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ANGLOGOLD ASHANTI LIMITED - Q2 results for period ended 30 June 2013

Release Date: 07/08/2013 08:00
Code(s): ANG     PDF:  
Wrap Text
Q2 results for period ended 30 June 2013

AngloGold Ashanti Limited
(Incorporated in the Republic of South Africa \ Reg. No. 1944/017354/06)
ISIN No. ZAE000043485
JSE share code: ANG \ CUSIP: 035128206
NYSE share code: AU

7 August 2013


Report for the quarter and six months ended 30 June 2013

Group results for the quarter

-   Solid gold production of 935koz, in-line with guidance provided for the period of 900-950k oz up 4% from the first quarter.  
-   Total cash costs of $898/oz, better than the adjusted guidance range for the period of $900/oz and $920/oz. 
-   $1.25bn bond issue provides additional liquidity in volatile operating environment; improves debt maturity profile.
-   Net debt at 30 June 2013 was $2.78bn, reflecting a net debt to EBITDA ratio of 1.56 times.
-   Capital expenditure for 2013 reduced by $100m to $150m, from $2.1bn to $1.95bn.
-   2014 expensed exploration target of $150m-$175m (2012:$461m).
-   Corporate reorganization underway; 2014 corporate cost target of $120m to $140m. (2012: $291m, 2013: $240m forecast).
-   Tropicana is ahead of schedule and remains within budget; commissioning underway.
-   Kibali is progressing well and remains on budget and on schedule for production as early as October.
-   No second-quarter dividend declared given volatile environment; dividend to be reviewed at year-end; reverting to bi-annual
    dividend schedule.
-   All Injury Frequency Rate (AIFR) in the quarter was 7.61 per million hours worked, 11% year-on-year improvement.

       
                                                                                                                   Quarter                                     Six months
                                                                                                          ended              ended              ended             ended             ended
                                                                                                            Jun                Mar                Jun               Jun               Jun
                                                                                                           2013               2013               2012              2013              2012
                                                                                                                                          Restated(1)                          Restated(1)
                                                                                                                                  US dollar / Imperial
Operating review
Gold
    Produced                                                               - oz (000)                        935                899             1,073             1,834             2,054
    Price received(2)                                                      - $/oz                          1,421              1,636             1,607             1,529             1,650
    Total cash costs                                                       - $/oz                            898                894               773               896               769
    Total production costs                                                 - $/oz                          1,141              1,147               980             1,144               979

Financial review
Adjusted gross profit(3)                                                   - $m                              231                434               658               665             1,397
Gross profit                                                               - $m                              330                434               658               765             1,397
(Loss) profit attributable to equity shareholders                          - $m                           (2,165)               239               304            (1,926)              884
                                                                           - cents/share                    (559)                62                79              (497)              229
Headline earnings                                                          - $m                              112                259               323               372               892
                                                                           - cents/share                      29                 67                83                96               231
Adjusted headline (loss) earnings(4)                                       - $m                             (135)               113               270               (23)              716
                                                                           - cents/share                     (35)                29                70                (6)              185
Cash flow from operating activities                                        - $m                              140                356               506               496             1,132
Capital expenditure                                                        - $m                              556                512               495             1,069               893

Notes:    (1)   Restated for changes in the Accounting Policies. Refer to                            $ represents US dollar, unless otherwise stated.
                note 13 of the financial statements.                                                 Rounding of figures may result in computational discrepancies.
          (2)   Refer to note C "Non-GAAP disclosure" for the definition.
          (3)   Refer to note B "Non-GAAP disclosure" for the definition.
          (4)   Refer to note A "Non-GAAP disclosure" for the definition.

Certain statements contained in this document, 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, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold
Ashanti's operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion 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 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 and political and market conditions, the success of business and operating initiatives, changes in the regulatory environment and other government actions,
including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, and business and operational risk management.
For a discussion of such risk factors, refer to the prospectus supplement to AngloGold Ashanti's prospectus dated 17 July 2012 that was filed with the Securities and Exchange Commission
("SEC") on 26 July 2013. 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, readers 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 the date hereof 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 June 2013
                                                                                                                                                               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                                      307             (15)            (6)                 890              14               (1)           81                (124)              (73)
      Vaal River Operations                       110             (17)            (4)                 958               8               (6)           14                 (32)              (21)
        Great Noligwa                              21             (13)           (13)                 992             (12)             (10)            6                    -               (3)
        Kopanang                                   47             (16)             -                  869               -               (7)           13                 (15)               (7)
        Moab Khotsong                              42             (22)            (2)               1,039              14               (1)           (5)                (17)              (10)
      West Wits Operations                        136             (26)           (10)                 829              (7)              (2)           38                 (84)              (44)
        Mponeng                                    80             (33)           (14)                 766              30                8            27                 (69)              (36)
        TauTona(4)                                 56             (14)            (2)                 919               3              (14)           11                 (15)               (9)
      Total Surface Operations                     62              41             (2)                 903               2               12            28                  (9)               (8)
        First Uranium SA(5)                        27               -             13                  892               -                8            10                  10                 4
        Surface Operations                         35             (20)            (8)                 911              34               15            18                 (19)              (13)

INTERNATIONAL OPERATIONS                          628             (12)            10                  901              14                -           169                (286)             (140)
     CONTINENTAL AFRICA                           343             (16)            24                  883              16              (11)          100                (163)              (29)
      Ghana
        Iduapriem                                  51               9             24                  911              (1)             (13)           17                  (8)                2
        Obuasi                                     58             (30)            18                1,560              64              (10)          (32)                (66)               (2)
      Guinea
        Siguiri - Attr. 85%                        62              (7)             -                  850              14              (15)           30                 (14)               (8)
      Mali
        Morila - Attr. 40%(6)                      17             (23)            13                  728             (16)              (6)           11                  (4)               (1)
        Sadiola - Attr. 41%(6)                     23               5             21                1,003             (23)              (9)           10                   3                 1
        Yatela - Attr. 40%(6)                       6               -            (40)               1,451             (37)              10            (1)                  4                (3)
      Namibia 
        Navachab                                   13             (38)            (7)                 976               1                9             5                  (5)               (1)
      Tanzania
        Geita                                     113             (19)            71                  514              22               32            68                 (60)               (1)
       Non-controlling interests,
        exploration and other                                                                                                                         (7)                (12)              (14)

     AUSTRALASIA                                   50             (30)           (18)               1,829              54               40            (30)               (55)              (33)
      Australia
        Sunrise Dam                                50             (30)           (18)               1,713              55               37            (24)               (55)              (31)
        Exploration and other                                                                                                                          (6)                 -                (2)

     AMERICAS                                     235               1              -                  733              12               10            100                (67)              (77)
      Argentina
        Cerro Vanguardia - Attr. 92.50%            62              11             13                  615               4                5             35                 (9)               (7)
      Brazil
        AngloGold Ashanti Mineração                76             (22)           (17)                 858              24               25             14                (40)              (52)
        Serra Grande(7)                            37             147             16                  675             (23)             (14)            17                 10                (6)
      United States of America
       Cripple Creek & Victor                      60              (6)             9                  726              21               13             32                (19)              (11)
      Non-controlling interests,
       exploration and other                                                                                                                            2                 (8)                -

OTHER                                                                                                                                                   -                (15)                5
Sub-total                                         935             (13)             4                  898              16                 -           250               (425)             (207)

Equity accounted investments included above                                                                                                           (20)                (4)                3

AngloGold Ashanti                                                                                                                                      231              (427)             (203)

1   Refer to note B under "Non-GAAP disclosure" for definition
2   Variance June 2013 quarter on June 2012 quarter - increase (decrease).
3   Variance June 2013 quarter on March 2013 quarter - increase (decrease).
4   As from 1 January 2013, TauTona and Savuka were mined as one operation. For presentation purposes TauTona and Savuka have been combined for the prior quarter and prior year.
5   Effective 20 July 2012, AngloGold Ashanti acquired 100% of First Uranium (Pty) Limited.
6   Equity accounted joint ventures.
7   Effective 1 July 2012, AngloGold Ashanti increased its shareholding in Serra Grande from 50% to 100%.

Financial and Operating Report

OVERVIEW FOR THE QUARTER AND SIX MONTHS

CEO STATEMENT

"I am exceptionally pleased to report a solid operational quarter against our guidance, with gold production of 935,000oz up 4%
on the first quarter, at a total cash cost of $898/oz," said Chief Executive Officer Srinivasan Venkatakrishnan. "While we
recorded an adjusted headline loss over the period, this was due largely to the write-down of ore stockpiles due to the sharply
lower gold price, which has declined by some 25% this year. We have adopted a decisive, two-pronged response to this weaker
price environment focused on revenue enhancement and improving efficiencies by addressing costs at a number of levels.

"Importantly, while we remain positive on the prospects for the gold price in the long term, we've taken the decision to prepare
our business for a volatile gold-price environment where we believe there may be downside risk in the medium term. Graham
Ehm, Executive Vice President Group Technical and Planning, is now using a more prudent gold price of $1,100/oz as the
planning assumption, with various scenarios above and below that benchmark. This will give us flexibility in a weak market
while providing us the opportunity to benefit from widening margins if the price surprises on the upside. While this more
conservative approach to planning may have an impact on output levels, we remain steadfastly committed to prioritising cash
flow and returns over production levels. Similarly, we continue to carefully review our portfolio to identify assets that no longer
meet our investment criteria and may be sold or closed, and for others that may be amenable to partnerships.

"Our revenue enhancement efforts are focused on stripping out unprofitable production and bringing our Tropicana and Kibali
projects to production in the coming months. These two important new mines are expected to contribute approximately
550,000oz to 600,000oz of new annual production next year at below our current average cost, improving the group's cash cost
profile.

"Our cost efficiency programme has already yielded results. In looking at improving the overall efficiency of our business, we're
addressing expenditure on several fronts: corporate costs, exploration spending, project and sustaining capital, and direct
operating costs. At each step in this cost rationalisation process we've taken care to ensure we retain core skills and keep our
key long term options intact, at a reasonable cost.

"We have completed an extensive organisation redesign that started at the beginning of this year, which aimed to remove
duplication and waste, and to create a cleaner leadership structure with more direct accountabilities. We're now implementing
the recommendations of that review, which called for us to remove about 40% of all non-mining roles from our global corporate
structure. In addition, we are attacking all areas of indirect spend outside of payroll, in order to bank savings going into next
year. We're now targeting corporate costs of $120m to $140m next year, around half the $240m initially forecast for 2013, and
an even greater saving from the $291m spent last year.

"There will also be a narrowing of the focus for our exploration programme, which includes a global drilling programme as well
as investment in our Technology Innovation Consortium in South Africa. We will withdraw from more than a dozen countries and
will focus on our three most prospective regions  Tropicana, Colombia and the Siguiri region in Guinea  while also continuing
to aggressively advance the underground technology push in South Africa. Expensed exploration and evaluation in 2013 is now
anticipated to be $327m, from the $377m initially forecast, a saving of approximately $50m for this year. In 2014, we're now
targeting expensed exploration and evaluation spend at between $150m to $175m.

That takes the targeted annual savings from these exploration and corporate cost initiatives together to as much as
$437m to $482m next year, as compared to 2012 levels, or more than $100/oz.

"In addition to addressing these overhead costs, we're phasing some of our expenditure on projects in South Africa and have
reduced this year's total capital budget by about $150m, to $1.95bn (which includes about $1bn of project capital). As we move
into next year we will aim to realise further reductions in sustaining capital by seeking out efficiencies in our planning process,
while looking to capture savings in a more benign operating cost environment. We also anticipate a drop in our project capital as
a natural consequence of the completion of our Tropicana project and the commissioning of the open-pit mine at the Kibali joint
venture.

"This improvement will be complemented by our Project 500 initiative, which aims to realise cost savings of some $500m from
across our portfolio by the end of next year. The Project 500 team, overseen by Ron Largent, chief operating officer of our
Americas and Continental African portfolio, has already visited four pilot sites  Siguiri, Geita, Cuiaba and Moab Khotsong  and
identified a range of significant opportunities that will contribute toward realising this goal.

"In keeping with our prudent approach to balance sheet management and proactively reducing risk, particularly in the prevailing
uncertain market conditions, we took advantage of a slightly firmer market in July to raise $1.25bn though a the sale of seven-
year bonds. The proceeds will be used to refinance our $732.5m convertible bond which matures in May of next year and the
surplus will provide the comfort of additional liquidity. The debt issue removes refinancing risk and improves our debt maturity
profile, while only modestly raising annual interest costs, given that we have a 6% mandatory convertible bond that matures in
September and a tender offer to redeem the 3.5% convertible notes that would otherwise mature in May.

"While this work to refocus the business continues at a strong pace and in a challenging environment, our first priority remains
to operate safely as we work to deliver value to our stakeholders. We have made great strides in recent years to improve the
culture of safety in our business, with our Continental Africa business recording the commendable achievement of logging not a
single lost time injury in June. All of our four regions, Americas, Australia, Continental Africa, South Africa (save for West Wits)
and our exploration sites, were also free of fatalities in the first half of this year. While these achievements are our most
important, we recognise that there remains much room for improvement and we will continue to look for innovative ways to
reach our ultimate goal of zero harm in the workplace."

FINANCIAL AND CORPORATE REVIEW

Adjusted headline earnings (AHE) was a loss of $135m and 35 US cents per share in the three months to 30 June 2013,
compared with $113m or 29 US cents per share the previous quarter, and $270m or 70 US cents per share a year earlier, in the
second quarter of 2012. This figure includes a $144m loss associated with stockpile inventory write-downs, indirect tax
provisions and corporate restructuring.

Net loss attributable to equity shareholders for the second quarter of 2013 was $2,165m, compared to a profit of $239m in the
previous quarter, negatively impacted by a post-tax impairment of tangible and intangible assets and investments and inventory
write-downs aggregating $2.4bn. The impairment largely consisted of a write-down of assets in Continental Africa and the
Americas and arose primarily from using lower gold price assumptions and higher discount rates.

Operational performance for the second quarter was solid with production within market guidance provided at first quarter of
2013 results, and costs marginally better. Production was 935,000oz at an average total cash cost of $898/oz, compared to
899,000oz at $894/oz the previous quarter and benefitted from a strong ramp up at Geita following a mill replacement in the first
quarter of 2013. Total cash costs were slightly better than initial market guidance of $900-950/oz.

Cash flow from operating activities declined from $356m the previous quarter to $140m, reflecting the 13% decline in average
realised gold price in the quarter. Total capital expenditure during the second quarter was $556m (including equity accounted
joint ventures), compared with $512m the previous quarter and $495m in the second quarter of last year. Of the total capital
spent, project capital expenditure during the quarter amounted to $285m. As a result of relatively high project capital levels
associated with the advanced Tropicana and Kibali projects, and a weaker gold price in the second quarter of 2013, free cash
flow was negative at $497m.

At the end of the second quarter of 2013, net debt was $2.78bn, and the twelve month EBITDA to 30 June 2013 was $1.79bn,
resulting in a Net Debt to EBITDA ratio of 1.56 times. This is despite taking on the impact of the South African strike last year
and, more recently, a decline in the gold price. The principal factors that accounted for the increase in net debt level during the
quarter were:
-     Capital expenditures on projects of $285m, the majority of which was spent on key projects at Tropicana and Kibali, and
      the expansion of CC&V, which is scheduled to contribute additional production from 2015;
-     Sustaining capital expenditures, including ore-reserve development expenditure, of $271m.

On 30 July 2013, AngloGold Ashanti issued a seven-year bond due 2020 for an aggregate principal amount of $1.25bn and an
annual interest rate of 8.5%.

The bond issue attracted significant interest from fixed income investors and provided the funds for AngloGold Ashanti to launch
a tender offer for the repurchase of its $732.5m, 3.5% Guaranteed Convertible Bonds due May 2014. We believe that these
transactions will significantly improve the company's debt profile, introducing longer-term debt maturity to the balance sheet and
providing additional liquidity in what remains a volatile market and operating environment for global gold producers. Given that
the $789m, 6% mandatory convertible bond will be redeemed for shares in September, and the tender offer is currently open to
redeem the $732.5m, 3.5% convertible bond, the additional incremental annual interest payments to be incurred by the new
bond issue is modest at around $30m.

UPDATE ON CAPITAL PROJECTS

Tropicana is ahead of schedule. The company remains committed to ensuring that its two new gold projects  Tropicana and
Kibali  commence commercial production before the end of this year. The Tropicana gold project (AngloGold Ashanti 70% and
Independence Group NL 30%) is progressing well, and is ahead of schedule to commission in the third quarter of 2013 and
ramp up during the fourth quarter of 2013. The estimated capital expenditure remains unchanged at between A$820-A$845m
on a 100% basis. As mentioned by joint venture partner and operator Randgold Resources, on 23 July 2013, Kibali may
produce gold as early as October of this year. Together, these projects are expected to add attributable production of
approximately 550,000oz to 600,000oz in 2014 at a combined average total cash cost of less than our current average total
cash costs.

By the end of June, structural steel, plate work installation, mechanical installation and tailings storage facility construction were
complete at Tropicana. The powerhouse was commissioned during the second quarter of 2013 along with the dry plant. First
ore was sent to the crushing plant on 26 July. Site activities are now focused on completion of plant sub-systems and the
crushing and screening areas to enable pre-commissioning and commissioning to begin, with the commissioning team
mobilised on site for a little over two months.

The full operating team is now in place and has been mobilised to the site. The mining department celebrated the first year of
operation in July, and mobilisation of the third mining fleet is in progress.

Cash operating cost estimates for the project remain within the previously announced range of A$590/oz to A$630/oz. Average
annual production estimates during the first three years also remains in line with previous guidance at between 470,000-
490,000oz on a 100% basis.

The Kibali project, a joint venture between state-owned Sokimo (10%), AngloGold Ashanti (45%) and operator Randgold
Resources (45%), remains on track for production by the end of the year. By the end of June 2013, AngloGold Ashanti spent
$447m towards Kibali's development. Significant progress continues to be made towards commissioning. The Process Plant is
making progress in preparation of producing first gold in the final quarter of 2013. Completion of the Sulphide circuit is expected
in early 2014, which is in-line with the mining schedule. A revised schedule for Kibali has production from underground
commencing later mitigated by bringing forward additional open pit ore.

The CC&V Mine Life Extension 2 (MLE2) project, an expansion of our CC&V mine in Colorado, continues to progress well. To
date, we have spent $118m. The design work on the HG Mill is complete and the facility is on track for completion in the second
half of 2014. Construction work for the re-routing of Highway 67 is underway. Construction of the water pumping facility
necessary to deliver the required water for the mill is now complete, along with temporary construction warehouses and offices
required for the project are all complete and in use. The budget and schedule continue to be well within the plans.

