Bank Deposit Stamp Pads

ANGLOGOLD ASHANTI LIMITED – Results for the quarter & year ended 31 Dec 2012.

 ANGLOGOLD ASHANTI LIMITED
 Registration No. 1944/017354/06 

Incorporated in the Republic of
South Africa
 Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa.
 

 Share codes: ISIN: ZAE000043485 JSE:
ANG LSE: (Shares)                                AGD LES : (Dis)
AGD NYSE:                                         AU ASX:
AGG GhSE (Shares):                               AGA GhSE (GhDS):
AAD
 Report

for the quarter and year ended 31
December
 see month.
 2012

Group results for the year….

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

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

Adjusted
headline earnings

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

EBITDA

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

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

.

Quarterly dividend of 50 South African
cents per share

 (6 US cents
per share). Full year dividend of 300 SA cents per share.

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

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

Refinancing risk

 eliminated by obtaining US$750m term facility.

For the fourth quarter

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

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

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

Net debt increased to $2.06bn at the end of December, from $1.57bn
at the end of the previous quarter due to project capital and strike
impact.

Standard & Poor’s
affirmed
  
v. af·firmed, af·firm·ing, af·firms

v.tr.
1. To declare positively or firmly; maintain to be true.

2. To support or uphold the validity of; confirm.

v.intr.
 the investment grade rating on
the company’s publicly traded debt.

Smooth build-up of South Africa operations after
Christmas
 [Christ’s Mass], in the Christian calendar, feast of the nativity of Jesus, celebrated in Roman Catholic and Protestant Churches on Dec. 25. In liturgical importance it ranks after Easter, Pentecost, and Epiphany (Jan. 6).
 break.

                                                    Quarter
Year
                                           ended  ended   ended   ended
ended
                                             Dec    Sep     Dec     Dec
Dec
                                            2012   2012    2011    2012
2011
                                                  US dollar / Imperial
Operating review
Gold
 Produced                   - oz (000)       859  1,030  1,114   3,944
4,331
 Price received 1           - $/oz         1,718  1,648  1,684   1,664
1,576
 Total cash costs           - $/oz         1,009    866    762     862
728
 Total production costs     - $/oz         1,259  1,081  1,065   1,078
950
Financial review
Adjusted gross profit 2     - $m             369    573    682   2,292
2,624
Gross profit                - $m             394    512    682   2,256
2,623
(Loss) profit attributable
to equity shareholders      - $m           (188)    168    385     830
1,552
                            - cents/share   (49)     43    100     215
402
Headline earnings           - $m             109    178    289   1,145
1,484
                            - cents/share     28     46     75     296
384
Adjusted headline earnings
3                           - $m               7    235    295     924
1,297
                            - cents/share      2     61     76     239
336
Cash flow from operating activities                  - $m
454    304    644   1,802   2,655
Capital expenditure         - $m             804    545    525   2,154
1,527
Notes:       1.   Refer to note C "Non-GAAP disclosure" for
the definition.
             2.   Refer to note B "Non-GAAP disclosure" for
the definition.
             3.   Refer to note A "Non-GAAP disclosure" for
the definition. 

$ represents US dollar, unless otherwise stated.

Rounding of figures may result in
computational

 discrepancies.

 Certain statements made in this communication, other than statements of
historical fact, including, without limitation, those concerning the
economic outlook for the gold mining industry, expectations regarding
gold prices, production, cash costs and other operating results, return
on shareholders' equity, productivity improvements, growth
prospects and outlook of AngloGold Ashanti's operations,
individually or in the aggregate, including the achievement of project
milestones, the completion and commencement of commercial operations of
certain of AngloGold Ashanti's exploration and production projects
and the completion of acquisitions and dispositions, AngloGold
Ashanti's liquidity and capital resources and capital expenditures
and the outcome and consequence of any potential or pending litigation
or regulatory proceedings or environmental issues, are forward-looking
statements or forecasts regarding AngloGold Ashanti's operations,
economic performance and financial condition.  These forward-looking
statements or forecasts involve known and unknown risks, uncertainties
and other factors that may cause AngloGold Ashanti's actual
results, performance or achievements to differ materially from the
anticipated results, performance or achievements expressed or implied in
these forward-looking statements.  Although AngloGold Ashanti believes
that the expectations reflected in such forward-looking statements and
forecasts are reasonable, no assurance can be given that such
expectations will prove to have been correct. Accordingly, results could
differ materially from those set out in the forward-looking statements
as a result of, among other factors, changes in economic, social,
political and market conditions, success of business and operating
initiatives, changes in the regulatory environment and other government
actions including environmental approvals, fluctuations in gold prices
and exchange rates, and business and operational risk management. For a
discussion of certain of these and other factors, refer to AngloGold
Ashanti's annual report for the year ended 31 December 2011, which
was distributed to shareholders on 4 April 2012, the company's 2011
annual report on Form 20-F, which was filed with the Securities and
Exchange Commission in the United States on 23 April 2012 and the
prospectus supplement to the company's prospectus dated 17 July
2012 that was filed with the Securities and Exchange Commission on 25
July 2012.  These factors are not necessarily all of the important
factors that could cause AngloGold Ashanti's actual results to
differ materially from those expressed in any forward-looking
statements. Other unknown or unpredictable factors could also have
material adverse effects on future results.  Consequently, stakeholders
are cautioned not to place undue reliance on forward-looking statements.
AngloGold Ashanti undertakes no obligation to update publicly or release
any revisions to these forward-looking statements to reflect events or
circumstances after today's date or to reflect the occurrence of
unanticipated events, except to the extent required by applicable law.
All subsequent written or oral forward-looking statements attributable
to AngloGold Ashanti or any person acting on its behalf are qualified by
the cautionary statements herein.
This communication may contain certain "Non-GAAP" financial
measures. AngloGold Ashanti utilises certain Non-GAAP performance
measures and ratios in managing its business. Non-GAAP financial
measures should be viewed in addition to, and not as an alternative for,
the reported operating results or cash flow from operations or any other
measures of performance prepared in accordance with IFRS.  In addition,
the presentation of these measures may not be comparable to similarly
titled measures other companies may use. AngloGold Ashanti posts
information that is important to investors on the main page of its
website at www.anglogoldashanti.com and under the "Investors"
tab on the main page.  This information is updated regularly.  Investors
should visit this website to obtain important information about
AngloGold Ashanti.
Operations at a glance
for the quarter ended 31 December 2012
                                                 Production
Total cash costs
                                                              Qtr on
Qtr on
                                                               Qtr
Qtr
                                                                %
%
                                                Year-on-year Variance
Year-on-year Variance
                                       oz (000) % Variance 2    3
$/oz  % Variance 2    3
SOUTH AFRICA                                171         (57)     (54)
1,166           68       37
 Great Noligwa                               14         (30)     (52)
1,369            7       31
 Kopanang                                    26         (61)     (46)
970           27     (12)
 Moab Khotsong                               23         (56)     (50)
1,359           65       32
 Mponeng                                     48         (65)     (62)
934           80       50
 Savuka                                       5         (62)     (50)
1,734          114       69
 TauTona                                     22         (69)     (63)
1,307           89       54
 First Uranium SA 4                          14            -        -
1,191            -       33
 Surface Operations                          20         (46)     (50)
1,312           84       54
CONTINENTAL AFRICA                          376         (10)        5
1,070           34       17
 Ghana
 Iduapriem                                   44         (12)      (2)
1,052            9        -
 Obuasi                                      76          (6)       27
1,519           70       30
 Guinea
 Siguiri - Attr. 85%                         64            3        7
1,014          (3)        3
 Mali
 Morila - Attr. 40% 5                        20         (29)       11
714          (7)      (8)
 Sadiola - Attr. 41% 5                       27          (4)        4
1,211           19       26
 Yatela - Attr. 40% 5                        10           43       43
1,581         (17)     (12)
 Namibia
 Navachab                                    18          (5)       20
1,003            8      (4)
 Tanzania
 Geita                                      118         (18)      (7)
825           70       21
 Non-controlling interests,  exploration and other
AUSTRALASIA                                  55         (13)     (14)
1,462          (1)       56
 Australia
 Sunrise Dam                                 55         (13)     (14)
1,309          (6)       47
 Exploration and other
AMERICAS                                    258           10        9
720           18     (10)
 Argentina
 Cerro Vanguardia - Attr. 92.50%             55            8      (2)
829           44        7
 Brazil
 AngloGold Ashanti MineracEuo                112           23       23
672           13     (20)
 Serra Grande 6                              37           76       23
755           21     (11)
 United States of America
 Cripple Creek & Victor                      53         (25)
(12)    668            4      (8)
 Non-controlling interests,
 exploration and other
OTHER
Sub-total                                   859         (23)     (17)
1,009           32       17
Equity accounted investments included above
AngloGold Ashanti
1 Refer to note B "Non GAAP disclosure" for definition
2 Variance December 2012 quarter on December 2011 quarter - increase
(decrease).
3 Variance December 2012 quarter on September 2012 quarter - increase
(decrease).
4 Effective 20 July 2012, AngloGold Ashanti acquired 100% of First
Uranium
(Pty) Limited.
5 Equity accounted joint ventures.
6 Effective 1 July 2012, AngloGold Ashanti increased its shareholding in
Serra Grande from 50% to 100%.
Rounding of figures may result in computational discrepancies.
Operations at a glance 

for the quarter ended 31 December 2012

                                           Adjusted
                                    gross profit (loss) 1
                                                     Qtr on
                                                      Qtr
                                       Year-on-year    $m
                                       $m Variance  Variance
                                  $m        2          3
SOUTH AFRICA                        92        (228)    (116)
 Great Noligwa                       4            1      (7)
 Kopanang                           13         (34)      (2)
 Moab Khotsong                       6         (20)        -
 Mponeng                            34        (111)     (74)
 Savuka                            (6)         (16)     (10)
 TauTona                           (1)         (55)     (32)
 First Uranium SA 4                 32           32       30
 Surface Operations                 10         (25)     (21)
CONTINENTAL AFRICA                 124         (83)     (73)
 Ghana
 Iduapriem                          20            -        -
 Obuasi                           (51)         (32)     (65)
 Guinea
 Siguiri - Attr. 85%                24          (1)      (8)
 Mali
 Morila - Attr. 40% 5               20          (3)        5
 Sadiola - Attr. 41% 5              17          (1)        2
 Yatela - Attr. 40% 5              (1)            2        -
 Namibia
 Navachab                            8          (1)        4
 Tanzania
 Geita                              83         (45)     (13)
 Non-controlling interests,          4          (2)        -
exploration and other
AUSTRALASIA                          -            9     (36)
 Australia
 Sunrise Dam                         9           11     (31)
 Exploration and other             (9)          (3)      (6)
AMERICAS                           171         (15)       17
 Argentina
 Cerro Vanguardia - Attr. 92.50%    32            2     (12)
 Brazil 

AngloGold
Ashanti
  or  , historic and modern administrative region, central Ghana, W Africa. The region is the source of much of Ghana’s cocoa.
 MineracEuo 66 (2) 29

  Serra Grande 6                     30           16       12
  United States of America
 Cripple Creek & Victor             43         (17)      (9)
 Non-controlling interests,          1         (14)      (2)
exploration and other
OTHER                               17            1       11
Sub-total                          404        (316)    (197)
                                  (35)            3      (7)
AngloGold Ashanti                  369        (313)    (204)
1 Refer to note B "Non GAAP disclosure" for definition
2 Variance December 2012 quarter on December 2011 quarter - increase
(decrease).
3 Variance December 2012 quarter on September 2012 quarter - increase
(decrease).
4 Effective 20 July 2012, AngloGold Ashanti acquired 100% of First
Uranium
(Pty) Limited.
5 Equity accounted joint ventures.
6 Effective 1 July 2012, AngloGold Ashanti increased its shareholding in
Serra Grande from 50% to 100%.
Rounding of figures may result in computational discrepancies.

Financial and Operating Report

OVERVIEW FOR THE YEAR AND QUARTER

FINANCIAL AND CORPORATE REVIEW

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

Net profit
attributable

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

 implemented during the fourth
quarter.

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

AngloGold Ashanti said in
November
 see month.
 it would review corporate costs
and some expansion projects; focus on higher quality production from its
underground mines; sell some non-core assets; and progress its Kibali,
Tropicana and
Cripple Creek
 village (1990 pop. 584), alt. 9,375 ft (2,858 m), seat of Teller co., central Colo.; inc. 1892. Primarily a summer resort, it was once a gold-mining boomtown.
 & Victor growth projects to
production.

 A corporate cost review conducted in conjunction with Deloitte, is well
advanced. A team of senior operational and financial management
personnel is also conducting a thorough review of all operations to
extract operational efficiencies from all sites. In addition,
exploration spending across the group has been rationalised, some assets
deemed to be non-core are being considered for sale and capital
expenditure has been prioritised.
Net debt level as at 31 December 2012 was in line with our guidance at
$2.06bn, compared with $610m at the start of the year.  The principal
three factors that accounted for the increase in net debt level were: 

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

— Acquisitions of Serra
Grande
   , Rio

A river, about 1,046 km (650 mi) long, flowing from southeast Brazil generally northwest to the Paranaíba River, with which it forms the Paraná River.
 and Mine Waste Solutions paid for
with $555m in cash.

 --        Lost earnings of $208m as a consequence of the unprotected
strike action in South Africa. As a result of the protracted unprotected
strike at our South African mines during the fourth quarter, we raised
R1bn under a Domestic Medium Term Note Programme in South Africa.  Of
this debt, R700m matures in January 2014 whilst the balance of R300m
matures in April 2013, but can be rolled over in the local bond markets.
AngloGold Ashanti Limited has entered into a syndicated bridge loan
facility agreement pursuant to which a syndicate of banks has agreed to
make available $750,000,000 to AngloGold Ashanti Holdings. In the event
AngloGold Ashanti chooses to draw on the loan, the proceeds are to be
applied towards the repayment of the $732,500,000, 3.5% convertible
bonds due in May 2014.  This prudent, pre-emptive move addresses any
refinancing concerns that may arise over the next few months around the
2014 convertible bond falling due for repayment.
In September 2010 the Group issued $789m worth of Mandatory Convertible
Bonds that are due for conversion into equity in September 2013.  When
this conversion occurs in the third quarter, at current share prices,
18.14m shares will be issued as a consideration for the bonds converting
into equity.  The total shares in issue (including E-Ordinary shares) at
that point will increase to 403m shares from the current 385m shares and
the 6.0% interest coupon on this bond will cease to be paid.
Resources increased to 241.5Moz in 2012, from 230.9Moz the previous
year, reflecting an increase of 14.4Moz from exploration (10.6Moz from
La Colosa) and modelling. Reserves2 at year-end 2012 were 74.1Moz, down
from 75.6Moz, reflecting changes in economic assumptions and offset by
the acquisitions of the remaining 50% of Serra Grande and Mine Waste
Solutions.
With effect from 1 January 2013, AngloGold Ashanti will be adopting
IFRIC 20 in relation to capitalisation of qualified deferred stripping
costs and amortising the same with adequate componentisation.  IFRIC 20
provides for a transition adjustment in respect of certain brought
forward balances and such balances will be written off against reserves.

“We’ve moved
decisively
  
adj.
1. Having the power to decide; conclusive.

2. Characterized by decision and firmness; resolute.

3. Beyond doubt; unmistakable:
 to ensure that we continue a
strong recovery from a difficult end to last year,” Joint Interim
Chief Executive Officer Tony O’Neill said.

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

FOURTH QUARTER REVIEW

 A strong performance in the Americas Region was offset, in particular,
by the strike at the group's South African mines and
underperformance at Obuasi, in Ghana, mentioned as a major milestone
below. Despite challenges faced in South Africa, Standard &
Poor's affirmed the investment grade rating, albeit with a negative
outlook, on AngloGold Ashanti's publicly traded debt following an
extensive review. Major milestones were reached outside of South Africa,
most notably the termination of the underground development contract
with Mining and Building Contractors Limited, in Ghana, where sub-par
development performance has been identified as a key constraint to the
mine's performance in recent years. At Tropicana, 1.0Moz was added
to the resource and the group achieved the lowest quarterly All Injury
Frequency Rate (AIFR) on record for the organisation at 6.17 per million
hours worked.
Fourth-quarter AHE was $7m, or 2 US cents a share, compared to $295m, or
76 US cents a share in the fourth quarter of 2011. AHE was affected by
the lower volumes and higher cash costs during the quarter, reflecting
the impact of the strike in South Africa which eroded $208m of earnings
and the change-over of the mine development contractor at Obuasi that
had a negative impact of $44m. In addition, specific non-cash asset
abandonment and de-recognition accounting charges following a
reassessment of useful lives of certain mine development assets of $248m
after taxation were booked against net profits. These relate primarily
to Obuasi and to a lesser extent Great Noligwa, Kopanang and Siguiri.
Cash flow generated from operating activities was $454m during the
fourth quarter compared with $644m a year earlier.  Free cash flow was
negative during the fourth quarter at $447m, due largely to the impact
of the South African strike and the higher capital expenditure profile
of $804m. 

DIVIDEND

The Board has
declared
  
v. de·clared, de·clar·ing, de·clares

v.tr.
1. To make known formally or officially. See Synonyms at announce.

2. To state emphatically or authoritatively; affirm.

3.
 a dividend of 50 South African cents per
share (
approximately
  
adj.
1. Almost exact or correct:

2.
 6 US cents per share) for the fourth quarter in
line with previous guidance taking the full year’s dividend to 300
South African cents per share.

 SAFETY 

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

Much still needs to be done to reach the goal of eliminating
injuries from the workplace. To this end, specific training programmes
were developed to prevent repeat safety incidents, focusing on safety
and incident investigation skills, improving identification and control
of hazards to more effectively manage risk; and improving safety
leadership behaviour. Incident investigation learning interventions were
implemented throughout the group, covering about 500 people. About 400
employees have undergone formal evaluation and are now capable of
leading investigations, while 100 are competent to facilitate incident
investigations.
 The group's ongoing focus on safety, through various programmes
and initiatives, helped lower the AIFR to 7.72 per million hours worked,
the lowest on record for the company and 21% better than the previous
year, which reflected double digit improvements from all regions against
2011 year-end performance. The December quarter end had the lowest
quarterly AIFR on record for the organisation at 6.17 per million hours
worked. 

