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ANG - Anglogold Ashanti Limited - Report for the quarter and nine months ended

Release Date: 09/11/2011 07:50
Code(s): ANG
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ANG - Anglogold Ashanti Limited - Report for the quarter and nine months ended 30 September 2011 ANGLOGOLD ASHANTI LIMITED Registration No. 1944/017354/06 Incorporated in the Republic of South Africa Share codes: ISIN: ZAE000043485 JSE: ANG LSE: AGD NYSE: AU ASX: AGG GhSE (Shares): AGA GhSE (GhDS): AAD Euronext Paris: VA Euronext Brussels: ANG JSE Sponsor: UBS Report for the quarter and nine months ended 30 September 2011 Group results for the quarter and nine months ended September.... - Record adjusted headline earnings (AHE) of $457m, or 118 US cents a share, up 51% year-on-year. - Net profit attributable to equity shareholders of $456m. - Quarterly cash inflow from operations more than doubles to $863m* year-on- year. - Quarterly free cash flow of $300m after capex, finance costs, tax and translation impacts; net debt declines by 28% to $620m. - AHE and cash inflow from operations for 9 months ended 30 September 2011 above $1bn and $2bn respectively. - Move to quarterly dividend payments; third-quarter dividend of 90 South African cents or approximately 11 US cents per share declared. - Total cash costs of $737/oz, well within guidance; Production marginally up on previous quarter at 1.092Moz. * Adjusted for hedge buy-back costs. Quarter ended ended ended Sep Jun Sep 2011 2011 2010
SA rand / Metric Operating review Gold Produced - kg / oz (000) 33,970 33,776 36,129 Price received 1 - R/kg / $/oz 394,799 328,951 (47,750) Price received excluding hedge buy-back costs 1 - R/kg / $/oz 394,799 328,951 267,707 Total cash costs - R/kg / $/oz 168,935 153,441 151,007 Total production costs - R/kg / $/oz 211,460 199,541 187,695 Financial review Adjusted gross profit (loss) 2 - Rm / $m 5,870 4,268 (8,670) Adjusted gross profit excluding hedge buy-back costs 2 - Rm / $m 5,870 4,268 2,969 Profit attributable to equity shareholders - Rm / $m 3,304 3,195 443 - cents/share 855 829 120 Adjusted headline earnings (loss) 3 - Rm / $m 3,310 2,317 (8,389) - cents/share 857 601 (2,277) Adjusted headline earnings excluding hedge buy-back costs 3 - Rm / $m 3,310 2,317 2,184 - cents/share 857 601 593 Cash flow from operating activities excluding hedge buy-back costs - Rm / $m 6,497 4,298 3,238 Capital expenditure - Rm / $m 2,874 2,342 1,855 Nine months ended ended Sep Sep
2011 2010 SA rand / Metric Operating review Gold Produced - kg / oz (000) 100,049 104,714 Price received 1 - R/kg / $/oz 345,618 148,314 Price received excluding hedge buy-back costs 1 - R/kg / $/oz 345,618 259,858 Total cash costs - R/kg / $/oz 160,402 149,953 Total production costs - R/kg / $/oz 203,940 187,282 Financial review Adjusted gross profit (loss) 2 - Rm / $m 13,602 (4,310) Adjusted gross profit excluding hedge buy-back costs 2 - Rm / $m 13,602 7,329 Profit attributable to equity shareholders - Rm / $m 8,158 233 - cents/share 2,114 63 Adjusted headline earnings (loss) 3 - Rm / $m 7,043 (6,947) - cents/share 1,825 (1,890)
Adjusted headline earnings excluding hedge buy-back costs 3 - Rm / $m 7,043 3,626 - cents/share 1,825 987
Cash flow from operating activities excluding hedge buy-back costs - Rm / $m 14,402 7,527 Capital expenditure - Rm / $m 6,956 4,841 Quarter ended ended ended Sep Jun Sep 2011 2011 2010
US dollar / Imperial Operating review Gold Produced - kg / oz (000) 1,092 1,086 1,162 Price received 1 - R/kg / $/oz 1,713 1,510 (239) Price received excluding hedge buy-back costs 1 - R/kg / $/oz 1,713 1,510 1,141 Total cash costs - R/kg / $/oz 737 705 643 Total production costs - R/kg / $/oz 922 916 800 Financial review Adjusted gross profit (loss) 2 - Rm / $m 816 629 (1,229) Adjusted gross profit excluding hedge buy-back costs 2 - Rm / $m 816 629 408 Profit attributable to equity shareholders - Rm / $m 456 470 51 - cents/share 118 122 14
Adjusted headline earnings (loss) 3 - Rm / $m 457 342 (1,184) - cents/share 118 89 (321) Adjusted headline earnings excluding hedge buy-back costs 3 - Rm / $m 457 342 303 - cents/share 118 89 82 Cash flow from operating activities excluding hedge buy-back costs - Rm / $m 863 635 424 Capital expenditure - Rm / $m 408 346 253 Nine months
ended ended Sep Sep 2011 2010 US dollar / Imperial Operating review Gold Produced - kg / oz (000) 3,217 3,367 Price received 1 - R/kg / $/oz 1,539 598 Price received excluding hedge buy-back costs 1 - R/kg / $/oz 1,539 1,086 Total cash costs - R/kg / $/oz 716 627 Total production costs - R/kg / $/oz 910 783 Financial review Adjusted gross profit (loss) 2 - Rm / $m 1,942 (652) Adjusted gross profit excluding hedge buy-back costs 2 - Rm / $m 1,942 986 Profit attributable to equity shareholders - Rm / $m 1,167 20 - cents/share 302 5 Adjusted headline earnings (loss) 3 - Rm / $m 1,002 (993) - cents/share 260 (270) Adjusted headline earnings excluding hedge buy-back costs 3 - Rm / $m 1,002 494 - cents/share 260 134
Cash flow from operating activities excluding hedge buy-back costs - Rm / $m 2,011 990 Capital expenditure - Rm / $m 1,002 650 Notes: 1. Refer to note C "Non-GAAP disclosure" for the definition. 2. Refer to note B "Non-GAAP disclosure" for the definition. 3. Refer to note A "Non-GAAP disclosure" for the definition. $ represents US dollar, unless otherwise stated. Rounding of figures may result in computational discrepancies. Operations at a glance for the quarter ended 30 September 2011 Production Total cash costs oz (000) % Variance 2 $/oz % Variance 2
SOUTH AFRICA 394 (9) 757 10 Great Noligwa 25 (7) 1,255 17 Kopanang 78 (6) 700 2 Moab Khotsong 71 (5) 715 8 Mponeng 117 (8) 587 4 Savuka 13 8 931 6 TauTona 58 (3) 908 7 Surface Operations 32 (33) 881 50 CONTINENTAL AFRICA 411 9 739 5 Ghana Iduapriem 48 9 861 (3) Obuasi 78 (6) 829 13 Guinea Siguiri - Attributable 85% 56 (15) 949 18 Mali Morila - Attributable 40% 3 24 (4) 819 (1) Sadiola - Attributable 41% 3 31 (6) 792 15 Yatela - Attributable 40% 3 8 33 1,548 21 Namibia Navachab 16 14 1,110 (8) Tanzania Geita 149 39 473 7 Non-controlling interests, exploration and other AUSTRALASIA 50 (18) 1,570 (2) Australia Sunrise Dam 50 (18) 1,568 3 Exploration and other AMERICAS 238 10 524 8 Argentina Cerro Vanguardia - Attributable 92.50% 52 8 296 12 Brazil AngloGold Ashanti Mineracao 101 20 554 12 Serra Grande - Attributable 50% 15 7 919 4 United States of America Cripple Creek & Victor 69 (1) 561 3 Non-controlling interests, exploration and other OTHER Sub-total 1,092 1 737 5 Equity accounted investments included above AngloGold Ashanti Adjusted gross profit (loss) 1
$m $m Variance 2 SOUTH AFRICA 290 26 Great Noligwa 6 - Kopanang 61 13 Moab Khotsong 45 8 Mponeng 113 11 Savuka 11 4 TauTona 28 7 Surface Operations 26 (17) CONTINENTAL AFRICA 325 81 Ghana Iduapriem 32 14 Obuasi 47 (2) Guinea Siguiri - Attributable 85% 42 (1) Mali Morila - Attributable 40% 3 21 5 Sadiola - Attributable 41% 3 27 2 Yatela - Attributable 40% 3 1 - Namibia Navachab 7 5 Tanzania Geita 142 59 Non-controlling interests, exploration and other 6 (2) AUSTRALASIA - 10 Australia Sunrise Dam 1 6 Exploration and other - 5 AMERICAS 252 101 Argentina Cerro Vanguardia - Attributable 92.50% 64 16 Brazil AngloGold Ashanti Mineracao 98 51 Serra Grande - Attributable 50% 9 12 United States of America Cripple Creek & Victor 69 10 Non-controlling interests, exploration and other 13 13 OTHER (4) (25) Sub-total 864 194 Equity accounted investments included above (48) (7) AngloGold Ashanti 816 187 1 Refer to note B "Non-GAAP disclosure" for the definition. 2 Variance September 2011 quarter on June 2011 quarter - increase (decrease). 3 Equity accounted joint ventures. Rounding of figures may result in computational discrepancies. Financial and Operating Report OVERVIEW FOR THE QUARTER FINANCIAL AND CORPORATE REVIEW Strong performances from Continental Africa and South America, along with full exposure to a record gold price and weaker currencies in Brazil and South Africa drove third quarter earnings and cash flow generation to their highest levels ever during the third quarter. Adjusted headline earnings* (AHE), surged by 51% to $457m, or 118 US cents a share in the three months to 30 September, compared with $303m, or 82 US cents the same period last year. The quarter`s AHE includes a once-off net tax credit of $70m. Compared with the previous quarter, AHE were 34% higher. Cash flow generated from operating activities surged to $863m during the period under review compared with an outflow of $1.1bn a year earlier. Free cash flow, after all capital expenditure, finance costs and tax, was $300m. These robust inflows helped further strengthen the group`s statement of financial position. Net debt (excluding the mandatory convertible bond) was further reduced by $246m, to $620m at the end of the quarter. Capital expenditure of $408m was spent during the quarter, taking the year-to-date expenditure to $1bn. *Excluding hedge buy-back costs DIVIDEND While AngloGold Ashanti has a four-year, internally funded plan targeted at expanding production by about a million ounces, its enhanced operating and financial performance has allowed the company the opportunity to further improve returns to shareholders. Dividends will, with immediate effect, be paid quarterly rather than half-yearly, offering direct and timeous participation in the improved financial performance and strong market fundamentals, while maintaining the ability to both fund capital expenditure and preserve the company`s investment grade credit rating. The board of directors is pleased to announce a dividend of 90 South African cents for the third quarter, equivalent to the dividend paid in the first half of this year. The company anticipates paying the same dividend again for the fourth quarter, which will represent a dividend of 270 South African cents for the year. This is an 86% increase on the South African 145 cent total dividend payment for all of 2010 and represents a cumulative annual compound growth rate in dividends since 2008 of 39%. Looking to 2012, the company will aim to improve the dividend payment yet again on the back of stronger gold prices after providing for its capital expenditure requirements. "Our power to generate earnings and strong cash flow is clear in these numbers," Chief Executive Officer Mark Cutifani said. "the upward jump in the dividend demonstrates the fundamental strength of the business and the market, while maintaining the ability to fund our growth pipeline". OPERATING RESULTS Production for the three months to 30 September 2011 was 1.092Moz at a total cash cost of $737/oz. This compares with guidance of 1.11Moz at $775/oz and the previous quarter`s production of 1.086Moz at $705/oz. The previous quarter`s costs received the once-off benefit of higher-grade feed at Geita to compensate for the SAG mill shutdown, which was not repeated. The third quarter`s result was bolstered by strong performances at Geita in Tanzania, Iduapriem in Ghana and from the Americas, where Cerro Vanguardia in Argentina was once again a standout as the group`s most efficient producer. Nevertheless, Sunrise Dam`s recovery from flooding in the first half of the year was again slower than anticipated, as was the ramp-up of production following the five-day wage-related strike which closed the South African operations during August. In addition, winter power tariffs, higher payroll costs, increased royalties and lower by-product credits also contributed to cost pressure on the South African unit cash costs. SAFETY Tragically, three fatalities occurred during the quarter, one each at Mponeng, Moab Khotsong and Kopanang. These incidents underscore the importance of ongoing efforts to mitigate workplace risks through Project ONE and its emphasis on planning and scheduling, as well as more visible and effective leadership at the operations. Significant strides continue to be made in the group`s overall safety performance. The fatality injury frequency rate for the first nine months of this year has improved by 46% over last year`s level, while for the September quarter, the all injury frequency rate (AIFR) of 9.51 per million hours is the lowest on record. To date this year, the Continental Africa division improved its AIFR by an impressive 39% over last year`s figure. Systemic improvement in the safety performance across the group is becoming entrenched, though there remains much to be done to reach the target of zero harm. OPERATING REVIEW The South African operations produced 394,000oz at a total cash cost of $757/oz for the three months to 30 September 2011, compared with 431,000oz at $688/oz the previous quarter. The lower output resulted from the strike and an increased number of government-imposed safety-related stoppages. Costs increased due to lower volumes, as well as the winter power tariff, mid-year wage increases and higher royalty payments resulting from the strong gold price. By- product contributions also decreased as uranium sales were partially deferred in anticipation of higher prices toward year-end. At the West Wits Operations, production at Mponeng, declined 8% to 117,000oz at a total cash cost of $587/oz, while the adjacent TauTona Mine, having dealt with increased seismicity during the quarter, produced 3% less than the previous quarter at 58,000oz, at a total cash cost of $908/oz. At the Vaal River Operations, production at Great Noligwa, disrupted by safety-related stoppages and geological constraints, closed 7% below the previous quarter at 25,000oz with total cash costs rising 17% to $1,255/oz. Moab Khotsong`s production declined by 5% compared to the previous quarter at 71,000oz, with cost inflation contained at 8% despite the lower by-product contribution. Kopanang experienced lower mining values, cutting production by 6% to 78,000oz. Cost increase was contained to 2% at $700/oz. Surface Operations experienced a 33% decline in gold production to 32,000oz at $881/oz, following a decrease in grade in the specific area reclaimed, as well as milling constraints. The Continental Africa operations produced 411,000oz at a total cash cost of $739/oz in the third quarter of 2011, compared with 377,000oz at a total cash cost of $705/oz the previous quarter. At Geita, significant increase in tonnages following last quarter`s mill shutdown, helped boost production 39% to 149,000oz at a total cash cost of $473/oz. Iduapriem increased production by 9% to 48,000oz at a total cash cost of $861/oz, with improved plant availability and higher tonnage offsetting lower recovered grade. Obuasi saw a 6% drop in production to 78,000oz at a total cash cost of $829/oz, due principally to lower grades and equipment availability underground. In Mali, production from Morila and Sadiola was 4% and 6% lower, and as planned at Navachab, in Namibia, production and costs both improved due to higher grades and tonnage throughput. Siguiri remains a challenge, with lower-than- anticipated grades from the Sintroko pit contributing to a 15% drop in output to 56,000oz at a total cash cost of $949/oz. The Americas operations produced 238,000oz at a total cash cost of $524/oz in the third quarter of 2011, compared with 216,000oz at a total cash cost of $487/oz the previous quarter. Cerro Vanguardia delivered another sterling performance in Argentina`s difficult inflationary environment, increasing production by 8% to 52,000oz at $296/oz. Again, Project ONE`s implementation helped improve efficiencies, particularly with regard to consumables, partly offsetting the impact of inflation, lower by-product credits and higher royalty payments. At Brasil Mineracao, higher tonnage and grades boosted production by 20% to 101,000oz, whilst costs were 12% higher at $554/oz given continued inflationary impacts, particularly on maintenance costs and payroll, following the annual salary increase in August. At Serra Grande, higher grades and tonnages pushed production 7% higher to 15,000oz at $919/oz. At Cripple Creek & Victor gold production was steady at 69,000oz, while cash costs increased 3% to $561/oz. In Australia, Sunrise Dam continued to feel the impact of the flooding which damaged the pit wall earlier this year. Mining in the open pit remained suspended while remediation work was undertaken. Production decreased by 18% to 50,000oz, while recovery work and lower output pushed total cash costs 3% higher to $1,568/oz. PROJECTS AngloGold Ashanti incurred capital expenditure of $408m during the quarter, of which $141m was spent on growth projects. Of the growth-related capital, $68m was spent in the Americas, $22m was spent in Continental Africa, $25m in Australasia and $26m in South Africa. At the Kibali joint venture, in the Democratic Republic of the Congo, good progress was made on the relocation of villagers, with a total of 301 new houses completed in the Kokiza settlement. Construction also commenced on the Catholic Church complex, roads and other infrastructure. Randgold Resources, AngloGold Ashanti`s partner and operator of the project, aims to complete the final feasibility study on the project by month-end. AngloGold Ashanti`s Business and Technical Development team will review the study in January 2012 before its submission to the board in February. The optimised feasibility study for the Mongbwalu project, also in the DRC, will also be submitted to the board for approval in February. The project`s review panel recommended further work to improve the overall business strategy together with a recommendation for the project team to obtain approval for the `Early Works` programme. Cost estimates and the project execution plan is under review by the project team, with a final review by the Business and Technical Development team scheduled for December 2011 before board submission. At the Corrego do Sitio project, in Brazil, the Concentrate circuit is operating, the carbon-in-leach circuit is cold commissioned and crushing- milling-flotation areas handed over to the operating team. The mine ramp-up phase is also on track, with plant production scheduled by the end of the year. The Tropicana Gold Project in Australia continued on budget and schedule, with first gold production anticipated in the second half of 2013. The principal design of the majority of engineering and infrastructure works were completed, the contract was awarded for the construction of the accommodation camp and good progress continued on construction of the 220km access road. EXPLORATION Total exploration expenditure during the third quarter, inclusive of expenditure at equity accounted joint ventures, was $96m ($35m on brownfield, $33m on greenfield and $28m on pre-feasibility studies), compared with $82m the previous quarter ($32m on brownfield, $27m on greenfield and $23m on pre- feasibility studies). The following are highlights from the company`s exploration activities during the quarter. More detail on AngloGold Ashanti`s exploration programme can be found at www.anglogoldashanti.com. In Australia, at the Tropicana JV (AngloGold Ashanti 70%, Independence Group 30%), exploration targeted the Swizzler target which lies between the Tropicana and Havana deposits and the Havana Deeps. Reconnaissance aircore drilling and RC/diamond drilling of a number of key prospects also continued on the Tropicana JV tenements. At the wholly- owned Viking project, several high priority geochemical anomalies were delineated, with drill testing scheduled for the fourth quarter. At the Gawler JV with Stellar Resources (AngloGold Ashanti earning 75%), covering the Coronation Bore and Gairdner projects in South Australia, results of aeromagnetic and ground gravity surveys will be used to define targets for diamond drilling. At Sunrise Dam, exploration continued to extend the known mineral resource underground, and target and follow-up on significant intercepts returned from the deeper areas below the current workings (Vogue Prospect). The drilling for the period totalled 18,174m. Early stage exploration work continued on a number of surface prospects both on and adjacent to the mine. In the Americas, the focus during the quarter remained on early stage exploration in Colombia, Canada, the United States, Brazil and Argentina. In North America, Greenfield exploration activities continued in Utah, Nunavut and Ontario. In the United States, at Cripple Creek and Victor, a total of 21,685m were drilled. Several Reverse Circulation (RC) holes for the MLE-2 Programme displayed significant ore grade gold mineralisation well below the 2011 WHEX and Grassy Valley Design Pit bottoms. The results from these holes will help to deepen the current WHEX and Grassy Valley Design pit bottoms. In Colombia, where the tenement position is about 16,000km2, exploration programmes were undertaken in five areas: Quebradona, Anaima-Tocha, La Llanada, Rio Dulce and La Vega. Assay results from the Nuevo Chaquiro prospect at Quebradona merit further drilling. In addition, 7,649 line km of airborne geophysics was completed over key projects in the country. At Gramalote, the brownfields team conducted infill drilling at Gramalote Central and exploration drilling focused on Monjas East, Monjas West, Trinidad and El Limon targets with 10,566m drilled. Several significant intercepts were obtained from the reconnaissance drilling. Soil sampling and condemnation drilling continued in the Palestina Valley. At La Colosa, drilling progressed well with 13,967m drilled and 27 boreholes completed. Five rigs are now operating on site. Very significant intersections continued to be obtained on the edges of the previously defined system. These will add significantly to the overall mineralised system. Work was also undertaken on the Falcao joint venture with Horizonte minerals in Brazil, with diamond drilling yielding promising results. At Cerro Vanguardia in Argentina, 14,530m of drilling was completed. Thirteen veins were drilled with encouraging results in both vein texture encountered and assay results. Trenching and channel sampling to facilitate drilling targeting was active on eight different veins. In the Solomon Islands, exploration continued at the Kele and Mase Joint Ventures with XDM Resources, where AngloGold Ashanti earned a 51% interest in both projects. At Mase, 1,168m diamond drilling was undertaken in seven holes, at four prospects. Hand dug trenching was completed and reconnaissance mapping carried out in five areas. Ground surveying and mapping was completed for planned ground geophysical surveys. At Kele, diamond drilling continued with 745m completed in six holes, at three prospects. Mechanical trenching was completed at one prospect and soil sampling was completed in two areas. In Sub-Saharan Africa regional exploration programmes were undertaken in Guinea, the DRC and Gabon. In Gabon, first phase exploratory drilling was completed on the Ndjole and Mevang joint venture licences. Results include 2m @ 4.7 g/t Au from 114m, 1m @ 3.42 g/t Au from 115m, 2m @ 1.59g/t Au from 84m, 1.5m @ 4.52g/t Au from 130.5m, 1.5m @ 1.26g/t Au from 128m and 4.5m @ 1.94 g/t Au (including 1m @ 6.74 g/t Au from 40.5m). In Guinea, regional greenfields exploration programmes were conducted in Blocks 2, 3 and 4 and the Corridor Block that cover an area of some 1,600km2. The main activities included drilling at the Saraya project and the Kounkoun prospect located in Blocks 2 and 3 respectively. Other activities included regional ground geophysics programmes and soil sampling on exploration licences. The assay backlog for samples from Saraya and Kounkoun is being cleared, with two rigs expected to recommence drilling in the fourth quarter. At neighbouring Siguiri, a total of 31,874m of brownfields drilling was also completed during the quarter. RC infill drilling focused on upgrading the oxide mineral resources in Kozan Central West, with positive results. Fresh rock RC drilling focused on the Tubani Extension and tested the potential for gold mineralisation in the fresh rock below the current pit to a depth of approximately 150m. Fresh rock RCDD drilling focused on the old Kozan and Sintroko Push Backs pits. This aimed to test fresh rock potential and depth extent of ore zones below the current pits, as well as to provide valuable structural information on the mineralisation styles in the fresh rock. Drilling for metallurgical test work focused on Sokunu, Kozan and Kami. These samples will be used to determine the optimum metallurgical processing routes and recoveries for new oxide, transition and fresh ore. Geochemical soil sampling focused on the southeast of Block 1 to develop the resource pipeline. In Mali, a total of 27,576m of drilling was completed at Yatela and Sadiola during the quarter. Substantial sterilisation drilling was undertaken as part of development activities for both the Sadiola Sulphide Project and Yatela Gold Mine. Termite mound sampling of 200m X 50m over the Yatela concession has advanced the geological understanding of the overall Yatela land package and refined numerous targets adjacent to the current mining operations which will be aggressively explored in the coming months. A project aimed at providing detailed alteration information supporting the metallurgical database, as well as improving the understanding of the Sadiola orebody as a whole commenced during the quarter. Spectral scanning of the Sadiola drill core is planned to achieve 70,000m by early 2012. In the DRC, drilling, trenching and soil sampling on regional grids at the 5,866 km2 AGK Kilo JV project, covering seven prospects. Assay results were received for the Bakombe trenches with an encouraging intercept of 45m @ 1.5 g/t Au, including 7m @ 3.0 g/t Au and 6m @ 2.1 g/t Au. Assay results from trenches in the Lodjo area include significant intercepts of 25m @ 2.26g/t Au and 20m @ 2.8g/t Au. Progress was also made by