Edgar Filing: ANGLOGOLD ASHANTI LTD

Page 1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

Report on Form 6-K dated November 11, 2010

Commission File Number 1-14846

AngloGold Ashanti Limited

(Name of registrant)

76 Jeppe Street

Newtown, 2001

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

South Africa

(Address of principal executive offices)

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

Form 20-F X Form 40-F

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

Yes

No X

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

Yes

No X

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

Yes

No X

Enclosure: Press release ANGLOGOLD ASHANTI REPORT FOR THE QUARTER AND NINE

MONTHS ENDED 30 SEPTEMBER 2010 PREPARED IN ACCORDANCE
WITH IFRS

Quarter 3 2010

Report

for the quarter and nine months ended 30 September 2010

Group results for the quarter….

·   Adjusted headline earnings, excluding accelerated hedge buy-back and related costs, increase 135% to $303m.
·   Production of 1.162Moz at a total cash cost of $643/oz; both improved on guidance.
·   Production increases on continued recovery from South Africa and Australia.
·   Geita continues turnaround progress, delivering 15% unit cash cost reduction to $705/oz.
·   Americas region delivers strong performance of 218,000oz at a total cash cost of $433/oz.
·   Continued strong uranium production of 389,000lbs on improved recoveries.
·   Dual-tranche capital raising completed, with $1.53bn proceeds earmarked for hedge elimination.
·   Tropicana feasibility completed; AngloGold Ashanti board approves development decision.
·   La Colosa exploration drilling resumes; assay results awaited.
·   Exploration yields continued positive results in Tropicana belt, Baffin Island and Egypt.

Events post quarter-end…

· Residual hedge book eliminated on 7 October at an average price of $1,300/oz, ending discounted gold sales.
· Moody’s Investor Service and Standard & Poor’s affirm international investment grade credit rating.

Quarter

Nine months

Quarter

Nine months

ended

Sep

Jun

Sep

Jun

Sep

2010

2009

2010

2009

SA rand / Metric

US dollar / Imperial

Operating review

Gold

Produced

- kg / oz (000)

36,129

35,011 104,714 106,282

1,162

1,126

3,367

3,417

Price received

- R/kg / $/oz

(47,750)

265,806

148,314 185,498

(239)

1,095

598

653

Price received excluding hedge

buy-back costs

- R/kg / $/oz

267,707

265,806

259,858 245,364

1,141

1,095

1,086

888

Total cash costs

- R/kg / $/oz

151,007

149,365

149,953 134,192

643

617

627

485

Total production costs

- R/kg / $/oz

187,695

183,891

187,282 169,536

800

759

783

612

Financial review

Adjusted gross (loss) profit

- Rm / $m

(8,670)

2,723 (4,310)

1,165

(1,229)

359

(652)

Adjusted gross profit excluding hedge

buy-back costs

- Rm / $m

2,969

2,723

7,329 7,480

408

359

986

871

Profit (loss) attributable to equity

shareholders

- Rm / $m

443

(1,360)

233 (5,940)

(187) 20

(743)

cents/share

120

(371)

63 (1,653)

(51) 5

(207)

Adjusted headline (loss) earnings

- Rm / $m

(8,389)

980 (6,947)

(1,917)

(1,184)

129

(993)

(279)

cents/share

(2,277)

267 (1,890)

(533)

(321)

(270)

(78)

Adjusted headline earnings excluding

hedge buy-back costs

- Rm / $m

2,184

980

3,626 4,089

303

129

494

479

cents/share

593

267

987 1,138

134

133

Cash flow from operating activities

excluding hedge buy-back costs

- Rm / $m

3,238

2,963 7,527 6,486

424

386

990

834

Capital expenditure

- Rm / $m

1,855

1,703 4,841 6,451

253

226

650

734

Notes:

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

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

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

$ represents US dollar, unless otherwise stated.

Rounding of figures may result in computational discrepancies.

Operations at a glance

for the quarter ended 30 September 2010

oz (000)

% Variance

$/oz

% Variance

$m $m Variance

SOUTH AFRICA

478

594

189

Great Noligwa

854

Kopanang

663

(2)

Moab Khotsong

550

(1)

Tau Lekoa

(63)

952

(3)

Mponeng

138

475

Savuka

300

762

(757)

TauTona

729

Surface Operations

418

(13)

CONTINENTAL AFRICA

373

725

109

Ghana
Iduapriem

576

(7)

Obuasi

(3)

831

(12)

Guinea
Siguiri - Attributable 85%

(9)

703

Mali
Morila - Attributable 40%

790

(2)

Sadiola - Attributable 41%

623

(1)

Yatela - Attributable 40%

(29)

1,333

(2)

(9)

Namibia
Navachab

751

Tanzania

Production

Total cash costs

Adjusted

gross profit excluding hedge

buy-back costs

Tanzania

Geita

705

(15)

Non-controlling interests, exploration
and other

(3)

AUSTRALASIA

1,064

(5)

(5)

Australia
Sunrise Dam

1,068

(5)

(9)

Exploration and other

AMERICAS

218

(1)

433

134

Argentina
Cerro Vanguardia - Attributable 92.50%

374

(4)

Brazil
AngloGold Ashanti Brasil Mineração

415

Serra Grande - Attributable 50%

466

(7)

(8)

(14)

United States of America
Cripple Creek & Victor

(27)

495

(9)

Non-controlling interests, exploration
and other

OTHER

(7)

Sub-total

1,162

643

431

Equity accounted investments included above

(23)

AngloGold Ashanti

408

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

Equity accounted joint ventures.

Variance September 2010 quarter on June 2010 quarter - increase (decrease).

Rounding of figures may result in computational discrepancies.

Financial and Operating Report

OVERVIEW FOR THE QUARTER

OPERATING RESULTS

Production and total cash costs for the three months to 30 September were both better than guidance set by
the company. Production rose 3% to 1.162Moz from the previous quarter, while total cash costs rose 4% to
$643/oz, due to seasonal factors and stronger operating currencies. The improved performance was
attributable to a strong recovery in volumes mined in South Africa and Australia, as well as a steady
performance from Continental Africa and the Americas.

Guidance for the third quarter was 1.150Moz at a total cash cost of $645/oz, assuming an average exchange
rate of R7.55/$. This compares to an average realised exchange rate of R7.31/$ during the three month
period.

SAFETY

Tragically, four fatalities were recorded during the quarter after three colleagues lost their lives at the South
African operations and another in Mali. The year-to-date lost time injury frequency rate for the group
remained largely unchanged at 6.65, compared to 6.6 a year earlier. The South African operations recorded
1.6m fatality free shifts during the quarter and 15 incident free days. Great Noligwa achieved a full fatality-
free year and Navachab, Sadiola, Yatela and Serra Grande went without a single lost-time injury during the
quarter. While the achievements are extremely noteworthy, management remains committed to achieving
the next quantum improvement in safety, with particular focus on consolidating gains made earlier in the year
relating to fall-of-ground and horizontal transport-related incidents. Modifying the behaviour of AngloGold
Ashanti’s people at every level, with particular regard to risk identification and tolerance, remains a key focus
as AngloGold Ashanti continues to make Safety our first value.

OPERATING REVIEW

The South African operations produced 478,000oz at a total cash cost of $594/oz in the third quarter of
2010, compared with 447,000oz at a total cash cost of $560/oz the previous quarter. The strong result was
driven by impressive performances at the core operations and is noteworthy given the currency strength
during the quarter, as well as winter power tariffs, annual labour increases, higher royalty payments and the
inclusion of the Tau Lekoa mine, the sale of which was concluded on 1 August 2010. At the Vaal River
operations, Moab Khotsong delivered a 19% increase in production to 83,000oz and a 1% decline in total
cash costs to $550/oz, mainly as a result of fewer safety related interruptions and a focus on clean mining to
reduce underground lock-up and improved grade. Great Noligwa’s management continued with its plan to
return the mine to profitability, with vamping contributing to the 6% increase in production to 36,000oz.
Kopanang’s output rose 1% to 79,000oz, due mainly to higher volumes mined. The Surface operations,
which replaced Tau Lekoa feed with marginal ore, achieved a once-off gain from the resin replacement
strategy, which helped achieve a 33% improvement in production to 53,000oz while total cash costs dropped
13% to $418/oz. At the West Wits operations, higher yield helped the cornerstone Mponeng increase output
by 1% to 138,000oz, while total cash costs rose 16% to $475/oz. A rise in grade, due to higher face values,
helped drive a 15% increase in production at TauTona. Savuka made only a marginal contribution as
management continued to evaluate the optimal means of accessing the ore body, following the extensive
damage caused to underground infrastructure by last year’s seismic event.

Continental Africa’s production rose 1% to 373,000oz at a total cash cost of $725/oz, from 371,000oz at a
total cash cost of $702/oz the previous quarter. The principal contributor to the improved performance was
Iduapriem, which continued to ramp up after the shutdown earlier in the year to improve its tailings storage
facility. The mine posted a 14% rise in production to 57,000oz, while total cash costs fell 7% to $576/oz.
Obuasi’s production slipped by 3% to 75,000oz due to blocked ore passes and lower-than-anticipated ore
reserve development which restricted access to higher grade ore mining blocks, thereby impacting mining
flexibility. This, along with lower achieved grades, provision for revision to power tariffs and the once-off
settlement of backdated wage increases, resulted in a 16% increase in total cash costs to $831/oz. Following
the success over the past year in achieving the operational turnaround at Geita, a multi-disciplinary team
reporting directly to the EVP Continental Africa has been appointed to improve the performance of this key

asset. Intermittent power stoppages and a prolonged maintenance shutdown led to a 9% decline in
production from Siguiri to 62,000oz and a 13% increase in total cash costs to $703/oz. Navachab’s
production increased by 28% to 23,000oz as higher grade ore was mined from the base of the pit and the
operation reaped the benefits of the recently commissioned dense media separator. Total cash costs rose
2% to $751/oz as alternative sources of ore were accessed after the existing operations reached the bottom
of the main pit. In Tanzania, higher grades at Geita compensated for the impact of a major maintenance
shutdown, with production up 3% to 93,000oz. Total cash costs were 15% lower at $705/oz, due to the
improved grades and the efficiencies gained in the operational turnaround plan.

Australasia’s gold production increased by 7% to 93,000oz, as planned. Total cash costs were constant at
$1,064/oz, mainly due to the effect of deferred stripping charges and ore stockpiles. The total cash costs
included $289/oz in non-cash items relating to deferred stripping and ore stockpiles.

The Americas production declined marginally to 218,000oz at a total cash cost of $433/oz, from 221,000oz
at a total cash cost of $416/oz the previous quarter. At AngloGold Ashanti Brasil Mineração, production
increased 19% as planned to 93,000oz due to higher tonnages and grade, while the 9% increase in total
cash costs to $415/oz followed annual wage increases, higher power tariffs and maintenance costs. At Serra
Grande, grade improvements helped boost production by 11% to 20,000oz. In Argentina, Cerro
Vanguardia’s production was unchanged at 48,000oz. Total cash costs rose 8% to $374/oz, still the lowest in
the group, as silver recoveries declined and the mine absorbed inflationary pressure and the cost of the start-
up of the underground development project. In the U.S., Cripple Creek & Victor’s production slipped 27% to
56,000oz as planned, given the modified stacking plan which accelerated output in the first half of the year.
Total cash costs rose 6% to $495/oz.

FINANCIAL AND CORPORATE REVIEW

During the quarter, net proceeds of $1.53bn were raised in equal parts of a dual tranche capital raising
comprising equity and a three-year mandatory convertible bond. These proceeds along with cash and debt
facilities were deployed to eliminate all outstanding hedge commitments, a process of more than a month in
duration, which was concluded on 7 October at an average price of $1,300/oz. The elimination of AngloGold
Ashanti’s residual hedge commitments (which totalled almost 12Moz at the beginning of 2008 and declined
to 3.22Moz at 30 June) fulfils a crucial strategic objective by ending the practice of selling gold at discounts
to market prices, thus improving future cash flows and earnings. This enhanced earning capacity should
improve the company’s ability to fund an exciting pipeline of growth projects.

Of the $2.64bn in cash required to conclude this final restructuring of the hedge book, $1.58bn was spent in
the third quarter to reduce commitments from 3.22Moz at 30 June to 1.37Moz at 30 September. The balance
of $1.06bn will be reflected in the fourth quarter, during which the hedge was eliminated.

Adjusted headline earnings, excluding the accelerated hedge buy-back and related costs, increased 135% to
$303m, or 82 U.S. cents a share in the three months to 30 September, from $129m, or 35 U.S. cents the
previous quarter. The stronger performance was due to the improved production performance and sales,
higher gold price and prior-period tax credits and was achieved despite the stronger local operating
currencies, winter power tariffs and annual wage increases in South Africa. The average gold price received
during the quarter, excluding accelerated hedge buy-back costs, increased 4% to $1,141/oz.

During the quarter, the company generated free cash flow after all outflows (capital expenditure, interest,
taxes and the 2010 interim dividend) of $119m. In addition, the proceeds from the Tau Lekoa sale received
during the quarter amounted to $64m.

Turning to the balance sheet, major financing transactions were concluded during the last two quarters.
These include the two international rated bonds, new revolving credit facility (both of which were effected
during the second quarter) and the dual-tranche equity and mandatory convertible bond, effected during the
third quarter, to part-fund the elimination of the hedge book.

Following approval by the shareholders to settle the $789m mandatory convertible bond by the issue of up to
a maximum of 18.14m shares, both S&P and Moody’s confirmed full equity treatment for this instrument and
reaffirmed AngloGold Ashanti’s investment grade credit ratings. This instrument is therefore excluded from
Non-GAAP debt metrics.

The company recorded an adjusted headline loss of $1.18bn and a profit attributable to equity shareholders
of $51m post the accelerated hedge close-out.

PROJECTS

AngloGold Ashanti incurred capital expenditure of $253m during the quarter, of which $75m was spent on
growth projects. Of the growth-related capital, $43m was spent in the Americas, $17m in Continental Africa,
$13m in South Africa and $2m in Australasia.

The bankable feasibility study for the Tropicana gold project (AngloGold Ashanti 70%, Independence Group
30%) was completed and subsequently approved for development by AngloGold Ashanti’s board. Detailed
design will commence immediately, with construction of the access road and plant to follow early next year.
First gold is expected to be poured in the fourth quarter of 2013.Annual attributable production in the first
three years is estimated at between 329,000oz and 343,000oz, with an average of 231,000oz to 245,000oz
over the 10-year life. Total cash costs for the first three years are estimated at A$580/oz – A$600/oz
($568/oz – $588/oz at an exchange rate of $0.98/A$) and A$710 – A$730/oz ($696/oz – $715/oz) over the
life of the project ($696 - $715/oz). Attributable capital expenditure has been estimated at A$508m –
A$543m ($498m – $532m), including escalation and pre-production operating costs.

The mine will use open-cut contract mining of the Tropicana and Havana pits using conventional drill-and-
blast and truck and excavator operations. The plant will have a throughput rate of 5.8Mt/a on hard rock ore.
The plant comminution circuit comprises two-stage crushing, high pressure grinding rolls, ball milling and a
conventional CIL circuit.

Development of the remote project will require substantial supporting infrastructure, including construction of
220 km of new road, a sealed all-weather airstrip, a 550-person village and a water supply from underground
sources about 50 km from the mine. In October, the scoping level economic study on open-cut mining of the
Boston Shaker prospect, located immediately to the north-east of the Tropicana resource, was completed
and a feasibility study is now being carried out. This is scheduled for completion in mid 2011. Boston Shaker
could potentially add 175,000oz to 350,000oz to life-of-mine production.

During the quarter drilling continued as part of the scoping study to assess the viability of underground
mining of the Havana Deeps mineralisation. A hole completed after quarter end intersected the mineralised
zone 1,028m below surface and approximately 2,100m down plunge of the open pit design. It is anticipated
that a pre-feasibility study will be carried out at Havana Deeps in 2011.

Exploration drilling resumed in August at the La Colosa deposit in Colombia. The project team’s focus is on
generating metallurgical samples and resource additions to this world-class project, located in Tolima
Department. Core from the first drill holes has been submitted for assay and the results are awaited. The
pre-feasibility study on the project is expected to be completed in 2013. At the Gramalote project, in
Colombia’s Antioquia Department, AngloGold Ashanti, increased its stake in the joint venture with B2Gold to
51%, assumed operatorship and appointed a project manager. Exploration targeting was initiated for a fourth
quarter start and a pre-feasibility study is expected to be completed on this emerging project in mid-2012.

In Brazil, detailed engineering for refurbishment of the São Bento plant at the Córrego do Sítio project
remained on track for completion in January. Manufacturing of the autoclaves proceeded on schedule and
construction and commissioning of the power lines to the plant was completed in August. Contractors
completed ventilation raises in the underground mine.

At Cerro Vanguardia, mining the base of the existing pits from underground is designed to lower costs. A trial
mine has been developed to provide data for the feasibility study that is expected to be approved by the end
of the year before implementation of the project in 2011. This portion of the mine is expected to treat about
2.8Mt of ore at around 11g/t over its life which is expected to run to 2019. Basic engineering on the heap
leach project at Cerro Vanguardia is substantially complete. Crushing and agglomeration plant has begun to
arrive at site and is expected to be fully delivered by the end of December,

while the contractors to erect the plant have been identified. The pad construction contract has been
awarded and mobilisation set for November. Production from the pad is expected in the second half of 2011.

At Cripple Creek & Victor, in the U.S., the first gold from the Mine Life Extension I project is roughly a year
ahead of schedule and within its budget. The stacking of ore on the new liner started in October and first
gold is expected in January. A pre-feasibility study on the Mine Life Extension II project has started and a full
feasibility study is planned next year.

At Kibali, in the Democratic Republic of the Congo, the partners are currently working on updating the
feasibility study, with the optimisation between the underground and open pit operations, finalisation of
mining plans and sizing of the processing plant the key aspects planned for completion by the end of the
year. Further, optimisation and refinement of the underground mine design and scheduling are expected to
continue into 2011. Work on the resettlement plan is progressing well and considerable progress has been
made on access roads to site. At Mongbwalu, the interim feasibility study on the project has been submitted
to the government while the full study remains on track for delivery by March 2011.

EXPLORATION

Total exploration expenditure during the third quarter, inclusive of expenditure at equity accounted joint
ventures, was $72m ($28m on brownfields, $19m on greenfields and $25m on pre-feasibility studies),
compared with $72m the previous quarter ($26m on brownfields, $26m on greenfields and $20m on pre-
feasibility studies). The following are highlights from the company’s exploration activities during the quarter.
More detail on AngloGold Ashanti’s exploration programme can be found at www.anglogoldashanti.com.