OPERATING REVIEW

Gold production for the three months to 31 December 2012 was
859,000oz at a total cash cost of $1,009/oz, compared to 1,114,000oz at
a total cash cost of $762/oz for the same period last year. Output and
costs in the fourth quarter was affected primarily by labour unrest in
South Africa. The Americas Region recorded solid production results with
a strong contribution from Brazil. The pro-forma total cash costs
without the strike impact would have been $852/oz, some $14/oz lower
than the third quarter's cash costs of $866/oz.
 The South African operations produced 171,000oz at a total unit cash
cost of $1,166/oz in the three months to 31 December 2012, compared with
398,000oz at a total cash cost of $696/oz in the same period last year.
Production for the year was 1,212,000oz at a total cash cost of $873/oz,
compared to production of 1,624,000oz at a total cash cost of $694/oz in
2011.
The unprotected strike, during which all South African operations were
at a standstill for over a month, severely hampered gold output across
all operations and had a commensurate impact on costs. The unprotected
work stoppage by more than 30,000 people was resolved with, among other
things, mutually agreed job-grading improvements which raised the
minimum wage and made other adjustments for other categories of
employees. No wages were paid to striking workers for the period, though
fixed costs were incurred, as were salaries for non-striking employees.
The strike ended across all operations on 26 October though TauTona was
again disrupted by a short underground sit-in on 1 November, as a result
of which the company allowed the early repayments of a safety incentive
in order to ensure the safe restart of the mine. Mponeng was also halted
by management, between 6 November and 14 November following two
underground sit-ins and vandalism to a building at surface. Work resumed
after a code of conduct was agreed by management, employees and
representatives of organised labour unions.
AngloGold Ashanti's management has continued to engage with its
employees directly, and through their labour unions, in order to ensure
a constructive dialogue is maintained ahead of this year's
bi-annual wage talks. This includes the Association of Mineworkers and
Construction Union, a new labour union, which has established itself in
the gold sector.
The South African mines' quarterly performance was also adversely
affected by a range of factors including safety-related disruptions,
seismic activity in the West Wits Region, geological limitations coupled
with lower mining grades in the Vaal River district and continued cost
pressures that exceeded headline inflation.
At the West Wits operations, Mponeng's fourth-quarter production
decreased 65% year-on-year to 48,000oz due to the labour unrest followed
by a one week temporary suspension of operations due to safety concerns.
Total cash costs rose 80% to $934/oz year-on-year as a result of the
lower gold output. At the adjacent TauTona mine, fourth-quarter output
decreased 69% year-on-year to 22,000oz, mainly as a result of the strike
and a safety stoppage during the ramp up period. Total cash costs
increased by 89% year-on-year to $1,307/oz.
The Vaal River operations, particularly Moab Khotsong, were severely
impacted by the industrial strike action and mining flexibility
constraints. This led to the fourth-quarter gold production at Moab
Khotsong deteriorating by 56% to 23,000oz year-on-year. The mine also
experienced a 24% decline in grade. Total cash cost increased by 65%
year-on-year to $1,359/oz. Great Noligwa's fourth-quarter output
fell 30% year-on-year to 14,000oz as a result of the strike, face length
constraints and declining yields, while total cash costs rose 7%
year-on-year to $1,369/oz. Kopanang, adversely affected by mining
flexibility impediments and lower mining grades, experienced a 61%
year-on-year decline in production to 26,000oz while total cash costs
rose by 27% year-on-year to $970/oz. Additional uranium sales during the
quarter alleviated the impact of the gold shortfall on costs.
Surface operations experienced a 46% year-on-year decline in production
to 20,000oz as a result of the strike and lower yields. Total cash costs
escalated by 84% year-on-year to $1,312/oz due to inflationary pressure
on reagents and increased expenditure related to dust-control
initiatives to improve environmental conditions. First Uranium, acquired
in the third quarter of 2012, produced 14,000oz at a total cash cost of
$1,191/oz in the three months to 31 December 2012. Since the acquisition
of First Uranium, AngloGold Ashanti's operating protocols,
including Project ONE methodologies and principles, have begun to be
implemented at First Uranium to improve efficiencies and regulatory
compliance.
The Continental Africa Region produced 376,000oz at a total cash cost of
$1,070 /oz in the fourth quarter, compared to 419,000oz at a total cash
cost of $799/ oz in the same period last year. Production for the year
ended 31 December 2012 was 1,521,000oz at a total cash cost of $905/oz
compared to production of 1,570,000oz at a total cash cost of $765/oz in
2011.
In Ghana, Iduapriem's fourth quarter production declined
year-on-year by 12% to 44,000oz as a result of lower tonnage throughput,
as well as a decrease in recovered grade. Total cash costs were
maintained at $1,052/oz. Obuasi's fourth quarter production was 6%
lower when compared to the same period last year at 76,000oz due to
lower grades, equipment availability and late stope preparation, all of
which took place during a quarter in which the development contract was
terminated. Total cash costs, which included some once-off items,
increased to $1,519/oz. AngloGold Ashanti cancelled the underground
development contract following a protracted period of below-target
performance from the contractor. On 8 November, after a mandatory 28-day
notice period, AngloGold Ashanti assumed operational accountability for
development at the site.
In the Republic of Guinea, Siguiri's fourth quarter production
increased by 3% to 64,000oz when compared to the same period last year
as the benefits of the Project ONE initiative were realised through an
improvement in both tonnage throughput and recovered grade. Total cash
costs decreased by 3% year-on-year to $1,014/oz.
In Mali, Morila's fourth quarter production was 20,000oz, while
total cash costs decreased by 7% year-on-year to $714/oz. This was
mainly as a result of the increased gold production and processing of
marginal stockpiles, compared to full-grade ore the previous quarter,
and was partly offset by higher royalties due to the higher gold price
and higher fuel prices. Sadiola's fourth quarter production was
similar to last year's levels at 27,000oz, reflecting an increase
in tonnage throughput due to improved operational stability, partially
offset by a decrease in recovered grade limited by availability of oxide
ore sources. Total cash costs increased by 19% year-on-year to $1,211/oz
primarily as a result of currency fluctuations and increased consumable
expenditure. Yatela's production was 10,000oz.
In Namibia, Navachab's fourth quarter production was relatively
consistent at 18,000oz when compared to the same period last year. Total
cash costs increased by 8% year-on-year to $1,003/oz, impacted by
increased royalties due to a higher gold price.
In Tanzania, Geita's fourth quarter production decreased by 18%
year-on-year to 118,000oz as a result of a planned 33% decrease in
recovered grade as higher-grade material was stockpiled in preparation
for the scheduled replacement of the primary mill  in the first quarter
of 2013. Total cash costs consequently increased to $825/oz, further
influenced by increased royalties due to a higher gold price and
year-end consumable stock write-downs.
In the Americas Region, fourth quarter production was up 10%
year-on-year to 258,000oz at a total cash cost of $720/oz from the same
period last year when the region produced 234,000oz at a total cash cost
of $612/oz. Production for the year ended 31 December 2012 was 953,000oz
at a total cash cost of $683/oz, compared to production of 891,000oz at
a total cash cost of $528/oz.
At Cripple Creek & Victor (CC&V), fourth quarter production was
53,000oz which was 25% lower when compared to the same period last year,
in line with the mine plan. Lower production was due to fewer ounces
placed on the pad in the first half of the year. Cash cost increased by
4% to $668/oz compared to the same period last year.
At AngloGold Ashanti Brasil MineracEuo, fourth-quarter production was
23% higher than the same period in 2011 at 112,000oz primarily due to
higher production from the ramp up at Corrego do Sitio. Total cash costs
were 13% higher than the same period last year at $672/oz as a
consequence of higher equipment maintenance costs and a lower proportion
of primary development costs that were capitalised. At Serra Grande, now
100% owned, production was 23% higher than the same period in 2011 at
37,000oz. Total cash cost was 21% higher than the same period last year
at $755/oz as a result of higher maintenance and drilling costs.
Cerro Vanguardiaos fourth quarter production was 8% higher at 55,000oz
year-on-year, while total cash costs rose 44% year-on-year to $829/oz
reflecting lower by-product credits due to lower silver prices and lower
silver production. Costs at the operation were also negatively impacted
by higher costs associated with the heap leach, higher inflation, and
higher equipment and vehicles maintenance costs associated with energy
consumption.
In Australia, production at Sunrise Dam for the quarter was 55,000oz at
a total cash cost of $1,309/oz. Production for the year ended 31
December 2012 was 258,000oz at a total cash cost of $1,126/oz compared
to production of 246,000oz at a total cash cost of $1,367/oz. During the
year, underground production rates increased from 1.5Mtpa to 2 Mtpa as
the transition from the open-pit continued. Redesign of the final stage
of the open pit and remedial work to repair damage caused by a pit wall
failure in 2011 was completed, enabling mining of the crown pillar at
the base of the pit which is expected to begin early in 2013.
PROJECTS
AngloGold Ashanti incurred capital expenditure of $804m (including
equity-accounted joint ventures) during the quarter, of which $469m was
spent on growth projects. Expenditure on growth-related capital was $56m
in the Americas, $186m in Continental Africa, $166m in Australasia and
$61m in South Africa.
The CC&V MLE 2 is currently in the implementation stage. The project
is expected to extend the mine life from 2017 through 2025, adding
2.6Moz of gold production. The primary project elements include a second
Valley Leach Facility (VLF 2) in Squaw Gulch and appropriate
modifications of the drainage and storm water management plan to
accommodate the new facility, a carbon adsorption/
desorption/electro-winning facility to process solutions from VLF 2, a
grinding /flotation/cyanidation plant to process 2M short tons per year
of selectively mined high grade ore, mine fleet replacement plus
additional equipment to facilitate selective high grade mining, roads,
power, water and process infrastructure requirements, and mining and
processing an additional 218M short tons of ore. 

Construction of a
water pumping

 facility began in December 2012, the

drain

 cover fill placement has been completed and the mill platform
construction is underway. A contract has been awarded for construction
of the
VLF

 2 and the re-routing of Highway 67 (part of which will be
covered by the
leach
  
v. leached, leach·ing, leach·es

v.tr.
1. To remove soluble or other constituents from by the action of a percolating liquid.

2.
 pad). First gold production is expected during the
second half of 2016.

 The Kibali project, a joint venture between state-owned Sokimo (10%),
AngloGold Ashanti (45%) and operator Randgold Resources (45%), has
budgeted attributable project capital expenditure of $982m (including
contingencies and escalation), to fund the development of the open pit
and underground mines, as well as associated infrastructure, with first
production of gold from the open pit targeted for late 2013. In 2012,
AngloGold Ashanti spent $263m towards Kibali's development, which
remained on schedule. All key contracts have now been agreed. Work is
progressing on the Metallurgical Plant, the CIL steelwork is in
progress, the mill bases have been poured and the steelwork is being
installed for the mill, the primary crushers and the conveyor.
Open pit mining has begun. The project team has handed over the boxcut
to Byrnecut on 13 December 2012 and the development work on the twin
declines commenced on the Western portal on 17 December 2012. The shaft
terrace portion has been completed, the vertical shaft sinking
contractor, Shaft Sinkers, has mobilised the first crew on site and
taken the cut of the shaft boxcut. 

The
Relocation

 Action Plan continued with more than 1,450 families
already
resettled

 in the new model village of Kokiza.

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

The Tropicana Gold Project (AGA 70% and manager, Independence Group
NL 30%) remains on track to begin production in the fourth quarter of
2013. Engineering design and
procurement

 activities are now complete and
at the end of 2012, construction was 56% complete. During the December
quarter, the Mineral Resource estimate (100% project) was updated
to118Mt at 2.08g/t containing 7.89Moz of gold (full details are
available at www.anglogoldashanti.com).

This represented a 1.48Moz increase from the previous estimate and
a 2.8Moz increase since the project was approved in November 2010. The
Ore Reserve, which has increased by 15% to 56.4Mt at 2.16g/t for 3.91Moz
since approval, is expected to be updated on completion of the Havana
Deeps Pre-Feasibility Study. The study is examining the economic
trade-off between open cut and underground mining of the Havana Deeps
Mineral Resource. With the award during the quarter, of the major
Structural, Mechanical & Piping (SMP) and Electrical &
Instrumentation (E&I) contracts, project capital cost estimates have
been updated.
 On a 100% project basis, the estimated capital expenditure has
increased to between A$820-A$845 million. This represents an 11%
increase on the mid-point of the capital expenditure range forecast at
the time the project was approved in November 2010 (the increase is
covered by the budgeted CEO contingency). At that time, capital
expenditure (nominal) was forecast to be between A$725-A$775 million.
The increase is largely due to higher construction labour costs and
decreased productivity.
Gold production in the first three years of operation remains in the
range of 470,000-490,000oz per annum (100% project) at slightly
increased cash costs of between A$590/oz-A$630/oz, compared to a
forecast of A$580/oz-A$600/oz at approval. The increase is largely due
to higher fuel prices, which were also impacted by the reduction in fuel
rebates associated with the introduction of the Australian carbon tax. 

During the quarter, near-mine exploration returned encouraging
results including 5m at 5.2g/t from 108m and 7m at 3.6g/t from 413m at
Springbok and 9m at 5.4g/t from 439m at
Boston
 town (1991 pop. 26,495), E central England, on the Witham River. Boston’s fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent.
 
Shaker

.

 The company-wide project called Project ONE, aimed at improving
efficiencies consists of several initiatives namely Safety
Transformation (ST), System for People (SP) and Business Process
Framework (BPF).
Safety Transformation initiatives for the fourth quarter maintained
focus on hazard identification and incident management where individuals
across disciplines were trained in incident investigation. A Safety
Culture Transformation Framework with a view to significantly improve
the culture of health and safety across the mining sector was introduced
in collaboration with the Chamber of Mines. In support of the framework,
a gap-analysis was conducted to assess the South African Region (SAR)
Leadership Programmes and amendments were performed in aligning
programmes with expectations.
System for People, the human resources component of our business model,
provides the leadership and supporting management processes to ensure
the right people, are in the right roles and doing the right work to
deliver against our goals. During the quarter, focus was on cascading of
Managerial Leadership Practices (MLP) with the SAR Management Committee.
A comprehensive engagement model ensured the entrenchment of the
MLP's and the first module was attended by all operational
executive teams. Talent pool development and the performance management
process is ongoing and was completed down to Stratum II level.
The Simunye safety and productivity training programme, a three-week
course focussing on team building, engagement and safety training among
other activities, is being implemented at all South African operations.
This programme, part of the roll-out of Project ONE to production crews,
focuses on safety and the reduction of injury rates, the reduction of
disruptive stoppages, improved compliance with mining cycles and blast
frequency. The programme began around two years ago, and to date 67% of
AngloGold Ashanti's work crews in South Africa have undergone
Simunye training, which includes a component of personal finance
training to help educate employees about predatory lending practises in
the private sector and to assist in creating a sound personal financial
platform. 

Crew performances are
continually
  
adj.
1. Recurring regularly or frequently:

2.
 monitored and analysed, and the
following productivity improvements were recorded:

Improvement of 14% in m2/ISW (in-stope worker), and 22% in face
advance at
TauTona

 Mine;

Improvement of 6% in average vamping at Savuka; and

Improvement of 15% in face advance at Mponeng Mine translating into
higher area mined and increased productivity per in-stope worker.

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

Technology update

The Technology & Innovation Consortium continue to clear
technical hurdles on the path to creating a safe,
automated
  
v. au·to·mat·ed, au·to·mat·ing, au·to·mates

v.tr.
1. To convert to automatic operation:

2.
 mining
method intended for use at AngloGold Ashanti’s deep-level
underground mining operations.

The Consortium made significant progress
relating to
 relate prep

 relate prep → ,  
 the three key
projects:

RC (
Geological
  
n. pl. ge·ol·o·gies
1. The scientific study of the origin, history, and structure of the earth.

2. The structure of a specific region of the earth’s crust.

3. A book on geology.
) Drilling;

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

Reef
Boring

; and

In Reef Boring, the first
prototype

A first or original model of hardware or software. Prototyping involves the production of functionally useful and trustworthy systems through experimentation with evolving systems.
 raise bore machine completed
five test holes using a double pass technique. Further tests using a
second prototype raise bore machine has commenced test drilling, using a
single pass technique.

Ultra High Strength
Backfill
  
n.
Material used to refill an excavated area.

tr.v. back·filled, back·fill·ing, back·fills
To refill (an excavated area) with such material.
.

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

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

EXPLORATION

 Total exploration expenditure during the fourth quarter, inclusive of
expenditure at equity accounted joint ventures, was $176m ($51m on
brownfield, $69m on greenfield and $56m on pre-feasibility studies),
compared with $115m during the previous year's quarter ($37m on
brownfield, $43m on greenfield and $35m on pre-feasibility studies).
Greenfield exploration activities were undertaken in five regions
(Australia, Americas, Pacific, Sub-Saharan Africa and the Middle East
& North Africa) during the quarter. A total of 81,248m of diamond,
RC and aircore drilling was completed on existing priority targets and
used to delineate new targets in Australia, Colombia, Brazil, Guinea,
Tanzania, Egypt, the Solomon Islands and the DRC.
In Colombia, exploration continued at the Nuevo Chaquiro and Tenedor
targets, the Quebradona project, and the Santa Rita target in the Rio
Dulce project, in joint venture with B2Gold (AGA 70%). At Nuevo
Chaquiro, a total of 7,853m of diamond drilling was completed and
returned further significant results including 760m @ 0.45% Cu and
0.23g/t Au in CHA-044. On the adjacent Nuevo Tenedor target, surface
mapping and sampling was completed. At the Santa Rita target, detailed
geological mapping, sampling and ground IP surveying is ongoing.
In Brazil, diamond drilling continued at the Falcao Joint Venture (AGA
earning 70%), managed by Horizonte Minerals, with a total of 906m
completed. The drill programme confirmed continuity of the known
mineralised footprint. At the Graben Joint Venture (AGA earning 51%),
approximately 16,000 line kilometres of high-resolution airborne
radio/magnetic geophysics was flown.
In Australia, a total of 2,119m of diamond drilling was completed at the
Beaker prospect, within the Viking project (AGA 100%), and follows-up
previous gold intercepts including 11m @ 3.06g/t Au and 7m @ 2.33g/t Au.
At the Tropicana Joint Venture (AGA 70%), regional aircore (28,686m), RC
(5,245m) and diamond (1,085m) drilling continued and returned a
significant intersection from Voodoo Child of 12m @ 3.28g/t Au. At the
Coronation Bore prospect, a total of 1,740m of diamond drilling was
completed, targeting Iron Oxide Copper Gold (IOCG) mineralisation.
In Guinea, exploration work focussed on the Kounkoun trend in Block 3,
with infill and delineation drilling and ground IP and magnetic
geophysical surveying. At Kounkoun Central-East, Central-West and South,
a total of 12,792m of aircore, reverse circulation and diamond drilling
was completed, and follows up previously delineated mineralised zones.
Best results include, but are not limited to (true widths), 59.2m @
1.82g/t Au in KKRC161, 28.2m @ 2.34g/t Au in KKRC175, 42.3m @ 2.44g/t Au
in KKRC173 and 21.6m @ 2.63g/t, 39.5m @ 1.94g/t and 42.3m @ 1.14g/t Au
in KKRC201. At Kolita North, a total of 1,710m of reverse circulation
drilling was completed. Mapping and surface sampling of artisanal
working was also carried out in Block 3 and Block 4. 

In
Tanzania
 , officially United Republic of Tanzania, republic (2005 est. pop.
,
diamond drilling

, IP
geophysical
  
n. (used with a sing. verb)
The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology.
 surveying and surface
soil sampling was completed at the Lusahunga project (AGA earning 60%),
located 150km west of Geita in the Nyakahura Belt, in joint venture with

Oryx
 , name for several small, horselike antelopes, genus Oryx, found in deserts and arid scrublands of Africa and Arabia. They feed on grasses and scrub and can go without water for long periods.
 Mining and Exploration Ltd. A total of 807m was drilled, targeting
observed shear-hosted and
stockwork

n. 1. (Mining) A system of working in ore, etc., when it lies not in strata or veins, but in solid masses, so as to be worked in chambers or stories.
2. (Geol.
 
veining
  
n.
Distribution or arrangement of veins or veinlike markings.
.

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

Group’s gold production for 2013 is estimated at between 4.1Moz
to 4.4Moz. Total cash costs are estimated at between $815/oz-$845/oz at
an average exchange rate of R8.75/$,
BRL

2.00/$, A$1.02/$ and AP5.00/$
and fuel at $113/
barrel
 see English units of measurement.
. Both production and total cash costs estimates
will be reviewed quarterly, in light of any unforeseen factors.

 Gold production for the first quarter of 2013 is estimated at 910koz to
950koz. Total cash costs are estimated at between $900/oz-$910/oz at an
average exchange rate of R8.75/$, BRL2.00/$, A$1.02/$ and AP5.00/$ and
fuel at $113/ barrel. Both estimates could be revised downwards in light
of recent labour related challenges experienced in South Africa.
For 2013, capital expenditure is anticipated to be about $2.1bn,
compared with $2.15bn in 2012. Included within the capital expenditure
guidance for 2013 is US$118m of qualified deferred stripping costs.
Corporate costs, which include implementation of the Enterprise Resource
Planning system, marketing and Project ONE expenditure, are expected to
be $240m, about $51m less than in 2012. Spending on expensed exploration
and studies, including equity accounted joint ventures, is anticipated
to be about $377m, $84m less than in 2012. Depreciation and amortisation
is anticipated to be $1,050m, while interest and finance costs are
expected to be $250m (including coupon on mandatory convertible bonds). 

Mineral Resource and Ore Reserve

 Mineral Resource and Ore Reserve are reported in accordance with the
minimum standards described by the Australasian Code for Reporting of
Exploration Results, Mineral Resource and Ore Reserve (JORC Code, 2004
Edition), and also conform to the standards set out in the South African
Code for the Reporting of Exploration Results, Mineral Resource and
Mineral Reserve (The SAMREC Code, 2007 edition). Mineral Resource is
inclusive of the Ore Reserve component unless otherwise stated.
AngloGold Ashanti strives to actively create value by growing its major
asset - the Mineral Resource and Ore Reserve. This drive is based on an
active, well-defined brownfields exploration programme, innovation in
both geological modelling and mine planning and continual optimisation
of its asset portfolio. 