UPDATE ON COST OPTIMISATION AND PORTFOLIO REVIEW

Cost optimisation and portfolio review:

In order to optimise cash flow from the business, AngloGold Ashanti is working to reduce all costs (direct operating costs,
corporate and exploration costs, and capital expenditure), while enhancing revenue by removing unprofitable production from
the portfolio and improving the overall quality of its asset base by completing development of its two new projects (Tropicana
and Kibali) in the coming months.

On direct operating costs, the previously announced Project 500 initiative is currently underway to remove approximately $500m
of operating costs within an 18 month period. This approach has been piloted at four global sites (Siguiri  Guinea, Geita 
Tanzania, Moab Khotsong  South Africa and Cuiabá  Brazil), which were selected on the basis of being among the largest
long-term producers in the company. Project 500 was well received by the site management teams and potential savings of
approximately $235m have been identified. Detailed planning to realise those opportunities and ensure they are integrated into
budgets, is currently underway.

Progress has also been made in reducing corporate overhead costs by rationalising corporate structures, reducing the use of
consultants and eliminating duplication, redundant management and administrative functions. The operating support structure
has been further simplified with operations now falling under the two Chief Operating Officers and the reduction in the size of the
executive committee. The process of effecting redundancies has commenced in AngloGold Ashanti's global corporate and
exploration structures and we expect that during the last quarter of this year, after taking into account the notice periods that
need to be provided to affected employees, approximately 35-40% of these roles will have been removed. Indirect spend, such
as travel, communication and IT costs are being rationalised with a view to further sustainable cost savings. In 2014, corporate
costs are anticipated to fall from the $240m forecast for this year, to between $120m and $140m. ERP project has also been
suspended for Continental Africa region ($113m saving over 3 years).

In light of the lower and more volatile gold price, capital expenditure is also being rationalised with a view of focusing
expenditure on higher quality assets and curtailing expenditure or suspending operations on other projects. For example,
AngloGold Ashanti announced in November 2012 that capital expenditure significantly slowed at Sadiola in Mali. In addition,
Project Zaaiplaats at the Moab Khotsong mine in South Africa has been postponed while alternative development options for
the project are being evaluated. The deepening project at Mponeng in the West Wits region of South Africa has also been
slowed to optimise expenditure. Capital expenditure for 2013 is now expected to $1.95bn-$2bn, compared to previous guidance
of $2.1bn, reflecting a savings of $100m-$150m. Given that both Kibali and Tropicana will go into production later this year, we
expect that the level of project capital expenditure in 2014 will be lower than the current year, whilst the Group will also see the
added benefit of free cash flow from these two new projects.

AngloGold Ashanti's industry-leading exploration programme has already been significantly refocused to further optimise
expenditure, with key areas of emphasis now in Colombia, Australia and Guinea, as well as continuing the investment in the
Technology Innovation Consortium, which is developing a production system to help improve underground mining in South
Africa. In effecting this more concentrated exploration strategy, AngloGold Ashanti is withdrawing from 13 countries.
Management has already reduced this year's residual exploration and evaluation budget by around $50m and will make
significantly greater savings next year. Total spending on expensed exploration (greenfield, brownfield, Colombia, SA
Technology and evaluation studies) for this year is now expected to total about $327m, compared to the previous guidance of
$377m. This number is expected to reduce further in 2014 to $150m - $175m, $30m of which will be allocated to the SA
Technology Project.

Although the steps which are outlined above are expected to improve the company's cost base and focus capital expenditure,
there will likely be a time lag before some of these measures take effect. It is expected that these measures will result in an
improvement in performance which will be reflected in results for the full year 2014. In the interim, however, aggressive moves
to reduce discretionary spending and immediate changes to expenditures for the remainder of the year are expected to support
the business in the event of any unforeseen operational disruptions and/or a further sharp fall in the gold price.

WAGE NEGOTIATIONS UPDATE

AngloGold Ashanti continues to engage with its employees, through their organised labour representatives, as part of the gold
industry's collective bargaining process overseen by the Chamber of Mines. The South African gold industry finds itself in a
challenging operating environment, given sharply lower gold prices, lower productivity levels and rising costs and has shed a
significant number of jobs over the past decade as these pressures have mounted. Against this backdrop, it is difficult to
contemplate wage increases of any kind in the current round of wage talks. Notwithstanding, the gold producers participating in
the central bargaining forum have offered a 5% adjustment to salaries as a sign of good faith in the current wage negotiations.
While these discussions with organised labour did not initially yield a positive outcome and have entered a process of third-party
mediation, through an established legal framework, AngloGold Ashanti remains committed to finding a solution to benefit all
parties and not further jeopardise the long-term viability of South Africa's gold industry.

TECHNOLOGY AND INNOVATION UPDATE

During the second quarter of 2013, the Technology Innovation Consortium progressed significantly in prototype development
pertaining to the three key technologies that aim to establish the base for a safe, more efficient mining method intended for use
at AngloGold Ashanti's deep-level underground mining operations. It is anticipated that this new improved mining method, if
successful, will significantly enhance productivity levels of AngloGold Ashanti's South African mining operations:

Orebody Knowledge & Exploration (RC Drilling): A new diamond-enhanced drill bit has been tested, which has resulted in
reduced mechanical issues. Further tests have indicated that as the hole deepened, drilling efficiency decreased and declining
penetration rates were experienced. New drill rods, designed to ensure increased air flow within the tubes, and thus faster
penetration rates at depth, have now been procured and testing of the new rods will commence at the beginning of the third
quarter.

Reef Boring (Stoping): The focus in the second quarter was to further enhance drilling effectiveness by applying improved
reamer geometries. A newly-designed cutter head (reamer) of 660mm in diameter was manufactured and delivered during the
second quarter of 2013. The first 660mm double-pass hole was drilled successfully with increased drilling efficiency: this test hole
was completed within 3.9 days compared to the previous rate of 4.4 days using the double-pass method. The final test for the
new reamer will be to complete a single pass hole in the shortest possible timeframe and further improve on previous rates of 3.2
days for a 30m hole. Negotiations and processes have commenced for the design and manufacture of the first production
machines, with the intention to start manufacturing mid-range machines (40-80cm channel width reefs) as well as small diameter
machines (<40cm channel width reefs) during the third quarter. The machines are intended for deployment to the production
environment towards the end of the first quarter in 2014.

Ultra High Strength Backfill (UHSB): During the second quarter, an additional five holes were filled at the reef boring test site at
TauTona Mine. Three of the holes were fitted with instruments to monitor the performance of the UHSB, as well as the ground
conditions of holes being drilled in close proximity. Encouraging advancements in the mixing process have been achieved,
leading to reduced times and increased flexibility in the application of the product. Development of the prototype mixer will
continue in the third quarter as the Consortium seeks to transform the current system, suitable for niche small volume
applications, to a bulk application.

DIVIDEND

The Board has elected to pass on the quarterly dividend given the current market conditions and will review this decision again at
year-end. The company will also revert to a bi-annual dividend schedule.

SAFETY

The business experienced two fatalities during the quarter, both in the South Africa Region; at Mponeng and TauTona mines. The
TauTona and Mponeng fatalities were caused by a fall of ground and a tramming related incident, respectively. Year-on-year and
quarterly Fatal Injury Frequency Rate performance improved 40% and 43%, respectively. The All Injury Frequency Rate for the
quarter was at 7.61 per million hours worked, an improvement of 4% quarter-on-quarter and 7% year-on-year.

Safety continues to remain the critical focus area in South Africa through the use of regular safety meetings and the Chencha
Nqondo (where focus is placed on changing people's mind-set regarding rules, regulations and people's behaviour) campaign at
TauTona. Measures to mitigate the risk of trucks and tramming incidents at Mponeng are currently being implemented. A new
safety theme "Safe Gold Our Future" was launched at Mponeng to address the poor safety performance. The implementation of
this safety-related initiative will lead to a more conducive working environment that will aid the production performance.

Elsewhere in the business, there has been excellent progress on safety. The Vaal River region in South Africa, as well as
Continental Africa, Australia, Americas, Exploration  had no fatalities in the first half of the year. In addition, Continental Africa,
which comprises eight mines across five countries, recorded not a single lost time injury during June. This is a significant
achievement which shows what progress is possible as we continue to make continuous improvements to our systems and
procedures and overall safety culture.

OPERATING HIGHLIGHTS

The South African operations produced 307,000oz at a total unit cash cost of $890/oz in the three months to 30 June 2013,
compared with 362,000oz at a total cash cost of $779/oz in the same quarter last year. In the West Wits operations, TauTona
faced increased costs related to improved safety measures to curtail fall of ground incidents, these include additional steel support
in certain areas. At Mponeng, the aftermath of the lightning strike at a major Eskom regional substation towards the end of the first
quarter of 2013 further impacted production in the second quarter of 2013 as repairs and maintenance to the damaged
infrastructure were performed. Safety-related disruptions, which resulted in lost production of approximately 24,000oz coupled
with deteriorating grades, continued to hinder production levels across the region.

At the Vaal River operations, an illegal strike embarked on by employees at the Moab Khotsong mine and the subsequent
ramifications had an adverse impact on production. Five hundred and thirty nine employees who participated in the illegal strike
were dismissed subsequent to disciplinary processes. Of those dismissed, one hundred and eighty seven were machine
operators and this required stoping teams to be reconfigured to make provision for the lost skill set.

Acquisition of Mine Waste Solutions has proved beneficial to the region as planned, as tonnage ramp-up using the Business
Process Framework has helped ensure that significantly higher tonnages are now being treated than in the past. Improvements to
recoveries are evident as our team manages the process carefully, through the recently established Remote Operations Center.
Grades continue to improve as Vaal River tailings now supplement the acquired tailings. Completion of the uranium circuit is
expected to allow uranium production to commence in the fourth quarter, and is also expected to improve gold recovery rates.

In Tanzania, Geita's production was 113,000oz in the second quarter of 2013 compared to 66,000oz in the previous quarter. This
was an increase of 71% as a result of a 90% increase in tonnage throughput following the extended planned downtime in the
previous quarter for the replacement of the SAG Mill, partly offset by a planned 10% decrease in recovered grade for the current
quarter. Total cash costs increased by 22% to $514/oz compared to the same period last year. The quarter-on-quarter
comparison reflects a 32% increase in total cash costs which is due to the fact that stockpiles were processed during the first
quarter. In addition, AngloGold Ashanti is in dialogue with Tanzanian authorities and various other groups to find a sustainable
solution to a recent increase in illegal mining activity in and around its Geita operation. This activity not only poses a threat to the
safety of AngloGold Ashanti's staff, police officials and these illegal miners, but also creates environmental damage and may
affect production if left unchecked.

In Ghana, production at Obuasi increased 18% quarter-on-quarter due to a 10% increase in tonnes treated and a 6% increase
in recovered grade largely as a result of the transition to owner mining. Total cash costs decreased by 10% to $1,560/oz from
$1,742/oz the previous quarter. We believe that significant potential exists in the Obuasi orebody and our strategy revolves
around the transformation of the underground mine as the key driver. In detail, this plan entails:

-    Mining of the Obuasi Deeps Decline to gain appropriate mechanised access to each mining block (except those with only
     2-3 years of life remaining) and then ultimately down to the Deeps';
-    As each new mining area and each existing mining block is reached, it is taken off line' in order to allow work to be
     undertaken that will allow it to be re-established as a highly mechanised and more productive block;
-    Investment in Pastefill, primary ventilation and underground infrastructure;
-    Mining of surface sources (pits and tailings) to generate further revenue;
-    Development of appropriate surface infrastructure based around the south mine, including security fencing, new Tailings
     Storage Facility and a comprehensive water management system;
-    Significant reduction of overhead costs;
-    Significant organisational redesign built around a highly mechanised and productive operation; and
-    Continuing to address legacy issues associated with the mining operation.

In the medium term, Obuasi needs to self-sustain itself in order to be viable. In the short-term, the intention is to ensure the
operation has the appropriate cost structure to sustain itself. The transition to mechanisation will regrettably result in a phased
process of retrenchments over the next two years. The Board will assess the progress at Obuasi on a quarterly basis to ensure
that the mine is on track to meet its critical milestones.

In Guinea, Siguiri's production (85% attributable) was unchanged from the previous quarter at 62,000oz as a result of a 5%
increase in tonnage throughput offset by a 6% decrease in recovered grade due to planned treatment of lower grade ore from
different ore sources. Siguiri has consistently exceeded its gold production target for the last six quarters, with throughput
sustained at record levels achieved in the previous year. Total cash costs were $850/oz, 15% lower than the previous quarter
mainly due to the reduced cost of electricity provided to the local community and lower royalty payments due to the lower
received price. The implementation of Project 500 is proceeding well with significant and sustainable cost saving opportunities
identified.

At Sunrise Dam, in Australia, the total cash costs at $1,713/oz was inclusive of additional costs of $350/oz attributable to
recommencing mining of high grade ore in the base of the existing open pit, also referred to as the "Crown Pillar" which we
expect will provide high grade mill feed for the remainder of the year. Mining in the Crown Pillar was delayed to ensure the wall
above the working area was sufficiently stabilised.

At Cerro Vanguardia, in Argentina, production (92.5% attributable) at 62,000oz was 13% higher than last quarter mainly due to
higher treated tonnes. Silver production (92.5% attributable) at 735,000oz represents a 2% increase when compared to the
previous quarter. Import restrictions continue to be a challenge within the country, particularly relating to the lead time in
obtaining spare parts, however, this did not have a significant impact on output during the quarter. Rising costs were partially
offset by a more favourable exchange rate and lower heap leach costs due to the effect of additional contracts and maintenance
expenses which impacted on the previous quarter. Regarding the operational landscape for the second half of the year, several
initiatives are being analysed to reduce operational costs and capital expenditures as well. Additionally, the use of an external
contractor to increase Cerro Vanguardia's production profile is under consideration.

In Brazil, at AngloGold Ashanti Mineração, production was 17% lower than previous quarter at 76,000oz reflecting mine plan
changes at Cuiabá as a result of topographic and geotechnical issues and lower production from Córrego do Sítio complex due
to lower than planned feed grades at sulphide operations. Despite some relief from the Brazilian Real depreciation, total cash
cost was 25% higher at $858/oz as a consequence of lower gold produced and lower by-product credits. At Serra Grande,
production was 16% higher than previous quarter at 37,000oz as a result of higher feed grades and metallurgical recovery. Total
cash cost was 14% lower at $675/oz as a result of higher gold produced and the depreciation of the Brazilian Real.

The Project 500 team visited Cuiabá in early June. A visit to Serra Grande is planned in August.

In the United States, at Cripple Creek & Victor, gold production was 60,000oz which was 10% higher than previous quarter
due to improvements to stacking and recovery methods which helped to drawdown inventory. Cash costs increased by 13% to
$726/oz versus the previous quarter partially due to higher costs associated with longer waste hauls and more component parts,
emulsion, tyres and contract services.

EXPLORATION

Total exploration expenditure during the second quarter of 2013, inclusive of expenditure at equity accounted joint ventures,
was $107m ($52m on brownfield, $30m on greenfield and $25m on pre-feasibilty studies), compared with $118m during the
same quarter the previous year ($43m on brownfield, $38m on greenfield and $37m on pre-feasibility studies).

At Geita in Tanzania, drilling focused on the infill drilling programmes at Nyankanga (Cut 10 & Cut 7) while Mineral Resource
delineation drilling was conducted at Nyankanga Deeps, Star & Comet Deeps and Matandani. A total of 4,827m and 4,115m
were drilled in Expensed and Capitalised drilling projects. Assay results from holes drilled in the first half of the year from
Nyankanga (Cut 7 & 8 OP, Cut 10, Block 1, and Block 2 & Block 4 and Deeps), Geita Hill West, Ridge 8, Star & Comet-Ridge 8
Gap and Matandani were received. Significant intersections were reported from each of these programmes, which continued to
confirm their prospectivity.

At Siguiri in Guinea, a total of 402 holes for 34,571m of drilling were completed. Infill drilling (1,031m RC) focused mainly on
upgrading oxide Mineral Resources at Kossise SW (773m) and Sokunu L3 pits (258m) to the NW of the Sokunu main pit. As
anticipated, the drilling at Kossise SW returned some good intersections while the results from the infill programme at Sokunu
L3 pits have not yet been received.

Reconnaissance drilling (27,035m), centred on geochemical and geophysical targets at the Kourouda SE (10,419m), Sintroko
Southwest (13,107m) and Niono (3,509m) prospects. The results reported for these projects have been generally disappointing,
with no significant intercepts reported from Niono and Kourouda SE. Sintroko Southwest returned some good values.
Reconnaissance diamond drilling of 612m was conducted at Komatiguiya into the fresh rock to check and confirm lithologic-
stratigraphic information.

Fresh rock drilling (3 DD holes & 41 RCDD holes) for 6,505m, focused on the rock beneath the current pits of Bidini (1,527m),
Seguelen (2,711m) and Kami (1,656m). This drilling was designed to test the fresh rock potential and depth extent of the ore
zones. The exploration to date below the Seguelen and Kami pits confirmed the continuation of the mineralised ore zones below
the oxide  fresh rock interface.

Geochemical soil sampling stopped at the end of the second quarter. The soil sampling was conducted on a 200m x 50m grid
on the NW of Block 1. During the period 1,377 soil samples were collected, and 832 results were received from the lab with
some high values reported. Geophysical surveys are on-going, focused on IP and resistivity gradient surveys at Kintinian Village
and Seguelen pit for water supply and dewatering.

In Colombia, greenfield exploration continued at the Nuevo Chaquiro target, Quebradona project, in joint venture with B2Gold
(AGA 70%). A total of 3,937m of diamond drilling was completed during the quarter and returned further significant results that
have extended the known mineralised envelope to the east and north-east. The latest results include 402m @ 0.26g/t Au and
0.53% Cu in CHA-032, 189m @ 0.40g/t Au and 0.48% Cu in CHA-047 and potentially indicate the presence of a higher-grade
mineralised core.

Drilling to support the Pre-feasibility study continued at the Gramalote Joint Venture. This included 14,966m completed in
programmes directed toward Mineral Resource infill drilling and opportunities for Mineral Resource addition. Drilling also
continued for facility condemnation, geotechnical and hydrology studies.

At La Colosa, drilling activities resumed with 1,210m completed for Mineral Resource extensions. Hydrology and geotechnical
drilling programmes continued.

In Australia, aircore drilling progressed solidly at the Tropicana JV (AngloGold Ashanti 70%) during the quarter with 30,675m
drilled on several prospects in the south-western end of the Tropicana JV package. Recent results from the Beetle Juice and
Madras Prospects, within 15km to 40km of the Tropicana Gold Mine have returned encouraging gold and base-metals results
and are scheduled for further work in the next quarter. At the Viking project (AngloGold Ashanti 100%) RC drilling was
completed for 2,208m and follows up significant results previously returned in diamond drilling. At the Nyngan JV (AngloGold
Ashanti earning 70%), a gravity survey commenced late in the quarter, while in South Australia, AngloGold Ashanti withdrew
from the Gawler JV.

