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ANGLOGOLD ASHANTI LIMITED - Report for the quarter and nine months ended 30 September 2014

Release Date: 03/11/2014 07:05
Code(s): ANG     PDF:  
Wrap Text
Report for the quarter and nine months ended 30 September 2014

ANGLOGOLD ASHANTI LIMITED                    
Registration No. 1944/017354/06               
Incorporated in the Republic of South Africa
Share codes:                                  
ISIN:                  ZAE000043485           
JSE:                   ANG
NYSE:                  AU
ASX:                   AGG
GhSE: (Shares)         AGA
GhSE: (GhDS)           AAD  


Report 
for the quarter and nine months ended 30 September 2014

- Record safety measures across all metrics; Industry-leading 2nd consecutive fatality-free quarter

- Normalise AHE of USD66m, or 16 US cents a share on strong production, despite lower gold price

- Production of 1.128Moz ahead of guidance; Up 8% year-on-year and 3% on prior quarter

- Total cash costs of USD820/oz were better than guidance of USD850/oz - USD890/oz

- All-in-sustaining costs improve by 10% year-on-year to USD1,036/oz on strong cost management

- All-in-cost improve 19% year-on-year to USD1,144/oz
         
- AngloGold Ashanti generates modest free cash flow after strong operating quarter

- Prioritising self-help measures to deleverage balance sheet       
                                
- Net debt reduced to USD2,952m; Net debt: adjusted EBITDA improves marginally to 1.64 times

- Significant maiden resource declared at Nuevo Chaquiro deposit in Colombia


                                                                                   Quarter                   Nine months
                                                                        ended        ended            ended        ended       ended
                                                                          Sep          Jun              Sep          Sep         Sep
                                                                         2014         2014             2013         2014        2013                
                                                                                       US dollar / Imperial
Operating review  
Gold  
Produced                                            - oz (000)          1,128        1,098            1,043        3,280       2,876
Sold                                                - oz (000)          1,101        1,088            1,062        3,286       2,902
Price received (1)                                  - USD/oz            1,281        1,289            1,327        1,287       1,455                              
All-in sustaining costs (2)                         - USD/oz            1,036        1,060            1,155        1,030       1,239
All-in costs (2)                                    - USD/oz            1,144        1,192            1,408        1,150       1,562
Total cash costs (3)                                - USD/oz              820          836              809          810         865

Financial review 
Gold income                                         - USDm              1,295       1,321             1,374        3,940       4,079
Cost of sales                                       - USDm            (1,052)     (1,064)           (1,064)      (3,130)     (3,104)
Total cash costs (3)                                - USDm                864         874               815        2,516       2,436
Production cost (4)                                 - USDm                877         894               865        2,578       2,518
Adjusted gross profit (5)                           - USDm                243         257               310          811         975
Gross profit                                        - USDm                273         252               276          820       1,041                 
Profit (loss) attributable to equity shareholders   - USDm                 41        (80)                 1            -     (1,925)
                                                    - cents/share          10        (20)                 0            0       (496)

Headline earnings (loss)                            - USDm                 44        (89)              (18)          (7)         354
                                                    - cents/share          11        (22)               (5)          (2)          91

Adjusted headline earnings (loss) (6)               - USDm                  2         (4)               576          117         553
                                                    - cents/share           0         (1)               148           29         142
 
Net cash flow from operating activities             - USDm                320         336               319        1,007         815
Capital expenditure                                 - USDm                261         311               448          846       1,516


Notes:  1.  Refer to note C "Non-GAAP disclosure" for the definition.                                  5. Refer to note B "Non-GAAP disclosure" for the definition.
        2.  Refer to note D "Non-GAAP disclosure" for the definition.                                  6. Refer to note A "Non-GAAP disclosure" for the definition.                                   
        3.  Refer to note E "Non-GAAP disclosure" for the definition.                                    
        4.  Refer to note 3 of note for the quarter and nine months                                    USD represents US dollar, unless otherwise stated.
            ended 30 September 2014.                                                                   Rounding of figures may result in computational discrepancies.     
                                                                        
                                                                                                        

                                                                                                         
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, all-in sustaining costs, 
all-in 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 health and safety 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 AngloGold Ashanti's 
annual report on Form 20-F for the year ended 31 December 2013, which was filed with the United States Securities and Exchange Commission 
("SEC") on 14 April 2014. 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 September 2014

                                                                                                                                                                                                         Adjusted
                                                          Production                                        All-in sustaining costs(1)                             Total cash costs(2)                                                
                                                                                                                                                                                                     gross profit (loss)(3)
          
          
                                                          Year-on-year        Qtr on Qtr                       Year-on-year           Qtr on Qtr                      Year-on-year      Qtr on Qtr                   Year-on-year              Qtr on Qtr
                                          oz (000)       % Variance(4)    % Variance(5)             USD/oz       % Variance(4)     % Variance(5)         USD/oz        % Variance(4)     % Variance (5)      USDm     USDm Variance(4)   USDm Variance(5)