About 98,000m of greenfields exploration drilling was completed at existing priority sites and used to delineate
new targets in Australia, Canada, Guinea, Gabon, Colombia and the Solomon Islands. This compares with
82,500m in the previous quarter. Expenditure was $19m, compared to $26m in the second quarter. In
Australia, AngloGold Ashanti applied for 13,780km

of mineral exploration tenements in central Western

Australia to test for gold and copper mineralisation in a frontier exploration region known as the Cornelia
Range project. Exploration continued throughout the Tropicana joint venture tenement, with a focus on the
adjacent Havana resource. The Havana Deeps prospect represents the extensions of the Havana
mineralised system beyond the Havana Feasibility Study open pit. An underground scoping study, based on
drill results returned to the end of July, commenced in August. Significant gold results returned during the
quarter included 13m @ 6.11g/t Au from 417m, 12m @ 4.51g/t Au from 508m, 17m @ 4.42g/t Au from
491m, 12m @ 5.32g/t Au from 607m, and 10m @ 4.58g/t Au from 303m.

An open pit scoping study on the Boston Shaker deposit, immediately north of Tropicana, commenced during
August following test work completed over an 850m strike. Significant gold results returned during the
reporting period included 18m @ 4.35g/t Au from 34m, 29m @ 3.67g/t Au from 307m, 22m @ 4.38g/t Au
from 247m, 10m @ 5.01g/t Au from 135m, 14m @ 3.23g/t Au from 151m, and 14m @ 3.19g/t Au from 163m.

In the Americas, 5,500m was drilled at the Malrok and Kanosak prospects in Baffin Island, a joint venture
with Commander Resources. At Malrok, a 19 hole programme included 3m @ 7.65g/t Au from 34m and 3m
@ 5.9g/t Au from 44m. Assays at Kanosak indicate strata-bound gold mineralisation within two layers of
gently dipping siliceous meta-sedimentary rocks distributed over a regional area. Best results from the first
drill programme include 9m @ 2.26g/t Au in the upper strata and a vein in the deeper layer assaying 1m @
22.5g/t Au. Additionally, prospecting work in the Kanosak area discovered two new areas of gold
mineralisation: one between the Kanosak Main and Kanosak North prospects; and significantly, one located
500m to the northeast of the Kanosak North prospect, which extends the Kanosak structural corridor to at
least 4km. Assay values from grab samples range from 1.3g/t Au to 226.3g/t Au. The highest grade sample,
taken from an outcrop, contained abundant visible gold. In Colombia, work was carried out in three regions
by AngloGold Ashanti, as well as in joint venture with Mineros S.A., where 4,000m was drilled in the Amalfi
district.

In the Solomon Islands, exploration continued at the Kele and Mase joint ventures with XDM Resources. At
Kele, where work focused on the Vulu and Bopo prospects, trenching, sampling and 2,537m of diamond
drilling was completed during the quarter. At Mase, geochemical sampling and 990m of diamond drilling was
completed during the quarter. Drilling will continue at both projects until the end of the field year.

In Continental Africa, the feasibility study over Mongbwalu resource in the Democratic Republic of the
Congo remains on schedule for completion by the end of March 2011. A 5,000m diamond drilling campaign
is planned for drill-testing regional targets in the Kilo area, while sediment and soil sampling and
reconnaissance mapping is ongoing. In Mali, an AngloGold Ashanti review identified an opportunity to
significantly improve the economics of the Deep Sulphide Project by converting mineralisation to the North of
the main deposit. A conversion drilling programme commenced in September, with 8,372m RC drilling
already completed and the programme still ongoing. In Guinea, regional exploration work around the existing
Siguiri mine on Blocks 2, 3 and 4 is ongoing with ground geophysics and drilling taking place throughout the
year to test the various anomalies. The Saraya mineralised trend in Block 2 has been delineated further
southwards for approximately 3km and further resource definition drilling is planned.

In the Middle East & North Africa, where AngloGold Ashanti works in joint venture with Thani Investments,
sampling and mapping continued at the Wadi Kareem and Hodine concessions in Egypt. At Hodine, the
Hutite prospect returned encouraging results, with one rock chip sample returning 33m @ 4.37g/t Au
(including 8m @ 8.85g/t Au) in gabbro and ultramafic rocks. The prospect has a strike length of at least 2km
and diamond drilling will commence in the fourth quarter. In Eritrea, Phase 1 exploration began at the
Kerkasha and Akordat North exploration licences and a 10,000 line km airborne EM survey will be flown in
the fourth quarter. The Alliance maintains very active project generation activities in other parts of the MENA
region.

In South Africa, surface drilling continued in the Project Zaaiplaats area. MMB5 deflection 7 advanced to a
depth of 3,236m. The Vaal Reef was intersected at 3,116m and returned a value of 11.87g/t over a true
width of 1m. Intersection drilling continues. MZA9 was stopped and the site cleared and rehabilitated. MGR8
progressed to a final depth of 3,337m after intersecting the Vaal reef at 3,116m. The reef intersection which
was faulted and brecciated returned an assay value of 15.44g/t over a true width of 1m. Deflection drilling
continues. The MGR6 borehole was recovered by use of a new generation downhole motor and drilling
continues.

OUTLOOK

AngloGold Ashanti’s production for the full year is expected to be 4.5Moz. As flagged in previous quarters,
production issues in Ghana and longer than expected shut down at Savuka have impacted 2010 production.
Total cash costs are expected to be $635/oz, assuming an average exchange rate of R7.34/$ and oil at
$80/barrel for the 12 month period. (When restated using the original foreign exchange assumption of
R7.70/$, this translates to $613/oz, within guidance).

Fourth quarter production is expected to be 1.140Moz at a total cash cost of $640/oz assuming an exchange
rate of R7.25/$ to $675/oz assuming an exchange rate of R6.75/$, and oil at $80/barrel. In addition to the
residual impact from the accelerated hedge close outs, as in prior years, fourth quarter results will be
distorted by accounting adjustments relating to the reassessment of useful asset lives, rehabilitation, tax and
inventory provisions.

Notes:

· All references to price received include realised non-hedge derivatives.
· All references to adjusted gross profit (loss) refers to gross profit (loss) adjusted for unrealised non-
hedge derivatives and other commodity contracts and excludes hedge buy-back costs.
· In the case of joint venture and operations with non-controlling interests, all production and financial
results are attributable to AngloGold Ashanti.
· Rounding of figures may result in computational discrepancies.

Review of the Gold Market

GOLD PRICE MOVEMENT AND INVESTMENT MARKETS

Gold price data

The gold price averaged 2% higher than the previous quarter at $1,226/oz. Whilst the European debt crisis
supported the gold price in the second quarter, and powered prices to new highs in Euro terms, renewed
fears over the US economy spurred the gold price to a record $1,315/oz on the last day of the third quarter.
The threat of a 'double-dip' recession and the prospect of further quantitative easing, renewed pressure on
the US dollar. The spectre of deflation for some and inflation for others, has increased gold’s appeal as a
safe haven. Consequently several analysts revised price forecasts higher.

Investment

Despite the gold price rally, the investment market has shown an increase of about 30% year-on-year. The
10 major ETFs continued to grow during the quarter and stood at more than 66Moz at quarter end. The
surge in the value of global ETF holdings is notable, with a 40% increase in value year to date, representing
some $87bn, of which about $60bn is in the US alone. The COMEX reflected a net long position of 32Moz
and strong coin demand in the US continues to cause supply shortages. China has shown further positive
growth in investment demand and leading bullion houses reported a steady uptick in gold bar sales. In India,
bar and coin demand remained firm and gold imports reflected the recovery of the Indian gold market, with
imports for July and August almost doubling to 157 tonnes from the 88 tonnes recorded for the same period
last year. The Middle East experienced another flat quarter but there is increasing interest in bullion from
high net worth individuals seeking to exploit price volatility or maintain the value of their savings.

Official sector

The first year of the third Central Bank Accord expired at the end of September, with 94 tonnes sold
representing the lowest sales yet. Although International Monetary Fund sales are included under this
arrangement, sales remain significantly below the 400 tonne quota. Much of the IMF sales have been
absorbed by central banks themselves, with Bangladesh’s acquisition of 10 tonnes the latest sovereign to
purchase directly from the IMF.

Jewellery

The Indian jewellery industry also continued to show strong signs of recovery, with jewellery sales at the end
of August at 526 tonnes, compared to jewellery sales for the whole of 2009 amounting to 559 tonnes. The
strong Rupee is softening the impact of the higher dollar gold price, with robust sales expected over the
Diwali festival. A good monsoon season will have put more money in the hands of the rural market over high
demand season. In China, gold jewellery retail demand grew between 6% and 8% year on year. August and
September remain peak buying times, with festivals such as Teacher’s day, Moon Festival and National day
spurring gold sales. Manufacturers using 18 carat (K-Gold) gold reported orders increasing by 12-20%, while
24 carat manufacturers saw gains of 8-10% year-on-year. In the Middle East, third-quarter jewellery demand
got off to a good start with the wedding season in July stimulating sales, which were further bolstered by
purchases from expatriates returning home with gold as gifts. However, the advent of Ramadan in August
slowed consumption. In the US market, the high gold price and weak dollar took a further toll on the already
frail jewellery market and demand was flat compared with the previous quarter.

Hedge position

As at 30 September 2010, AngloGold Ashanti had the following total outstanding commitments against future production.
The total ounces committed on this date was 1.37Moz or 43t (as at 30 June 2010: 3.22Moz or 100t) and the total net
delta tonnage of the hedge on this date was 1.33Moz or 41t (at 30 June 2010: 3.06Moz or 95t).

The marked-to-market value of all hedge transactions making up the hedge positions in the table below was a negative
$0.98bn (negative R6.80bn) as at 30 September 2010 (at 30 June 2010: negative $2.41bn – negative R18.40bn). The
value was based on a gold price of $1,309.85/oz, exchange rates of R6.96/$ and A$/$0.9666 and the prevailing market
interest rates and volatilities at the time.

All hedge positions were eliminated by 7 October, 2010.

The following table indicates the group’s commodity hedge position at 30 September 2010:

Year

2010

2011

2012

2013

2014

2015

Total

US DOLLAR/GOLD

Forward contracts

Amount (oz)

589,307

*(37,500)

*(25,000)

526,807

US$/oz

$554

*$534

*$641

$551

Put options sold

Amount (oz)

213,965

148,000

85,500

60,500

568,465

US$/oz

$1,129

$623 $538 $440 $450

$763

Call options sold

Amount (oz)

323,725

237,180

255,680

29,000

845,585

US$/oz

$645

$591

$620

$670

$623

RAND/GOLD

Put options sold

Amount (oz)

10,000

ZAR/oz

R7,550

** Total net gold:

Delta (oz)

(584,387)

37,727

(284,449)

(229,676)

(241,695)

(26,954) (1,329,434)

Committed (oz)

(589,307)

37,500

(298,725)

(237,180)

(255,680)

(29,000) (1,372,392)

Represents a net long gold position and net short US Dollars and Rands resulting from both forward sales and purchases for the period.

** The Delta of the hedge position indicated above is the equivalent gold position that would have the same marked-to-market sensitivity for a small

change in the gold price. This is calculated using the Black-Scholes options formula with the ruling market prices, interest rates and volatilities as at
30 September 2010.

Fair value of derivative analysis by accounting designation at 30 September 2010:

Figures in millions

Non-hedge

accounted

Total

US Dollar

Commodity option contracts

(586)

Forward sale commodity contracts

(400)

Total hedging contracts

(986)

Embedded derivatives

(1)

Warrants on shares

Option component of convertible bond

(135)

Total derivatives

(1,121)

Credit risk adjustment

(30)

Total derivatives - before credit risk adjustment

(1,151)

Rounding of figures may result in computational discrepancies.

Group income statement

Quarter

Nine months

ended

September

June

September

2010

2009

2010

2009

SA Rand million

Notes

Unaudited

Revenue

10,668

9,918

8,806

29,040

22,447

Gold income

10,372

9,625

8,512

28,220

21,511

Cost of sales

(6,659)

(6,099)

(6,168)

(18,819)

(17,001)

Loss on non-hedge derivatives and other
commodity contracts

(1,041)

(3,625)

(11,216)

(4,607)

(9,228)

Gross profit (loss)

2,672

(99)

(8,872)

4,794

(4,718)

Corporate administration and other expenses

(350)

(371)

(264)

(1,003)

(916)

Market development costs

(26)

(21)

(24)

(67)

(77)

Exploration costs

(440)

(391)

(311)

(1,108)

(776)

Other operating expenses

(50)

(15)

(36)

(122)

(137)

Special items

(424)

(89)

(231)

(686)

448

Operating profit (loss)

1,382

(986)

(9,738)

1,808

(6,176)

Interest received

121

192

311

Exchange (loss) gain

(113)

(1)

(75)

326

Fair value adjustment on option component of
convertible bond

(166)

129

(60)

319

(183)

Finance costs and unwinding of obligations

(285)

(323)

(305)

(846)

(879)

Fair value loss on mandatory convertible bond

(160)

(160)

Share of equity accounted investments' profit

151

175

403

558

Profit (loss) before taxation

867

(1,022)

(9,782)

1,641

(6,043)

Taxation

(318)

(264)

1,650

(1,140)

351

Profit (loss) for the period

549

(1,286)

(8,132)

501

(5,692)

Allocated as follows:
Equity shareholders

443

(1,360)

(8,245)

233

(5,940)

Non-controlling interests

106

113

268

248

549

(1,286)

(8,132)

501

(5,692)

Basic profit (loss) per ordinary share (cents)

120

(371)

(2,286)

(1,653)

Diluted profit (loss) per ordinary share (cents)

120

(371)

(2,286)

(1,653)

Calculated on the basic weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

Calculated on the diluted weighted average number of ordinary shares.

Group income statement

Quarter

Nine months

ended

September

June

September

2010

2009

2010

2009

US Dollar million

Notes

Unaudited

Revenue

1,461

1,314

1,140

3,901

2,642

Gold income

1,420

1,275

1,101

3,791

2,533

Cost of sales

(911)

(810)

(796)

(2,529)

(1,981)

Loss on non-hedge derivatives and other
commodity contracts

(152)

(486)

(1,421)

(625)

(1,170)

Gross profit (loss)

357

(21)

(1,116)

637

(618)

Corporate administration and other expenses

(48)

(49)

(34)

(135)

(105)

Market development costs

(4)

(2)

(3)

(9)

Exploration costs

(60)

(52)

(40)

(149)

(91)

Other operating expenses

(7)

(2)

(5)

(16)

Special items

(60)

(12)

(31)

(95)

Operating profit (loss)

178

(138)

(1,229)

233

(784)

Interest received

Exchange (loss) gain

(16)

(11)

Fair value adjustment on option component of
convertible bond

(24)

(9)

(24)

Finance costs and unwinding of obligations

(39)

(43)

(39)

(114)

(103)

Fair value loss on mandatory convertible bond

(22)

(22)

Share of equity accounted investments' profit

Profit (loss) before taxation

106

(144)

(1,236)

206

(771)

Taxation

(41)

(33)

209

(149)

Profit (loss) for the period

(177)

(1,027)

(714)

Allocated as follows:
Equity shareholders

(187)

(1,042)

(743)

Non-controlling interests

(177)

(1,027)

(714)

Basic profit (loss) per ordinary share (cents)

(51)

(289)

(207)

Diluted profit (loss) per ordinary share (cents)

(51)

(289)

(207)

Calculated on the basic weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

Calculated on the diluted weighted average number of ordinary shares.

Group statement of comprehensive income

Quarter

Nine months

ended

September

June

September

2010

2009

2010

2009

SA Rand million

Unaudited

Profit (loss) for the period

549

(1,286)

(8,132)

501

(5,692)

Exchange differences on translation of foreign
operations

(1,100)

373

325

(1,007)

(2,027)

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

(4)

(2)

Net gain (loss) on cash flow hedges

(142)

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

122

279

974

Hedge (effectiveness) ineffectiveness on
cash flow hedges

(18)

Realised gain (loss) on hedges of capital items

(35)

(14)

Deferred taxation thereon

(1)

(99)

(250)

(1)

(56)

182

743

Net gain on available for sale financial assets

144

100

142

136

Release on disposal of available for sale
financial assets

(41)

Deferred taxation thereon

(4)

(8)

115

114

128

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

(1,056)

486

365

(713)

(1,156)

(1,056)

486

365

(713)

(1,156)

Total comprehensive expense for the
period net of tax

(507)

(800)

(7,767)

(212)

(6,848)

Allocated as follows:
Equity shareholders

(613)

(874)

(7,880)

(480)

(7,106)

Non-controlling interests

106

113

268

258

(507)

(800)

(7,767)

(212)

(6,848)

Rounding of figures may result in computational discrepancies.

Group statement of comprehensive income

Quarter

Nine months

ended

September

June

September

2010

2009

2010

2009

US Dollar million

Unaudited

Profit (loss) for the period

(177)

(1,027)

(714)

Exchange differences on translation of foreign
operations

151

(83)

362

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

(1)

Net (loss) gain on cash flow hedges

(15)

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

112

Hedge (effectiveness) ineffectiveness on
cash flow hedges

(2)

Realised loss on hedges of capital items

(4)

(2)

Deferred taxation thereon

(13)

(32)

(1)

Net gain on available for sale financial assets

Release on disposal of available for sale
financial assets

(6)

Deferred taxation thereon

(1)

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

157

(68)

130

459

157

(68)

130

459

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

222

(245)

(943)

187

(255)

Allocated as follows:
Equity shareholders

206

(255)

(958)

150

(285)

Non-controlling interests

222

(245)

(943)

187

(255)

Rounding of figures may result in computational discrepancies.

Group statement of financial position

As at

September

June

December

September

2010

2009

SA Rand million

Note

Unaudited

Audited

Unaudited

ASSETS

Non-current assets
Tangible assets

41,489

43,625

43,263

37,416

Intangible assets

1,296

1,272

1,316

1,315

Investments in associates and equity accounted joint ventures

4,329

4,559

4,758

1,890

Other investments

1,627

1,512

1,302

961

Inventories

2,268

2,422

2,508

2,550

Trade and other receivables

994

1,022

788

766

Derivatives

Deferred taxation

451

487

Cash restricted for use

214

345

394

380

Other non-current assets

102

52,405

54,906

54,883

45,795

Current assets
Inventories

5,860

6,061

5,102

4,997

Trade and other receivables

1,588

1,595

1,419

3,586

Derivatives

453

1,148

2,450

2,900

Current portion of other non-current assets

Cash restricted for use

106

121

Cash and cash equivalents

9,313

6,607

8,176

8,328

17,300

15,519

17,237

19,934

Non-current assets held for sale

114

653

650

642

17,414

16,172

17,887

20,576

TOTAL ASSETS

69,819

71,078

72,770

66,371

EQUITY AND LIABILITIES

Share capital and premium

45,598

40,057

39,834

39,759

Retained earnings and other reserves

(19,159)

(18,414)

(18,276)

(21,601)

Non-controlling interests

916

939

966

848

Total equity

27,355

22,582

22,524

19,006

Non-current liabilities
Borrowings

17,363

12,556

4,862

12,512

Environmental rehabilitation and other provisions

3,332

3,459

3,351

3,530

Provision for pension and post-retirement benefits

1,187

1,189

1,179

1,280

Trade, other payables and deferred income

119

150

108

107

Derivatives

947

852

1,310

1,249

Deferred taxation

5,776

5,200

5,599

4,272

28,724

23,406

16,409

22,950

Current liabilities
Current portion of borrowings

1,864

185

9,493

1,867

Trade, other payables and deferred income

4,061

4,065

4,332

4,449

Derivatives

7,316

19,646

18,770

16,954

Taxation

499

1,134

1,186

1,079

13,740

25,030

33,781

24,349

Non-current liabilities held for sale

13,740

25,090

33,837

24,415

Total liabilities

42,464

48,496

50,246

47,365

TOTAL EQUITY AND LIABILITIES

69,819

71,078

72,770

66,371

Net asset value - cents per share

7,127

6,174

6,153

5,195

Rounding of figures may result in computational discrepancies.

