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 February 20, 2013

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 vForm 40-F

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

Yes

No X

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

Yes

No X

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

Yes No X

Enclosure: Press release

AngloGold Ashanti Report for the quarter and year ended
31 December 2012

Quarter 4 2012

Report

for the quarter and year ended 31 December 2012

Group results for the year….

Gold production of 3.944Moz (estimated at 4.1Moz without the fourth quarter strike impact).

Total cash costs of $862/oz (estimated at $829/oz without the fourth quarter strike impact).

Adjusted headline earnings of $924bn (about $1.13bn without strike impact).

EBITDA of $2.4bn (about $2.7bn without strike impact), compared to $3.01bn in 2011.

Resources increased 10.6Moz to 241.5Moz reflecting exploration success at La Colosa and Tropicana.

Quarterly dividend of 50 South African cents per share (6 US cents per share). Full year dividend of 300 SA cents per share.

Capital projects remain on schedule; Tropicana and Kibali first production of gold is expected before 2013 year-end.

All Injury Frequency Rate (AIFR) the lowest on record at 7.72 per million hours worked.

Refinancing risk eliminated by obtaining US$750m term facility.

For the fourth quarter

Total cash costs $1,009/oz (estimated at $852/oz without strike impact).

Adjusted headline earnings of $7m (estimated at $215m without strike impact).

· Net debt increased to $2.06bn at the end of December, from $1.57bn at the end of the previous quarter due to project

capital and strike impact.

Standard & Poor’s affirmed the investment grade rating on the company’s publicly traded debt.

Smooth build-up of South Africa operations after Christmas break.

Quarter

Year

ended

Dec

Sep

Dec

2012

2011

2012

2011

US dollar / Imperial

Operating review
Gold
Produced

- oz (000)

859

1,030

1,114

3,944

4,331

Price received

$/oz

1,718

1,648

1,684

1,664

1,576

Total cash costs

- $/oz

1,009

866

762

862

728

Total production costs

- $/oz

1,259

1,081

1,065

1,078

950

Financial review
Adjusted gross profit

369

573

682

2,292

2,624

Gross profit

- $m

394

512

682

2,256

2,623

(Loss) profit attributable to equity shareholders

- $m

(188)

168

385

830

1,552

- cents/share

(49)

100

215

402

Headline earnings

- $m

109

178

289

1,145

1,484

- cents/share

296

384

Adjusted headline earnings

$m 7

235

295

924

1,297

- cents/share

239

336

Cash flow from operating activities

- $m

454

304

644

1,802

2,655

Capital expenditure

- $m

804

545

525

2,154

1,527

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, return on shareholders’ equity, productivity improvements, 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, 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.

· Gold production of 859,000oz (estimated at 1,061Moz without the fourth quarter strike impact).

Operations

at a glance

for the quarter ended 31 December 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

171

(57)

(54)

1,166

(228)

(116)

Great Noligwa

(30)

(52)

1,369

(7)

Kopanang

(61)

(46)

970

(12)

(34)

(2)

Moab Khotsong

(56)

(50)

1,359

(20)

Mponeng

(65)

(62)

934

(111)

(74)

Savuka

(62)

(50)

1,734

114

(6)

(16)

(10)

TauTona

(69)

(63)

1,307

(1)

(55)

(32)

First Uranium SA

1,191

Surface Operations

(46)

(50)

1,312

(25)

(21)

CONTINENTAL AFRICA

376

(10)

1,070

124

(83)

(73)

Ghana

Iduapriem

(12)

(2)

1,052

Obuasi

(6)

1,519

(51)

(32)

(65)

Guinea

Siguiri - Attr. 85%

1,014

(3)

(1)

(8)

Mali

Morila - Attr. 40%

(29)

714

(7)

(8)

(3)

Sadiola - Attr. 41%

(4)

1,211

(1)

Yatela - Attr. 40%

1,581

(17)

(12)

(1)

Namibia

Navachab

(5)

1,003

(4)

(1)

Tanzania

Geita

118

(18)

(7)

825

(45)

(13)

Non-controlling interests,
exploration and other

(2)

AUSTRALASIA

(13)

(14)

1,462

(1)

(36)

Australia

Sunrise Dam

(13)

(14)

1,309

(6)

(31)

Exploration and other

(9)

(3)

(6)

AMERICAS

258

720

(10)

171

(15)

Argentina

Cerro Vanguardia - Attr. 92.50%

(2)

829

(12)

Brazil

AngloGold Ashanti Mineração

112

672

(20)

(2)

Serra Grande

755

(11)

United States of America

Cripple Creek & Victor

(25)

(12)

668

(8)

(17)

(9)

Non-controlling interests,
exploration and other

(14)

(2)

OTHER

Sub-total

859

(23)

(17)

1,009

404

(316)

(197)

Equity accounted investments included above

(35)

(7)

AngloGold Ashanti

369

(313)

(204)

Refer to note B "Non GAAP disclosure" for definition

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

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

Effective 20 July 2012, AngloGold Ashanti acquired 100% of First Uranium (Pty) Limited.

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 YEAR AND QUARTER

FINANCIAL AND CORPORATE REVIEW

Full-year adjusted headline earnings (AHE) was $924m, or 239 US cents per share, compared with $1.30bn,
or 336 US cents per share in 2011. The weaker performance in earnings and cash flow largely reflects
challenges at the South Africa operations through the course of the year, including several safety-related
stoppages in the first half and the unprotected strike action in the second half. Furthermore, AHE also
reflects higher cash costs associated with inflation. If one were to exclude the impact of the SA strike only,
adjusted headline earnings, on a pro-forma basis, would have been $1.13bn, or 294 US cents per share.
For 2012, the company’s returns on net capital employed and equity was 14% and 18%, respectively. If
adjusted for the strikes, it is estimated that ROCE would have been around 16% while ROE would have
been around 20%.

Net profit attributable to equity shareholders for the full year was $830m, compared to $1.55bn in 2011. Cash
flow generated from operating activities declined 32% to $1.8bn, while total capital expenditure was $2.15bn,
compared with guidance at the beginning of the year of –around $2.3bn, reflecting capital rationalisation
implemented during the fourth quarter.

Production in 2012 was 3.94Moz at a total cash cost of $862/oz, compared to 4.33Moz at $728/oz the
previous year. The Group’s total cash costs for 2012 were $862/oz and notional cash expenditure (including
sustaining capital) was $1,115/oz, and $1,390/oz (if one were to include all project capital expenditure and
new investment/projects). The strikes in South Africa impacted group total costs by $33/oz for the year.

AngloGold Ashanti said in November it would review corporate costs and some expansion projects; focus on
higher quality production from its underground mines; sell some non-core assets; and progress its Kibali,
Tropicana and Cripple Creek & Victor growth projects to production.

A corporate cost review conducted in conjunction with Deloitte, is well advanced. A team of senior
operational and financial management personnel is also conducting a thorough review of all operations to
extract operational efficiencies from all sites. In addition, exploration spending across the group has been
rationalised, some assets deemed to be non-core are being considered for sale and capital expenditure has
been prioritised.

Net debt level as at 31 December 2012 was in line with our guidance at $2.06bn, compared with $610m at
the start of the year. The principal three factors that accounted for the increase in net debt level were:

•

Project capital of $1.1bn, of which 80% was spent on Tropicana, Kibali, CC&V and Mponeng.

•

Acquisitions of Serra Grande and Mine Waste Solutions paid for with $555m in cash.

•

Lost earnings of $208m as a consequence of the unprotected strike action in South Africa. As a result of
the protracted unprotected strike at our South African mines during the fourth quarter, we raised R1bn
under a Domestic Medium Term Note Programme in South Africa. Of this debt, R700m matures in
January 2014 whilst the balance of R300m matures in April 2013, but can be rolled over in the local
bond markets.

AngloGold Ashanti Limited has entered into a syndicated bridge loan facility agreement pursuant to which a
syndicate of banks has agreed to make available $750,000,000 to AngloGold Ashanti Holdings. In the event
AngloGold Ashanti chooses to draw on the loan, the proceeds are to be applied towards the repayment of
the $732,500,000, 3.5% convertible bonds due in May 2014. This prudent, pre-emptive move addresses any
refinancing concerns that may arise over the next few months around the 2014 convertible bond falling due
for repayment.

In September 2010 the Group issued $789m worth of Mandatory Convertible Bonds that are due for
conversion into equity in September 2013. When this conversion occurs in the third quarter, at current share
prices, 18.14m shares will be issued as a consideration for the bonds converting into equity. The total
shares in issue (including E-Ordinary shares) at that point will increase to 403m shares from the current
385m shares and the 6.0% interest coupon on this bond will cease to be paid.

Resources

increased to 241.5Moz in 2012, from 230.9Moz the previous year, reflecting an increase of

14.4Moz from exploration (10.6Moz from La Colosa) and modelling. Reserves

at year-end 2012 were

74.1Moz, down from 75.6Moz, reflecting changes in economic assumptions and offset by the acquisitions of
the remaining 50% of Serra Grande and Mine Waste Solutions.

With effect from 1 January 2013, AngloGold Ashanti will be adopting IFRIC 20 in relation to capitalisation of
qualified deferred stripping costs and amortising the same with adequate componentisation. IFRIC 20
provides for a transition adjustment in respect of certain brought forward balances and such balances will be
written off against reserves.

“We’ve moved decisively to ensure that we continue a strong recovery from a difficult end to last
year,” Joint Interim Chief Executive Officer Tony O’Neill said.

“We’re creating a leaner business and placing an absolute focus on costs, capital efficiency and
driving returns to shareholders,” Joint Interim Chief Executive Officer Srinivasan Venkatakrishnan
said. “We have also been proactive and obtained a Term Facility to backstop, if required the
convertible bond maturing in May 2014 to remove refinancing risk.”

FOURTH QUARTER REVIEW

A strong performance in the Americas Region was offset, in particular, by the strike at the group’s South
African mines and underperformance at Obuasi, in Ghana, mentioned as a major milestone below. Despite
challenges faced in South Africa, Standard & Poor’s affirmed the investment grade rating, albeit with a
negative outlook, on AngloGold Ashanti’s publicly traded debt following an extensive review. Major
milestones were reached outside of South Africa, most notably the termination of the underground
development contract with Mining and Building Contractors Limited, in Ghana, where sub-par development
performance has been identified as a key constraint to the mine’s performance in recent years. At Tropicana,
1.0Moz was added to the resource and the group achieved the lowest quarterly All Injury Frequency Rate
(AIFR) on record for the organisation at 6.17 per million hours worked.

Fourth-quarter AHE was $7m, or 2 US cents a share, compared to $295m, or 76 US cents a share in the
fourth quarter of 2011. AHE was affected by the lower volumes and higher cash costs during the quarter,
reflecting the impact of the strike in South Africa which eroded $208m of earnings and the change-over of
the mine development contractor at Obuasi that had a negative impact of $44m. In addition, specific non-
cash asset abandonment and de-recognition accounting charges following a reassessment of useful lives of
certain mine development assets of $248m after taxation were booked against net profits. These relate
primarily to Obuasi and to a lesser extent Great Noligwa, Kopanang and Siguiri. Cash flow generated from
operating activities was $454m during the fourth quarter compared with $644m a year earlier. Free cash
flow was negative during the fourth quarter at $447m, due largely to the impact of the South African strike
and the higher capital expenditure profile of $804m.

DIVIDEND

The Board has declared a dividend of 50 South African cents per share (approximately 6 US cents per
share) for the fourth quarter in line with previous guidance taking the full year’s dividend to 300 South African
cents per share.

SAFETY

Tragically, four fatal incidents were reported during the quarter - two in the South Africa Region and two in
the Continental Africa Region.

Much still needs to be done to reach the goal of eliminating injuries from the workplace. To this end, specific
training programmes were developed to prevent repeat safety incidents, focusing on safety and incident
investigation skills, improving identification and control of hazards to more effectively manage risk; and
improving safety leadership behaviour. Incident investigation learning interventions were implemented
throughout the group, covering about 500 people. About 400 employees have undergone formal evaluation
and are now capable of leading investigations, while 100 are competent to facilitate incident investigations.

Mineral Resources have been estimated at a gold price of US$2,000/oz (2011: US$1,600/oz).

Ore Reserves have been calculated using a gold price of US$1,300/oz (2011: US$1,100/oz).

The group’s ongoing focus on safety, through various programmes and initiatives, helped lower the AIFR to
7.72 per million hours worked, the lowest on record for the company and 21% better than the previous year,
which reflected double digit improvements from all regions against 2011 year-end performance. The
December quarter end had the lowest quarterly AIFR on record for the organisation at 6.17 per million hours
worked.

OPERATING REVIEW

Gold production for the three months to 31 December 2012 was 859,000oz at a total cash cost of $1,009/oz,
compared to 1,114,000oz at a total cash cost of $762/oz for the same period last year. Output and costs in the
fourth quarter was affected primarily by labour unrest in South Africa. The Americas Region recorded solid
production results with a strong contribution from Brazil. The pro-forma total cash costs without the strike
impact would have been $852/oz, some $14/oz lower than the third quarter’s cash costs of $866/oz.

The South African operations produced 171,000oz at a total unit cash cost of $1,166/oz in the three months
to 31 December 2012, compared with 398,000oz at a total cash cost of $696/oz in the same period last year.
Production for the year was 1,212,000oz at a total cash cost of $873/oz, compared to production of
1,624,000oz at a total cash cost of $694/oz in 2011.