the brownfields team in the Mongbwalu project area, where about 1,212m of drilling was carried out over the Adidi and Kanga Mineral Resource. Mine dewatering and metallurgical test work was undertaken in support of the feasibility study. At Kibali, 13,063m of drilling focused on feasibility work and underground infrastructure. Exploration drilling commenced on a number of high priority satellite deposits. Exploration drilling was undertaken on the Kombokolo deposit, and at Agbarabo, which was formerly the highest grade underground mine on the property reporting grades of more than 30g/t Au. Greenfields exploration in the Middle East & North Africa region is being undertaken by the Thani Ashanti strategic alliance. Exploration involved diamond drilling at the Hutite prospect, located on the Hodine licence in Egypt. A total of 2,498m of diamond drilling was completed during the quarter. All significant results are from the Central Domain which stretches for roughly 1km and remains open along strike and at depth. Three rigs will drill the Hodine licence during the fourth quarter. Significant results at Hutite include 7m @ 7.05 g/t Au from 84m and 9m @ 1.35 g/t Au from 108m in HUD016, 3m @ 7.23 g/t Au from 178m and 8m @ 18.57 g/t Au from 203m in HUD017, and 5m @ 3.0 g/t Au from 159m in HUD020. The Afar JV with Stratex International, also yielded significant results at the Megenta project in Ethiopia. These include, 3.3m @ 4.45 g/t Au from 92m in Hole 12 (including 0.7m @ 19.5 g/t Au) and 44m @ 0.67 g/t Au from 68m in Hole 10 (including 0.3m @ 8.27 g/t Au & 3m @ 3.56 g/t Au). In Ghana, the Brownfields team at Obuasi achieved 633m at its Below 50 Level exploration programme. The team also commenced a Mineral Resource infill programme at the Anyankyerim deposit (1,084m), the results of which will inform a feasibility study for the potential reopening of the Obuasi Oxide Treatment Plant. At Geita, in Tanzania, 20,691m of drilling was completed during the quarter, focused on Mineral Resource infill drilling around the mining operations and more regional exploration to support the growth strategy. Resource upgrade drilling was carried out at Nyankanga cut 7 & 8, as well as the Geita Hill W2 deposits. OUTLOOK Given the increased safety stoppages in South Africa, the ongoing water shortages at CC&V and the slower ramp up at Sunrise Dam, full year 2011 production is now estimated to be around 4.33Moz. Total cash costs are estimated at between $735-$745/oz on the basis of weaker local operating currency assumptions for the year (R7.10/$, A$1.03/$, BRL1.66/$ and AP4.12/$) and fuel at $111/barrel. This translates to a fourth quarter estimated production of approximately 1.11Moz at a total cash cost of approximately $790/oz, this assumes an exchange rate of R7.50/$, A$1.00/$, BRL1.75/$ and AP4.25/$ and fuel at $105/barrel. The increase in fourth quarter total cash costs are driven mainly by deferred stripping and inventory charges. As in prior years, the fourth quarter numbers will be distorted by year-end accounting adjustments such as re- assessment of useful asset lives, rehabilitation, direct and indirect tax, and inventory provisions. Review of the Gold Market Gold price movement and investment markets Gold price data After rising only 4.5% from January to June, the third quarter saw a 30% advance in the gold price, which peaked at a record $1,920/oz. The quarter was also marked by a sharp increase in gold price volatility, reflecting investor nervousness and uncertainty. Fallout from the U.S. federal debt ceiling debacle was exacerbated when Standard & Poor`s downgraded the country`s sovereign rating, citing political risk and a rising debt burden. Against this backdrop, the European debt crisis accelerated as EU member states were indecisive about increasing the European Financial Stability Facility and restructuring the sovereign debt obligations of some member states. The latter brought into focus the exposure of the European banking sector to sovereign defaults and their concomitant systemic risk. Recent data show that hope of recovery in the U.S. is precarious, with some commentators raising the likelihood of another recession. This slew of bad news buffeted the commodity complex with the gold price a casualty as many investors preferred to move into cash. Investment demand The third quarter`s economic and debt woes reignited investor interest in ETFs. By the time the US sovereign rating downgrade was announced, combined holdings of the major ETFs rose 6% to 72Mozs from the start of the quarter. Subsequent additions were more modest and remained positive over the quarter. In India, the ETF market continued to show steady growth and potential as a promising long-term source of gold demand. The COMEX positioning was more volatile over the period, increasing from 24Mozs net long at the start of July to a peak of almost 34Moz around early August, when the U.S. debt rating was downgraded. Significant liquidation, however, occurred during the last week of September, taking the net long position down to 21.4Moz at quarter end. Bar and coin demand in the US remains firm. China on the other hand continued to exhibit seemingly insatiable demand for imported kilobars, as the market continued to expand. Jewellery manufacturers started producing investment bars for sale in retail outlets across China. In India, unprecedented price volatility dampened investment demand. China also responded negatively to price volatility but still showed growth, although not as high as in the second quarter. Official sector The official sector continued to be prominent on the demand side during the quarter. Thailand, Bolivia, Tajikistan and Russia were all reported to have added to their reserves during August. One market analyst suggested that a higher gold price does not necessarily impede central bank buying, particularly for those whose gold allocation is considered to be relatively low. The end of the quarter saw the conclusion of the second year of the current Central Bank Agreement and at the time of writing, no third-quarter sales under this agreement could be confirmed. Sales for the second year totalled just over 53 tonnes, 52 of which came from the IMF. Jewellery sales After seven consecutive quarters of growth, the Indian market experienced its first contraction in the third quarter. This is traditionally a slower period as the trade sector starts to stock up for Diwali. This year, however, rupee gold-price volatility caused many to defer purchases, with some retailers` stock levels at half of what they were at the same time last year. It is estimated that the quarter under review will see a 20% to 25% year-on-year fall in demand. In China, notwithstanding volatility, the jewellery market was estimated to have grown some 5-8%. August and September saw strong sales as the market moved into the peak sales time around the National Day holiday. Manufacturers experienced strong sales during the Shenzhen Jewellery Fair, with sales during that week estimated at some 40-50 tonnes. The trade remained upbeat and sought to manage gold price volatility by cautiously timing purchases and managing stock levels accordingly. A number of Chinese retailers have launched franchise operations to expand their reach. Gold price volatility also dampened demand in the U.S. jewellery sector but the quarter under review registered modest growth. The bifurcation of the market into high- and low-end continued, with silver continuing to dominate the lower end while higher-end gold retailers still enjoyed firm sales despite the economic malaise. Group income statement Quarter Quarter ended ended
September June 2011 2011 SA Rand million Notes Reviewed Reviewed Revenue 2 13,428 11,547 Gold income 12,850 10,680 Cost of sales 3 (6,980) (6,412) Loss on non-hedge derivatives and other commodity contracts 4 (5) (14) Gross profit 5,865 4,254 Corporate administration, marketing and other expenses (488) (449) Exploration costs (541) (429) Other operating expenses 5 (84) (53) Special items 6 (97) 197 Operating profit 4,655 3,520 Interest received 75 73 Exchange gain (loss) 123 (34) Fair value adjustment on option component of convertible bonds 88 499 Finance costs and unwinding of obligations 7 (345) (342) Fair value adjustment on mandatory convertible bonds 66 442 Share of equity accounted investments` profit 175 139 Profit before taxation 4,837 4,297 Taxation 8 (1,465) (1,013) Profit for the period 3,372 3,284 Allocated as follows: Equity shareholders 3,304 3,195 Non-controlling interests 68 89 3,372 3,284 Basic earnings per ordinary share (cents) 1 855 829 Diluted earnings per ordinary share (cents) 2 810 694 Quarter Nine months Nine months ended ended ended September September September 2010 2011 2010
SA Rand million Unaudited Reviewed Unaudited Revenue 10,668 35,377 29,040 Gold income 10,372 33,464 28,220 Cost of sales (6,659) (19,863) (18,819) Loss on non-hedge derivatives and other commodity contracts (1,041) (7) (4,607) Gross profit 2,672 13,594 4,794 Corporate administration, marketing and other expenses (376) (1,401) (1,070) Exploration costs (440) (1,367) (1,108) Other operating expenses (50) (225) (122) Special items (424) 111 (686) Operating profit 1,382 10,712 1,808 Interest received 58 203 192 Exchange gain (loss) (113) 92 (75) Fair value adjustment on option component of convertible bonds (166) 677 319 Finance costs and unwinding of obligations (285) (1,028) (846) Fair value adjustment on mandatory convertible bonds (160) 647 (160) Share of equity accounted investments` profit 151 396 403 Profit before taxation 867 11,699 1,641 Taxation (318) (3,342) (1,140) Profit for the period 549 8,357 501 Allocated as follows: Equity shareholders 443 8,158 233 Non-controlling interests 106 199 268 549 8,357 501 Basic earnings per ordinary share (cents) 1 120 2,114 63 Diluted earnings per ordinary share (cents) 2 120 1,897 63 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 quarter ended on 30 September 2011 have been prepared by the corporate accounting staff of AngloGold Ashanti Limited headed by Mr John Edwin Staples, the Group`s Chief Financial Accounting Officer. This process was supervised by Mr Srinivasan Venkatakrishnan, the Group`s Chief Financial Officer. These financial statements were reviewed (but not audited) by Ernst & Young Inc, the Group`s statutory auditors and approved by the Board of AngloGold Ashanti Limited. Ernst & Young Inc issued an unmodified review report which can be inspected at the registered offices of AngloGold Ashanti Limited. Group income statement Quarter Quarter ended ended September June 2011 2011
US Dollar million Notes Reviewed Reviewed Revenue 2 1,873 1,704 Gold income 1,793 1,576 Cost of sales 3 (977) (947) Loss on non-hedge derivatives and other commodity contracts 4 (1) (2) Gross profit 815 627 Corporate administration, marketing and other expenses (67) (66) Exploration costs (76) (63) Other operating expenses 5 (11) (8) Special items 6 (13) 29 Operating profit 648 519 Interest received 10 11 Exchange gain (loss) 15 (6) Fair value adjustment on option component of convertible bonds 11 73 Finance costs and unwinding of obligations 7 (48) (50) Fair value adjustment on mandatory convertible bonds 9 64 Share of equity accounted investments` profit 24 21 Profit before taxation 669 632 Taxation 8 (204) (149) Profit for the period 465 483 Allocated as follows: Equity shareholders 456 470 Non-controlling interests 9 13 465 483
Basic earnings per ordinary share (cents) 1 118 122 Diluted earnings per ordinary share (cents) 2 112 102 Quarter Nine months Nine months ended ended ended
September September September 2010 2011 2010 US Dollar million Unaudited Reviewed Unaudited Revenue 1,461 5,066 3,901 Gold income 1,420 4,791 3,791 Cost of sales (911) (2,849) (2,529) Loss on non-hedge derivatives and other commodity contracts (152) (1) (625) Gross profit 357 1,941 637 Corporate administration, marketing and other expenses (52) (201) (144) Exploration costs (60) (196) (149) Other operating expenses (7) (32) (16) Special items (60) 18 (95) Operating profit 178 1,530 233 Interest received 8 29 26 Exchange gain (loss) (16) 12 (11) Fair value adjustment on option component of convertible bonds (24) 98 40 Finance costs and unwinding of obligations (39) (148) (114) Fair value adjustment on mandatory convertible bonds (22) 95 (22) Share of equity accounted investments` profit 21 57 54 Profit before taxation 106 1,673 206 Taxation (41) (477) (149) Profit for the period 65 1,196 57 Allocated as follows: Equity shareholders 51 1,167 20 Non-controlling interests 14 29 37 65 1,196 57
Basic earnings per ordinary share (cents) 1 14 302 5 Diluted earnings per ordinary share (cents) 2 14 271 5 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. Group statement of comprehensive income Quarter Quarter Quarter ended ended ended September June September 2011 2011 2010
SA Rand million Reviewed Reviewed Unaudited Profit for the period 3,372 3,284 549 Exchange differences on translation of foreign operations 3,754 23 (1,100) Share of equity accounted investments` other comprehensive (expense) income - (3) 2 Net loss on cash flow hedges removed from equity and reported in gold income - - - Realised gain on hedges of capital items - 1 - Deferred taxation thereon - (1) (1) - - (1) Net (loss) gain on available-for-sale financial assets (319) (189) 43 Release on disposal and impairment of available-for-sale financial assets 126 16 - Deferred taxation thereon (82) - - Other comprehensive income (expense) (275) (173) 43 for the period net of tax 3,479 (153) (1,056) Total comprehensive income (expense) for the period net of tax 6,851 3,131 (507) Allocated as follows: Equity shareholders 6,783 3,042 (613) Non-controlling interests 68 89 106 6,851 3,131 (507)
Nine months Nine months ended ended September September 2011 2010
SA Rand million Reviewed Unaudited Profit for the period 8,357 501 Exchange differences on translation of foreign operations 4,251 (1,007) Share of equity accounted investments` other comprehensive (expense) income (5) (2) Net loss on cash flow hedges removed from equity and reported in gold income - 279 Realised gain on hedges of capital items 2 2 Deferred taxation thereon (1) (99) 1 182 Net (loss) gain on available-for-sale financial assets (519) 142 Release on disposal and impairment of available-for-sale financial assets 142 (41) Deferred taxation thereon (82) 13 Other comprehensive income (expense) (459) 114 for the period net of tax 3,788 (713) Total comprehensive income (expense) for the period net of tax 12,145 (212) Allocated as follows: Equity shareholders 11,946 (480) Non-controlling interests 199 268 12,145 (212) Rounding of figures may result in computational discrepancies. Group statement of comprehensive income Quarter Quarter Quarter ended ended ended September June September
2011 2011 2010 US Dollar million Reviewed Reviewed Unaudited Profit for the period 465 483 65 Exchange differences on translation of foreign operations (389) 25 151 Share of equity accounted investments` other comprehensive (expense) income - (1) 1 Net loss on cash flow hedges removed from equity and reported in gold income - - - Realised gain on hedges of capital items - - - Deferred taxation thereon - - - - - -
Net (loss) gain on available-for-sale financial assets (42) (27) 5 Release on disposal and impairment of available-for-sale financial assets 17 2 - Deferred taxation thereon (11) - - (36) (25) 5 Other comprehensive (expense) income for the period net of tax (425) (1) 157 Total comprehensive income for the period net of tax 40 482 222 Allocated as follows: Equity shareholders 31 469 208 Non-controlling interests 9 13 14 40 482 222 Nine months Nine months ended ended
September September 2011 2010 US Dollar million Reviewed Unaudited Profit for the period 1,196 57 Exchange differences on translation of foreign operations (412) 90 Share of equity accounted investments` other comprehensive (expense) income (1) - Net loss on cash flow hedges removed from equity and reported in gold income - 38 Realised gain on hedges of capital items - - Deferred taxation thereon - (13) - 25 Net (loss) gain on available-for-sale financial assets (71) 19 Release on disposal and impairment of available-for-sale financial assets 19 (6) Deferred taxation thereon (11) 2 (63) 15 Other comprehensive (expense) income for the period net of tax (476) 130 Total comprehensive income for the period net of tax 720 187 Allocated as follows: Equity shareholders 691 150 Non-controlling interests 29 37 720 187 Rounding of figures may result in computational discrepancies. Group statement of financial position As at As at September June 2011 2011 SA Rand million Note Reviewed Reviewed ASSETS Non-current assets Tangible assets 48,991 42,256 Intangible assets 1,547 1,357 Investments in associates and equity accounted joint ventures 5,613 4,451 Other investments 1,563 1,521 Inventories 3,304 2,820 Trade and other receivables 942 1,060 Derivatives - - Deferred taxation 557 142 Cash restricted for use 179 172 Other non-current assets 76 68 62,772 53,847 Current assets Inventories 7,778 6,295 Trade and other receivables 2,257 1,923 Derivatives - - Current portion of other non-current assets 10 23 Cash restricted for use 304 207 Cash and cash equivalents 8,717 5,656 19,066 14,104 Non-current assets held for sale 12 12 19,078 14,116
TOTAL ASSETS 81,850 67,963 EQUITY AND LIABILITIES Share capital and premium 11 45,903 45,824 Retained earnings and other reserves (8,243) (14,500) Non-controlling interests 1,086 923 Total equity 38,746 32,247 Non-current liabilities Borrowings 19,778 16,514 Environmental rehabilitation and other provisions 4,845 4,294 Provision for pension and post-retirement benefits 1,326 1,274 Trade, other payables and deferred income 133 131 Derivatives 636 596 Deferred taxation 8,519 7,073 35,237 29,882
Current liabilities Current portion of borrowings 382 204 Trade, other payables and deferred income 5,769 4,732 Derivatives - - Taxation 1,716 898 7,867 5,834 Non-current liabilities held for sale - - 7,867 5,834
Total liabilities 43,104 35,716 TOTAL EQUITY AND LIABILITIES 81,850 67,963 As at As at December September
2010 2010 SA Rand million Audited Unaudited ASSETS Non-current assets Tangible assets 40,600 41,489 Intangible assets 1,277 1,296 Investments in associates and equity accounted joint ventures 4,087 4,329 Other investments 1,555 1,627 Inventories 2,268 2,268 Trade and other receivables 1,000 994 Derivatives - 8 Deferred taxation 131 88 Cash restricted for use 214 214 Other non-current assets 59 92 51,191 52,405
Current assets Inventories 5,848 5,860 Trade and other receivables 1,625 1,588 Derivatives 6 453 Current portion of other non-current assets 4 2 Cash restricted for use 69 84 Cash and cash equivalents 3,776 9,313 11,328 17,300
Non-current assets held for sale 110 114 11,438 17,414 TOTAL ASSETS 62,629 69,819 EQUITY AND LIABILITIES Share capital and premium 45,678 45,598 Retained earnings and other reserves (19,470) (19,159) Non-controlling interests 815 916 Total equity 27,023 27,355 Non-current liabilities Borrowings 16,877 17,363 Environmental rehabilitation and other provisions 3,873 3,332 Provision for pension and post-retirement benefits 1,258 1,187 Trade, other payables and deferred income 110 119 Derivatives 1,158 947 Deferred taxation 5,910 5,776 29,186 28,724
Current liabilities Current portion of borrowings 886 1,864 Trade, other payables and deferred income 4,630 4,061 Derivatives - 7,316 Taxation 882 499 6,398 13,740 Non-current liabilities held for sale 22 - 6,420 13,740
Total liabilities 35,606 42,464 TOTAL EQUITY AND LIABILITIES 62,629 69,819 Rounding of figures may result in computational discrepancies. Group statement of financial position As at As at September June 2011 2011 US Dollar million Note Reviewed Reviewed ASSETS Non-current assets Tangible assets 6,042 6,271 Intangible assets 191 201 Investments in associates and equity accounted joint ventures 692 661 Other investments 193 226 Inventories 407 419 Trade and other receivables 116 157 Derivatives - - Deferred taxation 69 21 Cash restricted for use 22 25 Other non-current assets 9 10 7,741 7,991 Current assets Inventories 959 934 Trade and other receivables 279 286 Derivatives - - Current portion of other non-current assets 1 3 Cash restricted for use 38 31 Cash and cash equivalents 1,075 839 2,352 2,093 Non-current assets held for sale 1 2 2,353 2,095
TOTAL ASSETS 10,094 10,086 EQUITY AND LIABILITIES Share capital and premium 11 6,660 6,648 Retained earnings and other reserves (2,015) (2,000) Non-controlling interests 133 137 Total equity 4,778 4,785 Non-current liabilities Borrowings 2,439 2,451 Environmental rehabilitation and other provisions 597 637 Provision for pension and post-retirement benefits 164 189 Trade, other payables and deferred income 16 20 Derivatives 78 88 Deferred taxation 1,051 1,050 4,345 4,435
Current liabilities Current portion of borrowings 47 30 Trade, other payables and deferred income 712 703 Derivatives - - Taxation 212 133 971 866 Non-current liabilities held for sale - - 971 866
Total liabilities 5,316 5,301 TOTAL EQUITY AND LIABILITIES 10,094 10,086 As at As at December September
2010 2010 US Dollar million Audited Unaudited ASSETS Non-current assets Tangible assets 6,180 5,961 Intangible assets 194 186 Investments in associates and equity accounted joint ventures 622 622 Other investments 237 234 Inventories 345 326 Trade and other receivables 152 143 Derivatives - 1 Deferred taxation 20 13 Cash restricted for use 33 31 Other non-current assets 9 13 7,792 7,530
Current assets Inventories 890 842 Trade and other receivables 247 228 Derivatives 1 65 Current portion of other non-current assets 1 - Cash restricted for use 10 12 Cash and cash equivalents 575 1,338 1,724 2,485
Non-current assets held for sale 16 17 1,740 2,502 TOTAL ASSETS 9,532 10,032 EQUITY AND LIABILITIES Share capital and premium 6,627 6,615 Retained earnings and other reserves (2,638) (2,817) Non-controlling interests 124 132 Total equity 4,113 3,930 Non-current liabilities Borrowings 2,569 2,495 Environmental rehabilitation and other provisions 589 479 Provision for pension and post-retirement benefits 191 170 Trade, other payables and deferred income 17 17 Derivatives 176 136 Deferred taxation 900 830 4,442 4,127
Current liabilities Current portion of borrowings 135 268 Trade, other payables and deferred income 705 584 Derivatives - 1,051 Taxation 134 72 974 1,975 Non-current liabilities held for sale 3 - 977 1,975
Total liabilities 5,419 6,102 TOTAL EQUITY AND LIABILITIES 9,532 10,032 Rounding of figures may result in computational discrepancies. Group statement of cash flows Quarter Quarter Quarter ended ended ended September June September 2011 2011 2010
SA Rand million Reviewed Reviewed Unaudited Cash flows from operating activities Receipts from customers 13,336 11,127 10,566 Payments to suppliers and employees (6,753) (6,286) (7,105) Cash generated from operations 6,583 4,841 3,461 Dividends received from equity accounted investments 333 94 116 Taxation refund 8 492 - Taxation paid (427) (1,129) (339) Cash utilised for hedge buy-back costs - - (11,021) Net cash inflow (outflow) from operating activities 6,497 4,298 (7,783) Cash flows from investing activities Capital expenditure (2,739) (2,186) (1,771) Proceeds from disposal of tangible assets 26 45 468 Other investments acquired (515) (209) (432) Investment in associates and equity accounted joint ventures (222) (171) (48) Proceeds from disposal of associate - - - Loans advanced to associates and equity accounted joint ventures (78) (16) - Proceeds from disposal of subsidiary - - - Cash in subsidiary disposed - - - Proceeds from disposal of investments 266 186 280 Expenditure on intangible assets (49) - - (Increase) decrease in cash restricted for use (65) (123) 142 Interest received 79 68 57 Loans advanced - - 4 Repayment of loans advanced 16 4 - Net cash outflow from investing activities (3,281) (2,402) (1,300) Cash flows from financing activities Proceeds from issue of share capital 16 2 5,596 Share issue expenses - (2) (113) Proceeds from borrowings 681 39 7,139 Repayment of borrowings (792) (21) (21) Finance costs paid (105) (386) (46) Mandatory convertible bond transaction costs - - (155) Dividends paid (368) (72) (264) Net cash (outflow) inflow from financing activities (568) (440) 12,136 Net increase in cash and cash equivalents 2,648 1,456 3,053 Translation 413 13 (347) Cash and cash equivalents at beginning of period 5,656 4,187 6,607 Cash and cash equivalents at end of period 8,717 5,656 9,313 Cash generated from operations Profit before taxation 4,837 4,297 867 Adjusted for: Movement on non-hedge derivatives and other commodity contracts 5 14 241 Amortisation of tangible assets 1,374 1,274 1,240 Finance costs and unwinding of obligations 345 342 285 Environmental, rehabilitation and other expenditure (38) 237 53 Special items 174 93 542 Amortisation of intangible assets 4 4 4 Deferred stripping - 40 237 Fair value adjustment on option component of convertible bonds (88) (499) 166 Fair value adjustment on mandatory convertible bonds (66) (442) 160 Interest received (75) (73) (58) Share of equity accounted investments` profit (175) (139) (151) Other non-cash movements (38) 94 88 Movements in working capital 324 (401) (213) 6,583 4,841 3,461
Movements in working capital (Increase) decrease in inventories (1,960) (587) 306 Decrease (increase) in trade and other receivables 196 (91) (80) Increase (decrease) in trade and other payables 2,088 277 (439) 324 (401) (213) Nine months Nine months
