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ANGLOGOLD ASHANTI LIMITED - Financial results for quarter ended and nine months ended 30 September 2012

Release Date: 08/11/2012 08:00
Code(s): ANG     PDF:  
Wrap Text
Financial results for quarter ended and nine months ended 30 September 2012

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

Report
for the quarter and nine months ended 30 September 2012

Group results for the quarter…

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

For the first three quarters…

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

                                                                   Quarter                           Nine months
                                                           ended     ended            ended       ended         ended
                                                             Sep       Jun              Sep         Sep           Sep
                                                            2012      2012             2011        2012          2011
                                                                           US dollar / Imperial
Operating review
Gold
  Produced                                - oz (000)       1,030     1,073            1,092       3,084         3,217
                 
  Price received (1)                      - $/oz           1,648     1,607            1,713       1,649         1,539
  Total cash costs                        - $/oz             866       801              737         821           716
  Total production costs                  - $/oz           1,081     1,002              922       1,027           910

Financial review
                        
Adjusted gross profit (2)                  - $m             573        633             816        1,923         1,942
Gross profit                               - $m             512        633             815        1,862         1,941
Profit attributable to equity shareholders - $m             168        287             456        1,019         1,167
                                           - cents/share     43         74             118          263           302
Headline earnings                          - $m             178        307             476        1,036         1,194
                                           - cents/share     46         79             123          268           309
                               
Adjusted headline earnings (3)             - $m             235        253             457          917         1,002
                                           - cents/share     61         65             118          237           260
Cash flow from operating activities        - $m             304        462             863        1,348         2,011
Capital expenditure                        - $m             545        451             408        1,350         1,002

Notes:    1. Refer to note C "Non-GAAP disclosure" for the definition.                        $ represents US dollar, unless otherwise stated.
          2. Refer to note B "Non-GAAP disclosure" for the definition.                        Rounding of figures may result in computational discrepancies.
          3. Refer to note A "Non-GAAP disclosure" for the definition.

Certain statements made in this communication, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold
mining industry, expectations regarding gold prices, production, cash costs and other operating results, growth prospects and outlook of AngloGold Ashanti's operations,
individually or in the aggregate, including the achievement of project milestones, the completion and commencement of commercial operations of certain of AngloGold
Ashanti's exploration and production projects and the completion of acquisitions and dispositions, AngloGold Ashanti's liquidity and capital resources and capital expenditures
and the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental issues, are forward-looking statements or forecasts
regarding AngloGold Ashanti's operations, economic performance and financial condition. These forward-looking statements or forecasts involve known and unknown risks,
uncertainties and other factors that may cause AngloGold Ashanti's actual results, performance or achievements to differ materially from the anticipated results, performance
or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking
statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from
those set out in the forward-looking statements as a result of, among other factors, changes in economic, social, political and market conditions, success of business and
operating initiatives, changes in the regulatory environment and other government actions including environmental approvals and actions, fluctuations in gold prices and
exchange rates, and business and operational risk management. For a discussion of certain of these and other factors, refer to AngloGold Ashanti's annual report for the year
ended 31 December 2011, which was distributed to shareholders on 4 April 2012, the company's 2011 annual report on Form 20-F, which was filed with the Securities and
Exchange Commission in the United States on 23 April 2012 and the prospectus supplement to the company's prospectus dated 17 July 2012 that was filed with the
Securities and Exchange Commission on 25 July 2012. These factors are not necessarily all of the important factors that could cause AngloGold Ashanti's actual results to
differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future results.
Consequently, stakeholders are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or
release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events, except to
the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are
qualified by the cautionary statements herein.

This communication may contain certain "Non-GAAP" financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its
business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any
other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other
companies may use. AngloGold Ashanti posts information that is important to investors on the main page of its website at www.anglogoldashanti.com and under the
"Investors" tab on the main page. This information is updated regularly. Investors should visit this website to obtain important information about AngloGold Ashanti.

Operations at a glance
for the quarter ended 30 September 2012
                                                                                                                                                         Adjusted
                                                            Production                              Total cash costs                                gross profit (loss) (1)

                                                          Year-on-year   Qtr on Qtr                Year-on-year        Qtr on Qtr                    Year-on-year       Qtr on Qtr
                                             oz (000)   % Variance (2) % Variance (3)       $/oz   % Variance (2)  % Variance (3)         $m      $m Variance (2)   $m Variance (3)



SOUTH AFRICA                                      373              (5)             3         849             12                 9        208                (82)                 3
      Great Noligwa                                29               16            21       1,047           (17)               (7)         11                   5                 5
      Kopanang                                     48             (38)          (14)       1,104             58                27         15                (46)              (13)
      Moab Khotsong                                46             (35)          (15)       1,029             44                13          6                (39)               (6)
      Mponeng                                     126                8             5         623              6                 6        108                 (5)                12
      Savuka                                       10             (23)          (17)       1,026             10                16          4                 (7)               (3)
      TauTona                                      60                3            15         847            (7)               (5)         31                   3                12
      First Uranium SA                             14                -             -         898              -                 -          2                   2                 2
      Surface Operations                           40               25           (9)         852            (3)                25         31                   5               (6)

CONTINENTAL AFRICA                                357             (13)          (12)         916             24                11        197               (128)              (47)
    Ghana
      Iduapriem                                    45              (6)           (4)       1,051             22                 4         20                (12)               (1)
      Obuasi                                       60             (23)          (28)       1,167             41                23         14                (33)              (20)
    Guinea
      Siguiri - Attr. 85%                          60                7          (10)         985              4                36         32                (10)              (14)
    Mali
      Morila - Attr. 40% (4)                       18             (25)          (18)         780            (5)              (10)         15                 (6)                 -
      Sadiola - Attr. 41% (4)                      26             (16)            18         963             22              (19)         15                (12)                 6
      Yatela - Attr. 40% (4)                        7             (13)            17       1,790             16              (23)        (1)                 (2)                 4
    Namibia
      Navachab                                     15              (6)          (29)       1,040            (6)                25          4                 (3)               (9)
    Tanzania
     Geita                                        127             (15)           (9)         682             44                 8         96                (46)              (10)
    Non-controlling interests,
     exploration and other                                                                                                                 4                 (2)               (1)

AUSTRALASIA                                        64               28          (10)         937           (40)              (21)         36                  36                11
    Australia
      Sunrise Dam                                  64               28          (10)         891           (43)              (19)         40                  39                 9
    Exploration and other                                                                                                                (3)                 (3)                 3

AMERICAS                                          237                -             2         798             52                19        154                (98)               (9)
    Argentina
      Cerro Vanguardia - Attr. 92.50%              56                8             -         772            161                18         44                (20)                 3
    Brazil
      AngloGold Ashanti Mineração                  91             (10)            (6)        837             51                21         37                (61)              (17)
      Serra Grande (5)                             30              100           100         853            (7)               (1)         18                   9                10
    United States of America
     Cripple Creek & Victor                        60             (13)            (6)        725             29                21         52                (16)                 1
    Non-controlling interests,
     exploration and other                                                                                                                 3                (10)               (7)

OTHER                                                                                                                                      6                  10               (9)

Sub-total                                       1,030              (6)            (4)        866             18                 8        601               (263)              (51)

Equity accounted investments included above                                                                                             (28)                  20               (9)

AngloGold Ashanti                                                                                                                        573               (243)              (60)

(1) Refer to note B "Non GAAP disclosure" for definition

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

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

(4) Equity accounted joint ventures.

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

Rounding of figures may result in computational discrepancies.

Financial and Operating Report
OVERVIEW FOR THE QUARTER

FINANCIAL AND CORPORATE REVIEW

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

OUTLOOK

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

Group income statement
                                                               Quarter    Quarter     Quarter   Nine months   Nine months   
                                                                 ended      ended       ended         ended         ended   
                                                             September       June   September     September     September   
                                                                  2012       2012        2011          2012          2011   
US Dollar million                                    Notes    Reviewed   Reviewed    Reviewed      Reviewed      Reviewed 
  
Revenue                                                  2       1,664      1,684       1,873         5,142         5,066   
Gold income                                                      1,629      1,619       1,793         4,955         4,791   
Cost of sales                                            3     (1,056)      (986)       (977)       (3,032)       (2,849)   
Loss on non-hedge derivatives and other                                                                                     
commodity contracts                                               (61)          -         (1)          (61)           (1)   
Gross profit                                                       512        633         815         1,862         1,941   
Corporate administration, marketing and other                                                                               
expenses                                                          (70)       (69)        (67)         (207)         (201)   
Exploration and evaluation costs                                 (107)       (88)        (76)         (271)         (196)   
Other operating expenses                                 4         (5)       (28)        (11)          (40)          (32)   
Special items                                            5        (25)          8        (13)             -            18   
Operating profit                                                   305        456         648         1,344         1,530   
Dividends received                                                   7          -           -             7             -   
Interest received                                                   10          9          10            31            29   
Exchange gain                                                        1          8          15             7            12   
Fair value adjustment on option component of                                                                                
convertible bonds                                                  (2)         24          11            66            98   
Finance costs and unwinding of obligations               6        (65)       (49)        (48)         (163)         (148)   
Fair value adjustment on mandatory convertible                                                                              
bonds                                                             (11)         29           9            97            95   
Share of equity-accounted investments' (loss)                                                                               
profit                                                               -        (6)          24            16            57   
Profit before taxation                                             245        471         669         1,405         1,673   
Taxation                                                 7        (76)      (186)       (204)         (373)         (477)   
Profit for the period                                              169        285         465         1,032         1,196   
Allocated as follows:                                                                                                       
Equity shareholders                                                168        287         456         1,019         1,167   
Non-controlling interests                                            1        (2)           9            13            29   
                                                                   169        285         465         1,032         1,196   
Basic earnings per ordinary share (cents) (1)                       43         74         118           263           302   
Diluted earnings per ordinary share (cents) (2)(3)                  43         61         109           220           248   

(1)  Calculated on the basic weighted average number of ordinary shares.
(2)  Calculated on the diluted weighted average number of ordinary shares.
(3)  Restated - refer note 8

Rounding of figures may result in computational discrepancies.

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

Group statement of comprehensive income
                                                                   Quarter    Quarter     Quarter   Nine months   Nine months   
                                                                     ended      ended       ended         ended         ended   
                                                                 September       June   September     September     September   
                                                                      2012       2012        2011          2012          2011   
US Dollar million                                                 Reviewed   Reviewed    Reviewed      Reviewed      Reviewed
   
Profit for the period                                                  169        285         465         1,032         1,196   
Exchange differences on translation of foreign
 operations                                                           (24)      (128)       (389)          (57)         (412)   
Share of equity-accounted investments' other                                                                                    
comprehensive loss                                                       -          -           -             -           (1)   
Net loss on available-for-sale financial                                                                                        
assets                                                                 (6)       (12)        (42)          (17)          (71)   
Release on impairment of available-for-sale                                                                                     
financial assets                                                         3          -          17             4            19   
Deferred taxation thereon                                              (1)          5        (11)             4          (11)   
                                                                       (4)        (7)        (36)           (9)          (63)   
Deferred taxation rate change on actuarial losses                        -          -           -           (9)             -   
Other comprehensive loss for the                                                                                                
period net of tax                                                     (28)      (135)       (425)          (75)         (476)   
Total comprehensive income                                                                                                      
for the period net of tax                                              141        150          40           957           720   
Allocated as follows:                                                                                                           
Equity shareholders                                                    140        152          31           944           691   
Non-controlling interests                                                1        (2)           9            13            29   
                                                                       141        150          40           957           720   
Rounding of figures may result in computational discrepancies.                                                                  