MINERAL RESOURCE

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

Moz

 Mineral Resource as at 31 December 2011
230.9
Reductions
Great Noligwa     Revisions due to reduced likelihood of eventual
(2.8)
                  extraction
Obuasi            Revised estimates of historic mining
(2.0)
CC&V              Combination of increased costs and revised
(1.1)
                  metallurgical recoveries
Kopanang          Negative exploration results and depletion
(1.0)
Other             Total of non-significant changes
(1.9)
Additions
Tropicana         Reporting of Havana as an open pit Mineral Resource
1.0
Mponeng           Revised geological modelling of the Ventersdorp
Contact  1.3
                  Reef
La Colosa         Exploration success
10.6
Other             Total of non-significant changes
2.6
Acquisitions
Serra Grande      Acquisition of the remaining 50% of the operation
1.2
Mine Waste        Acquisition of Mine Waste Solutions
2.7 Solutions
Mineral Resource as at 31 December 2012

241.5

Rounding of numbers may result in computational discrepancies.

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

ORE RESERVE

The AngloGold Ashanti Ore Reserve reduced from 75.6Moz in December
2011 to 74.1Moz in December 2012. A gross annual increase of 3.2Moz
occurred before depletion of 4.7Moz.  The decrease net of depletion was
therefore 1.5Moz. Changes in economic assumptions from 2011 to 2012
resulted in a reduction of 0.6Moz to the Ore Reserve, while exploration
and modelling resulted in an increase of 0.6Moz. The acquisition of the
remaining 50% of Serra Grande and Mine Waste solutions added a further
2.8Moz. The remaining increase of 0.4Moz resulted from various other
factors.
 ORE RESERVE                                                                                   Moz
Ore Reserve as at 31 December 2011
                75.6
Reductions
Kopanang     Depletion and minor model revision
(1.4)
Obuasi       Revised mine planning parameters and geotechnical review
(0.9)
Great        Economic driven reduction of underground mining footprint
(0.7) Noligwa
Other        Total non-significant changes
(2.7)
Additions
                                                                                                 

Kibali Open pit increase due to additional metal defined by grade
control drilling. 0.4

 Geita        Positive economic changes
0.7
 Other        Total non-significant changes
0.3
Acquisitions
Serra Grande Purchase of remaining 50% of the operation
0.4
Mine Waste   Purchase of Mine Waste Solutions
                 2.4 Solutions
Ore Reserve as at 31 December 2012
74.1 

Rounding of numbers may result in computational discrepancies.

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

BY-PRODUCTS

Several by-products are recovered as a result of the processing of
gold Ore Reserves. These include 73,492t of
uranium oxide

 from the South
African operations, 439,564t of
sulphur
 city (1990 pop. 20,125), Calcasieu parish, SW La.; inc. 1914. It is a trade center for an area producing natural gas, oil, and timber as well as sorghum, soybeans, cattle, and crawfish.
 from
Brazil
 , Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America.
 and 40.7Moz of
silver from
Argentina
 , officially Argentine Republic, republic (2005 est. pop. 39,538,000), 1,072,157 sq mi (2,776,889 sq km), S South America.
.

Competent persons

 The information in this report relating to exploration results, Mineral
Resources and Ore Reserves is based on information compiled by the
Competent Persons. The Competent Persons consent to the inclusion of
Exploration Results, Mineral Resource and Ore Reserve information in
this report, in the form and context in which it appears.
During the past decade, the company has developed and implemented a
rigorous system of internal and external reviews of Exploration Results,
Mineral Resources and Ore Reserves. A documented chain of responsibility
exists from the Competent Persons at the operations to the
company's Mineral Resource and Ore Reserve Steering Committee.
Accordingly, the Chairman of the Mineral Resource and Ore Reserve
Steering Committee, VA Chamberlain, MSc (Mining Engineering), BSc (Hons)
(Geology), MGSSA, FAusIMM, assumes responsibility for the Mineral
Resource and Ore Reserve processes for AngloGold Ashanti and is
satisfied that the Competent Persons have fulfilled their
responsibilities.

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

MINERAL RESOURCE BY COUNTRY (ATTRIBUTABLE)
INCLUSIVE OF

prep.
Taking into consideration or account; including.
 ORE
RESERVE

                                                Tonnes Grade Contained
Contained
as at 31 December 2012             Category   million   g/t      gold
gold
                                                               tonnes
Moz
South Africa                        Measured   183.97  2.33    428.52
13.78
                                   Indicated   964.52  2.16  2 080.80
66.90
                                    Inferred    53.34 10.45    557.39
17.92
                                       Total 1 201.83  2.55  3 066.71
98.60
Democratic Republic of the Congo    Measured     1.97  3.00      5.89
0.19
                                   Indicated    63.18  3.70    233.93
7.52
                                    Inferred    30.43  2.91     88.69
2.85
                                       Total    95.58  3.44    328.51
10.56
Ghana                               Measured    64.84  4.63    300.44
9.66
                                   Indicated   103.86  3.87    401.45
12.91
                                    Inferred   150.37  2.87    431.63
13.88
                                       Total   319.07  3.55  1 133.52
36.44
Guinea                              Measured    38.45  0.63     24.15
0.78
                                   Indicated   125.81  0.72     90.37
2.91
                                    Inferred    56.71  0.82     46.32
1.49
                                       Total   220.97  0.73    160.84
5.17
Mali                                Measured     9.16  0.94      8.63
0.28
                                   Indicated    52.02  1.81     94.30
3.03
                                    Inferred    27.75  0.94     26.00
0.84
                                       Total    88.93  1.45    128.93
4.15
Namibia                             Measured    17.21  0.64     11.03
0.35
                                   Indicated    96.58  1.22    117.73
3.79
                                    Inferred     7.76  1.08      8.36
0.27
                                       Total   121.55  1.13    137.12
4.41
Tanzania                            Measured        -     -         -
-
                                   Indicated   103.81  2.63    273.00
8.78
                                    Inferred    39.21  2.78    109.00
3.50
                                       Total   143.02  2.67    382.00
12.28
Australia                           Measured    36.46  1.70     62.00
1.99
                                   Indicated    71.84  2.10    150.68
4.84
                                    Inferred    14.98  3.13     46.82
1.51
                                       Total   123.28  2.10    259.50
8.34
Argentina                           Measured    11.60  1.59     18.48
0.59
                                   Indicated    36.91  2.87    105.90
3.40
                                    Inferred     7.49  2.98     22.34
0.72
                                       Total    56.00  2.62    146.72
4.72
Brazil                              Measured    14.52  5.81     84.40
2.71
                                   Indicated    21.01  5.31    111.51
3.59
                                    Inferred    48.74  5.29    257.63
8.28
                                       Total    84.27  5.38    453.54
14.58
Colombia                            Measured    15.68  0.85     13.30
0.43
                                   Indicated    34.36  0.79     27.21
0.87
                                    Inferred 1 025.23  0.85    873.63
28.09
                                       Total 1 075.27  0.85    914.14
29.39
United States of America            Measured   267.56  0.77    207.24
6.66
                                   Indicated   208.89  0.67    140.04
4.50
                                    Inferred    84.56  0.64     53.87
1.73
                                       Total   561.01  0.72    401.15
12.90
Total                               Measured   661.42  1.76  1 164.08
37.43
                                   Indicated 1 882.79  2.03  3 826.92
123.04
                                    Inferred 1 546.58  1.63  2 521.68
81.07
                                       Total 4 090.79  1.84  7 512.68
241.54 

Rounding of figures may result in computational discrepancies.

MINERAL RESOURCE BY COUNTRY (ATTRIBUTABLE) EXCLUSIVE OF ORE
RESERVE

                                                Tonnes Grade Contained
Contained
as at 31 December 2012             Category   million   g/t      gold
gold
                                                               tonnes
Moz
South Africa                        Measured    16.52 18.23    301.15
9.68
                                   Indicated   249.09  4.56  1 136.02
36.52
                                    Inferred    27.64  8.79    242.82
7.81
                                       Total   293.25  5.73  1 679.99
54.01
Democratic Republic of the Congo    Measured     0.37  1.85      0.68
0.02
                                   Indicated    28.38  3.24     91.92
2.96
                                    Inferred    30.43  2.91     88.69
2.85
                                       Total    59.18  3.06    181.29
5.83
Ghana                               Measured    21.63  7.16    154.96
4.98
                                   Indicated    48.49  3.50    169.84
5.46
                                    Inferred   150.35  2.86    429.66
13.81
                                       Total   220.47  3.42    754.46
24.26
Guinea                              Measured     1.03  0.52      0.54
0.02
                                   Indicated    55.92  0.73     40.74
1.31
                                    Inferred    56.71  0.82     46.32
1.49
                                       Total   113.66  0.77     87.60
2.82
Mali                                Measured     5.22  0.73      3.82
0.12
                                   Indicated    23.92  1.50     35.79
1.15
                                    Inferred    27.75  0.94     26.00
0.84
                                       Total    56.89  1.15     65.61
2.11
Namibia                             Measured     5.89  0.53      3.12
0.10
                                   Indicated    56.10  1.07     60.17
1.93
                                    Inferred     7.76  1.08      8.36
0.27
                                       Total    69.75  1.03     71.65
2.30
Tanzania                            Measured       -     -         -
-
                                   Indicated    42.97  2.68    115.34
3.71
                                    Inferred    35.95  2.74     98.59
3.17
                                       Total    78.92  2.71    213.93
6.88
Australia                           Measured     3.33  1.14      3.80
0.12
                                   Indicated    45.02  1.94     87.13
2.80
                                    Inferred    14.98  3.13     46.82
1.51
                                       Total    63.33  2.18    137.75
4.43
Argentina                           Measured     2.14  2.55      5.45
0.18
                                   Indicated    31.31  1.69     52.91
1.70
                                    Inferred     7.49  2.98     22.34
0.72
                                       Total    40.94  1.97     80.70
2.59
Brazil                              Measured     4.98  6.25     31.14
1.00
                                   Indicated    10.36  4.91     50.89
1.64
                                    Inferred    48.40  5.30    256.36
8.24
                                       Total    63.74  5.31    338.39
10.88
Colombia                            Measured    15.68  0.85     13.30
0.43
                                   Indicated    34.36  0.79     27.21
0.87
                                    Inferred 1 025.23  0.85    873.63
28.09
                                       Total 1 075.27  0.85    914.14
29.39
United States of America            Measured   112.75  0.72     81.08
2.61
                                   Indicated   126.54  0.66     83.21
2.68
                                    Inferred    84.56  0.64     53.87
1.73
                                       Total   323.85  0.67    218.16
7.01
Total                               Measured   189.54  3.16    599.05
19.26
                                   Indicated   752.46  2.59  1 951.16
62.73
                                    Inferred 1 517.27  1.45  2 193.45
70.52
                                       Total 2 459.27  1.93  4 743.66
152.51 

Rounding of figures may result in computational discrepancies.

ORE RESERVE BY COUNTRY (ATTRIBUTABLE)

                                               Tonnes Grade  Contained
Contained
as at 31 December 2012             Category  million   g/t       gold
gold
                                                               tonnes
Moz
South Africa                         Proved   148.71  0.66      98.04
3.15
                                   Probable   728.45  1.21     883.59
28.41
                                      Total   877.16  1.12     981.63
31.56
Democratic Republic of the Congo     Proved     1.59  3.26       5.20
0.17
                                   Probable    35.90  4.12     147.84
4.75
                                      Total    37.49  4.08     153.04
4.92
Ghana                                Proved    40.88  3.42     139.66
4.49
                                   Probable    52.77  3.67     193.84
6.23
                                      Total    93.65  3.56     333.50
10.72
Guinea                               Proved    36.59  0.63      22.92
0.74
                                   Probable    67.60  0.67      45.56
1.46
                                      Total   104.19  0.66      68.48
2.20
Mali                                 Proved     2.26  1.30       2.93
0.09
                                   Probable    36.61  1.81      66.32
2.13
                                      Total    38.87  1.78      69.25
2.23
Namibia                              Proved     0.00  0.00       0.00
0.00
                                   Probable    51.80  1.26      65.29
2.10
                                      Total    51.80  1.26      65.29
2.10
Tanzania                             Proved     0.00  0.00       0.00
0.00
                                   Probable    65.06  2.59     168.63
5.42
                                      Total    65.06  2.59     168.63
5.42
Australia                            Proved    33.13  1.76      58.20
1.87
                                   Probable    26.82  2.37      63.55
2.04
                                      Total    59.95  2.03     121.75
3.91
Argentina                            Proved    10.44  1.29      13.49
0.43
                                   Probable    10.90  4.56      49.71
1.60
                                      Total    21.34  2.96      63.20
2.03
Brazil                               Proved     9.29  4.47      41.51
1.33
                                   Probable    12.48  4.39      54.74
1.76
                                      Total    21.77  4.42      96.25
3.09
United States of America             Proved   154.81  0.81     126.16
4.06
                                   Probable    82.35  0.69      56.83
1.83
                                      Total   237.16  0.77     182.99
5.88
Total                                Proved   437.72  1.16     508.11
16.34
                                   Probable 1 170.74  1.53   1 795.90
57.74
                                      Total 1 608.46  1.43   2 304.01
74.08 

Rounding of figures may result in computational discrepancies.

 Group income statement
                                                                Quarter
Quarter   Quarter     Year     Year
                                                                  ended
ended     ended    ended    ended
                                                               December

September
 see month.
 December December December

                                                                    2012
2012      2011     2012     2011 US Dollar million
Notes Unaudited  

Reviewed Unaudited Reviewed Audited

 Revenue                                                   2
1,490     1,664     1,859    6,632    6,925
 Gold income                                                       1,398
1,629     1,779    6,353    6,570
Cost of sales                                             3     (1,029)

(1,056) (1,097) (4,062) (3,946)

Gain (loss) on non-hedge derivatives and other
 commodity contracts                                                  25
(61)         -     (35)      (1)
Gross profit                                                        394
512       682    2,256    2,623
Corporate administration, marketing and other expenses             (85)

(70) (77) (291) (278)

Exploration and evaluation costs
(124)    

(107) (83) (395) (279)

Other operating (expenses) income                         4
-
   (5)         4     (41)     (27)
Special items                                             5       (402)
(25)       146    (402)      163
Operating (loss) profit                                           (217)
305       672    1,127    2,202
Dividends received                                                    -
7         -        7        -
Interest received                                                    12
10        23       43       52
Exchange gain (loss)                                                  -
1      (10)        8        2
Finance costs and unwinding of obligations                6        (67)

(65) (48) (231) (196)

Fair value adjustment on option component of
 convertible bonds                                                    17
(2)      (15)       83       84
Fair value adjustment on mandatory convertible bonds                 65

(11) 9 162 104

Share of equity-accounted investments' (loss) profit
(44)    

– 17 (28) 73

(Loss) profit before taxation
(234)
   245       648    1,171    2,321
Taxation                                                  7          52
(76)     (246)    (322)    (723)
(Loss) profit for the period                                      (182)
  169       402      849    1,598
Allocated as follows:
Equity shareholders                                               (188)
168       385      830    1,552
Non-controlling interests                                             6
1        17       19       46
                                                                  (182)
169       402      849    1,598
Basic (loss) earnings per ordinary share (cents) (1)               (49)

43 100 215 402

Diluted (loss) earnings per ordinary share (cents) (2)
(49)
    43        95      161      346
(1) Calculated on the basic weighted average number of ordinary shares.
(2) Calculated on the diluted weighted average number of ordinary
shares.
Rounding of figures may result in computational discrepancies.

The reviewed financial statements for the year ended 31 December
2012 have been

prepared by the corporate accounting staff of AngloGold Ashanti
Limited headed

by Mr
John Edwin

 
Staples

, the Group’s Chief Accounting Officer.
This process

was
supervised
  
tr.v. su·per·vised, su·per·vis·ing, su·per·vis·es
To have the charge and direction of; superintend.


[Middle English *supervisen, from Medieval Latin
 by Mr Mark Cutifani, the Group’s Chief Executive
Officer and Mr

Srinivasan Venkatakrishnan, the Group’s Chief Financial
Officer. The financial

statements for the year ended 31 December 2012 were reviewed, but
not audited,

by the Group's statutory auditors, Ernst & Young Inc. A
copy of their unmodified review report is available for inspection at
the company's head
 office.
Group statement of comprehensive income
                                                       Quarter   Quarter
Quarter     Year     Year
                                                         ended     ended
ended    ended    ended
                                                      December September
December December December
                                                          2012      2012
2011     2012     2011 US Dollar million
Unaudited  Reviewed Unaudited Reviewed  Audited
(Loss) profit for the period                             (182)       169
402      849    1,598
Exchange differences on translation of foreign
operations                                                (36)      (24)
47     (93)    (365)
Share of equity-accounted investments' other
comprehensive loss                                           -         -
-        -      (1)
Net loss on available-for-sale financial assets           (10)       (6)

(10) (27) (81)

Release on impairment of available-for-sale
 financial assets                                            12
3         3       16       21
Release on disposal of available-for-sale
financial assets                                             -         -
-        -        1
Deferred taxation thereon                                    2       (1)
3        6      (8)
                                                             4       (4)
(4)      (5)     (67)
Actuarial loss recognised                                 (20)         -
(39)     (20)     (39)
Deferred taxation rate change thereon                        -         -
     -      (9)        -
Deferred taxation thereon                                    5         -
14        5       14
                                                          (15)         -
(25)     (24)     (25)
Other comprehensive (loss) income for the period,
net of tax                                                (47)      (28)
18    (122)    (458)
Total comprehensive (loss) income for the period,
net of tax                                               (229)       141
420      727    1,140
Allocated as follows:
Equity shareholders                                      (235)       140
403      708    1,094
Non-controlling interests                                    6         1
17       19       46
                                                         (229)       141
420      727    1,140
Rounding of figures may result in computational discrepancies.
Group statement of financial position
                                                                       As at     As at    As at
                                                                    December September December
                                                                        2012      2012     2011 US Dollar million
Note Reviewed  Reviewed  Audited
ASSETS
Non-current assets
Tangible assets                                                        7,648     7,620    6,525
Intangible assets                                                        315       289      210
Investments in equity-accounted associates and joint ventures
1,060       928      702
Other investments                                                        167       175      186
Inventories                                                              610       589      410
Trade and other receivables
79        85       76
Deferred taxation                                                         96       160       79
Cash restricted for use
29        32       23
Other non-current assets
7         9        9
                                                                      10,011     9,887    8,220
Current assets
Inventories                                                            1,287     1,220    1,064
Trade and other receivables
470       557      350
Cash restricted for use
35        61       35
Cash and cash equivalents
892     1,123    1,112
                                                                       2,684     2,961    2,561
Non-current assets held for sale
-         1       21
                                                                       2,684     2,962    2,582
TOTAL ASSETS                                                          12,695    12,849   10,802
EQUITY AND LIABILITIES
Share capital and premium                                       10
6,742     6,721    6,689
Accumulated losses and other reserves
(1,295)   (1,040)  (1,660)
Shareholders' equity
5,447     5,681    5,029
Non-controlling interests
22        61      137
Total equity                                                           5,469     5,742    5,166
Non-current liabilities
Borrowings                                                             2,724     2,708    2,456
Environmental rehabilitation and other provisions                      

1,238 1,234 782

 Provision for pension and post-retirement benefits

221 214 195

 Trade, other payables and deferred income
10        12       14
Derivatives                                                               10        28       93
Deferred taxation                                                      1,068     1,215    1,158
                                                                       5,271     5,411    4,698
Current liabilities
Borrowings                                                               859       713       32
Trade, other payables and deferred income
979       829      751
Taxation                                                                 117       154      155
                                                                       1,955     1,696      938
Total liabilities                                                      7,226     7,107    5,636
TOTAL EQUITY AND LIABILITIES
12,695    12,849   10,802
Rounding of figures may result in computational discrepancies.
Group statement of cash flows
                                                                    Quarter   Quarter   Quarter     Year     Year
                                                                      ended     ended     ended    ended    ended
                                                                   December

September December December December

                                                                        2012      2012      2011     2012     2011 US Dollar million
Note   Unaudited

Reviewed Unaudited Reviewed Audited

Cash flows from operating activities
 Receipts from customers
1,471     1,603     1,828    6,523    6,796
Payments to suppliers and employees
(1,000)

(1,149) (1,009) (4,340) (3,873)

Cash generated from operations
471

454 819 2,183 2,923

Dividends received from equity-accounted joint ventures
18
        14        34       72      111
Taxation refund                                                          54         -         2       54       98
Taxation paid                                                          (89)     (164)     (211)    (507)    (477)
Net cash inflow from operating activities
454

304 644 1,802 2,655

Cash flows from investing activities
 Capital expenditure
(623)

(448) (455) (1,758) (1,393)

Interest capitalised and paid
(5)

(4) – (12) –

Expenditure on intangible assets
(28)

(24) (10) (79) (16)

Proceeds from disposal of tangible assets
1
         2         7        5       19
Other investments acquired
(17)      (18)      (12)     (97)    (147)
Proceeds from disposal of investments
13

