payment date of dividend

Monday, 24 December

Assuming an exchange rate of R8.6170/$, the gross dividend payable per ADS, which is subject to a 15% South
African withholding tax, is equivalent to 6 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.

2012

Last date to trade and to register GhDSs cum dividend

Friday, 23 November

GhDSs trade ex-dividend

Monday, 26 November

Record date

Friday, 30 November

Approximate payment date of dividend

Monday, 17 December

Assuming an exchange rate of R1/0.21815¢, the gross dividend payable per share, which is subject to a 15% South
African withholding tax, is equivalent to 0.1091 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, the directors declared Dividend No. E15 for the quarter ended 30 September 2012, of 25 South African
cents per E ordinary share, payable to employees participating in the Bokamoso ESOP, which dividend is subject to
a 15% withholding tax, and 25 South African cents per E ordinary share payable to Izingwe Holdings (Proprietary)
Limited. These dividends will be paid on Friday, 14 December 2012.

By order of the Board

T T MBOWENI

M CUTIFANI

Chairman

Chief Executive Officer

6 November 2012

Non-GAAP disclosure

Sep

Jun

Sep

2012

2011

2012

2011

Unaudited

Headline earnings (note 8)

178

307

476

1,036

1,194

Loss on unrealised non-hedge derivatives and
other commodity contracts

Deferred tax on unrealised non-hedge derivatives and
other commodity contracts (note 7)

(17)

(17)

Fair value adjustment on option component of convertible bonds

(24)

(11)

(66)

(98)

Fair value adjustment on mandatory convertible bonds

(29)

(9)

(97)

(95)

Adjusted headline earnings

235

253

457

917

1,002

Adjusted headline earnings per ordinary share (cents)

(1)

118

237

260

(1)

Sep

Jun

Sep

2012

2011

2012

2011

Unaudited

Reconciliation of gross profit to adjusted gross profit:

(1)

Gross profit

512

633

815

1862

1941

Loss on unrealised non-hedge derivatives and other
commodity contracts

Adjusted gross profit

(1)

573

633

816

1,923

1,942

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

Price received

Sep

Jun

Sep

2012

2011

2012

2011

Unaudited

Gold income (note 2)

1,629

1,619

1,793

4,955

4,791

Adjusted for non-controlling interests

(19)

(45)

(49)

(115)

(130)

1,610

1,574

1,744

4,840

4,661

Realised loss on other commodity contracts

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

106

247

282

Attributable gold income including realised non-hedge
derivatives

1,695

1,655

1,850

5,092

4,943

Attributable gold sold - oz (000)

1,029

1,030

1,080

3,088

3,212

Revenue price per unit - $/oz

1,648

1,607

1,713

1,649

1,539

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 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.

Adjusted headline earnings

Quarter ended

US Dollar million

Calculated on the basic weighted average number of ordinary shares.

Quarter ended

US Dollar million / Imperial

Nine months ended

Quarter ended

Nine months ended

Adjusted gross profit

Sep

Jun

Sep

2012

2011

2012

2011

Unaudited

Total costs

Total cash costs (note 3)

867

825

784

2,450

2,231

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

(26)

(23)

(36)

(80)

(85)

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

161

157

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

892

860

804

2,531

2,303

Retrenchment costs (note 3)

Rehabilitation and other non-cash costs (note 3)

Amortisation of tangible assets (note 3)

202

195

192

588

566

Amortisation of intangible assets (note 3)

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

(3)

(11)

(7)

(19)

(31)

Associates and equity accounted joint ventures' share of production costs

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

1,113

1,075

1,007

3,168

2,928

Gold produced - oz (000)

1,030

1,073

1,092

3,084

3,217

Total cash cost per unit - $/oz

866

801

737

821

716

Total production cost per unit - $/oz

1,081

1,002

922

1,027

910

EBITDA

Operating profit

305

456

648

1,344

1,530

Amortisation of tangible assets (note 3)

202

195

192

588

565

Amortisation of intangible assets (note 3)

Impairment of tangible assets (note 5)

Impairment reversal of intangible assets (note 5)