ended ended September September 2011 2010 SA Rand million Reviewed Unaudited Cash flows from operating activities Receipts from customers 34,586 28,762 Payments to suppliers and employees (19,635) (20,737) Cash generated from operations 14,951 8,025 Dividends received from equity accounted investments 629 721 Taxation refund 657 - Taxation paid (1,835) (1,219) Cash utilised for hedge buy-back costs - (11,021) Net cash inflow (outflow) from operating activities 14,402 (3,494) Cash flows from investing activities Capital expenditure (6,560) (4,638) Proceeds from disposal of tangible assets 84 488 Other investments acquired (939) (680) Investment in associates and equity accounted joint ventures (560) (219) Proceeds from disposal of associate - 4 Loans advanced to associates and equity accounted joint ventures (94) (22) Proceeds from disposal of subsidiary 62 - Cash in subsidiary disposed (77) - Proceeds from disposal of investments 557 461 Expenditure on intangible assets (49) - (Increase) decrease in cash restricted for use (157) 174 Interest received 201 173 Loans advanced - (33) Repayment of loans advanced 20 1 Net cash outflow from investing activities (7,512) (4,291) Cash flows from financing activities Proceeds from issue of share capital 23 5,625 Share issue expenses (2) (113) Proceeds from borrowings 721 14,786 Repayment of borrowings (1,893) (9,926) Finance costs paid (613) (422) Mandatory convertible bond transaction costs - (155) Dividends paid (747) (707) Net cash (outflow) inflow from financing activities (2,511) 9,088 Net increase in cash and cash equivalents 4,379 1,303 Translation 489 (166) Cash and cash equivalents at beginning of period 3,849 8,176 Cash and cash equivalents at end of period 8,717 9,313 Cash generated from operations Profit before taxation 11,699 1,641 Adjusted for: Movement on non-hedge derivatives and other commodity contracts 7 2,448 Amortisation of tangible assets 3,942 3,680 Finance costs and unwinding of obligations 1,028 846 Environmental, rehabilitation and other expenditure 200 66 Special items 313 796 Amortisation of intangible assets 12 11 Deferred stripping 181 765 Fair value adjustment on option component of convertible bonds (677) (319) Fair value adjustment on mandatory convertible bonds (647) 160 Interest received (203) (192) Share of equity accounted investments` profit (396) (403) Other non-cash movements 100 118 Movements in working capital (608) (1,592) 14,951 8,025
Movements in working capital (Increase) decrease in inventories (2,902) (565) Decrease (increase) in trade and other receivables (392) (582) Increase (decrease) in trade and other payables 2,686 (445) (608) (1,592) Rounding of figures may result in computational discrepancies. Group statement of cash flows Quarter Quarter Quarter
ended ended ended September June September 2011 2011 2010 US Dollar million Reviewed Reviewed Unaudited Cash flows from operating activities Receipts from customers 1,875 1,641 1,441 Payments to suppliers and employees (988) (926) (995) Cash generated from operations 887 715 446 Dividends received from equity accounted investments 34 14 25 Taxation refund 1 73 - Taxation paid (59) (167) (47) Cash utilised for hedge buy-back costs - - (1,550) Net cash inflow (outflow) from operating activities 863 635 (1,126) Cash flows from investing activities Capital expenditure (382) (323) (242) Proceeds from disposal of tangible assets 4 7 64 Other investments acquired (74) (31) (58) Investment in associates and equity accounted joint ventures (31) (25) (6) Proceeds from disposal of associate - - - Loans advanced to associates and equity accounted joint ventures (10) (2) - Proceeds from disposal of subsidiary - - - Cash in subsidiary disposed - - - Proceeds from disposal of investments 37 27 38 Expenditure on intangible assets (6) - - (Increase) decrease in cash restricted for use (9) (18) 19 Interest received 11 10 8 Loans advanced - - - Repayment of loans advanced 2 1 - Net cash outflow from investing activities (458) (354) (177) Cash flows from financing activities Proceeds from issue of share capital 2 - 790 Share issue expenses - - (16) Proceeds from borrowings 101 6 1,011 Repayment of borrowings (104) (3) (3) Finance costs paid (14) (57) (8) Mandatory convertible bond transaction costs - - (22) Dividends paid (50) (11) (37) Net cash (outflow) inflow from financing activities (65) (65) 1,715 Net increase in cash and cash equivalents 340 216 412 Translation (104) 4 60 Cash and cash equivalents at beginning of period 839 619 866 Cash and cash equivalents at end of period 1,075 839 1,338 Cash generated from operations Profit before taxation 669 632 106 Adjusted for: Movement on non-hedge derivatives and other commodity contracts 1 2 43 Amortisation of tangible assets 192 188 170 Finance costs and unwinding of obligations 48 50 39 Environmental, rehabilitation and other expenditure (6) 35 8 Special items 23 14 76 Amortisation of intangible assets 1 1 - Deferred stripping (1) 6 32 Fair value adjustment on option component of convertible bonds (11) (73) 24 Fair value adjustment on mandatory convertible bonds (9) (64) 22 Interest received (10) (11) (8) Share of equity accounted investments` profit (24) (21) (21) Other non-cash movements (4) 14 13 Movements in working capital 18 (58) (58) 887 715 446 Movements in working capital Increase in inventories (15) (92) (63) Decrease (increase) in trade and other receivables 73 (15) (34) (Decrease) increase in trade and other payables (40) 49 39 18 (58) (58) Nine months Nine months ended ended September September
2011 2010 US Dollar million Reviewed Unaudited Cash flows from operating activities Receipts from customers 4,967 3,859 Payments to suppliers and employees (2,864) (2,809) Cash generated from operations 2,103 1,050 Dividends received from equity accounted investments 78 104 Taxation refund 96 - Taxation paid (266) (164) Cash utilised for hedge buy-back costs - (1,550) Net cash inflow (outflow) from operating activities 2,011 (560) Cash flows from investing activities Capital expenditure (939) (623) Proceeds from disposal of tangible assets 12 67 Other investments acquired (135) (91) Investment in associates and equity accounted joint ventures (80) (29) Proceeds from disposal of associate - - Loans advanced to associates and equity accounted joint ventures (13) (3) Proceeds from disposal of subsidiary 9 - Cash in subsidiary disposed (11) - Proceeds from disposal of investments 79 62 Expenditure on intangible assets (6) - (Increase) decrease in cash restricted for use (22) 23 Interest received 29 23 Loans advanced - (4) Repayment of loans advanced 3 - Net cash outflow from investing activities (1,074) (575) Cash flows from financing activities Proceeds from issue of share capital 3 793 Share issue expenses - (16) Proceeds from borrowings 106 2,040 Repayment of borrowings (259) (1,318) Finance costs paid (89) (57) Mandatory convertible bond transaction costs - (22) Dividends paid (103) (96) Net cash (outflow) inflow from financing activities (342) 1,324 Net increase in cash and cash equivalents 595 189 Translation (106) 49 Cash and cash equivalents at beginning of period 586 1,100 Cash and cash equivalents at end of period 1,075 1,338 Cash generated from operations Profit before taxation 1,673 206 Adjusted for: Movement on non-hedge derivatives and other commodity contracts 1 336 Amortisation of tangible assets 565 494 Finance costs and unwinding of obligations 148 114 Environmental, rehabilitation and other expenditure 29 9 Special items 44 110 Amortisation of intangible assets 2 1 Deferred stripping 26 103 Fair value adjustment on option component of convertible bonds (98) (40) Fair value adjustment on mandatory convertible bonds (95) 22 Interest received (29) (26) Share of equity accounted investments` profit (57) (54) Other non-cash movements 15 17 Movements in working capital (121) (242) 2,103 1,050 Movements in working capital Increase in inventories (123) (151) Decrease (increase) in trade and other receivables (8) (95) (Decrease) increase in trade and other payables 10 4 (121) (242) Rounding of figures may result in computational discrepancies. Group statement of changes in equity Equity holders of the parent Share Cash capital Other flow and capital Retained hedge
SA Rand million premium reserves earnings reserve Balance at 31 December 2009 39,834 1,194 (25,739) (174) Profit for the period 233 Other comprehensive (expense) income (2) 182 Total comprehensive (expense) income - (2) 233 182 Shares issued 5,764 Share-based payment for share awards net of exercised 45 Dividends paid (492) Dividends of subsidiaries Transfers to other reserves 25 (25) Translation (15) 89 1 Balance at 30 September 2010 45,598 1,247 (25,909) (16) Balance at 31 December 2010 45,678 1,275 (25,437) (15) Profit for the period 8,158 Other comprehensive (expense) income (5) 1 Total comprehensive (expense) income - (5) 8,158 1 Shares issued 227 Share issue expenses (2) Share-based payment for share awards net of exercised 91 Dividends paid (651) Dividends of subsidiaries Translation 60 (275) (1) Balance at 30 September 2011 45,903 1,421 (18,205) (15) US Dollar million Balance at 31 December 2009 5,805 161 (2,744) (23) Profit for the period 20 Other comprehensive income 25 Total comprehensive income - - 20 25 Shares issued 811 Share-based payment for share awards net of exercised 6 Dividends paid (67) Dividends of subsidiaries Transfers to other reserves 3 (3) Translation 9 (7) (1) Balance at 30 September 2010 6,615 179 (2,798) (2) Balance at 31 December 2010 6,627 194 (2,750) (2) Profit for the period 1,167 Other comprehensive expense (1) Total comprehensive (expense) income - (1) 1,167 - Shares issued 33 Share-based payment for share awards net of exercised 14 Dividends paid (89) Dividends of subsidiaries Translation (32) 30 Balance at 30 September 2011 6,660 175 (1,642) (2) Equity holders of the parent Available Foreign for Actuarial currency
sale (losses) translation SA Rand million reserve gains reserve Balance at 31 December 2009 414 (285) 6,314 Profit for the period Other comprehensive (expense) income 114 (1,007) Total comprehensive (expense) income 114 - (1,007) Shares issued Share-based payment for share awards net of exercised Dividends paid Dividends of subsidiaries Transfers to other reserves Translation (31) Balance at 30 September 2010 497 (285) 5,307 Balance at 31 December 2010 568 (409) 4,548 Profit for the period Other comprehensive (expense) income (459) 4,251 Total comprehensive (expense) income (459) - 4,251 Shares issued Share issue expenses Share-based payment for share awards net of exercised Dividends paid Dividends of subsidiaries Translation 66 (9) Balance at 30 September 2011 175 (418) 8,799 US Dollar million Balance at 31 December 2009 56 (38) (317) Profit for the period Other comprehensive income 15 90 Total comprehensive income 15 - 90 Shares issued Share-based payment for share awards net of exercised Dividends paid Dividends of subsidiaries Transfers to other reserves Translation (3) Balance at 30 September 2010 71 (41) (227) Balance at 31 December 2010 86 (62) (104) Profit for the period Other comprehensive expense (63) (412) Total comprehensive (expense) income (63) - (412) Shares issued Share-based payment for share awards net of exercised Dividends paid Dividends of subsidiaries Translation (1) 10 Balance at 30 September 2011 22 (52) (516) Non- controlling Total
SA Rand million Total interests equity Balance at 31 December 2009 21,558 966 22,524 Profit for the period 233 268 501 Other comprehensive (expense) income (713) (713) Total comprehensive (expense) income (480) 268 (212) Shares issued 5,764 5,764 Share-based payment for share awards net of exercised 45 45 Dividends paid (492) (492) Dividends of subsidiaries - (274) (274) Transfers to other reserves - - Translation 44 (44) - Balance at 30 September 2010 26,439 916 27,355 Balance at 31 December 2010 26,208 815 27,023 Profit for the period 8,158 199 8,357 Other comprehensive (expense) income 3,788 3,788 Total comprehensive (expense) income 11,946 199 12,145 Shares issued 227 227 Share issue expenses (2) (2) Share-based payment for share awards net of exercised 91 91 Dividends paid (651) (651) Dividends of subsidiaries - (87) (87) Translation (159) 159 - Balance at 30 September 2011 37,660 1,086 38,746 US Dollar million Balance at 31 December 2009 2,900 130 3,030 Profit for the period 20 37 57 Other comprehensive income 130 130 Total comprehensive income 150 37 187 Shares issued 811 811 Share-based payment for share awards net of exercised 6 6 Dividends paid (67) (67) Dividends of subsidiaries - (37) (37) Transfers to other reserves - - Translation (2) 2 - Balance at 30 September 2010 3,798 132 3,930 Balance at 31 December 2010 3,989 124 4,113 Profit for the period 1,167 29 1,196 Other comprehensive expense (476) (476) Total comprehensive (expense) income 691 29 720 Shares issued 33 33 Share-based payment for share awards net of exercised 14 14 Dividends paid (89) (89) Dividends of subsidiaries - (13) (13) Translation 7 (7) - Balance at 30 September 2011 4,645 133 4,778 Rounding of figures may result in computational discrepancies. Segmental reporting for the quarter and nine months ended 30 September 2011 AngloGold Ashanti`s operating segments are being reported based on the financial information provided to the Chief Executive Officer and the Executive Management team, collectively identified as the Chief Operating Decision Maker ("CODM"). Individual members of the Executive Management team are responsible for geographic regions of the business. Quarter ended Nine months ended Sep Jun Sep Sep Sep 2011 2011 2010 2011 2010
Reviewed Reviewed Unaudited Reviewed Unaudited SA Rand million Gold income South Africa 4,839 4,432 4,633 13,181 11,558 Continental Africa 4,919 3,918 3,490 12,641 9,950 Australasia 658 629 711 1,960 2,403 Americas 3,195 2,335 2,082 7,649 6,129 13,610 11,313 10,916 35,431 30,039 Equity accounted investments included above (760) (633) (544) (1,967) (1,819) 12,850 10,680 10,372 33,464 28,220 Quarter ended Nine months ended Sep Jun Sep Sep Sep 2011 2011 2010 2011 2010
Reviewed Reviewed Unaudited Reviewed Unaudited US Dollar million Gold income South Africa 675 654 634 1,889 1,553 Continental Africa 683 578 478 1,807 1,336 Australasia 93 93 98 282 323 Americas 448 344 285 1,095 822 1,899 1,669 1,495 5,073 4,035 Equity accounted investments included above (106) (93) (75) (282) (244) 1,793 1,576 1,420 4,791 3,791 Quarter ended Nine months ended Sep Jun Sep Sep Sep 2011 2011 2010 2011 2010
Reviewed Reviewed Unaudited Reviewed Unaudited SA Rand million Gross profit (loss) South Africa 2,092 1,787 2,742 5,348 3,525 Continental Africa 2,346 1,658 (573) 5,136 (192) Australasia - (71) (992) (34) (940) Americas 1,795 1,008 1,636 3,904 2,981 Corporate and other (23) 149 28 77 158 6,210 4,531 2,841 14,431 5,532
Equity accounted investments included above (345) (278) (168) (837) (738) 5,865 4,254 2,672 13,594 4,794
Quarter ended Nine months ended Sep Jun Sep Sep Sep 2011 2011 2010 2011 2010 Reviewed Reviewed Unaudited Reviewed Unaudited
US Dollar million Gross profit (loss) South Africa 290 264 375 763 479 Continental Africa 325 245 (86) 732 (36) Australasia - (10) (139) (5) (132) Americas 252 149 226 558 403 Corporate and other (4) 21 4 12 21 863 668 380 2,060 736 Equity accounted investments included above (48) (41) (23) (119) (99) 815 627 357 1,941 637 Quarter ended Nine months ended
Sep Jun Sep Sep Sep 2011 2011 2010 2011 2010 Unaudited Unaudited Unaudited Unaudited Unaudited SA Rand million
Adjusted gross profit (loss) excluding hedge buy-back costs (1) South Africa 2,092 1,787 1,374 5,348 2,929 Continental Africa 2,347 1,655 795 5,134 2,343 Australasia - (71) (38) (34) (62) Americas 1,799 1,025 979 3,914 2,700 Corporate and other (23) 149 28 77 158 6,215 4,545 3,137 14,439 8,067 Equity accounted investments included above (345) (278) (168) (837) (738) 5,870 4,268 2,969 13,602 7,329 Quarter ended Nine months ended Sep Jun Sep Sep Sep 2011 2011 2010 2011 2010
Unaudited Unaudited Unaudited Unaudited Unaudited US Dollar million Adjusted gross profit (loss) excluding hedge buy-back costs (1) South Africa 290 264 189 763 394 Continental Africa 325 244 109 731 315 Australasia - (10) (5) (5) (8) Americas 253 151 134 560 362 Corporate and other (4) 21 4 12 21 864 670 431 2,061 1,084 Equity accounted investments included above (48) (41) (23) (119) (99) 816 629 408 1,942 986 (1) Refer to note B "Non-GAAP disclosure" for definition. Rounding of figures may result in computational discrepancies. Quarter ended Nine months ended Sep Jun Sep Sep Sep 2011 2011 2010 2011 2010
Unaudited Unaudited Unaudited Unaudited Unaudited kg Gold production (1) South Africa 12,243 13,415 14,859 38,124 40,726 Continental Africa 12,769 11,740 11,600 35,796 34,768 Australasia 1,558 1,888 2,894 5,690 9,138 Americas 7,401 6,733 6,776 20,440 20,082 33,970 33,776 36,129 100,049 104,714 Quarter ended Nine months ended Sep Jun Sep Sep Sep
2011 2011 2010 2011 2010 Unaudited Unaudited Unaudited Unaudited Unaudited oz (000) Gold production (1) South Africa 394 431 478 1,226 1,309 Continental Africa 411 377 373 1,151 1,118 Australasia 50 61 93 183 294 Americas 238 216 218 657 646 1,092 1,086 1,162 3,217 3,367 Quarter ended Nine months ended Sep Jun Sep Sep Sep
2011 2011 2010 2011 2010 Unaudited Unaudited Unaudited Unaudited Unaudited SA Rand million Capital expenditure South Africa 1,004 786 731 2,453 2,087 Continental Africa 722 710 439 1,868 1,022 Australasia 227 130 72 433 219 Americas 895 709 604 2,155 1,488 Corporate and other 74 7 9 96 25 2,922 2,342 1,855 7,005 4,841 Equity accounted investments included above (143) (156) (84) (404) (203) 2,780 2,186 1,771 6,601 4,638 Quarter ended Nine months ended Sep Jun Sep Sep Sep 2011 2011 2010 2011 2010
Unaudited Unaudited Unaudited Unaudited Unaudited US Dollar million Capital expenditure South Africa 140 116 100 351 280 Continental Africa 101 105 60 268 137 Australasia 32 19 10 62 29 Americas 125 105 82 308 200 Corporate and other 10 1 1 14 3 408 346 253 1,002 650
Equity accounted investments included above (20) (23) (11) (58) (27) 388 323 242 944 623
As at As at As at As at Sep Jun Dec Sep 2011 2011 2010 2010 Reviewed Reviewed Audited Unaudited
SA Rand million Total assets South Africa 16,489 15,989 16,226 16,394 Continental Africa 33,687 27,486 26,060 26,896 Australasia 4,717 3,830 3,644 3,466 Americas 19,287 15,172 13,855 13,918 Corporate and other 8,341 6,030 3,384 9,667 82,521 68,507 63,169 70,341
Equity accounted investments included above (671) (544) (540) (522) 81,850 67,963 62,629 69,819 As at As at As at As at
Sep Jun Dec Sep 2011 2011 2010 2010 Reviewed Reviewed Audited Unaudited US Dollar million
Total assets South Africa 2,033 2,373 2,469 2,356 Continental Africa 4,154 4,079 3,966 3,864 Australasia 582 568 555 498 Americas 2,378 2,252 2,109 2,000 Corporate and other 1,029 895 515 1,389 10,176 10,167 9,614 10,107 Equity accounted investments included above (82) (81) (82) (75) 10,094 10,086 9,532 10,032 (1) Gold production includes equity accounted investments. Rounding of figures may result in computational discrepancies. Notes for the quarter and nine months ended 30 September 2011 1. Basis of preparation The financial statements in this quarterly report have been prepared in accordance with the historic cost convention except for certain financial instruments which are stated at fair value. The group`s accounting policies used in the preparation of these financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2010. The financial statements of AngloGold Ashanti Limited have been prepared in compliance with IAS34, JSE Listings Requirements and in the manner required by the South African Companies Act, 2008 for the preparation of financial information of the group for the quarter and nine months ended 30 September 2011. 2. Revenue Quarter ended Nine months ended Sep Jun Sep Sep Sep
2011 2011 2010 2011 2010 Reviewed Reviewed Unaudited Reviewed Unaudited SA Rand million Gold income 12,850 10,680 10,372 33,464 28,220 By-products (note 3) 406 458 224 1,220 614 Royalties received (note 6) 97 336 15 490 15 Interest received 75 73 58 203 192 13,428 11,547 10,668 35,377 29,040 Quarter ended Nine months ended Sep Jun Sep Sep Sep
2011 2011 2010 2011 2010 Reviewed Reviewed Unaudited Reviewed Unaudited US Dollar million Gold income 1,793 1,576 1,420 4,791 3,791 By-products (note 3) 57 67 31 175 83 Royalties received (note 6) 13 50 2 71 2 Interest received 10 11 8 29 26 1,873 1,704 1,461 5,066 3,901 3. Cost of sales Quarter ended Nine months ended Sep Jun Sep Sep Sep 2011 2011 2010 2011 2010 Reviewed Reviewed Unaudited Reviewed Unaudited
SA Rand million Cash operating costs (5,542) (4,972) (5,220) (15,621) (14,964) Insurance reimbursement - - 37 - 123 By-products revenue (note 2) 406 458 224 1,220 614 (5,136) (4,514) (4,959) (14,401) (14,227)
Royalties (395) (321) (282) (992) (717) Other cash costs (67) (48) (43) (165) (128) Total cash costs (5,598) (4,883) (5,284) (15,558) (15,072) Retrenchment costs (26) (20) (23) (73) (102) Rehabilitation and other non-cash costs (80) (349) (106) (497) (228) Production costs (5,704) (5,251) (5,414) (16,129) (15,401) Amortisation of tangible assets (1,374) (1,274) (1,240) (3,942) (3,680) Amortisation of intangible assets (4) (4) (4) (12) (11) Total production costs (7,083) (6,529) (6,658) (20,083) (19,093) Inventory change 102 117 (1) 221 274 (6,980) (6,412) (6,659) (19,863) (18,819) Quarter ended Nine months ended Sep Jun Sep Sep Sep
2011 2011 2010 2011 2010 Reviewed Reviewed Unaudited Reviewed Unaudited US Dollar million Cash operating costs (777) (733) (715) (2,241) (2,011) Insurance reimbursement - - 5 - 16 By-products revenue (note 2) 57 67 31 175 83 (720) (666) (679) (2,066) (1,912) Royalties (55) (47) (39) (142) (96) Other cash costs (9) (7) (6) (23) (18) Total cash costs (784) (721) (724) (2,231) (2,026) Retrenchment costs (4) (3) (3) (10) (14) Rehabilitation and other non-cash costs (11) (52) (15) (72) (31) Production costs (799) (775) (741) (2,314) (2,070) Amortisation of tangible assets (192) (188) (170) (565) (494) Amortisation of intangible assets (1) (1) - (2) (1) Total production costs (992) (964) (912) (2,881) (2,566) Inventory change 14 17 1 31 38 (977) (947) (911) (2,849) (2,529) 4. Loss on non-hedge derivatives and other commodity contracts Quarter ended Nine months ended Sep Jun Sep Sep Sep 2011 2011 2010 2011 2010 Reviewed Reviewed Unaudited Reviewed Unaudited
SA Rand million Loss on realised non-hedge derivatives - - (745) - (2,072) Loss on hedge buy-back costs - - (11,639) - (11,639) (Loss) gain on unrealised non-hedge derivatives (5) (14) 11,343 (7) 9,104 (5) (14) (1,041) (7) (4,607) Quarter ended Nine months ended Sep Jun Sep Sep Sep
2011 2011 2010 2011 2010 Reviewed Reviewed Unaudited Reviewed Unaudited US Dollar million Loss on realised non-hedge derivatives - - (101) - (277) Loss on hedge buy-back costs - - (1,637) - (1,637) (Loss) gain on unrealised non-hedge derivatives (1) (2) 1,586 (1) 1,289 (1) (2) (152) (1) (625)
Rounding of figures may result in computational discrepancies. 5. Other operating expenses Quarter ended Nine months ended Sep Jun Sep Sep Sep
2011 2011 2010 2011 2010 Reviewed Reviewed Unaudited Reviewed Unaudited SA Rand million Pension and medical defined benefit provisions (53) (26) (24) (104) (72) Claims filed by former employees in respect of loss of employment, work-related accidentinjuries and diseases, governmental fiscal claims and care and maintenance of old tailings operations (31) (27) (26) (121) (50) (84) (53) (50) (225) (122) Quarter ended Nine months ended Sep Jun Sep Sep Sep 2011 2011 2010 2011 2010
Reviewed Reviewed Unaudited Reviewed Unaudited US Dollar million Pension and medical defined benefit provisions (7) (4) (3) (15) (10) Claims filed by former employees in respect of loss of employment, work-related accident injuries and diseases, governmental fiscal claims and care and maintenance of old tailings operations (4) (4) (4) (17) (6) (11) (8) (7) (32) (16) 6. Special items Quarter ended Nine months ended Sep Jun Sep Sep Sep 2011 2011 2010 2011 2010 Reviewed Reviewed Unaudited Reviewed Unaudited
SA Rand million Indirect tax expenses and legal claims (26) (32) - (93) (79) Mandatory convertible bonds issue discount, underwriting and professional fees - - (401) - (401) Net impairments of tangible assets (note 9) (22) (66) (92) (94) (235) Black Economic Empowerment transaction modification costs for Izingwe (Pty) Ltd - (44) - (44) - Impairment of other receivables (1) (3) (4) (11) (56) Contractor termination costs at Geita Gold Minining Limited - - - - (8) Recovery (loss) on consignment inventory - - 39 - 39 Insurance claim recovery - - 93 - 103 Royalties received (1) (note 2) 97 336 15 490 15 Net (loss) profit on disposal and derecognition of land, mineral rights, tangible assets and exploration properties (note 9) (21) 18 (74) (15) (109) Impairment of investments (note 9) (124) (12) - (136) - Profit on disposal of investments (note 9) - - - - 45 Profit on disposal of subsidiary ISS International Limited (note 9) - - - 14 - (97) 197 (424) 111 (686) Quarter ended Nine months ended Sep Jun Sep Sep Sep
2011 2011 2010 2011 2010 Reviewed Reviewed Unaudited Reviewed Unaudited US Dollar million Indirect tax expenses and legal claims (3) (5) - (13) (10) Mandatory convertible bonds issue discount, underwriting and professional fees - - (56) - (56) Net impairments of tangible assets (note 9) (3) (10) (13) (14) (32) Black Economic Empowerment transaction modification costs for Izingwe (Pty) Ltd - (7) - (7) - Impairment of other receivables - - (1) (1) (8) Contractor termination costs at Geita Gold Minining Limited - - - - (1) Recovery (loss) on consignment inventory - - 5 - 5 Insurance claim recovery - - 14 - 15 Royalties received (1) (note 2) 13 50 2 71 2 Net (loss) profit on disposal and derecognition of land, mineral rights, tangible assets and exploration properties (note 9) (4) 3 (10) (2) (15) Impairment of investments (note 9)(16) (2) - (18) - Profit on disposal of investments (note 9) - - - - 6 Profit on disposal of subsidiary ISS International Limited (note 9) - - - 2 - (13) 29 (60) 18 (95)