17 12 86 91

Investments in equity-accounted associates and joint
 ventures                                                              (132)     (106)      (34)    (349)    (115)
Proceeds from disposal of equity-accounted joint venture
-

– – 20 –

Loans advanced to equity-accounted associates and joint
 ventures                                                                (1)       (1)      (12)     (65)     (25)
Loans repaid by equity-accounted associates and joint
ventures                                                                  1         -         -        1        -
Dividends received                                                        6         1         -        7        -
Proceeds from disposal of subsidiary                        13
6

– – 6 9

Cash in subsidiary acquired                                 13
-

5 – 5 –

Cash in subsidiary disposed                                 13
(31)

– – (31) (11)

Acquisition of subsidiary and loan                          13
-

(335) – (335) –

Increase (decrease) in cash restricted for use
28
      (33)         3      (3)     (19)
Interest received                                                        11         7        10       36       39
Loans advanced                                                         (45)         -         -     (45)        -
Repayment of loans advanced
-         -         1        -        4
Net cash outflow from investing activities
(816)

(937) (490) (2,608) (1,564)

Cash flows from financing activities
 Proceeds from issue of share capital
-
        1         6        2       10
Share issue expenses
-         -         -        -      (1)
Proceeds from borrowings
220

1,061 3 1,432 109

Repayment of borrowings
(5)
     (203)       (9)    (217)    (268)
Finance costs paid                                                     (56)      (17)      (55)    (145)    (144)
Acquisition of non-controlling interest
-

– – (215) –

Revolving credit facility and bond transaction costs
(1)
      (21)         -     (30)        -
Dividends paid                                                         (22)      (46)      (66)    (236)    (169)
Net cash inflow (outflow) from financing activities
136

775 (121) 591 (463)

Net (decrease) increase in cash and cash equivalents
(226)
       142        33    (215)      628
Translation                                                             (5)       (6)         4      (5)    (102)
Cash and cash equivalents at beginning of period
1,123

987 1,075 1,112 586

Cash and cash equivalents at end of period
892

1,123 1,112 892 1,112

Cash generated from operations
 (Loss) profit before taxation
(234)
      245       648    1,171    2,321
Adjusted for:
Movement on non-hedge derivatives and other commodity
contracts                                                              (25)        61         -       35        1
Amortisation of tangible assets
206

202 203 793 768

Finance costs and unwinding of obligations
67

65 48 231 196

Environmental, rehabilitation and other expenditure
(15)
       (2)       142     (17)      171
Special items                                                           389        10     (137)      402     (93)
Amortisation of intangible assets
1
        1         1        5        2
Deferred stripping                                                     (13)       (7)       (7)     (24)       19
Fair value adjustment on option component of convertible
bonds                                                                  (17)         2        15     (83)     (84)
Fair value adjustment on mandatory convertible bonds
(65)
       11       (9)    (162)    (104)
Interest received                                                      (12)      (10)      (23)     (43)     (52)
Share of equity-accounted investments' loss (profit)
44
        -      (17)       28     (73)
Other non-cash movements
12         5         4       65       21
Movements in working capital
133     (129)      (49)    (218)    (170)
                                                                        471       454       819    2,183    2,923
Movements in working capital
Increase in inventories
(115)      (87)     (112)    (324)    (236)
Decrease (increase) in trade and other receivables
70

(90) 8 (110) –

Increase in trade and other payables
178
        48        55      216       66
                                                                        133     (129)      (49)    (218)    (170)
Rounding of figures may result in computational discrepancies.

Group Statement of Changes in Equity

                                     Share                     Cash
Available
                                  capital    Other Accumu-    flow
for
                                      and  capital   lated   hedge
sale US Dollar million                 premium reserves  losses reserve
reserve
Balance at 31 December 2010         6,627      194 (2,750)     (2)
86
Profit for the year                                  1,552
Other comprehensive loss                       (1)
(67)
Total comprehensive (loss) income       -      (1)   1,552       -
(67)
Shares issued                          63
Share issue expenses                  (1)
Share-based payment for share awards
   net of exercised                              9
Dividends paid                                       (131)
Dividends of subsidiaries
Translation                                   (31)      29
(1)
Balance at 31 December 2011         6,689      171 (1,300)     (2)
18
Balance at 31 December 2011         6,689      171 (1,300)     (2)
18
Profit for the year                                    830
Other comprehensive loss
(5)
Total comprehensive income (loss)       -        -     830       -
(5)
Shares issued                          53
Share-based payment for share awards net of exercised
15
Acquisition of non-controlling
interest (1)                                         (144)
Disposal of subsidiary (2)
Dividends paid                                       (215)
Dividends of subsidiaries
Translation                                    (9)       6
Balance at 31 December 2012         6,742      177   (823)     (2)
13 

Rounding of figures may result in computational discrepancies.

(1) On 28 June 2012, AngloGold Ashanti Limited acquired the
remaining 50%

shareholding in the Serra Grande mine from
Kinross Gold

 Corporation
for $220m less $5m for dividends declared and paid to minorities.

 (2) In early December 2012, AngloGold Ashanti Limited disposed of a 5%
interest in Rand Refinery Limited.  AngloGold Ashanti Limited now holds
a remaining interest of 48.03%.
                                                Foreign
                                  Actuarial    currency
Non-
                                   (losses) translation
controlling                      Total US Dollar million
gains     reserve Total   interests                     equity
Balance at 31 December 2010            (62)       (104) 3,989
124                      4,113
Profit for the year                                     1,552
46                      1,598
Other comprehensive loss               (25)       (365) (458)
(458)
Total comprehensive (loss) income      (25)       (365) 1,094
46
                   1,140
Shares issued                                              63
63
Share issue expenses                                      (1)
(1)
Share-based payment for share awards
   net of exercised                                         9
9
Dividends paid                                          (131)
(131)
Dividends of subsidiaries                                   -
(27)                       (27)
Translation                               9                 6
(6)                          -
Balance at 31 December 2011            (78)       (469) 5,029
137                      5,166
Balance at 31 December 2011            (78)       (469) 5,029
137                      5,166
Profit for the year                                       830
19                        849
Other comprehensive loss               (24)        (93) (122)
(122)
Total comprehensive income (loss)      (24)        (93)   708
19
         727
Shares issued                                              53
53
Share-based payment for share
awards net of exercised                                    15
15
Acquisition of non-controlling
interest (1)                                            (144)
(71)                      (215)
Disposal of subsidiary (2)                                  -
(45)                       (45)
Dividends paid                                          (215)
(215)
Dividends of subsidiaries                                   -
(17)                       (17)
Translation                               4                 1
(1)                          -
Balance at 31 December 2012            (98)       (562) 5,447
22                      5,469 

Rounding of figures may result in computational discrepancies.

(1) On 28 June 2012, AngloGold Ashanti Limited acquired the
remaining 50%

shareholding in the Serra Grande mine from Kinross Gold Corporation
for $220m less $5m for dividends declared and paid to minorities.

 (2) In early December 2012, AngloGold Ashanti Limited disposed of a 5%
interest in Rand Refinery Limited.  AngloGold Ashanti Limited now holds
a remaining interest of 48.03%.
Segmental reporting
for the quarter and year ended 31 December 2012
AngloGold Ashanti's operating segments are being reported based on
the     

financial information provided to the Chief Executive Officer and
the Executive

Committee, collectively  identified as the Chief Operating
Decision Maker (CODM). Individual members of the Executive Committee are
responsible for geographic regions of the business.
                                                                       Quarter ended            Year ended
                                                                     Dec
Sep       Dec      Dec     Dec
                                                                    2012
2012      2011     2012    2011
                                                               Unaudited

Reviewed Unaudited Reviewed Audited

                                                                              US Dollar million
Gold income
South Africa                                                         344
606       672    2,013   2,560
Continental Africa                                                   651
582       722    2,609   2,530
Australasia                                                           94
101       103      426     385
Americas                                                             413
421       392    1,656   1,487
                                                                   1,501
1,709     1,889    6,704   6,962
Equity-accounted investments included above                        (103)
 (80)     (110)    (351)   (392)
                                                                   1,398
1,629     1,779    6,353   6,570
Gross profit (loss)
South Africa                                                         117
147       320      651   1,083
Continental Africa                                                   124
197       207      882     938
Australasia                                                            -
36       (9)       78    (13)
Americas                                                             171
154       186      722     744
Corporate and other                                                   17
6        16       41      28
                                                                     429
540       720    2,374   2,780
Equity-accounted investments included above                         (35)
 (28)      (38)    (118)   (157)
                                                                     394
512       682    2,256   2,623
Capital expenditure
South Africa                                                         187
161       181      583     532
Continental Africa                                                   280
208       152      790     420
Australasia                                                          178
82        40      355     102
Americas                                                             157
77       147      390     456
Corporate and other                                                    2
17         5       36      17
                                                                     804
545       525    2,154   1,527
Equity-accounted investments included above                        (142)
 (73)      (31)    (303)    (88)
                                                                     662
472       494    1,851   1,439
                                                                      Quarter ended            Year ended
                                                                     Dec
Sep       Dec      Dec     Dec
                                                                    2012
2012      2011     2012    2011
                                                               Unaudited

Reviewed Unaudited Reviewed Audited

                                                                                  oz (000)
Gold production
South Africa                                                         171
373       398    1,212   1,624
Continental Africa                                                   376
357       419    1,521   1,570
Australasia                                                           55
64        63      258     246
Americas                                                             258
237       234      953     891
                                                                     859
1,030     1,114    3,944   4,331
                                                                                      As at    As at   As at
                                                                                        Dec      Sep     Dec
                                                                                       2012     2012    2011
                                                                                   Reviewed Reviewed Audited
                                                                                      US Dollar million
Total assets
South Africa                                                                          3,082    3,131   2,148
Continental Africa                                                                    4,818    4,840   4,288
Australasia                                                                           1,045      994     736
Americas                                                                              2,863    2,765   2,501
Corporate and other                                                                     887    1,120   1,129
                                                                                     12,695   12,849  10,802
Rounding of figures may result in computational discrepancies.
Notes 

for the quarter and year ended 31 December 2012

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. Except for the
change in presentation currency detailed in note 17, the group's
accounting policies used in the preparation of these financial
statements are consistent with those used in the annual financial
statements for the year ended 31 December 2011 and revised International
Financial Reporting Standards (IFRS) which are effective 1 January 2012,
where applicable. The effect of the revised and amended accounting
standards applicable to this period are not considered to have a
material impact on the financial statements of the group.
The financial statements of AngloGold Ashanti Limited have been prepared
in compliance with IAS 34, IFRS as issued by the International
Accounting Standards Board, The Financial Reporting Guides as issued by
the South African Institute of Chartered Accountants, JSE Listings
Requirements and in the manner required by the South African Companies
Act, 2008 for the preparation of financial information of the group for
the quarter and year ended 31 December 2012.
2.      Revenue
                                        Quarter ended               Year
ended
                                  Dec      Sep       Dec         Dec
Dec
                                 2012     2012      2011        2012
2011
                            Unaudited Reviewed Unaudited    Reviewed
Audited
                                             S Dollar million
Gold income                     1,398    1,629     1,779       6,353
6,570
By-products (note 3)               75       28        49         206
224
Dividends received                  -        7         -           7
-
Royalties received (note 5)         5     (10)         8          23
79
Interest received                  12       10        23          43
52
                                1,490    1,664     1,859       6,632
6,925
3.      Cost of sales
                                          Quarter ended
Year ended
                                   Dec      Sep       Dec      Dec
Dec
                                  2012     2012      2011     2012
2011
                             Unaudited Reviewed Unaudited Reviewed
Audited
                                              US Dollar million
Cash operating costs               861      866       788    3,307
3,029
Insurance reimbursement              -     (30)         -     (30)
-
By-products revenue (note 2)      (75)     (28)      (49)    (206)
(224)
                                   786      808       739    3,071
2,805
Royalties                           22       49        51      164
193
Other cash costs                    11       10         6       35
30
Total cash costs                   819      867       796    3,270
3,028
Retrenchment costs                   2        2         4       10
15
Rehabilitation and other non-cash costs                      16       16
157       67           229
Production costs                   837      885       957    3,347
3,272
Amortisation of tangible assets                             206      202
203      793           768
Amortisation of intangible assets                               1
1         1        5             2
Total production costs           1,044    1,089     1,161    4,145
4,042
Inventory change                  (15)     (32)      (64)     (83)
(96)
                                 1,029    1,056     1,097    4,062
3,946
4.      Other operating expenses (income)
                                         Quarter ended
Year ended
                                  Dec      Sep       Dec      Dec
Dec
                                 2012     2012      2011     2012
2011
                            Unaudited Reviewed Unaudited Reviewed
Audited
                                             US Dollar million
Pension and medical defined benefit provisions                (4)
4       (8)       31             6
Claims filed by former employees in respect of loss of employment,
work-related accident injuries and diseases, governmental fiscal claims
and care and maintenance of old tailings operations             4
1         4       10            21
                                    -        5       (4)       41
27 

Rounding of figures may result in computational discrepancies.

 5.      Special items
                                            Quarter ended
Year ended
                                        Dec      Sep       Dec      Dec
Dec
                                       2012     2012      2011     2012
2011
                                  Unaudited Reviewed Unaudited Reviewed
Audited
                                                US Dollar million
Net impairments (reversal) and derecognition of tangible assets
(note 8)                                354        1     (134)      356
(120)
Impairment reversal of intangible
assets (note 8)                           -        -         -     (10)
-
Impairment of investments (note 8)                                 12
3         3       16      21
Impairment (reversal) of other
receivables                               -        1       (2)        1
(1)
Net loss on disposal and
derecognition of land, mineral rights, tangible assets and exploration
properties (note 8)           1        7         5       15    

8

Profit on disposal of subsidiary
 ISS International Limited (note 8)                                  -
-         -        -     (2)
Profit on partial disposal of Rand Refinery Limited (notes 8
and 13)                                (14)        -         -     (14)
-
Black Economic Empowerment
transaction modification costs
for Izingwe (Pty) Limited                 -        -         -        -
7
Royalties received (note 2) (1)         (5)       10       (8)     (23)
(79)
Insurance claim recovery on capital items (note 8)                    -
-       (3)        -     (3)
Indirect tax expenses (income)
and legal claims                         33        3       (7)       40
6
Contract termination and settlement costs                         21
-         -       21       -
                                        402       25     (146)      402
(163) 

(1) In the September 2012 quarter, the
Boddington

 
royalties

 included
an over
accrual

n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest.
 relating to the prior quarter of $11m.

 6.      Finance costs and unwinding of obligations
                                         Quarter ended
Year ended
                                   Dec      Sep       Dec         Dec
Dec
                                  2012     2012      2011        2012
2011
                             Unaudited Reviewed Unaudited    Reviewed
Audited
                                             US Dollar million
Finance costs                       47       50        34         167
141
Unwinding of obligations, accretion of convertible bonds and other
discounts           20       15        14          64        55
                                    67       65        48         231
196
7.      Taxation
                                         Quarter ended
Year ended
                                   Dec      Sep       Dec         Dec
Dec
                                  2012     2012      2011        2012
2011
                             Unaudited Reviewed Unaudited    Reviewed
Audited
                                             US Dollar million
South African taxation
Mining tax                        (28)       25        71          54
113
Non-mining tax                       8        6         7          18
12
(Over) under provision prior
year                               (3)      (2)       (2)         (3)
4
Deferred taxation
   Temporary differences            29       19        42          66
222
   Unrealised non-hedge derivatives and other
   commodity contracts               7     (17)         -        (10)
-
   Change in estimated deferred tax rate                  (8)        -
9         (9)         9
   Change in statutory tax rate                                 -
-         -       (131)         -
                                     4       31       128        (15)
360
Foreign taxation
Normal taxation                     52       77        64         353
275
(Over) under provision prior
year                              (14)        -       (4)         (9)
3
Deferred taxation
   Temporary differences          (94)     (32)        57        (48)
85
   Change in statutory tax rate                                 -
-         -          41         -
                                  (56)       45       118         337
363
                                  (52)       76       246         322
723 

Rounding of figures may result in computational discrepancies.

 8.      Headline earnings
                                            Quarter ended
Year ended
                                       Dec       Sep       Dec      Dec
Dec
                                      2012      2012      2011     2012
2011
                                 Unaudited  Reviewed Unaudited Reviewed
Audited
                                               US Dollar million
The (loss) profit attributable to equity shareholders was adjusted by
the following to arrive at headline earnings:
(Loss) profit attributable to
equity shareholders                  (188)       168   385          830
1,552
Net impairments (reversal) and
derecognition of tangible assets (note 5)                        354
1 (134)          356   (120)
Impairment reversal of intangible assets (note 5)               -
-     -         (10)       -
Net loss on disposal and
derecognition of land, mineral rights, tangible assets and exploration
properties (note 5)          1         7     5           15    

8

Impairment of other investments
 (note 5)                                12         3     3           16
21
Insurance claim recovery on
capital items (note 5)                   -         -   (3)            -
(3)
Profit on disposal of
subsidiary ISS International
Limited (note 5)                         -         -     -            -
(2)
Profit on partial disposal of
Rand Refinery Limited (notes 5 and13)                       (14)
-     -         (14)       -
Net impairment (reversal) of investment in associates and
joint ventures                          45         -   (6)           57
(4)
Loss on disposal of loan to
joint venture                            2         -     -            2
-
Special items of associates              3         -     -            -
  -
Taxation on items above - current portion                          -
(1)     -          (1)       1
Taxation on items above - deferred portion                     (106)
(1)    38        (106)      31
                                       109       178   289        1,145
1,484
Headline earnings per ordinary
share (cents) (1)                       28        46    75          296
384
Diluted headline earnings per
ordinary share (cents)(2)               13        46    71          236
330 

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

 (2)      Calculated on the diluted weighted average number of ordinary
shares.
9.      Number of shares
                                                                     Quarter ended              Year ended
                                                                 Dec
Sep         Dec         Dec         Dec
                                                                2012
2012        2011        2012        2011
                                                           Unaudited
Reviewed   Unaudited    Reviewed     Audited
Authorised number of shares:
      Ordinary shares of 25 SA cents each                600,000,000  

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

       E ordinary shares of 25 SA cents each                4,280,000

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

A
redeemable

 preference shares of 50 SA cents each 2,000,000
2,000,000 2,000,000 2,000,000 2,000,000

B redeemable preference shares of 1 SA cent each 5,000,000 5,000,000
5,000,000 5,000,000 5,000,000

Issued and fully paid number of shares:
       Ordinary shares in issue                           383,320,962  

383,110,317 382,242,343 383,320,962 382,242,343

       E ordinary shares in issue                           1,617,752

2,498,230 2,582,962 1,617,752 2,582,962

 Total ordinary shares:                                   384,938,714   

385,608,547 384,825,305 384,938,714 384,825,305

       A redeemable preference shares                       2,000,000

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

       B redeemable preference shares                         778,896

778,896 778,896 778,896 778,896

In calculating the basic and
diluted
  
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.

2. To lessen the force, strength, purity, or brilliance of, especially by admixture.
 number of ordinary shares
outstanding for the period, the following were taken into
consideration:

       Ordinary shares              383,197,618 382,854,974 382,059,365
382,757,790 381,621,687
      E ordinary shares                1,999,566   2,546,474   2,937,664
2,392,316   2,950,804
      Fully vested options               1,232,070   1,447,978
1,121,745   1,616,239   1,389,122
      Weighted average number of shares              386,429,254
386,849,426 386,118,774 386,766,345 385,961,613
      Dilutive potential of share options (1)                   -
1,510,368   1,517,152   1,166,037   1,572,015
      Dilutive potential of convertible bonds (1)
-           -  18,140,000  33,524,615  33,524,615
      Diluted number of ordinary shares              386,429,254
388,359,794 405,775,926 421,456,997 421,058,243
 (1)     The dilutive effect of the share options and convertible bonds
are not the same for the quarter and the year ended December 2012 as the
effect of the share options and convertible bonds are anti-dilutive for
the quarter. 