SOUTH AFRICA                                   314                (5)                 (2)            1,115                (2)              5                 902                   6                 5          47                (29)               (11)
   Vaal River Operations                       107               (12)                (11)            1,153                (5)             11                 940                   8                 7          10                (14)               (11)
     Great Noligwa                              17                  -                (23)            1,343               (11)             11               1,276                 (2)                20         (2)                   1                (4)
     Kopanang                                   38               (14)                 (5)            1,211                (5)              2                 993                   3               (3)         (1)                 (4)                 -
     Moab Khotsong                              52               (13)                (12)            1,047                (3)             19                 792                  18                12          13                (11)                (7)
   West Wits Operations                        153                  3                   6            1,007               (11)              -                 825                   1                 4          35                 (2)                 -
     Mponeng                                    92                  5                   5              898               (17)            (3)                 688                 (9)               (4)          35                   6                 5
     TauTona                                    61                  -                   9            1,170                (3)              3               1,030                  15                12           -                 (9)               (5)
   Total Surface Operations                     52               (12)                 (5)            1,261                 27              -               1,048                  15                 3           2                (13)                 -
     First Uranium SA                           23               (12)                   -            1,308                 39           (18)                 954                  20               (9)         (2)                 (5)                 4
     Surface Operations                         29               (12)                 (9)            1,223                 19             19               1,123                  11                13           4                 (7)               (4)
  Technology                                     2                100                 100                -                  -              -                   -                   -                 -           -                   -                 -
              
          
INTERNATIONAL OPERATIONS                        813                14                   4              973               (13)             (6)                789                   -               (4)          215               (18)               11
  CONTINENTAL AFRICA                            410                 7                   4              928               (19)             (7)                799                  (1)              (6)          116               (14)                3
   DRC       
                          6           
     Kibali - Attr. 45%                         65                100                  59              580                100            (21)                563                  100             (21)           27                 27               23
   Ghana          
     Iduapriem                                  45               (27)                 (4)              984                 55             (1)                866                   49              (5)           10               (26)                -
     Obuasi                                     78                 15                  22            1,169               (39)            (18)                966                 (11)             (18)           15                 23               12
   Guinea           
     Siguiri - Attr. 85%                        72                  4                (10)              798               (23)            (13)                741                 (25)              (5)           28                  5              (6)
   Mali          
                           6          
     Morila - Attr. 40%                         10               (17)                   -            1,660                 44              42              1,525                  101               34          (6)               (13)              (5)
     Sadiola - Attr. 41% 6                      21                  5                 (9)            1,062               (47)             (1)                981                 (44)                3            -                  8              (1)
     Yatela - Attr. 40% 6                        2               (60)                   -            1,858                 25            (34)              1,672                   18             (13)          (1)                 -                 3
   Namibia            
     Navachab                                    -              (100)               (100)                -              (100)           (100)                  -                (100)            (100)            -               (15)              (9)
   Tanzania           
     Geita                                     116                (9)                   5              907                (1)               3                715                  30                 7           39               (28)             (13)
    Non-controlling interests,         
                                                                                                                                                                                                                 4                  4               (2)
     exploration and other


  AUSTRALASIA                                  152                145                 (2)             980                (38)             (6)                 861                 32)                1         24                 35                 2
   Australia      
     Sunrise Dam                                68                 10                  10             1,116               (9)            (27)                 982                 17)             (25)          6                 10                22
     Tropicana - Attr. 70%                      84                100                (10)              800                100              16                 721                 100              45          23                 23              (21)
     Exploration and other                                                                                                                                                                                     (5)                 2                 1
 
 
  AMERICAS                                     251                (7)                  10             1,035                 8             (4)                 730                  11               (5)        76                (38)                8
   Argentin 
     Cerro Vanguardia - Attr. 92.50%            62                (2)                   -              956                 16               2                 656                   7               (4)        20                (14)              (3)
   Brazi 
     AngloGold Ashanti Mineração               101                (2)                  15             1,037                 4             (1)                 699                  16               (3)        34                 (3)                3
     Serra Grande                               32                (9)                   7             1,097                12             (9)                 803                  13               (9)         3                (10)                2
   United States of Americ  
    Cripple Creek & Victor                      56               (19)                  14             1,075                 7            (12)                 827                  11               (8)        18                (11)                7
   Non-controlling interests,  
                                                                                                                                                                                                      1        (1)                (1)
    exploration and other

OTHER                                                                                                                                                                                                           -                  2                 4

Sub-total                                     1,128                8                 3             1,036               (10)             (2)                   820                    1               (2)      262               (45)                 5

Equity accounted investments included above                                                                                                                                                                  (19)                (22)             (19)
                           
AngloGold Ashanti                                                                                                                                                                                             243                (67)             (14)
                           
(1) Refer to note D under "Non-GAAP disclosure" for definition
(2) Refer to note E under "Non-GAAP disclosure" for definition  
(3) Refer to note B under "Non-GAAP disclosure" for definition
(4) Variance September 2014 quarter on September 2013 quarter - increase (decrease).
(5) Variance September 2014 quarter on June 2014 quarter - increase (decrease).
(6) Equity accounted joint ventures.