Group statement of financial position
                                                                            As at      As at      As at       As at   
                                                                        September       June   December   September   
                                                                             2012       2012       2011        2011   
US Dollar million                                                Note    Reviewed   Reviewed    Audited    Reviewed   
ASSETS                                                                                                                
Non-current assets                                                                                                    
Tangible assets                                                             7,620      6,789      6,525       6,042   
Intangible assets                                                             289        243        210         191   
Investments in equity-accounted associates and joint ventures                 928        835        702         692   
Other investments                                                             175        178        186         193   
Inventories                                                                   589        454        410         407   
Trade and other receivables                                                    85         81         76         116   
Deferred taxation                                                             160         61         79          69   
Cash restricted for use                                                        32         24         23          22   
Other non-current assets                                                        9          9          9           9   
                                                                            9,887      8,674      8,220       7,741   
Current assets                                                                                                        
Inventories                                                                 1,220      1,138      1,064         959   
Trade and other receivables                                                   557        460        350         279   
Current portion of other non-current assets                                     -          -          -           1   
Cash restricted for use                                                        61         32         35          38   
Cash and cash equivalents                                                   1,123        987      1,112       1,075   
                                                                            2,961      2,617      2,561       2,352   
Non-current assets held for sale                                                1          2         21           1   
                                                                            2,962      2,619      2,582       2,353   
TOTAL ASSETS                                                               12,849     11,293     10,802      10,094   
EQUITY AND LIABILITIES                                                                                                
Share capital and premium                                          10       6,721      6,711      6,689       6,660   
Retained earnings and other reserves                                      (1,040)    (1,135)    (1,660)     (2,015)   
Shareholders' equity                                                        5,681      5,576      5,029       4,645   
Non-controlling interests                                                      61         61        137         133   
Total equity                                                                5,742      5,637      5,166       4,778   
Non-current liabilities                                                                                               
Borrowings                                                                  2,708      2,492      2,456       2,439   
Environmental rehabilitation and other provisions                           1,234        795        782         597   
Provision for pension and post-retirement benefits                            214        217        195         164   
Trade, other payables and deferred income                                      12         14         14          16   
Derivatives                                                                    28         26         93          78   
Deferred taxation                                                           1,215      1,149      1,158       1,051   
                                                                            5,411      4,693      4,698       4,345   
Current liabilities                                                                                                   
Current portion of borrowings                                                 713         32         32          47   
Trade, other payables and deferred income                                     829        732        751         712   
Taxation                                                                      154        199        155         212   
                                                                            1,696        963        938         971   
Total liabilities                                                           7,107      5,656      5,636       5,316   
TOTAL EQUITY AND LIABILITIES                                               12,849     11,293     10,802      10,094   

Rounding of figures may result in computational discrepancies.                                                        

Group statement of cash flows                                                                                                            
                                                                            Quarter    Quarter     Quarter   Nine months   Nine months   
                                                                              ended      ended       ended         ended         ended   
                                                                          September       June   September     September     September   
                                                                               2012       2012        2011          2012          2011   
US Dollar million                                                  Note    Reviewed   Reviewed    Reviewed      Reviewed      Reviewed   
Cash flows from operating activities                                                                                                     
Receipts from customers                                                       1,603      1,691       1,875         5,052         4,967   
Payments to suppliers and employees                                         (1,149)    (1,106)       (988)       (3,339)       (2,864)   
Cash generated from operations                                                  454        585         887         1,713         2,103   
Dividends received from equity-accounted joint ventures                          14         20          34            54            78   
Taxation refund                                                                   -          -           1             -            96   
Taxation paid                                                                 (164)      (143)        (59)         (419)         (266)   
Net cash inflow from operating activities                                       304        462         863         1,348         2,011   
Cash flows from investing activities                                                                                                     
Capital expenditure                                                           (448)      (374)       (382)       (1,135)         (939)   
Interest capitalised and paid                                                   (4)        (2)           -           (8)             -   
Expenditure on intangible assets                                               (24)       (20)         (6)          (52)           (6)   
Proceeds from disposal of tangible assets                                         2          1           4             4            12   
Other investments acquired                                                     (18)       (23)        (74)          (80)         (135)   
Proceeds from disposal of investments                                            17         19          37            73            79   
Investments in equity-accounted associates and joint ventures                 (106)       (66)        (31)         (217)          (80)   
Proceeds from disposal of equity-accounted joint venture                          -          -           -            20             -   
Loans advanced to equity-accounted associates and joint ventures                (1)       (48)        (10)          (64)          (13)   
Loans repaid by equity-accounted associates and joint ventures                    -          1           -             1             -   
Dividends received                                                                1          1           -             1             -   
Proceeds from disposal of subsidiary                                              -          -           -             -             9   
Cash in subsidiary acquired (disposed)                                            5          -           -             5          (11)   
Acquisition of subsidiary and loan                                   13       (335)          -           -         (335)             -   
(Increase) decrease in cash restricted for use                                 (33)         20         (9)          (31)          (22)   
Interest received                                                                 7          8          11            26            29   
Repayment of loans advanced                                                       -          -           2             -             3   
Net cash outflow from investing activities                                    (937)      (483)       (458)       (1,792)       (1,074)   
Cash flows from financing activities                                                                                                     
Proceeds from issue of share capital                                              1          -           2             2             3   
Proceeds from borrowings                                                      1,061        150         101         1,212           106   
Repayment of borrowings                                                       (203)        (4)       (104)         (212)         (259)   
Finance costs paid                                                             (17)       (57)        (14)          (89)          (89)   
Acquisition of non-controlling interest                                           -      (215)           -         (215)             -   
Revolving credit facility and bond transaction costs                           (21)          -           -          (29)             -   
Dividends paid                                                                 (46)       (66)        (50)         (214)         (103)   
Net cash inflow (outflow) from financing activities                             775      (192)        (65)           455         (342)   
Net increase (decrease) in cash and cash equivalents                            142      (213)         340            11           595   
Translation                                                                     (6)       (16)       (104)             -         (106)   
Cash and cash equivalents at beginning of period                                987      1,216         839         1,112           586   
Cash and cash equivalents at end of period                                    1,123        987       1,075         1,123         1,075   
Cash generated from operations                                                                                                           
Profit before taxation                                                          245        471         669         1,405         1,673   
Adjusted for:                                                                                                                            
Movement on non-hedge derivatives and other commodity contracts                  61          -           1            61             1   
Amortisation of tangible assets                                                 202        195         192           588           565   
Finance costs and unwinding of obligations                                       65         49          48           163           148   
Environmental, rehabilitation and other expenditure                             (2)          5         (6)           (2)            29   
Special items                                                                    10          2          23            13            44   
Amortisation of intangible assets                                                 1          1           1             3             2   
Deferred stripping                                                              (7)          2         (1)          (11)            26   
Fair value adjustment on option component of convertible bonds                    2       (24)        (11)          (66)          (98)   
Fair value adjustment on mandatory convertible bonds                             11       (29)         (9)          (97)          (95)   
Interest received                                                              (10)        (9)        (10)          (31)          (29)   
Share of equity-accounted investments' loss (profit)                              -          6        (24)          (16)          (57)   
Other non-cash movements                                                          5         27         (4)            55            15   
Movements in working capital                                                  (129)      (111)          18         (352)         (121)   
                                                                                454        585         887         1,713         2,103   
Movements in working capital                                                                                                             
Increase in inventories                                                        (87)       (92)        (15)         (209)         (123)   
(Increase) decrease in trade and other receivables                             (90)       (37)          73         (181)           (8)   
Increase (decrease) in trade and other payables                                  48         18        (40)            38            10   
                                                                              (129)      (111)          18         (352)         (121)   
Rounding of figures may result in computational discrepancies.                                                                           

Group statement of changes in equity
                                                                  Equity holders of the parent

                                            Share                            Cash   Available                   Foreign                                  
                                          capital      Other                 flow         for   Actuarial      currency                  Non-            
                                              and    capital   Retained     hedge        sale    (losses)   translation           controlling    Total   
US Dollar million                         premium   reserves   earnings   reserve     reserve       gains       reserve   Total     interests   equity 
  
Balance at 31 December 2010                 6,627        194    (2,750)       (2)          86        (62)         (104)   3,989           124    4,113   
Profit for the period                                             1,167                                                   1,167            29    1,196   
Other comprehensive loss                                 (1)                             (63)                     (412)   (476)                  (476)   
Total comprehensive (loss) income               -        (1)      1,167         -        (63)           -         (412)     691            29      720   
Shares issued                                  33                                                                            33                     33   
Share-based payment for share awards                                                                                                                     
net of exercised                                          14                                                                 14                     14   
Dividends paid                                                     (89)                                                    (89)                   (89)   
Dividends of subsidiaries                                                                                                     -          (13)     (13)   
Translation                                             (32)         30                   (1)          10                     7           (7)        -   
Balance at 30 September 2011                6,660        175    (1,642)       (2)          22        (52)         (516)   4,645           133    4,778   
Balance at 31 December 2011                 6,689        171    (1,300)       (2)          18        (78)         (469)   5,029           137    5,166   
Profit for the period                                             1,019                                                   1,019            13    1,032   
Other comprehensive loss                                                                  (9)         (9)          (57)    (75)                   (75)   
Total comprehensive income (loss)               -          -      1,019         -         (9)         (9)          (57)     944            13      957   
Shares issued                                  32                                                                            32                     32   
Share-based payment for share awards                                                                                                                     
net of exercised                                          12                                                                 12                     12   
Acquisition of non-controlling interest                           (144)                                                   (144)          (71)    (215)   
Dividends paid                                                    (193)                                                   (193)                  (193)   
Dividends of subsidiaries                                                                                                     -          (17)     (17)   
Translation                                              (6)          3                     1           3                     1           (1)        -   
Balance at 30 September 2012                6,721        177      (615)       (2)          10        (84)         (526)   5,681            61    5,742   

Rounding of figures may result in computational discrepancies.

Segmental reporting
for the quarter and nine months ended 30 September 2012
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   
                                                  2012            2012             2011            2012       2011   
                                              Reviewed        Reviewed         Reviewed        Reviewed   Reviewed  
 
                                                                      US Dollar million                              
Gold income                                                                                                          
South Africa                                       606             539              675           1,669      1,889   
Continental Africa                                 582             653              683           1,958      1,807   
Australasia                                        101             117               93             333        282   
Americas                                           421             390              448           1,243      1,095   
                                                 1,709           1,700            1,899           5,203      5,073   
Equity-accounted investments included above       (80)            (81)            (106)           (248)      (282)   
                                                 1,629           1,619            1,793           4,955      4,791   
Gross profit (loss)                                                                                                  
South Africa                                       147             205              290             534        763   
Continental Africa                                 197             244              325             758        732   
Australasia                                         36              25                -              78        (5)   
Americas                                           154             163              252             551        558   
Corporate and other                                  6              15              (4)              24         12   
                                                   540             652              863           1,945      2,060   
Equity-accounted investments included above       (28)            (19)             (48)            (83)      (119)   
                                                   512             633              815           1,862      1,941   
Capital expenditure                                                                                                  
South Africa                                       161             130              140             396        351   
Continental Africa                                 208             180              101             510        268   
Australasia                                         82              52               32             176         62   
Americas                                            77              75              125             233        308   
Corporate and other                                 17              14               10              35         14   
                                                   545             451              408           1,350      1,002   
Equity-accounted investments included above       (73)            (54)             (20)           (161)       (58)   
                                                   472             397              388           1,189        944   

                                                                            Quarter ended                 Nine months ended   
                                                                      Sep             Jun           Sep           Sep        Sep   
                                                                     2012            2012          2011          2012       2011   
                                                                 Reviewed        Reviewed      Reviewed      Reviewed   Reviewed 
  
                                                                                               oz (000)                            
Gold production                                                                                                                    
South Africa                                                          373             362           394         1,041      1,226   
Continental Africa                                                    357             407           411         1,146      1,151   
Australasia                                                            64              71            50           203        183   
Americas                                                              237             233           238           695        657   
                                                                    1,030           1,073         1,092         3,084      3,217
   
                                                                                    As at         As at         As at      As at   
                                                                                      Sep           Jun           Dec        Sep   
                                                                                     2012          2012          2011       2011   
                                                                                 Reviewed      Reviewed       Audited   Reviewed 
  
                                                                                                  US Dollar million              
Total assets                                                                                                                       
South Africa                                                                        3,131         2,234         2,148      2,033   
Continental Africa                                                                  4,840         4,685         4,288      4,072   
Australasia                                                                           994           803           736        582   
Americas                                                                            2,765         2,652         2,501      2,378   
Corporate and other                                                                 1,120           919         1,129      1,029   
                                                                                   12,849        11,293        10,802     10,094   
Rounding of figures may result in computational discrepancies.                                                                     

Notes
for the quarter and nine months ended 30 September 2012

1.   Basis of preparation

     The financial statements in this quarterly report have been prepared in accordance with the historic cost convention
     except for certain financial instruments which are stated at fair value. Except for the change in presentation
     currency detailed in note 16, the group's accounting policies used in the preparation of these financial statements
     are consistent with those used in the annual financial statements for the year ended 31 December 2011 and
     revised International Financial Reporting Standards (IFRS) which are effective 1 January 2012, where applicable.
     The effect of the revised and amended accounting standards applicable to this period are not considered to have a
     material impact on the financial statements of the group.