(10)

Loss on unrealised non-hedge derivatives and other commodity contracts

Share of associates' EBITDA

103

Impairment of investments (note 5)

Net loss on disposal and derecognition of assets (note 5)

Profit on disposal of ISS International Limited (note 5)

(2)

597

668

902

2,065

2,234

Interest cover

EBITDA (note D)

597

668

902

2,065

2,234

Finance costs (note 6)

(1)

121

107

Capitalised finance costs

129

108

Interest cover - times

As at

Sep

Jun

Dec

Sep

2012

2011

Unaudited

Net asset value - cents per share

Total equity

5,742

5,637

5,166

4,778

Mandatory convertible bonds

656

647

760

771

6,398

6,284

5,926

5,549

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

386

385

Net asset value - cents per share

1,659

1,631

1,540

1,440

Total equity

5,742

5,637

5,166

4,778

Mandatory convertible bonds

656

647

760

771

Intangible assets

(289)

(243)

(210)

(191)

6,109

6,041

5,716

5,358

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

386

385

Net tangible asset value - cents per share

1,584

1,568

1,485

1,391

Net debt

Borrowings - long-term portion

2,708

1,847

1,698

1,670

Borrowings - short-term portion

Total borrowings

(1)

2,765

1,877

1,728

1,715

Corporate office lease

(32)

(33)

(32)

Unamortised portion of the convertible and rated bonds

Cash restricted for use

(93)

(56)

(58)

(60)

Cash and cash equivalents

(1,123)

(987)

(1,112)

(1,075)

Net debt excluding mandatory convertible bonds

1,569

879

610

621

Rounding of figures may result in computational discrepancies.

US Dollar million

(1)

Borrowings exclude the mandatory convertible bonds (note H).

Quarter ended

US Dollar million / Imperial

Nine months ended

(1)

The increase in the finance costs is due to the acceleration of the old RCF fees and the finance charge of the new $750m rated bond.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

237

Mined

- 000 tonnes

1,480

386

417

650

2,932

Milled / Treated

- 000 tonnes

1,309

429

541

749

3,028

Recovered grade

- oz/ton

0.221

0.124

0.057

0.146

0.160

- g/tonne

7.58

4.26

1.97

5.00

5.47

Gold produced

- oz (000)

319

120

533

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

6,687

6,722

Recovered grade

- oz/ton

0.007

0.025

0.007

- g/tonne

0.25

0.85

0.25

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcm

11,661

1,369

13,030

Mined

- 000 tonnes

27,865

3,312

6,244

37,421

Treated

- 000 tonnes

6,151

293

268

6,712

Stripping ratio

- ratio

4.12

16.66

19.05

5.29

Recovered grade

- oz/ton

0.043

0.091

0.154

0.049

- g/tonne

1.47

3.12

5.29

1.69

Gold produced

- oz (000)

290

365

HEAP LEACH OPERATION

Mined

- 000 tonnes

2,078

15,110

17,188

Placed

- 000 tonnes

315

5,917

6,232

Stripping ratio

- ratio

12.60

1.74

2.03

Recovered grade

- oz/ton

0.024

0.012

0.013

- g/tonne

0.83

0.42

0.44

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz/TEC

TOTAL

OPERATING RESULTS
QUARTER ENDED SEPTEMBER 2012

Subsidiaries' gold produced

- oz (000)

373

307

237

980

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

373

357

237

1,030

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

370

296

253

980

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

370

345

253

1,029

Minority gold sold

- oz (000)

Spot price

- $/oz

1,653

Price received

- $/oz sold

1,652

1,642

1,646

1,652

1,648

Total cash costs

- $/oz produced

849

916

937

798

866

Total production costs

- $/oz produced

1,082

1,093

1,092

1,051

1,081

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED SEPTEMBER 2012 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

606

582

101

421

1,709

(80)

1,629

Cash costs

(318)

(338)

(60)

(237)

(946)

(895)

By-products revenue

Total cash costs

(317)

(337)

(60)

(212)

(918)

(867)

Retrenchment costs

(1)