Rounding of figures may result in computational discrepancies.

Financial and Operating Report
OVERVIEW FOR THE QUARTER
AngloGold Ashanti again maintained its strong momentum in achieving its five key business objectives, namely: improving safety and
sustainability; enhancing financial flexibility; optimising overhead and operating costs and capital expenditure; improving the quality of its
portfolio; and maintaining long-term optionality in the business.

Importantly, progress made on those areas again supported the key objective of sustainably improving free cash flow. Despite a 3%
decline in the average gold price received from a year earlier to USD1,281/oz, an improved production performance and lower all-in
sustaining costs, helped drive net debt marginally lower to USD2,952 million, from USD3,008 million a year earlier and USD2,994 million the
previous quarter.

Another strong operating performance across each of the company's operating regions helped an 8% improvement in output year-on-
year to 1.128Moz, ahead of guidance levels of 1.06Moz to 1.09Moz. This performance came despite the loss of 30,000oz related to the
earthquake on 5 August that interrupted the Vaal River Operations in South Africa for several days while the mines were idled to allow
aftershocks to subside and repairs to be affected.

All-in sustaining costs (AISC) were USD1,036/oz, 10% lower than the same period last year of USD1,155/oz. Total cash costs of USD820/oz were
marginally higher at 1% compared to USD809/oz recorded in the same quarter last year, and were better than guidance of USD850/oz to
USD890/oz, despite ongoing inflationary challenges in several key jurisdictions including South Africa, Continental Africa and South
America. Corporate and marketing costs of USD24m were 43% lower year-on-year, while exploration and evaluation costs of USD37m were
33% lower over that period. The improved performance reflected the benefit of a full quarter with Kibali and Tropicana in the operating
line-up, as well as an ongoing focus on overhead- and direct-cost management through the Project 500 programme, continued capital
discipline and the benefit of weaker currencies against the US dollar in Brazil, South Africa and Australia.

These strong fundamental improvements once again helped offset the lower gold price, helping to maintain cash flow from operating
activities compared to the same period last year. Adjusted Earnings Before Interest Depreciation and Amortisation (adjusted EBITDA)
increased to USD400m from USD327m in the third quarter of 2013, reflecting an improvement in the adjusted EBITDA margin from 24% a year
ago, to the current 31%. The key ratio of net debt to adjusted EBITDA improved to 1.64 times for the twelve month period ended 30
September 2014, from 2.02 times for the twelve month period ended 30 September 2013, and 1.73 times for the twelve month period
ending 30 June 2014.

Once again, this significant improvement in operating performance was made alongside another record safety performance. AngloGold
Ashanti recorded its second fatality-free quarter in succession, the first time in the company's history that this has been achieved. In
addition, all other safety metrics reached their best levels ever, an achievement all the more noteworthy given the potential dangers
posed by the earthquake. In the event, all 3,300 employees working underground at the time were safely lifted to surface, with only a
handful of minor injuries reported.

Summary table comparing 2014 performance to date with the same periods last year:

                                                                    Q3 2014    Q3 2013   Improved      YTD Sep         YTD Sep       Improved
                                                                                           Q14 vs         2014            2013         YTD vs
                                                                                              Q13                                         YTD

Gold price received (USD/oz)                                          1,281      1,327       (3%)        1,287           1,455           (12%)      
Gold Production (koz)                                                 1,128      1,043         8%        3,280           2,876             14%      
Total cash costs (USD/oz)                                               820        809         1%          810             865            (6%)      
Corporate and marketing costs* (USDm)                                    24         42      (43%)           68             165           (59%)      
Exploration and evaluation costs (USDm)                                  37         55      (33%)           99             214           (54%)      
Capital expenditure (USDm)                                              261        448      (42%)          846           1,516           (44%)      
All-in sustaining costs**(USD/oz)                                     1,036      1,155      (10%)        1,030           1,239           (17%)      
All-in costs**(USD/oz)                                                1,144      1,408      (19%)        1,150           1,562           (26%)      
Cash inflow from operating activities (USDm)                            320        319         0%        1,007             815             24%      
Adjusted EBITDA (USDm)                                                  400        327        22%        1,258           1,123             12%      
Free cash flow (USDm)                                                    30      (222)       114%           86           (950)            109%      
* including administration and other expenses.                                                                                                                 
** World Gold Council Standard, excludes stockpiles written off.                                                                                                  


CORPORATE UPDATE

"Our operations are firing on all cylinders," Chief Executive Officer Srinivasan Venkatakrishnan, said. "We've prioritised and have started
working on a range of self-help measures to generate cash from within current operating base to further deleverage the balance sheet
over the medium term. We will also consider the sale or partnership of an operating asset, if required."