10. Share capital and premium

                                                                   As at
                                                          Dec      Sep
Dec
                                                         2012     2012
2011
                                                     Reviewed Reviewed
Audited
                                                         US Dollar
million
Balance at beginning of period                          6,782    6,782
6,734
Ordinary shares issued                                     46       32
57
E ordinary shares issued and cancelled                    (7)      (1)
(9)
Sub-total                                               6,821   6,813
6,782
                                                                              

Redeemable preference shares held within the group (53) (53)
(53)

 Ordinary shares held within the group                    (10)     (17)

(17)

 E ordinary shares held within the group                  (16)     (22)
(23)
Balance at end of period                                6,742    6,721
6,689 

Rounding of figures may result in computational discrepancies

 11.    Exchange rates
                                                 Dec        Sep
Dec
                                                2012       2012
2011
                                           Unaudited  Unaudited
Unaudited
ZAR/USD average for the year to date            8.20       8.04
7.26
ZAR/USD average for the quarter                 8.67       8.25
8.09
ZAR/USD closing                                 8.45       8.30
8.04
AUD/USD average for the year to date            0.97       0.97
0.97
AUD/USD average for the quarter                 0.96       0.96
0.99
AUD/USD closing                                 0.96       0.96
0.97
BRL/USD average for the year to date            1.95       1.92
1.68
BRL/USD average for the quarter                 2.06       2.03
1.80
BRL/USD closing                                 2.05       2.03
1.87
ARS/USD average for the year to date            4.55       4.46
4.13
ARS/USD average for the quarter                 4.80       4.61
4.25
ARS/USD closing                                 4.92       4.70
4.30
12.    Capital commitments
                                                       Dec      Sep
Dec
                                                      2012     2012
2011
                                                  Reviewed Reviewed
Audited
                                                      US Dollar million
Orders placed and outstanding on capital contracts at the prevailing
rate of exchange (1)       927    1,004     202

(1) Includes capital commitments relating to equity-accounted joint
ventures.

Liquidity and capital resources

To service the above capital commitments and other
operational
requirements

, the group is dependent on existing cash resources, cash
generated from operations and borrowing facilities.

Cash generated from operations is subject to operational, market and
other risks. Distributions from operations may be subject to foreign
investment, exchange control laws and regulations and the quantity of
foreign exchange available in offshore countries. In addition,
distributions from joint ventures are subject to the relevant board
approval.

 The credit facilities and other finance arrangements contain financial
covenants and other similar undertakings. To the extent that external
borrowings are required, the group's covenant performance indicates
that existing financing facilities will be available to meet the above
commitments. To the extent that any of the financing facilities mature
in the near future, the group believes that sufficient measures are in
place to ensure that these facilities can be refinanced.
13.    Business combinations
         Acquisition of First Uranium (Pty) Limited
         On 20 July 2012, AngloGold Ashanti Limited acquired the entire
share capital of First Uranium (Pty) Limited, a wholly owned subsidiary
of Toronto-based First Uranium Corporation and the owner of Mine Waste
Solutions, a recently commissioned tailings retreatment operation
located in South Africa's Vaal River region and in the immediate
proximity of AngloGold Ashanti Limited's own tailings facilities,
for an aggregate cash consideration of $335m. The transaction was funded
from cash reserves and debt facilities. The acquisition has been
accounted for using the acquisition method. 

The fair value of the identifiable assets and liabilities of First

Uranium
 , radioactive metallic chemical element; symbol U; at. no. 92; at. wt. 238.0289; m.p. 1,132&degC;; b.p. 3,818&degC;; sp. gr. 19.
 (Pty) Limited as at the date of acquisition was:

                                                                       2012
                                                        US Dollars
million
Assets
Tangible assets                                                        616
Other investments                                                        3
Deferred tax                                                            52
Inventories                                                            134
Trade and other receivables
2
Cash restricted for use
3
Cash and cash equivalents
5
                                                                       815
Liabilities
Loans from group companies
204
Environmental rehabilitation and other provisions
386
Deferred tax                                                            60
Trade and other payables
48
                                                                       698
Total identifiable net assets at fair value
117
Purchase consideration
131
Goodwill recognised on acquisition
14
Analysis of cash flows on acquisition:
Net cash acquired with the subsidiary
5
Cash paid - share capital acquired
(131)
Cash paid - loan acquired
(204)
                                                                     (330)
Since acquisition, First Uranium (Pty) Limited has contributed $41m of
revenue and a profit of less than $1m to the net profit before tax of
the group. If the combination had taken place at the beginning of the
year, the group's profit for the year would have been $927m and
revenue would have been $6,697m. 

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

 The goodwill of $14m arising from the acquisition consists largely of
the expected synergies arising from the immediate proximity of AngloGold
Ashanti Limited's own tailings facilities to the Mine Waste
Solutions plant that will allow processing of AngloGold Ashanti
Limited's Vaal River tailings without having to build additional
processing facilities. The processing of AngloGold Ashanti
Limited's tailings will reduce the environmental liability
associated with those tailings. In addition, the company is able to
utilise its recently developed processes and recovery technology for
tailings which will increase the ore recovery rates from both AngloGold
Ashanti Limited and First Uranium (Pty) Limited tailings alike.
None of the goodwill recognised is expected to be deductible for income
tax purposes. There have been no significant movements in goodwill or
provisions except for the fair value movements related to the commodity
contract since the date of acquisition. 

Financial assets

 acquired includes trade and other
receivables

 with
a fair value of $2m. All trade and other receivables are expected to be

collectible

An asset of limited supply that is sought for a variety of reasons including, it is hoped, an increase in value. Stamps, antiques, coins, and works of art are among the many things usually classified as collectibles.
.

Part disposal of
Rand
  

See Witwatersrand.


  
n.
See Table at currency.


[Afrikaans, after(Witwaters)rand.
 Refinery Limited

In early December 2012, AngloGold Ashanti Limited
disposed
  
v. dis·posed, dis·pos·ing, dis·pos·es

v.tr.
1. To place or set in a particular order; arrange.

2.
 of a 5%
interest in Rand Refinery Limited (Rand Refinery) for a total cash
consideration of $6m. AngloGold Ashanti Limited now holds a remaining
interest of 48.03% and this interest is accounted for as an
associate.

The
carrying value

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

                                                                       2012
                                                        US Dollars
million
Assets
Tangible assets                                                         53
Other non-current assets
2
Non-current assets held for sale
1
Inventories                                                             22
Trade and other receivables
13
Cash and cash equivalents
31
                                                                       122
Liabilities
Deferred tax                                                             2
Trade and other payables
22
Taxation                                                                 4
                                                                        28
Total identifiable net assets
94
Consideration received
6
Fair value of residual value of investment
57
Non-controlling interest
45
Less:  Net assets disposed
(94)
Total gain on disposal
14
Total gain on disposal
14
Realised gain                                                            5
Unrealised gain                                                          9
14.    Contingencies 

AngloGold Ashanti’s material
contingent

 liabilities and assets
at 31 December are detailed below:

          Contingencies and guarantees
                                                             Dec
Dec
                                                            2012
2011
                                                        Reviewed
Audited
                                                         US Dollar
Millions
Contingent liabilities
Groundwater pollution  (1)                                     -
-
Deep groundwater pollution - South Africa (2)                  -
-
Indirect taxes - Ghana (3)                                    23
12
ODMWA litigation (4)                                           -
-
Other tax disputes - AngloGold Ashanti Brasil MineracEuo Ltda (5)
38        

29

Sales tax on gold deliveries - MineracEuo Serra Grande S.A.(6)
   156         88
 Other tax disputes - MineracEuo Serra Grande S.A. (7)
 19          9
Tax dispute - AngloGold Ashanti Colombia S.A.(8)             161
-
Contingent assets
Indemnity - Kinross Gold Corporation (9)                    (90)
-
Royalty - Boddington Gold Mine (10)                            -
-
Royalty - Tau Lekoa Gold Mine (11)                             -
-
Financial Guarantees
Oro Group (Pty) Limited (12)                                  12
12
                                                             319
150
Groundwater pollution - AngloGold Ashanti has identified groundwater
contamination plumes at certain of its operations in South Africa, which
have occurred primarily as a result of seepage. Numerous scientific,
technical and legal studies have been undertaken to assist in
determining the extent of the contamination and to find sustainable
remediation solutions. The group has instituted processes to reduce
future potential seepage and it has been demonstrated that Monitored
Natural Attenuation (MNA) by the existing environment will contribute to
improvements in some instances. Furthermore, literature reviews, field
trials and base line modelling techniques suggest, but have not yet
proven, that the use of phyto-technologies can address the soil and
groundwater contamination. Subject to the completion of trials and the
technology being a proven remediation technique, no reliable estimate
can be made for the obligation.
Deep groundwater pollution - The company has identified a flooding and
future pollution risk posed by deep groundwater in certain underground
mines in South Africa. Various studies have been undertaken by AngloGold
Ashanti since 1999. Due to the interconnected nature of mining
operations, any proposed solution needs to be a combined one supported
by all the mines located in these gold fields. As a result, in South
Africa, the Department of Mineral Resources and affected mining
companies are now involved in the development of a "Regional Mine
Closure Strategy". In view of the limitation of current information
for the accurate estimation of a liability, no reliable estimate can be
made for the obligation.
Indirect taxes - AngloGold Ashanti (Ghana) Limited received tax
assessments for the 2006 to 2008 and for the 2009 to 2011 tax years
following audits by the tax authorities which related to various
indirect taxes amounting to $23m (2011: $12m). Management is of the
opinion that the indirect taxes were not properly assessed and the
company has lodged an objection.
ODMWA litigation - On 3 March 2011, in Mankayi vs. AngloGold Ashanti,
the Constitutional Court of South Africa held that section 35(1) of the
Compensation for Occupational Injuries and Diseases Act, 1993 does not
cover an "employee" who qualifies for compensation in respect
of "compensable diseases" under the Occupational Diseases in
Mines and Workers Act, 1973 (ODMWA).  This judgment allows such
qualifying employee to pursue a civil claim for damages against the
employer. Following the Constitutional Court decision, AngloGold Ashanti
has become subject to numerous claims relating to silicosis and other
Occupational Lung Diseases (OLD), including several potential class
actions and individual claims.
For example, on or about 21 August 2012, AngloGold Ashanti was served
with an application instituted by Bangumzi Bennet Balakazi and others in
which the applicants seek an order declaring that all mine workers
(former or current) who previously worked or continue to work in
specified South African gold mines for the period owned by AngloGold
Ashanti and who have silicosis or other OLD constitute members of a
class for the purpose of proceedings for declaratory relief and claims
for damages. In the event the class is certified, such class of workers
would be permitted to institute actions by way of a summons against
AngloGold Ashanti for amounts as yet unspecified. On 4 September 2012,
AngloGold Ashanti delivered its notice of intention to defend this
application. AngloGold Ashanti has also delivered a formal request for
additional information that it requires to prepare its affidavits in
respect to the allegations and the request for certification of a class.
In addition, on or about 8 January 2013, AngloGold Ashanti and its
subsidiary Free State Consolidated Gold Mines (Operations) Limited,
alongside other mining companies operating in South Africa, were served
with another application to certify a class. The applicants in the case
seek to have the court certify two classes namely: (i) current and
former mineworkers who have silicosis (whether or not accompanied by any
other disease) and who work or have worked on certain specified gold
mines at any time from 1 January 1965 to date; and (ii) the dependants
of mineworkers who died as a result of silicosis (whether or not
accompanied by any other disease) and who worked on these gold mines at
any time after 1 January 1965. AngloGold Ashanti has filed a notice of
intention to oppose the application.
In October 2012, a further 31 individual summonses and particulars of
claim have been received relating to silicosis and/or other OLD. The
total amount being claimed in the 31 summonses is approximately $9m. On
22 October 2012, AngloGold Ashanti filed a notice of intention to oppose
these claims. AngloGold Ashanti has also served a notice of exception to
the summonses which, if successful, is expected to require the
plaintiffs to redraft the particulars of claim to correct certain
errors. The exception is expected to be heard by the South Gauteng High
Court on 26 February 2013.
It is possible that additional class actions and/or individual claims
relating to silicosis and/or other OLD will be filed against AngloGold
Ashanti in the future. AngloGold Ashanti will defend all current and
subsequently filed claims on their merits. Should AngloGold Ashanti be
unsuccessful in defending any such claims, or in otherwise favourably
resolving perceived deficiencies in the national occupational disease
compensation framework that were identified in the earlier decision by
the Constitutional Court, such matters would have an adverse effect on
its financial position, which could be material. The company is unable
to estimate its share of the amounts claimed.
Other tax disputes - In November 2007, the Departamento Nacional de
ProducEuo Mineral (DNPM), a Brazilian federal mining authority, issued a
tax assessment against AngloGold Ashanti Brazil MineracEuo (AABM) in the
amount of $21m (2011: $21m) relating to the calculation and payment by
AABM of the financial contribution on mining exploitation (CFEM) in the
period from 1991 to 2006. AngloGold Ashanti's subsidiaries in
Brazil are involved in various other disputes with tax authorities.
These disputes involve federal tax assessments including income tax,
royalties, social contributions and annual property tax. The amount
involved is approximately $17m (2011: $8m). Management is of the opinion
that the taxes are not payable.
Sales tax on gold deliveries - In 2006, MineracEuo Serra Grande S.A.
(MSG), received two tax assessments from the State of Goias related to
payments of state sales taxes at the rate of 12% on gold deliveries for
export from one Brazilian state to another during the period from
February 2004 to the end of May 2006. The first and second assessments
are approximately $96m (2011: attributable share $54m) and $60m (2011:
attributable share $34m) respectively. In November 2006, the
administrative council's second chamber ruled in favour of MSG and
fully cancelled the tax liability related to the first period. In July
2011, the administrative council's second chamber ruled in favour
of MSG and fully cancelled the tax liability related to the second
period. The State of Goias has appealed to the full board of the State
of Goias tax administrative council. In November 2011 (first case) and
June 2012 (second case), the administrative council's full board
approved the suspension of proceedings and the remittance of the matter
to the Department of Supervision of Foreign Trade (COMEX) for review and
verification. Both cases have been remitted to the COMEX and are under
review. The company believes both assessments are in violation of
federal legislation on sales taxes. A date has not yet been set for a
hearing before the COMEX. 

Other tax disputes –
MSG
 see glutamic acid.
 received a tax assessment in
October
 see month.
 2003
from the State of
Minas Gerais
  [Port.,=various mines], state (1996 pop. 16,660,691), 226,707 sq mi (587,171 sq km), E Brazil. The capital is Belo Horizonte. Minas Gerais continues to produce more than half of Brazil’s mineral wealth.
 related to sales taxes on gold. The tax
administrators
rejected
  
tr.v. re·ject·ed, re·ject·ing, re·jects
1. To refuse to accept, submit to, believe, or make use of.

2. To refuse to consider or grant; deny.

3.
 the company’s appeal against the
assessment. The company is now appealing the
dismissal

 of the case. The
assessment is approximately $19m (2011: attributable share $9m).

 Tax dispute - AngloGold Ashanti Colombia S.A. (AGAC) received notice
from the Colombian Tax Office (DIAN) that it disagreed with the
company's tax treatment of certain items in the 2010 income tax
return. The company believes that the tax legislation has been applied
correctly. The company is considering defending AGAC's position. An
estimated additional tax of $26m will be payable if the tax returns are
amended. Penalties and interest for the additional tax are expected to
be $135m based on Colombian tax law.
Indemnity - As part of the acquisition by AngloGold Ashanti of the
remaining 50% interest in MSG during June 2012, Kinross Gold Corporation
(Kinross) has provided an indemnity to a maximum amount of BRL255m ($90m
at 31 December 2012 exchange rates) against the specific exposures
discussed in items 6 and 7 above.
Royalty - As a result of the sale of the interest in the Boddington Gold
Mine joint venture during 2009, the group is entitled to receive a
royalty on any gold recovered or produced by the Boddington Gold Mine,
where the gold price is in excess of Boddington Gold Mine's cash
cost plus $600/oz. The royalty commenced on 1 July 2010 and is capped at
a total amount of $100m, of which $60m (2011: $34m) has been received to
date. Royalties of $4m (2011: $8m) were received during the quarter.
Royalty - As a result of the sale of the interest in the Tau Lekoa Gold
Mine during 2010, the group is entitled to receive a royalty on the
production of a total of 1.5Moz by the Tau Lekoa Gold Mine and in the
event that the average monthly rand price of gold exceeds R180,000/kg
(subject to an inflation adjustment). Where the average monthly rand
price of gold does not exceed R180,000/kg (subject to an inflation
adjustment), the ounces produced in that quarter do not count towards
the total 1.5Moz upon which the royalty is payable.
The royalty will be determined at 3% of the net revenue (being gross
revenue less State royalties) generated by the Tau Lekoa assets.
Royalties on 304,643oz produced have been received to date. Royalties of
$1m (2011: $1m) were received during the quarter.
Provision of surety - The company has provided sureties in favour of a
lender on a gold loan facility with its affiliate Oro Group (Pty)
Limited and one of its subsidiaries to a maximum value of $12m (2011:
$12m). The suretyship agreements have a termination notice period of 90
days. 

15. Concentration of risk

          There is a concentration of risk in respect of recoverable
value added tax, fuel duties and appeal deposits from the Tanzanian
government. The outstanding amounts have been discounted to their
present value at a rate of 7.82%.
         The recoverable value added tax, fuel duties and appeal
deposits are summarised as follows:
                                                                       2012
Recoverable value added tax
16
Recoverable fuel duties (1)
35
Appeal deposits                                                           4 

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

 n (BRIT) →

 n (Brit) →


 authorities.

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

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

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

On 13 October 2012, AngloGold Ashanti announced the
termination

 of
its relationship with Mining and Building Contractors Ltd, the
underground development
contractor
 n. 1) a person or entity that enters into a contract. 2) commonly, a person or entity that agrees to construct a building or to provide or install specialized portions of the construction.
 at the Obuasi mine in Ghana.

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

On 4 December 2012, AngloGold Ashanti announced that the Mineral
Resource estimate for the Tropicana Gold Project had increased by a
further 1.48 million ounces to 7.89 million ounces of contained gold.
The increase was the result of drilling completed in 2012 and greater
confidence in the viability of a larger pit at
Havana
 , Span. La Habana , city (1997 est. pop. 2,200,000), capital of both Cuba and of Ciudad de la Habana prov.
.

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

          On 8 January 2013, the Board of AngloGold Ashanti announced
the resignation of Chief Executive Officer, Mark Cutifani with effect
from 1 April 2013. The Board further announced the appointment of the
current Chief Financial Officer, Mr Srinivasan Venkatakrishnan and
Executive Vice President Business and Technical Development, Mr Anthony
O'Neill as joint interim Chief Executives, with Mr Venkatakrishnan
responsible for all Finance and Corporate functions and Mr O'Neill
responsible for all Operations, Projects (including the company's
Enterprise Resource Planning programme and procurement) and Technical
functions.
19.    Dividend
         The salient details Dividend No. 115 for the quarter ended 30
September 2012 paid by AngloGold Ashanti (Registration Number
1944/017354/ 06) is shown below:
                           Rate of       Gross Withholding       Net
Date of
                          exchange    dividend  tax at 15%  dividend
payment
                                      declared                  paid
2012
South African cents per                     50
14 ordinary share                   -                     7.5      42.5
December
UK pence per ordinary     R14.2725       3.503
14 share                          /[pounds sterling]1
0.525     2.978   December
Australian cents per                     1.077
14 CHESS Depositary Interest      R1/
December (CDI)                     A$0.1077                   0.162
0.915
Ghana cedi per ordinary       R1/Ao     0.10585
14 share                       0.2117                 0.01588   0.08997
December
Ghana cedi per Ghanaian       R1/Ao   0.0010585
17 Depositary Share (GhDSs)    0.2117               0.0001588 0.0008997
December
US cents per American     R8.6784/      5.7614
24 Depositary Share (ADS)          $1                  0.8642    4.8972
December 

Each
CDI
 compact disc interactive: a system for storing a mix of software, data, audio, and compressed video for interactive use under processor control
 represents one-fifth of an ordinary share, and 100 GhDSs
represents one ordinary share. Each ADS represents one ordinary
share.