(1) The June 2011 quarter includes the sale of the Ayanfuri royalty to Franco Nevada Corporation for a pre-taxation amount of R237m, $35m. 7. Finance costs and unwinding of obligations Quarter ended Nine months ended
Sep Jun Sep Sep Sep 2011 2011 2010 2011 2010 Reviewed Reviewed Unaudited Reviewed Unaudited SA Rand million
Finance costs (246) (250) (189) (744) (575) Unwinding of obligations, accretion of convertible bonds and other discounts (99) (92) (96) (284) (271) (345) (342) (285) (1,028) (846)
Quarter ended Nine months ended Sep Jun Sep Sep Sep 2011 2011 2010 2011 2010 Reviewed Reviewed Unaudited Reviewed Unaudited
US Dollar million Finance costs (34) (37) (26) (107) (78) Unwinding of obligations, accretion of convertible bonds and other discounts (14) (14) (13) (41) (36) (48) (50) (39) (148) (114) 8. Taxation Quarter ended Nine months ended Sep Jun Sep Sep Sep
2011 2011 2010 2011 2010 Reviewed Reviewed Unaudited Reviewed Unaudited SA Rand million South African taxation Mining tax (318) - 84 (318) - Non-mining tax 9 (27) 71 (28) (59) Prior year provision 20 (49) 618 (34) 594 Deferred taxation Temporary differences (373) (470) 1,311 (1,247) 1,297 Unrealised non-hedge derivatives and other commodity contracts - - (2,152) - (1,892) Change in estimated deferred tax rate - - (7) - - (662) (546) (76) (1,626) (60) Foreign taxation Normal taxation (769) (351) (358) (1,487) (1,011) Prior year provision (55) 2 29 (53) (29) Deferred taxation Temporary differences 22 (118) 87 (176) (18) Unrealised non-hedge derivatives and other commodity contracts - - - - (23) (802) (467) (242) (1,716) (1,080) (1,465) (1,013) (318) (3,342) (1,140) Quarter ended Nine months ended
Sep Jun Sep Sep Sep 2011 2011 2010 2011 2010 Reviewed Reviewed Unaudited Reviewed Unaudited US Dollar million
South African taxation Mining tax (42) - 13 (42) 2 Non-mining tax 1 (4) 10 (4) (7) Prior year provision 3 (7) 87 (5) 84 Deferred taxation Temporary differences (53) (69) 184 (180) 183 Unrealised non-hedge derivatives and other commodity contracts - - (301) - (267) Change in estimated deferred tax rate - - (1) - - (92) (80) (7) (232) (5) Foreign taxation Normal taxation (107) (52) (49) (211) (136) Prior year provision (7) - 4 (7) (4) Deferred taxation Temporary differences 1 (17) 12 (27) (1) Unrealised non-hedge derivatives and other commodity contracts - - - - (3) (113) (69) (33) (245) (145)
(204) (149) (41) (477) (149) Rounding of figures may result in computational discrepancies. 9. Headline earnings Quarter ended Nine months ended
Sep Jun Sep Sep Sep 2011 2011 2010 2011 2010 Reviewed Reviewed Unaudited Reviewed Unaudited SA Rand million
The profit attributable to equity shareholders has been adjusted by the following to arrive at headline earnings: Profit attributable to equity shareholders 3,304 3,195 443 8,158 233 Net impairments of tangible assets (note 6) 22 66 92 94 235 Net loss (profit) on disposal and derecognition of land, mineral rights, tangible assets and exploration properties (note 6) 21 (18) 74 15 109 Impairment of investments (note 6) 124 12 - 136 - Profit on disposal of subsidiary ISS International Limited (note 6) - - - (14) - Profit on disposal of investments (note 6) - - - - (45) Net impairment (reversal) of investment in associates and joint ventures 2 15 (74) 17 (40) Special items of associates - - (7) - (7) Taxation on items above - current portion - 6 - 7 4 Taxation on items above - deferred portion (15) (32) (51) (53) (87) 3,458 3,244 476 8,359 402 Headline earnings per ordinary share (cents) (1) 895 841 129 2,166 109 Diluted headline earnings per ordinary share (cents) (2) 846 706 129 1,944 109 Quarter ended Nine months ended Sep Jun Sep Sep Sep 2011 2011 2010 2011 2010 Reviewed Reviewed Unaudited Reviewed Unaudited
US Dollar million The profit attributable to equity shareholders has been adjusted by the following to arrive at headline earnings: Profit attributable to equity shareholders 456 470 51 1,167 20 Net impairments of tangible assets (note 6) 3 10 13 14 32 Net loss (profit) on disposal and derecognition of land, mineral rights, tangible assets and exploration properties (note 6) 4 (3) 10 2 15 Impairment of investments (note 6) 16 2 - 18 - Profit on disposal of subsidiary ISS International Limited (note 6) - - - (2) - Profit on disposal of investments (note 6) - - - - (6) Net impairment (reversal) of investment in associates and joint ventures - 2 (10) 2 (6) Special items of associates - - (1) - (1) Taxation on items above - current portion - 1 - 1 - Taxation on items above - deferred portion (2) (5) (7) (8) (12) 476 477 55 1,194 43 Headline earnings per ordinary share (cents) (1) 123 124 15 309 12 Diluted headline earnings per ordinary share (cents) (2) 117 104 15 278 12 (1) Calculated on the basic weighted average number of ordinary shares. (2) Calculated on the diluted weighted average number of ordinary shares. 10. Number of shares Quarter ended Sep Jun Sep 2011 2011 2010 Reviewed Reviewed Unaudited
Authorised number of shares: Ordinary shares of 25 SA cents each 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 A redeemable preference shares of 50 SA cents each 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 Issued and fully paid number of shares: Ordinary shares in issue 381,850,470 381,573,111 380,966,077 E ordinary shares in issue 3,421,848 3,444,060 2,837,150 Total ordinary shares: 385,272,318 385,017,171 383,803,227 A redeemable preference shares 2,000,000 2,000,000 2,000,000 B redeemable preference shares 778,896 778,896 778,896 In calculating the basic and diluted number of ordinary shares outstanding for the period, the following were taken into consideration: Ordinary shares 381,644,151 381,480,773 364,556,377 E ordinary shares 3,431,215 2,665,595 2,954,409 Fully vested options 1,305,486 1,435,811 905,619 Weighted average number of shares 386,380,852 385,582,179 368,416,405 Dilutive potential of share options 1,290,253 1,109,716 1,113,099 Dilutive potential of convertible bonds 33,524,615 33,524,615 - Diluted number of ordinary shares 421,195,720 420,216,510 369,529,504 Nine months ended Sep Sep 2011 2010
Reviewed Unaudited Authorised number of shares: Ordinary shares of 25 SA cents each 600,000,000 600,000,000 E ordinary shares of 25 SA cents each 4,280,000 4,280,000 A redeemable preference shares of 50 SA cents each 2,000,000 2,000,000 B redeemable preference shares of 1 SA cent each 5,000,000 5,000,000 Issued and fully paid number of shares: Ordinary shares in issue 381,850,470 380,966,077 E ordinary shares in issue 3,421,848 2,837,150 Total ordinary shares: 385,272,318 383,803,227 A redeemable preference shares 2,000,000 2,000,000 B redeemable preference shares 778,896 778,896 In calculating the basic and diluted number of ordinary shares outstanding for the period, the following were taken into consideration: Ordinary shares 381,471,126 363,135,881 E ordinary shares 2,958,298 3,305,316 Fully vested options 1,447,478 1,100,186 Weighted average number of shares 385,876,902 367,541,383 Dilutive potential of share options 1,321,614 1,158,835 Dilutive potential of convertible bonds 33,524,615 - Diluted number of ordinary shares 420,723,131 368,700,218 11. Share capital and premium As at Sep Jun Dec Sep 2011 2011 2010 2010 Reviewed Reviewed Audited Unaudited
SA Rand million Balance at beginning of period 46,343 46,343 40,662 40,662 Ordinary shares issued 234 156 5,771 5,733 E ordinary shares cancelled (15) (13) (90) (85) Sub-total 46,562 46,486 46,343 46,310 Redeemable preference shares held within the group (313) (313) (313) (313) Ordinary shares held within the group (148) (149) (139) (181) E ordinary shares held within the group (198) (200) (213) (218) Balance at end of period 45,903 45,824 45,678 45,598 As at Sep Jun Dec Sep 2011 2011 2010 2010 Reviewed Reviewed Audited Unaudited
US Dollar million Balance at beginning of period 6,734 6,734 5,935 5,935 Ordinary shares issued 33 22 812 806 E ordinary shares cancelled (2) (2) (13) (12) Sub-total 6,765 6,754 6,734 6,729 Redeemable preference shares held within the group (53) (53) (53) (53) Ordinary shares held within the group (22) (23) (22) (28) E ordinary shares held within the group (30) (30) (32) (33) Balance at end of period 6,660 6,648 6,627 6,615 Rounding of figures may result in computational discrepancies. 12. Exchange rates Sep Jun Dec Sep 2011 2011 2010 2010
Unaudited Unaudited Unaudited Unaudited ZAR/USD average for the year to date 6.97 6.89 7.30 7.45 ZAR/USD average for the quarter 7.14 6.78 6.88 7.31 ZAR/USD closing 8.11 6.74 6.57 6.96 ZAR/AUD average for the year to date 7.24 7.11 6.71 6.68 ZAR/AUD average for the quarter 7.50 7.20 6.80 6.61 ZAR/AUD closing 7.81 7.23 6.70 6.73 BRL/USD average for the year to date 1.63 1.63 1.76 1.78 BRL/USD average for the quarter 1.64 1.60 1.70 1.75 BRL/USD closing 1.89 1.56 1.67 1.69 ARS/USD average for the year to date 4.08 4.04 3.91 3.89 ARS/USD average for the quarter 4.16 4.08 3.96 3.94 ARS/USD closing 4.20 4.11 3.97 3.96 13. Capital commitments Sep Jun Dec Sep 2011 2011 2010 2010
Reviewed Reviewed Audited Unaudited SA Rand million Orders placed and outstanding on capital contracts at the prevailing rate of exchange (1) 2,317 2,719 1,156 1,624 Sep Jun Dec Sep 2011 2011 2010 2010 Reviewed Reviewed Audited Unaudited
US Dollar million Orders placed and outstanding on capital contracts at the prevailing rate of exchange (1) 286 403 176 233 (1) Includes capital commitments relating to equity accounted joint ventures. Liquidity and capital resources To service the above capital commitments and other operational requirements, the group is dependent on existing cash resources, cash generated from operations and borrowing facilities. Cash generated from operations is subject to operational, market and other risks. Distributions from operations may be subject to foreign investment, exchange control laws and regulations and the quantity of foreign exchange available in offshore countries. In addition, distributions from joint ventures are subject to the relevant board approval. The credit facilities and other finance arrangements contain financial covenants and other similar undertakings. To the extent that external borrowings are required, the group`s covenant performance indicates that existing financing facilities will be available to meet the above commitments. To the extent that any of the financing facilities mature in the near future, the group believes that sufficient measures are in place to ensure that these facilities can be refinanced. 14. Contingencies AngloGold Ashanti`s material contingent liabilities and assets at 30 September 2011 are detailed below: Contingencies and guarantees As at Sep Sep 2011 2010 Reviewed Unaudited
SA Rand million Contingent liabilities Groundwater pollution (1) - - Deep groundwater pollution - South Africa (2) - - Sales tax on gold deliveries - Brazil (3) 684 590 Other tax disputes - Brazil (4) 286 226 Indirect taxes - Ghana (5) 86 69 ODMWA litigation (6) - - Contingent assets Royalty - Boddington Gold Mine (7) - - Royalty - Tau Lekoa Gold Mine(8) - - Financial Guarantees Oro Group (Pty) Limited (9) 100 100 1,156 985 Contingencies and guarantees As at Sep Sep
2011 2010 Reviewed Unaudited US Dollar million Contingent liabilities Groundwater pollution (1) - - Deep groundwater pollution - South Africa (2) - - Sales tax on gold deliveries - Brazil (3) 84 85 Other tax disputes - Brazil (4) 35 32 Indirect taxes - Ghana (5) 11 10 ODMWA litigation (6) - - Contingent assets Royalty - Boddington Gold Mine (7) - - Royalty - Tau Lekoa Gold Mine(8) - - Financial Guarantees Oro Group (Pty) Limited (9) 12 14 142 141
AngloGold Ashanti is subject to contingencies pursuant to environmental laws and regulations that may in future require the group to take corrective action as follows: (1) Groundwater pollution - AngloGold Ashanti has identified groundwater contamination plumes at certain of its operations, which have occurred primarily as a result of seepage from mine residue stockpiles. Numerous scientific, technical and legal studies have been undertaken to assist in determining the magnitude of the contamination and to find sustainable remediation solutions. The group has instituted processes to reduce future potential seepage and it has been demonstrated that Monitored Natural Attenuation (MNA) by the existing environment will contribute to improvement in some instances. Furthermore, literature reviews, field trials and base line modelling techniques suggest, but are not yet proven, that the use of phyto- technologies can address the soil and groundwater contamination. Subject to the completion of trials and the technology being a proven remediation technique, no reliable estimate can be made for the obligation. (2) Deep groundwater pollution - The company has identified a flooding and future pollution risk posed by deep groundwater in the Klerksdorp and Far West Rand gold fields. Various studies have been undertaken by AngloGold Ashanti since 1999. Due to the interconnected nature of mining operations, any proposed solution needs to be a combined one supported by all the mines located in these gold fields. As a result the Department of Mineral Resources and affected mining companies are now involved in the development of a "Regional Mine Closure Strategy". In view of the limitation of current information for the accurate estimation of a liability, no reliable estimate can be made for the obligation. (3) Sales tax on gold deliveries - Mineracao Serra Grande S.A. (MSG), received two tax assessments from the State of Goias related to payments of sales taxes on gold deliveries for export. AngloGold Ashanti C rrego do Sit o Mineracao S.A. manages the operation and its attributable share of the first assessment is approximately $52m, R423m (Sep 2010: $53m, R369m). The company`s attributable share of the second assessment is approximately $32m, R261m (Sep 2010: $32m, R223m). In November 2006 the administrative council`s second chamber ruled in favour of MSG and fully cancelled the tax liability related to the first period. In July 2011, the administrative council`s second chamber ruled in favour of MSG and fully cancelled the tax liability related to the second period. The State of Goias has appealed to the full board of the State of Goias tax administrative council. The company believes both assessments are in violation of federal legislation on sales taxes. (4) Other tax disputes - MSG received a tax assessment in October 2003 from the State of Minas Gerais related to sales taxes on gold. The tax administrators rejected the company`s appeal against the assessment. The company is now appealing the dismissal of the case. The company`s attributable share of the assessment is approximately $9m, R72m (Sep 2010: $9m, R63m). AngloGold Ashanti subsidiaries in Brazil are involved in various disputes with tax authorities. These disputes involve federal tax assessments including income tax, royalties, social contributions and annual property tax. The amount involved is approximately $26m, R214m (Sep 2010: $23m, R160m). (5) Indirect taxes - AngloGold Ashanti (Ghana) Limited received a tax assessment for $11m, R86m (Sep 2010: $10m, R70m) during September 2009 in respect of 2006, 2007 and 2008 tax years, following an audit by the tax authorities related to indirect taxes on various items. Management is of the opinion that the indirect taxes are not payable and the company has lodged an objection. (6) Occupational Diseases in Mines and Works Act (ODMWA) litigation - The case of Mr Thembekile Mankayi was heard in the High Court of South Africa in June 2008, and an appeal heard in the Supreme Court of Appeals in 2010. In both instances judgement was awarded in favour of AngloGold Ashanti Limited. A further appeal that was lodged by Mr Mankayi was heard in the Constitutional Court in 2010. Judgement in the Constitutional Court was handed down on 3 March 2011. Following the judgement, Mr Mankayi`s executor may proceed with his case in the High Court. This will comprise, amongst others, providing evidence showing that Mr Mankayi contracted silicosis as a result of negligent conduct on the part of AngloGold Ashanti. The company will defend the case and any subsequent claims on their merits. Should other individuals or groups lodge similar claims, these too would be defended by the company and adjudicated by the Courts on their merits. In view of the limitation of current information for the accurate estimation of a possible liability, no reliable estimate can be made for this possible obligation. (7) Royalty - Boddington Gold Mine - As a result of the sale of the interest in the Boddington Gold Mine joint venture during 2009, the group is entitled to receive a royalty on any gold recovered or produced by the Boddington Gold Mine, where the gold price is in excess of Boddington Gold Mine`s cash cost plus $600/oz. The royalty commenced on 1 July 2010 and is capped at a total amount of $100m, R788m, of which $26m, R188m (Sep 2010: $2m, R13m) has been received to date. Royalties of $9m, R64m (Sep 2010: $2m, R13m) were received during the quarter. (8) Royalty - Tau Lekoa Gold Mine - As a result of the sale of the interest in the Tau Lekoa Gold Mine during 2010, the group is entitled to receive a royalty on the production of a total of 1.5 million ounces by the Tau Lekoa Gold Mine and in the event that the average monthly rand price of gold exceeds R180,000/kg (subject to inflation adjustment). Where the average monthly rand price of gold does not exceed R180,000/kg (subject to inflation adjustment), the ounces produced in that quarter do not count towards the total 1.5 million ounces upon which the royalty is payable. The royalty will be determined at 3% of the net revenue (being gross revenue less State royalties) generated by the Tau Lekoa assets. Royalties of $1m, R8m (Sep 2010: Nil) were received during the quarter. (9) Provision of surety - The company has provided sureties in favour of a lender on a gold loan facility with its affiliate Oro Group (Pty) Limited and one of its subsidiaries to a maximum value of $12m, R100m (Sep 2010: $14m, R100m). The suretyship agreements have a termination notice period of 90 days. 15. Concentration of risk There is a concentration of risk in respect of recoverable value added tax and fuel duties from the Tanzanian government: - Recoverable value added tax due from the Tanzanian government amounts to $44m, R357m at 30 September 2011 (Sep 2010: $48m, R334m). The last audited value added tax return was for the period ended 28 February 2011 and at the reporting date the audited amount was $58m, R470m (Sep 2010: $47m, R327m). The outstanding amounts at Geita have been discounted to their present value at a rate of 7.82%. - Recoverable fuel duties from the Tanzanian government amounts to $73m, R592m at 30 September 2011 (Sep 2010: $55m, R383m). Fuel duty claims are required to be submitted after consumption of the related fuel and are subject to authorisation by the Customs and Excise authorities. Claims for the refund of fuel duties amounting to $61m, R495m (Sep 2010: $42, R292m) have been lodged with the Customs and Excise authorities which are still outstanding, whilst claims for a refund of $12m, R97m (Sep 2010: $13m, R90m) have not yet been submitted. The amounts outstanding have been discounted to their present value at a rate of 7.82%. 16. Borrowings AngloGold Ashanti`s borrowings are interest bearing. 17. Announcements Appointment to the board of directors: On 31 August 2011, AngloGold Ashanti announced the appointment of Ms Nozipho January-Bardill to the board with effect from 1 October 2011. 18. Dividend Interim Dividend No. 110 of 90 South African cents or 7.6182 UK pence or 19.188 cedis per ordinary share was paid to registered shareholders on 9 September 2011, while a dividend of 2.337 Australian cents per CHESS Depositary Interest (CDI) was paid on the same day. On 12 September 2011, holders of Ghanaian Depositary Shares (GhDS) were paid 0.19188 cedis per GhDS. Each CDI represents one-fifth of an ordinary share, and 100 GhDSs represents one ordinary share. A dividend of 12.0812 US cents per American Depositary Share (ADS) was paid to holders of American Depositary Receipts (ADRs) on 19 September 2011. Each ADS represents one ordinary share. Interim Dividend No. E10 of 45 South African cents was paid to holders of E ordinary shares on 9 September 2011, being those employees participating in the Bokamoso ESOP and Izingwe Holdings (Proprietary) Limited. The directors declared Interim Dividend No. 111 of 90 South African cents per ordinary share for the quarter ended 30 September 2011. In compliance with the requirements of Strate, given the company`s primary listing on the JSE Limited, the salient dates for payment of the dividend are as follows: To holders of ordinary shares and to holders of CHESS Depositary Interests (CDIs) Each CDI represents one-fifth of an ordinary share. 2011 Currency conversion date for UK pounds, Australian dollars and Ghanaian cedis Thursday, 24 November Last date to trade ordinary shares cum dividend Friday, 25 November Last date to register transfers of certificated securities cum dividend Friday, 25 November Ordinary shares trade ex-dividend Monday, 28 November Record date Friday, 2 December Payment date Friday, 9 December On the payment date, dividends due to holders of certificated securities on the South African and United Kingdom share registers will be electronically transferred to shareholders` bank accounts. Given the increasing incidences of fraud with respect to cheque payments, the company has ceased the payment of dividends by way of cheque. Shareholders are requested to notify the relevant share registrars with banking details to enable future dividends to be paid via electronic funds transfer. Refer to the back cover for share registrar details. Dividends in respect of dematerialised shareholdings will be credited to shareholders` accounts with the relevant CSDP or broker. To comply with further requirements of Strate, between Monday, 28 November 2011 and Friday, 2 December 2011, both days inclusive, no transfers between the South African, United Kingdom, Australian and Ghana share registers will be permitted and no ordinary shares pertaining to the South African share register may be dematerialised or rematerialised. To holders of American Depositary Shares Each American Depositary Share (ADS) represents one ordinary share. 2011 Ex dividend on New York Stock Exchange Wednesday, 30 November Record date Friday, 2 December Approximate date for currency conversion Friday, 9 December Approximate payment date of dividend Monday, 19 December Assuming an exchange rate of R7.8662/$, the dividend payable per ADS is equivalent to 11.4414 US cents. However the actual rate of payment will depend on the exchange rate on the date for currency conversion. To holders of Ghanaian Depositary Shares (GhDSs) 100 GhDSs represent one ordinary share. 2011
Last date to trade and to register GhDSs cum dividend Friday, 25 November GhDSs trade ex-dividend Monday, 28 November Record date Friday, 2 December Approximate payment date of dividend Monday, 12 December Assuming an exchange rate of R1/Cents (USD)0.20476, the dividend payable per share is equivalent to 0.1843 cedis. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion. In Ghana, the authorities have determined that dividends payable to residents on the Ghana share register be subject to a final withholding tax at a rate of 8%. In addition, directors declared Interim Dividend No. E11 of 45 South African cents per E ordinary share, payable to employees participating in the Bokamoso ESOP and Izingwe Holdings (Proprietary) Limited. These dividends will be paid on Friday, 9 December 2011. By order of the Board T T MBOWENI M CUTIFANI Chairman Chief Executive Officer 7 November 2011 Non-GAAP disclosure From time to time AngloGold Ashanti Limited may publicly disclose certain "Non- GAAP" financial measures in the course of its financial presentations, earnings releases, earnings conference calls and otherwise. The group uses certain Non-GAAP performance measures and ratios in managing the business and may provide users of this financial information with additional meaningful comparisons between current results and results in prior operating periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the reported operating results or cash f low from operations or any other measure of performance prepared in accordance with IFRS. In addition, the presentation of these measures may no t be comparable to similarly titled measures that other companies use. A Adjusted headline earnings Quarter ended Nine months ended
Sep Jun Sep Sep Sep 2011 2011 2010 2011 2010 Unaudited Unaudited Unaudited Unaudited Unaudited SA Rand million
Headline earnings (note 9) 3,458 3,244 476 8,359 402 Loss (gain) on unrealised non-hedge derivatives and other commodity contracts (note 4) 5 14 (11,343) 7 (9,104) Deferred tax on unrealised non-hedge derivatives and other commodity contracts (note 8) - - 2,152 - 1,915 Fair value adjustment on option component of convertible bonds (88) (499) 166 (677) (319) Fair value adjustment on mandatory convertible bonds (66) (442) 160 (647) 160 Adjusted headline earnings (loss) (1) 3,310 2,317 (8,389) 7,043 (6,947) Hedge buy-back and related costs net of taxation - - 10,573 - 10,573 Adjusted headline earnings excluding hedge buy-back costs (1) 3,310 2,317 2,184 7,043 3,626 Cents per share (2) Adjusted headline earnings (1) 857 601 (2,277) 1,825 (1,890) Adjusted headline earnings excluding hedge buy-back costs (1) 857 601 593 1,825 987 Quarter ended Sep Jun Sep