In Guinea, exploration work continued on the Kounkoun trend in Block 3, with infill and delineation drilling at KK1, KK3 and KK6
targets with a total of 12,649m of combined aircore, RC and diamond completed. Encouragingly, mineralisation continues to remain
open down-dip and along strike with the best results for the second quarter including, but not limited to (true widths), 52.2m @
2.11g/t Au in KKRC361, 18.7m @ 4.21g/t Au in KKRC362, 29.5m @ 2.94g/t Au in KKRC363 and 57.1m @ 1.95g/t Au in KKRC370.
Within Block 2, reconnaissance RC drilling, totalling 5,498m commenced at the highly-prospective Danaya prospect, with
preliminary results returning encouraging intersections requiring further follow-up work.

Detailed information on the exploration activities and studies both for brownfields and greenfields is available on the AngloGold
Ashanti website (www.anglogoldashanti.com).

OUTLOOK

Gold production for the third quarter of 2013 is estimated at 950koz to 1,000koz. Total cash costs are estimated at between
$860/oz-$890/oz at an average exchange rate of R9.85/$, BRL2.15/$, A$0.92/$ and AP5.39/$ and fuel at $105/barrel.

This includes the ongoing impact of annual power tariff increases and winter power tariffs in South Africa. Both cost and
production estimates may be impacted by work stoppages in South Africa.

Other unknown or unpredictable factors could also have material adverse effects on our future results and no assurance can be
given that any expectations expressed by AngloGold Ashanti will prove to have been correct. Please refer to the Risk Factors
section in AngloGold Ashanti's prospectus supplement to its prospectus dated 17 July 2012 filed with the SEC on 26 July 2013
and available on the SEC's homepage at http://www.sec.gov.

Group income statement
                                                                               Quarter     Quarter      Quarter      Six months      Six months
                                                                                 ended       ended        ended           ended           ended
                                                                                  June       March         June            June            June
                                                                                  2013        2013         2012            2013            2012
                                                                                                       Restated                        Restated
US Dollar million                                             Notes           Reviewed    Reviewed     Reviewed        Reviewed        Reviewed
Revenue                                                          2               1,301       1,518        1,684           2,819           3,478


Gold income                                                      2               1,242       1,463        1,619           2,705           3,325
Cost of sales                                                    3              (1,012)     (1,029)        (961)         (2,040)         (1,928)
Gain on non-hedge derivatives and other
 commodity contracts                                                               100           -            -             100               -
Gross profit                                                                       330         434          658             765           1,397
Corporate administration, marketing and other
 expenses                                                                          (57)        (65)         (69)           (123)           (136)
Exploration and evaluation costs                                                   (79)        (79)         (88)           (158)           (165)
Other operating expenses                                         4                 (10)         (1)         (28)            (11)            (35)
Special items                                                    5              (3,203)        (25)           8          (3,228)             25
Operating (loss) profit                                                         (3,019)        264          481          (2,755)          1,086
Dividends received                                               2                   -           5            -               5               -
Interest received                                                2                  10           6            9              17              21
Exchange gain (loss)                                                                 5          (4)           8               -               6
Finance costs and unwinding of obligations                       6                 (69)        (64)         (49)           (133)            (98)
Fair value adjustment on option component of
 convertible bonds                                                                   -           9           24               9              67
Fair value adjustment on mandatory convertible
 bonds                                                                             175         137           29             312             108
Share of equity-accounted investments' (loss)
 profit                                                          5                (183)         (7)          (7)           (190)             14
(Loss) profit before taxation                                                   (3,081)        346          495          (2,735)          1,204
Taxation                                                         7                 895         (98)        (194)            797            (308)
(Loss) profit for the period                                                    (2,186)        248          301          (1,938)            896


Allocated as follows:
Equity shareholders                                                             (2,165)        239          304          (1,926)            884
Non-controlling interests                                                          (21)          9           (3)            (12)             12
                                                                                (2,186)        248          301          (1,938)            896
Basic (loss) earnings per ordinary share (cents)(1)                               (559)         62           79            (497)            229
                                                     
Diluted (loss) earnings per ordinary share (cents)(2)                             (575)         27           65            (548)            179

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

Rounding of figures may result in computational discrepancies.

The reviewed financial statements for the quarter and six months ended 30 June 2013 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 Srinivasan
Venkatakrishnan, the Group's Chief Executive Officer and Mr Richard Duffy, the Group's Chief Financial Officer. The financial statements for the
quarter and six months ended 30 June 2013 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    Six months    Six months
                                                                    ended       ended       ended         ended         ended
                                                                     June       March        June          June          June
                                                                     2013        2013        2012          2013          2012
                                                                                         Restated                    Restated
US Dollar million                                                Reviewed    Reviewed    Reviewed      Reviewed      Reviewed
(Loss) profit for the period                                       (2,186)        248         301        (1,938)          896
Items that may be reclassified subsequently
 to profit or loss:
Exchange differences on translation of foreign
 operations                                                          (191)       (149)       (128)         (340)          (32)
Net loss on available-for-sale financial assets                       (12)        (14)        (12)          (26)          (11)
Release on disposal and impairment of available-for-
 sale financial assets                                                 13          12           -            25             1
Deferred taxation thereon                                               -           2           5             2             5
                                                                        1           -          (7)            1            (5)
Items that will not be reclassified to profit or
 loss:
Actuarial loss recognised                                              30           -           -            30             -
Deferred taxation rate change thereon                                   -           -           -             -            (9)
Deferred taxation thereon                                              (8)          -           -            (8)            -
                                                                       22           -           -            22            (9)
Other comprehensive loss for the period,
 net of tax                                                          (168)       (149)       (135)         (317)          (46)
Total comprehensive (loss) income for the
 period, net of tax                                                (2,354)         99         166        (2,255)          850
Allocated as follows:
Equity shareholders                                                (2,333)         90         169        (2,243)          838
Non-controlling interests                                             (21)          9          (3)          (12)           12
                                                                   (2,354)         99         166        (2,255)          850
 
Rounding of figures may result in computational discrepancies.

Group statement of financial position
                                                                          As at       As at        As at       As at
                                                                           June       March     December        June
                                                                           2013        2013         2012        2012
                                                                                                            Restated
US Dollar million                                                Note  Reviewed    Reviewed    Unaudited    Reviewed

ASSETS

Non-current assets
Tangible assets                                                           4,659       7,743        7,776       6,876
Intangible assets                                                           281         321          315         243
Investments in equity-accounted associates and joint ventures             1,127       1,172        1,047         821
Other investments                                                           130         147          167         178
Inventories                                                                 590         647          610         454
Trade and other receivables                                                  34          48           79          81
Deferred taxation                                                           546          93           97          61
Cash restricted for use                                                      29          29           29          24
Other non-current assets                                                      7           7            7           9
                                                                          7,403      10,207       10,127       8,747
Current assets
Inventories                                                               1,068       1,196        1,213       1,053
Trade and other receivables                                                 450         466          472         462
Cash restricted for use                                                      34          34           35          32
Cash and cash equivalents                                                   415         680          892         987
                                                                          1,967       2,376        2,612       2,534
Non-current assets held for sale                                  14        137           -            -           2
                                                                          2,104       2,376        2,612       2,536
TOTAL ASSETS                                                              9,507      12,583       12,739      11,283

EQUITY AND LIABILITIES

Share capital and premium                                        10       6,758       6,752        6,742       6,711
Accumulated losses and other reserves                                    (3,552)     (1,204)      (1,269)     (1,147)
Shareholders' equity                                                      3,206       5,548        5,473       5,564
Non-controlling interests                                                   (14)         21           21          60
Total equity                                                              3,192       5,569        5,494       5,624

Non-current liabilities
Borrowings                                                                2,212       2,844        2,724       2,492
Environmental rehabilitation and other provisions                         1,043       1,174        1,238         795
Provision for pension and post-retirement benefits                          164         205          221         217
Trade, other payables and deferred income                                     2           2           10          14
Derivatives                                                                   -           1           10          26
Deferred taxation                                                           583       1,063        1,084       1,153
                                                                          4,004       5,289        5,287       4,697
Current liabilities
Borrowings                                                                1,281         662          859          32
Trade, other payables and deferred income                                   868         929          979         732
Bank overdraft                                                               31           -            -           -
Taxation                                                                     74         134          120         198
                                                                          2,254       1,725        1,958         962
Non-current liabilities held for sale                            14          57           -            -           -
                                                                          2,311       1,725        1,958         962
Total liabilities                                                         6,315       7,014        7,245       5,659

TOTAL EQUITY AND LIABILITIES                                              9,507      12,583       12,739      11,283

Rounding of figures may result in computational discrepancies.

Group statement of cash flows
                                                                                                                  Quarter           Quarter           Quarter         Six months       Six months
                                                                                                                    ended             ended             ended              ended            ended
                                                                                                                     June             March              June               June             June
                                                                                                                     2013              2013              2012               2013             2012
                                                                                                                                   Restated          Restated                            Restated
US Dollar million                                                                                                Reviewed          Reviewed          Reviewed           Reviewed         Reviewed
Cash flows from operating activities
Receipts from customers                                                                                             1,343             1,492             1,691              2,835            3,449
Payments to suppliers and employees                                                                                (1,147)           (1,084)           (1,062)            (2,230)          (2,102)
Cash generated from operations                                                                                        196               408               629                605            1,347
Dividends received from equity-accounted joint ventures                                                                 -                 8                20                  8               40
Taxation paid                                                                                                         (56)              (60)             (143)              (117)            (255)
Net cash inflow from operating activities                                                                             140               356               506                496            1,132

Cash flows from investing activities
Capital expenditure                                                                                                  (418)             (384)             (418)              (802)            (774)
Interest capitalised and paid                                                                                          (3)               (4)               (2)                (7)              (4)
Expenditure on intangible assets                                                                                      (20)              (13)              (20)               (33)             (28)
Proceeds from disposal of tangible assets                                                                               7                 -                 1                  7                2
Other investments acquired                                                                                            (24)              (32)              (23)               (56)             (62)
Proceeds from disposal of investments                                                                                  22                27                19                 49               55
Investments in equity-accounted associates and joint ventures                                                        (124)             (150)              (66)              (274)            (111)
Proceeds from disposal of equity-accounted associates and joint ventures                                                1                 5                 -                  6               20
Loans advanced to equity-accounted associates and joint ventures                                                      (22)                -               (48)               (23)             (63)
Loans repaid by equity-accounted associates and joint ventures                                                          2                 -                 1                  2                1
Dividends received                                                                                                      -                 5                 1                  5                1
Proceeds from disposal of subsidiary                                                                                    -                 1                 -                  1                -
(Decrease) increase in cash restricted for use                                                                         (5)                -                20                 (4)               2
Interest received                                                                                                       4                 4                 8                  9               18
Net cash outflow from investing activities                                                                           (580)             (541)             (527)            (1,120)            (943)

Cash flows from financing activities
Proceeds from issue of share capital (2)                                                                                -                 -                 -                  -                1
Proceeds from borrowings                                                                                              319               146               150                466              150
Repayment of borrowings                                                                                               (72)              (95)               (4)              (168)              (8)
Finance costs paid                                                                                                    (62)              (37)              (57)              (100)             (72)
Acquisition of non-controlling interest                                                                                 -                 -              (215)                 -             (215)
Revolving credit facility and bond transaction costs                                                                    -                (5)                -                 (5)              (8)
Dividends paid                                                                                                        (27)              (26)              (66)               (53)            (168)
Net cash inflow (outflow) from financing activities                                                                   158               (17)             (192)               140             (320)

Net decrease in cash and cash equivalents                                                                            (282)             (202)             (213)              (484)            (131)
Translation                                                                                                           (15)              (10)              (16)               (25)               6
Cash and cash equivalents at beginning of period                                                                      680               892             1,216                892            1,112
Cash and cash equivalents at end of period (1)                                                                        383               680               987                383              987

Cash generated from operations
(Loss) profit before taxation                                                                                      (3,081)              346               495             (2,735)           1,204
Adjusted for:
Movement on non-hedge derivatives and other commodity contracts                                                      (100)                -                 -               (100)               -
Amortisation of tangible assets                                                                                       206               213               203                419              403
Finance costs and unwinding of obligations                                                                             69                64                49                133               98
Environmental, rehabilitation and other expenditure                                                                   (15)               (8)                5                (22)               -
Special items                                                                                                       3,204                30                 2              3,234                3
Amortisation of intangible assets                                                                                       8                 2                 1                  9                2
Fair value adjustment on option component of convertible bonds                                                          -                (9)              (24)                (9)             (67)
Fair value adjustment on mandatory convertible bonds                                                                 (175)             (137)              (29)              (312)            (108)
Interest received                                                                                                     (10)               (6)               (9)               (17)             (21)
Share of equity-accounted investments' loss (profit)                                                                  183                 7                 7                190              (14)
Other non-cash movements                                                                                                8                 4                40                 14               70
Movements in working capital                                                                                         (101)              (98)             (111)              (199)            (223)
                                                                                                                      196               408               629                605            1,347
Movements in working capital
Increase in inventories                                                                                               (58)              (39)              (92)               (98)            (122)
(Increase) decrease in trade and other receivables                                                                     (1)               18               (37)                18              (91)
(Decrease) increase in trade and other payables                                                                       (42)              (77)               18               (119)             (10)
                                                                                                                     (101)              (98)             (111)              (199)            (223)

(1)   The cash and cash equivalents balance at 30 June 2013 includes a bank overdraft included in the statement of financial position as part of current liabilities of $31m.
(2)   The March 2013 quarter proceeds from issue of share capital was adjusted for the non-cash portion of share-based payments.

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     Accumu-           flow          for   Actuarial      currency                    Non-             
                                              and    capital       lated          hedge         sale     (losses)  translation             controlling     Total   
US Dollar million                         premium   reserves      losses        reserve      reserve       gains       reserve     Total     interests    equity   
Balance at 31 December 2011 - as                                                                                                                                   
previously reported (1)                     6,689        171     (1,300)             (2)          18        (78)         (469)     5,029           137     5,166   
Restated for IFRIC 20 adjustments                                   (46)                                                   (1)       (47)                    (47)   
Restated for IAS19 adjustments (1)                                   (5)                                      5                        -                       -   
Balance at 31 December 2011                                                                                                                                        
- restated                                  6,689        171     (1,351)             (2)          18        (73)         (470)     4,982           137     5,119   
Profit for the period                                               884                                                              884            12       896   
Other comprehensive loss                                                                          (5)        (9)          (32)       (46)                    (46)   
Total comprehensive income (loss)               -          -        884               -           (5)        (9)          (32)       838            12       850   
Shares issued                                  22                                                                                     22                      22   
Share-based payment for share awards                                                                                                                               
net of exercised                                          12                                                                          12                      12   
Acquisition of non-controlling interest                            (144)                                                            (144)          (71)     (215)   
Dividends paid                                                     (147)                                                            (147)                   (147)   
Dividends of subsidiaries                                                                                                              -           (17)      (17)   
Translation                                              (3)          2                                       2                        1            (1)        -   
Balance at 30 June 2012 - restated          6,711        180       (756)             (2)          13        (80)         (502)     5,564            60     5,624   
Balance at 31 December 2012 - restated      6,742        177       (806)             (2)          13        (89)         (562)     5,473            21     5,494   
Loss for the period                                              (1,926)                                                          (1,926)          (12)   (1,938)   
Other comprehensive income (loss)                                                                  1         22          (340)      (317)                   (317)   
Total comprehensive (loss) income               -          -     (1,926)               -           1         22          (340)    (2,243)          (12)   (2,255)   
Shares issued                                  16                                                                                     16                      16   
Dividends paid                                                      (40)                                                             (40)                    (40)   
Dividends of subsidiaries                                                                                                              -           (23)      (23)   
Translation                                             (20)         10                           (2)        12                        -                       -   
Balance at 30 June 2013                     6,758       157      (2,762)             (2)          12        (55)         (902)     3,206           (14)    3,192   

(1) Refer note 13.

Rounding of figures may result in computational discrepancies.

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

                                                                                  Quarter ended                        Six months ended
                                                                            Jun             Mar              Jun            Jun            Jun
                                                                           2013            2013             2012           2013           2012
                                                                                                        Restated                      Restated
                                                                       Reviewed        Reviewed         Reviewed       Reviewed       Reviewed
                                                                                                  US Dollar million
Gold income
South Africa                                                                423             507              539            930           1,063
Continental Africa                                                          477             535              653          1,012           1,376
Australasia                                                                  71              94              117            165             232
Americas                                                                    337             395              390            732             822
                                                                          1,308           1,532            1,700          2,839           3,493
Equity-accounted investments included above                                 (65)            (69)             (81)          (134)           (168)
                                                                          1,242           1,463            1,619          2,705           3,325
Gross profit (loss)
South Africa                                                                180             154              205            334             387
Continental Africa                                                          100             129              263            228             598
Australasia                                                                 (30)              3               25            (27)             42
Americas                                                                    100             177              167            277             402
Corporate and other                                                           -              (5)              15             (5)             18
                                                                            350             457              675            807           1,448
Equity-accounted investments included above                                 (20)            (23)             (16)           (43)            (51)
                                                                            330             434              658            765           1,397
Capital expenditure
South Africa                                                                123             101              130            223             236
Continental Africa                                                          221             208              219            429             382
Australasia                                                                 100             101               52            201              94
Americas                                                                    113              98               80            211             165
Corporate and other                                                           -               4               14              4              17
                                                                            556             512              495          1,069             893
Equity-accounted investments included above                                (117)            (97)             (54)          (215)            (89)
                                                                            439             415              441            854             805

                                                                                Quarter ended                        Six months ended
                                                                            Jun             Mar              Jun             Jun            Jun
                                                                           2013            2013             2012            2013           2012

                                                                       Reviewed        Reviewed         Reviewed        Reviewed       Reviewed
                                                                                                        oz (000)
Gold production
South Africa                                                                307             327              362             634            668
Continental Africa                                                          343             276              407             619            789
Australasia                                                                  50              61               71             111            139
Americas                                                                    235             234              233             469            458
                                                                            935             899            1,073           1,834          2,054

                                                                                          As at            As at          As at           As at
                                                                                            Jun              Mar            Dec             Jun
                                                                                           2013             2013           2012            2012
                                                                                                                                       Restated
                                                                                       Reviewed         Reviewed      Unaudited        Reviewed
                                                                                                         US Dollar million
Total assets (1)
South Africa                                                                              2,446            2,841          3,082           2,234
Continental Africa                                                                        3,401            5,092          4,846           4,668
Australasia                                                                               1,104            1,143          1,045             803
Americas                                                                                  2,169            2,880          2,878           2,658
Corporate and other                                                                         387              627            888             919
                                                                                          9,507           12,583         12,739          11,283

(1)  During the June 2013 quarter, post tax impairments of $213m were accounted for in South Africa, $1,555m in Continental Arica, $608m in the
     Americas and $9m in Corporate and other.