(2)

Rehabilitation and other non-cash costs

(5)

(7)

(4)

(16)

Amortisation of assets

(80)

(58)

(10)

(56)

(2)

(206)

(203)

Total production costs

(404)

(401)

(69)

(274)

(1,142)

(1,089)

Inventory change

(2)

Cost of sales

(398)

(385)

(64)

(267)

(1,109)

(1,056)

Adjusted gross profit (loss)

207

197

154

601

(28)

573

Unrealised non-hedge derivatives and other
commodity contracts

(61)

Gross profit (loss)

147

197

154

540

(28)

512

Corporate and other costs

(2)

(4)

(7)

(62)

(75)

Exploration and evaluation costs

(3)

(30)

(24)

(42)

(9)

(108)

(107)

Intercompany transactions

(22)

(3)

(1)

Special items

(2)

(9)

(14)

(1)

(25)

Operating profit (loss)

139

132

(4)

104

(39)

331

(27)

305

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

(2)

(1)

(58)

(62)

(61)

Exchange gain (loss)

(5)

(2)

(1)

Share of equity accounted investments profit

(10)

(4)

(14)

Profit (loss) before taxation

136

127

(5)

(95)

255

(9)

245

Taxation

(13)

(68)

(20)

(85)

(76)

Profit (loss) for the period

124

(5)

106

(114)

169

Equity shareholders

124

(5)

104

(117)

168

Non-controlling interests

(4)

Operating profit (loss)

139

132

(4)

104

(39)

331

(27)

305

Unrealised non-hedge derivatives and other
commodity contracts

Loss on realised other commodity contracts

Intercompany transactions

(25)

Special items

(2)

Special items

(2)

Share of associates' EBIT

(10)

(3)

(13)

EBIT

203

161

(69)

391

Amortisation of assets

206

(3)

203

Share of associates' amortisation

EBITDA

283

218

151

(67)

597

Profit (loss) attributable to equity shareholders

124

(5)

104

(117)

168

Special items

(2)

Share of associates' special items

Taxation on items above

(1)

(2)

Headline earnings (loss)

126

(3)

104

(119)

178

Unrealised non-hedge derivatives and other
commodity contracts

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

(17)

Fair value adjustment on option component
of convertible bonds

Fair value adjustment on mandatory
convertible bonds

Adjusted headline earnings (loss)

170

(3)

104

(106)

235

Ore reserve development capital

102

Stay-in-business capital

181

(2)

179

Project capital

116

262

(71)

192

Total capital expenditure

161

208

545

(73)

472

Capitalised leased assets

Expenditures on intangible assets

(24)

Capital expenditure per statement of cash flows

448

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

230

Mined

- 000 tonnes

1,493

387

318

543

2,742

Milled / Treated

- 000 tonnes

1,299

462

217

641

2,620

Recovered grade

- oz/ton

0.222

0.163

0.086

0.161

0.185

- g/tonne

7.61

5.58

2.94

5.51

6.35

Gold produced

- oz (000)

318

114

535

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

3,010

Recovered grade

- oz/ton

0.013

- g/tonne

0.46

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcm

15,106

559

15,665

Mined

- 000 tonnes

35,355

1,588

5,766

42,709

Treated

- 000 tonnes

6,217

623

238

7,078

Stripping ratio

- ratio

4.19

2.29

22.25

4.66

Recovered grade

- oz/ton

0.047

0.073

0.174

0.053

- g/tonne

1.59

2.52

5.96

1.82

Gold produced

- oz (000)

319

415

HEAP LEACH OPERATION

Mined

- 000 tonnes

2,182

16,555

18,737

Placed

- 000 tonnes

252

5,498

5,750

Stripping ratio

- ratio

20.19

1.97

2.30

Recovered grade

- oz/ton

0.021

0.013

- g/tonne

0.72

0.44

0.45

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz/TEC

TOTAL

OPERATING RESULTS
QUARTER ENDED JUNE 2012

Subsidiaries' gold produced

- oz (000)