The unprotected strike, during which all South African operations were at a standstill for over a month,
severely hampered gold output across all operations and had a commensurate impact on costs. The
unprotected work stoppage by more than 30,000 people was resolved with, among other things, mutually
agreed job-grading improvements which raised the minimum wage and made other adjustments for other
categories of employees. No wages were paid to striking workers for the period, though fixed costs were
incurred, as were salaries for non-striking employees. The strike ended across all operations on 26 October
though TauTona was again disrupted by a short underground sit-in on 1 November, as a result of which the
company allowed the early repayments of a safety incentive in order to ensure the safe restart of the mine.
Mponeng was also halted by management, between 6 November and 14 November following two
underground sit-ins and vandalism to a building at surface. Work resumed after a code of conduct was
agreed by management, employees and representatives of organised labour unions.

AngloGold Ashanti’s management has continued to engage with its employees directly, and through their
labour unions, in order to ensure a constructive dialogue is maintained ahead of this year’s bi-annual wage
talks. This includes the Association of Mineworkers and Construction Union, a new labour union, which has
established itself in the gold sector.

The South African mines’ quarterly performance was also adversely affected by a range of factors including
safety-related disruptions, seismic activity in the West Wits Region, geological limitations coupled with lower
mining grades in the Vaal River district and continued cost pressures that exceeded headline inflation.

At the West Wits operations, Mponeng’s fourth-quarter production decreased 65% year-on-year to 48,000oz
due to the labour unrest followed by a one week temporary suspension of operations due to safety concerns.
Total cash costs rose 80% to $934/oz year-on-year as a result of the lower gold output. At the adjacent
TauTona mine, fourth-quarter output decreased 69% year-on-year to 22,000oz, mainly as a result of the
strike and a safety stoppage during the ramp up period. Total cash costs increased by 89% year-on-year to
$1,307/oz.

The Vaal River operations, particularly Moab Khotsong, were severely impacted by the industrial strike
action and mining flexibility constraints. This led to the fourth-quarter gold production at Moab Khotsong
deteriorating by 56% to 23,000oz year-on-year. The mine also experienced a 24% decline in grade.
Total cash cost increased by 65% year-on-year to $1,359/oz. Great Noligwa’s fourth-quarter output fell 30%
year-on-year to 14,000oz as a result of the strike, face length constraints and declining yields, while total
cash costs rose 7% year-on-year to $1,369/oz. Kopanang, adversely affected by mining flexibility
impediments and lower mining grades, experienced a 61% year-on-year decline in production to 26,000oz
while total cash costs rose by 27% year-on-year to $970/oz. Additional uranium sales during the quarter
alleviated the impact of the gold shortfall on costs.

Surface operations experienced a 46% year-on-year decline in production to 20,000oz as a result of the
strike and lower yields. Total cash costs escalated by 84% year-on-year to $1,312/oz due to inflationary
pressure on reagents and increased expenditure related to dust-control initiatives to improve environmental
conditions. First Uranium, acquired in the third quarter of 2012, produced 14,000oz at a total cash cost of
$1,191/oz in the three months to 31 December 2012. Since the acquisition of First Uranium, AngloGold
Ashanti’s operating protocols, including Project ONE methodologies and principles, have begun to be
implemented at First Uranium to improve efficiencies and regulatory compliance.

The Continental Africa Region produced 376,000oz at a total cash cost of $1,070/oz in the fourth quarter,
compared to 419,000oz at a total cash cost of $799/oz in the same period last year. Production for the year
ended 31 December 2012 was 1,521,000oz at a total cash cost of $905/oz compared to production of
1,570,000oz at a total cash cost of $765/oz in 2011.

In Ghana, Iduapriem’s fourth quarter production declined year-on-year by 12% to 44,000oz as a result of
lower tonnage throughput, as well as a decrease in recovered grade. Total cash costs were maintained at
$1,052/oz. Obuasi’s fourth quarter production was 6% lower when compared to the same period last year at
76,000oz due to lower grades, equipment availability and late stope preparation, all of which took place
during a quarter in which the development contract was terminated. Total cash costs, which included some
once-off items, increased to $1,519/oz. AngloGold Ashanti cancelled the underground development contract
following a protracted period of below-target performance from the contractor. On 8 November, after a
mandatory 28-day notice period, AngloGold Ashanti assumed operational accountability for development at
the site.

In the Republic of Guinea, Siguiri’s fourth quarter production increased by 3% to 64,000oz when compared
to the same period last year as the benefits of the Project ONE initiative were realised through an
improvement in both tonnage throughput and recovered grade. Total cash costs decreased by 3% year-on-
year to $1,014/oz.

In Mali, Morila’s fourth quarter production was 20,000oz, while total cash costs decreased by 7% year-on-
year to $714/oz. This was mainly as a result of the increased gold production and processing of marginal
stockpiles, compared to full-grade ore the previous quarter, and was partly offset by higher royalties due to
the higher gold price and higher fuel prices. Sadiola’s fourth quarter production was similar to last year’s
levels at 27,000oz, reflecting an increase in tonnage throughput due to improved operational stability,
partially offset by a decrease in recovered grade limited by availability of oxide ore sources. Total cash costs
increased by 19% year-on-year to $1,211/oz primarily as a result of currency fluctuations and increased
consumable expenditure. Yatela’s production was 10,000oz.

In Namibia, Navachab’s fourth quarter production was relatively consistent at 18,000oz when compared to
the same period last year. Total cash costs increased by 8% year-on-year to $1,003/oz, impacted by
increased royalties due to a higher gold price.

In Tanzania, Geita’s fourth quarter production decreased by 18% year-on-year to 118,000oz as a result of a
planned 33% decrease in recovered grade as higher-grade material was stockpiled in preparation for the
scheduled replacement of the primary mill in the first quarter of 2013. Total cash costs consequently
increased to $825/oz, further influenced by increased royalties due to a higher gold price and year-end
consumable stock write-downs.

In the Americas Region, fourth quarter production was up 10% year-on-year to 258,000oz at a total cash
cost of $720/oz from the same period last year when the region produced 234,000oz at a total cash cost of
$612/oz. Production for the year ended 31 December 2012 was 953,000oz at a total cash cost of $683/oz,
compared to production of 891,000oz at a total cash cost of $528/oz.

At Cripple Creek & Victor (CC&V), fourth quarter production was 53,000oz which was 25% lower when
compared to the same period last year, in line with the mine plan. Lower production was due to fewer ounces
placed on the pad in the first half of the year. Cash cost increased by 4% to $668/oz compared to the same
period last year.

At AngloGold Ashanti Brasil Mineração, fourth-quarter production was 23% higher than the same period in
2011 at 112,000oz primarily due to higher production from the ramp up at Corrego do Sitio. Total cash costs
were 13% higher than the same period last year at $672/oz as a consequence of higher equipment
maintenance costs and a lower proportion of primary development costs that were capitalised. At Serra
Grande, now 100% owned, production was 23% higher than the same period in 2011 at 37,000oz. Total
cash cost was 21% higher than the same period last year at $755/oz as a result of higher maintenance and
drilling costs.

Cerro Vanguardia´s fourth quarter production was 8% higher at 55,000oz year-on-year, while total cash
costs rose 44% year-on-year to $829/oz reflecting lower by-product credits due to lower silver prices and
lower silver production. Costs at the operation were also negatively impacted by higher costs associated with
the heap leach, higher inflation, and higher equipment and vehicles maintenance costs associated with
energy consumption.

In Australia, production at Sunrise Dam for the quarter was 55,000oz at a total cash cost of $1,309/oz.
Production for the year ended 31 December 2012 was 258,000oz at a total cash cost of $1,126/oz compared
to production of 246,000oz at a total cash cost of $1,367/oz. During the year, underground production rates
increased from 1.5Mtpa to 2 Mtpa as the transition from the open-pit continued. Redesign of the final stage
of the open pit and remedial work to repair damage caused by a pit wall failure in 2011 was completed,
enabling mining of the crown pillar at the base of the pit which is expected to begin early in 2013.

PROJECTS

AngloGold Ashanti incurred capital expenditure of $804m (including equity-accounted joint ventures) during
the quarter, of which $469m was spent on growth projects. Expenditure on growth-related capital was $56m
in the Americas, $186m in Continental Africa, $166m in Australasia and $61m in South Africa.

The CC&V MLE 2 is currently in the implementation stage. The project is expected to extend the mine life
from 2017 through 2025, adding 2.6Moz of gold production. The primary project elements include a second
Valley Leach Facility (VLF 2) in Squaw Gulch and appropriate modifications of the drainage and storm water
management plan to accommodate the new facility, a carbon adsorption/desorption/electro-winning facility to
process solutions from VLF 2, a grinding/flotation/cyanidation plant to process 2M short tons per year of
selectively mined high grade ore, mine fleet replacement plus additional equipment to facilitate selective high
grade mining, roads, power, water and process infrastructure requirements, and mining and processing an
additional 218M short tons of ore.

Construction of a water pumping facility began in December 2012, the drain cover fill placement has been
completed and the mill platform construction is underway. A contract has been awarded for construction of
the VLF 2 and the re-routing of Highway 67 (part of which will be covered by the leach pad). First gold
production is expected during the second half of 2016.

The Kibali project, a joint venture between state-owned Sokimo (10%), AngloGold Ashanti (45%) and
operator Randgold Resources (45%), has budgeted attributable project capital expenditure of $982m
(including contingencies and escalation), to fund the development of the open pit and underground mines, as
well as associated infrastructure, with first production of gold from the open pit targeted for late 2013. In
2012, AngloGold Ashanti spent $263m towards Kibali’s development, which remained on schedule. All key
contracts have now been agreed. Work is progressing on the Metallurgical Plant, the CIL steelwork is in
progress, the mill bases have been poured and the steelwork is being installed for the mill, the primary
crushers and the conveyor.

Open pit mining has begun. The project team has handed over the boxcut to Byrnecut on 13 December 2012
and the development work on the twin declines commenced on the Western portal on 17 December 2012.
The shaft terrace portion has been completed, the vertical shaft sinking contractor, Shaft Sinkers, has
mobilised the first crew on site and taken the cut of the shaft boxcut.

The Relocation Action Plan continued with more than 1,450 families already resettled in the new model
village of Kokiza.

The Mongbwalu project (AGA 86.22%) review, announced in November, is scheduled for completion at the
end of March 2013. Construction activities related to the completion of the construction and operations
camps, all access roads and the mine portal area are progressing. The plan also includes the preparation of
the tailings and return water dam area and the plant fabrication, where the mill is scheduled to be ready for
testing in May 2013.

The Tropicana Gold Project (AGA 70% and manager, Independence Group NL 30%) remains on track to
begin production in the fourth quarter of 2013. Engineering design and procurement activities are now
complete and at the end of 2012, construction was 56% complete. During the December quarter, the Mineral
Resource estimate (100% project) was updated to118Mt at 2.08g/t containing 7.89Moz of gold (full details
are available at www.anglogoldashanti.com).

This represented a 1.48Moz increase from the previous estimate and a 2.8Moz increase since the project
was approved in November 2010. The Ore Reserve, which has increased by 15% to 56.4Mt at 2.16g/t for
3.91Moz since approval, is expected to be updated on completion of the Havana Deeps Pre-Feasibility
Study. The study is examining the economic trade-off between open cut and underground mining of the
Havana Deeps Mineral Resource. With the award during the quarter, of the major Structural, Mechanical &
Piping (SMP) and Electrical & Instrumentation (E&I) contracts, project capital cost estimates have been
updated.

On a 100% project basis, the estimated capital expenditure has increased to between A$820-A$845 million.
This represents an 11% increase on the mid-point of the capital expenditure range forecast at the time the
project was approved in November 2010 (the increase is covered by the budgeted CEO contingency). At that
time, capital expenditure (nominal) was forecast to be between A$725-A$775 million. The increase is largely
due to higher construction labour costs and decreased productivity.

Gold production in the first three years of operation remains in the range of 470,000-490,000oz per annum
(100% project) at slightly increased cash costs of between A$590/oz-A$630/oz, compared to a forecast of
A$580/oz-A$600/oz at approval. The increase is largely due to higher fuel prices, which were also impacted
by the reduction in fuel rebates associated with the introduction of the Australian carbon tax.

During the quarter, near-mine exploration returned encouraging results including 5m at 5.2g/t from 108m and
7m at 3.6g/t from 413m at Springbok and 9m at 5.4g/t from 439m at Boston Shaker.

The company-wide project called Project ONE, aimed at improving efficiencies consists of several initiatives
namely Safety Transformation (ST), System for People (SP) and Business Process Framework (BPF).

Safety Transformation initiatives for the fourth quarter maintained focus on hazard identification and incident
management where individuals across disciplines were trained in incident investigation. A Safety Culture
Transformation Framework with a view to significantly improve the culture of health and safety across the
mining sector was introduced in collaboration with the Chamber of Mines. In support of the framework, a
gap-analysis was conducted to assess the South African Region (SAR) Leadership Programmes and
amendments were performed in aligning programmes with expectations.

System for People, the human resources component of our business model, provides the leadership and
supporting management processes to ensure the right people, are in the right roles and doing the right work
to deliver against our goals. During the quarter, focus was on cascading of Managerial Leadership Practices
(MLP) with the SAR Management Committee. A comprehensive engagement model ensured the
entrenchment of the MLP’s and the first module was attended by all operational executive teams. Talent pool
development and the performance management process is ongoing and was completed down to Stratum II
level.