Quarter ended 30 September 2012 Dividend No. E15 of 25 South
African cents (gross), or 21.25 South African cents (net) was paid to
holders of E ordinary shares on 14 December 2012, being those employees
participating in the Bokamoso ESOP and 25 South African cents (gross)
was paid to Izingwe Holdings (Proprietary) Limited on the same day.
 The directors of AngloGold Ashanti Limited (Registration Number
1944/017354/06) declared Final Dividend No. 116 for the quarter and year
ended 31 December 2012 as detailed below. In terms of the withholding
tax on dividends which became effective on 1 April 2012, the following
additional information is disclosed:
Dividends have been declared out of total reserves

Rate of dividend declared per ordinary share in South African
cents

 50 (gross)
 Dividends tax rate applicable to shareholders liable to pay the
15% dividend tax
STC credits utilised in South African cents

Nil

Rate in South African cents (net) where dividend tax at 15% is
 42.5 payable
The ordinary shares of AngloGold Ashanti Limited in issue at the
date of declaration is
383,341,572
The E ordinary shares of AngloGold Ashanti Limited in issue at the
1,612,518 date of declaration is
AngloGold Ashanti Limited's tax reference number

9640006608

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

, the salient dates for payment
of the dividend are as follows:

To holders of ordinary shares and to holders of
CHESS
 game for two players played on a square board composed of 64 square spaces, alternately dark and light in color.
Basic Rules

The board is positioned so that a light-colored square is in the corner to the right of both players, each of whom
 
Depositary

 Interests (CDIs)

Each CDI represents one-fifth of an ordinary share.
                                                                        2013 

Currency conversion date for UK pounds, Australian dollars
Thursday
 see week.
,
7 and Ghanaian cedis

                                                    March
 Last date to trade ordinary shares cum dividend
Friday, 8
                                                                      March 

Last date to register transfers of certificated securities
Friday
 see Sabbath; week.


Friday

young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe]

See : Servant
, 8

cum dividend

 

                                                          March
 Ordinary shares trade ex-dividend
Monday, 11
                                                                      March
Record date                                                      Friday,
15
                                                                      March
Payment date                                                   Thursday,
28
                                                                      March 

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

Dividends in respect of dematerialised shareholdings will be
credited to shareholders’ accounts with the relevant
CSDP

CSDP Central Securities Depository Participant
CSDP Command Supply Discipline Program
 or
broker.

To comply with further requirements of Strate, between
Monday
 see week.
, 11
March 2013 and Friday, 15 March 2013, both days
inclusive

, no transfers
between the South African, Jersey, Australian and Ghana share registers
will be permitted and no ordinary shares
pertaining
  
intr.v. per·tained, per·tain·ing, per·tains
1. To have reference; relate:

2.
 to the South African
share register may be dematerialised or rematerialised.

To holders of American Depositary Shares
 Each American Depositary Share (ADS) represents one ordinary share.
                                                                       2013
Ex dividend on New York Stock Exchange                  Wednesday, 13
March
Record date                                                Friday, 15
March
Approximate date for currency conversion                   Friday, 22
March
Approximate payment date of dividend                        Monday, 8
April

Assuming an exchange rate of R8.8736/$, the gross dividend payable
per ADS, which is subject to a 15% South African
withholding tax

, is
equivalent to 6 US cents. However the actual rate of payment will depend
on the exchange rate on the date for currency conversion.

To holders of Ghanaian Depositary Shares (GhDSs)
 100 GhDSs represent one ordinary share.
                                                                       2013
Last date to trade and to register GhDSs cum dividend       Friday, 8
March
GhDSs trade ex-dividend                                    Monday, 11
March
Record date                                                Friday, 15
March
Approximate payment date of dividend                        Monday, 2
April
Assuming an exchange rate of R1/0.21411Ao, which is subject to a 15%
South African withholding tax, the dividend payable per share is
equivalent to 0.1071 cedis. However, the actual rate of payment will
depend on the exchange rate on the date for currency conversion. In
Ghana, the authorities have determined that dividends payable to
residents on the Ghana share register be subject to a final withholding
tax at a rate of 8%.
In addition, directors declared Interim Dividend No. E16, for the
quarter and year ended 31 December 2012 of 25 South African cents per E
ordinary share, payable to employees participating in the Bokamoso ESOP
and Izingwe Holdings (Proprietary) Limited. These dividends will be paid
on Thursday, 28 March 2013.
By order of the Board
T T MBOWENI       M CUTIFANI Chairman          Chief Executive Officer
18 February 2013
Non-GAAP disclosure 

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

The group uses certain Non-GAAP performance measures and ratios in
managing the business and may provide users of this financial
information with additional meaningful comparisons between current
results and results in prior operating periods.  Non-GAAP financial
measures should be viewed in addition to, and not as an alternative to,
the reported operating results or any other measure of performance
prepared in accordance with IFRS.  In addition, the presentation of
these measures may not be comparable to similarly titled measures that
other companies use.
 A Adjusted headline earnings
                                 Dec           Sep                  Dec
Dec       Dec
                                2012          2012                 2011
2012      2011
                           Unaudited     Unaudited            Unaudited
Unaudited Unaudited
                                                                                                                                                                      US Dollar million
Headline earnings (note 8)      109           178                  289
1 145     1,484
(Gain) loss on unrealised
non-hedge derivatives and other
commodity contracts            (25)            61                    -
35         1
Deferred tax on unrealised non-hedge derivatives and other commodity
contracts (note 7)                          7          (17)
-       (10)         -
Fair value adjustment on option component of convertible bonds
(17)             2                   15       (83)      (84)
Fair value adjustment on mandatory convertible bonds    (65)
11                  (9)      (162)     (104)
Adjusted headline earnings        7           235                  295
924     1,297
Adjusted headline earnings per ordinary share (cents)(1)     2
61                  76        239       336
(1) Calculated on the basic weighted average number of ordinary shares.
B Adjusted gross profit
                                 Quarter ended                      Year
ended
                            Dec           Sep                  Dec
Dec       Dec
                           2012          2012                 2011
2012      2011
                      Unaudited     Unaudited            Unaudited
Unaudited Unaudited
Reconciliation of gross profit to adjusted gross profit(1)
Gross profit                394           512                  682
2,256     2,623
(Gain) loss on unrealized non-hedge derivatives and other commodity
contracts         (25)            61                    -         35
1
Adjusted gross profit(1)     369           573                  682
2,292     2,624
(1) Adjusted gross profit excludes unrealized non-hedge derivatives and
other commodity contracts.
C Price received
                                  Quarter ended
Year ended
                              Dec           Sep                  Dec
Dec       Dec
                             2012          2012                 2011
2012      2011
                        Unaudited     Unaudited            Unaudited
Unaudited Unaudited
                                                                                                                                                                    US Dollar / Imperial
Gold income (note 2)        1,398         1,629                1,779
6,353     6,570
Adjusted for non-controlling interests    (19)          (19)
(47)      (135)     (177)
                            1,379         1,610                1,732
6,218     6,393
Realised loss on other commodity contracts             5             5
-         10         -
Associates and equity accounted joint ventures' share of gold
income including realized non-hedge derivatives         103
80                  110        351       392
Attributable gold income including realized non-hedge derivatives
1,487         1,695                1,842      6,579     6,785
Attributable gold sold - oz (000)                    865         1,029
1,094      3,953     4,305
Revenue price per unit - $/oz                 1,718         1,648
1,684      1,664     1,576
Rounding of figures may result in computational   discrepancies.
                                   Quarter ended
Year ended
                           Dec           Sep                  Dec
Dec       Dec
                          2012          2012                 2011
2012      2011
                     Unaudited     Unaudited            Unaudited 

Unaudited Unaudited

                                                                                                                                                                        US Dollar / Imperial
D Total costs
Total cash costs (note 3)                   819           867
796      3,270     3,028
Adjusted for non-controlling interests and non-gold producing companies
(14)          (26)                 (13)       (95)      (99)
Associates and equity accounted joint ventures' share of total cash
costs   62            51                   64        

223 221

 Total cash costs adjusted for non-controlling interests
and non-gold producing companies                  867           892
847      3,398     3,150
Retrenchment costs (note 3)                     2             2
4         10        15
Rehabilitation and other non-cash costs (note 3)     16            16
157         67       229
Amortisation of tangible assets (note 3)            206           202
203        793       768
Amorisation of intangible assets (note 3)              1             1
1          5         2
Adjusted for non-controlling interests and non-gold producing companies
(12)           (3)                 (34)       (31)      (64)
Associates and equity accounted joint ventures' share of production
costs             2             3                    6          8
12
Total production costs
adjusted for non-controlling
interests and non-gold producing companies       1,082         1,113
1,184      4,250     4,112
Gold produced - oz (000)    859         1,030                1,112
3,944     4,329
Total cash cost per unit - $/oz               1,009           866
762        862       728
Total production costs per unit - $/oz     1,259         1,081
1,065      1,078       950
(1) The total cash cost of $1,009/oz for the December 2012 quarter
includes

$157/oz relating to the impact of the strike in South Africa. For
the year, the cash cost of $862/oz includes $33/oz for the impact of the
strike.

 E EBITDA
  Operating profit                                           (217)  305
672             1,127     2,202
  Amortisation of tangible assets (note 3)                     206  202
203               793       768
  Amortisation of intangible assets (note 3)                     1    1
1                 5         2
  Impairment (reversal) and derecognition of tangible
  assets (note 5)                                              354    1
(134)               356     (120)
  Impairment reversal of intangible assets (note 5)              -    -
-              (10)         -
  (Gain) loss on unrealised non-hedge derivatives and other
  commodity contracts                                         (25)   61
-                35         1
  Share of associates' EBITDA                                   15
16        33                74       137
  Impairment of investments (note 5)                            12    3
3                16        21 

Net loss on disposal and derecognition of assets (note 5) 1 7

     5                15         8
   Profit on disposal of subsidiary ISS International
  Limited (note 5)                                               -    -
-                 -       (2)
  Profit on disposal of subsidiary Rand Refinery Limited
  (note 5)                                                    (14)    -
-              (14)         -
  Insurance claim recovery of capital items (note 5)             -    -
(3)                 -       (3)
                                                               333  597
780             2,397     3,014
F Interest cover
  EBITDA (note D)                                              333  597
780             2,397     3,014
  Finance costs (note 6)                                        47   50
34               167       141
  Capitalised finance costs                                      4    4
2                12         3
                                                                51   54
36               179       144
  Interest cover - times                                         7   11
22                13        21
                                                                            As at             As at     As at
                                                                              Dec               Sep       Dec
                                                                             2012              2012      2011
                                                                        Unaudited         Unaudited Unaudited
                                                                                  US Dollar million
G Net asset value - cents per share
  Total equity                                                              5,469             5,742     5,166
  Mandatory convertible bonds
588               656       760
                                                                            6,057             6,398     5,926
  Number of ordinary shares in issue - million (note 9)
385               386       385
  Net asset value - cents per share
1,573             1,659     1,540
  Total equity                                                              5,469             5,742     5,166
  Mandatory convertible bonds
588               656       760
  Intangible assets                                                         (315)             (289)     (210)
                                                                            5,742             6,109     5,716
  Number of ordinary shares in issue - million (note 9)
385               386       385
  Net tangible asset value - cents per share
1,492             1,584     1,485
H Net debt
  Borrowings - long-term portion
2,724             2,708     1,698
  Borrowings - short-term portion
271                57        30
  Total borrowings (1)
2,995             2,765     1,728
  Corporate office lease
(31)              (32)      (33)
  Unamortised portion of the convertible and rated bonds
53                52        85
  Cash restricted for use
(64)              (93)      (58)
  Cash and cash equivalents
(892)           (1,123)   (1,112)
  Net debt excluding mandatory convertible bonds
2,061             1,569       610
 (1) Borrowings exclude the mandatory convertible bonds (note G).

Rounding of figures may result in computational discrepancies.

 OPERATING RESULTS                                              Continental                        Total
                                                  South Africa
Africa Australasia Americas   group
QUARTER ENDED DECEMBER 2012
UNDERGROUND OPERATION
Area mined                        - 000 m2                 124
-           -        -     124
Mined                             - 000 tonnes             760
434         482      788   2,464
Milled / Treated                  - 000 tonnes             715
464         433      811   2,423
Recovered grade                   - oz/ton               0.175
0.146       0.080    0.167   0.150
                                  - g/tonne               5.99
5.01        2.74     5.74    5.14
Gold produced                     - oz (000)               138
75          38      150     400
SURFACE AND DUMP RECLAMATION
Milled / Treated                  - 000 tonnes           5,415
61 

– – 5,476

Recovered grade                   - oz/ton               0.006
0.019           -        -   0.006
                                   - g/tonne               0.19
0.65           -        -    0.20
Gold produced                     - oz (000)                34
1           -        -      35
OPEN-PIT OPERATION
Volume mined                      - 000 bcm                  -
15,544
     1,898        -  17,442
Mined                             - 000 tonnes               -
37,316       4,424    6,658  48,398
Treated                           - 000 tonnes               -
6,311         350      259   6,920
Stripping ratio                   - ratio                    -
4.37 

162.66 21.09 5.65

Recovered grade                   - oz/ton                   -
0.042       0.044    0.150   0.046
                                   - g/tonne                  -
1.43        1.50     5.15    1.57
Gold produced                     - oz (000)                 -
290          17       43     349
HEAP LEACH OPERATION
Mined                             - 000 tonnes               -
1,842           -   15,488  17,330
Placed                            - 000 tonnes               -
277           -    5,345   5,621
Stripping ratio                   - ratio                    -
6.08 

– 2.11 2.31

Recovered grade                   - oz/ton                   -
0.054           -    0.012   0.014
                                   - g/tonne                  -
1.87           -     0.41    0.49
Gold placed                       - oz (000)                 -
17           -       71      88
Gold produced                     - oz (000)                 -
10           -       65      75
PRODUCTIVITY PER EMPLOYEE
Actual                            - oz/TEC                2.32
10.67       38.54    16.40    6.81
TOTAL
Subsidiaries' gold produced       - oz (000)               171
319 

55 258 802

Joint ventures' gold produced     - oz (000)
-          57
          -        -      57
Attributable gold produced        - oz (000)               171
376          55      258     859
Minority gold produced            - oz (000)                 -
11           -        4      16
Subsidiaries' gold sold           - oz (000)               202
309          55      240     805
Joint ventures' gold sold         - oz (000)                 -
60           -        -      60
Attributable gold sold            - oz (000)               202
369          55      240     865
Minority gold sold                - oz (000)                 -
10           -        4      14
Spot price                        - $/oz                 1,717
1,717       1,717    1,717   1,717
Price received                    - $/oz sold            1,721
1,720       1,719    1,712   1,718
Total cash costs                  - $/oz produced        1,166
1,070       1,462      720   1,009
Total production costs            - $/oz produced        1,298
1,398       1,688      935   1,259
Recovered grade calculated using a short ton.
Rounding of figures may result in computational discrepancies.
FINANCIAL RESULTS                                    Continental
                                        South Africa      Africa
Australasia Americas
QUARTER ENDED DECEMBER 2012 $'m
Gold income                                      344         651
94      413
Cash costs                                     (253)       (415)
(81)    (227)
By-products revenue                               54           1
-       20
Total cash costs                               (200)       (413)
(80)    (207)
Retrenchment costs                               (1)           -
-      (1)
Rehabilitation and other non-cash costs           49        (50)
(2)     (12)
Amortisation of assets                          (71)        (75)
(11)     (51)
Total production costs                         (222)       (539)
(93)    (270)
Inventory change                                (29)          12
(1)       28
Cost of sales                                  (251)       (527)
(94)    (242)
Adjusted gross profit (loss)                      92         124
-      171
Unrealised non-hedge derivatives and              25           -
-        - other commodity contracts
Gross profit (loss)                              117         124
-      171
Corporate and other costs                        (3)         (3)
-     (15)
Exploration and evaluation costs                 (4)        (50)
(23)     (43)
Intercompany transactions                          -        (24)
(3)      (1)
Special items                                   (50)       (352)
4     (18)
Operating profit (loss)                           61       (305)
(22)       95
Net finance (costs) income, unwinding
of obligations and fair value                    (2)         (4)
1        3 adjustments
Exchange gain (loss)                               -         (2)
1      (4)
Share of equity accounted investments              -         (2)
-     (24) profit
Profit (loss) before taxation                     59       (313)
(21)       70
Taxation                                         (8)          76
8     (37)
Profit (loss) for the period                      51       (237)
(13)       33
Equity shareholders                               51       (234)
(13)       31
Non-controlling interests                          -         (3)
-        2
Operating profit (loss)                           61       (305)
(22)       95
Unrealised non-hedge derivatives and            (25)           -
-        - other commodity contracts
Loss on realised other commodity                   -           -
-        - contracts
Intercompany transactions                          -          24
3        1
Special items                                     51         320
-        1
Share of associates' EBIT                          -           -
-     (24)
EBIT                                              87          39
(19)       72
Amortisation of assets                            71          75
11       51
Share of associates' amortisation                  -           -
-        -
EBITDA                                           158         115
(9)      123
Profit (loss) attributable to equity              51       (234)
(13)       31 shareholders
Special items                                     51         320
-        1
Share of associates' special items                 -           2
-        -
Taxation on items above                         (14)        (92)
-        -
Headline earnings (loss)                          88         (4)
(13)       32
Unrealised non-hedge derivatives and            (25)           -
-        - other commodity contracts
Deferred tax on unrealised non-hedge derivatives and other commodity
7           -
-        - contracts
Fair value adjustment on option                    -           -
-        - component of convertible bonds
Fair value adjustment on mandatory                 -           -
-        - convertible bonds
Adjusted headline earnings (loss)                 70         (4)        

(13) 32

Ore reserve development capital                   46          11
 3       23
Stay-in-business capital                          80          83
10       78
Project capital                                   61         186
166       56
Total capital expenditure                        187         280
178      157
Capitalised leased assets
Expenditures on intangible assets
Capital expenditure per statement of cash flows

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS                       Corporate           Less
equity   

Total

                                         and other Sub-total   accounted

group

QUARTER ENDED DECEMBER 2012 $'m
investments
 Gold income                                     -     1,501       (103)
1,398
Cash costs                                     19     (956)          63
(894)
By-products revenue                             -        75           -
75
Total cash costs                               19     (881)          62
(819)
Retrenchment costs                              -       (2)           -
(2)
Rehabilitation and other non-cash costs         -      (15)         (2)
(16)
Amortisation of assets                        (2)     (210)           3
(207)
Total production costs                         17   (1,108)          64
(1,044)
Inventory change                                -        11           4
15
Cost of sales                                  17   (1,097)          68
(1,029)
Adjusted gross profit (loss)                   17       404        (35)
369
Unrealised non-hedge derivatives and            -        25           -
  25 other commodity contracts
Gross profit (loss)                            17       429        (35)
394
Corporate and other costs                    (63)      (86)           -
(86)
Exploration and evaluation costs              (6)     (126)           2
(124)
Intercompany transactions                      27         -           -
-
Special items                                  15     (401)         (1)
(402)
Operating profit (loss)                      (11)     (182)        (35)
(217)
Net finance (costs) income, unwinding
of obligations and fair value                  33        31         (3)
27 adjustments
Exchange gain (loss)                            5       (1)           -
1
Share of equity accounted investments        (46)      (73)          29
(44) profit
Profit (loss) before taxation                (20)     (226)         (8)
(234)
Taxation                                        3        43           8
51
Profit (loss) for the period                 (17)     (182)           -
(182)
Equity shareholders                          (23)     (188)           -
(188)
Non-controlling interests                       6         6           -
5
Operating profit (loss)                      (11)     (182)        (35)
(217)
Unrealised non-hedge derivatives and            -      (25)           -
(25) other commodity contracts
Loss on realised other commodity                -         -           -
   - contracts
Intercompany transactions                    (27)         -           -
-
Special items                                (16)       356         (3)
353
Share of associates' EBIT                     (2)      (26)
38       11
EBIT                                         (56)       122           -
122
Amortisation of assets                          2       210         (3)
207
Share of associates' amortisation               -         -
3
   3
EBITDA                                       (54)       333           -
333
Profit (loss) attributable to equity         (23)     (188)           -
(188) shareholders
Special items                                (16)       356         (3)
353
Share of associates' special items             44        47
3
  50
Taxation on items above                         -     (106)           -
(106)
Headline earnings (loss)                        5       109           -
109
Unrealised non-hedge derivatives and            -      (25)           -
(25) other commodity contracts
Deferred tax on unrealised non-hedge derivatives and other commodity
-         7           -
   7 contracts
Fair value adjustment on option              (17)      (17)           -

(17)

component of convertible bonds
 Fair value adjustment on mandatory           (65)      (65)           -
(65) convertible bonds
Adjusted headline earnings (loss)            (77)         7           -
   7
Ore reserve development capital                 -        83           -
  83
Stay-in-business capital                        2       253         (2)
251
Project capital                                 -       469       (140)
329
Total capital expenditure                       2       804       (142)
662
Capitalised leased assets
(11)
Expenditures on intangible assets
(28)
                                        623 

Rounding of figures may result in computational discrepancies.