     The financial statements of AngloGold Ashanti Limited have been prepared in compliance with IAS 34, JSE Listings
     Requirements and in the manner required by the South African Companies Act, 2008 for the preparation of financial
     information of the group for the quarter and nine months ended 30 September 2012.

2.    Revenue
                                                                            Quarter ended                   Nine months ended
                                                                     Sep         Jun             Sep           Sep          Sep
                                                                    2012        2012            2011          2012         2011
                                                                Reviewed    Reviewed        Reviewed        Reviewed   Reviewed

                                                                                       US Dollar million

Gold income                                                        1,629       1,619           1,793         4,955        4,791
By-products (note 3)                                                  28          43              57           132          175
Dividends received                                                     7           -               -             7            -
Royalties received (note 5)                                         (10)          12              13            18           71
Interest received                                                     10           9              10            31           29
                                                                   1,664       1,684           1,873         5,142        5,066
3.    Cost of sales
                                                                            Quarter ended                   Nine months ended
                                                                     Sep         Jun             Sep           Sep          Sep
                                                                    2012        2012            2011          2012         2011
                                                                Reviewed    Reviewed        Reviewed      Reviewed     Reviewed

                                                                                       US Dollar million

Cash operating costs                                                 866         815             777         2,445        2,241
Insurance reimbursement                                             (30)           -               -          (30)            -
By-products revenue (note 2)                                        (28)        (43)            (57)         (132)        (175)
                                                                     808         772             720         2,283        2,066
Royalties                                                             49          44              55           142          142
Other cash costs                                                      10           8               9            25           23
Total cash costs                                                     867         825             784         2,450        2,231
Retrenchment costs                                                     2           3               4             8           10
Rehabilitation and other non-cash costs                               16          25              11            50           72
Production costs                                                     885         853             799         2,509        2,314
Amortisation of tangible assets                                      202         195             192           588          565
Amortisation of intangible assets                                      1           1               1             3            2
Total production costs                                             1,089       1,049             992         3,100        2,881
Inventory change                                                    (32)        (63)            (14)          (68)         (31)
                                                                   1,056         986             977         3,032        2,849
4.    Other operating expenses
                                                                            Quarter ended                   Nine months ended
                                                                     Sep         Jun             Sep           Sep          Sep
                                                                    2012        2012            2011          2012         2011
                                                                Reviewed    Reviewed        Reviewed     Reviewed      Reviewed

                                                                                       US Dollar million

Pension and medical defined benefit provisions                         4          26               7            5            15
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                               1           2               4            5            17
                                                                       5          28              11           40            32
Rounding of figures may result in computational discrepancies.

5. Special items
                                                                Quarter ended                  Nine months ended
                                                         Sep           Jun              Sep         Sep           Sep
                                                        2012          2012             2011        2012          2011
                                                    Reviewed      Reviewed         Reviewed    Reviewed      Reviewed
                                                                           US Dollar million
Indirect tax expenses and legal claims                     3             -                3           8            13
Impairment of tangible assets (note 8)                     1             1                3           2            14
Impairment reversal of intangible assets (note 8)          -             -                -        (10)             -
Black Economic Empowerment transaction
  modification costs for Izingwe (Pty) Limited             -             -                -           -             7
Impairment of other receivables                            1             -                -           1             1
Royalties received (note 2) (1)                           10          (12)             (13)        (18)          (71)
Net loss on disposal and derecognition of land,
  mineral rights, tangible assets, exploration
  properties and other (note 8)                            7             3                4          13             2
Impairment of investments (note 8)                         3             -               16           4            18
Profit on disposal of subsidiary ISS International
  Limited (note 8)                                         -             -                -           -            (2)
                                                          25           (8)               13           -           (18)

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

6.   Finance costs and unwinding of obligations                                                             
                                                                Quarter ended                    Nine months ended   
                                                          Sep             Jun              Sep           Sep        Sep   
                                                         2012            2012             2011          2012       2011   
                                                     Reviewed        Reviewed         Reviewed      Reviewed   Reviewed 
  
                                                                             US Dollar million  
                          
Finance costs                                              50              36               34           121        107   
Unwinding of obligations, accretion of convertible                                                                        
bonds and other discounts                                  15              13               14            43         41   
                                                           65              49               48           163        148   
7. Taxation                                                                                                               
                                                                Quarter ended                    Nine months      ended   
                                                          Sep             Jun              Sep           Sep        Sep   
                                                         2012            2012             2011          2012       2011   
                                                     Reviewed        Reviewed         Reviewed      Reviewed   Reviewed  
 
                                                                             US Dollar million                            
South African taxation                                                                                                    
Mining tax                                                 25              31               42            82         42   
Non-mining tax                                              6               4              (1)            11          4   
(Over) under prior year provision                         (2)               1              (3)             -          5   
Deferred taxation                                                                                                         
Temporary differences                                      19               7               53            37        180   
Unrealised non-hedge derivatives and other                                                                                
commodity contracts                                      (17)               -                -          (17)          -   
Change in statutory tax rate                                -               -                -         (131)          -   
                                                           31              43               92          (18)        232   
Foreign taxation                                                                                                          
Normal taxation                                            77              94              107           300        211   
Under prior year provision                                  -               6                7             6          7   
Deferred taxation                                                                                                         
Temporary differences                                    (32)              43              (1)            45         27   
Change in statutory tax rate                                -               -                -            41          -   
                                                           45             143              113           391        245   
                                                           76             186              204           373        477   

Rounding of figures may result in computational discrepancies.

8.    Headline earnings
                                                                         Quarter ended                   Nine months ended
                                                                   Sep          Jun             Sep           Sep          Sep
                                                                  2012         2012            2011          2012         2011
                                                              Reviewed     Reviewed        Reviewed      Reviewed     Reviewed

                                                                                    US Dollar million
The profit attributable to equity shareholders has
  been adjusted by the following to arrive at headline
  earnings:
Profit attributable to equity shareholders                         168          287             456         1,019        1,167
Impairment of tangible assets (note 5)                               1            1               3             2           14
Impairment reversal of intangible assets (note 5)                    -            -               -          (10)            -
Net loss on disposal and derecognition of land,
  mineral rights, tangible assets, exploration
  properties and other (note 5)                                      7            3               4            13            2
Impairment of investments (note 5)                                   3            -              16             4           18
Profit on disposal of subsidiary ISS International
  Limited (note 5)                                                   -            -               -             -          (2)
Net impairment of investment in associates and joint
  ventures                                                           -           14               -            12            2
Special items of associates                                          -            -               -           (3)            -
Taxation on items above - current portion                          (1)            -               -           (1)            1
Taxation on items above - deferred portion                         (1)            1             (2)             -          (8)
                                                                   178          307             476         1,036        1,194
Headline earnings per ordinary share (cents) (1)                    46           79             123           268          309
Diluted headline earnings per ordinary share (cents) (2)(3)         46           66             114           224          254

(1)   Calculated on the basic weighted average number of ordinary shares.
(2)   Calculated on the diluted weighted average number of ordinary shares.
(3)   The September 2011 quarter and the September 2011 nine months ended diluted earnings per ordinary share and diluted headline earnings per
      ordinary share amounts have been corrected to take into account the earnings effect of the fair value adjustment of the option component of the 3.5%
      convertible bonds. The impact of this correction decreased diluted earnings per ordinary share by 3 cents and 23 cents and diluted headline earnings
      per ordinary share by 3 cents and 24 cents respectively.

9.     Number of shares
                                                                                Quarter ended                    Nine months ended
                                                                      Sep             Jun             Sep             Sep             Sep
                                                                     2012            2012            2011            2012            2011
                                                                 Reviewed        Reviewed        Reviewed        Reviewed        Reviewed
Authorised number of shares:
    Ordinary shares of 25 SA cents each                       600,000,000     600,000,000     600,000,000     600,000,000     600,000,000
    E ordinary shares of 25 SA cents each                       4,280,000       4,280,000       4,280,000       4,280,000       4,280,000
    A redeemable preference shares of 50 SA cents each          2,000,000       2,000,000       2,000,000       2,000,000       2,000,000
    B redeemable preference shares of 1 SA cent each            5,000,000       5,000,000       5,000,000       5,000,000       5,000,000

Issued and fully paid number of shares:
    Ordinary shares in issue                                  383,110,317     382,812,185     381,850,470     383,110,317     381,850,470
    E ordinary shares in issue                                  2,498,230       2,513,952       3,421,848       2,498,230       3,421,848
Total ordinary shares:                                        385,608,547     385,326,137     385,272,318     385,608,547     385,272,318
    A redeemable preference shares                              2,000,000       2,000,000       2,000,000       2,000,000       2,000,000
    B redeemable preference shares                                778,896         778,896         778,896         778,896         778,896

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

     Ordinary shares                                          382,854,974     382,507,333     381,644,151     382,593,036     381,471,126
     E ordinary shares                                          2,546,474       2,550,514       3,431,215       2,541,262       2,958,298
     Fully vested options                                       1,447,978       1,799,218       1,305,486       1,706,404       1,447,478
     Weighted average number of shares                        386,849,426     386,857,065     386,380,852     386,840,702     385,876,902
     Dilutive potential of share options                        1,510,368       1,353,761       1,290,253       1,545,223       1,321,614
                                             
     Dilutive potential of convertible bonds (1)                        -      33,524,615      33,524,615      33,524,615      33,524,615
     Diluted number of ordinary shares                        388,359,794     421,735,441     421,195,720     421,910,540     420,723,131

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

10. Share capital and premium
                                                                                                                       As At
                                                                                                Sep              Jun              Dec                 Sep
                                                                                               2012             2012             2011                2011
                                                                                           Reviewed         Reviewed          Audited            Reviewed

                                                                                                                 US Dollar million

Balance at beginning of period                                                                6,782            6,782            6,734               6,734
Ordinary shares issued                                                                           32               22               57                  33
E ordinary shares issued and cancelled                                                          (1)              (1)              (9)                 (2)
Sub-total                                                                                     6,813            6,803            6,782               6,765
Redeemable preference shares held within the group                                             (53)             (53)             (53)                (53)
Ordinary shares held within the group                                                          (17)             (17)             (17)                (22)
E ordinary shares held within the group                                                        (22)             (22)             (23)                (30)
Balance at end of period                                                                      6,721            6,711            6,689               6,660
Rounding of figures may result in computational discrepancies.

11. Exchange rates
                                                                                           Sep         Jun              Dec         Sep
                                                                                          2012        2012             2011        2011
                                                                                     Unaudited   Unaudited        Unaudited   Unaudited

     ZAR/USD average for the year to date                                                 8.04        7.93             7.26        6.97
     ZAR/USD average for the quarter                                                      8.25        8.12             8.09        7.14
     ZAR/USD closing                                                                      8.30        8.16             8.04        8.11
     AUD/USD average for the year to date                                                 0.97        0.97             0.97        0.96
     AUD/USD average for the quarter                                                      0.96        0.99             0.99        0.95
     AUD/USD closing                                                                      0.96        0.98             0.97        1.04
     BRL/USD average for the year to date                                                 1.92        1.86             1.68        1.63
     BRL/USD average for the quarter                                                      2.03        1.96             1.80        1.64
     BRL/USD closing                                                                      2.03        2.02             1.87        1.89
     ARS/USD average for the year to date                                                 4.46        4.39             4.13        4.08
     ARS/USD average for the quarter                                                      4.61        4.44             4.25        4.16
     ARS/USD closing                                                                      4.70        4.53             4.30        4.20
12. Capital commitments
                                                                                           Sep         Jun               Dec        Sep
                                                                                          2012        2012              2011       2011
                                                                                      Reviewed    Reviewed           Audited   Reviewed

                                                                                                       US Dollar million
     Orders placed and outstanding on capital contracts at the
                                    
        prevailing rate of exchange (1)                                                  1,004          491             202        286
    
    (1)   Includes capital commitments relating to equity-accounted joint ventures.