The Simunye safety and productivity training programme, a three-week course focussing on team building,
engagement and safety training among other activities, is being implemented at all South African operations.
This programme, part of the roll-out of Project ONE to production crews, focuses on safety and the reduction
of injury rates, the reduction of disruptive stoppages, improved compliance with mining cycles and blast
frequency. The programme began around two years ago, and to date 67% of AngloGold Ashanti’s work
crews in South Africa have undergone Simunye training, which includes a component of personal finance
training to help educate employees about predatory lending practises in the private sector and to assist in
creating a sound personal financial platform.

Crew performances are continually monitored and analysed, and the following productivity improvements
were recorded:
•

Improvement of 14% in m

/ISW (in-stope worker), and 22% in face advance at TauTona Mine;

•

Improvement of 6% in average vamping at Savuka; and

• Improvement of 15% in face advance at Mponeng Mine translating into higher area mined and

increased productivity per in-stope worker.

The Business Process Framework implementation is on-going and new management routines are being
developed to support the key task behaviour methodologies. The integrity and quality of work packages
within the production environment was extensively tested and reviewed to ensure a safe start-up at the end
of the unprotected strike in South Africa. Production maintenance systems configuration and data sourcing
has been finalised for SAP integration (OneERP), and certain of the regions went live on 4 February 2013.

Technology update
The Technology & Innovation Consortium continue 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.

The Consortium made significant progress relating to the three key projects:
•

RC (Geological) Drilling;
RC Drilling tests continued to assess the performance of the equipment in a deep-level underground
environment at TauTona. RC drilling on TauTona mine (75 level) commenced in August 2012 and was
interrupted by the strike action. The aim of this is to assess the performance of the machine in a deep
level underground mining environment in order to enhance geological ore-body information. Drilling is
scheduled to resume in the first quarter of 2013.

•

Reef Boring; and
In Reef Boring, the first prototype raise bore machine completed five test holes using a double pass
technique. Further tests using a second prototype raise bore machine has commenced test drilling,
using a single pass technique.

•

Ultra High Strength Backfill.
Substantial progress has been made in the design and testing of Ultra High Strength Backfill. Surface
tests were completed at TauTona mine. The construction for the underground plant has commenced.

These combined technologies have the potential to alter the way deep-level underground ore bodies are
mined in South Africa, and to significantly improve safety and unlock additional value by extracting the gold
that is not viable to mine using our current mining methods.

EXPLORATION

Total exploration expenditure during the fourth quarter, inclusive of expenditure at equity accounted joint
ventures, was $176m ($51m on brownfield, $69m on greenfield and $56m on pre-feasibility studies),
compared with $115m during the previous year’s quarter ($37m on brownfield, $43m on greenfield and
$35m on pre-feasibility studies).

Greenfield exploration activities were undertaken in five regions (Australia, Americas, Pacific, Sub-Saharan
Africa and the Middle East & North Africa) during the quarter. A total of 81,248m 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 continued at the Nuevo Chaquiro and Tenedor targets, the Quebradona project,
and the Santa Rita target in the Rio Dulce project, in joint venture with B2Gold (AGA 70%). At Nuevo
Chaquiro, a total of 7,853m of diamond drilling was completed and returned further significant results
including 760m @ 0.45% Cu and 0.23g/t Au in CHA-044. On the adjacent Nuevo Tenedor target, surface
mapping and sampling was completed. At the Santa Rita target, detailed geological mapping, sampling and
ground IP surveying is ongoing.

In Brazil, diamond drilling continued at the Falcao Joint Venture (AGA earning 70%), managed by Horizonte
Minerals, with a total of 906m completed. The drill programme confirmed continuity of the known mineralised
footprint. At the Graben Joint Venture (AGA earning 51%), approximately 16,000 line kilometres of high-
resolution airborne radio/magnetic geophysics was flown.

In Australia, a total of 2,119m of diamond drilling was completed at the Beaker prospect, within the Viking
project (AGA 100%), and follows-up previous gold intercepts including 11m @ 3.06g/t Au and 7m @ 2.33g/t
Au. At the Tropicana Joint Venture (AGA 70%), regional aircore (28,686m), RC (5,245m) and diamond
(1,085m) drilling continued and returned a significant intersection from Voodoo Child of 12m @ 3.28g/t Au. At
the Coronation Bore prospect, a total of 1,740m of diamond drilling was completed, targeting Iron Oxide
Copper Gold (IOCG) mineralisation.

In Guinea, exploration work focussed on the Kounkoun trend in Block 3, with infill and delineation drilling and
ground IP and magnetic geophysical surveying. At Kounkoun Central-East, Central-West and South, a total
of 12,792m of aircore, reverse circulation and diamond drilling was completed, and follows up previously
delineated mineralised zones. Best results include, but are not limited to (true widths), 59.2m @ 1.82g/t Au in
KKRC161, 28.2m @ 2.34g/t Au in KKRC175, 42.3m @ 2.44g/t Au in KKRC173 and 21.6m @ 2.63g/t, 39.5m
@ 1.94g/t and 42.3m @ 1.14g/t Au in KKRC201. At Kolita North, a total of 1,710m of reverse circulation
drilling was completed. Mapping and surface sampling of artisanal working was also carried out in Block 3
and Block 4.

In Tanzania, diamond drilling, IP geophysical surveying and surface soil sampling was completed at the
Lusahunga project (AGA earning 60%), located 150km west of Geita in the Nyakahura Belt, in joint venture
with Oryx Mining and Exploration Ltd. A total of 807m was drilled, targeting observed shear-hosted and
stockwork veining.

In the Democratic Republic of the Congo, exploration continued within the Kilo Greenstone Belt, which is
part of the Ashanti Goldfields Kilo Joint Venture (AGA 87%). A total of 6,140m of diamond drilling was
completed at the Issuru, Akwé, Petsi, Yemoliani and Nevienda prospects with encouraging results received
for Akwé and Issuru. Further results are awaited. Ground IP geophysical surveying at Bakombé delineated
significant anomalies, to be drill tested in 2013, while Xcalibur Airborne Geophysics were contracted to
complete approximately 7,500 line kilometres of magnetic and radiometric surveying over the north and
north-eastern licences. At the Kabakaba prospect, surface soil sampling was completed.

OUTLOOK

Group’s gold production for 2013 is estimated at between 4.1Moz to 4.4Moz. Total cash costs are estimated
at between $815/oz-$845/oz at an average exchange rate of R8.75/$, BRL2.00/$, A$1.02/$ and AP5.00/$
and fuel at $113/barrel. Both production and total cash costs estimates will be reviewed quarterly, in light of
any unforeseen factors.

Gold production for the first quarter of 2013 is estimated at 910koz to 950koz. Total cash costs are estimated
at between $900/oz-$910/oz at an average exchange rate of R8.75/$, BRL2.00/$, A$1.02/$ and AP5.00/$
and fuel at $113/barrel. Both estimates could be revised downwards in light of recent labour related
challenges experienced in South Africa.

For 2013, capital expenditure is anticipated to be about $2.1bn, compared with $2.15bn in 2012. Included
within the capital expenditure guidance for 2013 is US$118m of qualified deferred stripping costs. Corporate
costs, which include implementation of the Enterprise Resource Planning system, marketing and Project
ONE expenditure, are expected to be $240m, about $51m less than in 2012. Spending on expensed
exploration and studies, including equity accounted joint ventures, is anticipated to be about $377m, $84m
less than in 2012. Depreciation and amortisation is anticipated to be $1,050m, while interest and finance
costs are expected to be $250m (including coupon on mandatory convertible bonds).

Mineral Resource and Ore Reserve

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

AngloGold Ashanti strives to actively create value by growing its major asset – the Mineral Resource and
Ore Reserve. This drive is based on an active, well-defined brownfields exploration programme, innovation
in both geological modelling and mine planning and continual optimisation of its asset portfolio.

MINERAL RESOURCE

The total Mineral Resource increased from 230.9Moz in December 2011 to 241.5Moz in December 2012. A
gross annual increase of 15.8Moz occurred before depletion, while the net increase after allowing for
depletion is 10.7Moz. Changes in economic assumptions from December 2011 to December 2012 resulted
in a 1.2Moz increase to the Mineral Resource, whilst exploration and modelling resulted in an increase of
14.4Moz. The remaining decrease of 3.7Moz resulted from various other factors. Depletion from the Mineral
Resource for the year totalled 5.1Moz. The acquisition of the additional 50% of Serra Grande and the
purchase of Mine Waste Solutions added a total of 3.8Moz to the Mineral Resource.

MINERAL RESOURCE

Moz

Mineral Resource as at 31 December 2011

230.9

Reductions

Great Noligwa

Revisions due to reduced likelihood of eventual extraction

(2.8)

Obuasi

Revised estimates of historic mining

(2.0)

CC&V

Combination of increased costs and revised metallurgical recoveries

(1.1)

Kopanang

Negative exploration results and depletion

(1.0)

Other

Total of non-significant changes

(1.9)

Additions

Tropicana

Reporting of Havana as an open pit Mineral Resource

1.0

Mponeng

Revised geological modelling of the Ventersdorp Contact Reef

1.3

La Colosa

Exploration success

10.6

Other

Total of non-significant changes

2.6

Acquisitions

Serra Grande

Acquisition of the remaining 50% of the operation

1.2

Mine Waste Solutions

Acquisition of Mine Waste Solutions

2.7

Mineral Resource as at 31 December 2012

241.5

Rounding of numbers may result in computational discrepancies.

Mineral Resources have been estimated at a gold price of US$2,000/oz (2011: US$1,600/oz).

ORE RESERVE

The AngloGold Ashanti Ore Reserve reduced from 75.6Moz in December 2011 to 74.1Moz in December
2012. A gross annual increase of 3.2Moz occurred before depletion of 4.7Moz. The decrease net of
depletion was therefore 1.5Moz. Changes in economic assumptions from 2011 to 2012 resulted in a
reduction of 0.6Moz to the Ore Reserve, while exploration and modelling resulted in an increase of 0.6Moz.
The acquisition of the remaining 50% of Serra Grande and Mine Waste solutions added a further 2.8Moz.
The remaining increase of 0.4Moz resulted from various other factors.

ORE RESERVE

Moz

Ore Reserve as at 31 December 2011

75.6

Reductions

Kopanang

Depletion and minor model revision

(1.4)

Obuasi

Revised mine planning parameters and geotechnical review

(0.9)

Great Noligwa

Economic driven reduction of underground mining footprint

(0.7)

Other

Total non-significant changes

(2.7)

Additions

Kibali

Open pit increase due to additional metal defined by grade control drilling.

0.4

Geita

Positive economic changes

0.7

Other

Total non-significant changes

0.3

Acquisitions

Serra Grande

Purchase of remaining 50% of the operation

0.4

Mine Waste Solutions Purchase of Mine Waste Solutions

2.4

Ore Reserve as at 31 December 2012

74.1

Rounding of numbers may result in computational discrepancies.

Ore reserves have been calculated using a gold price of US$1,300/oz (2011: US$1,100/oz).

BY-PRODUCTS

Several by-products are recovered as a result of the processing of gold Ore Reserves. These include
73,492t of uranium oxide from the South African operations, 439,564t of sulphur from Brazil and 40.7Moz of
silver from Argentina.

COMPETENT PERSONS

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

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

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

MINERAL RESOURCE BY COUNTRY (ATTRIBUTABLE) INCLUSIVE OF ORE RESERVE

as at 31 December 2012

Tonnes

Grade

Contained

Category

million

g/t

gold

tonnes

Moz

South Africa

Measured 183.97

2.33 428.52

13.78

Indicated 964.52

2.16 2 080.80

66.90

Inferred 53.34

10.45 557.39 17.92

Total

1 201.83

2.55

3 066.71

98.60

Democratic Republic of the Congo

Measured 1.97

3.00 5.89 0.19

Indicated 63.18

3.70 233.93

7.52

Inferred 30.43

2.91 88.69

2.85

Total 95.58

3.44 328.51 10.56

Ghana

Measured 64.84

4.63 300.44

9.66

Indicated 103.86

3.87 401.45

12.91

Inferred 150.37

2.87 431.63

13.88

Total 319.07

3.55 1 133.52

36.44

Guinea

Measured 38.45

0.63 24.15

0.78

Indicated 125.81

0.72

90.37

2.91

Inferred 56.71

0.82 46.32

1.49

Total 220.97

0.73 160.84

5.17

Mali

Measured 9.16

0.94 8.63 0.28

Indicated 52.02

1.81 94.30

3.03

Inferred 27.75

0.94 26.00

0.84

Total 88.93

1.45 128.93

4.15

Namibia

Measured 17.21

0.64 11.03

0.35

Indicated 96.58

1.22 117.73

3.79

Inferred 7.76

1.08 8.36 0.27

Total 121.55

1.13 137.12

4.41

Tanzania

Measured -

- - -

Indicated 103.81

2.63 273.00

8.78

Inferred 39.21

2.78 109.00

3.50

Total 143.02

2.67 382.00

12.28

Australia

Measured 36.46

1.70 62.00

1.99

Indicated 71.84

2.10 150.68

4.84

Inferred 14.98

3.13 46.82

1.51

Total 123.28

2.10 259.50

8.34

Argentina

Measured 11.60

1.59 18.48

0.59

Indicated 36.91

2.87 105.90

3.40

Inferred 7.49

2.98 22.34 0.72

Total 56.00

2.62 146.72

4.72

Brazil

Measured 14.52

5.81 84.40

2.71

Indicated 21.01

5.31 111.51

3.59

Inferred 48.74

5.29 257.63

8.28

Total 84.27

5.38 453.54 14.58

Colombia

Measured 15.68

0.85 13.30

0.43

Indicated 34.36

0.79 27.21

0.87

Inferred 1 025.23

0.85

873.63

28.09

Total 1

075.27

0.85

914.14

29.39

United States of America

Measured 267.56

0.77 207.24

6.66

Indicated 208.89

0.67 140.04

4.50

Inferred 84.56

0.64 53.87

1.73

Total 561.01

0.72 401.15

12.90

Total

Measured 661.42

1.76 1

164.08

37.43

Indicated

1 882.79

2.03

3 826.92

123.04

Inferred

1 546.58

1.63

2 521.68

81.07

Total

4 090.79

1.84

7 512.68

241.54

Rounding of figures may result in computational discrepancies.