On 10 September 2014, AngloGold Ashanti announced, for consultation with its shareholders, a proposed corporate restructuring and
capital raising. The restructuring proposed creating a London-listed entity to house the company's international assets with the South
African assets remaining at AngloGold Ashanti, thus creating two simpler and more focused entities. The proposed capital raising would
have reduced debt levels in order to leave the South African entity debt free (with the exception of existing guarantees by Anglogold
Ashanti of debt that would have remained outstanding) and leave the international entity with sustainable debt levels that could be
supported by its own cash flows.

This proposal was withdrawn on 15 September, after engagement with holders of the majority of the shares in the company. While there
was broad support for the strategic logic of the restructuring, a number of shareholders expressed concerns about certain aspects of the
proposed transactions, in particular the quantum of the equity capital raising needed to enable the restructuring to be implemented in
accordance with regulatory and other requirements.

The withdrawal of the restructuring proposal means there is no need for the quantum of deleveraging, required to facilitate the
separation of the company. Furthermore, maturities of AngloGold Ashanti's major debt facilities are long-dated, with revolving credit
facilities – most of which are currently undrawn -- maturing only in 2019, and the first bond maturities a year later, in 2020. Net debt to
adjusted EBITDA at current levels of about 1.6 times is well within covenant limits of 3.5 times. In addition, the continued restructuring of
the company's cost base and improvements in the quality of the portfolio, have helped the company deliver modest free cash generation
in each of the last three quarters, despite the lower gold price. Liquidity is currently adequate with cash available, access to commercial
paper markets and the undrawn portions of the company's bank facilities (USD1bn in US dollar RCF and roughly AUSD151m undrawn in our
Australian dollar RCF).

While pro-actively reducing current debt levels and improving overall balance sheet flexibility remain important objectives for
management in the medium term, AngloGold Ashanti has intensified its focus on prioritising value creation opportunities deliverable
from within its current structure. The company plans to continue to aggressively identify and implement further operational efficiencies,
reduce overhead cost structures and pursue other initiatives to improve underlying business performance.

The company also intends to explore other opportunities to strengthen its balance sheet including portfolio simplification, sale or the
entry into partnerships with respect to its Colombian portfolio and Obuasi mine in Ghana and, could potentially consider the sale or joint
venture of other operating assets for fair value. AngloGold Ashanti's medium-term aspirational target would be to prioritise the use of
proceeds from such actions to reduce debt by about USD1bn over the medium-term in order to lower its leverage ratio to less than 1.5
times net debt to adjusted EBITDA.

SAFETY

For the first time ever, AngloGold Ashanti reported two consecutive quarters without a single workplace fatality. This is a significant
achievement for a South African deep-level mining major, and shows what is possible when total commitment by a group of people
comes together with the correct culture, procedures and support. AngloGold Ashanti's overall workplace safety continues to show strong
improvement across several metrics, with the broadest measure of progress – all injury frequency rates and lost-time injury frequency
rates – remaining at record low levels. Seven of our operating and major exploration sites have now passed nine months without a
single lost time injury, while continued improvements at several other operations have allowed new safety benchmarks to be set.

Ongoing process, management and behavioural improvements have helped more than halve the number of safety incidents since 2007.
While we are immensely proud of this achievement, which is the result of hard work over several years, we fully realise that there is no
room for complacency while injuries occur on mine sites. We recognise, however, that to the end of September 2014 our record of no
fatalities related to so-called ‘fall-of-ground' incidents continued for more than a year as at the quarter end. In addition, nine of our
operating entities ended the quarter with no lost time injuries and six have that record intact for the first nine months of the year. We
continue to look for new ways to keep safety at the forefront of everything we do and continue to focus on managing our major hazards,
and understanding what we call ‘high potential incidents,' which may have resulted in death or serious injury.

FINANCIAL AND CORPORATE REVIEW

Cash inflow from operating activities of USD320m for the three months to 30 September 2014 was similar to the USD319m of the same quarter
in 2013, despite the lower gold price received. Free cash flow of USD30m after all expenditures, compared to the total outflow of USD222m in
the period a year ago, highlighting significant operating and cost improvements across a broad front.

Adjusted headline earnings (AHE) were USD2m in the three months to 30 September 2014, compared with USD576m or 148 US cents per
share a year earlier, when AHE reflected a USD567m realised fair value gain on a three-year convertible bond. The USD2m AHE for the
quarter under review reflects fees related to the accelerated amortisation of the USUSD and AUSD RCF (USD7m), operational and corporate
redundancies (USD36m), operational closure and termination costs (USD7m), non-cash provisions relating to stockpiles and consumable
inventories (USD6m) and indirect taxes and legal provisions (USD8m).