   Liquidity and capital resources
   To service the above capital commitments and other operational requirements, the group is dependent on existing cash
   resources, cash generated from operations and borrowing facilities.

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

   The credit facilities and other finance arrangements contain financial covenants and other similar undertakings. To the
   extent that external borrowings are required, the group's covenant performance indicates that existing financing facilities
   will be available to meet the above commitments. To the extent that any of the financing facilities mature in the near
   future, the group believes that sufficient measures are in place to ensure that these facilities can be refinanced.

13. Business combinations
   Acquisition of First Uranium (Pty) Limited

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

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

                                                                2012
                                                  US Dollars million
Assets
Tangible assets                                                  616
Listed Investments                                                 3
Cash restricted for use                                            3
Deferred tax                                                      52
Inventories                                                      134
Trade and other receivables                                        2
Cash and cash equivalents                                          5
                                                                 815
Liabilities
Deferred tax                                                      60
Environmental rehabilitation and other provisions                386
Loans from group companies                                       204
Trade and other payables                                          48
                                                                 698
Total identifiable net assets at fair value                      117
Purchase consideration                                           131
Goodwill recognised on acquisition                                14
Analysis of cash flows on acquisition:
Net cash acquired with the subsidiary                              5
Cash paid - Share capital acquired                              (131)
Cash paid - Loan acquired                                       (204)
                                                                (330)

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

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

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

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

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

14. Contingencies
    AngloGold Ashanti's material contingent liabilities and assets at 30 September are detailed below:

Contingencies and guarantees
                                                                          Sep                 Sep
                                                                         2012                2011
                                                                     Reviewed           Unaudited

                                                                             US Dollar million
Contingent liabilities                      
Groundwater pollution (1)                                                   -                    -
Deep groundwater pollution – South Africa (2)                               -                    -                        
Indirect taxes – Ghana (3)                                                 21                   11                   
ODMWA litigation (4)                                                        -                    -                                                               
Other tax disputes – AngloGold Ashanti Brasil Mineração Ltda (5)           33                   26                                                           
Sales tax on gold deliveries – Mineração Serra Grande S.A (6).            172                   84                                                  
Other tax disputes – Mineração Serra Grande S.A. (7)                       18                    9                    
Litigation – Ghana (8)                                                     32                    -
Contingent assets                                     
Indemnity – Kinross Gold Corporation (9)                                 (98)                    -                                
Royalty – Boddington Gold Mine (10)                                         -                    -                              
Royalty – Tau Lekoa Gold Mine (11)                                          -                    -
Financial Guarantees                        
Oro Group (Pty) Limited (12)                                               12                   12
                                                                          190                  142

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

(2) Deep groundwater pollution – The company has identified a flooding and future pollution risk posed by deep
    groundwater. Various studies have been undertaken by AngloGold Ashanti since 1999. Due to the
    interconnected nature of mining operations, any proposed solution needs to be a combined one supported by all
    the mines located in these gold fields. As a result, in South Africa, the Department of Mineral Resources and
    affected mining companies are now involved in the development of a "Regional Mine Closure Strategy". In view
    of the limitation of current information for the estimation of a liability, no reliable estimate can be made for the
    obligation.

(3) Indirect taxes – AngloGold Ashanti (Ghana) Limited received a tax assessment for $21m (2011: $11m) during
    September 2009 in respect of 2006, 2007 and 2008 tax years, following an audit by the tax authorities related to
    indirect taxes on various items. Management is of the opinion that the indirect taxes are not payable and the
    company has lodged an objection.

(4)   Occupational Diseases in Mines and Works Act, 1973 (ODMWA) litigation - The case of Mr Thembekile
      Mankayi was heard in the High Court of South Africa in June 2008, and an appeal heard in the Supreme Court
      of Appeal in 2010. In both instances judgement was awarded in favour of AngloGold Ashanti Limited on the
      basis that an employer is indemnified against such a claim for damages by virtue of the provisions of section 35
      of the Compensation for Occupational Injuries and Diseases Act, 1993 (COIDA). A further appeal that was
      lodged by Mr Mankayi was heard in the Constitutional Court in 2010. Judgement in the Constitutional Court was
      handed down on 3 March 2011. The Constitutional Court held that section 35 of COIDA does not indemnify the
      employer against such claims. Mr Mankayi passed away subsequent to the hearing in the Supreme Court of
      Appeal. Following the Constitutional Court judgement, Mr Mankayi's executor may proceed with his case in the
      High Court. This will comprise, amongst others, providing evidence showing that Mr Mankayi contracted
      silicosis as a result of negligent conduct on the part of AngloGold Ashanti Limited.

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

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

(5) Other tax disputes - In November 2007, the Departamento Nacional de Produção Mineral (DNPM), a Brazilian
    federal mining authority, issued a tax assessment against AngloGold Ashanti Brazil Mineração (AABM) in the
    amount of $21m (2011: $21m) relating to the calculation and payment by AABM of the financial contribution on
    mining exploitation (CFEM) in the period from 1991 to 2006. AngloGold Ashanti Limited's subsidiaries in Brazil
    are involved in various other disputes with tax authorities. These disputes involve federal tax assessments
    including income tax, royalties, social contributions and annual property tax. The amount involved is
    approximately $12m (2011: $5m).

(6) Sales tax on gold deliveries – In 2006, Mineração Serra Grande S.A. (MSG), received two tax assessments
    from the State of Goiás related to payments of state sales taxes at the rate of 12% on gold deliveries for export
    from one Brazilian state to another during the period from February 2004 to the end of May 2006. The first and
    second assessments are approximately $106m (2011: attributable share $52m) and $66m (2011: attributable
    share $32m) respectively. In November 2006, the administrative council's second chamber ruled in favour of
    MSG and fully cancelled the tax liability related to the first period. In July 2011, the administrative council's
    second chamber ruled in favour of MSG and fully cancelled the tax liability related to the second period. The
    State of Goiás has appealed to the full board of the State of Goiás tax administrative council. In November 2011
    (first case) and June 2012 (second case), the administrative council's full board approved the suspension of
    proceedings and the remittance of the matter to the Department of Supervision of Foreign Trade (COMEX) for
    review and verification. The first case was already returned to the COMEX and the second case was sent in
    June 2012. The company believes both assessments are in violation of federal legislation on sales taxes.

(7) Other tax disputes - MSG received a tax assessment in October 2003 from the State of Minas Gerais related to
    sales taxes on gold. The tax administrators rejected the company's appeal against the assessment. The
    company is now appealing the dismissal of the case. The assessment is approximately $18m (2011: attributable
    share $9m).

(8) AngloGold Ashanti Ghana terminated its longstanding Underground Development Contract with Mining and
    Building Construction Company (MBC). MBC has submitted various claims against AngloGold Ashanti Ghana
    arising out of this contract to the value of $32m. The company intends to defend against the claims.

(9) Indemnity - As part of the acquisition by AngloGold Ashanti of the remaining 50% interest in MSG during June
    2012, Kinross Gold Corporation (Kinross) has provided an indemnity to a maximum amount of BRL255m
    ($126m at quarter end exchange rates) against the specific exposures discussed in items 6 and 7 above.

(10) Royalty – As a result of the sale of the interest in the Boddington Gold Mine joint venture during 2009, the group
     is entitled to receive a royalty on any gold recovered or produced by the Boddington Gold Mine, where the gold
     price is in excess of Boddington Gold Mine's total cash cost plus $600/oz. The royalty commenced on 1 July
     2010 and is capped at a total amount of $100m, of which $45m (2011: $26m) has been recorded to date.
     Royalties of nil (2011: $9m) were recorded during the quarter as a result of the conditions mentioned above not
     being met.

   (11) Royalty – As a result of the sale of the interest in the Tau Lekoa Gold Mine during 2010, the group is entitled to
        receive a royalty on the production of a total of 1.5Moz by the Tau Lekoa Gold Mine in the event that the
        average monthly rand price of gold exceeds R180,000/kg (subject to an inflation adjustment). Where the
        average monthly rand price of gold does not exceed R180,000/kg (subject to an inflation adjustment), the
        ounces produced in that quarter do not count towards the total 1.5Moz upon which the royalty is payable.

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

   (12) Provision of surety – The company has provided sureties in favour of a lender on a gold loan facility with its
        affiliate Oro Group (Pty) Limited and one of its subsidiaries to a maximum value of $12m (2011: $12m). The
        suretyship agreements have a termination notice period of 90 days.

15. Borrowings
    AngloGold Ashanti's borrowings are interest bearing.

16. Change in presentation currency
    Effective 1 January 2012, the group changed the presentation currency of its results from reporting in US Dollars
    and South African Rands to reporting only in US Dollars. Management has concluded that the change in
    presentation currency will result in more reliable and relevant information than the prior position of reporting in two
    currencies. Management considered the following factors: the majority of AngloGold Ashanti's operating mines use
    US Dollars as their functional currency; the majority of AngloGold Ashanti's annual production and reserves are
    derived from non-South African Rand denominated countries; the majority of AngloGold Ashanti shareholders are
    not domiciled in a South African Rand denominated country; management prepare investor presentations and
    analysis in US Dollars only; and the management accounts, except for South Africa which is reported in dual
    currency, are reported to the Chief Operating Decision Maker in US Dollars.
    The change in presentation currency has no effect on comparative information.

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

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

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

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

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

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

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

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

                                                          Rate of     Gross  Withholding           Net          Date of
                                                         Exchange  dividend       tax at      dividend          Payment
                                                                   declared          15%          paid             2012
South African cents per ordinary share                          -       100           15            85     14 September
UK pence per ordinary share                          R13.13825/£1    7.6114       1.1417        6.4697     14 September
Australian cents per CHESS Depositary Interest (CDI) R1/A$0.11530     2.306        0.346         1.960     14 September
Ghana cedi per ordinary share                          R1/¢0.2358    0.2358        0.035       0.20043     14 September
Ghana cedi per Ghanaian Depositary Share (GhDS)        R1/¢0.2358   0.00236      0.00035      0.002004     17 September
US cents per American Depositary Share (ADS)         R8.262276/$1   12.1032       1.8155       10.2877     24 September

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

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

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

Dividends have been declared out of total reserves
Rate of dividend declared per ordinary share in South African cents (gross)                                      50
Dividends tax rate applicable to shareholders liable to pay the dividend tax                                    15%
STC credits utilised in South African cents                                                                     Nil
Rate in South African cents (net) where dividend tax at 15% is payable                                         42.5
The ordinary shares in issue of AngloGold Ashanti Limited at the date of declaration is                 383,285,642
The E ordinary shares in issue of AngloGold Ashanti Limited at the date of declaration is                 1,620,158
AngloGold Ashanti Limited's tax reference number                                                         9640006608

In compliance with the requirements of Strate, given the company's primary listing on the JSE, the salient dates for
payment of the dividend are as follows:

To holders of ordinary shares and to holders of CHESS Depositary Interests (CDIs)
Each CDI represents one-fifth of an ordinary share.
                                                                                                               2012
Currency conversion date for UK pounds, Australian dollars and Ghanaian cedis                 Thursday, 22 November
Last date to trade ordinary shares cum dividend                                                 Friday, 23 November
Last date to register transfers of certificated securities cum dividend                         Friday, 23 November
Ordinary shares trade ex-dividend                                                               Monday, 26 November
Record date                                                                                     Friday, 30 November
Payment date                                                                                    Friday, 14 December

On the payment date, dividends due to holders of certificated securities on the South African and United Kingdom
share registers will be electronically transferred to shareholders' bank accounts. Given the increasing incidences of
fraud with respect to cheque payments, the company has ceased the payment of dividends by way of cheque.

Shareholders are requested to notify the relevant share registrars with banking details to enable future dividends to
be paid via electronic funds transfer. Refer to the back cover for share registrar details.

Dividends in respect of dematerialised shareholdings will be credited to shareholders' accounts with the relevant
CSDP or broker.

To comply with further requirements of Strate, between Monday, 26 November and Friday, 30 November 2012,
both days inclusive, no transfers between the South African, United Kingdom, Australian and Ghana share
registers will be permitted and no ordinary shares pertaining to the South African share register may be
dematerialised or rematerialised.