MINERAL RESOURCE BY COUNTRY (ATTRIBUTABLE) EXCLUSIVE OF ORE RESERVE

as at 31 December 2012

Tonnes

Grade

Contained

Category

million

g/t

gold

tonnes

Moz

South Africa

Measured 16.52 18.23 301.15

9.68

Indicated 249.09

4.56 1 136.02

36.52

Inferred 27.64

8.79 242.82

7.81

Total 293.25

5.73 1 679.99

54.01

Democratic Republic of the Congo

Measured

0.37 1.85 0.68 0.02

Indicated 28.38

3.24 91.92

2.96

Inferred 30.43

2.91 88.69

2.85

Total 59.18

3.06 181.29

5.83

Ghana

Measured 21.63

7.16 154.96

4.98

Indicated 48.49

3.50 169.84

5.46

Inferred 150.35

2.86 429.66

13.81

Total 220.47

3.42 754.46

24.26

Guinea

Measured

1.03 0.52 0.54 0.02

Indicated 55.92

0.73 40.74

1.31

Inferred 56.71

0.82 46.32

1.49

Total 113.66

0.77

87.60

2.82

Mali

Measured

5.22 0.73 3.82 0.12

Indicated 23.92

1.50 35.79

1.15

Inferred 27.75

0.94 26.00

0.84

Total 56.89

1.15 65.61

2.11

Namibia

Measured

5.89 0.53 3.12 0.10

Indicated 56.10

1.07 60.17

1.93

Inferred

7.76 1.08 8.36 0.27

Total 69.75

1.03 71.65

2.30

Tanzania

Measured -

Indicated 42.97

2.68 115.34

3.71

Inferred 35.95

2.74 98.59

3.17

Total 78.92

2.71 213.93

6.88

Australia

Measured

3.33 1.14 3.80 0.12

Indicated 45.02

1.94 87.13

2.80

Inferred 14.98

3.13 46.82

1.51

Total 63.33

2.18 137.75

4.43

Argentina

Measured

2.14 2.55 5.45 0.18

Indicated 31.31

1.69 52.91

1.70

Inferred 7.49 2.98 22.34 0.72

Total 40.94

1.97 80.70

2.59

Brazil

Measured 4.98 6.25 31.14 1.00

Indicated 10.36

4.91 50.89

1.64

Inferred 48.40

5.30 256.36

8.24

Total 63.74

5.31 338.39 10.88

Colombia

Measured 15.68

0.85 13.30

0.43

Indicated 34.36

0.79 27.21

0.87

Inferred 1 025.23

0.85

873.63

28.09

Total 1 075.27

0.85

914.14

29.39

United States of America

Measured 112.75

0.72

81.08

2.61

Indicated 126.54

0.66

83.21

2.68

Inferred 84.56

0.64 53.87

1.73

Total 323.85

0.67 218.16

7.01

Total

Measured 189.54

3.16 599.05

19.26

Indicated 752.46

2.59 1 951.16

62.73

Inferred

1 517.27

1.45

2 193.45

70.52

Total

2 459.27

1.93

4 743.66

152.51

Rounding of figures may result in computational discrepancies.

ORE RESERVE BY COUNTRY (ATTRIBUTABLE)

as at 31 December 2012

Tonnes

Grade

Contained Contained

Category

million

g/t

gold

tonnes

Moz

South Africa

Proved 148.71

0.66

98.04

3.15

Probable 728.45

1.21 883.59

28.41

Total 877.16

1.12 981.63

31.56

Democratic Republic of the Congo

Proved

1.59

3.26 5.20 0.17

Probable 35.90 4.12 147.84

4.75

Total 37.49 4.08 153.04

4.92

Ghana

Proved 40.88 3.42 139.66

4.49

Probable 52.77 3.67 193.84

6.23

Total 93.65 3.56 333.50 10.72

Guinea

Proved 36.59 0.63 22.92

0.74

Probable 67.60 0.67 45.56

1.46

Total 104.19

0.66

68.48

2.20

Mali

Proved

2.26

1.30 2.93 0.09

Probable 36.61 1.81 66.32

2.13

Total 38.87 1.78 69.25

2.23

Namibia

Proved

0.00

0.00 0.00 0.00

Probable 51.80 1.26 65.29

2.10

Total 51.80 1.26 65.29

2.10

Tanzania

Proved

0.00

0.00 0.00 0.00

Probable 65.06 2.59 168.63

5.42

Total 65.06 2.59 168.63

5.42

Australia

Proved 33.13 1.76 58.20

1.87

Probable 26.82 2.37 63.55

2.04

Total 59.95 2.03 121.75

3.91

Argentina

Proved 10.44 1.29 13.49

0.43

Probable 10.90 4.56 49.71

1.60

Total 21.34 2.96 63.20

2.03

Brazil

Proved 9.29 4.47 41.51 1.33

Probable 12.48 4.39 54.74

1.76

Total 21.77 4.42 96.25

3.09

United States of America

Proved 154.81

0.81 126.16

4.06

Probable 82.35 0.69 56.83

1.83

Total 237.16

0.77 182.99

5.88

Total

Proved 437.72

1.16 508.11

16.34

Probable

1 170.74

1.53

1 795.90

57.74

Total

1 608.46

1.43

2 304.01

74.08

Rounding of figures may result in computational discrepancies.

Group

income statement

Quarter

Year

ended

December

September

December

2012

2011

2012

2011

US Dollar million

Notes

Unaudited

Reviewed

Unaudited

Reviewed

Audited

Revenue

1,490

1,664

1,859

6,632

6,925

Gold income

1,398

1,629

1,779

6,353

6,570

Cost of sales

(1,029)

(1,056)

(1,097)

(4,062)

(3,946)

Gain (loss) on non-hedge derivatives and other
commodity contracts

(61)

(35)

(1)

Gross profit

394

512

682

2,256

2,623

Corporate administration, marketing and other
expenses

(85)

(70)

(77)

(291)

(278)

Exploration and evaluation costs

(124)

(107)

(83)

(395)

(279)

Other operating (expenses) income

(5)

(41)

(27)

Special items

(402)

(25)

146

(402)

163

Operating (loss) profit

(217)

305

672

1,127

2,202

Dividends received

Interest received

Exchange gain (loss)

(10)

Finance costs and unwinding of obligations

(67)

(65)

(48)

(231)

(196)

Fair value adjustment on option component of
convertible bonds

(2)

(15)

Fair value adjustment on mandatory convertible
bonds

(11)

162

104

Share of equity-accounted investments' (loss)
profit

(44)

(28)

(Loss) profit before taxation

(234)

245

648

1,171

2,321

Taxation

(76)

(246)

(322)

(723)

(Loss) profit for the period

(182)

169

402

849

1,598

Allocated as follows:

Equity shareholders

(188)

168

385

830

1,552

Non-controlling interests

(182)

169

402

849

1,598

Basic (loss) earnings per ordinary share (cents)

(1)

(49)

100

215

402

Diluted (loss) earnings per ordinary share (cents)

(2)

(49)

161

346

(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 year ended 31 December 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 year

ended 31 December 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.

Group

statement of comprehensive income

Quarter

Year

ended

December

September

December

2012

2011

2012

2011

US Dollar million

Unaudited

Reviewed

Unaudited

Reviewed

Audited

(Loss) profit for the period

(182)

169

402

849

1,598

Exchange differences on translation of foreign
operations

(36)

(24)

(93)

(365)

Share of equity-accounted investments' other
comprehensive loss

(1)

Net loss on available-for-sale financial
assets

(10)

(6)

(10)

(27)

(81)

Release on impairment of available-for-sale
financial assets

Release on disposal of available-for-sale
financial assets

Deferred taxation thereon

(1)

(8)

(4)

(5)

(67)

Actuarial loss recognised

(20)

(39)

(20)

(39)

Deferred taxation rate change thereon

(9)

Deferred taxation thereon

(15)

(25)

(24)

(25)

Other comprehensive (loss) income for
the period, net of tax

(47)

(28)

(122)

(458)

Total comprehensive (loss) income
for the period, net of tax

(229)

141

420

727

1,140

Allocated as follows:

Equity shareholders

(235)

140

403

708

1,094

Non-controlling interests

(229)

141

420

727

1,140

Rounding of figures may result in computational discrepancies.

Group

statement of financial position

As at

December

September

December

2012

2011

US Dollar million

Note

Reviewed

Audited

ASSETS

Non-current assets

Tangible assets

7,648

7,620

6,525

Intangible assets

315

289

210

Investments in equity-accounted associates and joint ventures

1,060

928

702

Other investments

167

175

186

Inventories

610

589

410

Trade and other receivables

Deferred taxation

160

Cash restricted for use

Other non-current assets

10,011

9,887

8,220

Current assets

Inventories

1,287

1,220

1,064

Trade and other receivables

470

557

350

Cash restricted for use

Cash and cash equivalents

892

1,123

1,112

2,684

2,961

2,561

Non-current assets held for sale

2,684

2,962

2,582

TOTAL ASSETS

12,695

12,849

10,802

EQUITY AND LIABILITIES

Share capital and premium

6,742

6,721

6,689

Accumulated losses and other reserves

(1,295)

(1,040)

(1,660)

Shareholders' equity

5,447

5,681

5,029

Non-controlling interests

137

Total equity

5,469

5,742

5,166

Non-current liabilities

Borrowings

2,724

2,708

2,456

Environmental rehabilitation and other provisions

1,238

1,234

782

Provision for pension and post-retirement benefits

221

214

195

Trade, other payables and deferred income

Derivatives

Deferred taxation

1,068

1,215

1,158

5,271

5,411

4,698

Current liabilities

Borrowings

859

713

Trade, other payables and deferred income

979

829

751

Taxation

117

154

155

1,955

1,696

938

Total liabilities

7,226

7,107

5,636

TOTAL EQUITY AND LIABILITIES

12,695

12,849

10,802

Rounding of figures may result in computational discrepancies.

Group

statement of cash flows

Quarter

Year

ended

December

September

December

2012

2011

2012

2011

US Dollar million

Note

Unaudited

Reviewed

Unaudited

Reviewed

Audited

Cash flows from operating activities

Receipts from customers

1,471

1,603

1,828

6,523

6,796

Payments to suppliers and employees

(1,000)

(1,149)

(1,009)

(4,340)

(3,873)

Cash generated from operations

471

454

819

2,183

2,923

Dividends received from equity-accounted joint ventures

111

Taxation refund

Taxation paid

(89)

(164)

(211)

(507)

(477)

Net cash inflow from operating activities

454

304

644

1,802

2,655

Cash flows from investing activities

Capital expenditure

(623)

(448)

(455)

(1,758)

(1,393)

Interest capitalised and paid

(5)

(4)

(12)

Expenditure on intangible assets

(28)

(24)

(10)

(79)

(16)

Proceeds from disposal of tangible assets

Other investments acquired

(17)

(18)

(12)

(97)

(147)

Proceeds from disposal of investments

Investments in equity-accounted associates and joint ventures

(132)

(106)

(34)

(349)

(115)

Proceeds from disposal of equity-accounted joint venture

Loans advanced to equity-accounted associates and joint ventures

(1)

(1)

(12)

(65)

(25)

Loans repaid by equity-accounted associates and joint ventures

Dividends received

Proceeds from disposal of subsidiary

Cash in subsidiary acquired

Cash in subsidiary disposed

(31)

(31)

(11)

Acquisition of subsidiary and loan

(335)

Increase (decrease) in cash restricted for use

(33)

(3)

(19)

Interest received

Loans advanced

(45)

(45)

Repayment of loans advanced

Net cash outflow from investing activities

(816)

(937)

(490)

(2,608)

(1,564)

Cash flows from financing activities

Proceeds from issue of share capital

Share issue expenses

(1)

Proceeds from borrowings

220

1,061

1,432

109

Repayment of borrowings

(5)

(203)

(9)

(217)

(268)

Finance costs paid

(56)

(17)

(55)

(145)

(144)

Acquisition of non-controlling interest

(215)

Revolving credit facility and bond transaction costs

(1)

(21)

(30)

Dividends paid

(22)

(46)

(66)

(236)

(169)

Net cash inflow (outflow) from financing activities

136

775

(121)

591

(463)

Net (decrease) increase in cash and cash equivalents

(226)

142

(215)

628

Translation

(5)

(6)

(5)

(102)

Cash and cash equivalents at beginning of period

1,123

987

1,075

1,112

586

Cash and cash equivalents at end of period

892

1,123

1,112

892

1,112

Cash generated from operations

(Loss) profit before taxation

(234)

245

648

1,171

2,321

Adjusted for:

Movement on non-hedge derivatives and other commodity contracts

(25)

Amortisation of tangible assets

206

202

203

793

768

Finance costs and unwinding of obligations

231

196

Environmental, rehabilitation and other expenditure

(15)

(2)

142

(17)

171

Special items

389

(137)

402

(93)

Amortisation of intangible assets

Deferred stripping

(13)

(7)

(24)

Fair value adjustment on option component of convertible bonds

(17)

(83)

(84)

Fair value adjustment on mandatory convertible bonds

(65)

(9)

(162)

(104)

Interest received

(12)

(10)

(23)

(43)

(52)

Share of equity-accounted investments' loss (profit)

(17)

(73)

Other non-cash movements

Movements in working capital

133

(129)

(49)

(218)

(170)

471

454

819

2,183

2,923

Movements in working capital

Increase in inventories

(115)

(87)

(112)

(324)

(236)

Decrease (increase) in trade and other receivables

(90)

(110)

Increase in trade and other payables

178

216

133

(129)

(49)

(218)

(170)

Rounding of figures may result in computational discrepancies.