OPERATING RESULTS                                 South Africa
Continental Australasia Americas   Total QUARTER ENDED SEPTEMBER 2012
Africa                        group
 UNDERGROUND OPERATION
Area mined                        - 000 m2                 237
-           -        -     237
Mined                             - 000 tonnes           1,480
386         417      650   2,932
Milled / Treated                  - 000 tonnes           1,309
429         541      749   3,028
Recovered grade                   - oz/ton               0.221
0.124       0.057    0.146   0.160
                                  - g/tonne               7.58
4.26        1.97     5.00    5.47
Gold produced                     - oz (000)               319
59          34      120     533
SURFACE AND DUMP RECLAMATION
Milled / Treated                  - 000 tonnes           6,687
36 

– – 6,722

Recovered grade                   - oz/ton               0.007
0.025           -        -   0.007
                                   - g/tonne               0.25
0.85           -        -    0.25
Gold produced                     - oz (000)                54
1           -        -      55
OPEN-PIT OPERATION
Volume mined                      - 000 bcm                  -
11,661
     1,369        -  13,030
Mined                             - 000 tonnes               -
27,865       3,312    6,244  37,421
Treated                           - 000 tonnes               -
6,151         293      268   6,712
Stripping ratio                   - ratio                    -
4.12 

16.66 19.05 5.29

Recovered grade                   - oz/ton                   -
0.043       0.091    0.154   0.049
                                   - g/tonne                  -
1.47        3.12     5.29    1.69
Gold produced                     - oz (000)                 -
290          29       46     365
HEAP LEACH OPERATION
Mined                             - 000 tonnes               -
2,078           -   15,110  17,188
Placed                            - 000 tonnes               -
315           -    5,917   6,232
Stripping ratio                   - ratio                    -
12.60 

– 1.74 2.03

Recovered grade                   - oz/ton                   -
0.024           -    0.012   0.013
                                   - g/tonne                  -
0.83           -     0.42    0.44
Gold placed                       - oz (000)                 -
8           -       79      88
Gold produced                     - oz (000)                 -
7           -       71      77
PRODUCTIVITY PER EMPLOYEE
Actual                            - oz/TEC                5.07
10.30       45.54    16.34    8.29
TOTAL
Subsidiaries' gold produced       - oz (000)               373
307 

64 237 980

Joint ventures' gold produced     - oz (000)
-          50
          -        -      50
Attributable gold produced        - oz (000)               373
357          64      237   1,030
Minority gold produced            - oz (000)                 -
11           -        5      15
Subsidiaries' gold sold           - oz (000)               370
296          61      253     980
Joint ventures' gold sold         - oz (000)                 -
49           -        -      49
Attributable gold sold            - oz (000)               370
345          61      253   1,029
Minority gold sold                - oz (000)                 -
10           -        5      15
Spot price                        - $/oz                 1,653
1,653       1,653    1,653   1,653
Price received                    - $/oz sold            1,652
1,642       1,646    1,652   1,648
Total cash costs                  - $/oz produced          849
916         937      798     866
Total production costs            - $/oz produced        1,082
1,093       1,092    1,051   1,081
Recovered grade calculated using a short ton.
Rounding of figures may result in computational discrepancies.
FINANCIAL RESULTS                                    Continental
                                        South Africa      Africa
Australasia Americas
QUARTER ENDED SEPTEMBER 2012 $'m
Gold income                                      606         582
101      421
Cash costs                                     (318)       (338)
(60)    (237)
By-products revenue                                1           1
-       25
Total cash costs                               (317)       (337)
(60)    (212)
Retrenchment costs                               (1)           -
-      (1)
Rehabilitation and other non-cash costs          (5)         (7)
-      (4)
Amortisation of assets                          (80)        (58)
(10)     (56)
Total production costs                         (404)       (401)
(69)    (274)
Inventory change                                   6          16
5        7
Cost of sales                                  (398)       (385)
(64)    (267)
Adjusted gross profit (loss)                     207         197
36      154
Unrealised non-hedge derivatives and            (61)           -
-        - other commodity contracts
Gross profit (loss)                              147         197
36      154
Corporate and other costs                        (2)         (4)
-      (7)
Exploration and evaluation costs                 (3)        (30)
(24)     (42)
Intercompany transactions                          -        (22)
(3)      (1)
Special items                                    (2)         (9)
(14)      (1)
Operating profit (loss)                          139         132
(4)      104
Net finance (costs) income, unwinding
of obligations and fair value                    (2)         (1)
(1)        - adjustments
Exchange (loss) gain                               -         (5)
-      (2)
Share of equity-accounted investments              -           -
-     (10) profit
Profit (loss) before taxation                    136         127
(5)       91
Taxation                                        (13)        (68)
1       15
Profit (loss) for the period                     124          59
(5)      106
Equity shareholders                              124          62
(5)      104
Non-controlling interests                          -         (4)
-        2
Operating profit (loss)                          139         132
(4)      104
Unrealised non-hedge derivatives and              61           -
-        - other commodity contracts
Loss on realised other commodity                   -           -
-        - contracts
Intercompany transactions                          -          22
3        1
Special items                                      4           7
3        1
Share of associates' EBIT                          -           -
-     (10)
EBIT                                             203         161
2       95
Amortisation of assets                            80          58
10       56
Share of associates' amortisation                  -           -
-        -
EBITDA                                           283         218
12      151
Profit (loss) attributable to equity             124          62
(5)      104 shareholders
Special items                                      4           7
3        1
Share of associates' special items                 -           -
-        -
Taxation on items above                          (1)           -
(1)        -
Headline earnings (loss)                         126          69
(3)      104
Unrealised non-hedge derivatives and              61           -
-        - other commodity contracts
Deferred tax on unrealised non-hedge derivatives and other commodity
(17)           -
-        - contracts
Fair value adjustment on option                    -           -
-        - component of convertible bonds
Fair value adjustment on mandatory                 -           -
-        - convertible bonds
Adjusted headline earnings (loss)                170          69

(3) 104

Ore reserve development capital                   67          10
 3       21
Stay-in-business capital                          42          81
6       34
Project capital                                   52         116
73       21
Total capital expenditure                        161         208
82       77
Capitalised leased assets
Expenditures on intangible assets
Capital expenditure per statement of cash flows

Rounding of figures may result in computational discrepancies.

 FINANCIAL RESULTS                        Corporate           Less
equity    Total
                                         and other Sub-total   accounted
group
QUARTER ENDED SEPTEMBER 2012 $'m
investments
Gold income                                      -     1,709        (80)
1,629
Cash costs                                       7     (946)          51
(895)
By-products revenue                              1        28           -
28
Total cash costs                                 8     (918)          51
(867)
Retrenchment costs                               -       (2)           -
(2)
Rehabilitation and other non-cash costs          -      (16)           -
 (16)
Amortisation of assets                         (2)     (206)           3
(203)
Total production costs                           6   (1,142)          54
(1,089)
Inventory change                                 -        34         (2)
32
Cost of sales                                    6   (1,109)          52
(1,056)
Adjusted gross profit (loss)                     6       601        (28)
573
Unrealised non-hedge derivatives and             -      (61)           -
 (61) other commodity contracts
Gross profit (loss)                              6       540        (28)
512
Corporate and other costs                     (62)      (75)           -
(75)
Exploration and evaluation costs               (9)     (108)           2
(107)
Intercompany transactions                       25         -           -
-
Special items                                    1      (25)           -
(25)
Operating profit (loss)                       (39)       331        (27)
305
Net finance (costs) income, unwinding of      (58)      (62)           -

(61)

obligations and fair value adjustments
 Exchange (loss) gain                             6       (1)
3        1
                                                                                 

Share of equity-accounted investments (4) (14) 14

    - profit
 Profit (loss) before taxation                 (95)       255
(9)      245
Taxation                                      (20)      (85)           9
(76)
Profit (loss) for the period                 (114)       169           -
169
Equity shareholders                          (117)       168           -
168
Non-controlling interests                        3         1           -
1
Operating profit (loss)                       (39)       331        (27)
305
Unrealised non-hedge derivatives and             -        61           -
   61 other commodity contracts
Loss on realised other commodity                 -         -           -
    - contracts
Intercompany transactions                     (25)         -           -
-
Special items                                  (2)        12           -
12
Share of associates' EBIT                      (3)      (13)
27       13
EBIT                                          (69)       391           -
391
Amortisation of assets                           2       206         (3)
203
Share of associates' amortisation                -         -
3
    3
EBITDA                                        (67)       597           -
597
Profit (loss) attributable to equity         (117)       168           -
  168 shareholders
Special items                                  (2)        12           -
12
Share of associates' special items               -         -
-
    -
Taxation on items above                          -       (2)           -
(2)
Headline earnings (loss)                     (119)       178           -
178
Unrealised non-hedge derivatives and             -        61           -
   61 other commodity contracts
Deferred tax on unrealised non-hedge derivatives and other commodity
-      (17)           -
 (17) contracts
Fair value adjustment on option                  2         2           -

2

component of convertible bonds
 Fair value adjustment on mandatory              11        11
-
   11 convertible bonds
Adjusted headline earnings (loss)            (106)       235           -
  235
Ore reserve development capital                  -       102           -
  102
Stay-in-business capital                        17       181         (2)
179
Project capital                                  -       262        (71)
192
Total capital expenditure                       17       545        (73)
472
Capitalised leased assets
-
Expenditures on intangible assets
 (24)
                                                  448 

Rounding of figures may result in computational discrepancies.

 OPERATING RESULTS                                              Continental                                  Total
                                                  South Africa
Africa Australasia            Americas  group QUARTER ENDED DECEMBER
2011
UNDERGROUND OPERATION
Area mined                        - 000 m2                 248
-           -                   -    248
Mined                             - 000 tonnes           1,555
479         321                 512  2,867
Milled / Treated                  - 000 tonnes           1,394
497         356                 520  2,768
Recovered grade                   - oz/ton               0.235
0.146       0.129               0.195  0.198
                                  - g/tonne               8.05
5.01        4.44                6.68   6.78
Gold produced                     - oz (000)               361
80          51                 112    603
SURFACE AND DUMP RECLAMATION
Milled / Treated                  - 000 tonnes           2,747
29           -                   -  2,776
Recovered grade                   - oz/ton               0.012
0.031           -                   -  0.012
                                  - g/tonne               0.42
1.06           -                   -   0.42
Gold produced                     - oz (000)                37
1           -                   -     38
OPEN-PIT OPERATION
Volume mined                      - 000 bcm                  -
13,874         691                   - 14,565
Mined                             - 000 tonnes               -
32,230       1,459               6,618 40,307
Treated                           - 000 tonnes               -
6,122         558                 242  6,922
Stripping ratio                   - ratio                    -
5.98        4.91               23.00   6.84
Recovered grade                   - oz/ton                   -
0.049       0.020               0.167  0.051
                                  - g/tonne                  -
1.68        0.69                5.73   1.74
Gold produced                     - oz (000)                 -
330          12                  45    387
HEAP LEACH OPERATION
Mined                             - 000 tonnes               -
2,131           -              14,977 17,107
Placed                            - 000 tonnes               -
304           -               4,586  4,889
Stripping ratio                   - ratio                    -
10.86           -                2.51   2.84
Recovered grade                   - oz/ton                   -
0.030           -               0.013  0.014
                                  - g/tonne                  -
1.04           -                0.44   0.47
Gold placed                       - oz (000)                 -
10           -                  65     75
Gold produced                     - oz (000)                 -
7           -                  76     84
PRODUCTIVITY PER EMPLOYEE
Actual                            - oz/TEC                5.71
12.00       42.52               20.09   9.46
TOTAL
Subsidiaries' gold produced       - oz (000)               398
356          63                 234  1,051
Joint ventures' gold produced     - oz (000)                 -
63           -                   -     63
Attributable gold produced        - oz (000)               398
419
        63                 234  1,114
Minority gold produced            - oz (000)                 -
11           -                  25     36
Subsidiaries' gold sold           - oz (000)               398
353          62                 217  1,030
Joint ventures' gold sold         - oz (000)                 -
66           -                   -     66
Attributable gold sold            - oz (000)               398
419          62                 217  1,096
Minority gold sold                - oz (000)                 -
11           -                  21     32
Spot price                        - $/oz                 1,683
1,683       1,683               1,683  1,683
Price received                    - $/oz sold            1,689
1,680       1,673               1,686  1,684
Total cash costs                  - $/oz produced          696
799       1,478                 612    762
Total production costs            - $/oz produced          884
1,220       1,771                 895  1,065
Recovered grade calculated using a short ton.
Rounding of figures may result in computational discrepancies.
FINANCIAL RESULTS                                    Continental
                                        South Africa      Africa
Australasia Americas
QUARTER ENDED DECEMBER 2011 $'m
Gold income received                             672         723
103      392
Cash costs                                     (299)       (349)
(94)    (185)
By-products revenue                               22           3
-       23
Total cash costs                               (277)       (346)
(94)    (161)
Retrenchment costs                               (2)         (2)
-      (1)
Rehabilitation and other non-cash costs            2       (110)
(4)     (48)
Amortisation of assets                          (75)        (67)
(15)     (47)
Total production costs                         (351)       (525)
(112)    (258)
Inventory change                                   -           9
-       52
Cost of sales                                  (351)       (516)
(112)    (205)
Adjusted gross profit (loss)                     320         207
(9)      186
Unrealised non-hedge derivatives and               -           -
-        - other commodity contracts
Gross profit (loss)                              320         207
(9)      186
Corporate and other costs                        (3)         (2)
(1)     (10)
Exploration and evaluation costs                 (1)        (18)
(17)     (31)
Intercompany transactions                          -        (17)
(3)        -
Special items                                    (8)         148
6        1
Operating profit (loss)                          308         317
(24)      146
Net finance (costs) income, unwinding
of obligations and fair value                    (1)           7
3      (2) adjustments
Exchange gain (loss)                               -         (7)
-      (4)
Share of equity accounted investments              -        (11)
-      (6) profit
Profit (loss) before taxation                    307         306
(21)      134
Taxation                                       (122)       (107)
5     (29)
Profit (loss) for the period                     185         199
(16)      106
Equity shareholders                              185         197
(16)       95
Non-controlling interests                          -           2
-       10
Operating profit (loss)                          308         317
(24)      146
Unrealised non-hedge derivatives and               -           -
-        - other commodity contracts
Intercompany transactions                          -          17
3        -
Special items                                      9       (138)
1      (2)
Share of associates' EBIT                          -           -
-      (6)
EBIT                                             318         196
(20)      138
Amortisation of assets                            75          67
15       47
Share of associates' amortisation                  -           -
-        -
EBITDA                                           393         263
(5)      186
Profit (loss) attributable to equity             185         197
(16)       95 shareholders
Special items                                      9       (138)
1      (2)
Share of associates' special items                 -          11
-        -
Taxation on items above                          (4)          41
-        1
Headline earnings (loss)                         191         111
(16)       94
Unrealised non-hedge derivatives and               -           -
-        - other commodity contracts
Deferred tax on unrealised non-hedge derivatives and other commodity
-           -
-        - contracts
Fair value adjustment on option                    -           -
-        - component of convertible bonds
Fair value adjustment on mandatory                 -           -
-        - convertible bonds
Adjusted headline earnings (loss)                191         111        

(16) 94

Ore reserve development capital                   58          12
 4       17
Stay-in-business capital                          74         108
9       59
Project capital                                   49          32
27       71
Total capital expenditure                        181         152
40      147
Capitalised leased assets
Expenditures on intangible assets
Capital expenditure per statement of cash flows

Rounding of figures may result in computational discrepancies.

 FINANCIAL RESULTS                        Corporate           Less
equity    Total
                                         and other Sub-total   accounted
group
QUARTER ENDED DECEMBER 2011 $'m
investments
Gold income received                             -     1,889       (110)
1,779
Cash costs                                      17     (909)          64
(845)
By-products revenue                              1        49           -
49
Total cash costs                                18     (860)          64
(796)
Retrenchment costs                               -       (4)           -
(4)
Rehabilitation and other non-cash costs          -     (161)           4
(157)
Amortisation of assets                         (2)     (206)           2
(204)
Total production costs                          15   (1,231)          70
(1,161)
Inventory change                                 -        62           2
64
Cost of sales                                   15   (1,169)          72
(1,097)
Adjusted gross profit (loss)                    16       720        (38)
682
Unrealised non-hedge derivatives and             -         -           -
    - other commodity contracts
Gross profit (loss)                             16       720        (38)
682
Corporate and other costs                     (57)      (72)           -
(73)
Exploration and evaluation costs              (16)      (84)           1
 (83)
Intercompany transactions                       21         -           -
-
Special items                                  (2)       146           -
146
Operating profit (loss)                       (39)       709        (37)
672
Net finance (costs) income, unwinding of      (41)      (34)           3

(31)

obligations and fair value adjustments
 Exchange gain (loss)                             -      (11)
2     (10)
Share of equity accounted investments           15       (2)          18
   17 profit
Profit (loss) before taxation                 (64)       662        (14)
648
Taxation                                       (7)     (259)          14
(246)
Profit (loss) for the period                  (71)       402           -
402
Equity shareholders                           (77)       385           -
385
Non-controlling interests                        5        17           -
17
Operating profit (loss)                       (39)       709        (37)
672
Unrealised non-hedge derivatives and             -         -           -
    - other commodity contracts
Intercompany transactions                     (21)         -           -
-
Special items                                    2     (128)           -
(128)
Share of associates' EBIT                      (1)       (7)
37       30
EBIT                                          (58)       574           -
574
Amortisation of assets                           2       206         (2)
204
Share of associates' amortisation                -         -
2
    2
EBITDA                                        (56)       780           -
780
Profit (loss) attributable to equity          (77)       385           -
  385 shareholders
Special items                                    2     (128)           -
(128)
Share of associates' special items            (17)       (6)
-
  (6)
Taxation on items above                          -        38           -
38
Headline earnings (loss)                      (91)       289           -
289
Unrealised non-hedge derivatives and             -         -           -
    - other commodity contracts
Deferred tax on unrealised non-hedge derivatives and other commodity
-         -           -
    - contracts
Fair value adjustment on option                 15        15           -

15

component of convertible bonds
 Fair value adjustment on mandatory             (9)       (9)
-
  (9) convertible bonds
Adjusted headline earnings (loss)             (85)       295           -
  295
Ore reserve development capital                  -        92           -
   92
Stay-in-business capital                         4       254         (7)
247
Project capital                                  -       179        (24)
155
Total capital expenditure                        5       525        (31)
494
Capitalised leased assets
(29)
Expenditures on intangible assets
 (10)
                                                  455 

Rounding of figures may result in computational discrepancies.