Rounding of figures may result in computational discrepancies.

Notes
for the quarter and six months ended 30 June 2013

1.    Basis of preparation

The financial statements in this quarterly report have been prepared in accordance with the historic cost convention except for
certain financial instruments which are stated at fair value. The group's accounting policies used in the preparation of these
financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2012
except for the adoption of new standards and interpretations effective 1 January 2013 (Refer note 13).

The financial statements of AngloGold Ashanti Limited have been prepared in compliance with IAS 34, IFRS as issued by the
International Accounting Standards Board, The Financial Reporting Guidelines as issued by the South African Institute of
Chartered Accountants, JSE Listings Requirements and in the manner required by the South African Companies Act, 2008 (as
amended) for the preparation of financial information of the group for the quarter and six months ended 30 June 2013.

2.    Revenue
                                                                             Quarter ended                       Six months ended
                                                                     Jun           Mar            Jun           Jun           Jun
                                                                    2013          2013           2012          2013          2012
                                                                                             Restated                    Restated
                                                                Reviewed      Reviewed       Reviewed      Reviewed      Reviewed
                                                                                       US Dollar million
Gold income                                                        1,242         1,463          1,619         2,705         3,325
By-products (note 3)                                                  42            34             43            77           104
Dividends received                                                     -             5              -             5             -
Royalties received (note 5)                                            6            10             12            16            28
Interest received                                                     10             6              9            17            21
                                                                   1,301         1,518          1,684         2,819         3,478

3.    Cost of sales
                                                                             Quarter ended                       Six months ended
                                                                      Jun          Mar            Jun           Jun           Jun
                                                                     2013         2013           2012          2013          2012
                                                                                             Restated                    Restated
                                                                 Reviewed     Reviewed       Reviewed       Reviewed     Reviewed
                                                                                       US Dollar million
Cash operating costs                                                  825          785            782         1,611         1,516
By-products revenue (note 2)                                          (42)         (34)           (43)          (77)         (104)
                                                                      783          751            739         1,534         1,412
Royalties                                                              30           37             44            67            93
Other cash costs                                                       11            9              8            20            15
Total cash costs                                                      824          797            792         1,621         1,520
Retrenchment costs                                                      4            6              3             8             6
Rehabilitation and other non-cash costs                                12           11             25            24            34
Production costs                                                      840          814            820         1,653         1,560
Amortisation of tangible assets                                       206          213            203           419           403
Amortisation of intangible assets                                       8            2              1             9             2
Total production costs                                              1,053        1,029          1,024         2,081         1,965
Inventory change                                                      (41)           -            (63)          (41)          (36)
                                                                    1,012        1,029            961         2,040         1,928

4.    Other operating expenses
                                                                             Quarter ended                       Six months ended
                                                                      Jun          Mar           Jun           Jun            Jun
                                                                     2013         2013          2012          2013           2012
                                                                                            Restated                     Restated
                                                                 Reviewed     Reviewed      Reviewed      Reviewed       Reviewed
                                                                                       US Dollar million
Pension and medical defined benefit provisions                          7            4            26            11             31
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                                3           (3)            2             -              4
                                                                       10            1            28            11             35
Rounding of figures may result in computational discrepancies.

5.   Special items
                                                                               Quarter ended                 Six months ended
                                                                         Jun         Mar             Jun        Jun         Jun
                                                                        2013        2013            2012       2013        2012
                                                                                                Restated               Restated
                                                                    Reviewed    Reviewed        Reviewed   Reviewed    Reviewed
                                                                                        US Dollar million
 Impairment and derecognition of goodwill, tangible and intangible
    assets (note 8)                                                    2,982           1               1      2,983           1
 Impairment of other investments (note 8)                                 14          12               -         26           1
 Impairment reversal of intangible assets (note 8)                         -           -               -          -         (10)
 Net (profit) loss on disposal and derecognition of land, mineral
    rights, tangible assets and exploration properties (note 8)           (4)          1               3         (3)          5
 Royalties received (note 2)                                              (6)        (10)            (12)       (16)        (28)
 Indirect tax expenses and legal claims                                   28           3               -         31           6
 Inventory write-off due to fire at Geita                                  -          14               -         14           -
 Legal fees and other costs related to MBC contract termination            -           2               -          2           -
 Settlement costs of a legal claim at First Uranium                        -           2               -          2           -
 Write-down of stockpiles and heap leach to net realisable value         178           -               -        178           -
 Corporate retrenchment costs                                              4           -               -          4           -
 Write-off of loans                                                        7           -               -          7           -
                                                                       3,203          25              (8)     3,228         (25)

Impairment, derecognition of assets and write-down of inventories to net realisable value includes the following:
The group reviews and tests the carrying value of its mining assets (including ore-stock piles) when events or changes in
circumstances suggest that the carrying amount may not be recoverable.

Consideration was given to a range of indicators including a decline in gold price, increase in discount rates and reduction in market
capitalisation. As a result, certain cash generating units' recoverable amounts, including Obuasi and Geita in Continental Africa,
Moab Khotsong in South Africa and CC&V and AGA Mineração in the Americas, did not support their carrying values at 30 June
2013 and impairment losses were recognised. The impairment for these cash generating units represents 80% of the total
impairment and range between $200m and $700m per cash generating unit on a post taxation basis.
  
                                                                               Investments in
                                                                             equity-accounted
                                        Tangible    Intangible                 associates and     Inventory
                           Goodwill        asset         asset          Asset  joint ventures     write-       Pre-tax  Taxation  Post-tax
                         impairment   impairment    impairment derecognition(1)    impairment       down     sub total   thereon     total
                                                                  US Dollar million
South Africa                      -          293             -              -               -          1           294       (81)      213
Continental Africa                -        1,646             -            103             178        177         2,104      (549)    1,555
Americas                         14          914            12              -               -          -           940      (332)      608
Corporate and other               -            -             -              -               9          -             9          -        9
                                 14        2,853            12            103             187        178         3,347      (962)    2,385

(1)   The Mongbwalu project in the Democratic Republic of the Congo discontinued.

Rounding of figures may result in computational discrepancies.

Impairment calculation assumptions  goodwill, tangible and intangible assets
Management assumptions for the value in use of tangible assets and goodwill include:
-   the gold price assumption represents management's best estimate of the future price of gold. A long-term real gold price of $1,252/oz
    (2012: $1,584/oz) is based on a range of economic and market conditions that will exist over the remaining useful life of the assets.

Annual life of mine plans take into account the following:
-    proved and probable Ore Reserve;
-    value beyond proved and probable reserves (including exploration potential) determined using the gold price assumption referred to
     above;
-    the real pre-tax discount rate, per cash generating unit which ranged from 6.21% to 18.07% is derived from the group's weighted
     average cost of capital (WACC) and risk factors which was consistent with the basis used in 2012. The group WACC of 6.54% (real,
     post-tax) which is 128 basis points higher than in 2012 of 5.26%, is based on the average capital structure of the group and three
     major gold companies considered to be appropriate peers. In determining the WACC for each cash generating unit, sovereign and
     mining risk factors are considered to determine country specific risks. Project risk has been applied to cash flows relating to certain
     mines that are deep level underground mining projects in South Africa and Continental Africa region;
-    foreign currency cash flows translated at estimated forward exchange rates and then discounted using appropriate discount rates for
     that currency;
-    cash flows used in impairment calculations are based on life of mine plans which range from 3 years to 47 years;
-    under International Financial Reporting Standards it is clear that in preparing interim financial reports, companies make more use of
     estimation methods than they do in the process of annual financial reporting. AngloGold Ashanti's estimates of a range of factors,
     including its reserve and resource inventory and future production and cost levels, are premised on an extensive annual planning
     process (the last of which was completed at the end of 2012). AngloGold Ashanti's impairments totalling $2.4bn were calculated using
     these most recent planning estimates from the end of 2012, along with adjustments to elements that are known. They do not include
     information from optimised mine plans, which are currently being prepared and will include measures to mitigate the effects of the
     recent decline in the gold price. Bearing in mind the assumptions made and the information used, these estimates of impairments
     necessarily contain a greater element of uncertainty than those traditionally completed at year-end and will be updated in our fourth-
     quarter results, scheduled for release in February of 2014; and
-    variable operating cash flows are increased at local Consumer Price Index rates.

Impairment calculation assumptions  Investments in equity-accounted associates and joint ventures
The impairment indicators considered the quoted share price, current financial position and decline in anticipated operating results.
Included in share of equity-accounted investments' loss of $183m is an impairment of $187m.

Net realisable value calculation assumptions  Inventory
The decline in the spot gold price to $1,200/oz resulted in a net realisable value decrease below carrying value of the stockpiles and
heap leaches at certain operations. The practice of writing down inventories to the lower of cost or net realisable value is consistent
with the view that assets should not be carried in excess of amounts expected to be realised from their sale or use.

6.      Finance costs and unwinding of obligations
                                                                                           Quarter ended                         Six months ended
                                                                                    Jun            Mar               Jun            Jun             Jun
                                                                                   2013           2013              2012           2013            2012
                                                                                                                Restated                       Restated
                                                                               Reviewed       Reviewed          Reviewed       Reviewed        Reviewed
                                                                                                       US Dollar million
Finance costs                                                                        54             49                36            103              70
Unwinding of obligations, accretion of convertible bonds and
  other discounts                                                                    15             15                13             30              28
                                                                                     69             64                49            133              98
7.      Taxation
                                                                                           Quarter ended                         Six months ended
                                                                                    Jun            Mar               Jun            Jun             Jun
                                                                                   2013           2013              2012           2013            2012
                                                                                                                Restated                       Restated
                                                                               Reviewed       Reviewed          Reviewed       Reviewed        Reviewed
                                                                                                       US Dollar million
South African taxation
  Mining tax                                                                         (7)            17                31             10              57
  Non-mining tax                                                                       -             -                 4              -               5
  Under (over) prior year provision                                                   1             (1)                1             (1)              1
  Deferred taxation
    Temporary differences                                                           (69)            10                 7            (59)             18
    Unrealised non-hedge derivatives and other commodity
   contracts                                                                         27              -                 -             27                -
    Change in statutory tax rate                                                      -              -                 -              -            (131)
                                                                                    (49)            25                43            (23)            (49)
Foreign taxation
  Normal taxation                                                                   (15)            54                92             40             219
  Under prior year provision                                                          -              -                 6              -               5
  Deferred taxation
    Temporary differences                                                          (831)            17                53           (814)             95
    Change in statutory tax rate                                                      -              -                 -              -              38
                                                                                   (846)            72               151           (774)            357
                                                                                   (895)            98               194           (797)            308
8.      Headline earnings
                                                                                           Quarter ended                         Six months ended
                                                                                    Jun            Mar               Jun            Jun             Jun
                                                                                   2013           2013              2012           2013            2012
                                                                                                                Restated                       Restated
                                                                               Reviewed       Reviewed          Reviewed       Reviewed        Reviewed
                                                                                                       US Dollar million
The (loss) profit attributable to equity shareholders has been
  adjusted by the following to arrive at headline earnings:
(Loss) profit attributable to equity shareholders                                (2,165)           239               304        (1,926)             884
Impairment and derecognition of goodwill, tangible and intangible
  assets (note 5)                                                                 2,982              1                 1         2,983                1
Impairment reversal of intangible assets (note 5)                                     -              -                 -             -              (10)
Net (profit) loss on disposal and derecognition of land, mineral
  rights, tangible assets and exploration properties (note 5)                        (4)             1                 3            (3)               5
Impairment of other investments (note 5)                                             14             12                 -            26                1
Net impairment of investment in equity-accounted associates
  and joint ventures                                                                187              7                14           194               12
Special items of equity-accounted associates and joint ventures                       -              -                 -             -               (3)
Taxation on items above - current portion                                             1              -                 -             1                -
Taxation on items above - deferred portion                                         (902)            (1)                1          (903)               1
                                                                                    112            259               323           372              892
                                                    
Headline earnings per ordinary share (cents)(1)                                      29             67                83            96              231
                                                            
Diluted headline (loss) earnings per ordinary share (cents)(2)                      (13)            32                69            19              181
  
(1)   Calculated on the basic weighted average number of ordinary shares.
(2)   Calculated on the diluted weighted average number of ordinary shares of 406,775,243 for the six months ended 30 June 2013 and 406,562,204 for the
      quarter ended 30 June 2013.

Rounding of figures may result in computational discrepancies.

9.      Number of shares
                                                                                    Quarter ended                      Six months ended
                                                                            Jun               Mar           Jun              Jun              Jun
                                                                           2013              2013          2012             2013             2012
                                                                                                       Restated                          Restated
                                                                       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                                     383,781,042       383,626,668   382,812,185      383,781,042      382,812,185
       E ordinary shares in issue                                     1,592,308         1,610,376     2,513,952        1,592,308        2,513,952
      Total ordinary shares:                                        385,373,350       385,237,044   385,326,137      385,373,350      385,326,137
       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                                            383,715,540       383,423,554   382,507,333      383,571,718      382,504,246
         E ordinary shares                                            1,599,076         1,613,092     2,550,514        1,604,681        2,560,095
         Fully vested options                                         1,735,734         2,038,229     1,799,218        2,059,490        1,734,133
         Weighted average number of shares                          387,050,350       387,074,875   386,857,065      387,235,889      386,798,474
         Dilutive potential of share options(1)                               -         1,210,482     1,335,926                -        1,353,761
         Dilutive potential of convertible bonds(1)                  18,140,000        18,140,000    33,524,615       18,140,000       33,524,615
         Diluted number of ordinary shares                          405,190,350       406,425,357   421,717,606      405,375,889      421,676,850

(1)   For the quarter and six months ended 30 June 2013, the dilutive effect of the share options and the 3.5% convertible bonds were not taken into
      account as the effect was anti-dilutive.

10.     Share capital and premium
                                                                                                         As at
                                                                                             Jun           Mar             Dec                 Jun
                                                                                            2013          2013            2012                2012
                                                                                                                                          Restated
                                                                                        Reviewed      Reviewed       Unaudited            Reviewed
                                                                                                       US Dollar Million
Balance at beginning of period                                                             6,821         6,821           6,782               6,782
Ordinary shares issued                                                                        16            11              46                  22
E ordinary shares issued and cancelled                                                         -             -              (7)                 (1)
Sub-total                                                                                  6,837         6,832           6,821               6,803
Redeemable preference shares held within the group                                           (53)          (53)            (53)                (53)
Ordinary shares held within the group                                                        (10)          (11)            (10)                (17)
E ordinary shares held within the group                                                      (16)          (16)            (16)                (22)
Balance at end of period                                                                   6,758         6,752           6,742               6,711

11.     Exchange rates
                                                                                              Jun            Mar              Dec               Jun
                                                                                             2013           2013             2012              2012
                                                                                        Unaudited      Unaudited        Unaudited         Unaudited
ZAR/USD average for the year to date                                                         9.18           8.91             8.20              7.93
ZAR/USD average for the quarter                                                              9.45           8.91             8.67              8.12
ZAR/USD closing                                                                              9.94           9.21             8.45              8.16
AUD/USD average for the year to date                                                         0.99           0.96             0.97              0.97
AUD/USD average for the quarter                                                              1.01           0.96             0.96              0.99
AUD/USD closing                                                                              1.08           0.96             0.96              0.98
BRL/USD average for the year to date                                                         2.03           2.00             1.95              1.86
BRL/USD average for the quarter                                                              2.07           2.00             2.06              1.96
BRL/USD closing                                                                              2.20           2.01             2.05              2.02
ARS/USD average for the year to date                                                         5.12           5.01             4.55              4.39
ARS/USD average for the quarter                                                              5.24           5.01             4.80              4.44
ARS/USD closing                                                                              5.37           5.12             4.92              4.53

12.     Capital commitments
                                                                                              Jun            Mar               Dec             Jun
                                                                                             2013           2013              2012            2012
                                                                                                                                          Restated
                                                                                         Reviewed      Reviewed      Unaudited            Reviewed
                                                                                                       US Dollar Million
Orders placed and outstanding on capital contracts at the prevailing
 rate of exchange (1)                                                                         601          1,210             1,075             491

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

Rounding of figures may result in computational discrepancies.

      Liquidity and capital resources
      To service these 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.   Change in accounting policies
      The following accounting standards, amendments to standards and new interpretations have been adopted with effect from
      1 January 2013:

      IFRS 7            Amendment  Disclosures Offsetting Financial Assets and Financial Liabilities
      IFRS 10           Consolidated Financial Statements
      IFRS 11           Joint Arrangements
      IFRS 12           Disclosure of Interests in Other Entities
      IFRS 13           Fair Value Measurement
      IFRSs             Annual Improvements 2009 - 2011
      IAS 1             Amendment  Presentation of Items of Other Comprehensive Income
      IAS 19            Employee Benefits (revised)
      IAS 27            Separate Financial Statements (Revised 2011)
      IAS 28            Investments in Associates and Joint Ventures (Revised 2011)
      IFRIC 20          Stripping Costs in the Production Phase of a Surface Mine

      New standards and amendments which have an impact on the interim consolidated financial statements of the group are
      described below:

      IAS 1 Presentation of Financial Statements. The group adopted the amendments to IAS 1 which required it to group other
      comprehensive income items by those that will be reclassified and those that will not be subsequently reclassified to profit and
      loss. The amendment affected presentation and had no impact on the group's financial position or performance.

      The accounting policies adopted are significantly consistent with those of the previous financial year, except for the
      changes arising due to the adoption of IFRIC 20 "Stripping Costs in the Production Phase of a Surface Mine" and the
      adoption of IAS 19 "Employee Benefits" (revised) (IAS 19) which became effective for annual reporting periods beginning
      on or after 1 January 2013. IFRIC 20 clarifies when an entity should recognise waste removal costs that are incurred in
      surface mining activity during the production phase of the mine ("production stripping costs") as an asset. The
      interpretation impacts the way in which the group accounts for production stripping costs.

      IAS 19 includes a number of amendments to the accounting for defined benefit plans, including actuarial gains and losses
      that are now recognised in other comprehensive income (OCI) and permanently excluded from profit and loss; expected
      returns on plan assets that are no longer recognised in profit or loss, instead, there is a requirement to recognise interest on
      the net defined benefit liability (asset) in profit or loss, calculated using the discount rate used to measure the defined benefit
      obligation, and; unvested past service costs are now recognised in profit or loss at the earlier of when the amendment occurs
      or when the related restructuring or termination costs are recognised. Other amendments include new disclosures.