Group statement of changes in equity

Share

Cash

Available

Foreign

capital

Other

Accumu-

flow

for

Actuarial

currency

Non-

and

capital

lated

hedge

sale

(losses)

translation

controlling

Total

US Dollar million

premium

reserves

losses

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 year

1,552

1,598

Other comprehensive loss

(1)

(67)

(25)

(365)

(458)

Total comprehensive (loss) income

- (1) 1,552 - (67) (25) (365) 1,094 46 1,140

Shares issued

Share issue expenses

(1)

Share-based payment for share awards
net of exercised

Dividends paid

(131)

Dividends of subsidiaries

(27)

Translation

(31) 29

(1)

(6)

Balance at 31 December 2011

6,689

171

(1,300)

(2)

(78)

(469)

5,029

137

5,166

Balance at 31 December 2011

6,689

171

(1,300)

(2)

(78)

(469)

5,029

137

5,166

Profit for the year

830

849

Other comprehensive loss

(5)

(24)

(93)

(122)

Total comprehensive income (loss)

- - 830 - (5) (24) (93) 708 19 727

Shares issued

Share-based payment for share awards
net of exercised

Acquisition of non-controlling interest

(1)

(144)

(71)

(215)

Disposal of subsidiary

(2)

(45)

Dividends paid

(215)

Dividends of subsidiaries

(17)

Translation

(9)

(1)

Balance at 31 December 2012

6,742

177

(823)

(2)

(98)

(562)

5,447

5,469

Rounding of figures may result in computational discrepancies.

Equity holders of the parent

(1)

On 28 June 2012, AngloGold Ashanti Limited acquired the remaining 50% shareholding in the Serra Grande mine from Kinross Gold Corporation for $220m less $5m for dividends declared and paid to minorities.

(2)

In early December 2012, AngloGold Ashanti Limited disposed of a 5% interest in Rand Refinery Limited. AngloGold Ashanti Limited now holds a remaining interest of 48.03%.

Segmental

reporting

for the quarter and year ended 31 December 2012

Dec

Sep

Dec

2012

2011

2012

2011

Unaudited

Reviewed

Unaudited

Reviewed

Audited

Gold income
South Africa

344

606

672

2,013

2,560

Continental Africa

651

582

722

2,609

2,530

Australasia

101

103

426

385

Americas

413

421

392

1,656

1,487

1,501

1,709

1,889

6,704

6,962

Equity-accounted investments included above

(103)

(80)

(110)

(351)

(392)

1,398

1,629

1,779

6,353

6,570

Gross profit (loss)

South Africa

117

147

320

651

1,083

Continental Africa

124

197

207

882

938

Australasia

(9)

(13)

Americas

171

154

186

722

744

Corporate and other

429

540

720

2,374

2,780

Equity-accounted investments included above

(35)

(28)

(38)

(118)

(157)

394

512

682

2,256

2,623

Capital expenditure

South Africa

187

161

181

583

532

Continental Africa

280

208

152

790

420

Australasia

178

355

102

Americas

157

147

390

456

Corporate and other

804

545

525

2,154

1,527

Equity-accounted investments included above

(142)

(73)

(31)

(303)

(88)

662

472

494

1,851

1,439

Dec

Sep

Dec

2012

2011

2012

2011

Unaudited

Reviewed

Unaudited

Reviewed

Audited

Gold production

South Africa

171

373

398

1,212

1,624

Continental Africa

376

357

419

1,521

1,570

Australasia

258

246

Americas

258

237

234

953

891

859

1,030

1,114

3,944

4,331

As at

Dec

Sep

Dec

2012

2011

Reviewed

Audited

Total assets

South Africa

3,082

3,131

2,148

Continental Africa

4,818

4,840

4,288

Australasia

1,045

994

736

Americas

2,863

2,765

2,501

Corporate and other

887

1,120

1,129

12,695

12,849

10,802

Rounding of figures may result in computational discrepancies.

US Dollar million

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

Quarter ended

US Dollar million

Year ended

Quarter ended

oz (000)

Year ended

Notes

for the quarter and year ended 31 December 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 17,
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, IFRS as issued by the
International Accounting Standards Board, The Financial Reporting Guides as issued by the South African Institute of Chartered
Accountants, 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 year ended 31 December 2012.

2. Revenue

Quarter ended

Year ended

Dec

Sep

Dec Dec Dec

2012

2011 2012 2011

Unaudited

Reviewed

Unaudited Reviewed

Audited

US Dollar million

Gold income

1,398

1,629

1,779

6,353

6,570

By-products (note 3)

206

224

Dividends received

Royalties received (note 5)

(10)

Interest received

1,490

1,664

1,859

6,632

6,925

3 Cost of sales

Quarter ended

Year ended

Dec

Sep

Dec Dec Dec

2012

2011 2012 2011

Unaudited

Reviewed

Unaudited Reviewed

Audited

US Dollar million

Cash operating costs

861

866

788

3,307

3,029

Insurance reimbursement

(30)

By-products revenue (note 2)

(75)

(28)

(49)

(206)

(224)

786

808

739

3,071

2,805

Royalties

164

193

Other cash costs

Total cash costs

819

867

796

3,270

3,028

Retrenchment costs

Rehabilitation and other non-cash costs

157

229

Production costs

837

885

957

3,347

3,272

Amortisation of tangible assets

206

202

203

793

768

Amortisation of intangible assets

Total production costs

1,044

1,089

1,161

4,145

4,042

Inventory change

(15)

(32)

(64)

(83)

(96)

1,029

1,056

1,097

4,062

3,946

4. Other operating expenses (income)

Quarter ended

Year ended

Dec

Sep

Dec Dec Dec

2012

2011 2012 2011

Unaudited

Reviewed

Unaudited Reviewed

Audited

US Dollar million

Pension and medical defined benefit provisions

(4)

(8)

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

(4)

Rounding of figures may result in computational discrepancies.

5. Special items

Quarter ended

Year ended

Dec

Sep

Dec

Dec Dec

2012

2011

2012 2011

Unaudited

Reviewed

Unaudited

Reviewed Audited

US Dollar million

Net impairments (reversal) and derecognition of

tangible assets (note 8)

354

1 (134)

356 (120)

Impairment reversal of intangible assets (note 8)

(10)

Impairment of investments (note 8)

3 3

Impairment (reversal) of other receivables

1 (2)

(1)

Net loss on disposal and derecognition of land,

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

7 5

Profit on disposal of subsidiary ISS International

Limited (note 8)

(2)

Profit on partial disposal of Rand Refinery Limited

(notes 8 and 13)

(14)

(14)

Black Economic Empowerment transaction

modification costs for Izingwe (Pty) Limited

Royalties received (note 2)

(1)

(5)

10 (8)

(23)

(79)

Insurance claim recovery on capital items (note 8)

(3)

Indirect tax expenses (income) and legal claims

3 (7)

40 6

Contract termination and settlement costs

402

25 (146)

402 (163)

(1)

In the September 2012 quarter, the Boddington royalties included an over accrual relating to the prior quarter of $11m.

Finance costs and unwinding of obligations

Quarter ended

Year ended

Dec

Sep

Dec

Dec Dec

2012

2011

2012 2011

Unaudited

Reviewed

Unaudited

Reviewed Audited

US Dollar million

Finance costs

167

141

Unwinding of obligations, accretion of convertible

bonds and other discounts

231

196

7. Taxation

Quarter ended

Year ended

Dec

Sep

Dec

Dec Dec

2012

2011

2012 2011

Unaudited

Reviewed

Unaudited

Reviewed Audited

US Dollar million

South African taxation
Mining tax

(28)

113

Non-mining tax

6 7

(Over) under provision prior year

(3)

(2)

(3) 4

Deferred taxation
Temporary

differences

222

Unrealised non-hedge derivatives and other

commodity contracts

(17)

(10)

Change in estimated deferred tax rate

(8)

(9)

Change in statutory tax rate

(131)

128

(15)

360

Foreign taxation
Normal taxation

77 64

353

275

(Over) under provision prior year

(14)

(4)

(9)

Deferred taxation
Temporary

differences

(94)

(32)

57 (48) 85

Change in statutory tax rate

(56)

118

337

363

(52)

246

322

723

Rounding of figures may result in computational discrepancies.

8. Headline earnings

Quarter ended

Year ended

Dec

Sep

Dec Dec Dec

2012

2011 2012 2011

Unaudited

Reviewed

Unaudited Reviewed

Audited

US Dollar million

The (loss) profit attributable to equity shareholders was

adjusted by the following to arrive at headline earnings:

(Loss) profit attributable to equity shareholders

(188)

168

385

830

1,552

Net impairments (reversal) and derecognition of tangible

assets (note 5)

354

1 (134) 356

(120)

Impairment reversal of intangible assets (note 5)

- -

(10) -

Net loss on disposal and derecognition of land, mineral

rights, tangible assets and exploration properties (note 5)

Impairment of other investments (note 5)

Insurance claim recovery on capital items (note 5)

- (3) -

(3)

Profit on disposal of subsidiary ISS International Limited

(note 5)

(2)

Profit on partial disposal of Rand Refinery Limited

(notes 5 and13)

(14)

- -

(14) -

Net impairment (reversal) of investment in associates and

joint ventures

- (6) 57

(4)

Loss on disposal of loan to joint venture

Special items of associates

Taxation on items above - current portion

(1)

Taxation on items above - deferred portion

(106)

(1)

(106)

109

178 289

1,145

1,484

Headline earnings per ordinary share (cents)

(1)

296

384

Diluted headline earnings per ordinary share (cents)

(2)

236

330

(1)

Calculated on the basic weighted average number of ordinary shares.

(2)

Calculated on the diluted weighted average number of ordinary shares.

Number of shares

Quarter ended

Year ended

Dec

Sep

Dec Dec Dec

2012

2011 2012 2011

Unaudited

Reviewed

Unaudited Reviewed

Audited

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

A redeemable preference shares of 50 SA cents each

2,000,000

2,000,000

B redeemable preference shares of 1 SA cent each

5,000,000

5,000,000

Issued and fully paid number of shares:

Ordinary shares in issue

383,320,962

383,110,317

382,242,343 383,320,962 382,242,343

E ordinary shares in issue

1,617,752

2,498,230

2,582,962

1,617,752

2,582,962

Total ordinary shares:

384,938,714

385,608,547

384,825,305 384,938,714 384,825,305

A redeemable preference shares

2,000,000

2,000,000

B redeemable preference shares

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

383,197,618

382,854,974

382,059,365 382,757,790 381,621,687

E ordinary shares

1,999,566

2,546,474

2,937,664

2,392,316

2,950,804

Fully vested options

1,232,070

1,447,978

1,121,745

1,616,239

1,389,122

Weighted average number of shares

386,429,254

386,849,426

386,118,774 386,766,345 385,961,613

Dilutive potential of share options

(1)

1,510,368

1,517,152

1,166,037

1,572,015

Dilutive potential of convertible bonds

(1)

18,140,000

33,524,615

Diluted number of ordinary shares

386,429,254

388,359,794

405,775,926 421,456,997 421,058,243

(1)

The dilutive effect of the share options and convertible bonds are not the same for the quarter and the year ended December 2012 as the effect of the
share options and convertible bonds are anti-dilutive for the quarter.

10. Share capital and premium

As at

Dec Sep Dec

2012 2012 2011

Reviewed Reviewed

Audited

US Dollar million

Balance at beginning of period

6,782

6,782

6,734

Ordinary shares issued

E ordinary shares issued and cancelled

(7)

(1)

(9)

Sub-total

6,821

6,813

6,782

Redeemable preference shares held within the group

(53)

(53)

Ordinary shares held within the group

(10)

(17)

E ordinary shares held within the group

(16)

(22)

(23)

Balance at end of period

6,742

6,721

6,689

Rounding of figures may result in computational discrepancies.