2011 2011 2010 Unaudited Unaudited Unaudited US Dollar million Headline earnings (note 9) 476 477 55 Loss (gain) on unrealised non-hedge derivatives and other commodity contracts (note 4) 1 2 (1,586) Deferred tax on unrealised non-hedge derivatives and other commodity contracts (note 8) - - 301 Fair value adjustment on option component of convertible bonds (11) (73) 24 Fair value adjustment on mandatory convertible bonds (9) (64) 22 Adjusted headline earnings (loss) (1) 457 342 (1,184) Hedge buy-back and related costs net of taxation - - 1,487 Adjusted headline earnings excluding hedge buy-back costs (1) 457 342 303 Cents per share (2) Adjusted headline earnings (1) 118 89 (321) Adjusted headline earnings excluding hedge buy-back costs (1) 118 89 82 Nine months ended
Sep Sep 2011 2010 Unaudited Unaudited US Dollar million
Headline earnings (note 9) 1,194 43 Loss (gain) on unrealised non-hedge derivatives and other commodity contracts (note 4) 1 (1,289) Deferred tax on unrealised non-hedge derivatives and other commodity contracts (note 8) - 270 Fair value adjustment on option component of convertible bonds (98) (40) Fair value adjustment on mandatory convertible bonds (95) 22 Adjusted headline earnings (loss) (1) 1,002 (993) Hedge buy-back and related costs net of taxation - 1,487 Adjusted headline earnings excluding hedge buy-back costs (1) 1,002 494 Cents per share (2) Adjusted headline earnings (1) 260 (270) Adjusted headline earnings excluding hedge buy-back costs (1) 260 134 (1)(Gain) loss on non-hedge derivatives and other commodity contracts in the income statement comprise the change in fair value of all non-hedge derivatives and other commodity contracts as follows: - Open positions: The change in fair value from the previous reporting date or date of recognition (if later) through to the current reporting date; and - Settled positions: The change in fair value from the previous reporting date or date of recognition (if later) through to the date of settlement. Adjusted headline earnings is intended to illustrate earnings after adjusting for: - The unrealised fair value change in contracts that were still open at reporting dates, as well as, the unwinding of the historic marked-to-market value of the position settled in the period; - Investment in hedge restructure transaction: During the hedge restructure in December 2004 and March 2005 quarters, $83m and $69m in cash was injected respectively into the hedge book in these quarters to increase the value of long-dated contracts. The entire investment in long-dated derivatives (certain of which have now matured), for the purposes of the adjustment to earnings, will only be taken into account when the realised portion of long-dated non- hedge derivatives are settled, and not when the short-term contracts were settled; - In the September 2010 quarter the hedge book was further reduced and contracts to the value of $1.6bn were accelerated and settled. The impact on earnings after taxation was $1.5bn in the September 2010 quarter. In the December 2010 quarter the hedge book was fully settled and hedge contracts to the value of $1.1bn were accelerated and settled. The impact on earnings after taxation was $1.1bn in the December 2010 quarter; - The unrealised fair value change on the option component of the convertible bonds; - The unrealised fair value change of the warrants on shares and the embedded derivative. During 2010 the Group completed the elimination of its hedge book which has resulted in full exposure to prevailing spot gold prices. (2) Calculated on the basic weighted average number of ordinary shares. B Adjusted gross profit Quarter ended Nine months ended Sep Jun Sep Sep Sep 2011 2011 2010 2011 2010 Unaudited Unaudited Unaudited Unaudited Unaudited
SA Rand million Reconciliation of gross profit to adjusted gross profit: (1) Gross profit 5,865 4,254 2,672 13,594 4,794 Loss (gain) on unrealised non-hedge derivatives and other commodity contracts (note 4) 5 14 (11,343) 7 (9,104) Adjusted gross profit (loss) (1)5,870 4,268 (8,670) 13,602 (4,310) Hedge buy-back costs (note 4) - - 11,639 - 11,639 Adjusted gross profit excluding hedge buy-back costs (1) 5,870 4,268 2,969 13,602 7,329 Quarter ended Nine months ended
Sep Jun Sep Sep Sep 2011 2011 2010 2011 2010 Unaudited Unaudited Unaudited Unaudited Unaudited US Dollar million
Reconciliation of gross profit to adjusted gross profit: (1) Gross profit 815 627 357 1,941 637 Loss (gain) on unrealised non-hedge derivatives and other commodity contracts (note 4) 1 2 (1,586) 1 (1,289) Adjusted gross profit (loss) (1) 816 629 (1,229) 1,942 (652) Hedge buy-back costs (note 4) - - 1,637 - 1,637 Adjusted gross profit excluding hedge buy-back costs (1) 816 629 408 1,942 986 (1) Adjusted gross profit excludes unrealised non-hedge derivatives and other commodity contracts. C Price received Quarter ended
Sep Jun Sep 2011 2011 2010 Unaudited Unaudited Unaudited SA Rand million / Metric
Gold income (note 2) 12,850 10,680 10,372 Adjusted f or non-controlling interests (349) (282) (294) 12,501 10,398 10,078 Loss on realised non-hedge derivatives (note 4) - - (745) Hedge buy-back costs (note 4) - - (11,639) Associates and equity accounted joint ventures` share of gold income including realised non-hedge derivatives 760 633 544 Attributable gold income including realised non-hedge derivatives 13,261 11,031 (1,762) Attributable gold sold - kg / - oz (000) 33,590 33,534 36,894 Revenue price per unit - R/kg / - $/oz 394,799 328,951 (47,750) Attributable gold income including realised non-hedge derivatives as above 13,261 11,031 (1,762) Hedge buy-back costs (note 4) - - 11,639 Attributable gold income including realised non-hedge derivatives normalised f or hedge buy-back costs 13,261 11,031 9,877 Attributable gold sold - kg / - oz (000) 33,590 33,534 36,894 Revenue price per unit normalised for hedge buy-back costs - R/kg / - $/oz 394,799 328,951 267,707 Nine months ended Sep Sep
2011 2010 Unaudited Unaudited SA Rand million / Metric Gold income (note 2) 33,464 28,220 Adjusted for non-controlling interests (906) (853) 32,558 27,367 Loss on realised non-hedge derivatives (note 4) - (2,072) Hedge buy-back costs (note 4) - (11,639) Associates and equity accounted joint ventures` share of gold income including realised non-hedge derivatives 1,968 1,819 Attributable gold income including realised non-hedge derivatives 34,525 15,475 Attributable gold sold - kg / - oz (000) 99,895 104,340 Revenue price per unit - R/kg / - $/oz 345,618 148,314 Attributable gold income including realised non-hedge derivatives as above 34,525 15,475 Hedge buy-back costs (note 4) - 11,639 Attributable gold income including realised non-hedge derivatives normalised for hedge buy-back costs 34,525 27,114 Attributable gold sold - kg / - oz (000) 99,895 104,340 Revenue price per unit normalised f or hedge buy-back costs - R/kg / - $/oz 345,618 259,858 Quarter ended Sep Jun Sep 2011 2011 2010 Unaudited Unaudited Unaudited
US Dollar million / Imperial Gold income (note 2) 1,793 1,576 1,420 Adjusted for non-controlling interests (49) (42) (40) 1,744 1,534 1,380
Loss on realised non-hedge derivatives (note 4) - - (101) Hedge buy-back costs (note 4) - - (1,637) Associates and equity accounted joint ventures` share of gold income including realised non-hedge derivatives 106 94 74 Attributable gold income including realised non-hedge derivatives 1,850 1,628 (284) Attributable gold sold - kg / - oz (000) 1,080 1,078 1,186 Revenue price per unit - R/kg / - $/oz 1,713 1,510 (239) Attributable gold income including realised non-hedge derivatives as above 1,850 1,628 (284) Hedge buy-back costs (note 4) - - 1,637 Attributable gold income including realised non-hedge derivatives normalised f or hedge buy-back costs 1,850 1,628 1,353 Attributable gold sold - kg / - oz (000) 1,080 1,078 1,186 Revenue price per unit normalised for hedge buy-back costs - R/kg / - $/oz 1,713 1,510 1,141 Nine months ended
Sep Sep 2011 2010 Unaudited Unaudited US Dollar million / Imperial
Gold income (note 2) 4,791 3,791 Adjusted for non-controlling interests (130) (115) 4,661 3,676 Loss on realised non-hedge derivatives (note 4) - (277) Hedge buy-back costs (note 4) - (1,637) Associates and equity accounted joint ventures` share of gold income including realised non-hedge derivatives 282 244 Attributable gold income including realised non-hedge derivatives 4,943 2,006 Attributable gold sold - kg / - oz (000) 3,212 3,355 Revenue price per unit - R/kg / - $/oz 1,539 598 Attributable gold income including realised non-hedge derivatives as above 4,943 2,006 Hedge buy-back costs (note 4) - 1,637 Attributable gold income including realised non-hedge derivatives normalised f or hedge buy-back costs 4,943 3,643 Attributable gold sold - kg / - oz (000) 3,212 3,355 Revenue price per unit normalised for hedge buy-back costs - R/kg / - $/oz 1,539 1,086 Rounding of figures may result in computational discrepancies. Quarter ended Sep Jun Sep
2011 2011 2010 Unaudited Unaudited Unaudited SA Rand million / Metric D Total costs Total cash costs (note 3) 5,598 4,883 5,284 Adjusted f or non-controlling interests and non-gold producing companies (259) (45) (193) Associates` and equity accounted joint ventures` share of total cash costs 400 345 365 Total cash costs adjusted for non-controlling interests and non-gold producing companies 5,739 5,183 5,456 Retrenchment costs (note 3) 26 20 23 Rehabilitation and other non-cash costs (note 3) 80 349 106 Amortisation of tangible assets (note 3) 1,374 1,274 1,240 Amortisation of intangible assets (note 3) 4 4 4 Adjusted f or non-controlling interests and non-gold producing companies (55) (107) (67) Associates and equity accounted joint ventures` share of production costs 15 17 19 Total production costs adjusted for non-controlling interests and non-gold producing companies 7,183 6,740 6,781 Gold produced - kg / - oz (000) 33,970 33,776 36,129 Total cash cost per unit - R/kg / -$/oz 168,935 153,441 151,007 Total production cost per unit - R/kg / -$/oz 211,460 199,541 187,695 E EBITDA Operating profit 4,655 3,520 1,382 Amortisation of tangible assets (note 3) 1,374 1,274 1,240 Amortisation of intangible assets (note 3) 4 4 4 Net impairments of tangible assets (note 6) 22 66 92 Loss (gain) on unrealised non-hedge derivatives and other commodity contracts (note 4) 5 14 (11,343) Hedge buy-back costs (note 4) - - 11,639 Mandatory convertible bond issue discount, underwriting and professional fees (note 6) - - 401 Exchange effects of equity raising - - 21 Share of associates` EBITDA 280 264 197 Impairment of investment (note 6) 124 12 - Loss (profit) on disposal and abandonment of assets (note 6) 21 (18) 74 Prof it on disposal of ISS International Limited (note 6) - - - 6,485 5,136 3,706 F Interest cover EBITDA (note E) 6,485 5,136 3,706 Finance costs (note 7) 246 250 189 Capitalised finance costs 7 - - 253 250 189
Interest cover - times 26 21 20 G Operating cash flow Net cash inflow (outflow) from operating activities 6,497 4,298 (7,783) Stay-in-business capital expenditure (1,853) (1,480) (1,296) Expenditure on intangible assets (49) - - 4,595 2,818 (9,079) Nine months ended
Sep Sep 2011 2010 Unaudited Unaudited SA Rand million / Metric
D Total costs Total cash costs (note 3) 15,558 15,072 Adjusted f or non-controlling interests and non-gold producing companies (604) (416) Associates` and equity accounted joint ventures` share of total cash costs 1,094 1,046 Total cash costs adjusted for non-controlling interests and non-gold producing companies 16,048 15,702 Retrenchment costs (note 3) 73 102 Rehabilitation and other non-cash costs (note 3) 497 228 Amortisation of tangible assets (note 3) 3,942 3,680 Amortisation of intangible assets (note 3) 12 11 Adjusted f or non-controlling interests and non-gold producing companies (217) (162) Associates and equity accounted joint ventures` share of production costs 48 50 Total production costs adjusted for non-controlling interests and non-gold producing companies 20,404 19,611 Gold produced - kg / - oz (000) 100,049 104,714 Total cash cost per unit - R/kg / -$/oz 160,402 149,953 Total production cost per unit - R/kg / -$/oz 203,940 187,282 E EBITDA Operating profit 10,712 1,808 Amortisation of tangible assets (note 3) 3,942 3,680 Amortisation of intangible assets (note 3) 12 11 Net impairments of tangible assets (note 6) 94 235 Loss (gain) on unrealised non-hedge derivatives and other commodity contracts (note 4) 7 (9,104) Hedge buy-back costs (note 4) - 11,639 Mandatory convertible bond issue discount, underwriting and professional fees (note 6) - 401 Exchange effects of equity raising - 21 Share of associates` EBITDA 725 752 Impairment of investment (note 6) 136 - Loss (profit) on disposal and abandonment of assets (note 6) 15 109 Profit on disposal of ISS International Limited (note 6) (14) - 15,629 9,507 F Interest cover EBITDA (note E) 15,629 9,507 Finance costs (note 7) 744 575 Capitalised finance costs 7 - 751 575 Interest cover - times 21 17 G Operating cash flow Net cash inflow (outflow) from operating activities 14,402 (3,494) Stay-in-business capital expenditure (4,447) (3,387) Expenditure on intangible assets (49) - 9,906 (6,881) Quarter ended Sep Jun Sep 2011 2011 2010
Unaudited Unaudited Unaudited US Dollar million / Imperial D Total costs Total cash costs (note 3) 784 721 724 Adjusted f or non-controlling interests and non-gold producing companies (36) (7) (26) Associates` and equity accounted joint ventures` share of total cash costs 56 51 50 Total cash costs adjusted for non-controlling interests and non-gold producing companies 804 765 747 Retrenchment costs (note 3) 4 3 3 Rehabilitation and other non-cash costs (note 3) 11 52 15 Amortisation of tangible assets (note 3) 192 188 170 Amortisation of intangible assets (note 3) 1 1 - Adjusted f or non-controlling interests and non-gold producing companies (7) (16) (9) Associates and equity accounted joint ventures` share of production costs 1 2 2 Total production costs adjusted for non-controlling interests and non-gold producing companies 1,007 995 929 Gold produced - kg / - oz (000) 1,092 1,086 1,162 Total cash cost per unit - R/kg / -$/oz 737 705 643 Total production cost per unit - R/kg / -$/oz 922 916 800 E EBITDA Operating profit 648 519 178 Amortisation of tangible assets (note 3) 192 188 170 Amortisation of intangible assets (note 3) 1 1 - Net impairments of tangible assets (note 6) 3 10 13 Loss (gain) on unrealised non-hedge derivatives and other commodity contracts (note 4) 1 2 (1,586) Hedge buy-back costs (note 4) - - 1,637 Mandatory convertible bond issue discount, underwriting and professional fees (note 6) - - 56 Exchange effects of equity raising - - 3 Share of associates` EBITDA 37 39 27 Impairment of investment (note 6) 16 2 - Loss (profit) on disposal and abandonment of assets (note 6) 4 (3) 10 Prof it on disposal of ISS International Limited (note 6) - - - 902 758 509 F Interest cover EBITDA (note E) 902 758 509 Finance costs (note 7) 34 37 26 Capitalised finance costs 1 - - 35 37 26 Interest cover - times 26 20 20 G Operating cash flow Net cash inflow (outflow) from operating activities 863 635 (1,126) Stay-in-business capital expenditure (259) (218) (177) Expenditure on intangible assets (6) - - 598 417 (1,303) Nine months ended Sep Sep 2011 2010
Unaudited Unaudited US Dollar million / Imperial D Total costs Total cash costs (note 3) 2,231 2,026 Adjusted f or non-controlling interests and non-gold producing companies (85) (56) Associates` and equity accounted joint ventures` share of total cash costs 157 141 Total cash costs adjusted for non-controlling interests and non-gold producing companies 2,303 2,110 Retrenchment costs (note 3) 10 14 Rehabilitation and other non-cash costs (note 3) 72 31 Amortisation of tangible assets (note 3) 566 494 Amortisation of intangible assets (note 3) 2 1 Adjusted f or non-controlling interests and non-gold producing companies (31) (22) Associates and equity accounted joint ventures` share of production costs 6 7 Total production costs adjusted for non-controlling interests and non-gold producing companies 2,928 2,636 Gold produced - kg / - oz (000) 3,217 3,367 Total cash cost per unit - R/kg / -$/oz 716 627 Total production cost per unit - R/kg / -$/oz 910 783 E EBITDA Operating profit 1,530 233 Amortisation of tangible assets (note 3) 565 494 Amortisation of intangible assets (note 3) 2 1 Net impairments of tangible assets (note 6) 14 32 Loss (gain) on unrealised non-hedge derivatives and other commodity contracts (note 4) 1 (1,289) Hedge buy-back costs (note 4) - 1,637 Mandatory convertible bond issue discount, underwriting and professional fees (note 6) - 56 Exchange effects of equity raising - 3 Share of associates` EBITDA 103 101 Impairment of investment (note 6) 18 - Loss (profit) on disposal and abandonment of assets (note 6) 2 15 Prof it on disposal of ISS International Limited (note 6) (2) - 2,234 1,278
F Interest cover EBITDA (note E) 2,234 1,278 Finance costs (note 7) 107 78 Capitalised finance costs 1 - 108 78 Interest cover - times 21 16 G Operating cash flow Net cash inflow (outflow) from operating activities 2,011 (560) Stay-in-business capital expenditure (636) (455) Expenditure on intangible assets (6) - 1,369 (1,015) As at As at As at As at
Sep Jun Dec Sep 2011 2011 2010 2010 Unaudited Unaudited Unaudited Unaudited SA Rand million
H Net asset value - cents per share Total equity 38,746 32,247 27,023 27,355 Mandatory convertible bonds 6,253 5,270 5,739 5,860 44,999 37,517 32,762 33,215 Number of ordinary shares in issue - million (note 10) 385 385 384 384 Net asset value - cents per share 11,680 9,744 8,532 8,654 Total equity 38,746 32,247 27,023 27,355 Mandatory convertible bonds 6,253 5,270 5,739 5,860 Intangible assets (1,547) (1,357) (1,277) (1,296) 43,452 36,160 31,485 31,919 Number of ordinary shares in issue - million (note 10) 385 385 384 384 Net tangible asset value - cents per share 11,278 9,392 8,199 8,317 I Net debt Borrowings - long-term portion 13,538 11,254 11,148 11,503 Borrowings - short-term portion 369 193 876 1,864 Total borrowings (1) 13,907 11,447 12,024 13,367 Corporate of f ice lease (259) (259) (259) (259) Unamortised portion on the convertible and rated bonds 585 679 757 696 Cash restricted f or use (483) (379) (283) (298) Cash and cash equivalents (8,717) (5,656) (3,776) (9,313) Net debt excluding mandatory convertible bonds 5,033 5,832 8,463 4,193 As at As at As at As at
Sep Jun Dec Sep 2011 2011 2010 2010 Unaudited Unaudited Unaudited Unaudited US Dollar million
H Net asset value - cents per share Total equity 4,778 4,785 4,113 3,930 Mandatory convertible bonds 771 782 874 842 5,549 5,567 4,987 4,772 Number of ordinary shares in issue - million (note 10) 385 385 384 384 Net asset value - cents per share 1,440 1,446 1,299 1,243 Total equity 4,778 4,785 4,113 3,930 Mandatory convertible bonds 771 782 874 842 Intangible assets (191) (201) (194) (186) 5,358 5,366 4,793 4,586 Number of ordinary shares in issue - million (note 10) 385 385 384 384 Net tangible asset value - cents per share 1,391 1,394 1,248 1,195 I Net debt Borrowings - long-term portion 1,670 1,670 1,697 1,653 Borrowings - short-term portion 45 28 133 268 Total borrowings (1) 1,715 1,698 1,830 1,921 Corporate of f ice lease (32) (38) (39) (37) Unamortised portion on the convertible and rated bonds 72 101 115 100 Cash restricted f or use (60) (56) (43) (43) Cash and cash equivalents (1,075) (839) (575) (1,338) Net debt excluding mandatory convertible bonds 620 866 1,288 603 (1) Borrowings exclude the mandatory convertible bonds (note H). Rounding of figures may result in computational discrepancies. IMPERIAL OPERATING RESULTS Continental South Africa Africa Australasia QUARTER ENDED SEPTEMBER 2011 UNDERGROUND OPERATION Area mined - 000 ft2 2,625 - - Mined - 000 tons 1,691 526 312 Milled / Treated - 000 tons 1,575 547 294 Yield - oz/t 0.230 0.137 0.062 Gold produced - oz (000) 362 75 18 SURFACE AND DUMP RECLAMATION Milled / Treated - 000 tons 2,725 - - Yield - oz/t 0.012 - - Gold produced - oz (000) 32 3 - OPEN-PIT OPERATION Volume mined - 000 bcy - 16,982 225 Mined - 000 tons - 34,541 240 Treated - 000 tons - 6,684 725 Stripping ratio - ratio - 5.43 35.22 Yield - oz/t - 0.049 0.044 Gold produced - oz (000) - 325 32 HEAP LEACH OPERATION Mined - 000 tons - 1,578 - Placed - 000 tons - 288 - Stripping ratio - ratio - 9.09 - Yield - oz/t - 0.031 - Gold placed - oz (000) - 9 - Gold produced - oz (000) - 8 - PRODUCTIVITY PER EMPLOYEE Actual - oz 5.67 11.77 32.05 TOTAL Subsidiaries` gold produced - oz (000) 394 348 50 Joint ventures` gold produced - oz (000) - 63 - Attributable gold produced - oz (000) 394 411 50 Minority gold produced - oz (000) - 10 - Subsidiaries` gold sold - oz (000) 393 324 55 Joint ventures` gold sold - oz (000) - 62 - Attributable gold sold - oz (000) 393 386 55 Minority gold sold - oz (000) - 11 - Spot price - $/oz 1,705 1,705 1,705 Price received- $/oz sold 1,718 1,724 1,683 Total cash costs - $/oz produced 757 739 1,570 Total production costs - $/oz produced 981 884 1,743 IMPERIAL OPERATING RESULTS Americas Total group
QUARTER ENDED SEPTEMBER 2011 UNDERGROUND OPERATION Area mined - 000 ft2 - 2,625 Mined - 000 tons 558 3,088 Milled / Treated - 000 tons 616 3,032 Yield - oz/t 0.194 0.189 Gold produced - oz (000) 119 574 SURFACE AND DUMP RECLAMATION Milled / Treated - 000 tons - 2,725 Yield - oz/t - 0.013 Gold produced - oz (000) - 35 OPEN-PIT OPERATION Volume mined - 000 bcy - 17,207 Mined - 000 tons 7,459 42,240 Treated - 000 tons 254 7,663 Stripping ratio - ratio 22.71 6.42 Yield - oz/t 0.176 0.052 Gold produced - oz (000) 45 402 HEAP LEACH OPERATION Mined - 000 tons 19,132 20,710 Placed - 000 tons 5,920 6,209 Stripping ratio - ratio 2.40 2.58 Yield - oz/t 0.012 0.013 Gold placed - oz (000) 74 83 Gold produced - oz (000) 74 81 PRODUCTIVITY PER EMPLOYEE Actual - oz 21.94 9.36 TOTAL Subsidiaries` gold produced - oz (000) 238 1,029 Joint ventures` gold produced - oz (000) - 63 Attributable gold produced - oz (000) 238 1,092 Minority gold produced - oz (000) 19 29 Subsidiaries` gold sold - oz (000) 246 1,018 Joint ventures` gold sold - oz (000) - 62 Attributable gold sold - oz (000) 246 1,080 Minority gold sold - oz (000) 21 32 Spot price - $/oz 1,705 1,705 Price received - $/oz sold 1,697 1,713 Total cash costs - $/oz produced 524 737 Total production costs - $/oz produced 710 922 Rounding of figures may result in computational discrepancies. FINANCIAL RESULTS South Africa Continental Australasia Americas QUARTER ENDED Africa SEPTEMBER 2011 $`m Gold income 675 684 93 448 Cash costs (320) (315) (79) (183) By-products revenue 22 2 - 32 Total cash costs (298) (313) (79) (151) Retrenchment costs (2) (1) - (1) Rehabilitation and other non-cash costs (2) (5) - (5) Amortisation of assets (84) (55) (9) (44) Total production costs (386) (373) (87) (201) Inventory change - 14 (5) 5 Cost of sales (386) (359) (92) (195) Adjusted gross profit (loss) 290 325 - 253 Unrealised non-hedge derivatives and other commodity contracts - - - (1) Gross profit (loss) 290 325 - 252 Corporate and other costs (3) - - (9) Exploration - (18) (16) (32) Intercompany transactions - (11) (1) (1) Special items (4) (13) 11 1 Operating profit (loss) 282 282 (6) 211 Net finance (costs) income, unwinding of obligations and fair value adjustments (1) 2 2 (2) Exchange gain (loss) - (1) - 12 Share of equity accounted investments profit - - - (8) Profit (loss) before taxation 280 283 (4) 213 Taxation (96) (102) 1 (27) Profit (loss) for the period 184 182 (3) 187 Equity shareholders 184 178 (3) 180 Non-controlling interests - 4 - 7 Operating profit (loss) 282 282 (6) 211 Unrealised non-hedge derivatives and other commodity contracts - - - 1 Intercompany transactions - 11 1 1 Special items 5 10 - - Share of associates` EBIT - - - (8) EBIT 287 303 (5) 204 Amortisation of assets 84 55 9 44 Share of associates` amortisation - - - - EBITDA 371 358 4 248 Profit (loss) attributable to equity shareholders 184 178 (3) 180 Special items 5 10 - - Share of associates` special items - - - - Taxation on items above (2) - - - Headline earnings (loss) 187 187 (3) 180 Unrealised non-hedge derivatives and other commodity contracts - - - 1 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) 187 187 (3) 181 Ore reserve development capital 71 13 5 17 Stay-in-business capital 43 66 2 40 Project capital 26 22 25 68 Total capital expenditure 140 101 32 125 Less equity FINANCIAL RESULTS Corporate Sub-total accounted Total group QUARTER ENDED and other investments SEPTEMBER 2011 $`m Gold income - 1,899 (106) 1,793 Cash costs - (897) 56 (841) By-products revenue - 57 - 57 Total cash costs - (840) 56 (784) Retrenchment costs - (4) - (4) Rehabilitation and other non-cash costs - (11) - (11) Amortisation of assets (3) (195) 2 (193) Total production costs (3) (1,050) 58 (992) Inventory change - 15 - 14 Cost of sales (3) (1,035) 58 (977) Adjusted gross profit (loss) (4) 864 (48) 816 Unrealised non-hedge derivatives and other commodity contracts - (1) - (1) Gross profit (loss) (4) 863 (48) 815 Corporate and other costs (66) (78) - (78) Exploration (11) (78) 2 (76) Intercompany transactions 13 - - - Special items (8) (13) - (13) Operating profit (loss) (75) 694 (47) 648 Net finance (costs) income, unwinding of obligations and fair value adjustments (17) (15) (3) (18) Exchange gain (loss) 5 16 - 15 Share of equity accounted investments profit (2) (10) 34 24 Profit (loss) before taxation (88) 685 (16) 669 Taxation 4 (220) 16 (204) Profit (loss) for the period (84) 465 - 465 Equity shareholders (83) 456 - 456 Non-controlling interests (1) 9 - 9 Operating profit (loss) (75) 694 (47) 648 Unrealised non-hedge derivatives and other commodity contracts - 1 - 1 Intercompany transactions (13) - - - Special items 8 22 - 22 Share of associates` EBIT (2) (10) 47 36 EBIT (82) 707 - 707 Amortisation of assets 3 195 (2) 193 Share of associates` amortisation - - 2 2 EBITDA (79) 902 - 902 Profit (loss) attributable to equity shareholders (83) 456 - 456 Special items 8 22 - 22 Share of associates` special items - - - - Taxation on items above - (2) - (2) Headline earnings (loss) (75) 476 - 476 Unrealised non-hedge derivatives and other commodity contracts - 1 - 1 Deferred tax on unrealised non-hedge derivatives and other commodity contracts - - - - Fair value adjustment on option component of convertible bonds (11) (11) - (11) Fair value adjustment on mandatory convertible bonds (9) (9) - (9) Adjusted headline earnings (loss) (95) 457 - 457 Ore reserve development capital - 106 - 106 Stay-in-business capital 10 161 (2) 159 Project capital - 141 (18) 123 Total capital expenditure 10 408 (20) 388 Rounding of figures may result in computational discrepancies. IMPERIAL OPERATING RESULTS Continental South Africa Africa Australasia