By removing the impact of the above adjustments the normalised AHE for the period, therefore, would be USD66m, or 16 US cents a share,
based on the weighted average number of shares of 406 million compared with USD110m or 28 cents in the corresponding quarter of 2013.
This was due to a lower gold price, annual inflationary increases, higher amortisation and taxation due to more withholding taxes on
non-recurring taxation credits partially offset by weaker local currencies, savings in corporate and exploration expenditure and lower
finance costs. The normalised AHE for the September 2014 quarter is lower than June 2014 quarter at USD76m or 19 cents per share,
mainly impacted by cost inflationary increases, notably the South African wage increases and winter power tariffs.

Net profit (loss) attributable to equity shareholders for the third quarter of 2014 was USD41m, compared to USD1m a year earlier.

Operational performance for the third quarter was strong with both production and costs coming in better than market guidance.
Production was 1.128Moz at an average total cash cost of USD820/oz, compared to 1.043Moz at USD809/oz a year earlier and 1.098Moz at
USD836/oz the previous quarter. Guidance for the third quarter was 1.06Moz to 1.09Moz oz at a total cash cost of USD850-890/oz. This
included a 30,000oz loss of production at our Vaal River Operations due to the earthquake. Costs overall benefited from higher output,
weaker currencies and continued benefits from a range of cost saving initiatives.

Production from the South African operations fell by 5% to 314,000oz in the third quarter of 2014, due to the impact of the earthquake.
During the third quarter of 2014 production from the International Operations increased 14% to 813,000oz from 714,000oz in the third
quarter of 2013, despite no contribution from Navachab following its sale in June 2014, and the continued wind-down of production from
Obuasi. Within the international portfolio, Continental Africa was 7% higher at 410,000oz for the third quarter of 2014, compared to
383,000oz in the third quarter of 2013. Year-on-year, Australia more than doubled from 62,000oz to 152,000oz following the addition of
Tropicana, while the Americas dropped marginally to 251,000oz from 270,000oz , due mainly to declines in production from the Cripple
Creek & Victor mine.

All-in sustaining costs (AISC), excluding stockpile write offs, were USD1,036/oz, a 10% improvement year-on-year, and 2% lower than the
previous quarter due to lower total cash costs and an increase in gold sold. The year-on-year decline in AISC was due to the higher
ounces sold, lower corporate and exploration costs as well as lower sustaining capital expenditure. Total cash costs for the third quarter
of 2014 increased USD11/oz compared to the same period in the previous year, from USD809/oz to USD820/oz. The higher total cash costs,
given the two new mines – Kibali and Tropicana -- include fuel and power costs and service costs, partly offset by significant
improvements from a combination of cost saving initiatives, currency weakness, removal of some marginal and loss-making production
and higher output in some areas. Total capital expenditure during the third quarter was USD261m (including equity accounted joint
ventures), compared with USD448m in the third quarter of 2013 and USD311m the previous quarter. Of the total capital spent, project capital
expenditure during the quarter amounted to USD84m. Free cash flow after all outgoing expenditures including interest and tax, improved
from negative USD222m a year earlier to a positive USD30m in the third quarter, reflecting declining capital expenditures, improved costs and
higher production.

At the end of the third quarter of 2014, net debt was USD2,952m compared to USD3,008m a year earlier, and USD2,994m in the second quarter,
resulting in an improvement in net debt to adjusted EBITDA ratio to 1.64 times, compared with 1.73 times in the previous quarter and
2.02 times a year ago.

OPERATIONAL HIGHLIGHTS

The South African operations produced 314,000oz at a total cash cost of USD902/oz during the third quarter of 2014 compared to
329,000oz at total cash cost of USD851/oz in the third quarter of 2013. Production was adversely impacted by the 5.3 magnitude
earthquake which struck South Africa's North West province on the 5 August 2014, and the time taken in its aftermath to allow
aftershocks to subside and then to effect repairs. Total cash costs increased due to labour inflationary increases and seasonal electricity
tariffs that were effective from the second half of the year. However, these costs were partially offset by cost savings from Project 500
initiatives.

At West Wits, production was 153,000oz at total cash cost of USD825/oz during the third quarter of 2014 compared to 149,000oz at total
cash cost of USD814/oz during the third quarter of 2013. The third quarter's performance reflected an improvement on the back of seismic
related activities and safety stoppages. Mponeng delivered a 5% improvement in production compared to the same quarter of 2013 as a
result of a slight reduction in stope-widths and an increased overall grade due to lower intake of marginal ore tonnages. Despite annual
inflationary increases, total cash costs decreased by 9% year-on-year. Mponeng was the lowest cost producer for the South African
region at a total cash cost of USD688/oz. The concerted effort at TauTona on value accretive energy initiatives continues to achieve
encouraging results. These initiatives include wastage elimination, rescheduling activities such as pumping to take place during non-
peak shift hours, continuous monitoring of water arrival and specific attention is given to identifying and repairing air leaks.