      In case of the group, the transition to IAS 19 had no impact on the net defined benefit plan obligations due to the difference in
      accounting for interest on plan assets. The effect of the adoption of IAS 19 is explained in Note 13.2.

13.1  IFRIC 20 "Stripping Costs in the Production Phase of a Surface Mine"
      Prior to the issuance of IFRIC 20, the accounting for production stripping costs have been based on general IFRS
      principles and the Framework, as IFRS had no specific guidance.

      Previously for group accounting purposes stripping costs incurred in open-pit operations during the production phase to
      remove additional waste were either capitalised to mine development costs or charged to operating costs on the basis of
      the average life of mine stripping ratio and the average life of mine costs per tonne. The cost of stripping in any period
      reflected the average stripping rates for the orebody as a whole.

      IFRIC 20 provides specific guidance for accounting of production stripping costs in the production phase of a surface
      mine. IFRIC 20 differs from the life of mine average strip ratio approach as follows:

      -   The level at which production stripping costs are to be assessed, i.e. at a component level rather than a life of mine
          level; and
      -   The way in which any stripping activity assets are to be depreciated.

      In addition, specific transitional rules are provided to deal with any opening deferred stripping balances the group may
      have recognised under its previous accounting policy. The impact as a consequence of moving from a life of mine strip
      ratio to a strip ratio applicable to a component of an orebody is as follows:

        Transition

        IFRIC 20 has been applied retrospectively to production stripping costs incurred on or after the beginning of the earliest
        period presented, which for the group, for the year ending 31 December 2013, is 1 January 2011. Any previously
        recognised asset balance(s) that resulted from stripping activity is to be reclassified as part of an existing asset to which
        the stripping activity related, to the extent that there remains an identifiable component of the orebody with which the
        predecessor stripping asset can be associated.

        If there is no identifiable component of the orebody to which the predecessor asset relates, the asset is written off via
        opening accumulated losses at the beginning of the earliest periods presented, i.e. 1 January 2011.

        Impact of IFRIC 20

        For purposes of the quarterly results, the adoption of IFRIC 20 at the transition date of 1 January 2011; the adjustments
        required for the financial reporting period from the transition date until the beginning of the preceding period presented, i.e.
        1 January 2011 to 31 December 2011; and the adjustments required for the financial reporting period 1 January 2012 to
        31 December 2012, had the following cumulative impact on accumulated losses as at 1 January 2012 and 31 December
        2012:

                                                                            1 January 2012                  31 December 2012
                                                                          As                                              As
                                                                  previously          IFRIC 20        Adjusted    previously         IFRIC 20     Adjusted
US Dollar million                                                   reported     adjustments(1)        balance      reported    adjustments(1)     balance
Accumulated losses
Opening balance                                                       (1,300)                   -      (1,300)          (823)               -         (823)
Derecognise deferred stripping balances not meeting
  the requirements of IFRIC 20                                             -               (99)           (99)             -              (99)         (99)
Reversals of deferred stripping movements under
  previous approach                                                        -                18             18              -                8            8
Additional production stripping costs capitalised in
  terms of IFRIC 20                                                        -               159            159              -              313          313
Amortisation of deferred stripping assets capitalised in
  terms of
  IFRIC 20                                                                 -               (57)          (57)              -              (94)         (94)
Adjustment to inventory valuations as a result of
  deferred stripping asset adjustments                                     -               (66)          (66)              -              (74)         (74)
Effect on equity accounted investments' profit (loss)                      -               (11)          (11)              -              (13)         (13)
Tax effect                                                                 -                10            10               -              (16)         (16)
Non-controlling interests                                                  -                 -             -               -                1            1
Adjusted opening accumulated losses(2)                                (1,300)              (46)       (1,346)           (823)              26         (797)

(1)   The IFRIC 20 adjustments including transition adjustments; reversal of historical accounting for deferred stripping; and the accounting for deferred
      stripping in line with the requirements of IFRIC 20.
(2)   Adjusted opening accumulated losses before the impact of IAS 19  refer 13.2.

Impact on the comparative information

The adoption of IFRIC 20 had the following impact on the comparative information for the quarter ended 30 June 2012:

                                                                                                          As
                                                                                                  previously              IFRIC 20               Adjusted
US Dollar million                                                                                   reported         adjustments(1)               balance
Tangible assets
Opening balance  1 January 2012                                                                       6,525                    20                  6,545
Reversals of deferred stripping movements under previous approach                                          7                    (7)                     -
Production stripping costs capitalised in terms of IFRIC 20                                                -                    44                     44
Amortisation of deferred stripping assets                                                                  -                    (9)                    (9)
Other movements in tangible assets                                                                       231                     -                    231
Adjusted closing balance - 31 March 2012                                                               6,763                    48                  6,811
Reversals of deferred stripping movements under previous approach                                         (2)                    2                      -
Production stripping costs capitalised in terms of IFRIC 20                                                -                    44                     44
Amortisation of deferred stripping assets                                                                  -                    (8)                    (8)
Other movements in tangible assets                                                                        28                     -                     28
Adjusted closing balance  30 June 2012                                                                6,789                    87                  6,876
Reversals of deferred stripping movements under previous approach                                          5                    (5)                     -
Production stripping costs capitalised in terms of IFRIC 20                                                -                    66                     66
Amortisation of deferred stripping assets                                                                  -                   (20)                   (20)
Other movements in tangible assets                                                                       854                     -                    854
Adjusted closing balance - 31 December 2012                                                            7,648                   128                  7,776

(1)   The IFRIC 20 adjustments including transition adjustments; reversal of historical accounting for deferred stripping; and the accounting for deferred
      stripping in line with the requirements of IFRIC 20.

Rounding of figures may result in computational discrepancies.

                                                                           Quarter ended                                    Six months ended                                  Year ended
                                                                            30 June 2012                                      30 June 2012                                 31 December 2012

                                                        As previously           IFRIC 20         Adjusted   As previously         IFRIC 20        Adjusted      As previously         IFRIC 20         Adjusted
                                                             reported     adjustments(1)          balance        reported   adjustments(1)         balance           reported   adjustments(1)          balance
US Dollar million
Profit or loss
Profit before taxation                                            471                  -              471           1,160                -           1,160              1,171                -            1,171
Decrease (increase) in cash costs included in cost of sales
  due to:                                                           -                 33               33               -               64              64                  -              135              135
- Reversals of deferred stripping movements under previous
  approach                                                          -                  2                2               -              (5)             (5)                  -             (10)             (10)
- Production stripping costs capitalised in terms of IFRIC 20       -                 44               44               -               88              88                  -              154              154
- Adjustment to inventory valuation as a result of deferred
  stripping asset adjustments                                       -               (13)             (13)               -             (19)            (19)                  -              (9)              (9)
Increase in cost of sales due to amortisation of capitalised
  production stripping costs in terms of IFRIC 20                   -                (8)              (8)               -             (17)            (17)                  -             (37)             (37)
Effect on equity-accounted investments' (loss) profit               -                (1)              (1)               -              (2)             (2)                  -              (1)              (1)
Sub-total                                                         471                 24              495           1,160               44           1,204              1,171               97            1,268
Taxation                                                        (186)                (8)            (194)           (297)             (11)           (308)              (322)             (26)            (348)
- Normal taxation                                               (136)                  2            (134)           (292)                4           (288)              (413)              (1)            (414)
- Deferred taxation                                              (50)               (10)             (60)             (5)             (15)            (20)                 91             (25)               66

Adjusted profit                                                   285                 16              301             863               33             896                849               71              920

(1)   The IFRIC 20 adjustments include transition adjustments; reversal of historical accounting for deferred stripping; and the accounting for deferred
      stripping in line with the requirements of IFRIC 20.
                                                                              Quarter ended                                  Six months ended                                    Year ended
                                                                               30 June 2012                                    30 June 2012                                   31 December 2012

                                                        As previously           IFRIC 20         Adjusted   As previously         IFRIC 20        Adjusted      As previously         IFRIC 20       Adjusted
                                                             reported     adjustments(1)          balance        reported   adjustments(1)         balance           reported   adjustments(1)        balance
US Dollar million
Other comprehensive income
Profit as previously reported                                     285                  -              285            863                 -             863                849                -            849
Adjustment to profit as a result of deferred stripping asset
  adjustments                                                       -                 16               16              -                33              33                  -               71             71
Other movements in other comprehensive income                   (135)                  -            (135)           (46)                 -            (46)              (122)                -          (122)
Adjusted total comprehensive income for the period, net
  of tax                                                          150                 16              166            817                33             850                727               71            798

(1)   The IFRIC 20 adjustments including transition adjustments; reversal of historical accounting for deferred stripping; and the accounting for deferred
      stripping in line with the requirements of IFRIC 20.

13.2  Employee benefits
      The group operates defined benefit pension plans, which require contributions to be made to separately administered
      funds.

      IAS 19 (revised) has been applied retrospectively from 1 January 2011. As a result, expected returns on plan assets of
      defined benefit plans are not recognised in profit or loss. Instead, interest on net defined benefit obligation is recognised in
      profit or loss, calculated using the discount rate used to measure the net pension obligation or asset.
      
      Impact of transition to IAS 19:

      No impact was recorded in the statement of financial position on the defined benefit plan obligations nor on total
      shareholders equity as the impact only affected the pension cost recorded in the income statement and the consequential
      effect on actuarial gains and losses recognised in OCI.

      The impact on the adjusted opening accumulated losses, the statement of comprehensive income and the statement of
      changes in equity (note 13.1) are set out below:

US Dollar million                                                                                1 January 2012               31 December 2012
Total equity as previously reported                                                                       5,166                          5,469
Effect of IFRIC 20 adjustments per 13.1                                                                     (46)                            26
Adjustment to accumulated losses due to the requirements of IAS 19                                           (5)                            (9)
Adjustment to actuarial (losses) gain due to the requirements of IAS 19                                       5                              9
Adjusted total equity                                                                                     5,119                          5,494

                                                                            Quarter ended             Six months ended              Year ended
US Dollar million                                                            30 June 2012                 30 June 2012        31 December 2012
Total comprehensive income
Opening balance per 13.1                                                              166                          850                     798
Decrease in profit and loss due to the recognition of interest on
 net defined benefit obligation instead of expected return on
 plan assets in terms of IAS 19                                                         -                            -                      (7)
Deferred tax thereon                                                                    -                            -                       2
Decrease in other comprehensive loss due to the decrease in
 actuarial loss as a result of the recognition of interest on net
 defined benefit obligation instead of expected return on plan
 assets in terms of IAS 19                                                              -                            -                       7
Deferred tax thereon                                                                    -                            -                      (2)
Adjusted total comprehensive income                                                   166                          850                     798

      There was no impact on the group's consolidated statement of cash flows.

13.3 Effect of Accounting Policy changes on earnings per share and headline earnings per share

                                                                               Quarter ended          Six months ended              Year ended
                                                                                30 June 2012              30 June 2012        31 December 2012
Basic earnings per ordinary share
Previously reported basic earnings per ordinary share (cents)                             74                       220                     215
Increase in basic earnings per ordinary share (cents)                                      5                         9                      17
Restated basic earnings per ordinary share (cents)                                        79                       229                     232
Diluted earnings per ordinary share
Previously reported diluted earnings per ordinary share (cents)                           61                       171                     161
Increase in diluted earnings per ordinary share (cents)                                    4                         8                      16
Restated diluted earnings per ordinary share (cents)                                      65                       179                     177
Headline earnings per ordinary share
Previously reported headline earnings per ordinary share (cents)                          79                       222                     296
Increase in headline earnings per ordinary share (cents)                                   4                         9                      16
Restated headline earnings per ordinary share (cents)                                     83                       231                     312
Diluted headline earnings per ordinary share
Previously reported diluted headline earnings per ordinary share
  (cents)                                                                                 66                       173                     236
Increase in diluted headline earnings per ordinary share (cents)                           3                         8                      15
Restated diluted headline earnings per ordinary share (cents)                             69                       181                     251
Rounding of figures may result in computational discrepancies.

14.   Non-current assets and liabilities held for sale
      Effective 30 April 2013, AngloGold Ashanti announced its plan to sell the Navachab mine in Namibia. The Navachab gold
      mine is situated close to Karibib, about 170 kilometres northwest of the Namibian capital, Windhoek. It is included in the
      Continental Africa reporting segment. The open-pit mine, which began operations in 1989, has a processing plant that
      handles 120,000 metric tons a month. The mine produced 74,000 ounces of gold in 2012.

      Management has selected a number of potential bidders who meet management's qualifying criteria and have asked them to
      submit binding bids. Navachab is not a discontinued operation but is not viewed as part of the core assets of the company.

15.   Financial risk management activities
      Borrowings
      The mandatory convertible bonds are carried at fair value. The convertible and rated bonds are carried at amortised cost and
      their fair values are their closing market values at the reporting date. The interest rate on the remaining borrowings is reset on
      a short-term floating rate basis, and accordingly the carrying amount is considered to approximate fair value.
                                                                                                          As at
                                                                                                                                            Jun
                                                                              Jun                  Mar                  Dec                2012
                                                                             2013                 2013                 2012            Restated
                                                                         Reviewed             Reviewed            Unaudited            Reviewed
       Carrying amount                                                      3,493                3,506                3,583               2,524
       Fair value                                                           3,400                3,648                3,730               2,655

      Derivatives

      The fair value of derivatives is estimated based on ruling market prices, volatilities, interest rates and credit risk and includes
      all derivatives carried in the statement of financial position.

      Embedded derivatives and the conversion features of convertible bonds are included as derivatives on the statement of
      financial position.

The following inputs were used in the valuation of the conversion features of convertible bonds:

                                                               Quarter ended     Quarter ended        Quarter ended    Quarter ended
                                                                    Jun 2013          Mar 2013             Dec 2012         Jun 2012
Market quoted bond price                          %                     99.3             101.6                103.9            106.1
Fair value of bonds excluding conversion feature  %                     99.3             101.6                102.6            102.7
Fair value of conversion feature                  %                        -                 -                  1.3              3.4
Total issued bond value                          $m                    732.5             732.5                732.5            732.5

The option component of the convertible bonds is calculated as the difference between the price of the bonds including the
option component (bond price) and the price excluding the option component (bond floor price).

Derivative assets (liabilities) comprise the following:

                                      Assets    Liabilities       Assets  Liabilities      Assets   Liabilities    Assets  Liabilities
                                        non-           non-         non-         non-        non-         non-       non-         non-
                                       hedge          hedge        hedge        hedge       hedge        hedge      hedge        hedge
                                   accounted      accounted    accounted    accounted   accounted    accounted  accounted    accounted
US Dollar million                       June 2013                  March 2013            December 2012                June 2012
Embedded derivatives                       -              -            -           (1)          -          (1)          -          (1)
Option component of
 convertible bonds                         -              -            -            -           -          (9)          -         (25)
Total derivatives                          -              -            -           (1)          -         (10)          -         (26)

The group uses the following hierarchy for determining and disclosing the fair value of financial instruments:

Level 1:   quote prices (unadjusted) in active markets for identical assets or liabilities;
Level 2:   inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (as
           prices) or indirectly (derived from prices); and
Level 3:   inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The following tables set out the group's financial assets and liabilities measured at fair value by level within the fair value
hierarchy:

Type of instrument

                                           Level 1    Level 2    Level 3  Total Level 1  Level 2   Level 3    Total Level 1  Level 2   Level 3  Total Level 1  Level 2  Level 3  Total
US Dollar million                                        June 2013                      March    2013                        December 2012                     June 2012         
Assets measured at fair value                                                                                                                                          
Available-for-sale financial                                                                                                                                           
assets                                                                                                                                                                 
Equity securities                               42          2          -     44      56        2         -       58      69        2         -     71      81        -        -     81   
Liabilities measured at fair                                                                                                                                           
value                                                                                                                                                                  
Financial liabilities at fair value                                                                                                                                    
through profit or loss                                                                                                                                                 
Option component of convertible                                                                                                                                          
bonds                                            -          -          -      -       -        -         -        -       -        9         -      9       -       25        -     25   
Embedded derivatives                             -          -          -      -       -        1         -        1       -        1         -      1       -        1        -      1   
Mandatory convertible bonds                    270          -          -    270     448        -   -     4      448     588        -         -    588     647        -        -    647   

Rounding of figures may result in computational discrepancies.                                                                                         


16.   Contingencies
      AngloGold Ashanti's material contingent liabilities and assets at 30 June are detailed below:
      Contingencies and guarantees
                                                                                                     Jun 2013              Dec 2012
                                                                                                     Reviewed             Unaudited
                                                                                                           US Dollar million
Contingent liabilities
Groundwater pollution(1)                                                                                    -                     -
Deep groundwater pollution  Africa(2)                                                                      -                     -
Indirect taxes  Ghana(3)                                                                                  25                    23
Litigation  Ghana(4) (5)                                                                                  97                     -
ODMWA litigation(6)                                                                                         -                     -
Other tax disputes  AngloGold Ashanti Brasil Mineração Ltda(7)                                            38                    38
Sales tax on gold deliveries  Mineração Serra Grande S.A.(8)                                             102                   156
Other tax disputes  Mineração Serra Grande S.A.(9)                                                        18                    19
Tax dispute - AngloGold Ashanti Colombia S.A.(10)                                                         174                   161
Tax dispute - Cerro Vanguardia S.A.(11)                                                                    72                     -
Contingent assets
Indemnity  Kinross Gold Corporation(12)                                                                  (62)                  (90)
Royalty  Boddington Gold Mine(13)                                                                          -                     -
Royalty  Tau Lekoa Gold Mine(14)                                                                           -                     -
Financial Guarantees
Oro Group (Pty) Limited(15)                                                                                10                    12
                                                                                                          474                   319

(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 magnitude of the contamination and to find sustainable remediation solutions. The group has instituted processes to
      reduce future potential seepage and it has been demonstrated that Monitored Natural Attenuation (MNA) by the existing environment
      will contribute to improvements in some instances. Furthermore, literature reviews, field trials and base line modelling techniques
      suggest, but are not yet proven, that the use of phyto-technologies can address the soil and groundwater contamination. Subject to
      the completion of trials and the technology being a proven remediation technique, no reasonable estimate can be made for the
      obligation.

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

(3)   Indirect taxes  AngloGold Ashanti (Ghana) Limited received a tax assessment for the 2006 to 2008 and for the 2009 to 2011 tax
      years following audits by the tax authorities which related to various indirect taxes amounting to $25m (2012: $23m). Management is
      of the opinion that the indirect taxes are not payable and the company has lodged an objection.