Group statement of financial position

As at

September

June

December

September

2010

2009

US Dollar million

Note

Unaudited

Audited

Unaudited

ASSETS

Non-current assets
Tangible assets

5,961

5,718

5,819

4,980

Intangible assets

186

167

177

175

Investments in associates and equity accounted joint ventures

622

598

640

252

Other investments

234

198

175

128

Inventories

326

317

337

339

Trade and other receivables

143

134

106

102

Derivatives

Deferred taxation

Cash restricted for use

Other non-current assets

7,530

7,196

7,381

6,096

Current assets
Inventories

842

794

686

665

Trade and other receivables

228

209

191

477

Derivatives

150

330

386

Current portion of other non-current assets

Cash restricted for use

Cash and cash equivalents

1,338

866

1,100

1,108

2,485

2,033

2,319

2,652

Non-current assets held for sale

2,502

2,119

2,406

2,737

TOTAL ASSETS

10,032

9,315

9,787

8,833

EQUITY AND LIABILITIES

Share capital and premium

6,615

5,834

5,805

5,794

Retained earnings and other reserves

(2,817)

(2,998)

(2,905)

(3,378)

Non-controlling interests

132

123

130

113

Total equity

3,930

2,959

3,030

2,529

Non-current liabilities
Borrowings

2,495

1,646

654

1,665

Environmental rehabilitation and other provisions

479

453

451

470

Provision for pension and post-retirement benefits

170

156

159

170

Trade, other payables and deferred income

Derivatives

136

112

176

166

Deferred taxation

830

681

753

569

4,127

3,068

2,207

3,054

Current liabilities
Current portion of borrowings

268

1,277

249

Trade, other payables and deferred income

584

533

582

592

Derivatives

1,051

2,575

2,525

2,256

Taxation

148

159

144

1,975

3,280

4,543

3,241

Non-current liabilities held for sale

1,975

3,288

4,550

3,250

Total liabilities

6,102

6,356

6,757

6,304

TOTAL EQUITY AND LIABILITIES

10,032

9,315

9,787

8,833

Net asset value - cents per share

1,024

809

828

691

Rounding of figures may result in computational discrepancies.

Group statement of cash flows

Quarter

Nine months

ended

September

June

September

2010

2009

2010

2009

SA Rand million

Unaudited

Cash flows from operating activities
Receipts from customers

10,566

10,030

8,545

28,762

21,877

Payments to suppliers and employees

(7,105)

(6,992)

(6,147)

(20,737)

(15,008)

Cash generated from operations

3,461

3,038

2,398

8,025

6,869

Dividends received from equity accounted investments

116

488

721

615

Taxation paid

(339)

(563)

(234)

(1,219)

(998)

Cash utilised for hedge buy-back costs

(11,021)

(6,315)

(11,021)

(6,315)

Net cash (outflow) inflow from operating activities

(7,783)

2,963

(4,130)

(3,494)

171

Cash flows from investing activities
Capital expenditure

(1,771)

(1,600)

(1,836)

(4,638)

(6,413)

Proceeds from disposal of tangible assets

468

488

7,216

Other investments acquired

(432)

(127)

(328)

(680)

(521)

Acquisition of associates and equity accounted joint ventures

(48)

(99)

(219)

(9)

Proceeds on disposal of associate

Loans advanced to associates and equity accounted joint ventures

(6)

(22)

Loans repaid from associates and equity accounted joint ventures

Proceeds from disposal of investments

280

127

258

461

484

Decrease (increase) in cash restricted for use

142

(16)

174

(110)

Interest received

129

173

316

Loans advanced

(1)

(33)

(1)

Repayment of loans advanced

Net cash (outflow) inflow from investing activities

(1,300)

(1,610)

(1,749)

(4,291)

967

Cash flows from financing activities
Proceeds from issue of share capital

5,596

2,215

5,625

2,345

Share issue expenses

(113)

(34)

(113)

(45)

Proceeds from borrowings

7,139

7,383

6,709

14,786

24,739

Repayment of borrowings

(21)

(7,263)

(12,957)

(9,926)

(24,095)

Repayment of borrowings

(21)

(7,263)

(12,957)

(9,926)

(24,095)

Finance costs paid

(46)

(301)

(110)

(422)

(766)

Mandatory convertible bond transaction costs

(155)

(155)

Dividends paid

(264)

(182)

(253)

(707)

(431)

Net cash inflow (outflow) from financing activities

12,136

(337)

(4,430)

9,088

1,747

Net increase (decrease) in cash and cash equivalents

3,053

1,016

(10,309)

1,303

2,885

Translation

(347)

245

869

(166)

Cash and cash equivalents at beginning of period

6,607

5,346

17,768

8,176

5,438

Cash and cash equivalents at end of period

9,313

6,607

8,328

9,313

8,328

Cash generated from operations
Profit (loss) before taxation

867

(1,022)

(9,782)

1,641

(6,043)

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

241

2,878

11,041

2,448

12,136

Amortisation of tangible assets

1,240

1,173

1,107

3,680

3,463

Finance costs and unwinding of obligations

285

323

305

846

879

Environmental, rehabilitation and other expenditure

(18)

Special items

542

231

796

(441)

Amortisation of intangible assets

Deferred stripping

237

324

(96)

765

(671)

Fair value adjustment on option component of convertible bond

166

(129)

(319)

183

Fair value loss on mandatory convertible bond

160

160

Interest received

(58)

(70)

(121)

(192)

(311)

Share of equity accounted investments' profit

(151)

(89)

(175)

(403)

(558)

Other non-cash movements

118

(179)

Movements in working capital

(213)

(431)

(232)

(1,592)

(1,625)

3,461

3,038

2,398

8,025

6,869

Movements in working capital
Decrease (increase) in inventories

306

(775)

104

(565)

817

Increase in trade and other receivables

(80)

(199)

(125)

(582)

(332)

(Decrease) increase in trade and other payables

(439)

543

(211)

(445)

(2,110)

(213)

(431)

(232)

(1,592)

(1,625)

Rounding of figures may result in computational discrepancies.

Group statement of cash flows

Quarter

Nine months

ended

September

June

September

2010

2009

2010

2009

US Dollar million

Unaudited

Cash flows from operating activities
Receipts from customers

1,441

1,332

1,104

3,859

2,561

Payments to suppliers and employees

(995)

(934)

(741)

(2,809)

(1,694)

Cash generated from operations

446

398

363

1,050

867

Dividends received from equity accounted investments

104

Taxation paid

(47)

(75)

(32)

(164)

(115)

Cash utilised for hedge buy-back costs

(1,550)

(797)

(1,550)

(797)

Net cash (outflow) inflow from operating activities

(1,126)

386

(461)

(560)

Cash flows from investing activities
Capital expenditure

(242)

(212)

(239)

(623)

(737)

Proceeds from disposal of tangible assets

900

Other investments acquired

(58)

(17)

(39)

(91)

(60)

Acquisition of associates and equity accounted joint ventures

(6)

(13)

(29)

(1)

Proceeds on disposal of associate

Loans advanced to associates and equity accounted joint ventures

(1)

(3)

Loans repaid from associates and equity accounted joint ventures

Proceeds from disposal of investments

Decrease (increase) in cash restricted for use

(2)

(11)

Interest received

Loans advanced

(4)

Repayment of loans advanced

Net cash (outflow) inflow from investing activities

(177)

(213)

(227)

(575)

184

Cash flows from financing activities
Proceeds from issue of share capital

790

287

793

301

Share issue expenses

(16)

(5)

(16)

(6)

Proceeds from borrowings

1,011

995

784

2,040

2,745

Repayment of borrowings

(3)

(963)

(1,573)

(1,318)

(2,708)

Repayment of borrowings

(3)

(963)

(1,573)

(1,318)

(2,708)

Finance costs paid

(8)

(40)

(16)

(57)

(88)

Mandatory convertible bond transaction costs

(22)

(22)

Dividends paid

(37)

(24)

(32)

(96)

(50)

Net cash inflow (outflow) from financing activities

1,715

(29)

(555)

1,324

194

Net increase (decrease) in cash and cash equivalents

412

144

(1,243)

189

415

Translation

(11)

118

Cash and cash equivalents at beginning of period

866

733

2,305

1,100

575

Cash and cash equivalents at end of period

1,338

866

1,108

1,338

1,108

Cash generated from operations
Profit (loss) before taxation

106

(144)

(1,236)

206

(771)

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

387

1,398

336

1,481

Amortisation of tangible assets

170

156

143

494

400

Finance costs and unwinding of obligations

114

103

Environmental, rehabilitation and other expenditure

(2)

Special items

110

(54)

Amortisation of intangible assets

Deferred stripping

(13)

103

(75)

Fair value adjustment on option component of convertible bond

(17)

(40)

Fair value loss on mandatory convertible bond

Interest received

(8)

(9)

(16)

(26)

(36)

Share of equity accounted investments' profit

(21)

(11)

(22)

(54)

(64)

Other non-cash movements

(24)

Movements in working capital

(58)

(60)

(242)

(122)

446

398

363

1,050

867

Movements in working capital
Increase in inventories

(63)

(55)

(12)

(151)

(120)

Increase in trade and other receivables

(34)

(17)

(25)

(95)

(100)

Increase in trade and other payables

(58)

(60)

(242)

(122)

Rounding of figures may result in computational discrepancies.

Group statement of changes in equity

Cash

Available

Foreign

Share

Other

flow

for

Actuarial

currency

Non-

capital &

capital

Retained

hedge

sale

(losses) translation

controlling

Total

SA Rand million

premium

reserves

earnings

reserve

gains

reserve

Total

interests

equity

Balance at December 2008

37,336

799

(22,765)

(1,008)

(18)

(347)

8,959

22,956

790

23,746

(Loss) profit for the period

(5,940)

248

(5,692)

Comprehensive income (expense)

733

128

(2,027)

(1,166)

(1,156)

Total comprehensive (expense) income - - (5,940) 733 128 - (2,027) (7,106) 258 (6,848)

Shares issued

2,423

Share-based payment for share awards

120

Dividends paid

(392)

Dividends of subsidiaries

(43)

Translation

(23)

138

(3)

157

(157)

Balance at September 2009

39,759

896

(28,959)

(232)

107

(345)

6,932

18,158

848

19,006

Balance at December 2009

39,834

1,194

(25,739)

(174)

414

(285)

6,314

21,558

966

22,524

Profit for the period

233

268

501

Comprehensive (expense) income

(2)

182

114

(1,007)

(713)

Total comprehensive (expense) income - (2) 233 182 114 - (1,007) (480) 268 (212)

Shares issued

5,764

Share-based payment for share awards

Dividends paid

(492)

Dividends of subsidiaries

(274)

Transfers to other reserves

(25)

Translation

(15)

(31)

(44)

Balance at September 2010

45,598

1,247

(25,909)

(16)

497

(285)

5,307

26,439

916

27,355

US Dollar million

Balance at December 2008

5,485

(2,361)

(107)

(2)

(37)

(635)

2,428

2,511

(Loss) profit for the period

(743)

(714)

Comprehensive income

362

458

459

Total comprehensive (expense) income - - (743) 81 15 - 362 (285) 30 (255)

Shares issued

309

Share-based payment for share awards

Dividends paid

(45)

Dividends of subsidiaries

(5)

Translation

(12)

(5)

(9)

(5)

Balance at September 2009

5,794

119

(3,161)

(31)

(46)

(273)

2,416

113

2,529

Balance at December 2009

5,805

161

(2,744)

(23)

(38)

(317)

2,900

130

3,030

Profit for the period

Comprehensive income

130

Total comprehensive income

- - 20 25 15 - 90 150 37 187

Shares issued

811

Share-based payment for share awards

Dividends paid

(67)

Dividends of subsidiaries

(37)

Transfers to other reserves

(3)

Translation

(7)

(1)

(3)

(2)

Balance at September 2010

6,615

179

(2,798)

(2)

(41)

(227)

3,798

132

3,930

Rounding of figures may result in computational discrepancies.

Segmental reporting

for the quarter and nine months ended 30 September 2010

Sep

Jun

Sep

Jun

Sep

2010

2009

2010

2009

2010

2009

2010

2009

Unaudited Unaudited Unaudited

Unaudited

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

Gold income
South Africa

4,633

3,842

3,970

11,558

10,156

634

509

516

1,553

1,201

Continental Africa

3,490

3,378

2,822

9,950

7,802

478

448

362

1,336

911

Australasia

711

847

449

2,403

971

113

323

108

Americas

2,082

2,168

1,872

6,129

4,729

285

287

243

822

560

10,916

10,235

9,112

30,039

23,659

1,495

1,356

1,178

4,035

2,780

Equity accounted investments
included above

(544)

(610)

(600)

(1,819)

(2,148)

(75)

(81)

(77)

(244)

(247)

10,372

9,625

8,512

28,220

21,511

1,420

1,275

1,101

3,791

2,533

Sep

Jun

Sep

Jun

Sep

2010

2009

2010

2009

2010

2009

2010

2009

Unaudited Unaudited Unaudited

Unaudited

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

Gross profit (loss)
South Africa

2,742

(14)

(4,990)

3,525

(2,020)

375

(4)

(628)

479

(287)

Continental Africa

(573)

(433)

(1,707)

(192)

(902)

(86)

(61)

(215)

(36)

(106)

Australasia

(992)

(1 164)

(940)

(1 356)

(139)

(147)

(132)

(172)

AngloGold Ashanti implemented IFRS 8 “Operating Segments” with effect from 1 January 2009. AngloGold Ashanti’s operating segments are
being reported based on the financial information provided to the Chief Executive Officer and the Executive Management team, collectively
identified as the Chief Operating Decision Maker (“CODM”). As a result of changes in the management structure and reporting from 1 January
2010, the CODM has changed its reportable segments. Individual members of the Executive Management team are responsible for geographic
regions of the business. Comparative information has been presented on a consistent basis. Navachab which was previously included in
Southern Africa now forms part of Continental Africa and North and South America has been combined into Americas. Southern Africa has been
renamed to South Africa.

Quarter ended

Nine months ended

SA Rand million

Quarter ended

Nine months ended

SA Rand million

US Dollar million

Quarter ended

Nine months ended

Quarter ended

Nine months ended

US Dollar million

Australasia

(992)

(1,164)

(940)

(1,356)

(139)

(147)

(132)

(172)

Americas

1,636

436

(756)

2,981

391

226

(93)

403

Corporate and other

158

156

2,841

154

(8,601)

5,532

(3,730)

380

(1,081)

736

(504)

Equity accounted investments
included above

(168)

(253)

(271)

(738)

(989)

(23)

(34)

(35)

(99)

(113)

2,672

(99)

(8,872)

4,794

(4,718)

357

(21)

(1,116)

637

(618)

Sep

Jun

Sep

Jun

Sep

2010

2009

2010

2009

2010

2009

2010

2009

Unaudited Unaudited Unaudited

Unaudited

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

Adjusted gross profit excluding
hedge buy-back costs
South Africa

1,374

1,168

881

2,929

3,676

189

154

115

394

420

Continental Africa

795

768

660

2,343

1,936

109

102

315

227

Australasia

(38)

(62)

415

(5)

(8)

Americas

979

950

834

2,700

2,285

134

126

108

362

270

Corporate and other

158

156

3,137

2,975

2,476

8,067

8,468

431

393

321

1,084

985

Equity accounted investments
included above

(168)

(253)

(271)

(738)

(989)

(23)

(34)

(35)

(99)

(113)

2,969

2,723

2,205

7,329

7,480

408

359

287

986

871

Rounding of figures may result in computational discrepancies.

Quarter ended

Nine months ended

US Dollar million

SA Rand million

Quarter ended

Nine months ended

Segmental reporting (continued)

Sep

Jun

Sep

Jun

Sep

2010

2009

2010

2009

2010

2009

2010

2009

Unaudited Unaudited Unaudited

Unaudited

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

Gold production

(1)

South Africa

14,859

13,919

14,504

40,726

42,491

478

447

466

1,309

1,366

Continental Africa

11,600

11,525

12,664

34,768

36,297

373

371

407

1,118

1,167

Australasia

2,894

2,692

3,176

9,138

9,145

102

294

Americas

6,776

6,876

6,580

20,082

18,349

218

221

211

646

590

36,129

35,011

36,925

104,714

106,282

1,162

1,126

1,187

3,367

3,417

Sep

Jun

Sep

Jun

Sep

2010

2009

2010

2009

2010

2009

2010

2009

Unaudited Unaudited Unaudited

Unaudited

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

Capital expenditure
South Africa

731

746

865

2,087

2,297

100

108

280

264

Continental Africa

439

377

370

1,022

1,144

137

131

Australasia

219

1,539

169

Americas

604

491

520

1,488

1,420

200

164

Corporate and other

1,855

1,703

1,842

4,841

6,451

253

226

232

650

734

Equity accounted investments
included above

(84)

(102)

(5)

(203)

(37)

(11)

(14)

(1)

(27)

(4)

1,771

1,600

1,836

4,638

6,413

242

212

231

623

729

As at

Sep

Jun

Dec

Sep

Jun

Dec

Sep

2010

2009

2010

2009

SA Rand million

US Dollar million

Nine months ended

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Quarter ended

oz (000)

Unaudited Unaudited

Unaudited

Unaudited Unaudited Unaudited Unaudited Unaudited

Total assets
South Africa

16,394

17,080

17,061

17,206

2,356

2,238

2,295

2,290

Continental Africa

26,896

29,671

29,401

21,188

3,864

3,889

3,954

2,820

Australasia

3,466

3,374

4,494

6,728

498

442

604

895

Americas

13,918

14,939

14,642

14,063

2,000

1,958

1,969

1,872

Corporate and other

9,667

6,565

7,740

7,688

1,389

860

1,042

1,024

70,341

71,629

73,337

66,873

10,107

9,388

9,864

8,900

Equity accounted investments
included above

(522)

(551)

(567)

(502)

(75)

(72)

(77)

(67)

69,819

71,078

72,770

66,371

10,032

9,315

9,787

8,833

(1)

Gold production includes equity accounted investments.