QUARTER ENDED JUNE 2011 UNDERGROUND OPERATION Area mined - 000 ft2 2,962 - - Mined - 000 tons 1,834 486 261 Milled / Treated - 000 tons 1,651 541 243 Yield - oz/t 0.233 0.151 0.092 Gold produced - oz (000) 384 82 22 SURFACE AND DUMP RECLAMATION Milled / Treated - 000 tons 3,089 - - Yield - oz/t 0.015 - - Gold produced - oz (000) 48 1 - OPEN-PIT OPERATION Volume mined - 000 bcy - 18,444 172 Mined - 000 tons - 36,920 395 Treated - 000 tons - 5,872 736 Stripping ratio - ratio - 4.63 7.57 Yield - oz/t - 0.049 0.052 Gold produced - oz (000) - 288 38 HEAP LEACH OPERATION Mined - 000 tons - 1,925 - Placed - 000 tons - 317 - Stripping ratio - ratio - 6.31 - Yield - oz/t - 0.032 - Gold placed - oz (000) - 10 - Gold produced - oz (000) - 6 - PRODUCTIVITY PER EMPLOYEE Actual - oz 6.21 11.01 40.57 TOTAL Subsidiaries` gold produced - oz (000) 431 313 61 Joint ventures` gold produced - oz (000) - 64 - Attributable gold produced - oz (000) 431 377 61 Minority gold produced - oz (000) - 12 - Subsidiaries` gold sold - oz (000) 431 310 62 Joint ventures` gold sold - oz (000) - 62 - Attributable gold sold - oz (000) 431 372 62 Minority gold sold - oz (000) - 12 - Spot price - $/oz 1,496 1,496 1,496 Price received- $/oz sold 1,516 1,506 1,498 Total cash costs - $/oz produced 688 705 1,595 Total production costs - $/oz produced 905 861 1,745 IMPERIAL OPERATING RESULTS Americas Total group QUARTER ENDED JUNE 2011 UNDERGROUND OPERATION Area mined - 000 ft2 - 2,962 Mined - 000 tons 571 3,152 Milled / Treated - 000 tons 550 2,983 Yield - oz/t 0.181 0.197 Gold produced - oz (000) 99 587 SURFACE AND DUMP RECLAMATION Milled / Treated - 000 tons - 3,089 Yield - oz/t - 0.016 Gold produced - oz (000) - 49 OPEN-PIT OPERATION Volume mined - 000 bcy - 18,616 Mined - 000 tons 7,611 44,926 Treated - 000 tons 260 6,867 Stripping ratio - ratio 23.32 5.49 Yield - oz/t 0.167 0.054 Gold produced - oz (000) 43 370 HEAP LEACH OPERATION Mined - 000 tons 17,947 19,872 Placed - 000 tons 5,980 6,298 Stripping ratio - ratio 2.07 2.25 Yield - oz/t 0.011 0.012 Gold placed - oz (000) 68 78 Gold produced - oz (000) 74 80 PRODUCTIVITY PER EMPLOYEE Actual - oz 20.73 9.39 TOTAL Subsidiaries` gold produced - oz (000) 216 1,022 Joint ventures` gold produced - oz (000) - 64 Attributable gold produced - oz (000) 216 1,086 Minority gold produced - oz (000) 18 30 Subsidiaries` gold sold - oz (000) 213 1,016 Joint ventures` gold sold - oz (000) - 62 Attributable gold sold - oz (000) 213 1,078 Minority gold sold - oz (000) 19 30 Spot price - $/oz 1,496 1,496 Price received - $/oz sold 1,507 1,510 Total cash costs - $/oz produced 487 705 Total production costs - $/oz produced 794 916 Rounding of figures may result in computational discrepancies. FINANCIAL RESULTS South Africa Continental Australasia Americas QUARTER ENDED JUNE 2011 $`m Africa Gold income 654 578 93 344 Cash costs (330) (277) (97) (160) By-products revenue 33 2 - 32 Total cash costs (297) (275) (97) (129) Retrenchment costs (2) - - (1) Rehabilitation and other non-cash costs (2) (8) (1) (41) Amortisation of assets (89) (52) (8) (38) Total production costs (390) (335) (106) (208) Inventory change - 1 3 15 Cost of sales (390) (334) (103) (193) Adjusted gross profit (loss) 264 244 (10) 151 Unrealised non-hedge derivatives and other commodity contracts - - - (3) Gross profit (loss) 264 245 (10) 149 Corporate and other costs (3) (4) - (10) Exploration - (13) (12) (30) Intercompany transactions - (11) - (1) Special items (7) 581 16 1 Operating profit (loss) 253 797 (6) 109 Net finance (costs) income, unwinding of obligations and fair value adjustments (1) (2) - (1) Exchange (loss) gain - (4) - (2) Share of equity accounted investments profit - - - (3) Profit (loss) before taxation 252 792 (6) 104 Taxation (79) (71) 1 (12) Profit (loss) for the period 174 722 (5) 92 Equity shareholders 174 717 (5) 92 Non-controlling interests - 4 - - Operating profit (loss) 253 797 (6) 109 Unrealised non-hedge derivatives and other commodity contracts - - - 3 Intercompany transactions - 11 - 1 Special items 8 (550) (3) (1) Share of associates` EBIT - - - (3) EBIT 261 258 (9) 109 Amortisation of assets 89 52 8 38 Share of associates` amortisation - - - - EBITDA 350 310 (1) 147 Profit (loss) attributable to equity shareholders 174 717 (5) 92 Special items 8 (550) (3) (1) Share of associates` special items - - - - Taxation on items above (5) - 1 - Headline earnings (loss) 177 167 (7) 91 Unrealised non-hedge derivatives and other commodity contracts - - - 3 Deferred tax on unrealised non-hedge derivatives and other commodity contracts - - - - Fair value adjustment on option component of convertible bonds - - - - Fair value loss on mandatory convertible bonds - - - - Adjusted headline earnings (loss) 177 167 (7) 93 Ore reserve development capital 68 12 1 17 Stay-in-business capital 29 63 2 27 Project capital 19 30 16 61 Total capital expenditure 116 105 19 105 FINANCIAL RESULTS Less equity Corporate Sub-total accounted Total group QUARTER ENDED JUNE 2011 $`m and other investments Gold income - 1,669 (94) 1,576 Cash costs 25 (839) 51 (788) By-products revenue 1 68 - 67 Total cash costs 26 (772) 51 (721) Retrenchment costs - (3) - (3) Rehabilitation and other non-cash costs - (52) - (52) Amortisation of assets (4) (191) 2 (189) Total production costs 21 (1,017) 53 (964) Inventory change - 18 (1) 17 Cost of sales 21 (999) 52 (947) Adjusted gross profit (loss) 21 670 (41) 629 Unrealised non-hedge derivatives and other commodity contracts - (2) - (2) Gross profit (loss) 21 668 (41) 627 Corporate and other costs (57) (74) - (74) Exploration (10) (64) 1 (63) Intercompany transactions 12 - - - Special items (562) 29 - 29 Operating profit (loss) (595) 559 (40) 519 Net finance (costs) income, unwinding of obligations and fair value adjustments 101 97 - 98 Exchange (loss) gain (1) (6) 1 (6) Share of equity accounted investments profit (3) (5) 26 21 Profit (loss) before taxation (497) 645 (13) 632 Taxation (2) (162) 13 (149) Profit (loss) for the period (499) 483 - 483 Equity shareholders (508) 470 - 470 Non-controlling interests 9 13 - 13 Operating profit (loss) (595) 559 (40) 519 Unrealised non-hedge derivatives and other commodity contracts - 2 - 2 Intercompany transactions (12) - - - Special items 555 9 - 9 Share of associates` EBIT - (3) 40 37 EBIT (52) 567 - 567 Amortisation of assets 4 191 (2) 189 Share of associates` amortisation - - 2 2 EBITDA (48) 758 - 758 Profit (loss) attributable to equity shareholders (508) 470 - 470 Special items 555 9 - 9 Share of associates` special items 2 2 - 2 Taxation on items above - (4) - (4) Headline earnings (loss) 50 477 - 477 Unrealised non-hedge derivatives and other commodity contracts - 2 - 2 Deferred tax on unrealised non-hedge derivatives and other commodity contracts - - - - Fair value adjustment on option component of convertible bonds (73) (73) - (73) Fair value loss on mandatory convertible bonds (64) (64) - (64) Adjusted headline earnings (loss) (88) 342 - 342 Ore reserve development capital - 98 - 98 Stay-in-business capital 1 122 (1) 121 Project capital - 126 (22) 104 Total capital expenditure 1 346 (23) 323 Rounding of figures may result in computational discrepancies. IMPERIAL OPERATING RESULTS Continental South Africa Africa Australasia QUARTER ENDED SEPTEMBER 2010 UNDERGROUND OPERATION Area mined - 000 ft2 3,221 - - Mined - 000 tons 2,013 452 117 Milled / Treated - 000 tons 1,877 480 144 Yield - oz/t 0.227 0.147 0.092 Gold produced - oz (000) 425 71 13 SURFACE AND DUMP RECLAMATION Milled / Treated - 000 tons 2,792 314 - Yield - oz/t 0.019 0.015 - Gold produced - oz (000) 53 5 - OPEN-PIT OPERATION Volume mined - 000 bcy - 14,492 1,748 Mined - 000 tons - 29,361 4,053 Treated - 000 tons - 5,873 862 Stripping ratio - ratio - 4.54 3.86 Yield - oz/t - 0.049 0.092 Gold produced - oz (000) - 288 80 HEAP LEACH OPERATION Mined - 000 tons - 1,661 - Placed - 000 tons - 256 - Stripping ratio - ratio - 8.43 - Yield - oz/t - 0.030 - Gold placed - oz (000) - 8 - Gold produced - oz (000) - 10 - PRODUCTIVITY PER EMPLOYEE Actual - oz 6.17 11.19 62.31 TOTAL Subsidiaries` gold produced - oz (000) 478 310 93 Joint ventures` gold produced - oz (000) - 63 - Attributable gold produced - oz (000) 478 373 93 Minority gold produced - oz (000) - 11 - Subsidiaries` gold sold - oz (000) 513 306 87 Joint ventures` gold sold - oz (000) - 61 - Attributable gold sold - oz (000) 513 367 87 Minority gold sold - oz (000) - 11 - Spot price - $/oz 1,226 1,226 1,226 Price received- $/oz sold (287) (62) (405) Price received excluding hedge buy-back costs- $/oz sold 1,135 1,152 1,141 Total cash costs - $/oz produced 594 725 1,064 Total production costs - $/oz produced 772 879 1,142 IMPERIAL OPERATING RESULTS Americas Total group QUARTER ENDED SEPTEMBER 2010 UNDERGROUND OPERATION Area mined - 000 ft2 - 3,221 Mined - 000 tons 570 3,151 Milled / Treated - 000 tons 564 3,065 Yield - oz/t 0.193 0.202 Gold produced - oz (000) 109 618 SURFACE AND DUMP RECLAMATION Milled / Treated - 000 tons - 3,106 Yield - oz/t - 0.018 Gold produced - oz (000) - 57 OPEN-PIT OPERATION Volume mined - 000 bcy - 16,240 Mined - 000 tons 8,231 41,646 Treated - 000 tons 271 7,006 Stripping ratio - ratio 26.04 5.47 Yield - oz/t 0.173 0.059 Gold produced - oz (000) 47 414 HEAP LEACH OPERATION Mined - 000 tons 16,507 18,168 Placed - 000 tons 6,017 6,273 Stripping ratio - ratio 1.87 2.07 Yield - oz/t 0.014 0.014 Gold placed - oz (000) 82 90 Gold produced - oz (000) 62 72 PRODUCTIVITY PER EMPLOYEE Actual - oz 23.15 9.55 TOTAL Subsidiaries` gold produced - oz (000) 218 1,099 Joint ventures` gold produced - oz (000) - 63 Attributable gold produced - oz (000) 218 1,162 Minority gold produced - oz (000) 24 35 Subsidiaries` gold sold - oz (000) 220 1,125 Joint ventures` gold sold - oz (000) - 61 Attributable gold sold - oz (000) 220 1,186 Minority gold sold - oz (000) 25 36 Spot price - $/oz 1,226 1,226 Price received - $/oz sold (359) (239) Price received excluding hedge buy-back costs - $/oz sold 1,137 1,141 Total cash costs - $/oz produced 433 643 Total production costs - $/oz produced 573 800 Rounding of figures may result in computational discrepancies. FINANCIAL RESULTS Continental South Africa Africa Australasia Americas QUARTER ENDED SEPTEMBER 2010 $`m Gold income received (1) 582 436 99 277 Cash costs (293) (279) (99) (139) By-products revenue 10 1 - 19 Total cash costs (284) (278) (99) (119) Retrenchment costs (3) - - (1) Rehabilitation and other non-cash costs (2) (13) - (1) Amortisation of assets (81) (46) (7) (36) Total production costs (369) (336) (106) (157) Inventory change (24) 9 2 14 Cost of sales (393) (327) (104) (143) Adjusted gross profit (loss) excluding hedge buy-back costs 189 109 (5) 134 Hedge buy-back costs (729) (446) (134) (328) Adjusted gross (loss) profit (540) (337) (139) (194) Unrealised non-hedge derivatives and other commodity contracts 915 251 - 420 Gross profit (loss) 375 (86) (139) 226 Corporate and other costs (3) (4) - (9) Exploration - (11) (14) (23) Intercompany transactions - (12) - (1) Special items (8) (1) 2 - Operating profit (loss) 365 (113) (152) 193 Net finance (costs) income, unwinding of obligations and fair value adjustments (1) (2) - 1 Exchange gain (loss) - (8) - (6) Share of equity accounted investments profit - - - - Profit (loss) before taxation 363 (124) (152) 187 Taxation 18 (32) 3 (17) Profit (loss) for the period 381 (156) (149) 170 Equity shareholders 381 (160) (149) 161 Non-controlling interests - 3 - 9 Operating profit (loss) 365 (113) (152) 193 Unrealised non-hedge derivatives and other commodity contracts (915) (251) - (420) Hedge buy-back costs 729 446 134 328 Intercompany transactions - 12 - 1 Special items 20 - - - Share of associates` EBIT - - - - EBIT 198 95 (17) 102 Amortisation of assets 81 46 7 36 Share of associates` amortisation - - - - EBITDA 280 140 (10) 139 Profit (loss) attributable to equity shareholders 381 (160) (149) 161 Special items 20 - - - Share of associates` special items - - - - Taxation on items above (6) - - (1) Headline earnings (loss) 395 (159) (149) 160 Unrealised non-hedge derivatives and other commodity contracts (915) (251) - (420) Deferred tax on unrealised non-hedge derivatives and other commodity contracts 301 - - - Fair value adjustment on option component of convertible bonds - - - - Fair value loss on mandatory convertible - - - - Hedge buy-back and related costs net of taxation 523 443 134 328 Adjusted headline earnings (loss) excluding hedge buy-back costs 304 33 (15) 69 Ore reserve development capital 65 9 4 14 Stay-in-business capital 22 33 4 25 Project capital 13 17 2 43 Total capital expenditure 100 60 10 82 Less equity FINANCIAL RESULTS Corporate Sub-total accounted Total group and other investments
QUARTER ENDED SEPTEMBER 2010 $`m Gold income received (1) - 1,394 (75) 1,319 Cash costs 6 (805) 50 (754) By-products revenue 1 31 - 31 Total cash costs 7 (774) 50 (724) Retrenchment costs - (3) - (3) Rehabilitation and other non-cash costs - (15) - (15) Amortisation of assets (2) (173) 2 (170) Total production costs 4 (965) 53 (912) Inventory change - 2 (1) 1 Cost of sales 4 (963) 51 (911) Adjusted gross profit (loss) excluding hedge buy-back costs 4 431 (23) 408 Hedge buy-back costs - (1,637) - (1,637) Adjusted gross (loss) profit 4 (1,206) (23) (1,229) Unrealised non-hedge derivatives and other commodity contracts - 1,586 - 1,586 Gross profit (loss) 4 380 (23) 357 Corporate and other costs (43) (58) - (59) Exploration (13) (61) - (60) Intercompany transactions 13 - - - Special items (52) (58) (1) (60) Operating profit (loss) (90) 202 (24) 178 Net finance (costs) income, unwinding of obligations and fair value adjustments (74) (78) - (78) Exchange gain (loss) (4) (19) 3 (16) Share of equity accounted investments profit 12 12 8 21 Profit (loss) before taxation (156) 118 (13) 106 Taxation (24) (53) 13 (41) Profit (loss) for the period (180) 65 - 65 Equity shareholders (183) 51 - 51 Non-controlling interests 3 15 - 14 Operating profit (loss) (90) 202 (24) 178 Unrealised non-hedge derivatives and other commodity contracts - (1,586) - (1,586) Hedge buy-back costs 59 1,696 - 1,696 Intercompany transactions (13) - - - Special items 1 22 1 23 Share of associates` EBIT 2 2 23 25 EBIT (42) 336 - 336 Amortisation of assets 2 173 (2) 170 Share of associates` amortisation - - 2 2 EBITDA (39) 509 - 509 Profit (loss) attributable to equity shareholders (183) 51 - 51 Special items 1 22 1 23 Share of associates` special items (10) (10) (1) (12) Taxation on items above - (7) - (7) Headline earnings (loss) (192) 55 - 55 Unrealised non-hedge derivatives and other commodity contracts - (1,586) - (1,586) Deferred tax on unrealised non-hedge derivatives and other commodity contracts - 301 - 301 Fair value adjustment on option component of convertible bonds 24 24 - 24 Fair value loss on mandatory convertible 22 22 - 22 Hedge buy-back and related costs net of taxation 59 1,487 - 1,487 Adjusted headline earnings (loss) excluding hedge buy-back costs (86) 303 - 303 Ore reserve development capital - 93 - 93 Stay-in-business capital 1 85 (1) 84 Project capital - 75 (10) 65 Total capital expenditure 1 253 (11) 242 (1) Gold income received is gold income per income statement and loss on realised non-hedge derivatives (note 4). Rounding of figures may result in computational discrepancies. IMPERIAL OPERATING RESULTS Continental South Africa Africa Australasia
NINE MONTHS ENDED SEPTEMBER 2011 UNDERGROUND OPERATION Area mined - 000 ft2 8,285 - - Mined - 000 tons 5,244 1,503 800 Milled / Treated - 000 tons 4,758 1,631 802 Yield - oz/t 0.231 0.139 0.102 Gold produced - oz (000) 1,098 226 81 SURFACE AND DUMP RECLAMATION Milled / Treated - 000 tons 8,774 - - Yield - oz/t 0.015 - - Gold produced - oz (000) 128 5 - OPEN-PIT OPERATION Volume mined - 000 bcy - 51,879 1,842 Mined - 000 tons - 104,163 4,025 Treated - 000 tons - 18,735 2,107 Stripping ratio - ratio - 4.44 6.62 Yield - oz/t - 0.048 0.048 Gold produced - oz (000) - 898 102 HEAP LEACH OPERATION Mined - 000 tons - 5,143 - Placed - 000 tons - 910 - Stripping ratio - ratio - 6.92 - Yield - oz/t - 0.031 - Gold placed - oz (000) - 28 - Gold produced - oz (000) - 21 - PRODUCTIVITY PER EMPLOYEE Actual - oz 5.89 11.21 37.82 TOTAL Subsidiaries` gold produced - oz (000) 1,226 965 183 Joint ventures` gold produced - oz (000) - 186 - Attributable gold produced - oz (000) 1,226 1,151 183 Minority gold produced - oz (000) - 33 - Subsidiaries` gold sold - oz (000) 1,225 955 187 Joint ventures` gold sold - oz (000) - 184 - Attributable gold sold - oz (000) 1,225 1,139 187 Minority gold sold - oz (000) - 35 - Spot price - $/oz 1,534 1,534 1,534 Price received- $/oz sold 1,542 1,540 1,511 Total cash costs - $/oz produced 693 753 1,414 Total production costs - $/oz produced 918 902 1,570 IMPERIAL OPERATING RESULTS Americas Total group NINE MONTHS ENDED SEPTEMBER 2011 UNDERGROUND OPERATION Area mined - 000 ft2 - 8,285 Mined - 000 tons 1,644 9,190 Milled / Treated - 000 tons 1,705 8,896 Yield - oz/t 0.189 0.194 Gold produced - oz (000) 323 1,729 SURFACE AND DUMP RECLAMATION Milled / Treated - 000 tons - 8,774 Yield - oz/t - 0.015 Gold produced - oz (000) - 133 OPEN-PIT OPERATION Volume mined - 000 bcy - 53,721 Mined - 000 tons 22,303 130,490 Treated - 000 tons 758 21,600 Stripping ratio - ratio 23.45 5.33 Yield - oz/t 0.167 0.052 Gold produced - oz (000) 127 1,126 HEAP LEACH OPERATION Mined - 000 tons 54,360 59,503 Placed - 000 tons 17,649 18,559 Stripping ratio - ratio 2.18 2.35 Yield - oz/t 0.012 0.013 Gold placed - oz (000) 206 234 Gold produced - oz (000) 208 229 PRODUCTIVITY PER EMPLOYEE Actual - oz 20.93 9.27 TOTAL Subsidiaries` gold produced - oz (000) 657 3,031 Joint ventures` gold produced - oz (000) - 186 Attributable gold produced - oz (000) 657 3,217 Minority gold produced - oz (000) 58 91 Subsidiaries` gold sold - oz (000) 661 3,028 Joint ventures` gold sold - oz (000) - 184 Attributable gold sold - oz (000) 661 3,212 Minority gold sold - oz (000) 58 93 Spot price - $/oz 1,534 1,534 Price received - $/oz sold 1,541 1,539 Total cash costs - $/oz produced 498 716 Total production costs - $/oz produced 720 910 Rounding of figures may result in computational discrepancies. FINANCIAL RESULTS - NINE MONTHS Continental South Africa Africa Australasia Americas ENDED SEPTEMBER 2011 $`m Gold income 1,889 1,807 282 1,095 Cash costs (932) (898) (260) (493) By-products revenue 82 6 1 86 Total cash costs (850) (893) (259) (407) Retrenchment costs (7) (1) - (2) Rehabilitation and other non-cash costs (6) (20) (1) (46) Amortisation of assets (263) (152) (28) (122) Total production costs (1,126) (1,067) (287) (577) Inventory change - (9) - 42 Cost of sales (1,126) (1,076) (287) (536) Adjusted gross profit (loss) 763 731 (5) 560 Unrealised non-hedge derivatives and other commodity contracts - - - (1) Gross profit (loss) 763 732 (5) 558 Corporate and other costs (9) (7) (2) (33) Exploration (1) (51) (38) (81) Intercompany transactions - (34) (1) (2) Special items (12) 561 35 2 Operating profit (loss) 742 1,201 (12) 445 Net finance (costs) income, unwinding of obligations and fair value adjustments (4) (1) 2 (3) Exchange (loss) gain - (8) - 12 Share of equity accounted investments profit - - - (15) Profit (loss) before taxation 738 1,192 (10) 439 Taxation (230) (214) 1 (68) Profit (loss) for the period 509 977 (9) 371 Equity shareholders 509 964 (9) 359 Non-controlling interests - 14 - 12 Operating profit (loss) 742 1,201 (12) 445 Unrealised non-hedge derivatives and other commodity contracts - - - 1 Intercompany transactions - 34 1 2 Special items 14 (539) (3) (1) Share of associates` EBIT - - - (15) EBIT 756 695 (14) 432 Amortisation of assets 263 152 28 122 Share of associates` amortisation - - - - EBITDA 1,019 848 14 553 Profit (loss) attributable to equity shareholders 509 964 (9) 359 Special items 14 (539) (3) (1) Share of associates` special items - - - - Taxation on items above (7) - 1 - Headline earnings (loss) 516 424 (11) 358 Unrealised non-hedge derivatives and other commodity contracts - - - 1 Deferred tax on unrealised non-hedge derivatives and other commodity contracts - - - - Fair value adjustment on option component of convertible bonds - - - - Fair value loss on mandatory convertible - - - - Adjusted headline earnings (loss) 516 424 (11) 359 Ore reserve development capital 204 37 9 48 Stay-in-business capital 86 162 6 81 Project capital 61 69 46 179 Total capital expenditure 351 268 62 308 FINANCIAL RESULTS - NINE MONTHS Corporate Sub-total Less equity Total group ENDED SEPTEMBER 2011 accounted $`m and other investments Gold income - 5,072 (282) 4,791 Cash costs 20 (2,564) 158 (2,406) By-products revenue 1 176 (1) 175 Total cash costs 21 (2,388) 157 (2,231) Retrenchment costs - (11) - (10) Rehabilitation and other non-cash costs - (73) 1 (72) Amortisation of assets (9) (574) 6 (566) Total production costs 12 (3,045) 164 (2,881) Inventory change - 33 (2) 31 Cost of sales 12 (3,012) 162 (2,849) Adjusted gross profit (loss) 12 2,061 (119) 1,942 Unrealised non-hedge derivatives and other commodity contracts - (1) - (1) Gross profit (loss) 12 2,060 (119) 1,941 Corporate and other costs (181) (232) (1) (233) Exploration (29) (200) 4 (196) Intercompany transactions 37 - - - Special items (568) 18 - 18 Operating profit (loss) (729) 1,647 (117) 1,530 Net finance (costs) income, unwinding of obligations and fair value adjustments 83 78 (3) 74 Exchange (loss) gain 5 8 3 12 Share of equity accounted investments profit (7) (21) 78 57 Profit (loss) before taxation (648) 1,711 (38) 1,673 Taxation (4) (515) 38 (477) Profit (loss) for the period (652) 1,196 - 1,196 Equity shareholders (655) 1,167 - 1,167 Non-controlling interests 3 29 - 29 Operating profit (loss) (729) 1,647 (117) 1,530 Unrealised non-hedge derivatives and other commodity contracts - 1 - 1 Intercompany transactions (37) - - - Special items 561 31 - 31 Share of associates` EBIT (4) (19) 117 98 EBIT (209) 1,660 - 1,660 Amortisation of assets 9 574 (6) 567 Share of associates` amortisation - - 6 6 EBITDA (201) 2,234 - 2,234 Profit (loss) attributable to equity shareholders (655) 1,167 - 1,167 Special items 561 31 - 31 Share of associates` special items 2 2 - 2 Taxation on items above - (7) - (7) Headline earnings (loss) (92) 1,194 - 1,194 Unrealised non-hedge derivatives and other commodity contracts - 1 - 1 Deferred tax on unrealised non-hedge derivatives and other commodity contracts - - - - Fair value adjustment on option component of convertible bonds (98) (98) - (98) Fair value loss on mandatory convertible (95) (95) - (95) Adjusted headline earnings (loss) (286) 1,002 - 1,002 Ore reserve development capital - 299 - 299 Stay-in-business capital 13 348 (4) 344 Project capital - 355 (54) 301 Total capital expenditure 14 1,002 (58) 944 Rounding of figures may result in computational discrepancies. IMPERIAL OPERATING RESULTS Continental South Africa Africa Australasia