362

358

233

1,024

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

362

407

233

1,073

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

336

345

225

980

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

336

395

225

1,030

Minority gold sold

- oz (000)

Spot price

- $/oz

1,611

Price received

- $/oz sold

1,604

1,606

1,608

1,611

1,607

Total cash costs

- $/oz produced

779

827

1,187

671

801

Total production costs

- $/oz produced

998

987

1,286

941

1,002

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED JUNE 2012 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

539

653

117

390

1,700

(81)

1,619

Cash costs

(304)

(347)

(84)

(209)

(926)

(868)

By-products revenue

Total cash costs

(282)

(346)

(84)

(189)

(883)

(825)

Retrenchment costs

(2)

(1)

(3)

Rehabilitation and other non-cash costs

(3)

(8)

(14)

(25)

Amortisation of assets

(74)

(58)

(7)

(56)

(3)

(198)

(196)

Total production costs

(361)

(412)

(91)

(260)

(1,109)

(1,049)

Inventory change

(1)

Cost of sales

(334)

(409)

(92)

(227)

(1,048)

(986)

Adjusted gross profit (loss)

205

244

163

652

(19)

633

Unrealised non-hedge derivatives and other
commodity contracts

Gross profit (loss)

205

244

163

652

(19)

633

Corporate and other costs

(2)

(1)

(10)

(82)

(97)

Exploration and evaluation costs

(2)

(19)

(21)

(40)

(7)

(89)

(87)

Intercompany transactions

(19)

(3)

(1)

Special items

(1)

(3)

Operating profit (loss)

200

114

(51)

474

(18)

456

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

(1)

(2)

Exchange (loss) gain

(1)

Share of equity accounted investments profit

(5)

(17)

(22)

(6)

Profit (loss) before taxation

199

112

(48)

474

(3)

471

Taxation

(43)

(77)

(4)

(64)

(1)

(189)

(186)

Profit (loss) for the period

156

123

(49)

285

Equity shareholders

156

137

(56)

287

Non-controlling interests

(15)

(2)

Operating profit (loss)

200

199

114

(51)

474

(18)

456

Intercompany transactions

(23)

Special items

Share of associates' EBIT

(5)

(3)

(9)

EBIT

203

220

110

(77)

469

Amortisation of assets

198

(2)

196

Amortisation of assets

198

(2)

196

Share of associates' amortisation

EBITDA

276

278

166

(74)

668

Profit (loss) attributable to equity shareholders

156

137

(56)

287

Special items

Share of associates' special items

Taxation on items above

(1)

Headline earnings (loss)

157

141

(42)

307

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

(24)

Fair value loss on mandatory convertible
bonds

(29)

Adjusted headline earnings (loss)

157

141

(95)

253

Ore reserve development capital

Stay-in-business capital

163

(2)

162

Project capital

193

(53)

141

Total capital expenditure

130

180

451

(54)

397

Capitalised leased assets

(2)

Expenditures on intangible assets

(20)

Capital expenditure per statement of cash flows

374

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

Recovered grade

- oz/ton

0.230

0.137

0.062

0.194

0.189

- g/tonne

7.87

4.71

2.13

6.64

6.49

Gold produced

- oz (000)

362

119

574

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

2,472

Recovered grade

- oz/ton

0.012

0.013

- g/tonne

0.40

0.44

Gold produced

- oz (000)

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

Recovered grade

- oz/ton

0.049

0.044

0.176

0.052

- g/tonne

1.67

1.50

6.05

1.80

Gold produced

- oz (000)

325

402

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

Recovered grade

- oz/ton

0.031

0.012

0.013

- g/tonne

1.05

0.43

0.46

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz/TEC

TOTAL

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

Recovered grade calculated using a short ton.