Rounding of figures may result in computational discrepancies.

SA Rand million

US Dollar million

Notes

for the quarter and nine months ended 30 September 2010

1. Basis of preparation

The financial statements in this quarterly report have been prepared in accordance with the historic cost convention
except for certain financial instruments which are stated at fair value. The group’s accounting policies used in the
preparation of these financial statements are consistent with those used in the annual financial statements for the
year ended 31 December 2009 and revised International Financial Reporting Standards (IFRS) which are effective
1 January 2010, where applicable. Effective 1 January 2010 the Chief Operating Decision Maker changed the
reportable segments. Details are included in Segmental reporting.

The financial statements of AngloGold Ashanti Limited have been prepared in compliance with IAS34, JSE Listings
Requirements and in the manner required by the South African Companies Act, 1973 for the preparation of financial
information of the group for the quarter and nine months ended 30 September 2010.

2. Revenue

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep

Jun

Sep Sep Sep Sep Jun

Sep

2010

2009

2010

2009

2010

2009

2010

2009

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Gold income

10,372

9,625

8,512

28,220

21,511

1,420

1,275

1,101

3,791

2,533

By-products (note 3)

224

223

173

614

625

Royalties received

Interest received

121

192

311

10,668

9,918

8,806

29,040

22,447

1,461

1,314

1,140

3,901

2,642

Cost of sales

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep

Jun

Sep Sep Sep Sep Jun

Sep

2010

2009

2010

2009

2010

2009

2010

2009

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Cash operating costs

(5,220)

(4,969)

(4,793)

(14,964)

(13,903)

(715)

(659)

(618)

(2,011)

(1,615)

Insurance reimbursement

123

By-products revenue (note 2)

224

223

173

614

625

(4,959)

(4,661)

(4,620)

(14,227)

(13,278)

(679)

(619)

(595)

(1,912)

(1,542)

Royalties

(282)

(246)

(190)

(717)

(519)

(39)

(32) (24) (96) (60)

Other cash costs

(43)

(48) (32)

(128)

(92)

(6)

(7) (5) (18) (11)

Total cash costs

(5,284)

(4,955)

(4,842)

(15,072)

(13,888)

(724)

(658)

(624)

(2,026)

(1,613)

Retrenchment costs

(23)

(26) (17)

(102)

(71)

(3)

(4) (2) (14) (8)

Rehabilitation and other non-cash

costs

(106)

(36) (96)

(228)

(187)

(15)

(5) (12) (31) (22)

Production costs

(5,414)

(5,017)

(4,955)

(15,401)

(14,147)

(741)

(666)

(638)

(2,070)

(1,643)

Amortisation of tangible assets

(1,240)

(1,173)

(1,107)

(3,680)

(3,463)

(170)

(156) (143) (494) (400)

Amortisation of intangible assets

(4)

(4) (4)

(11)

(14)

(1) (1) (2)

Total production costs

(6,658)

(6,193)

(6,066)

(19,093)

(17,624)

(912)

(822)

(781)

(2,566)

(2,045)

Inventory change

(1)

(102)

274

622

(14)

(6,659)

(6,099)

(6,168)

(18,819)

(17,001)

(911)

(810) (796)

(2,529)

(1,981)

Loss on non-hedge derivatives and other commodity contracts

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep

Jun

Sep

Jun

Sep

2010

2009

2010

2009

2010

2009

2010

2009

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

(Loss) gain on realised non-hedge

derivatives

(745)

(803) (139)

(2,072)

2,970 (101)

(107) (19)

(277) 319

Loss on hedge buy-back costs

(11,639)

(6,315)

(11,639)

(6,315)

(1,637)

(797)

(1,637)

(797)

Gain (loss) on unrealised non-

hedge derivatives

11,343

(2,822) (4,762)

9,104 (5,883)

1,586

(380) (606) 1,289

(692)

(1,041)

(3,625) (11,216)

(4,607)

(9,228)

(152)

(486) (1,421) (625) (1,170)

Rounding of figures may result in computational discrepancies.

Other operating expenses

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep

Jun

Sep

Jun

Sep

2010

2010 2009 2010 2009 2010 2010 2009 2010 2009

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Pension and medical defined benefit

provisions

(24)

(24)

(72)

(73)

(3)

(3) (3) (10) (9)

Claims filed by former employees in respect

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

(26)

9 (11)

(50)

(62)

(4)

(2) (6) (7)

Miscellaneous

- (1)

- (2)

(50)

(15)

(36)

(122)

(137)

(7)

(2) (5) (16) (16)

6. Special items

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep

Jun

Sep

Jun

Sep

2010

2009

2010

2009

2010

2009

2010

2009

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Indirect tax (expenses) reimbursement

(35)

11 (79)

(5) 1

(10) 3

Mandatory convertible bond issue discount,

underwriting and professional fees

(401)

- -

(401)

(56)

(56)

Net impairments of tangible assets (note 9)

(92)

(62)

(94)

(235)

(94)

(13)

(8) (13) (32) (13)

Recovery (loss) on consignment stock

- 7 39

(109)

(14)

Impairment of debtors

(4)

(19)

- (56)

(65)

(1)

(2) -

(8)

(6)

Contract termination fee at Geita Gold Mine

(4)

- (8)

- -

(1)

Insurance claim recovery

10 -

103 7

Royalties received

- -

15 - 2

Net (loss) profit on disposal and

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

(74)

(24)

(156)

(64)

689

(10)

(3) (21) (9) 84

Profit on disposal of investment (note 9)

45 - - - -

(424)

(89)

(231)

(686)

448

(60)

(12) (31) (95) 55

Finance costs and unwinding of obligations

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep

Jun

Sep

Jun

Sep

2010

2009

2010

2009

2010

2009

2010

2009

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Finance costs

(189)

(245)

(214)

(575)

(656)

(26)

(33) (27) (78) (77)

Unwinding obligation, accretion on

convertible bond and other discounts

(96)

(78)

(92)

(271)

(223)

(13)

(10) (12) (36) (26)

(285)

(323)

(305)

(846)

(879)

(39)

(43) (39) (114)

(103)

8. Taxation

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep

Jun

Sep

Jun

Sep

2010

2009

2010

2009

2010

2009

2010

2009

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

South African taxation

Mining

tax

(84)

14 -

(93)

(11)

Non-mining

tax

(35)

77 (59)

(79)

(5) 10 (7) (9)

Over (under) provision prior year

618

(12)

594 (40)

(2) (2) 84

(5)

Deferred

taxation:

Temporary differences

1,311

(122)

(44)

1,297 (355)

184

(15) (6)

183

(36)

Unrealised non-hedge derivatives and

other commodity contracts

(2,152)

420 1,317 (1,892)

1,247 (301)

167

(267)

154

Change in estimated deferred tax rate

(7)

(22)

- - -

(1)

(3)

(76)

146 1,353 (60)

680

(7)

171

(5)

Foreign taxation

Normal taxation

(358)

(315)

(262)

(1,011)

(777)

(49)

(42) (34)

(136) (93)

Over (under) provision prior year

(60)

(27)

(29)

(41)

(8) (4) (4) (5)

Deferred

taxation:

Temporary differences

(13)

393 (18)

190 12

(1) 51

(1) 25

Unrealised non-hedge derivatives and

other commodity contracts

(23)

193 (23)

299

(3) 24

(3) 38

(242)

(410)

297 (1,080)

(329)

(33)

(54) 38

(145) (36)

(318)

(264)

1,650 (1,140)

351

(41)

(33) 209

(149) 57

Rounding of figures may result in computational discrepancies.

Headline earnings (loss)

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep

Jun Sep Sep Sep Sep Jun

Sep

2010

2009

2010

2009

2010

2009

2010

2009

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

The profit (loss) attributable to equity

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

Profit (loss) attributable to equity

shareholders

443

(1,360)

(8,245)

233 (5,940)

(187) (1,042)

20 (743)

Net impairments of tangible assets (note 6)

62 94 235 94 13

Net loss (profit) on disposal and

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

24 156 64 (689)

(84)

Insurance claim recovery for infrastructure

- - -

(7)

(1)

Profit on disposal of investment (note 6)

(45)

- - - -

(6)

Net (reversal) impairment of investment in

associates and joint ventures

(74)

15 (2)

(40)

3 (10)

(6)

Special items of associates

(7)

- -

(7)

(1)

(1)

Taxation on items above - current portion

3 (48)

4 156

(6)

Taxation on items above - deferred portion

(51)

(14)

(22)

(87)

(54)

(7)

(2) (3) (12) (7)

476

(1,315)

(8,068)

402 (6,437)

(181) (1,018)

43 (803)

Cents per share

(1)

Headline earnings (loss)

129

(359)

(2,237)

109 (1,791)

(49) (282) 12 (223)

(1)

Calculated on the basic weighted average number of ordinary shares.

10. Number of shares

Quarter ended

Nine months ended

Sep

Jun

Sep

2010

2009

2010

2009

Unaudited

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

600,000,000

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

E ordinary shares of 25 SA cents each

4,280,000

4,280,000 4,280,000 4,280,000 4,280,000

A redeemable preference shares of 50 SA cents each

2,000,000

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

B redeemable preference shares of 1 SA cent each

5,000,000

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

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

380,966,077

362,752,860 362,003,085 380,966,077 362,003,085

E ordinary shares in issue

2,837,150

3,005,932 3,832,568 2,837,150 3,832,568

Total ordinary shares:

383,803,227

365,758,792 365,835,653 383,803,227 365,835,653

A redeemable preference shares

2,000,000

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

B redeemable preference shares

778,896

778,896

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

Ordinary shares

364,556,377

362,530,946 356,194,586 363,135,881 354,685,548

E ordinary shares

2,954,409

3,235,727 3,848,172 3,305,316 3,894,634

Fully vested options

905,619

1,017,064 622,613 1,100,186 774,457

Weighted average number of shares

368,416,405

366,783,737 360,665,371 367,541,383 359,354,639

Dilutive potential of share options

1,113,099

1,158,835

Diluted number of ordinary shares

(1)

369,529,504

366,783,737 360,665,371 368,700,218 359,354,639

(1)

The basic and diluted number of ordinary shares is the same for the June 2010 quarter, September 2009 quarter and nine months ended September

2009 as effects of shares for performance related options are anti-dilutive.

11.

Share capital and premium

As at

Sep Jun Dec Sep Sep

Jun

Dec

Sep

2010

2009

2010

2009

Unaudited

Audited Unaudited Unaudited Unaudited

Audited Unaudited

SA Rand million

US Dollar million

Balance at beginning of period

40,662

40,662 38,246 38,246 5,935

5,935

5,625

Ordinary shares issued

5,733

210 2,438 2,409 806

312

308

E ordinary shares cancelled

(85)

(64)

(22)

(17)

(12)

(9) (2) (2)

Sub-total

46,310

40,808 40,662 40,638 6,729

5,954

5,935

5,931

Redeemable preference shares held within the group

(313)

(313)

(53)

(53) (53) (53)

Ordinary shares held within the group

(181)

(199)

(212)

(258)

(28)

(31) (32) (38)

E ordinary shares held within the group

(218)

(239)

(303)

(308)

(33)

(36) (45) (45)

Balance at end of period

45,598

40,057 39,834 39,759 6,615

5,834

5,805

5,794

Rounding of figures may result in computational discrepancies.

12. Exchange rates

Sep Jun Dec Sep

2010

2009 2009

Unaudited

Unaudited Unaudited

ZAR/USD average for the year to date

7.45

7.52

8.39 8.70

ZAR/USD average for the quarter

7.31

7.54

7.47 7.77

ZAR/USD closing

6.96

7.63

7.44 7.51

ZAR/AUD average for the year to date

6.68

6.71

6.56 6.48

ZAR/AUD average for the quarter

6.61

6.65

6.80 6.47

ZAR/AUD closing

6.73

6.38

6.67 6.62

BRL/USD average for the year to date

1.78

1.80

2.00 2.08

BRL/USD average for the quarter

1.75

1.79

1.74 1.87

BRL/USD closing

1.69

1.80

1.75 1.77

ARS/USD average for the year to date

3.89

3.87

3.73 3.70

ARS/USD average for the quarter

3.94

3.90

3.81 3.83

ARS/USD closing

3.96

3.93

3.80 3.84

13. Capital commitments

Sep

Jun

Dec

Sep

Sep Jun Dec Sep

2010

2009

2010 2010 2009 2009

Unaudited Unaudited

Audited Unaudited Unaudited Unaudited

Audited Unaudited

SA Rand million

US Dollar million

Orders placed and outstanding on capital contracts

at the prevailing rate of exchange

(1)

1,624

1,809

976

1,096

233

237 131 146

(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 and exchange control laws and regulations and the quantity of foreign exchange
available in offshore countries. In addition, distributions from joint ventures are subject to the relevant board
approval.

The credit facilities and other financing arrangements contain financial covenants and other similar undertakings.
To the extent that external borrowings are required, the groups covenant performance indicates that existing
financing facilities will be available to meet the above commitments.

14. Contingencies

AngloGold Ashanti’s material contingent liabilities and assets at 30 September 2010 are detailed below:

Contingencies and guarantees

SA Rand million

US Dollar million

Contingent liabilities
Groundwater pollution

(1)

Deep groundwater pollution – South Africa

(2)

Sales tax on gold deliveries – Brazil

(3)

590

Other tax disputes – Brazil

(4)

226

Indirect taxes – Ghana

(5)

Contingent assets
Royalty – Boddington Gold Mine

(6)

Royalty – Tau Lekoa Gold Mine

(7)

-
-

Financial Guarantees
Oro Group (Pty) Limited

(8)

100

985

141

Rounding of figures may result in computational discrepancies.

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

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

operations, which have occurred primarily as a result of seepage from mine residue stockpiles. Numerous scientific,
technical and legal studies have been undertaken to assist in determining the magnitude of the contamination and to
find sustainable remediation solutions. The group has instituted processes to reduce future potential seepage and it
has been demonstrated that Monitored Natural Attenuation (MNA) by the existing environment will contribute to
improvement in some instances. Furthermore, literature reviews, field trials and base line modelling techniques
suggest, but are not yet proven, that the use of phyto-technologies can address the soil and groundwater
contamination. Subject to the completion of trials and the technology being a proven remediation technique, no reliable
estimate can be made for the obligation.

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

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

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

Goiás related to payments of sales taxes on gold deliveries for export. AngloGold Ashanti Brasil Mineração Ltda.
manages the operation and its attributable share of the first assessment is approximately $53m. 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. The State of Goiás has appealed to the full board of the State of Goiás tax administrative council. The second
assessment was issued by the State of Goiás in October 2006 on the same grounds as the first assessment, and the
attributable share of the assessment is approximately $32m. The company believes both assessments are in violation
of federal legislation on sales taxes.

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

taxes on gold. The tax administrators rejected the company’s appeal against the assessment. The company is now
appealing the dismissal of the case. The company’s attributable share of the assessment is approximately $9m.

AngloGold subsidiaries in Brazil are involved in various disputes with tax authorities. These disputes involve federal tax
assessments including income tax, royalties, social contributions and annual property tax. The amount involved is
approximately $23m.

(5) Indirect taxes – AngloGold Ashanti (Ghana) Limited received a tax assessment for $10m during September 2009

following an audit by the tax authorities related to indirect taxes on various items. Management is of the opinion that
the indirect taxes are not payable and the company has lodged an objection.

(6) 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, R763m. Royalties of $2m, R13m were received during the quarter.

(7) 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 further 1.4m ounces by the Tau Lekoa Gold Mine; and in the event that the average
monthly rand price of gold exceeds R180,000/kg (subject to inflation adjustment). Where the average monthly rand
price of gold does not exceed R180,000/kg (subject to inflation adjustment), the ounces produced in that quarter do
not count towards the total 1.4m ounces upon which the royalty is payable.

The Royalty will be determined at 3% of the net revenue (being gross revenue less State royalties) generated by the
Tau Lekoa assets.

(8) 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 $14m, R100m. The suretyship agreements
have a termination notice period of 90 days.

15. Concentration of risk

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

•

Reimbursable value added tax due from the Tanzanian government amounts to $48m at 30 September 2010
(30 June 2010: $47m). The last audited value added tax return was for the period ended 31 July 2010 and at the
reporting date the audited amount was $47m. The outstanding amounts at Geita have been discounted to their
present value at a rate of 7.82%.

•

Reimbursable fuel duties from the Tanzanian government amounts to $55m at 30 September 2010 (30 June
2010: $49m). Fuel duty claims are required to be submitted after consumption of the related fuel and are subject
to authorisation by the Customs and Excise authorities. Claims for refund of fuel duties amounting to $42m have
been lodged with the Customs and Excise authorities, whilst claims for refund of $13m have not yet been lodged.
The outstanding amounts have been discounted to their present value at a rate of 7.82%.

16. Subsequent events

On 7 October 2010, AngloGold Ashanti completed the elimination of its gold hedge book, providing the company and
its shareholders with full exposure to the prevailing gold price. The company will now sell the gold it produces at
market prices and therefore expects to enhance cash flow and profit margins as a result of removing hedge contracts
with low committed gold prices.

The additional cost of closing out all future hedge contracts and related costs amounted to approximately $2.78bn. The
average buy-back price was $1,300 per ounce for this final tranche of the hedge restructure. The cost will be reflected
in adjusted headline earnings for the last two quarters of 2010.

AngloGold Ashanti Limited, through its wholly-owned offshore subsidiary, has realised net proceeds of C$70m from
the sale of its entire holding of 31,556,650 shares in Vancouver-based gold producer B2Gold Corporation. This
stake, equivalent to about 10.17% of B2Gold's outstanding shares, was sold on 9 November 2010 in an orderly
fashion, after the markets closed.

17. Borrowings

AngloGold Ashanti’s borrowings are interest bearing.

18. Announcements

On 21 July 2010, AngloGold Ashanti announced the finalisation of the sale of its Tau Lekoa mine. The terms of the
sale of the Tau Lekoa mine together with the adjacent properties of Weltevreden, Jonkerskraal and Goedgenoeg (“Tau
Lekoa”) to Simmer & Jack Mines Limited ("Simmers") was announced on 17 February 2009 by AngloGold Ashanti.
The sale was concluded effective 1 August 2010, following the transfer of the mineral rights of Tau Lekoa to
Buffelsfontein Gold Mines Limited, a wholly-owned subsidiary of Simmers, on 20 July 2010. The selling price of
R600m was payable in two tranches, R450m was paid in cash on 4 August 2010 with the remaining R150m, which
was subject to certain offset adjustments, was settled on 1 November through the cash payment of R1,843,473 and
the issue of 30,612,245 Simmers shares .