To holders of American Depositary Shares
Each American Depositary Share (ADS) represents one ordinary share.
                                                                                                               2012
Ex dividend on New York Stock Exchange                                                       Wednesday, 28 November
Record date                                                                                     Friday, 30 November
Approximate date for currency conversion                                                        Friday, 14 December
Approximate payment date of dividend                                                            Monday, 24 December

     Assuming an exchange rate of R8.6170/$, the gross dividend payable per ADS, which is subject to a 15% South
     African withholding tax, is equivalent to 6 US cents. However the actual rate of payment will depend on the
     exchange rate on the date for currency conversion.

     To holders of Ghanaian Depositary Shares (GhDSs)
     100 GhDSs represent one ordinary share.
                                                                                                               2012
     Last date to trade and to register GhDSs cum dividend                                      Friday, 23 November
     GhDSs trade ex-dividend                                                                    Monday, 26 November
     Record date                                                                                Friday, 30 November
     Approximate payment date of dividend                                                       Monday, 17 December

     Assuming an exchange rate of R1/0.21815¢, the gross dividend payable per share, which is subject to a 15% South
     African withholding tax, is equivalent to 0.1091 cedis. However, the actual rate of payment will depend on the
     exchange rate on the date for currency conversion. In Ghana, the authorities have determined that dividends
     payable to residents on the Ghana share register be subject to a final withholding tax at a rate of 8%.

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

By order of the Board

T T MBOWENI                                                                           M CUTIFANI
Chairman                                                                              Chief Executive Officer

6 November 2012

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

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

A         Adjusted headline earnings
                                                                                                                Quarter ended                     Nine months ended
                                                                                                         Sep            Jun            Sep             Sep             Sep
                                                                                                        2012           2012          2011             2012            2011
                                                                                                   Unaudited      Unaudited     Unaudited        Unaudited       Unaudited

                                                                                                                                 US Dollar million

          Headline earnings (note 8)                                                                     178            307           476            1,036           1,194
          Loss on unrealised non-hedge derivatives and
            other commodity contracts                                                                     61              -             1               61               1
          Deferred tax on unrealised non-hedge derivatives and
            other commodity contracts (note 7)                                                          (17)              -             -             (17)               -
          Fair value adjustment on option component of convertible bonds                                   2           (24)          (11)             (66)            (98)
          Fair value adjustment on mandatory convertible bonds                                            11           (29)           (9)             (97)            (95)
          Adjusted headline earnings                                                                     235            253           457              917           1,002
          Adjusted headline earnings per ordinary share (cents) (1)                                       61             65           118              237             260

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

B         Adjusted gross profit
                                                                                                                Quarter ended                     Nine months ended
                                                                                                         Sep            Jun           Sep              Sep             Sep
                                                                                                        2012           2012          2011             2012            2011
                                                                                                   Unaudited      Unaudited     Unaudited        Unaudited       Unaudited

          Reconciliation of gross profit to adjusted gross profit: (1)
          Gross profit                                                                                   512            633           815             1862            1941
          Loss on unrealised non-hedge derivatives and other
            commodity contracts                                                                           61              -             1               61               1
          Adjusted gross profit (1)                                                                      573            633           816            1,923           1,942

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

C         Price received
                                                                                                                Quarter ended                     Nine months ended
                                                                                                         Sep            Jun           Sep              Sep             Sep
                                                                                                        2012           2012          2011             2012            2011
                                                                                                   Unaudited      Unaudited     Unaudited        Unaudited       Unaudited

                                                                                                                         US Dollar million / Imperial

          Gold income (note 2)                                                                         1,629          1,619         1,793            4,955           4,791
          Adjusted for non-controlling interests                                                        (19)           (45)          (49)            (115)           (130)
                                                                                                       1,610          1,574         1,744            4,840           4,661
          Realised loss on other commodity contracts                                                       5              -             -                5               -
          Associates and equity accounted joint ventures' share of gold
            income including realised non-hedge derivatives                                               80             81           106              247             282
          Attributable gold income including realised non-hedge
            derivatives                                                                                1,695          1,655         1,850            5,092           4,943
          Attributable gold sold - oz (000)                                                            1,029          1,030         1,080            3,088           3,212
          Revenue price per unit - $/oz                                                                1,648          1,607         1,713            1,649           1,539

          Rounding of figures may result in computational discrepancies.

                                                                                                             Quarter ended                     Nine months ended
                                                                                                         Sep           Jun          Sep            Sep             Sep
                                                                                                        2012          2012         2011           2012            2011
                                                                                                   Unaudited     Unaudited    Unaudited      Unaudited       Unaudited

                                                                                                                       US Dollar million / Imperial
D   Total costs

    Total cash costs (note 3)                                                                            867           825          784           2,450           2,231
    Adjusted for non-controlling interests and non-gold producing companies                             (26)          (23)         (36)            (80)            (85)
    Associates' and equity accounted joint ventures' share of total cash costs                            51            58           56             161             157
    Total cash costs adjusted for non-controlling interests
     and non-gold producing companies                                                                    892           860          804           2,531           2,303
    Retrenchment costs (note 3)                                                                            2             3            4               8              10
    Rehabilitation and other non-cash costs (note 3)                                                      16            25           11              50              72
    Amortisation of tangible assets (note 3)                                                             202           195          192             588             566
    Amortisation of intangible assets (note 3)                                                             1             1            1               3               2
    Adjusted for non-controlling interests and non-gold producing companies                              (3)          (11)          (7)            (19)            (31)
    Associates and equity accounted joint ventures' share of production costs                              3             2            1               7               6
    Total production costs adjusted for non-controlling
     interests and non-gold producing companies                                                        1,113         1,075        1,007           3,168           2,928

    Gold produced - oz (000)                                                                           1,030         1,073        1,092           3,084           3,217
    Total cash cost per unit - $/oz                                                                      866           801          737             821             716
    Total production cost per unit - $/oz                                                              1,081         1,002          922           1,027             910
E   EBITDA

    Operating profit                                                                                     305           456          648           1,344           1,530
    Amortisation of tangible assets (note 3)                                                             202           195          192             588             565
    Amortisation of intangible assets (note 3)                                                             1             1            1               3               2
    Impairment of tangible assets (note 5)                                                                 1             1            3               2              14
    Impairment reversal of intangible assets (note 5)                                                      -             -            -             (10)              -
    Loss on unrealised non-hedge derivatives and other commodity contracts                                61             -            1              61               1
    Share of associates' EBITDA                                                                           16            12           37              60             103
    Impairment of investments (note 5)                                                                     3             -           16               4              18
    Net loss on disposal and derecognition of assets (note 5)                                              7             3            4              13               2
    Profit on disposal of ISS International Limited (note 5)                                               -             -             -              -             (2)
                                                                                                         597           668          902           2,065           2,234

F   Interest cover

    EBITDA (note D)                                                                                      597           668          902           2,065           2,234
                              
    Finance costs (note 6) (1)                                                                            50            36           34             121             107
    Capitalised finance costs                                                                              4             2            1               8               1
                                                                                                          54            38           35             129             108
    Interest cover - times                                                                                11            18           26              16              21
    
    (1)  The increase in the finance costs is due to the acceleration of the old RCF fees and the finance charge of the new $750m rated bond.

                                                                                                                     As at        As at           As at           As at
                                                                                                                       Sep          Jun             Dec             Sep
                                                                                                                      2012         2012            2011            2011
                                                                                                                 Unaudited    Unaudited       Unaudited       Unaudited

                                                                                                                                   US Dollar million
G   Net asset value - cents per share

    Total equity                                                                                                     5,742        5,637           5,166           4,778
    Mandatory convertible bonds                                                                                        656          647             760             771
                                                                                                                     6,398        6,284           5,926           5,549
    Number of ordinary shares in issue - million (note 9)                                                              386          385             385             385
    Net asset value - cents per share                                                                                1,659        1,631           1,540           1,440

    Total equity                                                                                                     5,742        5,637           5,166           4,778
    Mandatory convertible bonds                                                                                        656          647             760             771
    Intangible assets                                                                                                (289)        (243)           (210)           (191)
                                                                                                                     6,109        6,041           5,716           5,358
    Number of ordinary shares in issue - million (note 9)                                                              386          385             385             385
    Net tangible asset value - cents per share                                                                       1,584        1,568           1,485           1,391

H   Net debt

    Borrowings - long-term portion                                                                                   2,708        1,847           1,698           1,670
    Borrowings - short-term portion                                                                                     57           30              30              45
    Total borrowings (1)                                                                                             2,765        1,877           1,728           1,715
    Corporate office lease                                                                                            (32)         (33)            (33)            (32)
    Unamortised portion of the convertible and rated bonds                                                              52           78              85              72
    Cash restricted for use                                                                                           (93)         (56)            (58)            (60)
    Cash and cash equivalents                                                                                      (1,123)        (987)         (1,112)         (1,075)
    Net debt excluding mandatory convertible bonds                                                                   1,569          879             610             621
    
    (1)   Borrowings exclude the mandatory convertible bonds (note H).
    
    Rounding of figures may result in computational discrepancies.

OPERATING RESULTS                                                        Continental
                                                          South Africa       Africa   Australasia   Americas   Total group
QUARTER ENDED SEPTEMBER 2012                                                  

UNDERGROUND OPERATION
Area mined                        - 000 m2                         237            -             -          -           237
Mined                             - 000 tonnes                   1,480          386           417        650         2,932
Milled / Treated                  - 000 tonnes                   1,309          429           541        749         3,028
Recovered grade                   - oz/ton                       0.221        0.124         0.057      0.146         0.160
                                  - g/tonne                       7.58         4.26          1.97       5.00          5.47
Gold produced                     - oz (000)                       319           59            34        120           533

SURFACE AND DUMP RECLAMATION
Milled / Treated                  - 000 tonnes                   6,687           36             -          -         6,722
Recovered grade                   - oz/ton                       0.007        0.025             -          -         0.007
                                  - g/tonne                       0.25         0.85             -          -          0.25
Gold produced                     - oz (000)                        54            1             -          -            55

OPEN-PIT OPERATION
Volume mined                      - 000 bcm                          -       11,661         1,369          -        13,030
Mined                             - 000 tonnes                       -       27,865         3,312      6,244        37,421
Treated                           - 000 tonnes                       -        6,151           293        268         6,712
Stripping ratio                   - ratio                            -         4.12         16.66      19.05          5.29
Recovered grade                   - oz/ton                           -        0.043         0.091      0.154         0.049
                                  - g/tonne                          -         1.47          3.12       5.29          1.69
Gold produced                     - oz (000)                         -          290            29         46           365

HEAP LEACH OPERATION
Mined                             - 000 tonnes                       -        2,078             -     15,110        17,188
Placed                            - 000 tonnes                       -          315             -      5,917         6,232
Stripping ratio                   - ratio                            -        12.60             -       1.74          2.03
Recovered grade                   - oz/ton                           -        0.024             -      0.012         0.013
                                  - g/tonne                          -         0.83             -       0.42          0.44
Gold placed                       - oz (000)                         -            8             -         79            88
Gold produced                     - oz (000)                         -            7             -         71            77

PRODUCTIVITY PER EMPLOYEE
Actual                            - oz/TEC                           5           10            46         16             8

TOTAL
Subsidiaries' gold produced       - oz (000)                       373          307            64        237           980
Joint ventures' gold produced     - oz (000)                         -           50             -          -            50
Attributable gold produced        - oz (000)                       373          357            64        237         1,030
Minority gold produced            - oz (000)                         -           11             -          5            15

Subsidiaries' gold sold           - oz (000)                       370          296            61        253           980
Joint ventures' gold sold         - oz (000)                         -           49             -          -            49
Attributable gold sold            - oz (000)                       370          345            61        253         1,029
Minority gold sold                - oz (000)                         -           10             -          5            15

Spot price                        - $/oz                         1,653        1,653         1,653      1,653         1,653
Price received                    - $/oz sold                    1,652        1,642         1,646      1,652         1,648
Total cash costs                  - $/oz produced                  849          916           937        798           866
Total production costs            - $/oz produced                1,082        1,093         1,092      1,051         1,081

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

                                                                                                                                   Less equity
FINANCIAL RESULTS                                                  Continental                            Corporate
                                                    South Africa                 Australasia   Americas               Sub-total     accounted    Total group
QUARTER ENDED SEPTEMBER 2012 $'m                                        Africa                            and other
                                                                                                                                  investments

Gold income                                                 606            582           101        421          -       1,709          (80)          1,629