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 received

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

252

(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 and evaluation costs

(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

i t

' EBIT

(8)

(2)

(10)

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 loss 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

Capitalised leased assets

Expenditures on intangible assets

(6)

Capital expenditure per statement of cash flows

382

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

630

Mined

- 000 tonnes

4,078

1,189

977

1,722

7,965

Milled / Treated

- 000 tonnes

3,602

1,335

1,011

1,985

7,933

Recovered grade

- oz/ton

0.227

0.137

0.074

0.157

0.175

- g/tonne

7.80

4.71

2.54

5.37

6.00

Gold produced

- oz (000)

903

202

342

1,530

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

12,547

265

12,812

Recovered grade

- oz/ton

0.010

0.007

0.010

- g/tonne

0.340

0.230

0.340

Gold produced

- oz (000)

138

140

OPEN-PIT OPERATION

Volume mined

- 000 bcm

41,393

2,662

44,055

Mined

- 000 tonnes

97,861

6,980

17,550

122,391

Treated

- 000 tonnes

18,230

1,564

715

20,509

Stripping ratio

- ratio

4.53

4.85

21.14

5.22

Recovered grade

- oz/ton

0.046

0.070

0.170

0.052

- g/tonne

1.57

2.39

5.84

1.78

Gold produced

- oz (000)

923

120

134

1,177

HEAP LEACH OPERATION

Mined

- 000 tonnes

6,435

47,760

54,195

Placed

- 000 tonnes

813

16,606

17,419

Stripping ratio

- ratio

16.00

1.99

2.31

Recovered grade

- oz/ton

0.023

0.012

0.013

- g/tonne

0.78

0.42

0.43

Gold placed

- oz (000)

222

242

Gold produced

- oz (000)

218

237

PRODUCTIVITY PER EMPLOYEE

Actual

- oz/TEC

TOTAL

OPERATING RESULTS
NINE MONTHS ENDED SEPTEMBER 2012

Subsidiaries' gold produced

- oz (000)

1,041

992

203

695

2,930

Joint ventures' gold produced

- oz (000)

154

Attributable gold produced

- oz (000)

1,041

1,146

203

695

3,084

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

1,012

1,008

202

716

2,938

Joint ventures' gold sold

- oz (000)

150

Attributable gold sold

- oz (000)

1,012

1,158

202

716

3,088

Minority gold sold

- oz (000)

Spot price

- $/oz

1,651

Price received

- $/oz sold

1,654

1,646

1,648

1,649

Total cash costs

- $/oz produced

825

851

1,143

670

821

Total production costs

- $/oz produced

1,062

1,018

1,268

916

1,027

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - NINE MONTHS
ENDED SEPTEMBER 2012 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

1,669

1,958

333

1,243

5,203

(248)

4,955

Cash costs

(899)

(1,008)

(232)

(635)

(2,744)

162

(2,582)

By-products revenue

133

(1)

132

Total cash costs

(859)

(1,003)

(232)

(549)

(2,611)

161

(2,450)

Retrenchment costs

(5)

(1)

(3)

(9)

(8)

Rehabilitation and other non-cash costs

(11)

(21)

(19)

(51)

(50)

Amortisation of assets

(231)

(172)

(25)

(162)

(7)

(598)

(591)

Total production costs

(1,106)

(1,197)

(257)

(733)

(3,268)

168

(3,100)

Inventory change

(3)

Cost of sales

(1,075)

(1,200)

(254)

(692)

(3,197)

165

(3,032)

Adjusted gross profit (loss)

594

758

551

2,006

(83)

1,923

Unrealised non-hedge derivatives and
other commodity contracts

(61)

Gross profit (loss)

534

758

551

1,945

(83)

1,862

Corporate and other costs

(6)

(9)

(1)

(26)

(205)

(247)

Exploration and evaluation costs

(7)

(73)

(62)

(107)

(26)

(275)

(271)

Intercompany transactions

(58)

(10)

(2)

Special items

(3)

(7)

(2)

Operating profit (loss)

518

611

417

(140)

1,424

(79)

1,344

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

(5)

(3)

(1)

Exchange (loss) gain

(1)

Share of equity accounted investments profit

(19)

(17)

(36)

Profit (loss) before taxation

512

607

396

(104)

1,429

(24)

1,405

Taxation

(285)

(8)

(119)

(19)

(397)

(373)

Profit (loss) for the period

546

322

277

(123)

1,032

Equity shareholders

546

336

259

(132)