On 12 August 2010, AngloGold Ashanti announced that it has entered into an agreement with B2Gold Corp. to amend
the Gramalote Joint Venture Agreement. Under the amended terms, AngloGold retains its 51% interest in the
Gramalote Joint Venture and will become manager of the Gramalote Project in Colombia. The Gramalote Project to
date was managed by B2Gold, which will retain its 49% interest in the Gramalote Joint Venture.

On 15 September 2010, AngloGold Ashanti announced the launch and pricing of a concurrent equity and a mandatory
convertible offering which was followed by an announcement on 16 September 2010 advising of the exercise of an
over-allotment option. The concurrent offering resulted in the issue of 18,140,000 ordinary shares or 5% of the
ordinary issued share capital of the company at an issue price of R308.37 per share and an issue of $789,086,750
Mandatory Convertible Subordinated Bonds due 15 September 2013. On 26 October 2010, shareholders, by the
requisite majority, approved a special resolution placing up to a maximum of 18,140,000 ordinary shares under the
control of the directors, deliverable upon the conversion of the Mandatory Convertible Subordinated Bonds.

On 7 October 2010, AngloGold Ashanti announced the elimination of its gold hedge book.

19. Dividend

Interim Dividend No. 108 of 65 South African cents or 5.72297 UK pence or 12.66 cedis per ordinary share was
paid to registered shareholders on 10 September 2010, while a dividend of 2.002 Australian cents per CHESS
Depositary Interest (CDI) was paid on the same day. On 13 September 2010, holders of Ghanaian Depositary
Shares (GhDSs) were paid 0.1266 cedis per GhDS. Each CDI represents one-fifth of an ordinary share, and
100 GhDSs represents one ordinary share. A dividend of 9.0034 US cents per American Depositary Share (ADS)
was paid to holders of American Depositary Receipts (ADRs) on 20 September 2010. Each ADS represents one
ordinary share.

Interim Dividend No. E8 of 32.5 South African cents was paid to holders of E ordinary shares on 10 September
2010, being those employees participating in the Bokamoso ESOP and Izingwe Holdings (Proprietary) Limited.

By order of the Board

T T MBOWENI

M CUTIFANI

Chairman

Chief Executive Officer

9 November 2010

Non-GAAP disclosure

Sep

Jun

Sep

Jun

Sep

2010

2009

2010

2009

2010

2009

2010

2009

Unaudited

Headline earnings (loss) (note 9)

476

(1,315)

(8,068)

402

(6,437)

(181)

(1,018)

(803)

(Gain) loss on unrealised non-hedge derivatives and other
commodity contracts (note 4)

(11,343)

2,822

4,762

(9,104)

5,883

(1,586)

380

606

(1,289)

692

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

2,152

(398)

(1,510)

1,915

(1,546)

301

(53)

(191)

270

(191)

Fair value adjustment on option component of convertible bond

166

(129)

(319)

183

(17)

(40)

Fair value loss on mandatory convertible bond

160

160

Adjusted headline (loss) earnings

(1)

(8,389)

980

(4,757)

(6,947)

(1,917)

(1,184)

129

(596)

(993)

(279)

Hedge buy-back and related costs net of taxation

10,573

6,006

10,573

6,006

1,487

758

1,487

758

Adjusted headline earnings excluding hedge buy-back costs

(1)

2,184

980

1,249

3,626

4,089

303

129

162

494

479

Cents per share

(2)

Adjusted headline (loss) earnings

(1)

(2,277)

267

(1,319)

(1,890)

(533)

(321)

(165)

(270)

(78)

Adjusted headline earnings excluding hedge buy-back costs

(1)

593

267

346

987

1,138

134

133

(1)

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

The group utilises certain Non-GAAP performance measures and ratios in managing its business and may provide users of this financial information with additional meaningful
comparisons between current results and results in prior operating periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported
operating results or cash flow from operations or any other measure of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be
comparable to similarly titled measures other companies use.

Adjusted headline (loss) earnings

Quarter ended

Nine months ended

(Gain) loss on non-hedge derivatives and other commodity contracts in the income statement comprise the change in fair value of all non-hedge derivatives and other commodity
contracts as follows:

SA Rand million

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

Nine months ended

US Dollar million

Quarter ended

During the June 2008 quarter the hedge book was reduced and non-hedge derivative contracts to the value of $1,1bn was early settled. Following the sale of the investment in Nufcor
International Ltd. (NIL), uranium contracts of 1m pounds were cancelled. In the September 2009 quarter the hedge book was further reduced and contracts to the value of $797m were
accelerated and settled. The impact on earnings after taxation was $916m in 2008 and $758m in 2009;

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

The unrealised fair value change on the onerous uranium contracts; and

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

Adjusted headline (loss) earnings is intended to illustrate earnings after adjusting for:

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

The unrealised fair value change in contracts that are still open at the reporting date, as well as, the unwinding of the historic marked-to-market value of the position settled in the period;

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

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

(2)

Sep

Jun

Sep

Jun

Sep

2010

2009

2010

2009

2010

2009

2010

2009

Unaudited

Reconciliation of gross profit (loss) to adjusted gross
(loss) profit:

(1)

Gross profit (loss)

2,672

(99)

(8,872)

4,794

(4,718)

357

(21)

(1,116)

637

(618)

(Gain) loss on unrealised non-hedge derivatives and other
commodity contracts (note 4)

(11,343)

2,822

4,762

(9,104)

5,883

(1,586)

380

606

(1,289)

692

Adjusted gross (loss) profit

(1)

(8,670)

2,723

(4,110)

(4,310)

1,165

(1,229)

359

(510)

(652)

Hedge buy-back costs (note 4)

11,639

6,315

11,639

6,315

1,637

797

1,637

797

Adjusted gross profit excluding hedge buy-back costs

(1)

2,969

2,723

2,205

7,329

7,480

408

359

287

986

871

Price received

Sep

Jun

Sep

Jun

Sep

2010

2009

2010

2009

2010

2009

2010

2009

Unaudited

Gold income (note 2)

10,372

9,625

8,512

28,220

21,511

1,420

1,275

1,101

3,791

2,533

Adjusted for non-controlling interests

(294)

(275)

(310)

(853)

(748)

(40)

(36)

(40)

(115)

(88)

10,078

9,350

8,202

27,367

20,763

1,380

1,239

1,061

3,676

2,445

(Loss) gain on realised non-hedge derivatives (note 4)

(745)

(803)

(139)

(2,072)

2,970

(101)

(107)

(19)

(277)

319

Hedge buy-back costs (note 4)

(11,639)

(6,315)

(11,639)

(6,315)

(1,637)

(797)

(1,637)

(797)

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

544

609

600

1,819

2,148

244

247

Attributable gold income including realised non-hedge
derivatives

(1,762)

9,156

2,348

15,475

19,566

(284)

1,213

323

2,006

2,214

Attributable gold sold - kg / - oz (000)

36,894

34,447

38,435

104,340

105,478

1,186

1,108

1,236

3,355

3,391

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

(47,750)

265,806

61,095

148,314

185,498

(239)

1,095

261

598

653

Attributable gold income including realised non-hedge
derivatives as above

(1,762)

9,156

2,348

15,475

19,566

(284)

1,213

323

2,006

2,214

Hedge buy-back costs (note 4)

11,639

6,315

11,639

6,315

1,637

797

1,637

797

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

9,877

9,156

8,663

27,114

25,880

1,353

1,213

1,120

3,643

3,011

Attributable gold sold - kg / - oz (000)

36,894

34,447

38,435

104,340

105,478

1,186

1,108

1,236

3,355

3,391

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

267,707

265,806

225,388

259,858

245,364

1,141

1,095

906

1,086

888

Rounding of figures may result in computational discrepancies.

Calculated on the basic weighted average number of ordinary shares.

Quarter ended

SA Rand million

US Dollar million

Adjusted gross (loss) profit

Quarter ended

Nine months ended

(1)

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

Quarter ended

US Dollar million / Imperial

Quarter ended

Nine months ended

SA Rand million / Metric

Sep

Jun

Sep

Jun

Sep

2010

2009

2010

2009

2010

2009

2010

2009

Unaudited

Total costs

Total cash costs (note 3)

5,284

4,955

4,842

15,072

13,888

724

658

624

2,026

1,613

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

(193)

(67)

(228)

(416)

(655)

(26)

(9)

(29)

(56)

(75)

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

365

342

307

1,046

1,029

141

119

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

5,456

5,229

4,921

15,702

14,262

747

694

634

2,110

1,656

Retrenchment costs (note 3)

102

Rehabilitation and other non-cash costs (note 3)

106

228

187

Amortisation of tangible assets (note 3)

1,240

1,173

1,107

3,680

3,463

170

156

143

494

400

Amortisation of intangible assets (note 3)

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

(67)

(43)

(42)

(162)

(117)

(9)

(6)

(5)

(22)

(14)

Associate's and equity accounted joint ventures share of
production costs

138

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

6,781

6,438

6,143

19,611

18,019

929

855

791

2,636

2,091

Gold produced - kg / - oz (000)

36,129

35,011

36,925

104,714

106,282

1,162

1,126

1,187

3,367

3,417

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

151,007

149,365

133,274

149,953

134,192

643

617

534

627

485

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

187,695

183,891

166,355

187,282

169,536

800

759

667

783

612

EBITDA

Operating profit (loss)

1,382

(986)

(9,738)

1,808

(6,176)

178

(138)

(1,229)

233

(784)

Amortisation of tangible assets (note 3)

1,240

1,173

1,107

3,680

3,463

170

156

143

494

400

Amortisation of intangible assets (note 3)

Net impairments of tangible assets (note 6)

235

(Gain) loss on unrealised non-hedge derivatives and other
commodity contracts (note 4)

(11,343)

2,822

4,762

(9,104)

5,883

(1,586)

380

606

(1,289)

692

Loss on hedge buy-back costs (note 4)

11,639

6,315

11,639

6,315

1,637

797

1,637

797

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

401

401

Exchange effects of equity raising

RMB derivative contracts buy-back costs

397

Share of associates' EBITDA

197

237

299

752

1,044

101

119

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

156

(689)

(84)

Insurance claim recovery for infrastructure

(7)

(1)

Profit on disposal of investment (note 6)

(45)

(6)

3,706

3,290

3,396

9,507

10,339

509

435

441

1,278

1,204

Interest cover

Quarter ended

Nine months ended

Quarter ended

Nine months ended

SA Rand million / Metric

US Dollar million / Imperial

Interest cover

EBITDA (note E)

3,706

3,290

3,396

9,507

10,339

509

435

441

1,278

1,204

Finance costs (note 7)

189

245

214

575

656

Capitalised finance costs

135

189

245

215

575

791

Interest cover - times

Free cash flow

Net cash (outflow) inflow from operating activities

(7,783)

2,963

(4,130)

(3,494)

171

(1,126)

386

(461)

(560)

Stay-in-business capital expenditure

(1,296)

(1,211)

(1,287)

(3,387)

(3,499)

(177)

(161)

(455)

(402)

(9,079)

1,752

(5,417)

(6,881)

(3,328)

(1,303)

225

(622)

(1,015)

(365)

As at

Sep

Jun

Dec

Sep

Jun

Dec

Sep

2010

2009

2010

2009

Unaudited

Net asset value - cents per share

Total equity

27,355

22,582

22,524

19,006

3,930

2,959

3,030

2,529

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

384

366

384

366

Net asset value - cents per share

7,127

6,174

6,153

5,195

1,024

809

828

691

Total equity

27,355

22,582

22,524

19,006

3,930

2,959

3,030

2,529

Intangible assets

(1,296)

(1,272)

(1,316)

(1,315)

(186)

(167)

(177)

(175)

26,059

21,310

21,208

17,691

3,744

2,792

2,853

2,354

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

384

366

384

366

Net tangible asset value - cents per share

6,790

5,826

5,794

4,836

975

763

779

643

Net debt

Borrowings - long-term portion

(1)

11,503

12,556

4,862

12,512

1,653

1,646

654

1,665

Borrowings - short-term portion

1,864

185

9,493

1,867

268

1,277

249

Total borrowings

13,367

12,741

14,355

14,379

1,921

1,670

1,931

1,914

Corporate office lease

(259)

(258)

(257)

(37)

(34)

(35)

(34)

Unamortised portion on the convertible bond

696

938

1,019

1,029

100

123

137

Cash restricted for use

(298)

(451)

(481)

(501)

(43)

(59)

(65)

(67)

Cash and cash equivalents

(9,313)

(6,607)

(8,176)

(8,328)

(1,338)

(866)

(1,100)

(1,108)

Net debt excluding mandatory convertible bond

4,193

6,363

6,459

6,322

603

834

868

842

(1)

The long-term borrowings exclude the mandatory convertible bond of $842m, R5,860m.

Rounding of figures may result in computational discrepancies.

US Dollar million

SA Rand million

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION
Area mined

- 000 ft

3,221

Mined

- 000 tons

2,013

452

117

570

3,151

Milled / Treated

- 000 tons

1,877

480

144

564

3,065

Yield

- oz/t

0.227

0.147

0.092

0.193

0.202

Gold produced

- oz (000)

425

109

618

SURFACE AND DUMP RECLAMATION
Milled / Treated

- 000 tons

2,792

314

3,106

Yield

- oz/t

0.019

0.015

0.018

Gold produced

- oz (000)

OPEN-PIT OPERATION
Volume mined

- 000 bcy

14,492

1,748

16,240

Mined

- 000 tons

29,361

4,053

8,231

41,646

Treated

- 000 tons

5,873

862

271

7,006

Stripping ratio

- ratio

4.54

3.86

26.04

5.47

Yield

- oz/t

0.049

0.092

0.173

0.059

Gold produced

- oz (000)

288

414

HEAP LEACH OPERATION
Mined

- 000 tons

1,661

16,507

18,168

Placed

- 000 tons

256

6,017

6,273

Stripping ratio

- ratio

8.43

1.87

2.07

Yield

- oz/t

0.030

0.014

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE
Actual

- oz

6.17

11.19

62.31

23.15

9.55

TOTAL
Subsidiaries' gold produced

- oz (000)

478

310

218

1,099

IMPERIAL OPERATING RESULTS
QUARTER ENDED SEPTEMBER 2010

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

478

373

218

1,162

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

513

306

220

1,125

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

513

367

220

1,186

Minority gold sold

- oz (000)

Spot price

- $/oz

1,226

Price received

- $/oz sold

(287)

(62)

(405)

(359)

(239)

Price received excluding
hedge buy-back costs

- $/oz sold

1,135

1,152

1,141

1,137

1,141

Total cash costs

- $/oz produced

594

725

1,064

433

643

Total production costs

- $/oz produced

772

879

1,142

573

800

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED SEPTEMBER 2010 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

582

436

277

1,394

(75)

1,319

Cash costs

(293)

(279)

(99)

(139)

(805)

(754)

By-products revenue

Total cash costs

(284)

(278)

(99)

(119)

(774)

(724)

Retrenchment costs

(3)

(1)

(3)

Rehabilitation and other non-cash costs

(2)

(13)

(1)

(15)

Amortisation of assets

(81)

(46)

(7)

(36)

(2)

(173)

(170)

Total production costs

(369)

(336)

(106)

(157)

(965)

(912)

Inventory change

(24)

(1)

Cost of sales

(393)

(327)

(104)

(143)

(963)

(911)

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

189

109

(5)

134

431

(23)

408

Hedge buy-back costs

(729)

(446)

(134)

(328)

(1,637)

Adjusted gross (loss) profit

(540)

(337)

(139)

(194)

(1,206)

(23)

(1,229)

Unrealised non-hedge derivatives and other
commodity contracts

915

251

420

1,586

Gross profit (loss)

375

(86)

(139)

226

380

(23)

357

Corporate and other costs

(3)

(4)

(9)

(43)

(58)

(59)

Exploration

(11)

(14)

(23)

(13)

(61)

(60)

Intercompany transactions

(12)

(1)

Special items

(8)

(1)

(52)

(58)

(1)

(60)

Operating profit (loss)

365

(113)

(152)

193

(90)

202

(24)

178

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

(1)

(2)

(74)

(78)

Exchange (loss) gain

(8)

(6)

(4)

(19)

(16)

Share of equity accounted investments profit

Profit (loss) before taxation

363

(124)

(152)

187

(156)

118

(13)

106

Taxation

(32)

(17)

(24)

(53)

(41)

Profit (loss) for the period

381

(156)

(149)

170

(180)

Equity shareholders

381

(160)

(149)

161

(183)

Non-controlling interests

Operating profit (loss)

365

(113)

(152)

193

(90)

202

(24)

178

Operating profit (loss)

365

(113)

(152)

193

(90)

202

(24)

178

Unrealised non-hedge derivatives and other
commodity contracts

(915)

(251)

(420)

(1,586)

Hedge buy-back and related costs

729

446

134

328

1,696

Intercompany transactions

(13)

Special items

Share of associates' EBIT

EBIT

198

(17)

102

(42)

336

Amortisation of assets

173

(2)

170

Share of associates' amortisation

EBITDA

280

140

(10)

139

(39)

509

Profit (loss) attributable to equity shareholders

381

(160)

(149)

161

(183)

Special items

Share of associates' special items

(10)

(1)

(12)

Taxation on items above

(6)

(1)

(7)

Headline earnings (loss)

395

(159)

(149)

160

(192)

Unrealised non-hedge derivatives and other
commodity contracts

(915)

(251)

(420)

(1,586)

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

301

Fair value adjustment on option component
of convertible bond

Fair value loss on mandatory convertible bond

Hedge buy-back and related costs
net of taxation

523

443

134

328

1,487

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

304

(15)

(86)

303

Ore reserve development capital

Stay-in-business capital

(1)

Project capital

(10)

Total capital expenditure

100

253

(11)

242

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

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION
Area mined

- 000 ft

3,369

Mined

- 000 tons

2,064

509

186

499

3,257

Milled / Treated

- 000 tons

1,966

484

109

497

3,055

Yield

- oz/t

0.207

0.149

0.103

0.175

0.189

Gold produced

- oz (000)

407

578

SURFACE AND DUMP RECLAMATION
Milled / Treated

- 000 tons

2,841

260

3,101

Yield

- oz/t

0.014

0.020

0.015

Gold produced

- oz (000)

OPEN-PIT OPERATION
Volume mined

- 000 bcy

16,325

1,453

17,777

Mined

- 000 tons

31,466

3,426

8,451

43,342

Treated

- 000 tons

6,306

890

309

7,504

Stripping ratio

- ratio

3.60

6.47

25.52

4.69

Yield

- oz/t

0.044

0.085

0.166

0.054

Gold produced

- oz (000)