11. Exchange rates

Dec Sep Dec

2012 2012 2011

Unaudited Unaudited Unaudited

ZAR/USD average for the year to date

8.20

8.04

7.26

ZAR/USD average for the quarter

8.67

8.25

8.09

ZAR/USD closing

8.45

8.30

8.04

AUD/USD average for the year to date

0.97

0.97

AUD/USD average for the quarter

0.96

0.96

0.99

AUD/USD closing

0.96

0.96

0.97

BRL/USD average for the year to date

1.95

1.92

1.68

BRL/USD average for the quarter

2.06

2.03

1.80

BRL/USD closing

2.05

2.03

1.87

ARS/USD average for the year to date

4.55

4.46

4.13

ARS/USD average for the quarter

4.80

4.61

4.25

ARS/USD closing

4.92

4.70

4.30

12. Capital commitments

Dec Sep Dec

2012 2012 2011

Reviewed Reviewed

Audited

US Dollar million

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

(1)

927

1,004

202

(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 Limited acquired the entire share capital of First Uranium (Pty) Limited, 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 Limited’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

Other investments

Deferred tax

Inventories

134

Trade and other receivables

Cash restricted for use

Cash and cash equivalents

815

Liabilities
Loans from group companies

204

Environmental rehabilitation and other provisions

386

Deferred tax

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)

Since acquisition, First Uranium (Pty) Limited has contributed $41m of revenue and a profit of less than $1m to the net
profit before tax of the group. If the combination had taken place at the beginning of the year, the group’s profit for the year
would have been $927m and revenue would have been $6,697m.

The transaction costs of $3m have been expensed and are included in administrative expenses in the income statement
and are part of 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 Limited’s own tailings facilities to the Mine Waste Solutions plant that will allow processing
of AngloGold Ashanti Limited’s Vaal River tailings without having to build additional processing facilities. The processing of
AngloGold Ashanti Limited's 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 Limited and First Uranium (Pty) Limited tailings alike.

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

Part disposal of Rand Refinery Limited

In early December 2012, AngloGold Ashanti Limited disposed of a 5% interest in Rand Refinery Limited (Rand Refinery)
for a total cash consideration of $6m. AngloGold Ashanti Limited now holds a remaining interest of 48.03% and this
interest is accounted for as an associate.

The carrying value of the identifiable assets and liabilities of Rand Refinery as at the date of disposal was:

2012

US Dollars million

Assets
Tangible assets

Other non-current assets

Non-current assets held for sale

Inventories

Trade and other receivables

Cash and cash equivalents

122

Liabilities
Deferred tax

Trade and other payables

Taxation

Total identifiable net assets

Consideration received

Fair value of residual value of investment

Non-controlling interest

Less: Net assets disposed

(94)

Total gain on disposal

Realised gain

Unrealised gain

14. Contingencies

AngloGold Ashanti’s material contingent liabilities and assets at 31 December are detailed below:

Contingencies and guarantees

Dec

2012

Dec

2011

Reviewed

Audited

US Dollar Millions

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)

156

Other tax disputes – Mineração Serra Grande S.A.

(7)

Tax dispute - AngloGold Ashanti Colombia S.A.

(8)

161

Contingent assets
Indemnity – Kinross Gold Corporation

(9)

(90)

Royalty – Boddington Gold Mine

(10)

Royalty – Tau Lekoa Gold Mine

(11)

Financial Guarantees
Oro Group (Pty) Limited

(12)

319

150

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

operations in South Africa, 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 in certain underground mines in South Africa. 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 accurate estimation of a liability, no reliable estimate
can be made for the obligation.

(3) Indirect taxes – AngloGold Ashanti (Ghana) Limited received tax assessments for the 2006 to 2008 and for the 2009

to 2011 tax years following audits by the tax authorities which related to various indirect taxes amounting to $23m
(2011: $12m). Management is of the opinion that the indirect taxes were not properly assessed and the company has
lodged an objection.

(4) ODMWA litigation – On 3 March 2011, in Mankayi vs. AngloGold Ashanti, the Constitutional Court of South Africa held

that section 35(1) of the Compensation for Occupational Injuries and Diseases Act, 1993 does not cover an
“employee” who qualifies for compensation in respect of “compensable diseases” under the Occupational Diseases in
Mines and Workers Act, 1973 (ODMWA). This judgment allows such qualifying employee to pursue a civil claim for
damages against the employer. Following the Constitutional Court decision, AngloGold Ashanti has become subject to
numerous claims relating to silicosis and other Occupational Lung Diseases (OLD), including several potential class
actions and individual claims.

For example, on or about 21 August 2012, AngloGold Ashanti was served with an application instituted by Bangumzi
Bennet Balakazi and others in which the applicants seek an order declaring that all mine workers (former or current)
who previously worked or continue to work in specified South African gold mines for the period owned by AngloGold
Ashanti and who have silicosis or other OLD constitute members of a class for the purpose of proceedings for
declaratory relief and claims for damages. In the event the class is certified, such class of workers would be permitted
to institute actions by way of a summons against AngloGold Ashanti for amounts as yet unspecified. On 4 September
2012, AngloGold Ashanti delivered its notice of intention to defend this application. AngloGold Ashanti has also
delivered a formal request for additional information that it requires to prepare its affidavits in respect to the allegations
and the request for certification of a class.

In addition, on or about 8 January 2013, AngloGold Ashanti and its subsidiary Free State Consolidated Gold Mines
(Operations) Limited, alongside other mining companies operating in South Africa, were served with another
application to certify a class. The applicants in the case seek to have the court certify two classes namely: (i) current
and former mineworkers who have silicosis (whether or not accompanied by any other disease) and who work or have
worked on certain specified gold mines at any time from 1 January 1965 to date; and (ii) the dependants of
mineworkers who died as a result of silicosis (whether or not accompanied by any other disease) and who worked on
these gold mines at any time after 1 January 1965. AngloGold Ashanti has filed a notice of intention to oppose the
application.

In October 2012, a further 31 individual summonses and particulars of claim have been received relating to silicosis
and/or other OLD. The total amount being claimed in the 31 summonses is approximately $9m. On 22 October 2012,
AngloGold Ashanti filed a notice of intention to oppose these claims. AngloGold Ashanti has also served a notice of
exception to the summonses which, if successful, is expected to require the plaintiffs to redraft the particulars of claim
to correct certain errors. The exception is expected to be heard by the South Gauteng High Court on 26 February
2013.

It is possible that additional class actions and/or individual claims relating to silicosis and/or other OLD will be filed
against AngloGold Ashanti in the future. AngloGold Ashanti will defend all current and subsequently filed claims 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
the earlier decision by the Constitutional Court, such matters would have an adverse effect on its financial position,
which could be material. The company is unable to estimate its share of the amounts claimed.

(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’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 $17m (2011: $8m). Management is of the
opinion that the taxes are not payable.

(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 $96m (2011: attributable share $54m) and $60m (2011: attributable share $34m)
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. Both cases have been remitted to
the COMEX and are under review. The company believes both assessments are in violation of federal legislation on
sales taxes. A date has not yet been set for a hearing before the COMEX.

(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 $19m (2011: attributable share $9m).

(8) Tax dispute – AngloGold Ashanti Colombia S.A. (AGAC) received notice from the Colombian Tax Office (DIAN) that it

disagreed with the company’s tax treatment of certain items in the 2010 income tax return. The company believes that
the tax legislation has been applied correctly. The company is considering defending AGAC’s position. An estimated
additional tax of $26m will be payable if the tax returns are amended. Penalties and interest for the additional tax are
expected to be $135m based on Colombian tax law.

(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 ($90m at
31 December 2012 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 cash cost plus $600/oz. The royalty commenced on 1 July 2010 and is capped at
a total amount of $100m, of which $60m (2011: $34m) has been received to date. Royalties of $4m (2011: $8m) were
received during the quarter.

(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 and 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 304,643oz 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. Concentration of risk

There is a concentration of risk in respect of recoverable value added tax, fuel duties and appeal deposits from the
Tanzanian government. The outstanding amounts have been discounted to their present value at a rate of 7.82%.

The recoverable value added tax, fuel duties and appeal deposits are summarised as follows:

2012

Recoverable value added tax

Recoverable fuel duties

(1)

Appeal deposits

(1)

Fuel duty claims are required to be submitted after consumption of the related fuel and are subject to authorisation by the Customs and Excise
authorities.

16. Borrowings

AngloGold Ashanti’s borrowings are interest bearing.

17. 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.

18. Announcements

On 1 October 2012, AngloGold Ashanti announced that its mines in South Africa remained at a standstill as a result of the
unprotected strike which began on 20 September 2012 at the Kopanang operation and spread to the remaining five
operations on 25 September 2012. On 24 October 2012, AngloGold Ashanti announced that the unprotected strike at its
Vaal River region had come to an end. On 2 November 2012, AngloGold Ashanti announced that employees at the
Mponeng and TauTona mines did not resume work due to illegal sit-ins. On 14 November 2012, following another sit-in,
AngloGold Ashanti announced that normal operations resumed at its Mponeng mine following successful engagement
with employee and trade union representatives.

On 13 October 2012, AngloGold Ashanti announced the termination of its relationship with Mining and Building
Contractors Ltd, the underground development contractor at the Obuasi mine in Ghana.

On 16 October 2012, AngloGold Ashanti announced that the JSE Limited granted AngloGold Ashanti the listing of its
ANG01 Senior Unsecured Fixed Rate Notes and ANG02 Senior Unsecured Floating Rate Notes under its ZAR10 billion
Domestic Medium Term Note Programme dated 29 June 2012.

On 4 December 2012, AngloGold Ashanti announced that the Mineral Resource estimate for the Tropicana Gold Project
had increased by a further 1.48 million ounces to 7.89 million ounces of contained gold. The increase was the result of
drilling completed in 2012 and greater confidence in the viability of a larger pit at Havana.

On 10 December 2012, AngloGold Ashanti announced that Standard & Poor’s affirmed the investment grade rating on the
company’s publicly traded debt following an extensive review.

On 8 January 2013, the Board of AngloGold Ashanti announced the resignation of Chief Executive Officer, Mark Cutifani
with effect from 1 April 2013. The Board further announced the appointment of the current Chief Financial Officer,
Mr Srinivasan Venkatakrishnan and Executive Vice President Business and Technical Development, Mr Anthony O’Neill
as joint interim Chief Executives, with Mr Venkatakrishnan responsible for all Finance and Corporate functions and
Mr O’Neill responsible for all Operations, Projects (including the company’s Enterprise Resource Planning programme and
procurement) and Technical functions.

19. Dividend

The salient details Dividend No. 115 for the quarter ended 30 September 2012 paid by AngloGold Ashanti (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

7.5

42.5 14 December

UK pence per ordinary share

R14.2725/£1

3.503

0.525

2.978 14 December

Australian cents per CHESS Depositary Interest (CDI)

R1/A$0.1077

1.077

0.162

0.915 14 December

Ghana cedi per ordinary share

R1/¢0.2117

0.10585

0.01588

0.08997 14 December

Ghana cedi per Ghanaian Depositary Share (GhDSs)

R1/¢0.2117

0.0010585

0.0001588

0.0008997 17 December

US cents per American Depositary Share (ADS)

R8.6784/$1

5.7614

0.8642

4.8972 24 December

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 September 2012 Dividend No. E15 of 25 South African cents (gross), or 21.25 South African cents (net)
was paid to holders of E ordinary shares on 14 December 2012, being those employees participating in the Bokamoso
ESOP and 25 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 Final Dividend No. 116 for
the quarter and year ended 31 December 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 of AngloGold Ashanti Limited in issue at the date of declaration is

383,341,572

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

1,612,518

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.

2013

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

Thursday, 7 March

Last date to trade ordinary shares cum dividend

Friday, 8 March

Last date to register transfers of certificated securities cum dividend

Friday, 8 March

Ordinary shares trade ex-dividend

Monday, 11 March

Record date

Friday, 15 March

Payment date

Thursday, 28 March

On the payment date, dividends due to holders of certificated securities on the South African and Jersey share registers
will be electronically transferred to shareholders' bank accounts.

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, 11 March 2013 and Friday, 15 March 2013, both days
inclusive, no transfers between the South African, Jersey, 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.

2013

Ex dividend on New York Stock Exchange

Wednesday, 13 March

Record date

Friday, 15 March

Approximate date for currency conversion

Friday, 22 March

Approximate payment date of dividend

Monday, 8 April

Assuming an exchange rate of R8.8736/$, 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.

2013

Last date to trade and to register GhDSs cum dividend

Friday, 8 March

GhDSs trade ex-dividend

Monday, 11 March

Record date

Friday, 15 March

Approximate payment date of dividend

Monday, 2 April

Assuming an exchange rate of R1/0.21411¢, which is subject to a 15% South African withholding tax, the dividend
payable per share is equivalent to 0.1071 cedis. However, the actual rate of payment will depend on the exchange rate on
the date for currency conversion. In Ghana, the authorities have determined that dividends payable to residents on the
Ghana share register be subject to a final withholding tax at a rate of 8%.

In addition, directors declared Interim Dividend No. E16, for the quarter and year ended 31 December 2012 of 25 South
African cents per E ordinary share, payable to employees participating in the Bokamoso ESOP and Izingwe Holdings
(Proprietary) Limited. These dividends will be paid on Thursday, 28 March 2013.