1,019

Non-controlling interests

(14)

Operating profit (loss)

518

611

417

(140)

1,424

(79)

1,344

Unrealised non-hedge derivatives and
other commodity contracts

Intercompany transactions

(69)

Special items

(2)

(1)

Special items

(2)

(1)

Share of associates' EBIT

(19)

(7)

(26)

EBIT

586

668

401

(218)

1,467

Amortisation of assets

231

172

162

598

(7)

591

Share of associates' amortisation

EBITDA

816

840

563

(210)

2,065

Profit (loss) attributable to equity shareholders

546

336

259

(132)

1,019

Special items

(2)

(1)

Share of associates' special items

Taxation on items above

(2)

(1)

Headline earnings (loss)

552

336

261

(124)

1,036

Unrealised non-hedge derivatives and other
commodity contracts

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

(17)

Fair value adjustment on option component
of convertible bonds

(66)

Fair value loss on mandatory convertible
bonds

(97)

Adjusted headline earnings (loss)

595

336

261

(287)

917

Ore reserve development capital

188

286

Stay-in-business capital

232

447

(6)

441

Project capital

112

244

149

111

617

(155)

462

Total capital expenditure

396

510

176

233

1,350

(161)

1,189

Capitalised leased assets

(2)

Expenditures on intangible assets

(52)

Capital expenditure per statement of cash flows

1,135

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

Recovered grade

- oz/ton

0.231

0.139

0.102

0.189

0.194

- g/tonne

7.91

4.76

3.48

6.49

6.66

Gold produced

- oz (000)

1,098

226

323

1,729

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

7,960

Recovered grade

- oz/ton

0.015

- g/tonne

0.50

0.52

Gold produced

- oz (000)

128

133

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

Recovered grade

- oz/ton

0.048

0.167

0.052

- g/tonne

1.64

1.65

5.72

1.79

Gold produced

- oz (000)

898

102

127

1,126

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

Recovered grade

- oz/ton

0.031

0.012

0.013

- g/tonne

1.05

0.40

0.43

Gold placed

- oz (000)

206

234

Gold produced

- oz (000)

208

229

PRODUCTIVITY PER EMPLOYEE

Actual

- oz/TEC

TOTAL

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

Recovered grade calculated using a short ton.

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 received

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)

559

2,061

(120)

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 and evaluation costs

(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 gain (loss)

(8)

Share of equity accounted investments
profit (loss)

(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

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 bond

(98)

Fair value loss on mandatory convertible bond

(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

Capitalised leased assets

Expenditures on intangible assets

(6)

Capital expenditure per statement of cash flows

939

Rounding of figures may result in computational discrepancies.

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

JSE Sponsor: UBS (South Africa) (Pty) Ltd

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

M J Kirkwood

W A Nairn

Prof L W Nkuhlu

F Ohene-Kena

S M Pityana

R J Ruston~

* British

American

~ Australian

South African

+ Ghanaian

Indian

Officers
Group General Counsel and Company
Secretary: Ms M E Sanz Perez

Investor Relations Contacts

South Africa
Fundisa Mgidi
Telephone: +27 637 6763
Mobile: +27 82 374 8820
E-mail: FMgidi@AngloGoldAshanti.com

United Kingdom
Michael Bedford
Telephone+44 (0) 1225 93 8483
Mobile: +44 (0) 779 497 7881
E-mail: mbedford@AngloGoldAshanti.com

United States
Stewart Bailey
Telephone: +1 212 858 7701
Mobile: +1 646 338 4337
E-mail: sbailey@AngloGoldAshanti.com

Sabrina Brockman
Telephone: +1 212 858 7702
Mobile: +1 646 379 2555
E-mail: sbrockman@AngloGoldAshantiNA.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

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
A

NGLO

OLD

SHANTI

Telephone: +1-888-BNY-ADRS

SIGNATURES

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

AngloGold Ashanti Limited

Date: November 08, 2012

By:

/s/ M E SANZ PEREZ

Name: M E Sanz Perez
Title: Group General Counsel and Company
Secretary