Cash costs                                                 (318)         (338)          (60)      (237)          7       (946)            51          (895)
By-products revenue                                            1             1             -         25          1          28             -             28
Total cash costs                                           (317)         (337)          (60)      (212)          8       (918)            51          (867)
Retrenchment costs                                           (1)            -             -         (1)          -         (2)             -            (2)
Rehabilitation and other non-cash costs                      (5)           (7)            -         (4)          -        (16)             -           (16)
Amortisation of assets                                      (80)          (58)          (10)       (56)        (2)       (206)             3          (203)
Total production costs                                     (404)         (401)          (69)      (274)          6     (1,142)            54        (1,089)
Inventory change                                               6            16             5          7          -          34           (2)             32
Cost of sales                                              (398)         (385)          (64)      (267)          6     (1,109)            52        (1,056)

Adjusted gross profit (loss)                                 207           197            36        154          6         601          (28)            573
Unrealised non-hedge derivatives and other
                                                            (61)             -             -          -          -        (61)             -           (61)
 commodity contracts
Gross profit (loss)                                          147           197            36        154          6         540          (28)           512
Corporate and other costs                                    (2)           (4)             -        (7)       (62)        (75)             -           (75)
Exploration and evaluation costs                             (3)          (30)          (24)       (42)        (9)       (108)             2          (107)
Intercompany transactions                                      -          (22)           (3)        (1)         25           -             -             -
Special items                                                (2)           (9)          (14)        (1)          1        (25)             -           (25)
Operating profit (loss)                                      139           132           (4)        104       (39)         331          (27)            305
Net finance (costs) income, unwinding of
                                                             (2)           (1)           (1)          -       (58)        (62)             -           (61)
 obligations and fair value adjustments
Exchange gain (loss)                                           -           (5)             -        (2)          6         (1)             3              1
Share of equity accounted investments profit                   -             -             -       (10)        (4)        (14)            14              -
Profit (loss) before taxation                                136           127           (5)         91       (95)         255           (9)            245
Taxation                                                    (13)          (68)             1         15       (20)        (85)             9           (76)
Profit (loss) for the period                                 124            59           (5)        106      (114)         169             -            169
Equity shareholders                                          124            62           (5)        104      (117)         168             -            168
Non-controlling interests                                      -           (4)             -          2          3           1             -              1

Operating profit (loss)                                      139           132           (4)        104       (39)         331          (27)            305
Unrealised non-hedge derivatives and other
                                                              61             -             -          -          -          61             -             61
 commodity contracts
Loss on realised other commodity contracts                     -             -             -          -          -           -             -              -

Intercompany transactions                                      -            22             3          1       (25)           -             -              -
Special items                                                  4             7             3          1        (2)          12             -             12
Share of associates' EBIT                                      -             -             -       (10)        (3)        (13)            27             13
EBIT                                                         203           161             2         95       (69)         391             -            391
Amortisation of assets                                        80            58            10         56          2         206           (3)            203
Share of associates' amortisation                              -             -             -          -          -           -             3              3
EBITDA                                                       283           218            12        151       (67)         597             -            597

Profit (loss) attributable to equity shareholders            124            62           (5)        104      (117)         168             -            168
Special items                                                  4             7             3          1        (2)          12             -             12
Share of associates' special items                             -             -             -          -          -           -             -              -
Taxation on items above                                      (1)             -           (1)          -          -         (2)             -            (2)
Headline earnings (loss)                                     126            69           (3)        104      (119)         178             -            178
Unrealised non-hedge derivatives and other
                                                              61             -             -          -          -          61             -             61
 commodity contracts
Deferred tax on unrealised non-hedge
                                                            (17)             -             -          -          -        (17)             -           (17)
 derivatives and other commodity contracts
Fair value adjustment on option component
                                                               -             -             -          -          2           2             -             2
 of convertible bonds
Fair value adjustment on mandatory
                                                               -             -             -          -         11          11             -             11
 convertible bonds
Adjusted headline earnings (loss)                            170            69           (3)        104      (106)         235             -            235

Ore reserve development capital                               67            10             3         21          -         102             -            102
Stay-in-business capital                                      42            81             6         34         17         181           (2)            179
Project capital                                               52           116            73         21          -         262          (71)            192
Total capital expenditure                                    161           208            82         77         17         545          (73)            472
Capitalised leased assets                                                                                                                                 -
Expenditures on intangible assets                                                                                                                       (24)
Capital expenditure per statement of cash flows                                                                                                          448

Rounding of figures may result in computational discrepancies.

OPERATING RESULTS                                                       Continental
                                                          South Africa       Africa   Australasia   Americas   Total group
QUARTER ENDED JUNE 2012                                                      

UNDERGROUND OPERATION
Area mined                        - 000 m2                         230            -             -          -           230
Mined                             - 000 tonnes                   1,493          387           318        543         2,742
Milled / Treated                  - 000 tonnes                   1,299          462           217        641         2,620
Recovered grade                   - oz/ton                       0.222        0.163         0.086      0.161         0.185
                                  - g/tonne                       7.61         5.58          2.94       5.51          6.35
Gold produced                     - oz (000)                       318           83            21        114           535

SURFACE AND DUMP RECLAMATION
Milled / Treated                  - 000 tonnes                   3,010            -             -          -         3,010
Recovered grade                   - oz/ton                       0.013            -             -          -         0.013
                                  - g/tonne                       0.46            -             -          -          0.46
Gold produced                     - oz (000)                        44            -             -          -            44

OPEN-PIT OPERATION
Volume mined                      - 000 bcm                          -       15,106           559          -        15,665
Mined                             - 000 tonnes                       -       35,355         1,588      5,766        42,709
Treated                           - 000 tonnes                       -        6,217           623        238         7,078
Stripping ratio                   - ratio                            -         4.19          2.29      22.25          4.66
Recovered grade                   - oz/ton                           -        0.047         0.073      0.174         0.053
                                  - g/tonne                          -         1.59          2.52       5.96          1.82
Gold produced                     - oz (000)                         -          319            50         46           415

HEAP LEACH OPERATION
Mined                             - 000 tonnes                       -        2,182             -     16,555        18,737
Placed                            - 000 tonnes                       -          252             -      5,498         5,750
Stripping ratio                   - ratio                            -        20.19             -       1.97          2.30
Recovered grade                   - oz/ton                           -        0.021             -      0.013         0.013
                                  - g/tonne                          -         0.72             -       0.44          0.45
Gold placed                       - oz (000)                         -            6             -         78            83
Gold produced                     - oz (000)                         -            6             -         73            79

PRODUCTIVITY PER EMPLOYEE
Actual                            - oz/TEC                          5            12           47          19             9

TOTAL
Subsidiaries' gold produced       - oz (000)                      362           358            71        233         1,024
Joint ventures' gold produced     - oz (000)                         -           49             -          -            49
Attributable gold produced        - oz (000)                      362           407            71        233         1,073
Minority gold produced            - oz (000)                         -           12             -         20            32

Subsidiaries' gold sold           - oz (000)                      336           345            73        225           980
Joint ventures' gold sold         - oz (000)                        -            50             -          -            50
Attributable gold sold            - oz (000)                      336           395            73        225         1,030
Minority gold sold                - oz (000)                        -            11             -         20            31

Spot price                       - $/oz                          1,611        1,611         1,611      1,611         1,611
Price received                   - $/oz sold                     1,604        1,606         1,608      1,611         1,607
Total cash costs                 - $/oz produced                   779          827         1,187        671           801
Total production costs           - $/oz produced                   998          987         1,286        941         1,002

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

                                                                                                                                   Less equity
FINANCIAL RESULTS                                                  Continental                            Corporate
                                                    South Africa                 Australasia   Americas               Sub-total      accounted     Total group
QUARTER ENDED JUNE 2012 $'m                                             Africa                            and other
                                                                                                                                   investments

Gold income                                                  539           653           117        390           -        1,700           (81)          1,619

Cash costs                                                 (304)         (347)          (84)      (209)          18        (926)             58          (868)
By-products revenue                                           22             2             -         21           -           44              -             43
Total cash costs                                           (282)         (346)          (84)      (189)          18        (883)             58          (825)
Retrenchment costs                                           (2)           (1)             -        (1)           -          (3)              -            (3)
Rehabilitation and other non-cash costs                      (3)           (8)             -       (14)           -         (25)              -           (25)
Amortisation of assets                                      (74)          (58)           (7)       (56)         (3)        (198)              2          (196)
Total production costs                                     (361)         (412)          (91)      (260)          15      (1,109)             61        (1,049)
Inventory change                                              27             3           (1)         33           -           62              1             63
Cost of sales                                              (334)         (409)          (92)      (227)          15      (1,048)             62          (986)

Adjusted gross profit (loss)                                 205           244            25        163          15          652           (19)            633
Unrealised non-hedge derivatives and other
                                                               -             -             -          -           -            -              -              -
 commodity contracts
Gross profit (loss)                                          205           244            25        163          15          652           (19)            633
Corporate and other costs                                    (2)           (2)           (1)       (10)        (82)         (97)              -           (97)
Exploration and evaluation costs                             (2)          (19)          (21)       (40)         (7)         (89)              1           (87)
Intercompany transactions                                      -          (19)           (3)        (1)          23            -              -              -
Special items                                                (1)           (3)            11          2           -            8              -              8
Operating profit (loss)                                      200           200            11        114        (51)          474           (18)            456
Net finance (costs) income, unwinding of
                                                             (1)           (2)             -          1          16           13              -             13
 obligations and fair value adjustments
Exchange (loss) gain                                           -             2             -          3           4            9            (1)              8
Share of equity accounted investments profit                   -             -             -        (5)        (17)         (22)             16            (6)
Profit (loss) before taxation                                199           199            11        112        (48)          474            (3)            471
Taxation                                                    (43)          (77)           (4)       (64)         (1)        (189)              3          (186)
Profit (loss) for the period                                 156           123             7         48        (49)          285              -            285
Equity shareholders                                          156           137             7         43        (56)          287              -            287
Non-controlling interests                                      -          (15)             -          6           6          (2)              -            (2)

Operating profit (loss)                                      200           199            11        114        (51)          474           (18)            456
Intercompany transactions                                      -            19             3          1        (23)            -              -              -
Special items                                                  2             1             -          1           -            4              -              4
Share of associates' EBIT                                      -             -             -        (5)         (3)          (9)             18              9
EBIT                                                         203           220            15        110        (77)          469              -            469
Amortisation of assets                                        74            58             7         56           3          198            (2)            196
Share of associates' amortisation                              -             -             -          -           -            -              2              2
EBITDA                                                       276           278            22        166        (74)          668               -           668

Profit (loss) attributable to equity shareholders            156           137             7         43        (56)          287               -           287

Special items                                                  2             1             -          1           -            4               -             4
Share of associates' special items                             -             -             -          -          13           13               -            13
Taxation on items above                                      (1)             3             -          -           -            2               -             2
Headline earnings (loss)                                     157           141             7         43        (42)          307               -           307
Unrealised non-hedge derivatives and other
                                                               -             -             -          -           -            -               -             -
 commodity contracts
Deferred tax on unrealised non-hedge
                                                               -             -             -          -           -            -               -             -
 derivatives and other commodity contracts
Fair value adjustment on option component of
                                                               -             -             -          -        (24)         (24)               -          (24)
 convertible bonds
Fair value loss on mandatory convertible
                                                               -             -             -          -        (29)         (29)               -          (29)
bonds
Adjusted headline earnings (loss)
                                                             157           141             7         43        (95)          253               -          253

Ore reserve development capital                               62            12             4         17           -           95               -           95
Stay-in-business capital                                      35            87             5         22          14          163             (2)          162
Project capital                                               32            81            43         37           -          193            (53)          141
Total capital expenditure                                    130           180            52         75          14          451            (54)          397
Capitalised leased assets                                                                                                                                 (2)
Expenditures on intangible assets                                                                                                                        (20)
Capital expenditure per statement of cash flows                                                                                                           374

Rounding of figures may result in computational discrepancies.