(4)   Litigation - On 11 October 2011, AngloGold Ashanti (Ghana) Limited (AGAG) terminated its commercial arrangements with Mining
      and Building Contractors Limited (MBC) relating to certain underground development, construction on bulkheads and diamond drilling
      services provided by MBC in respect of the Obuasi mine. On 8 November 2012, as a result of this termination, AGAG and MBC
      concluded a separation agreement that specified the terms on which the parties agreed to sever their commercial relationship. On
      23 July 2013, MBC commenced proceedings against AGAG in the High Court of Justice (Commercial Division) in Accra, Ghana, and
      served a writ of summons that claimed a total of approximately $97m in damages. MBC asserts various claims for damages,
      including, among others, as a result of the breach of contract, non-payment of outstanding historical indebtedness by AGAG and the
      demobilisation of equipment, spare parts and material acquired by MBC for the benefit of AGAG in connection with operations at the
      Obuasi mine in Ghana. MBC has also asserted various labour claims on behalf of itself and certain of its former contractors and
      employees at the Obuasi mine. AGAG intends to vigorously defend this claim.

(5)   Litigation  AGAG received a summons on 2 April 2013 from Abdul Waliyu and 152 others in which the plaintiffs allege that they were
      or are residents of the Obuasi municipality or its suburbs and that their health has been adversely affected by emission and/or other
      environmental impacts arising in connection with the current and/or historical operations of the Pompora Treatment Plant (PTP) which
      was decommissioned in 2000. The claim is to award general damages, special damages for medical treatment and punitive
      damages, as well as several orders relating to the operation of the PTP. AGAG has filed a notice of intention to defend. In view of the
      limitation of current information for the accurate estimation of a liability, no reasonable estimate can be made for the obligation.

(6)   Occupational Diseases in Mines and Works Act (ODMWA) litigation  On 3 March 2011, in Mankayi vs. AngloGold Ashanti, the
      Constitutional Court of South Africa held that section 35(1) of the Compensation for Occupational Injuries and Diseases Act, 1993
      does not cover an "employee" who qualifies for compensation in respect of "compensable diseases" under the Occupational Diseases
      in Mines and Works Act, 1973 (ODMWA). This judgement allows such qualifying employee to pursue a civil claim for damages
      against the employer. Following the Constitutional Court decision, AngloGold Ashanti has become subject to numerous claims
      relating to silicosis and other Occupational Lung Diseases (OLD), including several potential class actions and individual claims.

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

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

      In October 2012, a further 31 individual summonses and particulars of claim have been received relating to silicosis and/or other OLD.
      The total amount being claimed in the 31 summonses is approximately $8m. On 22 October 2012, AngloGold Ashanti filed a notice of
      intention to oppose these claims. AngloGold Ashanti has also served a notice of exception to the summonses which, if successful, is
      expected to require the plaintiffs to redraft the particulars of claim to correct certain errors.

      It is possible that additional class actions and/or individual claims relating to silicosis and/or other OLD will be filed against AngloGold
      Ashanti in the future. AngloGold Ashanti will defend all current and subsequently filed claims on their merits. Should AngloGold Ashanti be
      unsuccessful in defending any such claims, or in otherwise favourably resolving perceived deficiencies in the national occupational
      disease compensation framework that were identified in the earlier decision by the Constitutional Court, such matters would have an
      adverse effect on its financial position, which could be material. The group is unable to estimate its share of the amounts claimed.

(7)   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 $20m (2012: $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 $18m
      (2012: $17m). Management is of the opinion that these taxes are not payable.

(8)   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 $63m (2012: $96m) and $39m
      (2012: $60m) 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. On
      28 May 2013, the Full Board of the State of Goiás Tax Administrative Council ruled in favour of the State of Goiás, however reduced the
      penalties of the two tax assessments from 200% to 80%. The company is considering legal options available in this matter, since it
      believes that both assessments are in violation of federal legislation on sales taxes. MSG will be required to provide a bank guarantee to
      the tax authorities for the possible taxes payable. The company believes both assessments are in violation of federal legislation on sales
      taxes.

(9)   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 (2012: $19m).

(10) Tax dispute  AngloGold Ashanti Colombia S.A. (AGAC) received notice from the Colombian Tax Office (DIAN) that it disagreed with the
     company's tax treatment of certain items in the 2011 and 2010 income tax returns. The company believes that it has applied the tax
     legislation correctly. The company is considering defending AGAC's position. An estimated additional tax of $24m will be payable if the
     tax returns are amended. Penalties and interest for the additional tax are expected to be $150m, based on Colombian tax law.

(11) Tax dispute - On 12 July 2013, Cerro Vanguardia S.A. received a notification from the Argentina Tax Authority requesting corrections to
     the 2007, 2008 and 2009 income tax returns of about $22m relating to the non-deduction of tax losses previously claimed on hedge
     contracts. Penalties and interest on the disputed amounts are estimated at a further $50m. Management is of the opinion that the taxes
     are not payable and is preparing a response.

(12) 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 ($116m at 30 June 2013 exchange rates) against
     the specific exposures discussed in items 7 and 8 above. At 30 June 2013, the company has estimated that the maximum contingent
     asset is $62m (2012: $90m).

(13) Royalty  As a result of the sale of the interest in the Boddington Gold Mine during 2009, the group is entitled to receive a royalty on any
     gold recovered or produced by the Boddington Gold Mine, where the gold price is in excess of Boddington Gold Mine's cash cost plus
     $600/oz. The royalty commenced on 1 July 2010 and is capped at a total amount of $100m, of which $73m (2012: $60m) have been
     recorded to date.

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

     The royalty will be determined at 3% of the net revenue (being gross revenue less state royalties) generated by the Tau Lekoa assets.
     Royalties on 352,214oz produced have been received to date.

(15) Provision of surety  The company has provided surety in favour of a lender on a gold loan facility with its associate Oro Group (Pty)
     Limited and one of its subsidiaries to a maximum value of $10m (2012: $12m). The probability of the non-performance under the
     suretyships is considered minimal. The suretyship agreements have a termination notice period of 90 days.

17.  Concentration of risk
     There is a concentration of risk in respect of recoverable value added tax, fuel duties and appeal deposits from the
     Tanzanian government. The outstanding amounts have been discounted to their present value at a rate of 7.82%.
     The recoverable value added tax, fuel duties and appeal deposits are summarised as follows:
                                                                                                                                                 2013
                                                                                                                                    US Dollar million
      Recoverable value added tax                                                                                                                  17                         
      Recoverable fuel duties(1)                                                                                                                   43
      Appeal deposits                                                                                                                               4

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

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

19.   Announcements
      On 8 May 2013, AngloGold Ashanti announced the appointment of Mr Srinivasan Venkatakrishnan as Chief Executive
      Officer (CEO) to replace the former CEO, Mr Mark Cutifani, who left the Company at the end of March 2013.

      On 21 May 2013, AngloGold Ashanti announced the appointment of Mr Richard Duffy as the Chief Financial Officer (CFO)
      with effect from 15 June 2013 to replace Mr Srinivasan Venkatakrishnan, the former CFO. On the same day, the Company
      announced changes to its executive leadership team.

      On 1 August 2013, AngloGold Ashanti announced that the Tropicana gold project has commenced its commissioning
      phase and it expected to produce its first gold in the September quarter.

20.   Subsequent events
      On 12 July 2013, Moody's Investors Service downgraded AngloGold Ashanti's credit rating to Baa3 from Baa2. Moody's
      also downgraded the company's senior unsecured debt.

      On 15 July 2013, AngloGold Ashanti notified shareholders of the resignation of Mr Anthony Martin O'Neill as an executive
      director from the Board of Directors with effect from 19 July 2013. In addition the company announced that Mr O'Neill had
      decided to take early retirement and will be relinquishing his position as Executive Vice President: Business and Technical
      Development of the company with his last day of work being 19 July 2013.

      On 17 July 2013, Standard & Poor's (S&P) cut its long-term corporate credit rating on AngloGold Ashanti to BB+ from
      BBB- and its long and short-term South Africa national-scale ratings on AngloGold Ashanti to zaA/zaA-2 from zaAA-/zaA-
      1. It also lowered its issue rating on AngloGold's senior unsecured notes to BB+ from BBB-.

      On 25 July 2013, AngloGold Ashanti Holdings plc commenced a cash tender offer to purchase any and all of the
      outstanding 3.5% Guaranteed Convertible Bonds due May 2014 of AngloGold Ashanti Holdings Finance plc at a purchase
      price of $1,015 for each $1,000 principal amount of Bonds validly tendered. In addition, holders will receive, in respect of
      their Bonds that are accepted for purchase, accrued and unpaid interest on such Bonds up to, but excluding, the
      settlement date of the tender offer. Completion of the tender offer will be conditioned upon, among other things, the
      completion of one or more financing transactions. As of 24 July 2013, there was $732.5m aggregate principal amount of
      Bonds outstanding.

      On 30 July 2013, AngloGold Ashanti raised a corporate bond of $1,250m at 8.5% interest per annum to replace the 3.5%
      Guaranteed Convertible Bond due May 2014. The funds raised over and above the settlement of the convertible bond will
      be used for capital purposes and to provide flexibility for an expiring revolving credit facility.

21.   Dividends
      The salient details of Dividend No. 117 for the quarter ended 31 March 2013 paid by AngloGold Ashanti Limited
      (Registration Number 1944/017354/06) is shown below:

                                                                 Rate         Gross                           Net         Date of
                                                                   of      dividend    Withholding       dividend         Payment
                                                             Exchange      declared     tax at 15%           paid            2013
      South African cents per ordinary share                        -            50            7.5           42.5    14 June 2013
      UK pence per ordinary share                      R14.46094/GBP1         3.458          0.519          2.939    14 June 2013
      Australian cents per CHESS Depositary Interest
      (CDI)                                               R1/A$0.1075         1.075          0.161          0.914    14 June 2013
      Ghana cedi per ordinary share                        R1/¢0.2056       0.10280        0.01542        0.08738    17 June 2013
      Ghana cedi per Ghanaian Depositary Share
      (GhDS)                                               R1/¢0.2056      0.001028       0.000154       0.000874    17 June 2013
      US cents per American Depositary Share (ADS)       R9.960761/$1        5.0197          0.753          4.266    24 June 2013

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

      The quarter ended 31 March 2013 Dividend No. E17 of 25 South African cents (gross), or 21.25 South African cents (net)
      was paid to holders of E ordinary shares on 14 June 2013, being those employees participating in the Bokamoso ESOP
      and 25 South African cents (gross) was paid to Izingwe Holdings (Proprietary) Limited on the same day.


By order of the Board

T T MBOWENI              S VENKATAKRISHNAN
Chairman                 Chief Executive Officer

5 August 2013

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

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

A   Adjusted headline (loss) earnings
                                                                                                      Quarter ended                    Six months ended
                                                                                                  Jun           Mar            Jun            Jun              Jun
                                                                                                 2013          2013           2012           2013             2012
                                                                                                                          Restated                        Restated
                                                                                            Unaudited     Unaudited       Unaudited     Unaudited        Unaudited
                                                                                                                      US Dollar million
    Headline earnings (note 8)                                                                    112           259            323            372              892
    Gain on unrealised non-hedge derivatives and
     other commodity contracts                                                                   (100)            -             -            (100)               -
    Deferred tax on unrealised non-hedge derivatives and
     other commodity contracts (note 7)                                                            27             -             -              27                -
    Fair value adjustment on option component of convertible bonds                                  -            (9)          (24)             (9)             (67)
    Fair value adjustment on mandatory convertible bonds                                         (175)         (137)          (29)           (312)            (108)
    Adjusted headline (loss) earnings                                                            (135)          113           270             (23)             716
    Adjusted headline (loss) earnings per ordinary share (cents) (1)                              (35)           29            70              (6)             185

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

B   Adjusted gross profit

                                                                                                      Quarter ended                    Six months ended
                                                                                                  Jun           Mar            Jun          Jun              Jun
                                                                                                 2013          2013           2012         2013             2012
                                                                                                                          Restated                      Restated
                                                                                            Unaudited     Unaudited      Unaudited    Unaudited        Unaudited

                                                                                                                      US Dollar million
    Reconciliation of gross profit to adjusted gross profit:
    Gross profit                                                                                  330           434            658          765            1,397
    Gain on unrealised non-hedge derivatives and other
     commodity contracts                                                                         (100)            -              -         (100)               -
    Adjusted gross profit                                                                         231           434            658          665            1,397

C   Price received
                                                                                                      Quarter ended                    Six months ended
                                                                                                  Jun           Mar            Jun            Jun               Jun
                                                                                                 2013          2013           2012           2013              2012
                                                                                                                          Restated                         Restated
                                                                                            Unaudited     Unaudited      Unaudited      Unaudited         Unaudited
                                                                                                              US Dollar million / Imperial
    Gold income (note 2)                                                                        1,242         1,463          1,619          2,705             3,325
    Adjusted for non-controlling interests                                                        (17)          (22)           (45)           (40)              (97)
                                                                                                1,225         1,441          1,574          2,665             3,228
    Realised loss on other commodity contracts                                                      7             7              -             14                 -
    Equity-accounted associates and joint ventures' share of gold
      income including realised non-hedge derivatives                                              65            69             81            134               169
    Attributable gold income including realised non-hedge
      derivatives                                                                               1,297         1,517          1,655          2,814             3,397
    Attributable gold sold - oz (000)                                                             912           927          1,030          1,840             2,059
    Revenue price per unit - $/oz                                                               1,421         1,636          1,607          1,529             1,650

    Rounding of figures may result in computational discrepancies.

                                                                                                  Quarter ended                  Six months ended   
                                                                                              Jun             Mar             Jun          Jun         Jun   
                                                                                             2013            2013            2012         2013        2012   
                                                                                                                         Restated                 Restated   
                                                                                        Unaudited       Unaudited       Unaudited    Unaudited   Unaudited   
                                                                                                          US Dollar million / Imperial               
D   Total costs                                                                                                                                              
Total cash costs (note 3)                                                                     824             797             792        1,621       1,520   
Adjusted for non-controlling interests and non-gold producing companies                       (28)            (39)            (24)         (67)        (55)   
Equity-accounted associates and joint ventures' share of total cash costs                      44              46              61           90         114   
Total cash costs adjusted for non-controlling interests                                                                                                      
and non-gold producing companies                                                              840             804             829        1,644       1,579   
Retrenchment costs (note 3)                                                                     4               6               3            8           6   
Rehabilitation and other non-cash costs (note 3)                                               12              11              25           24          34   
Amortisation of tangible assets (note 3)                                                      206             213             203          419         403   
Amortisation of intangible assets (note 3)                                                      8               2               1            9           2   
Adjusted for non-controlling interests and non-gold producing companies                        (4)             (6)            (11)         (10)        (17)   
Equity-accounted associates and joint ventures' share of production costs                       1               1               2            4           4   
Total production costs adjusted for non-controlling                                                                                                          
interests and non-gold producing companies                                                  1,066           1,031           1,052        2,098       2,011   
Gold produced - oz (000)                                                                      935             899           1,073        1,834       2,054   
Total cash cost per unit - $/oz                                                               898             894             773          896         769   
Total production cost per unit - $/oz                                                       1,141           1,147             980        1,144         979   

E   EBITDA                                                                                                                                                   
Operating (loss) profit                                                                    (3,019)            264             481       (2,755)      1,086   
Retrenchment costs (note 3)                                                                     4               6               3            8           6   
Amortisation of tangible assets (note 3)                                                      206             213             203          419         403   
Amortisation of intangible assets (note 3)                                                      8               2               1            9           2   
Net impairment and derecognition of goodwill, tangible and intangible assets (note 5)       2,982               1               1        2,983           1   
Impairment reversal of intangible assets (note 5)                                               -               -               -            -         (10)   
Gain on unrealised non-hedge derivatives and other commodity contracts                       (100)              -               -         (100)          -   
Write-down of stockpiles and heap leach to net realisable value (note 5)                      178               -               -          178           -   
Write-off of loans (note 5)                                                                     7               -               -            7           -   
Share of equity-accounted associates and joint ventures'  EBITDA                               13              10               9           24          40   
Impairment of other investments (note 5)                                                       14              12               -           26           1   
Net (profit) loss on disposal and derecognition of assets (note 5)                             (4)              1               3           (3)          5   
                                                                                              288             509             701          796       1,534   
F   Interest cover                                                                                                                                           
EBITDA (note E)                                                                               288             509             701          796       1,534   
Finance costs (note 6)                                                                         54              49              36          103          70   
Capitalised finance costs                                                                       3               4               2            7           4   
                                                                                               57              53              38          110          74   
Interest cover - times                                                                          5              10              18            7          21
   
                                                                                                            As at           As at        As at       As at   
                                                                                                              Jun             Mar          Dec         Jun   
                                                                                                             2013            2013         2012        2012   
                                                                                                                                                  Restated   
                                                                                                        Unaudited       Unaudited    Unaudited   Unaudited   
                                                                                                                         US Dollar million               
G   Net asset value - cents per share                                                                                                                        
Total equity                                                                                                3,192           5,569        5,494       5,624   
Mandatory convertible bonds                                                                                   270             448          588         647   
                                                                                                            3,462           6,017        6,082       6,271   
Number of ordinary shares in issue - million (note 9)                                                         385             385          385         385   
Net asset value - cents per share                                                                             898           1,562        1,580       1,627   
Total equity                                                                                                3,192           5,569        5,494       5,624   
Mandatory convertible bonds                                                                                   270             448          588         647   
Intangible assets                                                                                            (281)           (321)        (315)       (243)   
                                                                                                            3,181           5,696        5,767       6,028   
Number of ordinary shares in issue - million (note 9)                                                         385             385          385         385   
Net tangible asset value - cents per share                                                                    825           1,479        1,498       1,564   

H   Net debt                                                                                                                                                 
Borrowings - long-term portion                                                                              2,212           2,844        2,724       1,847   
Borrowings - short-term portion                                                                             1,011             214          271          30   
Bank overdraft                                                                                                 31               -            -           -   
Total borrowings (1)                                                                                        3,254           3,058        2,995       1,877   
Corporate office lease                                                                                        (26)            (29)         (31)        (33)   
Unamortised portion of the convertible and rated bonds                                                         34              33           53          78   
Cash restricted for use                                                                                       (63)            (63)         (64)        (56)   
Cash and cash equivalents                                                                                    (415)           (680)        (892)       (987)   
Net debt excluding mandatory convertible bonds                                                              2,784           2,319        2,061         879 
  
(1)  Borrowings exclude the mandatory convertible bonds (note G).                                                                                       

Rounding of figures may result in computational discrepancies.                                                                                               


OPERATING RESULTS                                                        
                                                          South Africa  Continental   Australasia   Americas   Total group
QUARTER ENDED JUNE 2013                                                      Africa

UNDERGROUND OPERATION
Area mined                        - 000 m(2)                       193            -             -          -           193
Mined                             - 000 tonnes                   1,184          351           509        767         2,811
Milled / Treated                  - 000 tonnes                   1,113          341           447        812         2,712
Recovered grade                   - oz/ton                       0.200        0.133         0.063      0.125         0.146
                                  - g/tonne                       6.86         4.56          2.16       4.27          5.02
Gold produced                     - oz (000)                       245           50            31        112           438

SURFACE AND DUMP RECLAMATION
Milled / Treated                  - 000 tonnes                   8,817           81             -          -         8,898
Recovered grade                   - oz/ton                       0.006        0.086             -          -         0.007
                                  - g/tonne                       0.22         2.94             -          -          0.24
Gold produced                     - oz (000)                        62            8             -          -            69

OPEN-PIT OPERATION
Volume mined                      - 000 bcm                          -       13,683         2,691          -        16,374
Mined                             - 000 tonnes                       -       32,677        10,450      6,542        49,669
Treated                           - 000 tonnes                       -        6,008           467        256         6,731
Stripping ratio                   - ratio                            -         5.04         14.71      19.77          6.77
Recovered grade                   - oz/ton                           -        0.042         0.038      0.173         0.047
                                  - g/tonne                          -         1.44          1.29       5.95          1.60
Gold produced                     - oz (000)                         -          279            19         49           347

HEAP LEACH OPERATION
Mined                             - 000 tonnes                       -        1,285             -     16,603        17,889
Placed                            - 000 tonnes                       -          295             -      5,621         5,916
Stripping ratio                   - ratio                            -        32.45             -       2.17          2.39
Recovered grade                   - oz/ton                           -        0.019             -      0.010         0.010
                                  - g/tonne                          -         0.67             -       0.34          0.36
Gold placed                       - oz (000)                         -            6             -         62            68
Gold produced                     - oz (000)                         -            6             -         75            80

PRODUCTIVITY PER EMPLOYEE
Actual                            - oz/TEC                        4.18         9.20         37.10      15.23          7.33

TOTAL
Subsidiaries' gold produced       - oz (000)                       307          297            50        235           889
Joint ventures' gold produced     - oz (000)                         -           46             -          -            46
Attributable gold produced        - oz (000)                       307          343            50        235           935
Minority gold produced            - oz (000)                         -           11             -          5            16

Subsidiaries' gold sold           - oz (000)                       303          277            50        236           866
Joint ventures' gold sold         - oz (000)                         -           46             -          -            46
Attributable gold sold            - oz (000)                       303          323            50        236           912
Minority gold sold                - oz (000)                         -           11             -          5            16

Spot price                        - $/oz                         1,416        1,416         1,416      1,416         1,416
Price received                    - $/oz sold                    1,417        1,430         1,416      1,415         1,421
Total cash costs                  - $/oz produced                  890          883         1,829        733           898
Total production costs            - $/oz produced                1,127        1,119         2,051        988         1,141

Recovered grade calculated using a short ton.
Rounding of figures may result in computational discrepancies.