Production from the Vaal River operations decreased in the third quarter of 2014 to 107,000oz at total cash cost of USD940/oz, compared
to 122,000oz at total cash cost of USD867/oz in the third quarter of 2013. Great Noligwa and Moab Khotsong were most severely impacted
by the earthquake whilst Kopanang was impacted by safety related disruptions. Underground assessments indicated that some of the
reef silos had cracked, while other relatively minor damage occurred to surface infrastructure and buildings. Overall, operations were
impacted by between five and ten days of no or partial production, depending on the damage at each of the affected sites.

Total Surface Operations production for the third quarter of 2014 was 52,000oz at total cash cost of USD1,048/oz, compared to 59,000oz
at total cash cost of USD915/oz in the third quarter of 2013. Processing of marginal ore dump material at some reclamation sites was
discontinued as grades were below cut-off. In mitigating this, an extensive drilling program was started at the reclamation sites to
improve knowledge of mineralogy and grade. Current reagent dosage rates and metallurgical parameters are being optimised.
Commissioning of the uranium plant at Mine Waste Solutions has commenced and is expected to be completed by year-end.

The Continental Africa region for the third quarter of 2014 produced 410,000oz at total cash cost of USD799/oz compared to 382,000oz at
total cash cost of USD804/oz in the third quarter of 2013; the increase in production was mainly due to the contribution from Kibali.

In Ghana, Iduapriem's production for the third quarter of 2014, was 45,000oz at total cash costs of USD866/oz compared to 62,000oz at
total cash cost of USD580/oz in third quarter of 2013. Production decreased in line with production plan which is focused on treating lower
grade stockpile material. At Obuasi, production for the third quarter of 2014 was 78,000oz at total cash cost of USD966/oz, compared to
68,000oz at total cash cost of USD1,082/oz in third quarter of 2013. Production increased and total cash costs improved due to an increase
in tonnage throughput from both underground and surface sources.

In the Republic of Guinea, Siguiri's production for the third quarter of 2014 was 72,000oz at total cash cost of USD741/oz compared to
69,000oz at total cash costs of USD987/oz in third quarter of 2013. Production improved despite depleting higher grade ore sources. Total
cash costs decreased as a result of cost management through renegotiation of fuel supply contracts and other efficiency benefits.

In Mali, Morila's production was down at 10,000oz at total cash costs of USD1,525/oz. Costs increased as a result of a non-cash gold-in-
process inventory expense as the gold locked up in the plant in the previous period was released. Sadiola's production was 21,000oz
at total cash cost of USD981/oz as a result of a decrease in recovered grade due to lower volumes of oxide material accessed from the
primary ore sources. Yatela's production was down to 2,000oz in line with the closure plan. Total cash costs were USD1,672/oz.

In Tanzania, Geita's production for the third quarter of 2014 was 116,000oz at total cash cost of USD715/oz compared to 127,000oz at
total cash cost of USD549/oz in third quarter of 2013. Production was lower as a result of a 19% decrease in recovered grade, partly offset
by a 14% increase in tonnage throughput, which also negatively impacted on costs. Production was higher in the third quarter of 2013
due to higher grade ore sourced from the Star & Comet pit which has now been depleted. Going forward, production is expected to
improve as a result of increased tonnage throughput with the consistency in the mill running time and improved mill productivity from a
softer ore blend delivered to the plant. The increase in total cash costs was in line with the annual operational plan as a result of higher
mining costs incurred in the quarter. In addition, AngloGold Ashanti is investigating a move to switching Geita from an owner-operator
model to a contractor operated model in the new year, to take advantage of a relatively attractive market for mining contracts and to
improve ongoing cash flow by removing some future capital commitments.

In the Democratic Republic of the Congo, production in Kibali was 65,000oz at total cash costs of USD563/oz. The 59% increase in
production over the previous quarter was due to successful efforts to overcome operational challenges encountered with the
commissioning of the Sulphide Circuit, as well as plant availability on the Oxide Circuit. Production was also assisted by a 29%
improvement in throughput and increased milled head grade.

The Americas region, for the third quarter of 2014, produced 251,000oz at total cash cost of USD730/oz compared to 270,000oz at total
cash cost of USD656/oz in the third quarter of 2013.

In the United States, Cripple Creek & Victor's production for the third quarter of 2014 was 56,000oz at total cash cost of USD827/oz
compared to 69,000oz at total cash cost of USD744/oz in the third quarter of 2013. Production decreased partially due to a change in the
ore stacking plan. A delay in receiving certification for a section of an exposed liner led to the heap leach stacking plan being modified
resulting in deferred production as ore was placed deeper in the leach pad in the first half of the year and shallower in the second half.
In addition, production was negatively affected by lower ore-grade mined and fewer tonnes crushed due to more clay in the ore, thereby
impacting negatively on total cash costs in addition to lower gold placement.