By order of the Board

T T MBOWENI

M CUTIFANI

Chairman

Chief Executive Officer

18 February 2013

Non-GAAP disclosure

Dec

Sep

Dec

2012

2011

2012

2011

Unaudited

Headline earnings (note 8)

109

178

289

1,145

1,484

(Gain) loss on unrealised non-hedge derivatives and
other commodity contracts

(25)

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

(17)

(10)

Fair value adjustment on option component of convertible bonds

(17)

(83)

(84)

Fair value adjustment on mandatory convertible bonds

(65)

(9)

(162)

(104)

Adjusted headline earnings

235

295

924

1,297

Adjusted headline earnings per ordinary share (cents)

(1)

239

336

(1) Calculated on the basic weighted average number of ordinary shares.

Dec

Sep

Dec

2012

2011

2012

2011

Unaudited

Reconciliation of gross profit to adjusted gross profit:

(1)

Gross profit

394

512

682

2,256

2,623

(Gain) loss on unrealised non-hedge derivatives and other
commodity contracts

(25)

Adjusted gross profit

(1)

369

573

682

2,292

2,624

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

Price received

Dec

Sep

Dec

2012

2011

2012

2011

Unaudited

Gold income (note 2)

1,398

1,629

1,779

6,353

6,570

Adjusted for non-controlling interests

(19)

(19)

(47)

(135)

(177)

1,379

1,610

1,732

6,218

6,393

Realised loss on other commodity contracts

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

103

110

351

392

Attributable gold income including realised non-hedge
derivatives

1,487

1,695

1,842

6,579

6,785

Attributable gold sold - oz (000)

865

1,029

1,094

3,953

4,305

Revenue price per unit - $/oz

1,718

1,648

1,684

1,664

1,576

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

Quarter ended

US Dollar million / Imperial

Year ended

Quarter ended

Year ended

Adjusted gross profit

Dec

Sep

Dec

2012

2011

2012

2011

Unaudited

Total costs

Total cash costs (note 3)

819

867

796

3,270

3,028

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

(14)

(26)

(13)

(95)

(99)

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

223

221

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

867

892

847

3,398

3,150

Retrenchment costs (note 3)

Rehabilitation and other non-cash costs (note 3)

157

229

Amortisation of tangible assets (note 3)

206

202

203

793

768

Amortisation of intangible assets (note 3)

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

(12)

(3)

(34)

(31)

(64)

Associates and equity accounted joint ventures' share of production costs

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

1,082

1,113

1,184

4,250

4,112

Gold produced - oz (000)

859

1,030

1,112

3,944

4,329

Total cash cost per unit - $/oz

(1)

1,009

866

762

862

728

Total production cost per unit - $/oz

1,259

1,081

1,065

1,078

950

EBITDA

Operating profit

(217)

305

672

1,127

2,202

Amortisation of tangible assets (note 3)

206

202

203

793

768

Amortisation of intangible assets (note 3)

Impairment (reversal) and derecognition of tangible assets (note 5)

354

(134)

356

(120)

Impairment reversal of intangible assets (note 5)

(10)

(Gain) loss on unrealised non-hedge derivatives and other commodity contracts

(25)

Share of associates' EBITDA

137

Impairment of investments (note 5)

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

Profit on disposal of subsidiary ISS International Limited (note 5)

(2)

Profit on disposal of subsidiary Rand Refinery Limited (note 5)

(14)

(14)

Insurance claim recovery of capital items (note 5)

(3)

333

597

780

2,397

3,014

Interest cover

EBITDA (note D)

333

597

780

2,397

3,014

Finance costs (note 6)

167

141

Capitalised finance costs

179

144

Interest cover - times

As at

Dec

Sep

Dec

2012

2011

Unaudited

Net asset value - cents per share

Total equity

5,469

5,742

5,166

Mandatory convertible bonds

588

656

760

6,057

6,398

5,926

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

385

386

385

Net asset value - cents per share

1,573

1,659

1,540

Total equity

5,469

5,742

5,166

Mandatory convertible bonds

588

656

760

Intangible assets

(315)

(289)

(210)

5,742

6,109

5,716

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

385

386

385

Net tangible asset value - cents per share

1,492

1,584

1,485

Net debt

Borrowings - long-term portion

2,724

2,708

1,698

Borrowings - short-term portion

271

Total borrowings

(1)

2,995

2,765

1,728

Corporate office lease

(31)

(32)

(33)

Unamortised portion of the convertible and rated bonds

Cash restricted for use

(64)

(93)

(58)

Cash and cash equivalents

(892)

(1,123)

(1,112)

Net debt excluding mandatory convertible bonds

2,061

1,569

610

Rounding of figures may result in computational discrepancies.

(1)

Borrowings exclude the mandatory convertible bonds (note G).

Quarter ended

US Dollar million / Imperial

Year ended

US Dollar million

(1)

The total cash cost of $1,009/oz for the December 2012 quarter includes $157/oz relating to the impact of the strike in South Africa.

For the year, the cash cost of $862/oz includes $33/oz for the impact of the strike.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

124

Mined

- 000 tonnes

760

434

482

788

2,464

Milled / Treated

- 000 tonnes

715

464

433

811

2,423

Recovered grade

- oz/ton

0.175

0.146

0.080

0.167

0.150

- g/tonne

5.99

5.01

2.74

5.74

5.14

Gold produced

- oz (000)

138

150

400

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

5,415

5,476

Recovered grade

- oz/ton

0.006

0.019

0.006

- g/tonne

0.19

0.65

0.20

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcm

15,544

1,898

17,442

Mined

- 000 tonnes

37,316

4,424

6,658

48,398

Treated

- 000 tonnes

6,311

350

259

6,920

Stripping ratio

- ratio

4.37

162.66

21.09

5.65

Recovered grade

- oz/ton

0.042

0.044

0.150

0.046

- g/tonne

1.43

1.50

5.15

1.57

Gold produced

- oz (000)

290

349

HEAP LEACH OPERATION

Mined

- 000 tonnes

1,842

15,488

17,330

Placed

- 000 tonnes

277

5,345

5,621

Stripping ratio

- ratio

6.08

2.11

2.31

Recovered grade

- oz/ton

0.054

0.012

0.014

- g/tonne

1.87

0.41

0.49

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz/TEC

2.32

10.67

38.54

16.40

6.81

TOTAL

OPERATING RESULTS
QUARTER ENDED DECEMBER 2012

Subsidiaries' gold produced

- oz (000)

171

319

258

802

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

171

376

258

859

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

202

309

240

805

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

202

369

240

865

Minority gold sold

- oz (000)

Spot price

- $/oz

1,717

Price received

- $/oz sold

1,721

1,720

1,719

1,712

1,718

Total cash costs

- $/oz produced

1,166

1,070

1,462

720

1,009

Total production costs

- $/oz produced

1,298

1,398

1,688

935

1,259

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED DECEMBER 2012 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

344

651

413

1,501

(103)

1,398

Cash costs

(253)

(415)

(81)

(227)

(956)

(894)

By-products revenue

Total cash costs

(200)

(413)

(80)

(207)

(881)

(819)

Retrenchment costs

(1)

(2)

Rehabilitation and other non-cash costs

(50)

(2)

(12)

(15)

(2)

(16)

Amortisation of assets

(71)

(75)

(11)

(51)

(2)

(210)

(207)

Total production costs

(222)

(539)

(93)

(270)

(1,108)

(1,044)

Inventory change

(29)

(1)

Cost of sales

(251)

(527)

(94)

(242)

(1,097)

(1,029)

Adjusted gross profit (loss)

124

171

404

(35)

369

Unrealised non-hedge derivatives and other
commodity contracts

Gross profit (loss)

117

124

171

429

(35)

394

Corporate and other costs

(3)

(15)

(63)

(86)

Exploration and evaluation costs

(4)

(50)

(23)

(43)

(6)

(126)

(124)

Intercompany transactions

(24)

(3)

(1)

Special items

(50)

(352)

(18)

(401)

(1)

(402)

Operating profit (loss)

(305)

(22)

(11)

(182)

(35)

(217)

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

(2)

(4)

(3)

Exchange gain (loss)

(2)

(4)

(1)

Share of equity accounted investments profit

(2)

(24)

(46)

(73)

(44)

Profit (loss) before taxation

(313)

(21)

(20)

(226)

(8)

(234)

Taxation

(8)

(37)

Profit (loss) for the period

(237)

(13)

(17)

(182)

Equity shareholders

(234)

(13)

(23)

(188)

Non-controlling interests

(3)

Operating profit (loss)

(305)

(22)

(11)

(182)

(35)

(217)

Unrealised non-hedge derivatives and other
commodity contracts

(25)

Loss on realised other commodity contracts

Intercompany transactions

(27)

Special items

320

(16)

356

(3)

353

Special items

320

(16)

356

(3)

353

Share of associates' EBIT

(24)

(2)

(26)

EBIT

(19)

(56)

122

Amortisation of assets

210

(3)

207

Share of associates' amortisation

EBITDA

158

115

(9)

123

(54)

333

Profit (loss) attributable to equity shareholders

(234)

(13)

(23)

(188)

Special items

320

(16)

356

(3)

353

Share of associates' special items

Taxation on items above

(14)

(92)

(106)

Headline earnings (loss)

(4)

(13)

109

Unrealised non-hedge derivatives and other
commodity contracts

(25)

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

Fair value adjustment on option component
of convertible bonds

(17)

Fair value adjustment on mandatory
convertible bonds

(65)

Adjusted headline earnings (loss)

(4)

(13)

(77)

Ore reserve development capital

Stay-in-business capital

253

(2)

251

Project capital

186

166

469

(140)

329

Total capital expenditure

187

280

178

157

804

(142)

662

Capitalised leased assets

(11)

Expenditures on intangible assets

(28)

Capital expenditure per statement of cash flows

623

Rounding of figures may result in computational discrepancies.

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

5.07

10.30

45.54

16.34

8.29

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 (loss) gain

(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

248

Mined

- 000 tonnes

1,555

479

321

512

2,867

Milled / Treated

- 000 tonnes

1,394

497

356

520

2,768

Recovered grade

- oz/ton

0.235

0.146

0.129

0.195

0.198

- g/tonne

8.05

5.01

4.44

6.68

6.78

Gold produced

- oz (000)

361

112

603

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

2,747

2,776

Recovered grade

- oz/ton

0.012

0.031

0.012

- g/tonne

0.42

1.06

0.42

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcm

13,874

691

14,565

Mined

- 000 tonnes

32,230

1,459

6,618

40,307

Treated

- 000 tonnes

6,122

558

242

6,922

Stripping ratio

- ratio

5.98

4.91

23.00

6.84

Recovered grade

- oz/ton

0.049

0.020

0.167

0.051

- g/tonne

1.68

0.69

5.73

1.74

Gold produced

- oz (000)

330

387

HEAP LEACH OPERATION

Mined

- 000 tonnes

2,131

14,977

17,107

Placed

- 000 tonnes

304

4,586

4,889

Stripping ratio

- ratio

10.86

2.51

2.84

Recovered grade

- oz/ton

0.030

0.013

0.014

- g/tonne

1.04

0.44

0.47

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz/TEC

5.71

12.00

42.52

20.09

9.46

TOTAL

OPERATING RESULTS
QUARTER ENDED DECEMBER 2011

Subsidiaries' gold produced

- oz (000)

398

356

234

1,051

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

398

419

234

1,114

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

398

353

217

1,030

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

398

419

217

1,096

Minority gold sold

- oz (000)

Spot price

- $/oz

1,683

Price received

- $/oz sold

1,689

1,680

1,673

1,686

1,684

Total cash costs

- $/oz produced

696

799

1,478

612

762

Total production costs

- $/oz produced

884

1,220

1,771

895

1,065

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED DECEMBER 2011 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

672

723

103

392

1,889

(110)

1,779

Cash costs

(299)

(349)

(94)

(185)

(909)

(845)

By-products revenue

Total cash costs

(277)

(346)

(94)

(161)

(860)

(796)

Retrenchment costs

(2)

(1)

(4)

Rehabilitation and other non-cash costs

(110)

(4)

(48)

(161)

(157)

Amortisation of assets

(75)

(67)

(15)

(47)

(2)

(206)

(204)

Total production costs

(351)

(525)

(112)

(258)

(1,231)

(1,161)

Inventory change

Cost of sales

(351)

(516)

(112)

(205)

(1,169)

(1,097)

Adjusted gross profit (loss)

320

207

(9)

186

720

(38)

682

Unrealised non-hedge derivatives and other
commodity contracts

Gross profit (loss)

320

207

(9)

186

720

(38)

682

Corporate and other costs

(3)

(2)

(1)

(10)

(57)

(72)

(73)

Exploration and evaluation costs

(1)

(18)

(17)

(31)

(16)

(84)

(83)

Intercompany transactions

(17)

(3)

Special items

(8)

148

(2)

146

Operating profit (loss)

308

317

(24)

146

(39)

709

(37)

672

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

(1)

(2)

(41)

(34)

(31)

Exchange gain (loss)

(7)

(4)

(11)

(10)

Share of equity accounted investments profit

(11)

(6)

(2)

Profit (loss) before taxation

307

306

(21)

134

(64)

662

(14)

648

Taxation

(122)

(107)

(29)

(7)

(259)

(246)

Profit (loss) for the period

185

199

(16)

106

(71)

402

Equity shareholders

185

197

(16)

(77)

385

Non-controlling interests

Operating profit (loss)

308

317

(24)

146

(39)

709

(37)