279

405

HEAP LEACH OPERATION
Mined

- 000 tons

1,504

16,853

18,356

Placed

- 000 tons

362

5,612

5,974

Stripping ratio

- ratio

7.70

2.04

2.21

Yield

- oz/t

0.030

0.014

0.015

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE
Actual

- oz

5.66

11.23

58.91

23.76

9.16

TOTAL
Subsidiaries' gold produced

- oz (000)

447

304

221

1,059

IMPERIAL OPERATING RESULTS
QUARTER ENDED JUNE 2010

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

447

371

221

1,126

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

437

291

221

1,040

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

437

359

221

1,108

Minority gold sold

- oz (000)

Spot price

- $/oz

1,198

Price received

- $/oz sold

1,090

1,109

1,085

1,087

1,095

Total cash costs

- $/oz produced

560

702

1,063

416

617

Total production costs

- $/oz produced

734

823

1,137

551

759

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED JUNE 2010 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

476

412

262

1,249

(81)

1,169

Cash costs

(257)

(269)

(92)

(127)

(733)

(688)

By-products revenue

Total cash costs

(250)

(268)

(92)

(107)

(703)

(658)

Retrenchment costs

(3)

(4)

Rehabilitation and other non-cash costs

(1)

(3)

(4)

(5)

Amortisation of assets

(74)

(43)

(6)

(34)

(2)

(158)

(156)

Total production costs

(329)

(313)

(98)

(141)

(870)

(822)

Inventory change

Cost of sales

(322)

(310)

(99)

(137)

(856)

(810)

Adjusted gross profit (loss)

154

102

126

393

(34)

359

Unrealised non-hedge derivatives and other
commodity contracts

(158)

(162)

(70)

(380)

Gross (loss) profit

(4)

(61)

(34)

(21)

Corporate and other (costs) income

(2)

(1)

(3)

(52)

(54)

Exploration

(12)

(10)

(23)

(6)

(52)

Intercompany transactions

(8)

Special items

(8)

(7)

(1)

(2)

(12)

Operating (loss) profit

(14)

(83)

(41)

(105)

(34)

(138)

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

(18)

(17)

Exchange (loss) gain

(3)

(2)

Share of equity accounted investments
(loss) profit

(6)

(Loss) profit before taxation

(14)

(87)

(58)

(127)

(17)

(144)

Taxation

(44)

(28)

(50)

(33)

(Loss) profit for the period

(8)

(131)

(1)

(43)

(177)

Equity shareholders

(8)

(134)

(5)

(46)

(187)

Non-controlling interests

Operating (loss) profit

(14)

(83)

(41)

(105)

(34)

(138)

Unrealised non-hedge derivatives and other

158

162

(10)

380

commodity contracts

158

162

(10)

380

Intercompany transactions

(8)

Special items

(6)

Share of associates' EBIT

(4)

EBIT

152

(11)

100

(51)

276

Amortisation of assets

158

(2)

156

Share of associates' amortisation

EBITDA

225

130

(4)

133

(49)

435

(Loss) profit attributable to equity shareholders

(8)

(134)

(5)

(46)

(187)

Special items

(6)

Share of associates' special items

Taxation on items above

(1)

(2)

Headline (loss) earnings

(1)

(135)

(4)

(42)

(181)

Unrealised non-hedge derivatives and other
commodity contracts

158

162

(10)

380

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

(56)

(53)

Fair value adjustment on option component of
convertible bond

(17)

Adjusted headline earnings (loss)

101

(6)

(59)

129

Ore reserve development capital

Stay-in-business capital

(1)

Project capital

(13)

Total capital expenditure

226

(14)

212

(1) Gold income received is gold income per income statement and (loss) gain on realised non-hedge derivatives (note 4).
Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION
Area mined

- 000 ft

3,875

Mined

- 000 tons

2,274

478

219

514

3,484

Milled / Treated

- 000 tons

2,158

506

217

525

3,406

Yield

- oz/t

0.197

0.166

0.123

0.194

0.187

Gold produced

- oz (000)

425

102

637

SURFACE AND DUMP RECLAMATION
Milled / Treated

- 000 tons

2,746

673

3,419

Yield

- oz/t

0.015

0.011

0.014

Gold produced

- oz (000)

OPEN-PIT OPERATION
Volume mined

- 000 bcy

15,160

1,730

16,890

Mined

- 000 tons

31,073

4,272

5,890

41,235

Treated

- 000 tons

6,206

890

304

7,400

Stripping ratio

- ratio

5.00

12.19

17.20

6.08

Yield

- oz/t

0.047

0.085

0.169

0.057

Gold produced

- oz (000)

294

420

HEAP LEACH OPERATION
Mined

- 000 tons

590

15,509

16,099

Placed

- 000 tons

242

4,618

4,860

Stripping ratio

- ratio

8.43

2.44

2.52

Yield

- oz/t

0.095

0.014

0.018

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE
Actual

- oz

5.92

12.40

72.12

21.91

9.68

TOTAL
Subsidiaries' gold produced

- oz (000)

466

321

102

211

1,101

IMPERIAL OPERATING RESULTS
QUARTER ENDED SEPTEMBER 2009

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

466

407

102

211

1,187

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

491

336

238

1,155

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

491

417

238

1,236

Minority gold sold

- oz (000)

Spot price

- $/oz

959

Price received

- $/oz sold

349

184

284

261

Price received excluding hedge
buy-back costs

- $/oz sold

910

902

893

908

906

Total cash costs

- $/oz produced

522

607

655

364

534

Total production costs

- $/oz produced

676

719

751

500

667

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED SEPTEMBER 2009 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

447

392

239

1,159

(77)

1,082

Cash costs

(252)

(255)

(67)

(116)

(686)

(646)

By-products revenue

Total cash costs

(243)

(254)

(67)

(103)

(663)

(624)

Retrenchment costs

(2)

Rehabilitation and other non-cash costs

(1)

(5)

(1)

(4)

(13)

(12)

Amortisation of assets

(68)

(42)

(8)

(28)

(2)

(148)

(144)

Total production costs

(315)

(301)

(77)

(135)

(826)

(781)

Inventory change

(17)

(5)

(12)

(2)

(14)

Cost of sales

(332)

(307)

(71)

(131)

(838)

(796)

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

115

108

321

(35)

287

Hedge buy-back costs

(276)

(299)

(74)

(148)

(797)

Adjusted gross (loss) profit

(161)

(214)

(63)

(40)

(475)

(35)

(510)

Unrealised non-hedge derivatives and other
commodity contracts

(467)

(2)

(84)

(53)

(606)

Gross (loss) profit

(628)

(215)

(147)

(93)

(1,081)

(35)

(1,116)

Corporate and other costs

(2)

(5)

(33)

(42)

Exploration

(4)

(10)

(14)

(13)

(41)

(40)

Intercompany transactions

(5)

(1)

(19)

Special items

(12)

(3)

(22)

(2)

(31)

Operating loss

(641)

(199)

(185)

(105)

(65)

(1,195)

(34)

(1,229)

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

(2)

(1)

(35)

(33)

(32)

Exchange gain (loss)

(5)

Share of equity accounted investments profit

Loss before taxation

(642)

(201)

(174)

(111)

(98)

(1,226)

(10)

(1,236)

Taxation

271

(6)

(101)

199

209

Loss for the period

(370)

(188)

(153)

(117)

(200)

(1,027)

Equity shareholders

(370)

(192)

(153)

(127)

(201)

(1,042)

Non-controlling interests

Operating loss

(641)

(199)

(185)

(105)

(65)

(1 195)

(34)

(1 229)

Operating loss

(641)

(199)

(185)

(105)

(65)

(1,195)

(34)

(1,229)

Unrealised non-hedge derivatives and other
commodity contracts

467

606

Hedge buy-back costs

276

299

148

797

Intercompany transactions

(25)

Special items

(4)

Share of associates' EBIT

EBIT

113

(43)

240

Amortisation of assets

148

(5)

144

Share of associates' amortisation

EBITDA

181

119

121

(41)

389

Loss attributable to equity shareholders

(370)

(192)

(153)

(127)

(201)

(1,042)

Special items

(4)

Taxation on items above

(1)

(7)

(1)

(9)

Headline loss

(360)

(191)

(137)

(132)

(198)

(1,018)

Unrealised non-hedge derivatives and other
commodity contracts

467

606

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

(251)

(25)

(191)

Fair value adjustment on option component
of convertible bond

Hedge buy-back and related costs
net of taxation

276

261

148

758

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

132

(4)

(106)

162

Ore reserve development capital

Stay-in-business capital

Project capital

Total capital expenditure

108

232

(1)

231

(1) Gold income received is gold income per income statement, (loss) gain on realised non-hedge derivatives (note 4).
Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION
Area mined

- 000 ft

10,035

Mined

- 000 tons

6,151

1,550

469

1,507

9,677

Milled / Treated

- 000 tons

5,719

1,525

397

1,566

9,207

Yield

- oz/t

0.207

0.153

0.119

0.187

0.191

Gold produced

- oz (000)

1,182

234

293

1,756

SURFACE AND DUMP RECLAMATION
Milled / Treated

- 000 tons

8,311

864

9,175

Yield

- oz/t

0.015

0.019

0.016

Gold produced

- oz (000)

127

144

OPEN-PIT OPERATION
Volume mined

- 000 bcy

47,060

5,009

52,069

Mined

- 000 tons

93,356

11,766

23,804

128,927

Treated

- 000 tons

17,579

2,596

860

21,035

Stripping ratio

- ratio

4.03

4.88

25.41

5.01

Yield

- oz/t

0.046

0.095

0.172

0.058

Gold produced

- oz (000)

816

247

148

1,211

HEAP LEACH OPERATION
Mined

- 000 tons

3,942

50,843

54,784

Placed

- 000 tons

953

17,309

18,262

Stripping ratio

- ratio

6.95

1.98

2.12

Yield

- oz/t

0.039

0.014

0.015

Gold placed

- oz (000)

241

278

Gold produced

- oz (000)

205

257

PRODUCTIVITY PER EMPLOYEE
Actual

- oz

5.48

11.28

66.59

23.35

9.10

TOTAL
Subsidiaries' gold produced

- oz (000)

1,309

906

294

646

3,155

212

IMPERIAL OPERATING RESULTS
NINE MONTHS ENDED SEPTEMBER 2010

Joint ventures' gold produced

- oz (000)

212

Attributable gold produced

- oz (000)

1,309

1,118

294

646

3,367

Minority gold produced

- oz (000)

106

Subsidiaries' gold sold

- oz (000)

1,315

894

291

646

3,147

Joint ventures' gold sold

- oz (000)

208

Attributable gold sold

- oz (000)

1,315

1,102

291

646

3,355

Minority gold sold

- oz (000)

106

Spot price

- $/oz

1,178

Price received

- $/oz sold

531

691

608

570

598

Price received excluding
hedge buy-back costs

- $/oz sold

1,086

1,095

1,069

1,079

1,086

Total cash costs

- $/oz produced

592

686

1,012

422

627

Total production costs

- $/oz produced

787

823

1,091

560

783

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - NINE MONTHS
ENDED SEPTEMBER 2010 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

1,428

1,248

311

770

3,758

(244)

3,514

Cash costs

(800)

(792)

(298)

(385)

(2,249)

141

(2,108)

By-products revenue

Total cash costs

(775)

(789)

(297)

(333)

(2,166)

141

(2,026)

Retrenchment costs

(12)

(2)

(14)

Rehabilitation and other non-cash costs

(4)

(26)

(1)

(31)

Amortisation of assets

(240)

(130)

(23)

(103)

(7)

(503)

(495)

Total production costs

(1,031)

(945)

(320)

(439)

(2,714)

147

(2,566)

Inventory change

(4)

(2)

Cost of sales

(1,034)

(934)

(319)

(408)

(2,673)

145

(2,529)

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

394

315

(8)

362

1,084

(99)

986

Hedge buy-back costs

(729)

(446)

(134)

(328)

(1,637)

Adjusted gross (loss) profit

(335)

(131)

(142)

(553)

(99)

(652)

Unrealised non-hedge derivatives and other
commodity contracts

815

369

1,289

Gross profit (loss)

479

(36)

(132)

403

736

(99)

637

Corporate and other costs

(7)

(5)

(1)

(20)

(127)

(160)

Exploration

(1)

(34)

(32)

(61)

(23)

(151)

(149)

Intercompany transactions

(25)

(1)

Special items

(24)

(53)

(94)

(1)

(95)

Operating profit (loss)

448

(125)

(158)

321

(154)

331

(98)

233

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

(1)

(6)

(66)

(70)

Exchange (loss) gain

(11)

(8)

(11)

Share of equity accounted investments profit

Profit (loss) before taxation

446

(141)

(158)

314

(209)

252

(46)

206

Taxation

(112)

(83)

(9)

(195)

(149)

Profit (loss) for the period

452

(253)

(155)

231

(218)

Equity shareholders

452

(263)

(155)

211

(225)

Non-controlling interests

Operating profit (loss)

448

(125)

(158)

321

(154)

331

(98)

233

Unrealised non-hedge derivatives and other
commodity contracts

(815)

(95)

(10)

(369)

(1,289)

Hedge buy-back and related costs

729

446

134

328

1,696

Intercompany transactions

(28)

Special items

(6)

Share of associates' EBIT

(3)

EBIT

395

262

(39)

282

(123)

776

Amortisation of assets

240

130

103

503

(7)

495

Share of associates' amortisation

EBITDA

634

392

(16)

385

(117)

1,278

Profit (loss) attributable to equity shareholders

452

(263)

(155)

211

(225)

Special items

(6)

Share of associates' special items

(6)

(1)

(7)

Taxation on items above

(8)

(3)

(1)

(12)

Headline earnings (loss)

477

(255)

(160)

211

(229)

Unrealised non-hedge derivatives and other
commodity contracts

(815)

(95)

(10)

(369)

(1,289)

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

267

270

Fair value adjustment on option component
of convertible bond

(40)

Fair value loss on mandatory convertible bond

Hedge buy-back and related costs
net of taxation

523

443

134

328

1,487

Adjusted headline earnings (loss)

452

(33)

169

(187)

494

Ore reserve development capital

182

259

Stay-in-business capital

199

(3)

196

Project capital

103

193

(25)

168

Total capital expenditure

280

137

200

650

(27)

623

(1) Gold income received is gold income per income statement and (loss) gain on realised non-hedge derivatives (note 4).
Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION
Area mined

- 000 ft

11,320

Mined

- 000 tons

6,544

1,595

645

1,442

10,226

Milled / Treated

- 000 tons

6,160

1,727

646

1,426

9,959

Yield

- oz/t

0.200

0.148

0.130

0.184

Gold produced

- oz (000)

1,234

256

262

1,836

SURFACE AND DUMP RECLAMATION
Milled / Treated

- 000 tons

8,514

2,190

10,703

Yield

- oz/t

0.016

0.013

0.015

Gold produced

- oz (000)

132

161

OPEN-PIT OPERATION
Volume mined

- 000 bcy

46,520

11,084

57,604

Mined

- 000 tons

95,293

26,006

18,314

139,612

Treated

- 000 tons

17,484

2,555

835

20,874

Stripping ratio

- ratio

4.67

9.35

20.34

5.92

Yield

- oz/t

0.047

0.082

0.186

0.057

Gold produced

- oz (000)

822

210

155

1,187

HEAP LEACH OPERATION
Mined

- 000 tons

2,344

45,029

47,373

Placed

- 000 tons

853

15,913

16,766

Stripping ratio

- ratio

2.72

1.81

1.85

Yield

- oz/t

0.102

0.014

0.018

Gold placed

- oz (000)

221

308

Gold produced

- oz (000)

173

233

PRODUCTIVITY PER EMPLOYEE
Actual

- oz

5.83

12.11

73.03

20.72

9.41

TOTAL
Subsidiaries' gold produced

- oz (000)

1,366

897

294

590

3,147

270

IMPERIAL OPERATING RESULTS
NINE MONTHS ENDED SEPTEMBER 2009

Joint ventures' gold produced

- oz (000)

270

Attributable gold produced

- oz (000)

1,366

1,167

294

590

3,417

Minority gold produced

- oz (000)

104

Subsidiaries' gold sold

- oz (000)

1,362

875

284

603

3,123

Joint ventures' gold sold

- oz (000)

268

Attributable gold sold

- oz (000)

1,362

1,143

284

603

3,391

Minority gold sold

- oz (000)

106

Spot price

- $/oz

931

Price received

- $/oz sold

688

621

619

653

Price received excluding hedge
buy-back costs

- $/oz sold

890

883

879

899

888

Total cash costs

- $/oz produced

434

587

589

349

485

Total production costs

- $/oz produced

577

694

700

480

612

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - NINE MONTHS
ENDED SEPTEMBER 2009 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

1,212

1,045

250

593

3,099

(247)

2,852

Cash costs

(627)

(708)

(174)

(319)

(1,805)

119

(1,686)

By-products revenue

Total cash costs

(592)

(705)

(173)

(284)

(1,732)

119

(1,613)

Retrenchment costs

(6)

(3)

(9)

(8)

Rehabilitation and other non-cash costs

(3)

(9)

(5)

(6)

(23)

(22)

Amortisation of assets

(187)

(117)

(28)

(80)

(5)

(417)

(402)

Total production costs

(789)

(834)

(206)

(370)

(2,180)

135

(2,045)

Inventory change

(3)

(1)

Cost of sales

(792)

(817)

(201)

(322)

(2,115)

134

(1,981)

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

420

227

270

985

(113)

871

Hedge buy-back costs

(276)

(299)

(74)

(148)

(797)

Adjusted gross profit (loss)

144

(72)

(25)

122

188

(113)

Unrealised non-hedge derivatives and other
commodity contracts

(432)

(34)

(147)

(79)

(692)

Gross (loss) profit

(287)

(106)

(172)

(504)

(113)

(618)

Corporate and other costs

(7)

(8)

(16)

(99)

(130)

Exploration

(10)

(22)

(39)

(23)

(94)

(91)

Intercompany transactions

(195)

(15)

(2)

212

Special items

(22)

(2)

(13)

Operating (loss) profit

(316)

(321)

(127)

(5)

(675)

(110)

(784)

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

(6)

(4)

(87)

(91)

Exchange gain (loss)

(7)

(22)

Share of equity accounted investments
(loss) profit

(3)

(6)

Loss before taxation

(315)

(266)

(117)

(19)

(17)

(733)

(38)

(771)

Taxation

203

(45)

(14)

(13)

(111)

Loss for the period

(112)

(311)

(131)

(31)

(129)

(714)

Equity shareholders

(112)

(320)

(131)

(52)

(128)

(743)

Non-controlling interests

(1)