In Argentina, Cerro Vanguardia´s gold production for the third quarter of 2014 was 62,000oz at a total cash cost of USD656/oz compared
to 63,000oz at total cash cost of USD614/oz in the third quarter of 2013. Production was negatively impacted by operational delays in
development causing decreased secondary development head grades and sequencing in the mine, thereby resulting in lower grade at
the underground mine compensated by higher tonnes treated. Although costs benefited from the weaker exchange rate, this was offset
by lower by-product sales and lower deferred stripping adjustment.


In Brazil, production for the third quarter of 2014 was 133,000oz at a total cash cost of USD724/oz compared to 138,000oz at a total cash
cost of USD629/oz in the third quarter of 2013. At AngloGold Ashanti Córrego do Sítio Mineração, production for the third quarter of
2014 was 101,000oz at total cash cost of USD699/oz compared to 103,000oz at total cash cost of USD602/oz in the third quarter of 2013.
Production was impacted by operational delays in high grade areas, changes in mining plan at Cuiabá Complex, and geotechnical
challenges at the new oxide pit. Work is underway to improve the mine's rock mechanics, change the mining method from cut-and-fill to
sub-level stoping and increase the contribution of Narrow Vein Ore Bodies (NV) from 15% of the mine's total, to 40%.

Also at Cuiaba, our exploration programme, the deep-level exploration programme confirmed the down-plunge extension of the ore
body as far as Level 24 at the MO mine (the Main Ore Body) and Level 26 at the NV mine, while high-grade quartz veins have been
intersected between Level 9 and Level 25. In addition, satellite ore bodies have been intersected close to the existing infrastructure.
These exploration successes will, potentially help add production in the both the short-term and over the life of mine.

At Serra Grande, production for the third quarter of 2014 was 32,000oz at total cash cost of USD803/oz, compared to 35,000oz at total
cash cost of USD709/oz in the third quarter of 2013. Production was down due to lower grades caused by differences in underground mine
sequencing, with higher grades anticipated in the latter part of the year. Costs were negatively impacted mainly by lower gold
production, local currency appreciation and ore stockpiles.

In Australia production for the third quarter of 2014 was 152,000oz at total cash cost of USD861/oz compared to 62,000oz at total cash cost
of USD1,270/oz in the third quarter of 2013. At Sunrise Dam production for the third quarter of 2014 was 68,000oz at total cash cost of
USD982/oz compared to 62,000oz at total cash costs of USD1,184/oz in third quarter of 2013. The increase in production was attributable to
favourable mill throughput with a record 616,000 tonnes of underground ore mined during this quarter whilst the underground mine
grade increased to 2.74g/t from the prior year's quarter's 2.20g/t. Total cash costs decreased due to the higher production as well as the
drawdown of ore stockpiles. The mine successfully completed the transition to underground operations following the closure of the Open
Pit.

Tropicana production for the third quarter of 2014 was 84,000oz at total cash cost of USD721/oz compared to 93,000oz at total cash cost
of USD498/oz in the previous quarter. Production decreased quarter-on-quarter as a result of lower mined and milled grades in July and
significant downtime in the mill for both planned maintenance and repairs. In addition, structural failure of the CIL Tank 7 (inter-tank
screen) support tubes occurred, causing part of the tank wall to buckle. Mill throughput was constrained by reduced availability of
process water during the quarter as a result of lower-than-expected production from the bore field. A number of new bores have been
drilled and commissioned but approvals are required to enable the development of further bores that will provide redundancy through
the hot summer months. Mining was also constrained while remediation of a wall slippage in the upper oxide zone in the Havana Pit
was carried out.

TECHNOLOGY AND INNOVATION UPDATE:

The Technology Innovation Consortium continued to advance in the main projects targeting the methodology to Safely mine, All the
Gold, Only the Gold, All the Time. During the third quarter of 2014, progress on key technologies that seek to establish the base for a
safe, automated mining method intended for selective use at AngloGold Ashanti's deep-level underground mining operations is as
follows:
1.     Reef Boring
       - TauTona mine – Test site:
               Eleven holes were drilled during the quarter. Due to the change in reef channel width, the holes were drilled at different
               diameters ranging from 660mm up to 720mm. Improvement in the drilling theory remains a focus area and different
               reamer cutter configurations were tested. Due to the reef channel increasing, more holes will be drilled with the 660mm
               and 720mm reamers and further information obtained will evaluate the extent to which the reamers can be deployed at
               the prototype sites.
       - TauTona mine – Prototype sites
               During the third quarter, the testing of three medium reef (width 40-80cm) Atlantis machines at 97 Level at the TauTona
               mine commenced. Industrial and mechanical engineering support is being supplied to improve machine performance to
               design expectations.
       - Great Noligwa mine
                 Testing started on the new HPE narrow reef (0-40cm) machine and nine holes have been drilled to date. This method
                 of drilling requires a double pass drilling sequence where an initial pilot or direction hole is drilled which is followed by
                 a larger diameter cutter that reams the initial hole to a larger dimension. Drilling of the 115mm pilot holes was
                 successful with regards to drilling rate and direction. Reaming with 250mm and 350mm reamers however remains a
                 challenge as the softer footwall conditions associated with the C-reef ground are causing the cutter head to fall out of
                 the direction hole and into the non-gold bearing material below the reef. Modifications are now being assessed.