NINE MONTHS ENDED SEPTEMBER 2010 UNDERGROUND OPERATION Area mined - 000 ft2 10,035 - Mined - 000 tons 6,151 1,550 469 Milled / Treated - 000 tons 5,719 1,525 397 Yield - oz/t 0.207 0.153 0.119 Gold produced - oz (000) 1,182 234 47 SURFACE AND DUMP RECLAMATION Milled / Treated - 000 tons 8,311 864 - Yield - oz/t 0.015 0.019 - Gold produced - oz (000) 127 17 - OPEN-PIT OPERATION Volume mined - 000 bcy - 47,060 5,009 Mined - 000 tons - 93,356 11,766 Treated - 000 tons - 17,579 2,596 Stripping ratio - ratio - 4.03 4.88 Yield - oz/t - 0.046 0.095 Gold produced - oz (000) - 816 247 HEAP LEACH OPERATION Mined - 000 tons - 3,942 - Placed - 000 tons - 953 - Stripping ratio - ratio - 6.95 - Yield - oz/t - 0.039 - Gold placed - oz (000) - 37 - Gold produced - oz (000) - 51 - PRODUCTIVITY PER EMPLOYEE Actual - oz 5.48 11.28 66.59 TOTAL Subsidiaries` gold produced - oz (000) 1,309 906 294 Joint ventures` gold produced - oz (000) - 212 - Attributable gold produced - oz (000) 1,309 1,118 294 Minority gold produced - oz (000) - 36 - Subsidiaries` gold sold - oz (000) 1,315 894 291 Joint ventures` gold sold - oz (000) - 208 - Attributable gold sold - oz (000) 1,315 1,102 291 Minority gold sold - oz (000) - 35 - Spot price - $/oz 1,178 1,178 1,178 Price received- $/oz sold 531 691 608 Price received excluding hedge buy-back costs- $/oz sold 1,086 1,095 1,069 Total cash costs - $/oz produced 592 686 1,012 Total production costs - $/oz produced 787 823 1,091 IMPERIAL OPERATING RESULTS Americas Total group NINE MONTHS ENDED SEPTEMBER 2010 UNDERGROUND OPERATION Area mined - 000 ft2 - - 10,035 Mined - 000 tons 1,507 9,677 Milled / Treated - 000 tons 1,566 9,207 Yield - oz/t 0.187 0.191 Gold produced - oz (000) 293 1,756 SURFACE AND DUMP RECLAMATION Milled / Treated - 000 tons - 9,175 Yield - oz/t - 0.016 Gold produced - oz (000) - 144 OPEN-PIT OPERATION Volume mined - 000 bcy - 52,069 Mined - 000 tons 23,804 128,927 Treated - 000 tons 860 21,035 Stripping ratio - ratio 25.41 5.01 Yield - oz/t 0.172 0.058 Gold produced - oz (000) 148 1,211 HEAP LEACH OPERATION Mined - 000 tons 50,843 54,784 Placed - 000 tons 17,309 18,262 Stripping ratio - ratio 1.98 2.12 Yield - oz/t 0.014 0.015 Gold placed - oz (000) 241 278 Gold produced - oz (000) 205 257 PRODUCTIVITY PER EMPLOYEE Actual - oz 23.35 9.10 TOTAL Subsidiaries` gold produced - oz (000) 646 3,155 Joint ventures` gold produced - oz (000) - 212 Attributable gold produced - oz (000) 646 3,367 Minority gold produced - oz (000) 70 106 Subsidiaries` gold sold - oz (000) 646 3,147 Joint ventures` gold sold - oz (000) - 208 Attributable gold sold - oz (000) 646 3,355 Minority gold sold - oz (000) 71 106 Spot price - $/oz 1,178 1,178 Price received - $/oz sold 570 598 Price received excluding hedge buy-back costs - $/oz sold 1,079 1,086 Total cash costs - $/oz produced 422 627 Total production costs - $/oz produced 560 783 Rounding of figures may result in computational discrepancies. FINANCIAL RESULTS - NINE MONTHS Continental South Africa Africa Australasia Americas ENDED SEPTEMBER 2010 $`m Gold income received (1) 1,428 1,248 311 770 Cash costs (800) (792) (298) (385) By-products revenue 25 3 1 52 Total cash costs (775) (789) (297) (333) Retrenchment costs (12) - - (2) Rehabilitation and other non-cash costs (4) (26) - (1) Amortisation of assets (240) (130) (23) (103) Total production costs (1,031) (945) (320) (439) Inventory change (4) 11 2 32 Cost of sales (1,034) (934) (319) (408) Adjusted gross profit (loss) excluding hedge buy-back costs 394 315 (8) 362 Hedge buy-back costs (729) (446) (134) (328) Adjusted gross profit (loss) (335) (131) (142) 34 Unrealised non-hedge derivatives and other commodity contracts 815 95 10 369 Gross profit (loss) 479 (36) (132) 403 Corporate and other costs (7) (5) (1) (20) Exploration (1) (34) (32) (61) Intercompany transactions - (25) (1) (1) Special items (24) (24) 8 - Operating profit (loss) 448 (125) (158) 321 Net finance (costs) income, unwinding of obligations and fair value adjustments (1) (6) - 2 Exchange gain (loss) - (11) - (8) Share of equity accounted investments profit (loss) - - - - Profit (loss) before taxation 446 (141) (158) 314 Taxation 6 (112) 4 (83) Profit (loss) for the period 452 (253) (155) 231 Equity shareholders 452 (263) (155) 211 Non-controlling interests - 10 - 20 Operating profit (loss) 448 (125) (158) 321 Unrealised non-hedge derivatives and other commodity contracts (815) (95) (10) (369) Hedge buy-back costs 729 446 134 328 Intercompany transactions - 25 1 1 Special items 32 11 (6) 1 Share of associates` EBIT - - - - EBIT 395 262 (39) 282 Amortisation of assets 240 130 23 103 Share of associates` amortisation - - - - EBITDA 634 392 (16) 385 Profit (loss) attributable to equity shareholders 452 (263) (155) 211 Special items 32 11 (6) 1 Share of associates` special items - - - - Taxation on items above (8) (3) - (1) Headline earnings (loss) 477 (255) (160) 211 Unrealised non-hedge derivatives and other commodity contracts (815) (95) (10) (369) Deferred tax on unrealised non-hedge derivatives and other commodity contracts 267 - 3 - Fair value adjustment on option component of convertible bond - - - - Fair value loss on mandatory convertible bond - - - - Hedge buy-back and related costs net of taxation 523 443 134 328 Adjusted headline earnings (loss) excluding hedge buy-back costs 452 93 (33) 169 Ore reserve development capital 182 27 13 38 Stay-in-business capital 66 62 9 59 Project capital 33 49 8 103 Total capital expenditure 280 137 29 200 FINANCIAL RESULTS - NINE MONTHS Corporate Sub-total Less equity Total group accounted ENDED SEPTEMBER 2010 and other investments $`m Gold income received (1) - 3,758 (244) 3,514 Cash costs 26 (2,249) 141 (2,108) By-products revenue 2 83 - 83 Total cash costs 28 (2,166) 141 (2,026) Retrenchment costs - (14) - (14) Rehabilitation and other non-cash costs - (31) - (31) Amortisation of assets (7) (503) 7 (495) Total production costs 21 (2,714) 147 (2,566) Inventory change - 40 (2) 38 Cost of sales 21 (2,673) 145 (2,529) Adjusted gross profit (loss) excluding hedge buy-back costs 21 1,084 (99) 986 Hedge buy-back costs - (1,637) - (1,637) Adjusted gross profit (loss) 21 (553) (99) (652) Unrealised non-hedge derivatives and other commodity contracts - 1,289 - 1,289 Gross profit (loss) 21 736 (99) 637 Corporate and other costs (127) (160) - (160) Exploration (23) (151) 2 (149) Intercompany transactions 28 - - - Special items (53) (94) (1) (95) Operating profit (loss) (154) 331 (98) 233 Net finance (costs) income, unwinding of obligations and fair value adjustments (66) (70) - (70) Exchange gain (loss) 8 (11) - (11) Share of equity accounted investments profit (loss) 3 3 51 54 Profit (loss) before taxation (209) 252 (46) 206 Taxation (9) (195) 46 (149) Profit (loss) for the period (218) 57 - 57 Equity shareholders (225) 20 - 20 Non-controlling interests 7 37 - 37 Operating profit (loss) (154) 331 (98) 233 Unrealised non-hedge derivatives and other commodity contracts - (1,289) - (1,289) Hedge buy-back costs 59 1,696 - 1,696 Intercompany transactions (28) - - - Special items 2 40 1 41 Share of associates` EBIT (3) (3) 97 94 EBIT (123) 776 - 776 Amortisation of assets 7 503 (7) 495 Share of associates` amortisation - - 7 7 EBITDA (117) 1,278 - 1,278 Profit (loss) attributable to equity shareholders (225) 20 - 20 Special items 2 40 1 41 Share of associates` special items (6) (6) (1) (7) Taxation on items above - (12) - (12) Headline earnings (loss) (229) 43 - 43 Unrealised non-hedge derivatives and other commodity contracts - (1,289) - (1,289) Deferred tax on unrealised non-hedge derivatives and other commodity contracts - 270 - 270 Fair value adjustment on option component of convertible bond (40) (40) - (40) Fair value loss on mandatory convertible bond 22 22 - 22 Hedge buy-back and related costs net of taxation 59 1,487 - 1,487 Adjusted headline earnings (loss) excluding hedge buy-back costs (187) 494 - 494 Ore reserve development capital - 259 - 259 Stay-in-business capital 3 199 (3) 196 Project capital - 193 (25) 168 Total capital expenditure 3 650 (27) 623 (1) Gold income received is gold income per income statement, (loss) gain on realised non-hedge derivatives (note 4). Rounding of figures may result in computational discrepancies. METRIC OPERATING RESULTS Continental South Africa Africa Australasia QUARTER ENDED SEPTEMBER 2011 UNDERGROUND OPERATION Area mined - 000 m2 244 - - Mined - 000 tonnes 1,534 478 283 Milled / Treated - 000 tonnes 1,429 496 267 Yield - g/t 7.87 4.71 2.13 Gold produced - kg 11,246 2,336 569 SURFACE AND DUMP RECLAMATION Milled / Treated - 000 tonnes 2,472 - - Yield - g/t 0.40 - - Gold produced - kg 997 91 - OPEN-PIT OPERATION Volume mined - 000 bcm - 12,983 172 Mined - 000 tonnes - 31,335 218 Treated - 000 tonnes - 6,063 658 Stripping ratio - ratio - 5.43 35.22 Yield - g/t - 1.67 1.50 Gold produced - kg - 10,104 989 HEAP LEACH OPERATION Mined - 000 tonnes - 1,431 - Placed - 000 tonnes - 261 - Stripping ratio - ratio - 9.09 - Yield - g/t - 1.05 - Gold placed - kg - 275 - Gold produced - kg - 238 - PRODUCTIVITY PER EMPLOYEE Actual -g 176 366 997 TOTAL Subsidiaries` gold produced - kg 12,243 10,822 1,558 Joint ventures` gold produced - kg - 1,947 - Attributable gold produced - kg 12,243 12,769 1,558 Minority gold produced - kg - 310 - Subsidiaries` gold sold - kg 12,232 10,059 1,711 Joint ventures` gold sold - k g - 1,943 - Attributable gold sold - kg 12,232 12,002 1,711 Minority gold sold - kg - 332 - Spot price - R/kg 391,507 391,507 391,507 Price received- R/kg sold 395,628 398,860 384,427 Total cash costs - R/kg produced 173,263 169,453 359,740 Total production costs - R/kg produced 224,553 202,915 399,434 METRIC OPERATING RESULTS Americas Total group QUARTER ENDED SEPTEMBER 2011 UNDERGROUND OPERATION Area mined - 000 m2 - 244 Mined - 000 tonnes 506 2,802 Milled / Treated - 000 tonnes 559 2,751 Yield - g/t 6.64 6.49 Gold produced - kg 3,713 17,863 SURFACE AND DUMP RECLAMATION Milled / Treated - 000 tonnes - 2,472 Yield - g/t - 0.44 Gold produced - kg - 1,088 OPEN-PIT OPERATION Volume mined - 000 bcm - 13,155 Mined - 000 tonnes 6,766 38,319 Treated - 000 tonnes 230 6,952 Stripping ratio - ratio 22.71 6.42 Yield - g/t 6.05 1.80 Gold produced - kg 1,395 12,488 HEAP LEACH OPERATION Mined - 000 tonnes 17,356 18,788 Placed - 000 tonnes 5,371 5,632 Stripping ratio - ratio 2.40 2.58 Yield - g/t 0.43 0.46 Gold placed - kg 2,297 2,573 Gold produced - kg 2,293 2,531 PRODUCTIVITY PER EMPLOYEE Actual -g 682 291 TOTAL Subsidiaries` gold produced - kg 7,401 32,023 Joint ventures` gold produced - kg - 1,947 Attributable gold produced - kg 7,401 33,970 Minority gold produced - kg 603 913 Subsidiaries` gold sold - kg 7,646 31,647 Joint ventures` gold sold - k g - 1,943 Attributable gold sold - kg 7,646 33,590 Minority gold sold - kg 653 985 Spot price - R/kg 391,507 391,507 Price received - R/kg sold 389,420 394,799 Total cash costs - R/kg produced 120,879 168,935 Total production costs - R/kg produced 163,708 211,460 Rounding of figures may result in computational discrepancies. FINANCIAL RESULTS - QUARTER ENDED Continental South Africa Africa Australasia Americas SEPTEMBER 2011 ZAR`m Gold income 4,839 4,919 658 3,195 Cash costs (2,287) (2,246) (563) (1,309) By-products revenue 165 15 2 225 Total cash costs (2,121) (2,231) (561) (1,084) Retrenchment costs (13) (8) - (5) Rehabilitation and other non-cash costs (14) (33) - (34) Amortisation of assets (601) (391) (62) (317) Total production costs (2,749) (2,663) (622) (1,440) Inventory change 2 91 (35) 44 Cost of sales (2,747) (2,572) (658) (1,396) Adjusted gross profit (loss) 2,092 2,347 - 1,799 Unrealised non-hedge derivatives and other commodity contracts - - - (4) Gross profit (loss) 2,092 2,346 - 1,795 Corporate and other costs (25) 1 (3) (68) Exploration (3) (127) (111) (231) Intercompany transactions - (80) (9) (4) Special items (32) (95) 85 9 Operating profit (loss) 2,033 2,046 (37) 1,501 Net finance (costs) income, unwinding of obligations and fair value adjustments (9) 17 13 (11) Exchange gain (loss) - (6) (2) 93 Share of equity accounted investments profit (loss) - - - (58) Profit (loss) before taxation 2,024 2,057 (26) 1,525 Taxation (694) (741) 8 (176) Profit (loss) for the period 1,331 1,317 (19) 1,349 Equity shareholders 1,331 1,285 (19) 1,302 Non-controlling interests - 32 - 47 Operating profit (loss) 2 033 2 046 (37) 1 501 Unrealised non-hedge derivatives and other commodity contracts - - - 4 Intercompany transactions - 80 9 4 Special items 39 66 (1) (1) Share of associates` EBIT - - - (58) EBIT 2,072 2,191 (30) 1,451 Amortisation of assets 601 391 62 317 Share of associates` amortisation - - - - EBITDA 2,673 2,582 32 1,768 Profit (loss) attributable to equity shareholders 1,331 1,285 (19) 1,302 Special items 39 66 (1) (1) Share of associates` special items - - - - Taxation on items above (14) (1) - 1 Headline earnings (loss) 1,355 1,350 (19) 1,302 Unrealised non-hedge derivatives and other commodity contracts - - - 4 Deferred tax on unrealised non-hedge derivatives and other commodity contracts - - - - Fair value adjustment on option component of convertible bonds - - - - Fair value loss on mandatory convertible - - - - Adjusted headline earnings (loss) 1,355 1,350 (19) 1,306 Ore reserve development capital 505 90 35 123 Stay-in-business capital 311 477 17 283 Project capital 187 155 176 489 Total capital expenditure 1,004 722 227 895 FINANCIAL RESULTS - QUARTER ENDED Corporate Sub-total Less equity accounted SEPTEMBER 2011 ZAR`m and other investments Total group Gold income - 13,610 (760) 12,850 Cash costs (2) (6,407) 402 (6,005) By-products revenue 1 409 (3) 406 Total cash costs (1) (5,998) 400 (5,598) Retrenchment costs - (26) - (26) Rehabilitation and other non-cash costs - (81) 2 (80) Amortisation of assets (21) (1,392) 14 (1,378) Total production costs (23) (7,498) 415 (7,083) Inventory change - 103 (1) 102 Cost of sales (23) (7,395) 415 (6,980) Adjusted gross profit (loss) (23) 6,215 (345) 5,870 Unrealised non-hedge derivatives and other commodity contracts - (5) - (5) Gross profit (loss) (23) 6,210 (345) 5,865 Corporate and other costs (476) (571) (1) (572) Exploration (81) (552) 12 (541) Intercompany transactions 92 - - - Special items (64) (97) - (97) Operating profit (loss) (552) 4,990 (335) 4,655 Net finance (costs) income, unwinding of obligations and fair value adjustments (104) (93) (25) (116) Exchange gain (loss) 39 124 - 123 Share of equity accounted investments profit (loss) (13) (71) 247 175 Profit (loss) before taxation (630) 4,950 (113) 4,837 Taxation 25 (1,578) 113 (1,465) Profit (loss) for the period (605) 3,372 - 3,372 Equity shareholders (595) 3,304 - 3,304 Non-controlling interests (11) 68 - 68 Operating profit (loss) (552) 4 990 (335) 4 655 Unrealised non-hedge derivatives and other commodity contracts - 5 - 5 Intercompany transactions (92) - - - Special items 64 167 - 167 Share of associates` EBIT (12) (70) 335 265 EBIT (592) 5,092 - 5,092 Amortisation of assets 21 1,392 (14) 1,378 Share of associates` amortisation - - 14 14 EBITDA (570) 6,485 - 6,485 Profit (loss) attributable to equity shareholders (595) 3,304 - 3,304 Special items 64 167 - 167 Share of associates` special items 2 2 - 2 Taxation on items above - (14) - (14) Headline earnings (loss) (529) 3,458 - 3,458 Unrealised non-hedge derivatives and other commodity contracts - 5 - 5 Deferred tax on unrealised non-hedge derivatives and other commodity contracts - - - - Fair value adjustment on option component of convertible bonds (88) (88) - (88) Fair value loss on mandatory convertible (66) (66) - (66) Adjusted headline earnings (loss) (682) 3,310 - 3,310 Ore reserve development capital - 752 - 752 Stay-in-business capital 73 1,163 (13) 1,149 Project capital - 1,007 (129) 878 Total capital expenditure 74 2,922 (143) 2,780 Rounding of figures may result in computational discrepancies. METRIC OPERATING RESULTS Continental South Africa Africa Australasia QUARTER ENDED JUNE 2011 UNDERGROUND OPERATION Area mined - 000 m2 275 - - Mined - 000 tonnes 1,664 441 237 Milled / Treated - 000 tonnes 1,497 490 220 Yield - g/t 7.97 5.19 3.15 Gold produced - kg 11,937 2,546 693 SURFACE AND DUMP RECLAMATION Milled / Treated - 000 tonnes 2,803 - - Yield - g/t 0.53 - - Gold produced - kg 1,478 36 - OPEN-PIT OPERATION Volume mined - 000 bcm - 14,101 131 Mined - 000 tonnes - 33,493 358 Treated - 000 tonnes - 5,327 667 Stripping ratio - ratio - 4.63 7.57 Yield - g/t - 1.68 1.79 Gold produced - kg - 8,963 1,195 HEAP LEACH OPERATION Mined - 000 tonnes - 1,746 - Placed - 000 tonnes - 288 - Stripping ratio - ratio - 6.31 - Yield - g/t - 1.10 - Gold placed - kg - 317 - Gold produced - kg - 195 - PRODUCTIVITY PER EMPLOYEE Actual -g 193 343 1,262 TOTAL Subsidiaries` gold produced - kg 13,415 9,758 1,888 Joint ventures` gold produced - kg - 1,982 - Attributable gold produced - kg 13,415 11,740 1,888 Minority gold produced - kg - 362 - Subsidiaries` gold sold - kg 13,420 9,649 1,925 Joint ventures` gold sold - kg - 1,928 - Attributable gold sold - kg 13,420 11,577 1,925 Minority gold sold - kg - 363 - Spot price - R/kg 326,078 326,078 326,078 Price received- R/kg sold 330,266 328,101 326,549 Total cash costs - R/kg produced 149,788 153,485 347,372 Total production costs - R/kg produced 197,117 187,545 379,933 METRIC OPERATING RESULTS Americas Total group QUARTER ENDED JUNE 2011 UNDERGROUND OPERATION Area mined - 000 m2 - 275 Mined - 000 tonnes 518 2,860 Milled / Treated - 000 tonnes 499 2,707 Yield - g/t 6.20 6.75 Gold produced - kg 3,094 18,270 SURFACE AND DUMP RECLAMATION Milled / Treated - 000 tonnes - 2,803 Yield - g/t - 0.54 Gold produced - kg - 1,514 OPEN-PIT OPERATION Volume mined - 000 bcm - 14,232 Mined - 000 tonnes 6,905 40,756 Treated - 000 tonnes 236 6,230 Stripping ratio - ratio 23.32 5.49 Yield - g/t 5.74 1.85 Gold produced - kg 1,352 11,510 HEAP LEACH OPERATION Mined - 000 tonnes 16,282 18,028 Placed - 000 tonnes 5,425 5,713 Stripping ratio - ratio 2.07 2.25 Yield - g/t 0.39 0.42 Gold placed - kg 2,100 2,417 Gold produced - kg 2,287 2,482 PRODUCTIVITY PER EMPLOYEE Actual -g 645 292 TOTAL Subsidiaries` gold produced - kg 6,733 31,794 Joint ventures` gold produced - kg - 1,982 Attributable gold produced - kg 6,733 33,776 Minority gold produced - kg 563 925 Subsidiaries` gold sold - kg 6,612 31,606 Joint ventures` gold sold - kg - 1,928 Attributable gold sold - kg 6,612 33,534 Minority gold sold - kg 577 941 Spot price - R/kg 326,078 326,078 Price received - R/kg sold 328,472 328,951 Total cash costs - R/kg produced 106,092 153,441 Total production costs - R/kg produced 173,081 199,541 Rounding of figures may result in computational discrepancies. FINANCIAL RESULTS Continental South Africa Africa Australasia Americas QUARTER ENDED JUNE 2011 ZAR`m Gold income 4,432 3,918 629 2,335 Cash costs (2,236) (1,877) (658) (1,086) By-products revenue 226 11 2 215 Total cash costs (2,009) (1,865) (656) (871) Retrenchment costs (15) - - (5) Rehabilitation and other non-cash costs (14) (56) (6) (276) Amortisation of assets (606) (349) (56) (258) Total production costs (2,644) (2,270) (717) (1,409) Inventory change (1) 7 18 100 Cost of sales (2,645) (2,263) (700) (1,309) Adjusted gross profit (loss) 1,787 1,655 (71) 1,025 Unrealised non-hedge derivatives and other commodity contracts - 3 - (17) Gross profit (loss) 1,787 1,658 (71) 1,008 Corporate and other costs (21) (26) (1) (67) Exploration (2) (87) (80) (202) Intercompany transactions - (75) - (5) Special items (47) 3,973 112 6 Operating profit (loss) 1,718 5,442 (40) 741 Net finance (costs) income, unwinding of obligations and fair value adjustments (7) (11) (2) (7) Exchange gain (loss) - (24) - (12) Share of equity accounted investments profit (loss) - - - (18) Profit (loss) before taxation 1,711 5,408 (43) 703 Taxation (533) (479) 9 (80) Profit (loss) for the period 1,178 4,929 (34) 623 Equity shareholders 1,178 4,899 (34) 622 Non-controlling interests - 29 - 1 Operating profit (loss) 1 718 5 442 (40) 741 Unrealised non-hedge derivatives and other commodity contracts - (3) - 17 Intercompany transactions - 75 - 5 Special items 51 (3,766) (20) (7) Share of associates` EBIT - - - (18) EBIT 1,769 1,748 (60) 737 Amortisation of assets 606 349 56 258 Share of associates` amortisation - - - - EBITDA 2,375 2,098 (5) 995 Profit (loss) attributable to equity shareholders 1,178 4,899 (34) 622 Special items 51 (3,766) (20) (7) Share of associates` special items - - - - Taxation on items above (31) (1) 6 - Headline earnings (loss) 1,198 1,133 (48) 615 Unrealised non-hedge derivatives and other commodity contracts - (3) - 17 Deferred tax on unrealised non-hedge derivatives and other commodity contracts - - - - Fair value adjustment on option component of convertible bonds - - - - Fair value loss on mandatory convertible - - - - Adjusted headline earnings (loss) 1,198 1,130 (48) 632 Ore reserve development capital 462 81 8 113 Stay-in-business capital 198 428 11 180 Project capital 126 201 111 415 Total capital expenditure 786 710 130 709 Less equity FINANCIAL RESULTS Corporate Sub-total accounted Total group QUARTER ENDED JUNE 2011 ZAR`m and other investments Gold income - 11,313 (633) 10,680 Cash costs 169 (5,687) 347 (5,340) By-products revenue 4 459 (2) 458 Total cash costs 173 (5,228) 345 (4,883) Retrenchment costs - (20) - (20) Rehabilitation and other non-cash costs - (351) 2 (349) Amortisation of assets (24) (1,293) 15 (1,278) Total production costs 149 (6,892) 362 (6,529) Inventory change - 124 (7) 117 Cost of sales 149 (6,768) 355 (6,412) Adjusted gross profit (loss) 149 4,545 (278) 4,268 Unrealised non-hedge derivatives and other commodity contracts - (14) - (14) Gross profit (loss) 149 4,531 (278) 4,254 Corporate and other costs (386) (501) (1) (502) Exploration (67) (437) 8 (429) Intercompany transactions 80 - - - Special items (3,847) 197 - 197 Operating profit (loss) (4,070) 3,791 (271) 3,520 Net finance (costs) income, unwinding of obligations and fair value adjustments 697 670 2 672 Exchange gain (loss) (5) (41) 7 (34) Share of equity accounted investments profit (loss) (18) (37) 175 139 Profit (loss) before taxation (3,396) 4,383 (86) 4,297 Taxation (16) (1,099) 86 (1,013) Profit (loss) for the period (3,412) 3,284 - 3,284 Equity shareholders (3,470) 3,195 - 3,195 Non-controlling interests 58 89 - 89 Operating profit (loss) (4 070) 3 791 (271) 3 520 Unrealised non-hedge derivatives and other commodity contracts - 14 - 14 Intercompany transactions (80) - - - Special items 3,802 60 - 60 Share of associates` EBIT (3) (21) 271 249 EBIT (352) 3,843 - 3,843 Amortisation of assets 24 1,293 (15) 1,278 Share of associates` amortisation - - 15 15 EBITDA (328) 5,136 - 5,136 Profit (loss) attributable to equity shareholders (3,470) 3,195 - 3,195 Special items 3,802 60 - 60 Share of associates` special items 15 15 - 15 Taxation on items above - (26) - (26) Headline earnings (loss) 347 3,244 - 3,244 Unrealised non-hedge derivatives and other commodity contracts - 14 - 14 Deferred tax on unrealised non-hedge derivatives and other commodity contracts - - - - Fair value adjustment on option component of convertible bonds (499) (499) - (499) Fair value loss on mandatory convertible (442) (442) - (442) Adjusted headline earnings (loss) (594) 2,317 - 2,317 Ore reserve development capital - 663 - 663 Stay-in-business capital 7 825 (8) 817 Project capital - 854 (148) 706 Total capital expenditure 7 2,342 (156) 2,186 Rounding of figures may result in computational discrepancies. METRIC OPERATING RESULTS Continental South Africa Africa Australasia QUARTER ENDED SEPTEMBER 2010 UNDERGROUND OPERATION Area mined - 000 m2 299 - - Mined - 000 tonnes 1,826 410 106 Milled / Treated - 000 tonnes 1,702 435 131 Yield - g/t 7.77 5.05 3.17 Gold produced - kg 13,223 2,200 414 SURFACE AND DUMP RECLAMATION Milled / Treated - 000 tonnes 2,533 285 - Yield - g/t 0.65 0.50 - Gold produced - kg 1,636 143 - OPEN-PIT OPERATION Volume mined - 000 bcm - 11,080 1,336 Mined - 000 tonnes - 26,636 3,677 Treated - 000 tonnes - 5,328 782 Stripping ratio - ratio - 4.54 3.86 Yield - g/t - 1.68 3.17 Gold produced - kg - 8,952 2,480 HEAP LEACH OPERATION Mined - 000 tonnes - 1,507 - Placed - 000 tonnes - 232 - Stripping ratio - ratio - 8.43 - Yield - g/t - 1.04 - Gold placed - kg - 242 - Gold produced - kg - 305 - PRODUCTIVITY PER EMPLOYEE Actual -g 192 348 1,938 TOTAL Subsidiaries` gold produced - kg 14,859 9,645 2,894 Joint ventures` gold produced - kg - 1,955 - Attributable gold produced - kg 14,859 11,600 2,894 Minority gold produced - kg - 341 - Subsidiaries` gold sold - kg 15,948 9,532 2,697 Joint ventures` gold sold - kg - 1,889 - Attributable gold sold - kg 15,948 11,421 2,697 Minority gold sold - kg - 334 - Spot price - R/kg 287,837 287,837 287,837 Price received- R/kg sold (58,520) (7,300) (86,186) Price received excluding hedge buy-back costs- R/kg sold 266,454 270,165 267,056 Total cash costs - R/kg produced 139,350 170,196 250,073 Total production costs - R/kg produced 181,238 206,279 268,283 METRIC OPERATING RESULTS Americas Total group