Operating (loss) profit

(316)

(321)

(127)

(5)

(675)

(110)

(784)

Unrealised non-hedge derivatives and other
commodity contracts

432

147

692

Hedge buy-back costs

276

299

148

797

Intercompany transactions

195

(212)

Special items

(82)

(5)

(73)

Share of associates' EBIT

(3)

(2)

(5)

110

105

EBIT

407

207

216

(120)

736

Amortisation of assets

187

117

417

(15)

402

Share of associates' amortisation

EBITDA

594

324

296

(115)

1,153

Loss attributable to equity shareholders

(112)

(320)

(131)

(52)

(128)

(743)

Special items

(82)

(5)

(73)

Share of associates' special items

Taxation on items above

(2)

(4)

Headline loss

(99)

(320)

(195)

(61)

(128)

(803)

Unrealised non-hedge derivatives and
other commodity contracts

432

147

692

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

(237)

(44)

(191)

Fair value adjustment on option component
of convertible bond

Hedge buy-back and related costs
net of taxation

276

261

148

758

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

371

(25)

(18)

173

(21)

479

Ore reserve development capital

175

248

Stay-in-business capital

158

(4)

154

Project capital

145

328

(1)

327

Total capital expenditure

264

131

169

164

734

(4)

729

(1) Gold income received is gold income per income statement, (loss) gain on realised non-hedge derivatives (note 4).
Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION
Area mined

- 000 m

299

Mined

- 000 tonnes

1,826

410

106

517

2,859

Milled / Treated

- 000 tonnes

1,702

435

131

512

2,780

Yield

- g/t

7.77

5.05

3.17

6.62

6.92

Gold produced

- kg

13,223

2,200

414

3,391

19,229

SURFACE AND DUMP RECLAMATION
Milled / Treated

- 000 tonnes

2,533

285

2,818

Yield

- g/t

0.65

0.50

0.63

Gold produced

- kg

1,636

143

1,779

OPEN-PIT OPERATION
Volume mined

- 000 bcm

11,080

1,336

12,416

Mined

- 000 tonnes

26,636

3,677

7,467

37,780

Treated

- 000 tonnes

5,328

782

246

6,356

Stripping ratio

- ratio

4.54

3.86

26.04

5.47

Yield

- g/t

1.68

3.17

5.93

2.03

Gold produced

- kg

8,952

2,480

1,456

12,887

HEAP LEACH OPERATION
Mined

- 000 tonnes

1,507

14,975

16,482

Placed

- 000 tonnes

232

5,458

5,691

Stripping ratio

- ratio

8.43

1.87

2.07

Yield

- g/t

1.04

0.47

0.49

Gold placed

- kg

242

2,554

2,797

Gold produced

- kg

305

1,929

2,234

PRODUCTIVITY PER EMPLOYEE
Actual

- g

192

348

1,938

720

297

TOTAL
Subsidiaries' gold produced

- kg

14,859

9,645

2,894

6,776

34,174

1 955

METRIC OPERATING RESULTS
QUARTER ENDED SEPTEMBER 2010

Joint ventures' gold produced

- kg

1,955

Attributable gold produced

- kg

14,859

11,600

2,894

6,776

36,129

Minority gold produced

- kg

341

743

1,084

Subsidiaries' gold sold

- kg

15,948

9,532

2,697

6,829

35,005

Joint ventures' gold sold

- kg

1,889

Attributable gold sold

- kg

15,948

11,421

2,697

6,829

36,894

Minority gold sold

- kg

334

778

1,112

Spot price

- R/kg

287,837

Price received

- R/kg sold

(58,520)

(7,300)

(86,186)

(75,066)

(47,750)

Price received excluding
hedge buy-back costs

- R/kg sold

266,454

270,165

267,056

266,777

267,707

Total cash costs

- R/kg produced

139,350

170,196

250,073

101,552

151,007

Total production costs

- R/kg produced

181,238

206,279

268,283

134,440

187,695

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - QUARTER ENDED
SEPTEMBER 2010 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

4,249

3,181

720

2,020

10,171

(544)

9,627

Cash costs

(2,139)

(2,037)

(725)

(1,011)

(5,874)

366

(5,509)

By-products revenue

141

225

(1)

224

Total cash costs

(2,071)

(2,031)

(724)

(870)

(5,649)

365

(5,284)

Retrenchment costs

(19)

(2)

(4)

(25)

(23)

Rehabilitation and other non-cash costs

(11)

(90)

(5)

(107)

(106)

Amortisation of assets

(592)

(332)

(53)

(266)

(18)

(1,261)

(1,244)

Total production costs

(2,693)

(2,455)

(776)

(1,146)

(7,042)

384

(6,658)

Inventory change

(182)

104

(8)

(1)

Cost of sales

(2,875)

(2,387)

(759)

(1,042)

(7,034)

375

(6,659)

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

1,374

795

(38)

979

3,137

(168)

2,969

Hedge buy-back costs

(5,183)

(3,169)

(953)

(2,335)

(11,639)

Adjusted gross (loss) profit

(3,809)

(2,374)

(991)

(1,356)

(8,502)

(168)

(8,670)

Unrealised non-hedge derivatives and other
commodity contracts

6,550

1,801

(1)

2,992

11,343

Gross profit (loss)

2,742

(573)

(992)

1,636

2,841

(168)

2,672

Corporate and other costs

(18)

(26)

(2)

(66)

(313)

(426)

Exploration

(2)

(76)

(100)

(170)

(95)

(444)

(440)

Intercompany transactions

(91)

(2)

(6)

Special items

(55)

(6)

(370)

(416)

(8)

(424)

Operating profit (loss)

2,667

(772)

(1,084)

1,396

(652)

1,555

(173)

1,382

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

(9)

(18)

(2)

(526)

(550)

(3)

(553)

Exchange (loss) gain

(63)

(45)

(27)

(134)

(113)

Share of equity accounted investments
(loss) profit

(1)

151

Profit (loss) before taxation

2,657

(852)

(1,086)

1,355

(1,115)

959

(92)

867

Taxation

108

(235)

(125)

(178)

(410)

(318)

Profit (loss) for the period

2,765

(1,087)

(1,066)

1,230

(1,293)

549

Equity shareholders

2,765

(1,111)

(1,066)

1,166

(1,311)

443

Non-controlling interests

106

Operating profit (loss)

2,667

(772)

(1,084)

1,396

(652)

1,555

(173)

1,382

Unrealised non-hedge derivatives and other
commodity contracts

(6,550)

(1,801)

(2,992)

(11,343)

Hedge buy-back and related costs

5,183

3,169

953

2,335

422

12,060

Intercompany transactions

(98)

Special items

144

158

166

Share of associates' EBIT

(1)

165

180

EBIT

1,443

690

(128)

746

(304)

2,446

Amortisation of assets

592

332

266

1,261

(17)

1,244

Share of associates' amortisation

EBITDA

2,035

1,022

(76)

1,012

(286)

3,706

Profit (loss) attributable to equity shareholders

2,765

(1,111)

(1,066)

1,166

(1,311)

443

Special items

144

158

166

Share of associates' special items

(74)

(8)

(82)

Taxation on items above

(43)

(8)

(51)

Headline earnings (loss)

2,866

(1,107)

(1,066)

1,161

(1,378)

476

Unrealised non-hedge derivatives and
other commodity contracts

(6,550)

(1,801)

(2,992)

(11,343)

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

2,152

Fair value adjustment on option component
of convertible bond

166

Fair value loss on mandatory convertible bond

160

Hedge buy-back and related costs
net of taxation

3,717

3,148

953

2,335

422

10,573

Adjusted headline earnings (loss)

excluding hedge buy-back costs

2,185

240

(112)

504

(630)

2,184

Ore reserve development capital

479

105

680

Stay-in-business capital

160

244

182

623

(7)

616

Project capital

126

317

552

(77)

475

Total capital expenditure

731

439

604

1,855

(84)

1,771

(1) Gold income received is gold income per income statement and (loss) gain on realised non-hedge derivatives (note 4).
Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION
Area mined

- 000 m

313

Mined

- 000 tonnes

1,872

461

169

452

2,955

Milled / Treated

- 000 tonnes

1,783

439

451

2,772

Yield

- g/t

7.10

5.12

3.53

6.01

6.49

Gold produced

- kg

12,665

2,249

349

2,710

17,973

SURFACE AND DUMP RECLAMATION
Milled / Treated

- 000 tonnes

2,577

236

2,813

Yield

- g/t

0.49

0.67

0.50

Gold produced

- kg

1,253

158

1,411

OPEN-PIT OPERATION
Volume mined

- 000 bcm

12,481

1,111

13,591

Mined

- 000 tonnes

28,545

3,108

7,666

39,320

Treated

- 000 tonnes

5,721

807

280

6,808

Stripping ratio

- ratio

3.60

6.47

25.52

4.69

Yield

- g/t

1.52

2.90

5.68

1.85

Gold produced

- kg

8,668

2,343

1,593

12,604

HEAP LEACH OPERATION
Mined

- 000 tonnes

1,364

15,288

16,653

Placed

- 000 tonnes

328

5,091

5,419

Stripping ratio

- ratio

7.70

2.04

2.21

Yield

- g/t

1.04

0.48

0.51

Gold placed

- kg

340

2,427

2,767

Gold produced

- kg

450

2,573

3,023

PRODUCTIVITY PER EMPLOYEE
Actual

- g

176

349

1,832

739

285

TOTAL
Subsidiaries' gold produced

- kg

13,919

9,430

2,692

6,876

32,916

2 095

METRIC OPERATING RESULTS
QUARTER ENDED JUNE 2010

Joint ventures' gold produced

- kg

2,095

Attributable gold produced

- kg

13,919

11,525

2,692

6,876

35,011

Minority gold produced

- kg

371

687

1,058

Subsidiaries' gold sold

- kg

13,581

9,047

2,837

6,877

32,341

Joint ventures' gold sold

- kg

2,106

Attributable gold sold

- kg

13,581

11,153

2,837

6,877

34,447

Minority gold sold

- kg

371

682

1,053

Spot price

- R/kg

290,579

Price received

- R/kg sold

264,841

269,178

261,744

263,918

265,806

Total cash costs

- R/kg produced

135,419

170,075

257,247

100,619

149,365

Total production costs

- R/kg produced

177,715

199,330

275,057

133,519

183,891

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED JUNE 2010 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

3,597

3,109

742

1,983

9,432

(609)

8,822

Cash costs

(1,937)

(2,024)

(694)

(958)

(5,521)

343

(5,178)

By-products revenue

149

224

(1)

223

Total cash costs

(1,885)

(2,016)

(692)

(808)

105

(5,297)

342

(4,955)

Retrenchment costs

(23)

(3)

(27)

(26)

Rehabilitation and other non-cash costs

(11)

(22)

(33)

(3)

(36)

Amortisation of assets

(554)

(321)

(48)

(253)

(16)

(1,193)

(1,176)

Total production costs

(2,474)

(2,359)

(740)

(1,065)

(6,549)

356

(6,193)

Inventory change

(1)

Cost of sales

(2,428)

(2,342)

(741)

(1,033)

(6,456)

357

(6,099)

Adjusted gross profit (loss)

1,168

768

950

2,975

(253)

2,723

Unrealised non-hedge derivatives and other
commodity contracts

(1,182)

(1,201)

(514)

(2,822)

Gross (loss) profit

(14)

(433)

436

154

(253)

(99)

Corporate and other (costs) income

(14)

(6)

(24)

(395)

(407)

(1)

(408)

Exploration

(1)

(92)

(78)

(171)

(49)

(391)

Intercompany transactions

(57)

(2)

(3)

Special items

(61)

(51)

(8)

(16)

(89)

Operating (loss) profit

(90)

(602)

231

(308)

(733)

(253)

(986)

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

(3)

(133)

(127)

(124)

Exchange (loss) gain

(27)

(17)

(14)

(1)

Share of equity accounted investments
(loss) profit

(47)

136

(Loss) profit before taxation

(87)

(632)

219

(432)

(894)

(128)

(1,022)

Taxation

(334)

(218)

109

(393)

128

(264)

(Loss) profit for the period

(49)

(966)

(323)

(1,286)

Equity shareholders

(49)

(989)

(27)

(345)

(1,360)

Non-controlling interests

Operating (loss) profit

(90)

(602)

231

(308)

(733)

(253)

(986)

Unrealised non-hedge derivatives and other

1 182

1 201

(75)

514

2 822

Unrealised non-hedge derivatives and other
commodity contracts

1,182

1,201

(75)

514

2,822

Intercompany transactions

(62)

Special items

(46)

Share of associates' EBIT

(33)

253

221

EBIT

1,154

659

(83)

755

(388)

2,097

Amortisation of assets

554

321

253

1,193

(16)

1,176

Share of associates' amortisation

EBITDA

1,708

980

(35)

1,008

(372)

3,290

(Loss) profit attributable to equity shareholders

(49)

(989)

(27)

(345)

(1,360)

Special items

(46)

Share of associates' special items

Taxation on items above

(7)

(6)

(1)

(11)

Headline earnings (loss)

(991)

(22)

(315)

(1,315)

Unrealised non-hedge derivatives and
other commodity contracts

1,182

1,201

(75)

514

2,822

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

(420)

(398)

Fair value adjustment on option component
of convertible bond

(129)

Adjusted headline earnings (loss)

767

210

(46)

492

(444)

980

Ore reserve development capital

467

667

Stay-in-business capital

212

146

160

551

(8)

544

Project capital

153

246

484

(95)

389

Total capital expenditure

746

377

491

1,703

(102)

1,600

(1) Gold income received is gold income per income statement and (loss) gain on realised non-hedge derivatives (note 4).
Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION
Area mined

- 000 m

360

Mined

- 000 tonnes

2,063

433

198

466

3,160

Milled / Treated

- 000 tonnes

1,958

459

197

476

3,090

Yield

- g/t

6.75

5.68

4.21

6.64

6.41

Gold produced

- kg

13,218

2,606

831

3,161

19,816

SURFACE AND DUMP RECLAMATION
Milled / Treated

- 000 tonnes

2,491

611

3,102

Yield

- g/t

0.52

0.39

0.49

Gold produced

- kg

1,287

240

1,527

OPEN-PIT OPERATION
Volume mined

- 000 bcm

11,590

1,322

12,913

Mined

- 000 tonnes

28,189

3,876

5,343

37,408

Treated

- 000 tonnes

5,630

807

276

6,713

Stripping ratio

- ratio

5.00

12.19

17.20

6.08

Yield

- g/t

1.62

2.91

5.80

1.95

Gold produced

- kg

9,132

2,346

1,599

13,077

HEAP LEACH OPERATION
Mined

- 000 tonnes

535

14,069

14,605

Placed

- 000 tonnes

220

4,189

4,409

Stripping ratio

- ratio

8.43

2.44

2.52

Yield

- g/t

3.25

0.47

0.60

Gold placed

- kg

713

1,954

2,667

Gold produced

- kg

685

1,820

2,505

PRODUCTIVITY PER EMPLOYEE
Actual

- g

184

386

2,243

681

301

TOTAL
Subsidiaries' gold produced

- kg

14,504

10,001

3,176

6,580

34,262

2 663

METRIC OPERATING RESULTS
QUARTER ENDED SEPTEMBER 2009

Joint ventures' gold produced

- kg

2,663

Attributable gold produced

- kg

14,504

12,664

3,176

6,580

36,925

Minority gold produced

- kg

433

740

1,173

Subsidiaries' gold sold

- kg

15,259

10,431

2,843

7,384

35,917

Joint ventures' gold sold

- kg

2,518

Attributable gold sold

- kg

15,259

12,949

2,843

7,384

38,435

Minority gold sold

- kg

542

859

1,400

Spot price

- R/kg

239,463

Price received

- R/kg sold

82,545

42,554

17,528

66,060

61,095

Price received excluding hedge
buy-back costs

- R/kg sold

225,733

225,589

223,205

225,165

225,388

Total cash costs

- R/kg produced

130,009

151,615

163,403

90,790

133,274

Total production costs

- R/kg produced

168,432

179,777

187,005

124,696

166,355

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - QUARTER ENDED
SEPTEMBER 2009 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

3,444

3,050

635

1,844

8,973

(600)

8,373

Cash costs

(1,952)

(1,980)

(520)

(901)

(5,322)

307

(5,015)

By-products revenue

101

(1)

173

(1)

173

Total cash costs

(1,886)

(1,974)

(519)

(800)

(5,149)

307

(4,842)

Retrenchment costs

(17)

Rehabilitation and other non-cash costs

(10)

(43)

(10)

(33)

(97)

(96)

Amortisation of assets

(530)

(324)

(65)

(215)

(15)

(1,150)

(1,111)

Total production costs

(2,443)

(2,342)

(594)

(1,049)

(6,412)

347

(6,066)

Inventory change

(121)

(47)

(85)

(17)

(102)

Cost of sales

(2,564)

(2,389)

(549)

(1,011)

(6,497)

329

(6,168)

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

881

660

834

2,476

(271)

2,205

Hedge buy-back costs

(2,185)

(2,370)

(585)

(1,175)

(6,315)

Adjusted gross (loss) profit

(1,304)

(1,710)

(499)

(341)

(3,839)

(271)

(4,110)

Unrealised non-hedge derivatives and other
commodity contracts

(3,686)

(664)

(414)

(4,762)

Gross (loss) profit

(4,990)

(1,707)

(1,164)

(756)

(8,601)

(271)

(8,872)

Corporate and other costs

(16)

(1)

(36)

(256)

(325)

Exploration

(1)

(33)

(78)

(110)

(98)

(319)

(311)

Intercompany transactions

201

(42)

(5)

(153)

Special items

(87)

(21)

(164)

(16)

(229)

(2)

(231)

Operating loss

(5,093)

(1,576)

(1,449)

(849)

(507)

(9,474)

(264)

(9,738)

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

(2)

(19)

(6)

(266)

(248)

(244)

Exchange gain (loss)

(41)

Share of equity accounted investments profit

174

175

Loss before taxation

(5,095)

(1,591)

(1,362)

(895)

(759)

(9,704)

(79)

(9,782)

Taxation

1,987

108

163

(47)

(639)

1,571

1,650

Loss for the period

(3,108)

(1,484)

(1,199)

(943)

(1,398)

(8,132)

Equity shareholders

(3,108)

(1,513)

(1,199)

(1,018)

(1,407)

(8,245)

Non-controlling interests

113

Operating loss

(5,093)

(1,576)

(1,449)

(849)

(507)

(9,474)

(264)

(9,738)

Unrealised non-hedge derivatives and
other commodity contracts

3,686

(3)

664

414

4,762

Hedge buy-back costs

2,185

2,370

585

1,175

6,315

Intercompany transactions

(201)

153

Special items

164

(29)

249

Share of associates' EBIT

(2)