                                                                                                                                   
FINANCIAL RESULTS                                                                                                                 Less equity
                                                   South Africa   Continental   Australasia   Americas   Corporate   Sub-total      accounted    Total group
QUARTER ENDED JUNE 2013 $'m                                            Africa                            and other                investments
                                                                                                                                  
Gold income                                                 423           477            71        337           -       1,308            (65)         1,242


Cash costs                                                 (292)         (312)          (92)      (216)          2        (910)            44           (866)
By-products revenue                                          19             1             -         23           -          42              -             42
Total cash costs                                           (273)         (311)          (92)      (193)          2        (868)            44           (824)
Retrenchment costs                                           (3)            -             -         (1)          -          (4)             -             (4)
Rehabilitation and other non-cash costs                      (9)           (3)            2         (1)          -         (12)             -            (12)
Amortisation of assets                                      (60)          (79)          (13)       (60)         (2)       (215)             2           (213)
Total production costs                                     (346)         (393)         (103)      (256)          -      (1,098)            45         (1,053)
Inventory change                                              4            16             2         19           -          41              -             41
Cost of sales                                              (342)         (377)         (101)      (236)          -      (1,057)            45         (1,012)

Adjusted gross profit (loss)                                 81           100           (30)       100           -         250            (20)           231
Unrealised non-hedge derivatives and other
 commodity contracts                                         99             -             -          -           -         100              -            100 
Gross profit (loss)                                         180           100           (30)       100           -         350            (20)           330
Corporate and other costs                                    (1)           (2)            -        (10)        (54)        (67)             -            (67)
Exploration and evaluation costs                             (2)          (23)          (10)       (49)         (5)        (90)            11            (79)
Intercompany transactions                                     -           (28)           (2)        (1)         31           -              -              -
Special items                                              (293)       (1,873)            5       (954)        (88)     (3,204)             1         (3,203)
Operating profit (loss)                                    (116)       (1,826)          (38)      (914)       (117)     (3,011)            (8)        (3,019)
Net finance (costs) income, unwinding of
 obligations and fair value adjustments                       1             1            (5)         1         120         118             (2)           116 
Exchange gain (loss)                                          -             1             -          1           3           5              1              5
Share of equity accounted investments profit                  -          (178)            -         (1)         (7)       (186)             2           (183)
Profit (loss) before taxation                              (116)       (2,001)          (43)      (913)          -      (3,074)            (7)        (3,081)
Taxation                                                     49           541            12         287         (2)        887              7            895
Profit (loss) for the period                                (67)       (1,460)          (31)      (626)         (2)     (2,186)             -         (2,186)
Equity shareholders                                         (67)       (1,444)          (31)      (622)         (2)     (2,165)             -         (2,165)
Non-controlling interests                                     -           (16)            -         (5)          -         (21)             -            (21)

Operating profit (loss)                                    (116)       (1,826)          (38)      (914)       (117)     (3,011)            (8)        (3,019)
Retrenchment costs                                            3             -             -          1           -           4              -              4
Unrealised non-hedge derivatives and other
 commodity contracts                                        (99)            -             -          -           -        (100)             -           (100) 
Loss on realised other commodity contracts                    -             -             -          -           -           -              -              -

Intercompany transactions                                     -            28             2          1         (31)          -              -              -
Special items                                               294         1,846             -        953          84       3,177              -          3,177
Share of associates' EBIT                                     -             -             -         (1)          4           3              8             11
EBIT                                                         81            47           (36)        39         (60)         73              -             73
Amortisation of assets                                       60            79            13         60           2         215             (2)           213
Share of associates' amortisation                             -             -             -          -           -           -              2              2
EBITDA                                                      142           126           (23)       100         (58)        288              -            288

Profit (loss) attributable to equity shareholders           (67)       (1,444)          (31)      (622)         (2)     (2,165)             -         (2,165)
Special items                                               293         1,662             -        953          84       2,992              -          2,992
Share of associates' special items                            -           178             -          -           9         187              -            187
Taxation on items above                                     (81)         (493)            -       (327)          -        (902)             -           (901)
Headline earnings (loss)                                    145           (97)          (31)         4          92         112              -            112
Unrealised non-hedge derivatives and other
 commodity contracts                                        (99)            -             -          -           -        (100)             -           (100) 
Deferred tax on unrealised non-hedge
 derivatives and other commodity contracts                   27             -             -          -           -          27              -             27 
Fair value adjustment on option component
 of convertible bonds                                         -             -             -          -           -           -              -              - 
Fair value adjustment on mandatory 
 convertible bonds                                            -             -             -          -        (175)       (175)             -           (175) 
Adjusted headline earnings (loss)                            72           (97)          (31)         4         (83)       (135)             -           (135)

Ore reserve development capital                              59             9             3         25           -          95              -             95
Stay-in-business capital                                     26            75            22         52           -         176            (10)           166
Project capital                                              37           137            75         36           -         285           (108)           177
Total capital expenditure                                   123           221           100        113           -         556           (117)           439
Capitalised leased assets                                                                                                                                 (1)
Expenditures on intangible assets                                                                                                                        (20)
Capital expenditure per statement of cash flows                                                                                                          418

Rounding of figures may result in computational discrepancies.

OPERATING RESULTS                                                        
                                                          South Africa  Continental   Australasia   Americas   Total group
QUARTER ENDED MARCH 2013                                                     Africa

UNDERGROUND OPERATION
Area mined                        - 000 m(2)                       188            -             -          -           188
Mined                             - 000 tonnes                   1,176          397           456        766         2,794
Milled / Treated                  - 000 tonnes                   1,163          324           436        810         2,732
Recovered grade                   - oz/ton                       0.207        0.135         0.097      0.146         0.163
                                  - g/tonne                       7.08         4.63          3.34       5.01          5.58
Gold produced                     - oz (000)                       265           48            47        130           490

SURFACE AND DUMP RECLAMATION
Milled / Treated                  - 000 tonnes                   8,702           59             -          -         8,761
Recovered grade                   - oz/ton                       0.007        0.019             -          -         0.007
                                  - g/tonne                       0.22         0.67             -          -          0.23
Gold produced                     - oz (000)                        63            1             -          -            64

OPEN-PIT OPERATION
Volume mined                      - 000 bcm                          -       15,027         1,541          -        16,568
Mined                             - 000 tonnes                       -       35,518         3,567      5,498        44,582
Treated                           - 000 tonnes                       -        5,161           315        239         5,715
Stripping ratio                   - ratio                            -         4.58         40.70      19.07          5.63
Recovered grade                   - oz/ton                           -        0.038         0.040      0.151         0.043
                                  - g/tonne                          -         1.31          1.38       5.17          1.47
Gold produced                     - oz (000)                         -          217            14         40           271

HEAP LEACH OPERATION
Mined                             - 000 tonnes                       -        1,206             -     15,937        17,142
Placed                            - 000 tonnes                       -          256             -      5,467         5,723
Stripping ratio                   - ratio                            -        27.75             -       2.08          2.29
Recovered grade                   - oz/ton                           -        0.034             -      0.012         0.013
                                  - g/tonne                          -         1.17             -       0.40          0.44
Gold placed                       - oz (000)                         -           10             -         71            81
Gold produced                     - oz (000)                         -           10             -         64            74

PRODUCTIVITY PER EMPLOYEE
Actual                            - oz/TEC                        4.23         7.48         41.72      15.75          6.88

TOTAL
Subsidiaries' gold produced       - oz (000)                       327          231            61        234           854
Joint ventures' gold produced     - oz (000)                         -           45             -          -            45
Attributable gold produced        - oz (000)                       327          276            61        234           899
Minority gold produced            - oz (000)                         -           11             -          4            15

Subsidiaries' gold sold           - oz (000)                       314          273            58        241           885
Joint ventures' gold sold         - oz (000)                         -           42             -          -            42
Attributable gold sold            - oz (000)                       314          315            58        241           927
Minority gold sold                - oz (000)                         -           11             -          4            15

Spot price                        - $/oz                         1,632        1,632         1,632      1,632         1,632
Price received                    - $/oz sold                    1,638        1,635         1,629      1,634         1,636
Total cash costs                  - $/oz produced                  896          994         1,302        668           894
Total production costs            - $/oz produced                1,123        1,278         1,525        926         1,147

Recovered grade calculated using a short ton.
Rounding of figures may result in computational discrepancies.

                                                                                                                                   
FINANCIAL RESULTS                                                                                                                 Less equity
                                                   South Africa   Continental   Australasia   Americas   Corporate   Sub-total      accounted    Total group
QUARTER ENDED MARCH 2013 $'m                                           Africa                            and other                investments
                                                                                                                                  
Gold income                                                 507           535            94        395           -       1,532            (69)         1,463

Cash costs                                                 (303)         (286)          (79)      (206)         (4)       (878)            46           (831)
By-products revenue                                          10             1             -         24           -          35              -             34
Total cash costs                                           (293)         (286)          (79)      (182)         (4)       (843)            46           (797)
Retrenchment costs                                           (2)           (3)            -         (1)          -          (5)             1             (6)
Rehabilitation and other non-cash costs                      (4)           (5)            -         (3)          -         (12)             -            (11)
Amortisation of assets                                      (69)          (72)          (14)       (61)         (1)       (216)             2           (215)
Total production costs                                     (368)         (365)          (93)      (247)         (5)     (1,077)            49         (1,029)
Inventory change                                             14           (41)            1         28           -           2             (2)             -
Cost of sales                                              (354)         (407)          (91)      (219)         (5)     (1,075)            46         (1,029)

Adjusted gross profit (loss)                                154           129             3        177          (5)        457            (23)           434
Unrealised non-hedge derivatives and other
 commodity contracts                                          -             -             -          -           -           -              -              - 
Gross profit (loss)                                         154           129             3        177          (5)        457            (23)           434
Corporate and other costs                                    (1)           (4)            -         (2)        (61)        (68)             2            (66)
Exploration and evaluation costs                             (3)          (29)          (12)       (42)         (3)        (90)            11            (79)
Intercompany transactions                                     -           (24)           (3)        (1)         27           -              -              -
Special items                                                (2)          (19)            8        (10)         (1)        (25)             1            (25)
Operating profit (loss)                                     148            52            (4)       122         (44)        274            (10)           264
Net finance (costs) income, unwinding of
 obligations and fair value adjustments                      (2)           (2)           (2)         1          99          94             (1)            93 
Exchange (loss) gain                                          -            (1)            1         (5)          1          (5)             -             (4)
Share of equity-accounted investments profit                  -            (1)            -         (1)         (7)         (9)             2             (7)
Profit (loss) before taxation                               146            48            (6)       117          49         354             (9)           346
Taxation                                                    (27)          (36)            1        (44)          -        (106)             9            (98)
Profit (loss) for the period                                119            12            (5)        73          50         248              -            248
Equity shareholders                                         119             5            (5)        70          50         239              -            239
Non-controlling interests                                     -             7             -          2           -           9              -              9

Operating profit (loss)                                     148            52            (4)       122         (44)        274            (10)           264
Retrenchment costs                                            2             3             -          1           -           5             (1)             6
Unrealised non-hedge derivatives and other 
 commodity contracts                                          -             -             -          -           -           -              -              - 
Loss on realised other commodity contracts                    -             -             -          -           -           -              -              -
Intercompany transactions                                     -            24             3          1         (27)          -              -              -
Special items                                                 2             -             -         11           1          14              -             14
Share of associates' EBIT                                     -             -             -         (1)          -          (1)             9              8
EBIT                                                        152            79            (1)       133         (70)        292             (1)           291
Amortisation of assets                                       69            72            14         61           1         216             (2)           215
Share of associates' amortisation                             -             -             -          -           -           -              2              2
EBITDA                                                      220           151            12        194         (69)        509              -            509

Profit (loss) attributable to equity shareholders           119             5            (5)        70          50         239              -            239
Special items                                                 2             -             -         11           1          14              -             14
Share of associates' special items                            -             1             -          -           6           7              -              7
Taxation on items above                                      (1)            -             -          -           -          (1)             -             (1)
Headline earnings (loss)                                    120             6            (4)        81          57         259              -            259
Unrealised non-hedge derivatives and other
 commodity contracts                                          -             -             -          -           -           -              -              - 
Deferred tax on unrealised non-hedge
 derivatives and other commodity contracts                    -             -             -          -           -           -              -              - 
Fair value adjustment on option component of
 convertible bonds                                            -             -             -          -          (9)         (9)             -             (9) 
Fair value adjustment on mandatory
 convertible bonds                                            -             -             -          -        (137)       (137)             -           (137) 
Adjusted headline earnings (loss)
                                                            120             6            (4)        81         (89)        113              -            113

 
Ore reserve development capital                              55             9             5         23           -          92              -             92
Stay-in-business capital                                     13            89            14         30           4         151            (10)           141
Project capital                                              32           110            82         44           -         269            (87)           182
Total capital expenditure                                   101           208           101         98           4         512            (97)           415
Capitalised leased assets                                                                                                                                (18)
Expenditures on intangible assets                                                                                                                        (13)
Capital expenditure per statement of cash flows                                                                                                          384

Rounding of figures may result in computational discrepancies.

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

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                        5.04        11.89         46.64      18.86          8.95

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          761         1,187        657           773
Total production costs            - $/oz produced                  998          939         1,286        927           980

Recovered grade calculated using a short ton.
Rounding of figures may result in computational discrepancies.

                                                                                                                                  
FINANCIAL RESULTS                                                                                                                  Less equity
                                                   South Africa    Continental   Australasia   Americas   Corporate   Sub-total      accounted    Total group
QUARTER ENDED JUNE 2012 $'m                                             Africa                            and other                investments
 
Gold income received                                        539            653           117        390           -       1,700            (81)         1,619
 

Cash costs                                                 (304)          (320)          (84)      (206)         18        (896)            61           (835)
By-products revenue                                          22              2             -         21           -          44              -             43
Total cash costs                                           (282)          (319)          (84)      (186)         18        (853)            61           (792)
Retrenchment costs                                           (2)            (1)            -         (1)          -          (3)             -             (3)
Rehabilitation and other non-cash costs                      (3)            (8)            -        (14)          -         (25)             -            (25)
Amortisation of assets                                      (74)           (66)           (7)       (56)         (3)       (206)             2           (204)
Total production costs                                     (361)          (393)          (91)      (257)         15      (1,087)            63         (1,024)
Inventory change                                             27              3            (1)        33           -          62              1             63
Cost of sales                                              (334)          (390)          (92)      (224)         15      (1,025)            64           (961)

Adjusted gross profit (loss)                                205            263            25        167          15         675            (16)           658
Unrealised non-hedge derivatives and other  
 commodity contracts                                          -              -             -          -           -           -              -              -  
Gross profit (loss)                                         205            263            25        167          15         675            (16)           658
Corporate and other costs                                    (3)            (2)           (1)       (10)        (82)        (97)             -            (97)
Exploration and evaluation costs                             (2)           (19)          (21)       (40)         (7)        (90)             1            (88)
Intercompany transactions                                     -            (19)           (3)        (1)         23           -              -              -
Special items                                                (1)            (3)           11          2           -           8              -              8
Operating profit (loss)                                     200            219            11        117         (51)        497            (15)           481
Net finance (costs) income, unwinding of
 obligations and fair value adjustments                      (1)            (2)            -          1          16          13              -             13 
Exchange gain (loss)                                          -              2             -          3           4           9             (1)             8
Share of equity accounted investments profit                  -              -             -         (5)        (17)        (22)            14             (7)
Profit (loss) before taxation                               199            219            11        116         (48)        497             (2)           495
Taxation                                                    (43)           (82)           (4)       (65)         (1)       (196)             2           (194)
Profit (loss) for the period                                156            136             7         51         (49)        301              -            301
Equity shareholders                                         156            151             7         45         (56)        304              -            304
Non-controlling interests                                     -            (15)            -          6           6          (3)             -             (3)

Operating profit (loss)                                     200            219            11        117         (51)        497            (15)           481
Retrenchment costs                                            2              1             -          1           -           3              -              3

Unrealised non-hedge derivatives and other
 commodity contracts                                          -              -             -          -           -           -              -              -
  
Intercompany transactions                                     -             19             3          1         (23)          -              -              -
Special items                                                 2              1             -          1           -           4              -              4
Share of associates' EBIT                                     -              -             -         (5)         (3)         (9)            15              7
EBIT                                                        204            240            15        114         (77)        495              -            495
Amortisation of assets                                       74             66             7         56           3         206             (2)           204
Share of associates' amortisation                             -              -             -          -           -           -              2              2
EBITDA                                                      278            305            22        170         (74)        701              -            701

Profit (loss) attributable to equity shareholders           156            151             7         45         (56)        304              -            304

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            155             7         46         (42)        323              -            323
Unrealised non-hedge derivatives and other
 commodity contracts                                          -              -             -          -           -           -              -              - 
Deferred tax on unrealised non-hedge
 derivatives and other commodity contracts                    -              -             -          -           -           -              -              -
 
Fair value adjustment on option component
 of convertible bonds                                         -              -             -          -         (24)        (24)             -            (24) 
Fair value adjustment on mandatory
 convertible bonds                                            -              -             -          -         (29)        (29)             -            (29) 
Adjusted headline earnings (loss)                           157            155             7         46         (95)        270              -            270


Ore reserve development capital                              62             12             4         17           -          95              -             95
Stay-in-business capital                                     35            126             5         27          14         207             (2)           205
Project capital                                              32             81            43         37           -         193            (53)           141
Total capital expenditure                                   130            219            52         80          14         495            (54)           441
Capitalised leased assets                                                                                                                                  (3)
Expenditures on intangible assets                                                                                                                         (20)
Capital expenditure per statement of cash flows                                                                                                           418

Rounding of figures may result in computational discrepancies.