QUARTER ENDED SEPTEMBER 2010 UNDERGROUND OPERATION Area mined - 000 m2 - 299 Mined - 000 tonnes 517 2,859 Milled / Treated - 000 tonnes 512 2,780 Yield - g/t 6.62 6.92 Gold produced - kg 3,391 19,229 SURFACE AND DUMP RECLAMATION Milled / Treated - 000 tonnes - 2,818 Yield - g/t - 0.63 Gold produced - kg - 1,779 OPEN-PIT OPERATION Volume mined - 000 bcm - 12,416 Mined - 000 tonnes 7,467 37,780 Treated - 000 tonnes 246 6,356 Stripping ratio - ratio 26.04 5.47 Yield - g/t 5.93 2.03 Gold produced - kg 1,456 12,887 HEAP LEACH OPERATION Mined - 000 tonnes 14,975 16,482 Placed - 000 tonnes 5,458 5,691 Stripping ratio - ratio 1.87 2.07 Yield - g/t 0.47 0.49 Gold placed - kg 2,554 2,797 Gold produced - kg 1,929 2,234 PRODUCTIVITY PER EMPLOYEE Actual -g 720 297 TOTAL Subsidiaries` gold produced - kg 6,776 34,174 Joint ventures` gold produced - kg - 1,955 Attributable gold produced - kg 6,776 36,129 Minority gold produced - kg 743 1,084 Subsidiaries` gold sold - kg 6,829 35,005 Joint ventures` gold sold - kg - 1,889 Attributable gold sold - kg 6,829 36,894 Minority gold sold - kg 778 1,112 Spot price - R/kg 287,837 287,837 Price received - R/kg sold (75,066) (47,750) Price received excluding hedge buy-back costs - R/kg sold 266,777 267,707 Total cash costs - R/kg produced 101,552 151,007 Total production costs - R/kg produced 134,440 187,695 Rounding of figures may result in computational discrepancies. FINANCIAL RESULTS - QUARTER ENDED Continental South Africa Africa Australasia Americas SEPTEMBER 2010 ZAR`m Gold income received (1) 4,249 3,181 720 2,020 Cash costs (2,139) (2,037) (725) (1,011) By-products revenue 68 6 1 141 Total cash costs (2,071) (2,031) (724) (870) Retrenchment costs (19) (2) - (4) Rehabilitation and other non-cash costs (11) (90) - (5) Amortisation of assets (592) (332) (53) (266) Total production costs (2,693) (2,455) (776) (1,146) Inventory change (182) 68 17 104 Cost of sales (2,875) (2,387) (759) (1,042) Adjusted gross profit (loss) 1,374 795 (38) 979 Hedge buy-back costs (5,183) (3,169) (953) (2,335) Adjusted gross (loss) profit (3,809) (2,374) (991) (1,356) Unrealised non-hedge derivatives and other commodity contracts 6,550 1,801 (1) 2,992 Gross (loss) profit 2,742 (573) (992) 1,636 Corporate and other costs (18) (26) (2) (66) Exploration (2) (76) (100) (170) Intercompany transactions - (91) (2) (6) Special items (55) (6) 12 1 Operating profit (loss) 2,667 (772) (1,084) 1,396 Net finance (costs) income, unwinding of obligations and fair value adjustments (9) (18) (2) 5 Exchange gain (loss) - (63) - (45) Share of equity accounted investments profit - - - (1) Profit (loss) before taxation 2,657 (852) (1,086) 1,355 Taxation 108 (235) 20 (125) Profit (loss) for the period 2,765 (1,087) (1,066) 1,230 Equity shareholders 2,765 (1,111) (1,066) 1,166 Non-controlling interests - 24 - 64 Operating profit (loss) 2,667 (772) (1,084) 1,396 Unrealised non-hedge derivatives and other commodity contracts (6,550) (1,801) 1 (2,992) Hedge buy-back costs 5,183 3,169 953 2,335 Intercompany transactions - 91 2 6 Special items 144 3 - 3 Share of associates` EBIT - - - (1) EBIT 1,443 690 (128) 746 Amortisation of assets 592 332 53 266 Share of associates` amortisation - - - - EBITDA 2,035 1,022 (76) 1,012 Profit (loss) attributable to equity shareholders 2,765 (1,111) (1,066) 1,166 Special items 144 3 - 3 Share of associates` special items - - - - Taxation on items above (43) - - (8) Headline earnings (loss) 2,866 (1,107) (1,066) 1,161 Unrealised non-hedge derivatives and other commodity contracts (6,550) (1,801) 1 (2,992) Deferred tax on unrealised non-hedge derivatives and other commodity contracts 2,152 - - - Fair value adjustment on option component of convertible bonds - - - - Fair value loss on mandatory convertible - - - - Hedge buy-back and related costs net of taxation 3,717 3,148 953 2,335 Adjusted headline earnings (loss) 2,185 240 (112) 504 Ore reserve development capital 479 68 28 105 Stay-in-business capital 160 244 27 182 Project capital 92 126 18 317 Total capital expenditure 731 439 72 604 FINANCIAL RESULTS - QUARTER ENDED Less equity Corporate Sub-total accounted Total group SEPTEMBER 2010 ZAR`m and other investments Gold income received (1) - 10,171 (544) 9,627 Cash costs 38 (5,874) 366 (5,509) By-products revenue 8 225 (1) 224 Total cash costs 46 (5,649) 365 (5,284) Retrenchment costs - (25) 2 (23) Rehabilitation and other non-cash costs - (107) 1 (106) Amortisation of assets (18) (1,261) 17 (1,244) Total production costs 28 (7,042) 384 (6,658) Inv entory change - 7 (8) (1) Cost of sales 28 (7,034) 375 (6,659) Adjusted gross profit (loss) 28 3,137 (168) 2,969 Hedge buy-back costs - (11,639) - (11,639) Adjusted gross (loss) profit 28 (8,502) (168) (8,670) Unrealised non-hedge derivatives and other commodity contracts - 11,343 - 11,343 Gross (loss) profit 28 2,841 (168) 2,672 Corporate and other costs (313) (426) - (426) Exploration (95) (444) 4 (440) Intercompany transactions 98 - - - Special items (370) (416) (8) (424) Operating profit (loss) (652) 1,555 (173) 1,382 Net finance (costs) income, unwinding of obligations and fair value adjustments (526) (550) (3) (553) Exchange gain (loss) (27) (134) 22 (113) Share of equity accounted investments profit 90 89 62 151 Profit (loss) before taxation (1,115) 959 (92) 867 Taxation (178) (410) 92 (318) Profit (loss) for the period (1,293) 549 - 549 Equity shareholders (1,311) 443 - 443 Non-controlling interests 18 106 - 106 Operating profit (loss) (652) 1,555 (173) 1,382 Unrealised non-hedge derivatives and other commodity contracts - (11,343) - (11,343) Hedge buy-back costs 422 12,060 - 12,060 Intercompany transactions (98) - - - Special items 8 158 8 166 Share of associates` EBIT 16 15 165 180 EBIT (304) 2,446 - 2,446 Amortisation of assets 18 1,261 (17) 1,244 Share of associates` amortisation - - 17 17 EBITDA (286) 3,706 - 3,706 Profit (loss) attributable to equity shareholders (1,311) 443 - 443 Special items 8 158 8 166 Share of associates` special items (74) (74) (8) (82) Taxation on items above - (51) - (51) Headline earnings (loss) (1,378) 476 - 476 Unrealised non-hedge derivatives and other commodity contracts - (11,343) - (11,343) Deferred tax on unrealised non-hedge derivatives and other commodity contracts - 2,152 - 2,152 Fair value adjustment on option component of convertible bonds 166 166 - 166 Fair value loss on mandatory convertible 160 160 - 160 Hedge buy-back and related costs net of taxation 422 10,573 - 10,573 Adjusted headline earnings (loss) (630) 2,184 - 2,184 Ore reserve development capital - 680 - 680 Stay-in-business capital 9 623 (7) 616 Project capital - 552 (77) 475 Total capital expenditure 9 1,855 (84) 1,771 (1) Gold income received is gold income per income statement and loss on realised non-hedge derivatives (note 4). Rounding of figures may result in computational discrepancies. METRIC OPERATING RESULTS Continental South Africa Africa Australasia NINE MONTHS ENDED SEPTEMBER 2011 UNDERGROUND OPERATION YArea mined - 000 m2 770 - - Mined - 000 tonnes 4,757 1,364 726 Milled / Treated - 000 tonnes 4,317 1,480 727 Yield - g/t 7.91 4.76 3.48 Gold produced - kg 34,157 7,036 2,533 SURFACE AND DUMP RECLAMATION Milled / Treated - 000 tonnes 7,960 - - Yield - g/t 0.50 - - Gold produced - kg 3,967 162 - OPEN-PIT OPERATION Volume mined - 000 bcm - 39,663 1,409 Mined - 000 tonnes - 94,495 3,651 Treated - 000 tonnes - 16,996 1,911 Stripping ratio - ratio - 4.44 6.62 Yield - g/t - 1.64 1.65 Gold produced - kg - 27,933 3,157 HEAP LEACH OPERATION Mined - 000 tonnes - 4,666 - Placed - 000 tonnes - 825 - Stripping ratio - ratio - 6.92 - Yield - g/t - 1.05 - Gold placed - kg - 864 - Gold produced - kg - 664 - PRODUCTIVITY PER EMPLOYEE Actual -g 183 349 1,176 TOTAL Subsidiaries` gold produced - kg 38 124 30 009 5 690 Joint ventures` gold produced - kg - 5,787 - Attributable gold produced - kg 38,124 35,796 5,690 Minority gold produced - kg - 1,028 - Subsidiaries` gold sold - kg 38,116 29,709 5,804 Joint ventures` gold sold - kg - 5,709 - Attributable gold sold - kg 38,116 35,418 5,804 Minority gold sold - kg - 1,076 - Spot price - R/kg 343,979 343,979 343,979 Price received- R/kg sold 345,817 346,476 337,755 Total cash costs - R/kg produced 155,190 168,844 315,797 Total production costs - R/kg produced 205,522 202,315 350,804 METRIC OPERATING RESULTS Americas Total group
NINE MONTHS ENDED SEPTEMBER 2011 UNDERGROUND OPERATION YArea mined - 000 m2 - 770 Mined - 000 tonnes 1,491 8,337 Milled / Treated - 000 tonnes 1,546 8,070 Yield - g/t 6.49 6.66 Gold produced - kg 10,035 53,761 SURFACE AND DUMP RECLAMATION Milled / Treated - 000 tonnes - 7,960 Yield - g/t - 0.52 Gold produced - kg - 4,129 OPEN-PIT OPERATION Volume mined - 000 bcm - 41,071 Mined - 000 tonnes 20,233 118,378 Treated - 000 tonnes 688 19,595 Stripping ratio - ratio 23.45 5.33 Yield - g/t 5.72 1.79 Gold produced - kg 3,936 35,026 HEAP LEACH OPERATION Mined - 000 tonnes 49,314 53,980 Placed - 000 tonnes 16,011 16,836 Stripping ratio - ratio 2.18 2.35 Yield - g/t 0.40 0.43 Gold placed - kg 6,399 7,263 Gold produced - kg 6,468 7,133 PRODUCTIVITY PER EMPLOYEE Actual -g 651 288 TOTAL Subsidiaries` gold produced - kg 20 440 94 262 Joint ventures` gold produced - kg - 5,787 Attributable gold produced - kg 20,440 100,049 Minority gold produced - kg 1,800 2,828 Subsidiaries` gold sold - kg 20,557 94,186 Joint ventures` gold sold - kg - 5,709 Attributable gold sold - kg 20,557 99,895 Minority gold sold - kg 1,806 2,882 Spot price - R/kg 343,979 343,979 Price received - R/kg sold 345,990 345,618 Total cash costs - R/kg produced 112,013 160,402 Total production costs - R/kg produced 161,411 203,940 Rounding of figures may result in computational discrepancies. FINANCIAL RESULTS - NINE MONTHS Continental South Africa Africa Australasia Americas
ENDED SEPTEMBER 2011 ZAR`m Gold income 13,181 12,641 1,960 7,649 Cash costs (6,493) (6,268) (1,803) (3,445) By-products revenue 577 39 6 596 Total cash costs (5,916) (6,228) (1,797) (2,849) Retrenchment costs (49) (9) - (16) Rehabilitation and other non-cash costs (40) (142) (6) (313) Amortisation of assets (1,830) (1,063) (194) (849) Total production costs (7,835) (7,443) (1,996) (4,027) Inventory change 2 (64) 2 292 Cost of sales (7,833) (7,507) (1,994) (3,735) Adjusted gross profit (loss) 5,348 5,134 (34) 3,914 Unrealised non-hedge derivatives and other commodity contracts - 2 - (10) Gross profit (loss) 5,348 5,136 (34) 3,904 Corporate and other costs (60) (49) (15) (229) Exploration (6) (352) (266) (566) Intercompany transactions - (238) (9) (13) Special items (84) 3,834 246 16 Operating profit (loss) 5,199 8,331 (78) 3,113 Net finance (costs) income, unwinding of obligations and fair value adjustments (26) (4) 17 (21) Exchange gain (loss) - (53) (2) 89 Share of equity accounted investments profit (loss) - - - (104) Profit (loss) before taxation 5,173 8,274 (63) 3,078 Taxation (1,609) (1,512) 4 (461) Profit (loss) for the period 3,564 6,762 (59) 2,617 Equity shareholders 3,564 6,664 (59) 2,534 Non-controlling interests - 97 - 83 Operating profit (loss) 5,199 8,331 (78) 3,113 Unrealised non-hedge derivatives and other commodity contracts - (2) - 10 Intercompany transactions - 238 9 13 Special items 100 (3,691) (21) (10) Share of associates` EBIT - - - (104) EBIT 5,298 4,876 (91) 3,021 Amortisation of assets 1,830 1,063 194 849 Share of associates` amortisation - - - - EBITDA 7,128 5,939 103 3,870 Profit (loss) attributable to equity shareholders 3,564 6,664 (59) 2,534 Special items 100 (3,691) (21) (10) Share of associates` special items - - - - Taxation on items above (51) (2) 6 1 Headline earnings (loss) 3,613 2,971 (74) 2,525 Unrealised non-hedge derivatives and other commodity contracts - (2) - 10 Deferred tax on unrealised non-hedge derivatives and other commodity contracts - - - - Fair value adjustment on option component of convertible bonds - - - - Fair value loss on mandatory convertible - - - - Adjusted headline earnings (loss) 3,613 2,969 (74) 2,534 Ore reserve development capital 1,419 257 67 338 Stay-in-business capital 604 1,130 43 568 Project capital 429 481 322 1,249 Total capital expenditure 2,453 1,868 433 2,155 FINANCIAL RESULTS - NINE MONTHS Corporate Less equity and other Sub-total accounted Total group ENDED SEPTEMBER 2011 ZAR`m Gold income - 35,431 (1,967) 33,464 Cash costs 131 (17,877) 1,099 (16,779) By-products revenue 7 1,225 (5) 1,220 Total cash costs 139 (16,652) 1,093 (15,558) Retrenchment costs - (74) 1 (73) Rehabilitation and other non-cash costs - (501) 4 (497) Amortisation of assets (62) (3,998) 44 (3,954) Total production costs 77 (21,225) 1,142 (20,083) Inventory change - 232 (11) 221 Cost of sales 77 (20,993) 1,131 (19,863) Adjusted gross profit (loss) 77 14,439 (837) 13,602 Unrealised non-hedge derivatives and other commodity contracts - (7) - (7) Gross profit (loss) 77 14,431 (837) 13,594 Corporate and other costs (1,269) (1,622) (5) (1,626) Exploration (203) (1,393) 26 (1,367) Intercompany transactions 259 - - - Special items (3,901) 111 - 111 Operating profit (loss) (5,037) 11,528 (816) 10,712 Net finance (costs) income, unwinding of obligations and fair value adjustments 553 519 (20) 499 Exchange gain (loss) 36 70 23 92 Share of equity accounted investments profit (loss) (47) (152) 547 396 Profit (loss) before taxation (4,496) 11,965 (266) 11,699 Taxation (30) (3,608) 266 (3,342) Profit (loss) for the period (4,526) 8,357 - 8,357 Equity shareholders (4,545) 8,158 - 8,158 Non-controlling interests 19 199 - 199 Operating profit (loss) (5,037) 11,528 (816) 10,712 Unrealised non-hedge derivatives and other commodity contracts - 7 - 7 Intercompany transactions (259) - - - Special items 3,852 231 - 231 Share of associates` EBIT (30) (134) 816 682 EBIT (1,471) 11,633 - 11,633 Amortisation of assets 62 3,998 (44) 3,954 Share of associates` amortisation - - 44 44 EBITDA (1,409) 15,631 - 15,631 Profit (loss) attributable to equity shareholders (4,545) 8,158 - 8,158 Special items 3,852 230 - 230 Share of associates` special items 17 17 - 17 Taxation on items above - (46) - (46) Headline earnings (loss) (676) 8,359 - 8,359 Unrealised non-hedge derivatives and other commodity contracts - 7 - 7 Deferred tax on unrealised non-hedge derivatives and other commodity contracts - - - - Fair value adjustment on option component of convertible bonds (677) (677) - (677) Fair value loss on mandatory convertible (647) (647) - (647) Adjusted headline earnings (loss) (2,000) 7,043 - 7,043 Ore reserve development capital - 2,081 - 2,081 Stay-in-business capital 96 2,442 (27) 2,414 Project capital - 2,482 (376) 2,105 Total capital expenditure 96 7,005 (404) 6,601 Rounding of figures may result in computational discrepancies. METRIC OPERATING RESULTS Continental South Africa Africa Australasia NINE MONTHS ENDED SEPTEMBER 2010 UNDERGROUND OPERATION YArea mined - 000 m2 932 - - Mined - 000 tonnes 5,580 1,406 425 Milled / Treated - 000 tonnes 5,188 1,383 360 Yield - g/t 7.09 5.26 4.07 Gold produced - kg 36,779 7,270 1,467 SURFACE AND DUMP RECLAMATION Milled / Treated - 000 tonnes 7,540 783 - Yield - g/t 0.52 0.66 - Gold produced - kg 3,947 519 - OPEN-PIT OPERATION Volume mined - 000 bcm - 35,978 3,830 Mined - 000 tonnes - 84,691 10,674 Treated - 000 tonnes - 15,947 2,355 Stripping ratio - ratio - 4.03 4.88 Yield - g/t - 1.59 3.26 Gold produced - kg - 25,384 7,671 HEAP LEACH OPERATION Mined - 000 tonnes - 3,576 - Placed - 000 tonnes - 865 - Stripping ratio - ratio - 6.95 - Yield - g/t - 1.33 - Gold placed - kg - 1,147 - Gold produced - kg - 1,595 - PRODUCTIVITY PER EMPLOYEE Actual -g 171 351 2,071 TOTAL Subsidiaries` gold produced - kg 40,726 28 170 9 138 Joint ventures` gold produced - kg - 6,598 - Attributable gold produced - kg 40,726 34,768 9,138 Minority gold produced - kg - 1,112 - Subsidiaries` gold sold - kg 40,912 27,804 9,048 Joint ventures` gold sold - kg - 6,479 - Attributable gold sold - kg 40,912 34,283 9,048 Minority gold sold - kg - 1,100 - Spot price - R/kg 282,015 282,015 282,015 Price received- R/kg sold 133,050 169,782 149,985 Price received excluding hedge buy-back costs- R/kg sold 259,727 262,212 255,266 Total cash costs - R/kg produced 141,479 164,043 242,225 Total production costs - R/kg produced 188,239 196,855 261,039 METRIC OPERATING RESULTS Americas Total group NINE MONTHS ENDED SEPTEMBER 2010 UNDERGROUND OPERATION YArea mined - 000 m2 - 932 Mined - 000 tonnes 1,367 8,778 Milled / Treated - 000 tonnes 1,421 8,353 Yield - g/t 6.40 6.54 Gold produced - kg 9,099 54,615 SURFACE AND DUMP RECLAMATION Milled / Treated - 000 tonnes - 8,323 Yield - g/t - 0.54 Gold produced - kg - 4,466 OPEN-PIT OPERATION Volume mined - 000 bcm - 39,808 Mined - 000 tonnes 21,595 116,961 Treated - 000 tonnes 780 19,083 Stripping ratio - ratio 25.41 5.01 Yield - g/t 5.89 1.97 Gold produced - kg 4,598 37,653 HEAP LEACH OPERATION Mined - 000 tonnes 46,124 49,700 Placed - 000 tonnes 15,702 16,567 Stripping ratio - ratio 1.98 2.12 Yield - g/t 0.48 0.52 Gold placed - kg 7,485 8,631 Gold produced - kg 6,386 7,981 PRODUCTIVITY PER EMPLOYEE Actual -g 726 283 TOTAL Subsidiaries` gold produced - kg 20 082 98 116 Joint ventures` gold produced - kg - 6,598 Attributable gold produced - kg 20,082 104,714 Minority gold produced - kg 2,174 3,286 Subsidiaries` gold sold - kg 20,097 97,861 Joint ventures` gold sold - kg - 6,479 Attributable gold sold - kg 20,097 104,340 Minority gold sold - kg 2,205 3,305 Spot price - R/kg 282,015 282,015 Price received - R/kg sold 142,012 148,314 Price received excluding hedge buy-back costs - R/kg sold 258,176 259,858 Total cash costs - R/kg produced 100,855 149,953 Total production costs - R/kg produced 133,990 187,282 Rounding of figures may result in computational discrepancies. FINANCIAL RESULTS - NINE MONTHS Continental South Africa Africa Australasia Americas ENDED SEPTEMBER 2010 ZAR`m Gold income received (1) 10,626 9,298 2,310 5,733 Cash costs (5,947) (5,892) (2,218) (2,868) By-products revenue 186 22 5 388 Total cash costs (5,762) (5,870) (2,213) (2,480) Retrenchment costs (88) (2) - (13) Rehabilitation and other non-cash costs (32) (189) - (5) Amortisation of assets (1,784) (967) (172) (768) Total production costs (7,666) (7,029) (2,385) (3,267) Inventory change (31) 73 13 233 Cost of sales (7,697) (6,955) (2,372) (3,034) Adjusted gross profit (loss) excluding hedge buy-back costs 2,929 2,343 (62) 2,700 Hedge buy-back costs (5,183) (3,169) (953) (2,335) Adjusted gross profit (loss) (2,254) (826) (1,015) 365 Unrealised non-hedge derivatives and other commodity contracts 5,778 634 75 2,616 Gross profit (loss) 3,525 (192) (940) 2,981 Corporate and other costs (50) (36) (8) (151) Exploration (5) (257) (236) (451) Intercompany transactions - (186) (8) (11) Special items (180) (180) 58 (2) Operating profit (loss) 3,290 (851) (1,134) 2,367 Net finance (costs) income, unwinding of obligations and fair value adjustments (9) (42) - 14 Exchange gain (loss) - (80) - (59) Share of equity accounted investments profit (loss) - - - (1) Profit (loss) before taxation 3,281 (973) (1,135) 2,321 Taxation 13 (833) 28 (624) Profit (loss) for the period 3,294 (1,806) (1,106) 1,697 Equity shareholders 3,294 (1,877) (1,106) 1,549 Non-controlling interests - 71 - 148 Operating profit (loss) 3,290 (851) (1,134) 2,367 Unrealised non-hedge derivatives and other commodity contracts (5,778) (634) (75) (2,616) Hedge buy-back costs 5,183 3,169 953 2,335 Intercompany transactions - 186 8 11 Special items 237 80 (45) 6 Share of associates` EBIT - - - (1) EBIT 2,930 1,950 (294) 2,101 Amortisation of assets 1,784 967 172 768 Share of associates` amortisation - - - - EBITDA 4,715 2,917 (122) 2,870 Profit (loss) attributable to equity shareholders 3,294 (1,877) (1,106) 1,549 Special items 237 80 (45) 6 Share of associates` special items - - - - Taxation on items above (55) (23) 2 (8) Headline earnings (loss) 3,476 (1,819) (1,149) 1,547 Unrealised non-hedge derivatives and other commodity contracts (5,778) (634) (75) (2,616) Deferred tax on unrealised non-hedge derivatives and other commodity contracts 1,892 - 23 - Fair value adjustment on option component of convertible bond - - - - Fair value loss on mandatory convertible bond - - - - Hedge buy-back and related costs net of taxation 3,717 3,148 953 2,335 Adjusted headline earnings (loss) 3,306 695 (249) 1,265 Ore reserve development capital 1,353 198 94 282 Stay-in-business capital 491 460 65 439 Project capital 243 364 60 767 Total capital expenditure 2,087 1,022 219 1,488 FINANCIAL RESULTS - NINE MONTHS Corporate Less equity and other Sub-total accounted Total group ENDED SEPTEMBER 2010 ZAR`m Gold income received (1) - 27,967 (1,819) 26,148 Cash costs 191 (16,735) 1,050 (15,685) By-products revenue 17 617 (3) 614 Total cash costs 208 (16,118) 1,046 (15,072) Retrenchment costs - (104) 2 (102) Rehabilitation and other non-cash costs - (227) (1) (228) Amortisation of assets (49) (3,740) 49 (3,691) Total production costs 158 (20,189) 1,096 (19,093) Inventory change - 289 (15) 274 Cost of sales 158 (19,900) 1,081 (18,819) Adjusted gross profit (loss) excluding hedge buy-back costs 158 8,067 (738) 7,329 Hedge buy-back costs - (11,639) - (11,639) Adjusted gross profit (loss) 158 (3,572) (738) (4,310) Unrealised non-hedge derivatives and other commodity contracts - 9,104 - 9,104 Gross profit (loss) 158 5,532 (738) 4,794 Corporate and other costs (945) (1,191) (1) (1,192) Exploration (172) (1,121) 13 (1,108) Intercompany transactions 205 - - - Special items (376) (679) (8) (686) Operating profit (loss) (1,130) 2,542 (734) 1,808 Net finance (costs) income, unwinding of obligations and fair value adjustments (458) (496) 1 (495) Exchange gain (loss) 62 (78) 3 (75) Share of equity accounted investments profit (loss) 16 16 387 403 Profit (loss) before taxation (1,510) 1,984 (343) 1,641 Taxation (67) (1,483) 343 (1,140) Profit (loss) for the period (1,577) 501 - 501 Equity shareholders (1,627) 233 - 233 Non-controlling interests 50 268 - 268 Operating profit (loss) (1,130) 2,542 (734) 1,808 Unrealised non-hedge derivatives and other commodity contracts - (9,104) - (9,104) Hedge buy-back costs 422 12,060 - 12,060 Intercompany transactions (205) - - - Special items 14 292 8 299 Share of associates` EBIT (22) (23) 726 703 EBIT (921) 5,767 - 5,767 Amortisation of assets 49 3,740 (49) 3,691 Share of associates` amortisation - - 49 49 EBITDA (872) 9,507 - 9,507 Profit (loss) attributable to equity shareholders (1,627) 233 - 233 Special items 14 292 8 299 Share of associates` special items (40) (40) (8) (47) Taxation on items above - (83) - (83) Headline earnings (loss) (1,652) 402 - 402 Unrealised non-hedge derivatives and other commodity contracts - (9,104) - (9,104) Deferred tax on unrealised non-hedge derivatives and other commodity contracts - 1,915 - 1,915 Fair value adjustment on option component of convertible bond (319) (319) - (319) Fair value loss on mandatory convertible bond 160 160 - 160 Hedge buy-back and related costs net of taxation 422 10,573 - 10,573 Adjusted headline earnings (loss) (1,389) 3,626 - 3,626 Ore reserve development capital - 1,926 - 1,926 Stay-in-business capital 25 1,481 (20) 1,461 Project capital - 1,434 (183) 1,251 Total capital expenditure 25 4,841 (203) 4,638 (1) Gold income received is gold income per income statement, (loss) gain on realised non-hedge derivatives (note 4). Rounding of figures may result in computational discrepancies. Administrative information ANGLOGOLD ASHANTI LIMITED Registration No. 1944/017354/06 Incorporated in the Republic of South Africa Share codes: ISIN: ZAE000043485 JSE: ANG LSE: AGD NYSE: AU ASX: AGG GhSE (Shares): AGA GhSE (GhDS): AAD Euronext Paris: VA Euronext Brussels: ANG JSE Sponsor: UBS Auditors: Ernst & Young Inc. Offices Registered and Corporate 76 Jeppe Street Newtown 2001 (PO Box 62117, Marshalltown 2107) South Africa Telephone: +27 11 637 6000 Fax: +27 11 637 6624 Australia Level 13, St Martins Tower 44 St George`s Terrace Perth, WA 6000 (PO Box Z5046, Perth WA 6831) Australia Telephone: +61 8 9425 4602 Fax: +61 8 9425 4662 Ghana Gold House Patrice Lumumba Road (PO Box 2665) Accra Ghana Telephone: +233 303 772190 Fax: +233 303 778155 United Kingdom Secretaries St James`s Corporate Services Limited 6 St James`s Place London SW1A 1NP England Telephone: +44 20 7499 3916 Fax: +44 20 7491 1989 E-mail: jane.kirton@corpserv.co.uk Directors Executive M Cutifani
(Chief Executive Officer)
S Venkatakrishnan * (Chief Financial Officer) Non-Executive T T Mboweni (Chairman) F B Arisman # R Gasant Ms N P January-Bardill W A Nairn Prof L W Nkuhlu F Ohene-Kena + S M Pityana * British # American
Australian South African + Ghanaian Officers Company Secretary: Ms L Eatwell Investor Relations Contacts South Africa Michael Bedford Telephone: +27 11 637 6273 Mobile: +27 82 374 8820 E-mail: mbedford@AngloGoldAshanti.com United States Stewart Bailey Telephone: +1-212-836-4303 Mobile: +1-646-717-3978 E-mail: sbailey@AngloGoldAshanti.com General E-mail enquiries investors@AngloGoldAshanti.com AngloGold Ashanti website http://www.AngloGoldAshanti.com Company secretarial E-mail Companysecretary@AngloGoldAshanti.com AngloGold Ashanti posts information that is important to investors on the main page of its website at www.anglogoldashanti.com and under the "Investors" tab on the main page. This information is updated regularly. Investors should visit this website to obtain important information about AngloGold Ashanti. Share Registrars South Africa Computershare Investor Services (Pty) Limited Ground Floor, 70 Marshall Street Johannesburg 2001 (PO Box 61051, Marshalltown 2107) South Africa Telephone: 0861 100 950 (in SA) Fax: +27 11 688 5218 web.queries@computershare.co.za United Kingdom Computershare Investor Services PLC The Pavilions Bridgwater Road Bristol BS13 8AE England Telephone: +44 870 702 0000 Fax: +44 870 703 6119 Australia Computershare Investor Services Pty Limited Level 2, 45 St George`s Terrace Perth, WA 6000 (GPO Box D182 Perth, WA 6840) Australia Telephone: +61 8 9323 2000 Telephone: 1300 55 2949 (in Australia) Fax: +61 8 9323 2033 Ghana NTHC Limited Martco House Off Kwame Nkrumah Avenue PO Box K1A 9563 Airport Accra Ghana Telephone: +233 302 229664 Fax: +233 302 229975 ADR Depositary The Bank of New York Mellon ("BoNY") BNY Shareowner Services PO Box 358016 Pittsburgh, PA 15252-8016 United States of America Telephone: +1 800 522 6645 (Toll free in USA) or +1 201 680 6578 (outside USA) E-mail: shrrelations@mellon.com Website: www.bnymellon.com.comshareowner Global BuyDIRECTSM BoNY maintains a direct share purchase and dividend reinvestment plan for ANGLOGOLD ASHANTI. Telephone: +1-888-BNY-ADRS PUBLISHED BY ANGLOGOLD ASHANTI PRINTED BY INCE (PTY) LIMITED Certain statements made in this communication, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash costs and other operating results, growth prospects and outlook of AngloGold Ashanti`s operations, individually or in the aggregate, including the completion and commencement of commercial operations of certain of AngloGold Ashanti`s exploration and production projects and the completion of announced mergers and acquisitions transactions, AngloGold Ashanti`s liquidity, capital resources and capital expenditure and the outcome and consequences of any litigation or regulatory proceedings or environmental issues, contain certain forward-looking statements regarding AngloGold Ashanti`s operations, economic performance and financial condition. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions including environmental approvals and actions, fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion of certain of these and other factors, refer to AngloGold Ashanti`s annual report for the year ended 31 December 2010, which was distributed to shareholders on 29 March 2011 and the company`s 2010 annual report on Form 20- F, which was filed with the Securities and Exchange Commission in the United States on 31 May 2011. These factors are not necessarily all of the important factors that could cause AngloGold Ashanti`s actual results to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future results. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today`s date or to reflect the occurrence of unanticipated events. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein. This communication contains certain "Non-GAAP" financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use. AngloGold Ashanti posts information that is important to investors on the main page of its website at www.anglogoldashanti.com and under the "Investors" tab on the main page. This information is updated regularly. Investors should visit this website to obtain important information about AngloGold Ashanti. Date: 09/11/2011 07:50:00 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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