                                                   South Africa
Continental                    Total
                                                                    Africa                    group
UNDERGROUND OPERATION
Area mined                        - 000 m2                 754
-       -       -      754
Mined                             - 000 tonnes           4,838
1,622   1,459   2,510   10,429
Milled / Treated                  - 000 tonnes           4,317
1,799   1,444   2,796   10,356
Recovered grade                   - oz/ton               0.219
0.140   0.076   0.160    0.169
                                  - g/tonne               7.50
4.79    2.60    5.48     5.80
Gold produced                     - oz (000)             1,041
277     121     492    1,931
SURFACE AND DUMP RECLAMATION
Milled / Treated                  - 000 tonnes          17,962
326       -       -   18,288
Recovered grade                   - oz/ton               0.009
0.009       -       -    0.009
                                  - g/tonne               0.30
0.31       -       -     0.30
Gold produced                     - oz (000)               172
3       -       -      175
OPEN-PIT OPERATION
Volume mined                      - 000 bcm                  -
56,937   4,559       -   61,496
Mined                             - 000 tonnes               -
135,177  11,403  24,208  170,789
Treated                           - 000 tonnes               -
24,541   1,914     973   27,429
Stripping ratio                   - ratio                    -
4.49    8.35   21.12     5.34
Recovered grade                   - oz/ton                   -
0.045   0.065   0.165    0.050
                                  - g/tonne                  -
1.54    2.22    5.66     1.73
Gold produced                     - oz (000)                 -
1,212     137     177    1,526
HEAP LEACH OPERATION
Mined                             - 000 tonnes               -
8,277       -  63,248   71,524
Placed                            - 000 tonnes               -
1,090       -  21,951   23,040
Stripping ratio                   - ratio                    -
11.96       -    2.02     2.31
Recovered grade                   - oz/ton                   -
0.031       -   0.012    0.013
                                  - g/tonne                  -
1.06       -    0.42     0.45
Gold placed                       - oz (000)                 -
37       -     293      330
Gold produced                     - oz (000)                 -
29       -     283      312
PRODUCTIVITY PER EMPLOYEE
Actual                            - oz/TEC                4.19
10.97   43.46   17.47     8.07
TOTAL
Subsidiaries' gold produced       - oz (000)             1,212
1,311 

258 953 3,734

Joint ventures' gold produced     - oz (000)
-         210
      -       -      210
Attributable gold produced        - oz (000)             1,212
1,521     258     953    3,944
Minority gold produced            - oz (000)                 -
44       -      49       92
Subsidiaries' gold sold           - oz (000)             1,214
1,316     257     955    3,742
Joint ventures' gold sold         - oz (000)                 -
211       -       -      211
Attributable gold sold            - oz (000)             1,214
1,527     257     955    3,953
Minority gold sold                - oz (000)                 -
41       -      51       92
Spot price                        - $/oz                 1,668
1,668   1,668   1,668    1,668
Price received                    - $/oz sold            1,665
1,664   1,663   1,664    1,664
Total cash costs                  - $/oz produced          873
905   1,211     683      862
Total production costs            - $/oz produced        1,095
1,111   1,358     921    1,078
Recovered grade calculated using a short ton.
Rounding of figures may result in computational discrepancies.
FINANCIAL RESULTS - YEAR                             Continental
                                        South Africa      Africa
Australasia Americas ENDED DECEMBER 2012 $'m
Gold income                                    2,013       2,609
426    1,656
Cash costs                                   (1,152)     (1,423)
(313)    (862)
By-products revenue                               94           6
1      106
Total cash costs                             (1,058)     (1,417)
(312)    (756)
Retrenchment costs                               (6)         (1)
-      (4)
Rehabilitation and other non-cash costs           38        (71)
(2)     (31)
Amortisation of assets                         (302)       (248)
(36)    (213)
Total production costs                       (1,328)     (1,736)
(350)  (1,003)
Inventory change                                   2           9
2       69
Cost of sales                                (1,326)     (1,727)
(348)    (934)
Adjusted gross profit (loss)                     687         882
78      722
Unrealised non-hedge derivatives and            (36)           -
-        - other commodity contracts
Gross profit (loss)                              651         882
78      722
Corporate and other costs                        (9)        (12)
(1)     (41)
Exploration and evaluation costs                (11)       (123)
(85)    (149)
Intercompany transactions                          -        (82)
(12)      (2)
Special items                                   (53)       (359)
15     (17)
Operating profit (loss)                          579         306
(5)      513
Net finance (costs) income, unwinding
of obligations and fair value                    (8)         (7)
-        2 adjustments
Exchange (loss) gain                               -         (3)
1      (5)
Share of equity accounted investments              -         (2)
-     (44) profit
Profit (loss) before taxation                    571         293
(4)      466
Taxation                                          26       (209)
-    (156)
Profit (loss) for the period                     597          85
(3)      310
Equity shareholders                              597         102
(3)      290
Non-controlling interests                          -        (17)
-       20
Operating profit (loss)                          579         306
(5)      513
Unrealised non-hedge derivatives and              36           -
-        - other commodity contracts
Intercompany transactions                          -          82
12        2
Special items                                     59         319
3        2
Share of associates' EBIT                          -           -
-     (44)
EBIT                                             673         707
10      473
Amortisation of assets                           302         248
36      213
Share of associates' amortisation                  -           -
-        -
EBITDA                                           974         955
46      686
Profit (loss) attributable to equity             597         102
(3)      290 shareholders
Special items                                     59         319
3        2
Share of associates' special items                 -           2
-        -
Taxation on items above                         (16)        (90)
(1)        -
Headline earnings (loss)                         640         333
(1)      292
Unrealised non-hedge derivatives and              36           -
-        - other commodity contracts
Deferred tax on unrealised non-hedge derivatives and other commodity
(10)           -
-        - contracts
Fair value adjustment on option                    -           -
-        - component of convertible bonds
Fair value adjustment on mandatory                 -           -
-        - convertible bonds
Adjusted headline earnings (loss)                665         333
(1)      292
Ore reserve development capital                  233          45
14       76
Stay-in-business capital                         176         315
26      147
Project capital                                  173         430
315      167
Total capital expenditure                        583         790
355      390
Capitalised leased assets
Expenditures on intangible assets
Capital expenditure per statement of cash flows

Rounding of figures may result in computational discrepancies.

 FINANCIAL RESULTS - YEAR                Corporate           Less equity
Total
                                        and other Sub-total   accounted
group ENDED DECEMBER 2012 $'m
investments
Gold income                                     -     6,704       (351)
6,353
Cash costs                                     50   (3,700)         224
(3,476)
By-products revenue                             1       207         (1)
206
Total cash costs                               51   (3,492)         223
(3,270)
Retrenchment costs                              -      (10)           -
(10)
Rehabilitation and other non-cash costs         -      (65)         (1)
(67)
Amortisation of assets                       (10)     (808)          10
(798)
Total production costs                         41   (4,376)         232
(4,145)
Inventory change                                -        82           1
83
Cost of sales                                  41   (4,294)         233
(4,062)
Adjusted gross profit (loss)                   41     2,410       (118)
2,292
Unrealised non-hedge derivatives and            -      (35)           -
(35) other commodity contracts
Gross profit (loss)                            41     2,374       (118)
2,256
Corporate and other costs                   (269)     (331)         (1)
(332)
Exploration and evaluation costs             (33)     (401)           5
(395)
Intercompany transactions                      97         -           -
-
Special items                                  13     (401)         (1)
(402)
Operating profit (loss)                     (151)     1,242       (114)
1,127
Net finance (costs) income, unwinding
of obligations and fair value                  79        66         (2)
64 adjustments
Exchange (loss) gain                           12         5           3
7
Share of equity accounted investments        (63)     (109)          80
(28) profit
Profit (loss) before taxation               (123)     1,204        (33)
1,171
Taxation                                     (16)     (354)          33
(321)
Profit (loss) for the period                (139)       849           -
849
Equity shareholders                         (155)       831           -
831
Non-controlling interests                      16        19           -
19
Operating profit (loss)                     (151)     1,242       (114)
1,127
Unrealised non-hedge derivatives and            -        35           -
  35 other commodity contracts
Intercompany transactions                    (97)         -           -
-
Special items                                (17)       365         (3)
362
Share of associates' EBIT                     (9)      (53)
117       64
EBIT                                        (274)     1,589           -
1,589
Amortisation of assets                         10       808        (10)
798
Share of associates' amortisation               -         -
10
  10
EBITDA                                      (264)     2,397           -
2,397
Profit (loss) attributable to equity        (155)       831           -
 831 shareholders
Special items                                (17)       365         (3)
362
Share of associates' special items             54        56
3
  58
Taxation on items above                         -     (107)           -
(106)
Headline earnings (loss)                    (119)     1,145           -
1,145
Unrealised non-hedge derivatives and                     35           -
  35 other commodity contracts
Deferred tax on unrealised non-hedge derivatives and other commodity
-      (10)           -
(10) contracts
Fair value adjustment on option              (83)      (83)           -

(83)

component of convertible bonds
 Fair value adjustment on mandatory          (162)     (162)           -
(162) convertible bonds
Adjusted headline earnings (loss)           (364)       924           -
 924
Ore reserve development capital                 -       369           -
 369
Stay-in-business capital                       36       699         (8)
692
Project capital                                 -     1,086       (295)
791
Total capital expenditure                      36     2,154       (303)
1,851
Capitalised leased assets
(14)
Expenditures on intangible assets
(79)
                                        1,758 

Rounding of figures may result in computational discrepancies.

 OPERATING RESULTS                                              Continental                         Total
                                                  South Africa
Africa Australasia Americas    group YEAR ENDED DECEMBER 2011
UNDERGROUND OPERATION
Area mined                        - 000 m2               1,018
-           -        -    1,018
Mined                             - 000 tonnes           6,312
1,842       1,047    2,003   11,204
Milled / Treated                  - 000 tonnes           5,711
1,977       1,084    2,066   10,838
Recovered grade                   - oz/ton               0.232
0.141       0.111    0.191    0.195
                                  - g/tonne               7.95
4.82        3.80     6.54     6.69
Gold produced                     - oz (000)             1,459
306         132      436    2,334
SURFACE AND DUMP RECLAMATION
Milled / Treated                  - 000 tonnes          10,707
29 

– – 10,736

Recovered grade                   - oz/ton               0.014
0.193
          -        -    0.014
                                  - g/tonne               0.48
6.62           -        -     0.49
Gold produced                     - oz (000)               164
6           -        -      171
OPEN-PIT OPERATION
Volume mined                      - 000 bcm                  -
53,537       2,100        -   55,637
Mined                             - 000 tonnes               -
126,725       5,110   26,850  158,686
Treated                           - 000 tonnes               -
23,118       2,470      930   26,518
Stripping ratio                   - ratio                    -
4.76 

6.04 23.34 5.66

Recovered grade                   - oz/ton                   -
0.048
      0.042    0.167    0.052
                                  - g/tonne                  -
1.65        1.44     5.72     1.77
Gold produced                     - oz (000)                 -
1,228         114      171    1,513
HEAP LEACH OPERATION
Mined                             - 000 tonnes               -
6,796           -   64,291   71,087
Placed                            - 000 tonnes               -
1,129           -   20,597   21,725
Stripping ratio                   - ratio                    -
7.84 

– 2.25 2.46

Recovered grade                   - oz/ton                   -
0.030
          -    0.012    0.013
                                  - g/tonne                  -
1.05           -     0.41     0.44
Gold placed                       - oz (000)                 -
38           -      270      308
Gold produced                     - oz (000)                 -
29           -      284      313
PRODUCTIVITY PER EMPLOYEE
Actual                            - oz/TEC                5.85
11.41       38.93    20.70     9.32
TOTAL
Subsidiaries' gold produced       - oz (000)             1,624
1,321 

246 891 4,082

Joint ventures' gold produced     - oz (000)
-         249 

– – 249

Attributable gold produced        - oz (000)             1,624
1,570 

246 891 4,331

 Minority gold produced            - oz (000)                 -
44           -       83      127
 Subsidiaries' gold sold           - oz (000)             1,623
1,309 

248 878 4,058

Joint ventures' gold sold         - oz (000)
-         249 

– – 249

Attributable gold sold            - oz (000)             1,623
1,558
        248      878    4,307
Minority gold sold                - oz (000)                 -
46           -       79      125
Spot price                        - $/oz                 1,572
1,572       1,572    1,572    1,572
Price received                    - $/oz sold            1,578
1,578       1,551    1,576    1,576
Total cash costs                  - $/oz produced          694
765       1,431      528      728
Total production costs            - $/oz produced          910
987       1,622      765      950
Recovered grade calculated using a short ton.
Rounding of figures may result in computational discrepancies.
FINANCIAL RESULTS - YEAR                             Continental
                                        South Africa      Africa
Australasia Americas ENDED DECEMBER 2011 $'m
Gold income received                           2,561       2,530
385    1,487
Cash costs                                   (1,232)     (1,247)
(353)    (678)
By-products revenue                              105           8
1      109
Total cash costs                             (1,127)     (1,239)
(352)    (569)
Retrenchment costs                               (9)         (3)
-      (3)
Rehabilitation and other non-cash costs          (4)       (131)
(5)     (94)
Amortisation of assets                         (338)       (219)
(42)    (169)
Total production costs                       (1,477)     (1,592)
(399)    (835)
Inventory change                                   -           -
1       94
Cost of sales                                (1,477)     (1,592)
(399)    (741)
Adjusted gross profit (loss)                   1,083         938
(13)      745
Unrealised non-hedge derivatives and               -           -
-      (2) other commodity contracts
Gross profit (loss)                            1,083         938
(13)      744
Corporate and other costs                       (11)         (9)
(3)     (43)
Exploration and evaluation costs                 (2)        (69)
(55)    (112)
Intercompany transactions                          -        (51)
(4)      (2)
Special items                                   (20)         709
41        4
Operating profit (loss)                        1,051       1,518
(35)      590
Net finance (costs) income, unwinding
of obligations and fair value                    (5)           6
5      (5) adjustments
Exchange gain (loss)                               -        (15)
-        8
Share of equity accounted investments              -        (11)
-     (20) profit (loss)
Profit (loss) before taxation                  1,046       1,498
(31)      573
Taxation                                       (352)       (321)
6     (97)
Profit (loss) for the period                     694       1,177
(25)      476
Equity shareholders                              694       1,161
(25)      454
Non-controlling interests                          -          15
-       22
Operating profit (loss)                        1,051       1,518
(35)      590
Unrealised non-hedge derivatives and               -           -
-        2 other commodity contracts
Intercompany transactions                          -          51
4        2
Special items                                     23       (677)
(3)      (3)
Share of associates' EBIT                          -           -
-     (20)
EBIT                                           1,074         892
(34)      570
Amortisation of assets                           338         219
42      169
Share of associates' amortisation                  -           -
-        -
EBITDA                                         1,412       1,111
9      739
Profit (loss) attributable to equity             694       1,161
(25)      454 shareholders
Special items                                     23       (677)
(3)      (3)
Share of associates' special items                 -          11
-        -
Taxation on items above                         (11)          41
1        1
Headline earnings (loss)                         706         536
(27)      451
Unrealised non-hedge derivatives and               -           -
-        2 other commodity contracts
Deferred tax on unrealised non-hedge derivatives and other commodity
-           -
-        - contracts
Fair value adjustment on option                    -           -
-        - component of convertible bond
Fair value adjustment on mandatory                 -           -
-        - convertible bond
Adjusted headline earnings (loss)                706         535        

(27) 453

 Ore reserve development capital                  262          49
14       65
Stay-in-business capital                         160         270
15      140
Project capital                                  110         101
73      250
Total capital expenditure                        532         420
102      456
Capitalised leased assets
Expenditures on intangible assets
Capital expenditure per statement of cash flows

Rounding of figures may result in computational discrepancies.

 FINANCIAL RESULTS - YEAR                 Corporate           Less
equity    Total
                                          and other Sub-total
accounted    group ENDED DECEMBER 2011 $'m
investments
Gold income received                             -     6,962       (392)
6,570
Cash costs                                      37   (3,473)         222
(3,252)
By-products revenue                              2       225         (1)
224
Total cash costs                                39   (3,248)         221
(3,028)
Retrenchment costs                               -      (15)           -
(15)
Rehabilitation and other non-cash costs          -     (233)           5
(229)
Amortisation of assets                        (11)     (779)           9
(770)
Total production costs                          27   (4,276)         234
(4,042)
Inventory change                                 -        95           -
96
Cost of sales                                   27   (4,181)         234
(3,946)
Adjusted gross profit (loss)                    28     2,781       (157)
2,624
Unrealised non-hedge derivatives and             -       (1)           -
  (1) other commodity contracts
Gross profit (loss)                             28     2,780       (157)
2,623
Corporate and other costs                    (238)     (304)         (1)
(305)
Exploration and evaluation costs              (45)     (284)           5
(279)
Intercompany transactions                       58         -           -
-
Special items                                (570)       163           -
163
Operating profit (loss)                      (768)     2,355       (153)
2,202
Net finance (costs) income, unwinding of        42        43           1

44

obligations and fair value adjustments
 Exchange gain (loss)                             5       (3)
5        2
Share of equity accounted investments            8      (23)          96
   73 profit (loss)
Profit (loss) before taxation                (713)     2,373        (51)
2,321
Taxation                                      (11)     (775)          51
(723)
Profit (loss) for the period                 (724)     1,598           -
1,598
Equity shareholders                          (732)     1,552           -
1,552
Non-controlling interests                        9        46           -
46
Operating profit (loss)                      (768)     2,355       (153)
2,202
Unrealised non-hedge derivatives and             -         1           -
    1 other commodity contracts
Intercompany transactions                     (58)         -           -
-
Special items                                  564      (96)           -
(96)
Share of associates' EBIT                      (6)      (26)
153      127
EBIT                                         (268)     2,234           -
2,234
Amortisation of assets                          11       779         (9)
770
Share of associates' amortisation                -         -
9
    9
EBITDA                                       (257)     3,014           -
3,014
Profit (loss) attributable to equity         (732)     1,552           -
1,552 shareholders
Special items                                  564      (96)           -
(96)
Share of associates' special items            (14)       (4)
-
  (4)
Taxation on items above                          -        32           -
32
Headline earnings (loss)                     (183)     1,484           -
1,484
Unrealised non-hedge derivatives and             -         1           -
    1 other commodity contracts
Deferred tax on unrealised non-hedge derivatives and other commodity
-         -           -
    - contracts
Fair value adjustment on option               (84)      (84)           -
 (84) component of convertible bond
Fair value adjustment on mandatory           (104)     (104)           -
(104) convertible bond
Adjusted headline earnings (loss)            (371)     1,297           -
1,297
Ore reserve development capital                  -       390           -
  390
Stay-in-business capital                        17       603        (11)
592
Project capital                                  -       534        (78)
456
Total capital expenditure                       17     1,527        (88)
1,439
Capitalised leased assets
(30)
Expenditures on intangible assets
 (16)
                                                 1,393 

Rounding of figures may result in computational discrepancies.

 Administrative information
AngloGold Ashanti Limited
Registration No. 1944/017354/06 Incorporated in the Republic of South
Africa
Share codes: ISIN: ZAE000043485 JSE:             ANG LSE: (Shares)
AGD LES : (Dis)      AGD NYSE:            AU ASX:             AGG GhSE
(Shares):  AGA GhSE  (GhDS):    AAD 

JSE Sponsor:
UBS

UBS Ulaanbaatar Broadcasting System
 (South Africa) (Pty) Ltd

 Auditors:                     Ernst & Young Inc.
 Offices Registered and Corporate 76 Jeppe Street Newtown 2001 (PO Box
62117, Marshalltown 2107) South Africa Telephone: +27 11 637 6000 Fax:
+27 11 637 6624 

Australia
 , smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop.
 

 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*u (Chief Financial Officer)

 Non-Executive T T Mboweni^ (Chairman) F B Arisman# R Gasant^ Ms N P
January-Bardill^ M J Kirkwood* W A Nairn^ Prof L W Nkuhlu^ F Ohene-Kena+
S M Pityana^ R J Ruston~
*  British              # American
~ Australian            ^ South African
+ Ghanaian              u Indian
| Officers

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

 Investor Relations Contacts South Africa Fundisa Mgidi Telephone:
+27 11 637 6763 Mobile: +27 82 374 8820 E-mail:
fmgidi@AngloGoldAshanti.com
 United Kingdom Michael Bedford Telephone: +44 (0) 1225 93 8483 Mobile:
+44 (0) 779 497 7881 E-mail: mbedford@AngloGoldAshanti.com
United States Stewart Bailey Telephone: +1 212 858 7701 Mobile: +1 646
338 4337 E-mail: sbailey@AngloGoldAshanti.com
Sabrina Brockman Telephone: +1 212 858 7702 Mobile: +1 646 379 2555
E-mail: sbrockman@AngloGoldAshantiNA.com
General E-mail enquiries investors@AngloGoldAshanti.com
AngloGold Ashanti website http://www.AngloGoldAshanti.com
Company secretarial E-mail Companysecretary@AngloGoldAshanti.com
Share Registrars South Africa Computershare Investor Services (Pty)
Limited Ground Floor, 70 Marshall Street Johannesburg 2001 (PO Box
61051, Marshalltown 2107) South Africa Telephone: 0861 100 950 (in SA)
Fax: +27 11 688 5218 web.queries@computershare.co.za 

Jersey

 Computershare Investor Services (Jersey) Ltd Queensway House
Hilgrove Street St Helier Jersey JE1 1ES Telephone: +44 870 889 3177
Fax: +44 (0) 870 873 5851
 Australia Computershare Investor Services Pty Limited Level 2, 45 St
George's Terrace Perth, WA 6000 (GPO Box D182 Perth, WA 6840)
Australia Telephone: +61 8 9323 2000 Telephone: 1300 55 2949 (in
Australia) Fax: +61 8 9323 2033
Ghana NTHC Limited Martco House Off Kwame Nkrumah Avenue PO Box K1A 9563
Airport Accra Ghana Telephone: +233 302 229664 Fax: +233 302 229975
ADR Depositary The Bank of New York Mellon  ("BoNY") BNY
Shareowner Services PO Box 358016 Pittsburgh, PA 15252-8016 United
States of America Telephone: +1 800 522 6645 (Toll free in USA) or +1
201 680 6578 (outside USA) E-mail: shrrelations@mellon.com Website:
www.bnymellon.comshareowner 

Global BuyDIRECTSM

BoNY maintains a direct share purchase and
dividend reinvestment
plan

 for AngloGold Ashanti. Telephone: +1-888-BNY-ADRS

 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

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

2Ore Reserves have been calculated using a gold price of US$1,300/oz
(2011: US$1,100/oz).