672

Unrealised non-hedge derivatives and other
commodity contracts

Intercompany transactions

(21)

Special items

(138)

(2)

(128)

i t

' EBIT

(6)

(1)

(7)

Share of associates' EBIT

(6)

(1)

(7)

EBIT

318

196

(20)

138

(58)

574

Amortisation of assets

206

(2)

204

Share of associates' amortisation

EBITDA

393

263

(5)

186

(56)

780

Profit (loss) attributable to equity shareholders

185

197

(16)

(77)

385

Special items

(138)

(2)

(128)

Share of associates' special items

(17)

(6)

Taxation on items above

(4)

Headline earnings (loss)

191

111

(16)

(91)

289

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

Fair value adjustment on mandatory
convertible bonds

(9)

Adjusted headline earnings (loss)

191

111

(16)

(85)

295

Ore reserve development capital

Stay-in-business capital

108

254

(7)

247

Project capital

179

(24)

155

Total capital expenditure

181

152

147

525

(31)

494

Capitalised leased assets

(29)

Expenditures on intangible assets

(10)

Capital expenditure per statement of cash flows

455

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

754

Mined

- 000 tonnes

4,838

1,622

1,459

2,510

10,429

Milled / Treated

- 000 tonnes

4,317

1,799

1,444

2,796

10,356

Recovered grade

- oz/ton

0.219

0.140

0.076

0.160

0.169

- g/tonne

7.50

4.79

2.60

5.48

5.80

Gold produced

- oz (000)

1,041

277

121

492

1,931

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

17,962

326

18,288

Recovered grade

- oz/ton

0.009

- g/tonne

0.30

0.31

0.30

Gold produced

- oz (000)

172

175

OPEN-PIT OPERATION

Volume mined

- 000 bcm

56,937

4,559

61,496

Mined

- 000 tonnes

135,177

11,403

24,208

170,789

Treated

- 000 tonnes

24,541

1,914

973

27,429

Stripping ratio

- ratio

4.49

8.35

21.12

5.34

Recovered grade

- oz/ton

0.045

0.065

0.165

0.050

- g/tonne

1.54

2.22

5.66

1.73

Gold produced

- oz (000)

1,212

137

177

1,526

HEAP LEACH OPERATION

Mined

- 000 tonnes

8,277

63,248

71,524

Placed

- 000 tonnes

1,090

21,951

23,040

Stripping ratio

- ratio

11.96

2.02

2.31

Recovered grade

- oz/ton

0.031

0.012

0.013

- g/tonne

1.06

0.42

0.45

Gold placed

- oz (000)

293

330

Gold produced

- oz (000)

283

312

PRODUCTIVITY PER EMPLOYEE

Actual

- oz/TEC

4.19

10.97

43.46

17.47

8.07

TOTAL

OPERATING RESULTS
YEAR ENDED DECEMBER 2012

Subsidiaries' gold produced

- oz (000)

1,212

1,311

258

953

3,734

Joint ventures' gold produced

- oz (000)

210

Attributable gold produced

- oz (000)

1,212

1,521

258

953

3,944

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

1,214

1,316

257

955

3,742

Joint ventures' gold sold

- oz (000)

211

Attributable gold sold

- oz (000)

1,214

1,527

257

955

3,953

Minority gold sold

- oz (000)

Spot price

- $/oz

1,668

Price received

- $/oz sold

1,665

1,664

1,663

1,664

Total cash costs

- $/oz produced

873

905

1,211

683

862

Total production costs

- $/oz produced

1,095

1,111

1,358

921

1,078

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - YEAR
ENDED DECEMBER 2012 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

2,013

2,609

426

1,656

6,704

(351)

6,353

Cash costs

(1,152)

(1,423)

(313)

(862)

(3,700)

224

(3,476)

By-products revenue

106

207

(1)

206

Total cash costs

(1,058)

(1,417)

(312)

(756)

(3,492)

223

(3,270)

Retrenchment costs

(6)

(1)

(4)

(10)

Rehabilitation and other non-cash costs

(71)

(2)

(31)

(65)

(1)

(67)

Amortisation of assets

(302)

(248)

(36)

(213)

(10)

(808)

(798)

Total production costs

(1,328)

(1,736)

(350)

(1,003)

(4,376)

232

(4,145)

Inventory change

Cost of sales

(1,326)

(1,727)

(348)

(934)

(4,294)

233

(4,062)

Adjusted gross profit (loss)

687

882

722

2,410

(118)

2,292

Unrealised non-hedge derivatives and
other commodity contracts

(36)

(35)

Gross profit (loss)

651

882

722

2,374

(118)

2,256

Corporate and other costs

(9)

(12)

(1)

(41)

(269)

(331)

(1)

(332)

Exploration and evaluation costs

(11)

(123)

(85)

(149)

(33)

(401)

(395)

Intercompany transactions

(82)

(12)

(2)

Special items

(53)

(359)

(17)

(401)

(1)

(402)

Operating profit (loss)

579

306

(5)

513

(151)

1,242

(114)

1,127

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

(8)

(7)

(2)

Exchange (loss) gain

(3)

(5)

Share of equity accounted investments profit

(2)

(44)

(63)

(109)

(28)

Profit (loss) before taxation

571

293

(4)

466

(123)

1,204

(33)

1,171

Taxation

(209)

(156)

(16)

(354)

(321)

Profit (loss) for the period

597

(3)

310

(139)

849

Equity shareholders

597

102

(3)

290

(155)

831

Non-controlling interests

(17)

Operating profit (loss)

579

306

(5)

513

(151)

1,242

(114)

1,127

Unrealised non-hedge derivatives and
other commodity contracts

Intercompany transactions

(97)

Special items

319

(17)

365

(3)

362

Special items

319

(17)

365

(3)

362

Share of associates' EBIT

(44)

(9)

(53)

117

EBIT

673

707

473

(274)

1,589

Amortisation of assets

302

248

213

808

(10)

798

Share of associates' amortisation

EBITDA

974

955

686

(264)

2,397

Profit (loss) attributable to equity shareholders

597

102

(3)

290

(155)

831

Special items

319

(17)

365

(3)

362

Share of associates' special items

Taxation on items above

(16)

(90)

(1)

(107)

(106)

Headline earnings (loss)

640

333

(1)

292

(119)

1,145

Unrealised non-hedge derivatives and other
commodity contracts

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

(10)

Fair value adjustment on option component
of convertible bonds

(83)

Fair value adjustment on mandatory
convertible bonds

(162)

Adjusted headline earnings (loss)

665

333

(1)

292

(364)

924

Ore reserve development capital

233

369

Stay-in-business capital

176

315

147

699

(8)

692

Project capital

173

430

315

167

1,086

(295)

791

Total capital expenditure

583

790

355

390

2,154

(303)

1,851

Capitalised leased assets

(14)

Expenditures on intangible assets

(79)

Capital expenditure per statement of cash flows

1,758

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

1,018

Mined

- 000 tonnes

6,312

1,842

1,047

2,003

11,204

Milled / Treated

- 000 tonnes

5,711

1,977

1,084

2,066

10,838

Recovered grade

- oz/ton

0.232

0.141

0.111

0.191

0.195

- g/tonne

7.95

4.82

3.80

6.54

6.69

Gold produced

- oz (000)

1,459

306

132

436

2,334

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

10,707

10,736

Recovered grade

- oz/ton

0.014

0.193

0.014

- g/tonne

0.48

6.62

0.49

Gold produced

- oz (000)

164

171

OPEN-PIT OPERATION

Volume mined

- 000 bcm

53,537

2,100

55,637

Mined

- 000 tonnes

126,725

5,110

26,850

158,686

Treated

- 000 tonnes

23,118

2,470

930

26,518

Stripping ratio

- ratio

4.76

6.04

23.34

5.66

Recovered grade

- oz/ton

0.048

0.042

0.167

0.052

- g/tonne

1.65

1.44

5.72

1.77

Gold produced

- oz (000)

1,228

114

171

1,513

HEAP LEACH OPERATION

Mined

- 000 tonnes

6,796

64,291

71,087

Placed

- 000 tonnes

1,129

20,597

21,725

Stripping ratio

- ratio

7.84

2.25

2.46

Recovered grade

- oz/ton

0.030

0.012

0.013

- g/tonne

1.05

0.41

0.44

Gold placed

- oz (000)

270

308

Gold produced

- oz (000)

284

313

PRODUCTIVITY PER EMPLOYEE

Actual

- oz/TEC

5.85

11.41

38.93

20.70

9.32

TOTAL

OPERATING RESULTS
YEAR ENDED DECEMBER 2011

Subsidiaries' gold produced

- oz (000)

1,624

1,321

246

891

4,082

Joint ventures' gold produced

- oz (000)

249

Attributable gold produced

- oz (000)

1,624

1,570

246

891

4,331

Minority gold produced

- oz (000)

127

Subsidiaries' gold sold

- oz (000)

1,623

1,309

248

878

4,058

Joint ventures' gold sold

- oz (000)

249

Attributable gold sold

- oz (000)

1,623

1,558

248

878

4,307

Minority gold sold

- oz (000)

125

Spot price

- $/oz

1,572

Price received

- $/oz sold

1,578

1,551

1,576

Total cash costs

- $/oz produced

694

765

1,431

528

728

Total production costs

- $/oz produced

910

987

1,622

765

950

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - YEAR
ENDED DECEMBER 2011 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

2,561

2,530

385

1,487

6,962

(392)

6,570

Cash costs

(1,232)

(1,247)

(353)

(678)

(3,473)

222

(3,252)

By-products revenue

105

109

225

(1)

224

Total cash costs

(1,127)

(1,239)

(352)

(569)

(3,248)

221

(3,028)

Retrenchment costs

(9)

(3)

(15)

Rehabilitation and other non-cash costs

(4)

(131)

(5)

(94)

(233)

(229)

Amortisation of assets

(338)

(219)

(42)

(169)

(11)

(779)

(770)

Total production costs

(1,477)

(1,592)

(399)

(835)

(4,276)

234

(4,042)

Inventory change

Cost of sales

(1,477)

(1,592)

(399)

(741)

(4,181)

234

(3,946)

Adjusted gross profit (loss)

1,083

938

(13)

745

2,781

(157)

2,624

Unrealised non-hedge derivatives and other
commodity contracts

(2)

(1)

Gross profit (loss)

1,083

938

(13)

744

2,780

(157)

2,623

Corporate and other costs

(11)

(9)

(3)

(43)

(238)

(304)

(1)

(305)

Exploration and evaluation costs

(2)

(69)

(55)

(112)

(45)

(284)

(279)

Intercompany transactions

(51)

(4)

(2)

Special items

(20)

709

(570)

163

Operating profit (loss)

1,051

1,518

(35)

590

(768)

2,355

(153)

2,202

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

(5)

Exchange gain (loss)

(15)

(3)

Share of equity accounted investments
profit (loss)

(11)

(20)

(23)

Profit (loss) before taxation

1,046

1,498

(31)

573

(713)

2,373

(51)

2,321

Taxation

(352)

(321)

(97)

(11)

(775)

(723)

Profit (loss) for the period

694

1,177

(25)

476

(724)

1,598

Equity shareholders

694

1,161

(25)

454

(732)

1,552

Non-controlling interests

Operating profit (loss)

1,051

1,518

(35)

590

(768)

2,355

(153)

2,202

Unrealised non-hedge derivatives and other
commodity contracts

Intercompany transactions

(58)

Special items

(677)

(3)

564

(96)

Special items

(677)

(3)

564

(96)

Share of associates' EBIT

(20)

(6)

(26)

153

127

EBIT

1,074

892

(34)

570

(268)

2,234

Amortisation of assets

338

219

169

779

(9)

770

Share of associates' amortisation

EBITDA

1,412

1,111

739

(257)

3,014

Profit (loss) attributable to equity shareholders

694

1,161

(25)

454

(732)

1,552

Special items

(677)

(3)

564

(96)

Share of associates' special items

(14)

(4)

Taxation on items above

(11)

Headline earnings (loss)

706

536

(27)

451

(183)

1,484

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

(84)

Fair value adjustment on mandatory
convertible bond

(104)

Adjusted headline earnings (loss)

706

535

(27)

453

(371)

1,297

Ore reserve development capital

262

390

Stay-in-business capital

160

270

140

603

(11)

592

Project capital

110

101

250

534

(78)

456

Total capital expenditure

532

420

102

456

1,527

(88)

1,439

Capitalised leased assets

(30)

Expenditures on intangible assets

(16)

Capital expenditure per statement of cash flows

1,393

Rounding of figures may result in computational discrepancies.

Administrative

information

ANGLO

GOLD

ASHANTI

LIMITED

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

Share codes:

ISIN: ZAE000043485
JSE:

ANG

LSE: (Shares)

AGD

LES : (Dis)

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 11 637 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

Jersey
Computershare Investor Services (Jersey)
Ltd
Queensway House
Hilgrove Street
St Helier
Jersey JE1 1ES
Telephone: +44 870 889 3177
Fax: +44 (0) 870 873 5851

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\shareowner

Global BuyDIRECT

BoNY maintains a direct share purchase and
dividend reinvestment plan for ANGLO GOLD

ASHANTI

Telephone: +1-888-BNY-ADRS

SIGNATURES

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

AngloGold Ashanti Limited

Date: February 20, 2013

By:

/s/ M E SANZ PEREZ

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

Secretary