OPERATING RESULTS                                                        Continental
                                                        South Africa          Africa   Australasia   Americas   Total group
QUARTER ENDED SEPTEMBER 2011                                                  

UNDERGROUND OPERATION
Area mined                        - 000 m2                        244             -             -          -           244
Mined                             - 000 tonnes                   1,534          478           283        506         2,802
Milled / Treated                  - 000 tonnes                   1,429          496           267        559         2,751
Recovered grade                   - oz/ton                       0.230        0.137         0.062      0.194         0.189
                                  - g/tonne                       7.87         4.71          2.13       6.64          6.49
Gold produced                     - oz (000)                       362           75            18        119           574

SURFACE AND DUMP RECLAMATION
Milled / Treated                  - 000 tonnes                   2,472            -             -          -         2,472
Recovered grade                   - oz/ton                       0.012            -             -          -         0.013
                                  - g/tonne                       0.40            -             -          -          0.44
Gold produced                     - oz (000)                        32            3             -          -            35

OPEN-PIT OPERATION
Volume mined                      - 000 bcm                          -       12,983           172          -        13,155
Mined                             - 000 tonnes                       -       31,335           218      6,766        38,319
Treated                           - 000 tonnes                       -        6,063           658        230         6,952
Stripping ratio                   - ratio                            -         5.43         35.22      22.71          6.42
Recovered grade                   - oz/ton                           -        0.049         0.044      0.176         0.052
                                  - g/tonne                          -         1.67          1.50       6.05          1.80
Gold produced                     - oz (000)                         -          325            32         45           402

HEAP LEACH OPERATION
Mined                             - 000 tonnes                       -        1,431             -     17,356        18,788
Placed                            - 000 tonnes                       -          261             -      5,371         5,632
Stripping ratio                   - ratio                            -         9.09             -       2.40          2.58
Recovered grade                   - oz/ton                           -        0.031             -      0.012         0.013
                                  - g/tonne                          -         1.05             -       0.43          0.46
Gold placed                       - oz (000)                         -            9             -         74            83
Gold produced                     - oz (000)                         -            8             -         74            81

PRODUCTIVITY PER EMPLOYEE
Actual                            - oz/TEC                           6           12           32          22             9

TOTAL
Subsidiaries' gold produced       - oz (000)                       394          348            50        238         1,029
Joint ventures' gold produced     - oz (000)                         -           63             -          -            63
Attributable gold produced        - oz (000)                       394          411            50        238         1,092
Minority gold produced            - oz (000)                         -           10             -         19            29

Subsidiaries' gold sold           - oz (000)                       393          324            55        246         1,018
Joint ventures' gold sold         - oz (000)                         -           62             -          -            62
Attributable gold sold            - oz (000)                       393          386            55        246         1,080
Minority gold sold                - oz (000)                         -           11             -         21            32

Spot price                        - $/oz                         1,705        1,705         1,705      1,705         1,705
Price received                    - $/oz sold                    1,718        1,724         1,683      1,697         1,713
Total cash costs                  - $/oz produced                  757          739         1,570        524           737
Total production costs            - $/oz produced                  981          884         1,743        710           922

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

                                                                                                                                   Less equity
FINANCIAL RESULTS                                                  Continental                            Corporate
                                                    South Africa                 Australasia   Americas               Sub-total     accounted    Total group
QUARTER ENDED SEPTEMBER 2011 $'m                                        Africa                            and other
                                                                                                                                  investments

Gold income received                                         675           684            93       448           -       1,899           (106)         1,793

Cash costs                                                 (320)         (315)          (79)     (183)           -       (897)             56          (841)
By-products revenue                                           22             2             -        32           -          57              -             57
Total cash costs                                           (298)         (313)          (79)     (151)           -       (840)             56          (784)
Retrenchment costs                                           (2)           (1)             -       (1)           -         (4)              -            (4)
Rehabilitation and other non-cash costs                      (2)           (5)             -       (5)           -        (11)              -           (11)
Amortisation of assets                                      (84)          (55)           (9)      (44)         (3)       (195)              2          (193)
Total production costs                                     (386)         (373)          (87)     (201)         (3)     (1,050)             58          (992)
Inventory change                                               -            14           (5)         5           -          15              -             14
Cost of sales                                              (386)         (359)          (92)     (195)         (3)     (1,035)             58          (977)

Adjusted gross profit (loss)                                290           325             -        252         (4)         864           (48)            816
Unrealised non-hedge derivatives and other
                                                              -             -             -        (1)           -         (1)              -            (1)
 commodity contracts
Gross profit (loss)                                         290           325             -        252         (4)         863           (48)           815
Corporate and other costs                                   (3)             -             -        (9)        (66)        (78)              -           (78)
Exploration and evaluation costs                              -          (18)          (16)       (32)        (11)        (78)              2           (76)
Intercompany transactions                                     -          (11)           (1)        (1)          13           -              -             -
Special items                                               (4)          (13)            11          1         (8)        (13)              -           (13)
Operating profit (loss)                                     282           282           (6)        211        (75)         694           (47)            648
Net finance (costs) income, unwinding of
                                                            (1)             2             2        (2)        (17)        (15)            (3)           (18)
 obligations and fair value adjustments
Exchange gain (loss)                                          -           (1)             -         12           5          16              -             15
Share of equity accounted investments profit                  -             -             -        (8)         (2)        (10)             34             24
Profit (loss) before taxation                               280           283           (4)        213        (88)         685           (16)            669
Taxation                                                   (96)         (102)             1       (27)           4       (220)             16          (204)
Profit (loss) for the period                                184           182           (3)        187        (84)         465              -            465
Equity shareholders                                         184           178           (3)        180        (83)         456              -            456
Non-controlling interests                                     -             4             -          7         (1)           9              -              9

Operating profit (loss)                                     282           282           (6)        211        (75)         694           (47)            648

Unrealised non-hedge derivatives and other
                                                              -             -             -          1           -           1              -              1
 commodity contracts

Intercompany transactions                                     -            11             1          1        (13)           -              -              -
Special items                                                 5            10             -          -           8          22              -             22
Share of associates' EBIT                                     -             -             -        (8)         (2)        (10)             47             36
EBIT                                                        287           303           (5)        204        (82)         707              -            707
Amortisation of assets                                       84            55             9         44           3         195            (2)            193
Share of associates' amortisation                             -             -             -          -           -           -              2              2
EBITDA                                                      371           358             4        248        (79)         902              -            902

Profit (loss) attributable to equity shareholders           184           178           (3)        180        (83)         456              -            456

Special items                                                 5            10             -          -           8          22              -             22
Share of associates' special items                            -             -             -          -           -           -              -              -
Taxation on items above                                     (2)            -              -          -           -         (2)              -            (2)
Headline earnings (loss)                                    187           187           (3)        180        (75)         476              -            476
Unrealised non-hedge derivatives and other
                                                              -             -             -          1           -           1              -              1
 commodity contracts
Deferred tax on unrealised non-hedge
                                                              -             -             -          -           -           -              -              -
 derivatives and other commodity contracts

Fair value adjustment on option component
                                                              -             -             -          -        (11)        (11)              -           (11)
 of convertible bonds
Fair value loss on mandatory convertible
                                                              -             -             -          -         (9)         (9)              -            (9)
bonds

Adjusted headline earnings (loss)                           187           187           (3)        181        (95)        457               -           457

Ore reserve development capital                              71            13             5         17           -        106               -           106
Stay-in-business capital                                     43            66             2         40          10        161              (2)          159
Project capital                                              26            22            25         68           -        141             (18)          123
Total capital expenditure                                   140           101            32        125          10        408             (20)          388
Capitalised leased assets                                                                                                                                 -
Expenditures on intangible assets                                                                                                                        (6)
Capital expenditure per statement of cash flows                                                                                                         382

Rounding of figures may result in computational discrepancies.

OPERATING RESULTS                                                        Continental
                                                        South Africa                   Australasia   Americas   Total group
NINE MONTHS ENDED SEPTEMBER 2012                                              Africa

UNDERGROUND OPERATION
Area mined                        - 000 m2                         630            -             -          -           630
Mined                             - 000 tonnes                   4,078        1,189           977      1,722         7,965
Milled / Treated                  - 000 tonnes                   3,602        1,335         1,011      1,985         7,933
Recovered grade                   - oz/ton                       0.227        0.137         0.074      0.157         0.175
                                  - g/tonne                       7.80         4.71          2.54       5.37          6.00
Gold produced                     - oz (000)                       903          202            83        342         1,530

SURFACE AND DUMP RECLAMATION
Milled / Treated                  - 000 tonnes                  12,547          265             -          -        12,812
Recovered grade                   - oz/ton                       0.010        0.007             -          -         0.010
                                  - g/tonne                      0.340        0.230             -          -         0.340
Gold produced                     - oz (000)                       138            2             -          -           140

OPEN-PIT OPERATION
Volume mined                      - 000 bcm                          -       41,393         2,662          -        44,055
Mined                             - 000 tonnes                       -       97,861         6,980     17,550       122,391
Treated                           - 000 tonnes                       -       18,230         1,564        715        20,509
Stripping ratio                   - ratio                            -         4.53          4.85      21.14          5.22
Recovered grade                   - oz/ton                           -        0.046         0.070      0.170         0.052
                                  - g/tonne                          -         1.57          2.39       5.84          1.78
Gold produced                     - oz (000)                         -          923           120        134         1,177

HEAP LEACH OPERATION
Mined                             - 000 tonnes                       -        6,435             -     47,760        54,195
Placed                            - 000 tonnes                       -          813             -     16,606        17,419
Stripping ratio                   - ratio                            -        16.00             -       1.99          2.31
Recovered grade                   - oz/ton                           -        0.023             -      0.012         0.013
                                  - g/tonne                          -         0.78             -       0.42          0.43
Gold placed                       - oz (000)                         -           20             -        222           242
Gold produced                     - oz (000)                         -           19             -        218           237

PRODUCTIVITY PER EMPLOYEE
Actual                            - oz/TEC                          5            11           45          18             9

TOTAL
Subsidiaries' gold produced       - oz (000)                     1,041          992          203         695         2,930
Joint ventures' gold produced     - oz (000)                         -          154             -          -           154
Attributable gold produced        - oz (000)                     1,041        1,146          203         695         3,084
Minority gold produced            - oz (000)                         -           32             -         44            76

Subsidiaries' gold sold           - oz (000)                     1,012        1,008          202         716         2,938
Joint ventures' gold sold         - oz (000)                         -          150            -           -           150
Attributable gold sold            - oz (000)                     1,012        1,158          202         716         3,088
Minority gold sold                - oz (000)                         -           32            -          47            79

Spot price                        - $/oz                         1,651        1,651         1,651      1,651         1,651
Price received                    - $/oz sold                    1,654        1,646         1,648      1,648         1,649
Total cash costs                  - $/oz produced                  825          851         1,143        670           821
Total production costs            - $/oz produced                1,062        1,018         1,268        916         1,027

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

                                                                                                                                   Less equity
FINANCIAL RESULTS - NINE MONTHS                                    Continental                            Corporate
                                                    South Africa                 Australasia   Americas               Sub-total     accounted    Total group
ENDED SEPTEMBER 2012 $'m                                                Africa                            and other
                                                                                                                                  investments

Gold income                                                1,669         1,958           333      1,243          -        5,203           (248)        4,955

Cash costs                                                 (899)       (1,008)         (232)      (635)         31      (2,744)             162      (2,582)
By-products revenue                                           41             5             1         86          1          133             (1)          132
Total cash costs                                           (859)       (1,003)         (232)      (549)         32      (2,611)             161      (2,450)
Retrenchment costs                                           (5)           (1)             -        (3)          -          (9)               -          (8)
Rehabilitation and other non-cash costs                     (11)          (21)             -       (19)          -         (51)               1         (50)
Amortisation of assets                                     (231)         (172)          (25)      (162)        (7)        (598)               7        (591)
Total production costs                                   (1,106)       (1,197)         (257)      (733)         24      (3,268)             168      (3,100)
Inventory change                                              31           (3)             2         41          -           71             (3)           68
Cost of sales                                            (1,075)       (1,200)         (254)      (692)         24      (3,197)             165      (3,032)