264

263

EBIT

864

596

716

(333)

1,850

Amortisation of assets

530

324

215

1,150

(39)

1,111

Share of associates' amortisation

EBITDA

1,395

920

931

(318)

2,999

Loss attributable to equity shareholders

(3,108)

(1,513)

(1,199)

(1,018)

(1,407)

(8,245)

Special items

164

(29)

249

Share of associates' special items

(2)

Taxation on items above

(8)

(1)

(49)

(11)

(70)

Headline loss

(3,029)

(1,509)

(1,085)

(1,059)

(1,386)

(8,068)

Unrealised non-hedge derivatives and
other commodity contracts

3,686

(3)

664

414

4,762

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

(1,943)

(199)

625

(1,510)

Fair value adjustment on option component
of convertible bond

Hedge buy-back and related costs
net of taxation

2,185

2,061

585

1,175

6,006

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

898

549

(35)

537

(701)

1,249

Ore reserve development capital

545

744

Stay-in-business capital

166

176

169

545

(2)

543

Project capital

154

137

(1)

263

553

(3)

550

Total capital expenditure

865

370

520

1,842

(5)

1,836

(1) Gold income received is gold income per income statement, (loss) gain on realised non-hedge derivatives (note 4).
Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

932

Mined

- 000 tonnes

5,580

1,406

425

1,367

8,778

Milled / Treated

- 000 tonnes

5,188

1,383

360

1,421

8,353

Yield

- g/t

7.09

5.26

4.07

6.40

6.54

Gold produced

- kg

36,779

7,270

1,467

9,099

54,615

SURFACE AND DUMP RECLAMATION
Milled / Treated

- 000 tonnes

7,540

783

8,323

Yield

- g/t

0.52

0.66

0.54

Gold produced

- kg

3,947

519

4,466

OPEN-PIT OPERATION
Volume mined

- 000 bcm

35,978

3,830

39,808

Mined

- 000 tonnes

84,691

10,674

21,595

116,961

Treated

- 000 tonnes

15,947

2,355

780

19,083

Stripping ratio

- ratio

4.03

4.88

25.41

5.01

Yield

- g/t

1.59

3.26

5.89

1.97

Gold produced

- kg

25,384

7,671

4,598

37,653

HEAP LEACH OPERATION
Mined

- 000 tonnes

3,576

46,124

49,700

Placed

- 000 tonnes

865

15,702

16,567

Stripping ratio

- ratio

6.95

1.98

2.12

Yield

- g/t

1.33

0.48

0.52

Gold placed

- kg

1,147

7,485

8,631

Gold produced

- kg

1,595

6,386

7,981

PRODUCTIVITY PER EMPLOYEE
Actual

- g

171

351

2,071

726

283

TOTAL
Subsidiaries' gold produced

- kg

40,726

28,170

9,138

20,082

98,116

Joint ventures' gold produced

6 598

METRIC OPERATING RESULTS
NINE MONTHS ENDED SEPTEMBER 2010

Joint ventures' gold produced

- kg

6,598

Attributable gold produced

- kg

40,726

34,768

9,138

20,082

104,714

Minority gold produced

- kg

1,112

2,174

3,286

Subsidiaries' gold sold

- kg

40,912

27,804

9,048

20,097

97,861

Joint ventures' gold sold

- kg

6,479

Attributable gold sold

- kg

40,912

34,283

9,048

20,097

104,340

Minority gold sold

- kg

1,100

2,205

3,305

Spot price

- R/kg

282,015

Price received

- R/kg sold

133,050

169,782

149,985

142,012

148,314

Price received excluding
hedge buy-back costs

- R/kg sold

259,727

262,212

255,266

258,176

259,858

Total cash costs

- R/kg produced

141,479

164,043

242,225

100,855

149,953

Total production costs

- R/kg produced

188,239

196,855

261,039

133,990

187,282

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - NINE MONTHS
ENDED SEPTEMBER 2010 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

Total group

Gold income received

(1)

10,626

9,298

2,310

5,733

27,967

(1,819)

26,148

Cash costs

(5,947)

(5,892)

(2,218)

(2,868)

191

(16,735)

1,050

(15,685)

By-products revenue

186

388

617

(3)

614

Total cash costs

(5,762)

(5,870)

(2,213)

(2,480)

208

(16,118)

1,046

(15,072)

Retrenchment costs

(88)

(2)

(13)

(104)

(102)

Rehabilitation and other non-cash costs

(32)

(189)

(5)

(227)

(1)

(228)

Amortisation of assets

(1,784)

(967)

(172)

(768)

(49)

(3,740)

(3,691)

Total production costs

(7,666)

(7,029)

(2,385)

(3,267)

158

(20,189)

1,096

(19,093)

Inventory change

(31)

233

289

(15)

274

Cost of sales

(7,697)

(6,955)

(2,372)

(3,034)

158

(19,900)

1,081

(18,819)

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

2,929

2,343

(62)

2,700

158

8,067

(738)

7,329

Hedge buy-back costs

(5,183)

(3,169)

(953)

(2,335)

(11,639)

Adjusted gross (loss) profit

(2,254)

(826)

(1,015)

365

158

(3,572)

(738)

(4,310)

Unrealised non-hedge derivatives and other
commodity contracts

5,778

634

2,616

9,104

Gross profit (loss)

3,525

(192)

(940)

2,981

158

5,532

(738)

4,794

Corporate and other costs

(50)

(36)

(8)

(151)

(945)

(1,191)

(1)

(1,192)

Exploration

(5)

(257)

(236)

(451)

(172)

(1,121)

(1,108)

Intercompany transactions

(186)

(8)

(11)

205

Special items

(180)

(2)

(376)

(679)

(8)

(686)

Operating profit (loss)

3,290

(851)

(1,134)

2,367

(1,130)

2,542

(734)

1,808

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

(9)

(42)

(458)

(496)

(495)

Exchange (loss) gain

(80)

(59)

(78)

(75)

Share of equity accounted investments
(loss) profit

(1)

387

403

Profit (loss) before taxation

3,281

(973)

(1,135)

2,321

(1,510)

1,984

(343)

1,641

Taxation

(833)

(624)

(67)

(1,483)

343

(1,140)

Profit (loss) for the period

3,294

(1,806)

(1,106)

1,697

(1,577)

501

Equity shareholders

3,294

(1,877)

(1,106)

1,549

(1,627)

233

Non-controlling interests

148

268

Operating profit (loss)

3,290

(851)

(1,134)

2,367

(1,130)

2,542

(734)

1,808

Unrealised non-hedge derivatives and
other commodity contracts

(5,778)

(634)

(75)

(2,616)

(9,104)

Hedge buy-back and related costs

5,183

3,169

953

2,335

422

12,060

Intercompany transactions

186

(205)

Special items

237

(45)

292

299

Share of associates' EBIT

(1)

(22)

(23)

726

703

EBIT

2,930

1,950

(294)

2,101

(921)

5,767

Amortisation of assets

1,784

967

172

768

3,740

(49)

3,691

Share of associates' amortisation

EBITDA

4,715

2,917

(122)

2,870

(872)

9,507

Profit (loss) attributable to equity shareholders

3,294

(1,877)

(1,106)

1,549

(1,627)

233

Special items

237

(45)

292

299

Share of associates' special items

(40)

(8)

(47)

Taxation on items above

(55)

(23)

(8)

(83)

Headline earnings (loss)

3,476

(1,819)

(1,149)

1,547

(1,652)

402

Unrealised non-hedge derivatives and
other commodity contracts

(5,778)

(634)

(75)

(2,616)

(9,104)

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

1,892

1,915

Fair value adjustment on option component
of convertible bond

(319)

Fair value loss on mandatory convertible bond

160

Hedge buy-back and related costs
net of taxation

3,717

3,148

953

2,335

422

10,573

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

3,306

695

(249)

1,265

(1,389)

3,626

Ore reserve development capital

1,353

198

282

1,926

Stay-in-business capital

491

460

439

1,481

(20)

1,461

Project capital

243

364

767

1,434

(183)

1,251

Total capital expenditure

2,087

1,022

219

1,488

4,841

(203)

4,638

(1) Gold income received is gold income per income statement and (loss) gain on realised non-hedge derivatives (note 4).
Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

1,052

Mined

- 000 tonnes

5,936

1,447

586

1,308

9,277

Milled / Treated

- 000 tonnes

5,588

1,567

586

1,294

9,035

Yield

- g/t

6.87

5.07

4.47

6.30

6.32

Gold produced

- kg

38,374

7,949

2,619

8,155

57,097

SURFACE AND DUMP RECLAMATION
Milled / Treated

- 000 tonnes

7,723

1,987

9,710

Yield

- g/t

0.53

0.45

0.52

Gold produced

- kg

4,117

888

5,005

OPEN-PIT OPERATION
Volume mined

- 000 bcm

35,566

8,474

44,039

Mined

- 000 tonnes

86,448

23,592

16,614

126,654

Treated

- 000 tonnes

15,861

2,318

758

18,937

Stripping ratio

- ratio

4.67

9.35

20.34

5.92

Yield

- g/t

1.61

2.82

6.36

1.95

Gold produced

- kg

25,565

6,527

4,821

36,913

HEAP LEACH OPERATION
Mined

- 000 tonnes

2,126

40,850

42,976

Placed

- 000 tonnes

774

14,436

15,209

Stripping ratio

- ratio

2.72

1.81

1.85

Yield

- g/t

3.50

0.48

0.63

Gold placed

- kg

2,710

6,869

9,579

Gold produced

- kg

1,896

5,372

7,267

PRODUCTIVITY PER EMPLOYEE
Actual

- g

181

377

2,272

645

293

TOTAL
Subsidiaries' gold produced

- kg

42,491

27,912

9,145

18,349

97,897

Joint ventures' gold produced

8 385

METRIC OPERATING RESULTS
NINE MONTHS ENDED SEPTEMBER 2009

Joint ventures' gold produced

- kg

8,385

Attributable gold produced

- kg

42,491

36,297

9,145

18,349

106,282

Minority gold produced

- kg

1,313

1,937

3,250

Subsidiaries' gold sold

- kg

42,356

27,187

8,843

18,756

97,141

Joint ventures' gold sold

- kg

8,337

Attributable gold sold

- kg

42,356

35,524

8,843

18,756

105,478

Minority gold sold

- kg

1,230

2,053

3,283

Spot price

- R/kg

259,516

Price received

- R/kg sold

194,313

177,914

178,923

183,512

185,498

Price received excluding hedge
buy-back costs

- R/kg sold

245,896

244,635

245,046

246,152

245,364

Total cash costs

- R/kg produced

119,183

163,141

164,024

96,856

134,192

Total production costs

- R/kg produced

159,009

192,978

195,518

133,034

169,536

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - NINE MONTHS
ENDED SEPTEMBER 2009 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

Total group

Gold income received

(1)

10,415

9,007

2,167

5,039

26,629

(2,148)

24,481

Cash costs

(5,361)

(6,120)

(1,504)

(2,753)

192

(15,545)

1,032

(14,514)

By-products revenue

297

296

628

(3)

625

Total cash costs

(5,064)

(6,098)

(1,500)

(2,458)

203

(14,917)

1,029

(13,888)

Retrenchment costs

(51)

(22)

(73)

(71)

Rehabilitation and other non-cash costs

(26)

(74)

(47)

(46)

(193)

(187)

Amortisation of assets

(1,616)

(1,012)

(242)

(691)

(46)

(3,608)

131

(3,477)

Total production costs

(6,756)

(7,208)

(1,788)

(3,195)

156

(18,790)

1,167

(17,624)

Inventory change

136

440

630

(7)

622

Cost of sales

(6,740)

(7,071)

(1,751)

(2,755)

156

(18,160)

1,159

(17,001)

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

3,676

1,936

415

2,285

156

8,468

(989)

7,480

Hedge buy-back costs

(2,185)

(2,370)

(585)

(1,175)

(6,315)

Adjusted gross profit (loss)

1,491

(434)

(169)

1,110

156

2,154

(989)

1,165

Unrealised non-hedge derivatives and other
commodity contracts

(3,510)

(468)

(1,187)

(719)

(5,883)

Gross (loss) profit

(2,020)

(902)

(1,356)

391

156

(3,730)

(989)

(4,718)

Corporate and other costs

(60)

(69)

(2)

(141)

(858)

(1,130)

Exploration

(1)

(90)

(186)

(332)

(189)

(798)

(776)

Intercompany transactions

(1,771)

(129)

(13)

1,914

Special items

(183)

(18)

672

(103)

440

448

Operating (loss) profit

(2,263)

(2,850)

(1,001)

(24)

920

(5,218)

(959)

(6,176)

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

(47)

(35)

(721)

(757)

(751)

Exchange gain (loss)

514

(54)

(194)

308

326

Share of equity accounted investments
(loss) profit

(23)

(24)

(47)

605

558

Loss before taxation

(2,255)

(2,384)

(919)

(137)

(19)

(5,714)

(329)

(6,043)

Taxation

1,390

(413)

(117)

(722)

329

351

Loss for the period

(865)

(2,796)

(1,036)

(254)

(741)

(5,692)

Equity shareholders

(865)

(2,875)

(1,036)

(423)

(741)

(5,940)

Non-controlling interests

170

248

Operating (loss) profit

(2,263)

(2,850)

(1,001)

(24)

920

(5,218)

(959)

(6,176)

Unrealised non-hedge derivatives and
other commodity contracts

3,510

468

1,187

719

5,883

Hedge buy-back costs

2,185

2,370

585

1,175

6,315

Intercompany transactions

1,771

129

(1,914)

Special items

117

(672)

(43)

(6)

(602)

Share of associates' EBIT

(23)

(21)

(44)

959

915

EBIT

3,549

1,761

227

1,817

(1,020)

6,335

Amortisation of assets

1,616

1,012

242

691

3,608

(131)

3,477

Share of associates' amortisation

131

EBITDA

5,165

2,773

469

2,509

(973)

9,942

Loss attributable to equity shareholders

(865)

(2,875)

(1,036)

(423)

(741)

(5,940)

Special items

117

(672)

(43)

(6)

(602)

Share of associates' special items

Taxation on items above

(15)

(1)

151

(32)

102

Headline loss

(763)

(2,874)

(1,558)

(498)

(744)

(6,437)

Unrealised non-hedge derivatives and
other commodity contracts

3,510

468

1,187

719

5,883

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

(1,872)

(356)

625

(1,546)

Fair value adjustment on option component
of convertible bond

183

Hedge buy-back and related costs
net of taxation

2,185

2,061

585

1,175

6,006

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

3,060

(346)

(142)

1,453

4,089

Ore reserve development capital

1,525

236

149

249

2,158

Stay-in-business capital

357

500

409

1,371

(31)

1,341

Project capital

415

408

1,334

763

2,920

(6)

2,914

Total capital expenditure

2,297

1,144

1,539

1,420

6,451

(37)

6,413

(1) Gold income received is gold income per income statement, (loss) gain on realised non-hedge derivatives (note 4).
Rounding of figures may result in computational discrepancies.

Notes

Certain statements made in this communication, including, without limitation, those concerning AngloGold Ashanti’s strategy to reduce its gold hedging position including the extent and effects of the
reduction, the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash costs and other operating results, growth prospects and outlook of AngloGold
Ashanti’s operations, individually or in the aggregate, including the completion and commencement of commercial operations of certain of AngloGold Ashanti’s exploration and production projects,
the resumption of production at AngloGold Ashanti’s mines in Ghana, the completion of announced mergers and acquisitions transactions, AngloGold Ashanti’s liquidity and capital resources, and
expenditure and the outcome and consequences of any litigation proceedings or environmental issues, contain certain forward-looking statements regarding AngloGold Ashanti’s operations,
economic performance and financial condition. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given
that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in
economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions including environmental approvals and actions,
fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion of certain of these factors, refer to AngloGold Ashanti's annual report for the year
ended 31 December 2009, which was distributed to shareholders on 30 March 2010. The company’s annual report on Form 20-F, was filed with the Securities and Exchange Commission in the
United States on 19 April 2010 and as amended on 18 May 2010. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to
reflect events or circumstances after today’s date or to reflect the occurrence of unanticipated events. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or
any person acting on its behalf are qualified by the cautionary statements herein. AngloGold Ashanti posts information that is important to investors on the main page of its website at
www.anglogoldashanti.com and under the “Investors” tab on the main page. This information is updated regularly. Investors should visit this website to obtain important information about AngloGold
Ashanti.

Administrative

information

ANGLOGOLD ASHANTI LIMITED

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

Share codes:

ISIN: ZAE000043485
JSE:

ANG

LSE:

AGD

NYSE:

ASX:

AGG

GhSE (Shares):

AGA

GhSE (GhDS):

AAD

Euronext Paris:

Euronext Brussels:

ANG

JSE Sponsor:

UBS

Auditors:

Ernst & Young Inc

Offices

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

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

Ghana
Gold House
Patrice Lumumba Road
(PO Box 2665)
Accra
Ghana
Telephone: +233 303 772190
Fax: +233 303 778155

United Kingdom Secretaries
St James's Corporate Services Limited
6 St James's Place
London SW1A 1NP
England
Telephone: +44 20 7499 3916
Fax: +44 20 7491 1989
E-mail: jane.kirton@corpserv.co.uk

Directors

Executive
M Cutifani ~ (Chief Executive Officer)
S Venkatakrishnan * (Chief Financial
Officer)

Non-Executive
T T Mboweni (Chairman)
Dr T J Motlatsi (Deputy Chairman)
F B Arisman

W A Nairn
Prof L W Nkuhlu
F Ohene-Kena

S M Pityana

* British

American

~ Australian

South African

+ Ghanaian

Officers
Company Secretary:

Ms L Eatwell

Investor Relations Contacts

South Africa
Renee Swan
Mobile: +27 79 523 9714
Fax: +27 11 637 6400
E-mail: rswan@AngloGoldAshanti.com

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

General E-mail enquiries
investors@AngloGoldAshanti.com

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

Company secretarial E-mail
Companysecretary@AngoGoldAshanti.com

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

PUBLISHED BY ANGLOGOLD ASHANTI

PRINTED BY INCE (PTY) LIMITED

Share Registrars

South Africa
Computershare Investor Services (Pty)
Limited
Ground Floor, 70 Marshall Street
Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: 0861 100 950 (in SA)
Fax: +27 11 688 5218
web.queries@computershare.co.za

United Kingdom
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 7NH
England
Telephone: +44 870 702 0000
Fax: +44 870 703 6119

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

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

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

Global BuyDIRECT

BoNY maintains a direct share purchase
and dividend reinvestment plan for
A

NGLO

OLD

SHANTI

Telephone: +1-888-BNY-ADRS

SIGNATURES

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

AngloGold Ashanti Limited

Date: November 11, 2010

By:

/s/ L Eatwell

Name: L EATWELL
Title: Company Secretary