OPERATING RESULTS                                                         
                                                           South Africa  Continental   Australasia   Americas   Total group
SIX MONTHS ENDED JUNE 2013                                                    Africa

UNDERGROUND OPERATION
Area mined                        - 000 m2                          382            -             -          -           382
Mined                             - 000 tonnes                    2,360          748           965      1,532         5,605
Milled / Treated                  - 000 tonnes                    2,276          664           882      1,622         5,444
Recovered grade                   - oz/ton                        0.203        0.134         0.080      0.135         0.155
                                  - g/tonne                        6.97         4.60          2.74       4.64          5.30
Gold produced                     - oz (000)                        510           98            78        242           928

SURFACE AND DUMP RECLAMATION
Milled / Treated                  - 000 tonnes                   17,519          140             -          -        17,659
Recovered grade                   - oz/ton                        0.006        0.058             -          -         0.007
                                  - g/tonne                        0.22         1.98             -          -          0.23
Gold produced                     - oz (000)                        124            9             -          -           133

OPEN-PIT OPERATION
Volume mined                      - 000 bcm                           -       28,710         4,233          -        32,942
Mined                             - 000 tonnes                        -       68,194        14,017     12,040        94,251
Treated                           - 000 tonnes                        -       11,169           783        495        12,447
Stripping ratio                   - ratio                             -         4.79         17.67      19.44          6.18
Recovered grade                   - oz/ton                            -        0.040         0.039      0.162         0.045
                                  - g/tonne                           -         1.38          1.33       5.57          1.54
Gold produced                     - oz (000)                          -          496            33         89           618

HEAP LEACH OPERATION
Mined                             - 000 tonnes                        -        2,491             -     32,540        35,031
Placed                            - 000 tonnes                        -          551             -     11,088        11,639
Stripping ratio                   - ratio                             -        29.99             -       2.13          2.34
Recovered grade                   - oz/ton                            -        0.026             -      0.011         0.012
                                  - g/tonne                           -         0.90             -       0.37          0.40
Gold placed                       - oz (000)                          -           16             -        133           149
Gold produced                     - oz (000)                          -           15             -        139           154

PRODUCTIVITY PER EMPLOYEE
Actual                            - oz/TEC                         4.20         8.34         39.49      15.49          7.10

TOTAL
Subsidiaries' gold produced       - oz (000)                        634          529           111        469         1,744
Joint ventures' gold produced     - oz (000)                          -           90             -          -            90
Attributable gold produced        - oz (000)                        634          619           111        469         1,834
Minority gold produced            - oz (000)                          -           22             -         44            66

Subsidiaries' gold sold           - oz (000)                        617          550           108        477         1,752
Joint ventures' gold sold         - oz (000)                          -           88             -          -            88
Attributable gold sold            - oz (000)                        617          638           108        477         1,840
Minority gold sold                - oz (000)                          -           22             -         45            66

Spot price                        - $/oz                          1,523        1,523         1,523      1,523         1,523
Price received                    - $/oz sold                     1,529        1,531         1,530      1,526         1,529
Total cash costs                  - $/oz produced                   893          932         1,541        701           896
Total production costs            - $/oz produced                 1,125        1,190         1,764        957         1,144

Recovered grade calculated using a short ton.
Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - SIX MONTHS                                                                                                    Less equity
                                                   South Africa   Continental   Australasia    Americas   Corporate  Sub-total      accounted    Total group
ENDED JUNE 2013 $'m                                                    Africa                             and other               investments

Gold income                                                 930         1,012           165         732           -      2,840           (134)         2,705


Cash costs                                                 (595)         (598)         (172)      (421)         (1)     (1,788)            90         (1,698)
By-products revenue                                          29             2             -         47           -          77              -             77
Total cash costs                                           (567)         (597)         (171)      (375)         (1)     (1,711)            90         (1,621)
Retrenchment costs                                           (5)           (3)            -         (2)          -          (9)             1             (8)
Rehabilitation and other non-cash costs                     (13)           (8)            2         (5)          -         (24)             -            (24)
Amortisation of assets                                     (129)         (151)          (27)      (121)         (3)       (431)             3           (428)
Total production costs                                     (714)         (758)         (196)      (502)         (5)     (2,175)            94         (2,081)
Inventory change                                             18           (26)            4         47           -          43             (2)            41
Cost of sales                                              (696)         (784)         (192)      (455)         (5)     (2,132)            92         (2,040)

Adjusted gross profit (loss)                                234           228           (27)       277          (5)        708            (43)           665
Unrealised non-hedge derivatives and
 other commodity contracts                                   99             -             -          -           -         100              -            100
Gross profit (loss)                                         334           228           (27)       277          (5)        807            (43)           765
Corporate and other costs                                    (2)           (6)           (1)       (12)       (116)       (136)             2           (134)
Exploration and evaluation costs                             (5)          (53)          (23)       (91)         (9)       (180)            21           (158)
Intercompany transactions                                     -           (52)           (5)        (1)         58           -              -              -
Special items                                              (295)       (1,892)           13       (965)        (90)     (3,229)             1         (3,228)
Operating profit (loss)                                      32        (1,774)          (42)      (791)       (160)     (2,737)           (18)        (2,755)
Net finance (costs) income, unwinding of
 obligations and fair value adjustments                      (1)           (1)           (7)         2         219         212             (3)           209 
Exchange (loss) gain                                          -             -             -         (5)          4           -              1              -

Share of equity accounted investments profit                  -          (178)            -         (2)        (14)       (194)             4           (190)

Profit (loss) before taxation                                30        (1,953)          (49)      (796)         49      (2,719)           (16)        (2,735)
Taxation                                                     22           505            13        242          (1)        781             16            797
Profit (loss) for the period                                 52        (1,448)          (36)      (554)         48      (1,938)             -         (1,938)
Equity shareholders                                          52        (1,438)          (36)      (552)         48      (1,926)             -         (1,926)
Non-controlling interests                                     -           (10)            -         (2)          -         (12)             -            (12)


Operating profit (loss)                                      32        (1,774)          (42)      (791)       (160)     (2,737)           (18)        (2,755)
Retrenchment costs                                            5             3             -          2           -           9             (1)             8

Unrealised non-hedge derivatives and
 other commodity contracts                                  (99)            -             -          -           -        (100)             -           (100) 

Intercompany transactions                                     -            52             5          1         (58)          -              -              -
Special items                                               296         1,846             -        964          85       3,191              -          3,191
Share of associates' EBIT                                     -             -             -         (2)          4           2             19             21
EBIT                                                        233           126           (37)       173        (130)        365              -            365
Amortisation of assets                                      129           151            27        121           3         431             (3)           428
Share of associates' amortisation                             -             -             -          -           -           -              3              3
EBITDA                                                      362           277           (10)       294        (126)        796              -            796


Profit (loss) attributable to equity shareholders            52        (1,438)          (36)      (552)         48      (1,926)             -         (1,926)

Special items                                               295         1,662             -        964          85       3,006              -          3,006
Share of associates' special items                            -           178             -          -          15         194              -            194
Taxation on items above                                     (82)        (494)             -       (327)          -        (902)             -           (902)
Headline earnings (loss)                                    265          (91)           (36)        85         149         372              -            372
Unrealised non-hedge derivatives and other
 commodity contracts                                        (99)           -              -          -           -        (100)             -           (100) 
Deferred tax on unrealised non-hedge
 derivatives and other commodity contracts                   27            -              -          -           -          27              -             27 
Fair value adjustment on option component
 of convertible bonds                                         -            -              -          -          (9)         (9)             -             (9) 
Fair value adjustment on mandatory
 convertible bonds                                            -            -              -          -        (312)       (312)             -           (312) 
Adjusted headline earnings (loss)
                                                            192           (91)          (36)        84        (173)        (23)             -            (23)
Ore reserve development capital                             114            18             7         48           -         188              -            188
Stay-in-business capital                                     40           164            37         82           4         327             (19)          308
Project capital                                              70           247           157         80           -         554            (195)          359
Total capital expenditure                                   223           429           201        211           4       1,069            (215)          854
Capitalised leased assets                                                                                                                                (19)
Expenditures on intangible assets                                                                                                                        (33)
Capital expenditure per statement of cash flows                                                                                                          802

Rounding of figures may result in computational discrepancies.

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

UNDERGROUND OPERATION
Area mined                        - 000 m(2)                       393            -             -          -           393
Mined                             - 000 tonnes                   2,598          803           560      1,072         5,033
Milled / Treated                  - 000 tonnes                   2,293          906           470      1,236         4,904
Recovered grade                   - oz/ton                       0.231        0.143         0.093      0.163         0.185
                                  - g/tonne                       7.92         4.92          3.20       5.59          6.33
Gold produced                     - oz (000)                       584          143            48        222           997

SURFACE AND DUMP RECLAMATION
Milled / Treated                  - 000 tonnes                   5,860          229             -          -         6,090
Recovered grade                   - oz/ton                       0.013        0.004             -          -         0.013
                                  - g/tonne                       0.45         0.14             -          -          0.43
Gold produced                     - oz (000)                        84            1             -          -            85

OPEN-PIT OPERATION
Volume mined                      - 000 bcm                          -       29,732         1,293          -        31,025
Mined                             - 000 tonnes                       -       69,996         3,668     11,306        84,970
Treated                           - 000 tonnes                       -       12,079         1,271        447        13,797
Stripping ratio                   - ratio                            -         4.72          2.65      22.49          5.19
Recovered grade                   - oz/ton                           -        0.048         0.065      0.180         0.053
                                  - g/tonne                          -         1.63          2.22       6.17          1.83
Gold produced                     - oz (000)                         -          633            91         89           812

HEAP LEACH OPERATION
Mined                             - 000 tonnes                       -        4,357             -     32,650        37,007
Placed                            - 000 tonnes                       -          498             -     10,689        11,187
Stripping ratio                   - ratio                            -        18.31             -       2.12          2.46
Recovered grade                   - oz/ton                           -        0.022             -      0.012         0.013
                                  - g/tonne                          -         0.75             -       0.42          0.43
Gold placed                       - oz (000)                         -           12             -        143           155
Gold produced                     - oz (000)                         -           12             -        147           160

PRODUCTIVITY PER EMPLOYEE
Actual                            - oz/TEC                        4.71        11.46         44.79      18.84          8.61

TOTAL
Subsidiaries' gold produced       - oz (000)                       668          686           139        458         1,951
Joint ventures' gold produced     - oz (000)                         -          103             -          -          103
Attributable gold produced        - oz (000)                       668          789           139        458         2,054
Minority gold produced            - oz (000)                         -           22             -         40            61

Subsidiaries' gold sold           - oz (000)                       642          711           141        462         1,957
Joint ventures' gold sold         - oz (000)                         -          102             -          -           102
Attributable gold sold            - oz (000)                       642          813           141        462         2,059
Minority gold sold                - oz (000)                         -           22             -         42            63

Spot price                       - $/oz                          1,651        1,651         1,651      1,651         1,651
Price received                   - $/oz sold                     1,656        1,647         1,648      1,645         1,650
Total cash costs                 - $/oz produced                   811          753         1,237        591           769
Total production costs           - $/oz produced                 1,050          936         1,348        834           979
Recovered grade calculated using a short ton.
Rounding of figures may result in computational discrepancies.

                                                                                                                                   
FINANCIAL RESULTS - SIX MONTHS                                                                                                    Less equity
                                                    South Africa  Continental    Australasia   Americas   Corporate   Sub-total     accounted    Total group
ENDED JUNE 2012 $'m                                                    Africa                             and other               investments
                                                                                                                                  
Gold income received                                      1,063         1,376            232        822           -       3,493          (168)         3,325


Cash costs                                                 (581)         (616)          (172)      (392)         24      (1,738)          114         (1,624)
By-products revenue                                          40             3              -         61           -         104             -            104
Total cash costs                                           (542)         (613)          (172)      (331)         23      (1,634)          114         (1,520)
Retrenchment costs                                           (4)           (1)             -         (2)          -          (6)            -             (6)
Rehabilitation and other non-cash costs                      (5)          (14)             -        (15)          -         (35)            -            (34)
Amortisation of assets                                     (151)         (132)           (15)      (106)         (5)       (409)            4           (405)
Total production costs                                     (702)         (759)          (187)      (454)         18      (2,083)          119         (1,965)
Inventory change                                             25           (19)            (3)        34           -          38            (2)            36
Cost of sales                                              (676)         (778)          (190)      (419)         18      (2,045)          117         (1,928)

Adjusted gross profit (loss)                                387            598            42        402          18       1,448           (51)         1,397
Unrealised non-hedge derivatives and other
 commodity contracts                                          -             -              -          -           -           -             -              - 
Gross profit (loss)                                         387            598            42        402          18       1,448           (51)         1,397
Corporate and other costs                                    (4)           (5)            (1)       (19)       (143)       (172)            -           (171)
Exploration and evaluation costs                             (3)          (42)           (38)       (65)        (17)       (166)            2           (165)
Intercompany transactions                                     -           (37)            (6)        (1)         44           -             -              -
Special items                                                (1)            3             25          2          (3)         25             -             25
Operating profit (loss)                                     379            516            22        319        (101)      1,135           (49)         1,086
Net finance (costs) income, unwinding of
 obligations and fair value adjustments                      (3)           (3)             1         (1)        103          98             -             98 
Exchange gain (loss)                                          -             4              -          1           1           6             -              6
Share of equity accounted investments
 profit (loss)                                                -             -              -         (9)        (13)        (22)           35             14 
Profit (loss) before taxation                               376            517            23        311          (9)      1,217           (13)         1,204
Taxation                                                     47          (224)            (9)      (135)          1        (321)           13           (308)
Profit (loss) for the period                                423            293            14        175          (8)        896             -            896
Equity shareholders                                         423            303            14        159         (15)        884             -            884
Non-controlling interests                                     -           (10)             -         16           7          12             -             12
Operating profit (loss)                                     379            516            22        319        (101)      1,135           (49)         1,086
Retrenchment costs                                            4             1              -          2           -           6             -              6
Unrealised non-hedge derivatives and other
 commodity contracts                                          -             -              -          -           -           -             -              - 
Intercompany transactions                                     -            37              6          1         (44)          -             -              -
Special items                                                 4            (9)             -          1           1          (3)            -             (3)
Share of associates' EBIT                                     -             -              -         (9)         (4)        (13)           49             36
EBIT                                                        386            545            28        314        (148)      1,125             -          1,125
Amortisation of assets                                      151            132            15        106           5         409            (4)           405
Share of associates' amortisation                              -             -             -          -           -           -             4              4
EBITDA                                                      537            677            43        420        (143)      1,534             -          1,534

Profit (loss) attributable to equity shareholders           423            303            14        159         (15)        884             -            884
Special items                                                 4             (9)            -          1           1          (3)            -             (3)
Share of associates' special items                            -              -             -          -           9           9             -              9
Taxation on items above                                      (1)             3             -          -           -           1             -              1
Headline earnings (loss)                                    425            297            14        160          (5)        892             -            892
Unrealised non-hedge derivatives and                                                             
 other commodity contracts                                    -              -             -          -           -           -             -              -
Deferred tax on unrealised non-hedge                                                               
 derivatives and other commodity contracts                    -              -             -          -           -           -             -              -
Fair value adjustment on option component
  of convertible bond                                         -              -             -          -         (67)        (67)            -            (67)  
Fair value adjustment on mandatory
 convertible bond                                             -              -             -          -        (108)       (108)            -           (108) 
Adjusted headline earnings (loss)                           425            297            14        160        (181)        716             -            716                                          

Ore reserve development capital                             120             24             9         32           -         185             -            185
Stay-in-business capital                                     55            230             9         43          17         353            (4)           349
Project capital                                              60            128            77         90           -         355           (85)           270
Total capital expenditure                                   236            382            94        165          17         893           (89)           805
Capitalised leased assets                                                                                                                                 (3)
Expenditures on intangible assets                                                                                                                        (28)
Capital expenditure per statement of cash flows                                                                                                          774

Rounding of figures may result in computational discrepancies.

Administrative information

ANGLOGOLD ASHANTI LIMITED

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

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


JSE Sponsor:      UBS (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
Suite 31, Second Floor
107 Cheapside
London
EC2V 6DN
Telephone: 020 7796 8644
Fax: 020 7796 8645
E-mail: jane.kirton@corpserv.co.uk

Directors
Executive
AM O'Neill ~ (Executive Director: Business and
Technical Development) (Resigned from Board -
19 July 2013)
RN Duffy^ (Chief Financial Officer)
S Venkatakrishnan*@ (Chief Executive Officer)

Non-Executive
T T Mboweni^ (Chairman)
R Gasant^
Ms N P January-Bardill^
M J Kirkwood*
Prof L W Nkuhlu^
S M Pityana^
R J Ruston~
                 
* British        ^   South African
~ Australian     @   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.

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

United Kingdom
Shares
Jersey
Computershare Investor Services (Jersey) Ltd
Queensway House
Hilgrove Street
St Helier
Jersey JE1 1ES
Telephone: +44 870 889 3177
Fax: +44 (0) 870 873 5851
Depositary Interests
Computershare Investor Services PLC
The Pavillions
Bridgwater Road
Bristol BS99 6ZY
England
Telephone: +44 (0) 870 702 0000
Fax: +44 (0) 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: (Australia only) 1300 55 2949
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



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