Adjusted gross profit (loss)                                 594           758            78        551         24        2,006            (83)        1,923
Unrealised non-hedge derivatives and
                                                            (61)             -             -          -          -         (61)               -         (61)
 other commodity contracts
Gross profit (loss)                                          534           758            78        551          24       1,945            (83)        1,862
Corporate and other costs                                    (6)           (9)           (1)       (26)       (205)       (247)               -        (247)
Exploration and evaluation costs                             (7)          (73)          (62)      (107)        (26)       (275)               4        (271)
Intercompany transactions                                      -          (58)          (10)        (2)          69           -               -            -
Special items                                                (3)           (7)            11          1         (2)           -               -            -
Operating profit (loss)                                      518           611            17        417       (140)       1,424            (79)        1,344
Net finance (costs) income, unwinding of
                                                             (5)           (3)             -        (1)          46          36               1           38
 obligations and fair value adjustments
Exchange (loss) gain                                           -           (1)             1        (1)           7           6               3            7

Share of equity accounted investments profit                   -             -             -       (19)        (17)        (36)              51           16

Profit (loss) before taxation                               512            607            17        396       (104)       1,429            (24)        1,405
Taxation                                                     34          (285)           (8)      (119)        (19)       (397)              24        (373)
Profit (loss) for the period                                546            322             9        277       (123)       1,032               -        1,032
Equity shareholders                                         546            336             9        259       (132)       1,019               -        1,019
Non-controlling interests                                     -           (14)             -         18           9          13               -           13

Operating profit (loss)                                     518            611            17        417        (140)      1,424            (79)        1,344

Unrealised non-hedge derivatives and
                                                             61              -             -          -           -          61               -           61
 other commodity contracts

Intercompany transactions                                     -            58             10          2         (69)          -               -            -
Special items                                                 7            (2)             3          1          (1)          9               -            9
Share of associates' EBIT                                     -             -              -       (19)         (7)        (26)              79           53
EBIT                                                        586           668             30        401        (218)      1,467               -        1,467
Amortisation of assets                                      231           172             25        162           7         598             (7)          591
Share of associates' amortisation                             -             -              -          -           -           -               7            7
EBITDA                                                      816           840             55        563        (210)      2,065               -        2,065

Profit (loss) attributable to equity shareholders           546           336              9        259        (132)      1,019               -        1,019

Special items                                                 7           (2)              3          1          (1)          9               -            9
Share of associates' special items                            -             -              -          -           9           9               -            9
Taxation on items above                                     (2)             2            (1)          -           -         (1)               -          (1)
Headline earnings (loss)                                    552           336             11        261        (124)      1,036               -        1,036
Unrealised non-hedge derivatives and other
                                                             61             -              -          -           -          61               -           61
  commodity contracts
Deferred tax on unrealised non-hedge
                                                           (17)             -              -          -           -        (17)               -         (17)
  derivatives and other commodity contracts
Fair value adjustment on option component
                                                              -             -              -          -         (66)       (66)               -         (66)
  of convertible bonds
Fair value loss on mandatory convertible
                                                              -             -              -          -         (97)       (97)               -         (97)
bonds
Adjusted headline earnings (loss)
                                                            595           336             11        261        (287)        917               -          917

Ore reserve development capital                             188            34             12         53           -         286               -          286
Stay-in-business capital                                     96           232             15         69          35         447             (6)          441
Project capital                                             112           244            149        111           -         617           (155)          462
Total capital expenditure                                   396           510            176        233          35       1,350           (161)        1,189
Capitalised leased assets                                                                                                                                (2)
Expenditures on intangible assets                                                                                                                       (52)
Capital expenditure per statement of cash flows                                                                                                        1,135

Rounding of figures may result in computational discrepancies.

OPERATING RESULTS                                                        Continental
                                                        South Africa                   Australasia   Americas   Total group
NINE MONTHS ENDED SEPTEMBER 2011                                              Africa

UNDERGROUND OPERATION
Area mined                        - 000 m2                         770            -             -          -           770
Mined                             - 000 tonnes                   4,757        1,364           726      1,491         8,337
Milled / Treated                  - 000 tonnes                   4,317        1,480           727      1,546         8,070
Recovered grade                   - oz/ton                       0.231        0.139         0.102      0.189         0.194
                                  - g/tonne                       7.91         4.76          3.48       6.49          6.66
Gold produced                     - oz (000)                     1,098          226            81        323         1,729

SURFACE AND DUMP RECLAMATION
Milled / Treated                  - 000 tonnes                   7,960            -             -          -         7,960
Recovered grade                   - oz/ton                       0.015            -             -          -         0.015
                                  - g/tonne                       0.50            -             -          -          0.52
Gold produced                     - oz (000)                       128            5             -          -           133

OPEN-PIT OPERATION
Volume mined                      - 000 bcm                          -       39,663         1,409          -        41,071
Mined                             - 000 tonnes                       -       94,495         3,651     20,233       118,378
Treated                           - 000 tonnes                       -       16,996         1,911        688        19,595
Stripping ratio                   - ratio                            -         4.44          6.62      23.45          5.33
Recovered grade                   - oz/ton                           -        0.048         0.048      0.167         0.052
                                  - g/tonne                          -         1.64          1.65       5.72          1.79
Gold produced                     - oz (000)                         -          898           102        127         1,126

HEAP LEACH OPERATION
Mined                             - 000 tonnes                       -        4,666             -     49,314        53,980
Placed                            - 000 tonnes                       -          825             -     16,011        16,836
Stripping ratio                   - ratio                            -         6.92             -       2.18          2.35
Recovered grade                   - oz/ton                           -        0.031             -      0.012         0.013
                                  - g/tonne                          -         1.05             -       0.40          0.43
Gold placed                       - oz (000)                         -           28             -        206           234
Gold produced                     - oz (000)                         -           21             -        208           229

PRODUCTIVITY PER EMPLOYEE
Actual                            - oz/TEC                          6            11           38          21             9

TOTAL
Subsidiaries' gold produced       - oz (000)                     1,226          965          183         657         3,031
Joint ventures' gold produced     - oz (000)                         -          186             -          -           186
Attributable gold produced        - oz (000)                     1,226        1,151          183         657         3,217
Minority gold produced            - oz (000)                         -           33             -         58            91

Subsidiaries' gold sold           - oz (000)                     1,225          955          187         661         3,028
Joint ventures' gold sold         - oz (000)                         -          184            -           -           184
Attributable gold sold            - oz (000)                     1,225        1,139          187         661         3,212
Minority gold sold                - oz (000)                         -           35            -          58            93

Spot price                       - $/oz                          1,534        1,534         1,534      1,534         1,534
Price received                   - $/oz sold                     1,542        1,540         1,511      1,541         1,539
Total cash costs                 - $/oz produced                   693          753         1,414        498           716
Total production costs           - $/oz produced                   918          902         1,570        720           910

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

                                                                                                                                   Less equity
FINANCIAL RESULTS - NINE MONTHS                                    Continental                            Corporate
                                                    South Africa                 Australasia   Americas               Sub-total     accounted    Total group
ENDED SEPTEMBER 2011 $'m                                                Africa                            and other
                                                                                                                                 investments

Gold income received                                       1,889          1,807          282       1,095          -       5,072         (282)          4,791

Cash costs                                                 (932)          (898)         (260)      (493)         20     (2,564)          158         (2,406)
By-products revenue                                           82              6             1         86          1         176          (1)             175
Total cash costs                                           (850)          (893)         (259)      (407)         21     (2,388)          157         (2,231)
Retrenchment costs                                           (7)            (1)             -        (2)          -        (11)            -            (10)
Rehabilitation and other non-cash costs                      (6)           (20)           (1)       (46)          -        (73)            1            (72)
Amortisation of assets                                     (263)          (152)          (28)      (122)        (9)       (574)            6           (566)
Total production costs                                   (1,126)        (1,067)         (287)      (577)         12     (3,045)          164         (2,881)
Inventory change                                               -            (9)             -         42          -          33          (2)              31
Cost of sales                                            (1,126)        (1,076)         (287)      (536)         12     (3,012)          162         (2,849)

Adjusted gross profit (loss)                                763             731           (5)       559          12       2,061        (120)           1,942
Unrealised non-hedge derivatives and other
                                                              -               -             -       (1)           -         (1)            -             (1)
 commodity contracts
Gross profit (loss)                                         763             732           (5)       558          12       2,060        (119)           1,941
Corporate and other costs                                   (9)             (7)           (2)      (33)       (181)       (232)          (1)           (233)
Exploration and evaluation costs                            (1)            (51)          (38)      (81)        (29)       (200)            4           (196)
Intercompany transactions                                     -            (34)           (1)       (2)          37           -            -              -
Special items                                              (12)             561            35         2       (568)          18            -             18
Operating profit (loss)                                     742           1,201          (12)       445       (729)       1,647        (117)          1,530
Net finance (costs) income, unwinding of  
                                                            (4)             (1)             2       (3)          83          78          (3)             74
 obligations and fair value adjustments
Exchange gain (loss)                                          -             (8)             -        12           5           8            3             12
Share of equity accounted investments
                                                              -              -              -      (15)         (7)        (21)           78             57
 profit (loss)
Profit (loss) before taxation                               738          1,192           (10)       439       (648)       1,711         (38)          1,673
Taxation                                                  (230)          (214)              1      (68)         (4)       (515)           38          (477)
Profit (loss) for the period                                509            977            (9)       371       (652)       1,196            -          1,196
Equity shareholders                                         509            964            (9)       359       (655)       1,167            -          1,167
Non-controlling interests                                     -             14              -        12           3          29            -             29

Operating profit (loss)                                     742          1,201           (12)       445       (729)       1,647        (117)         1,530

Unrealised non-hedge derivatives and other
                                                              -             -              -          1           -           1            -             1
 commodity contracts

Intercompany transactions                                     -            34              1          2        (37)           -            -             -
Special items                                                14         (539)            (3)        (1)         561          31            -            31
Share of associates' EBIT                                     -             -              -       (15)         (4)        (19)          117            98
EBIT                                                        756           695           (14)        432       (209)       1,660            -         1,660
Amortisation of assets                                      263           152             28        122           9         574          (6)           567
Share of associates' amortisation                             -             -              -          -           -           -            6             6
EBITDA                                                    1,019           848             14        553       (201)       2,234            -         2,234

Profit (loss) attributable to equity shareholders           509           964            (9)        359       (655)       1,167            -         1,167

Special items                                                14         (539)            (3)        (1)         561          31            -            31
Share of associates' special items                            -             -              -          -           2           2            -             2
Taxation on items above                                     (7)             -              1          -           -         (7)            -           (7)
Headline earnings (loss)                                    516           424           (11)        358        (92)       1,194            -         1,194
Unrealised non-hedge derivatives and
                                                              -             -              -          1           -           1            -             1
 other commodity contracts
Deferred tax on unrealised non-hedge
                                                              -             -              -          -           -           -            -             -
 derivatives and other commodity contracts

Fair value adjustment on option component
                                                              -             -              -          -        (98)        (98)            -          (98)
 of convertible bond

Fair value loss on mandatory convertible bond                 -             -              -          -        (95)        (95)            -          (95)

Adjusted headline earnings (loss)
                                                            516           424           (11)        359       (286)       1,002            -         1,002

Ore reserve development capital                             204            37              9         48           -         299            -           299
Stay-in-business capital                                     86           162              6         81          13         348          (4)           344
Project capital                                              61            69             46        179           -         355         (54)           301
Total capital expenditure                                   351           268             62        308          14       1,002         (58)           944
Capitalised leased assets                                                                                                                                1
Expenditures on intangible assets                                                                                                                      (6)
Capital expenditure per statement of cash flows                                                                                                        939

Rounding of figures may result in computational discrepancies.

Administrative information

ANGLOGOLD ASHANTI LIMITED

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

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

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

Auditors:                 Ernst & Young Inc.

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

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

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

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

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

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

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

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

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

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

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

General E-mail enquiries
investors@AngloGoldAshanti.com

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

Company secretarial E-mail
Companysecretary@AngloGoldAshanti.com

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

PUBLISHED BY ANGLOGOLD ASHANTI

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

United Kingdom
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS13 8AE
England
Telephone: +44 870 702 0000
Fax: +44 870 703 6119

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

Ghana
NTHC Limited
Martco House
Off Kwame Nkrumah Avenue
PO Box K1A 9563 Airport
Accra
Ghana
Telephone: +233 302 229664
Fax: +233 302 229975

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

Global BuyDIRECTSM
BoNY maintains a direct share purchase
and dividend reinvestment plan for
ANGLOGOLD ASHANTI.
Telephone: +1-888-BNY-ADRS

Date: 08/11/2012 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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