       - Site Equipping:
               Site equipping of the 2014 prototype sites were completed. Work continues to equip future 2015 sites.

       - Machine Manufacturing:
                 All four medium reef (width 40-80cm) machines and the two small reef (width 0-40cm) machines have been
                 manufactured and delivered to the relevant mines. The last of the medium reef machines (Moab Khotsong) as well as
                 the small reef machines (Kopanang) have been delivered to both mines. Testing on these machines has started.

  2.    Ore body Knowledge and Exploration
       Trial 5 was completed in the third quarter. Rotary Percussion (RP) drilling was compared to Reverence Circulation (RC) drilling,
       which was conducted during trials 1 to 4. A total of three holes were drilled with the average rate increasing from a previous
       12.7m/hr to a new average of 13.3m/hr, with no improvement in the drilling accuracy. Trial 6 will continue in the last quarter of the
       year using the RC drilling method. The new compressor will lead to an increase in the operating air pressure which will in turn
       improve the drilling rate to greater depths. Additionally rod stabilisers will be tested to ensure better accuracy as this remains a
       critical part of concluding a successful drilling solution.

  3. Ultra High Strength Backfill (UHSB)
       Alterations were made to the underground UHSB plant installed at TauTona mine to enhance the efficiency of the system. All
       available reef bored holes in the prototype testing block and test site have been filled. A software data logging system was installed
       and commissioned in the prototype testing site as part of the on-going process to install instrumentation. The focus will now be to
       integrate and process the data from the instrumentation, which is installed in the backfilled holes to monitor the backfill and rock
       mass response. Installation of an acoustic monitoring system commenced to additionally monitor the rock mass response during
       drilling and will be tested during the last quarter of the year.

     Civil engineering preparation work for the tailings drying plant commenced on surface at TauTona mine. The work is progressing
     as scheduled and the plant will be commissioned during the last quarter of the year. Surface testing to develop a pumping solution
     towards a 1,000m horizontal distance target is still in progress and work will continue into the next quarter.

PROJECT UPDATE

The CC&V mine life extension project (MLE2) includes a High Grade Mill and a new Valley Leach Facility and associated gold recovery
plant. The High Grade Mill is 87% complete as of the end of the third quarter 2014 and is planned to complete construction and start
production in the fourth quarter of 2014. All major mill equipment has been set in place and the remaining work is largely piping and
electrical. The new Valley Leach facility and associated gold recovery plant are scheduled to start production in 2016.

In Kibali, the construction of the metallurgical facility was materially completed at the end of the third quarter of 2014 with only punching
against agreed lists taking place. In respect of the hydropower projects, three of the four turbines at Nzoro2 are now consistently
utilised within the operation's power grid with hydropower utilisation improving during the quarter, although not yet at optimum
levels. Construction of the second station, Ambarau, has commenced and is expected to be completed in 2015. The construction of
the paste backfill plant is on schedule for completion and commissioning at the end of the first quarter in 2015. The development of the
decline shaft system continued well during the quarter and remains ahead of plan with focus on the ventilation infrastructure and the
completion of the main pump station.

The Resettlement Action Plan (RAP) of the Roman Catholic Church has been completed during the third quarter of 2014. A new
moratorium was entered into with the Provincial Governor during the quarter, extending the current Exclusion Zone to include the Mofu
and Gorumbwa deposits. A limited RAP will occur with affected families around the Mofu pit and is expected to be completed by the
fourth quarter of 2014 whilst the Gorumbwa RAP is planned to be completed by the end of 2015.

Capital expenditure for the quarter amounted to USD76.2 million and totals USD291.1 million for the year to date (at 100%). The capital
estimate for phases 1 and 2 of the project remains in line with previous guidance, with phase 1 expected to be completed by the end of
the 2014 year.

At Obuasi, the decline project advanced 968m in the third quarter of 2014 with the total project advance of 6,311m. The decline is now
at the 18Level, which equates to 1,800' (or 600m) below surface, with a final project depth of 5,000' (or 1,500m) below surface. Until
August 2014, the decline was being advanced from multiple locations in order to speed up advance. This has worked very effectively
and now that these headings have joined, the project has reduced to a single jumbo to focus on the development through to 26Level
which will enable decline access to two main production blocks, i.e. Sansu 3 and Block 8Level.

The transition to the Limited Operating state as defined in the APMO (Amendment to the Programme of Mining Operations) continued,
with the application submitted to Government in July and the planning is well advanced. Government requested an extension to mid-
November to submit their comments. The Workforce strength as at the end of the third quarter 2014 was 2,723 and a phased
retrenchment programme is continuing until the APMO approval is received. The Feasibility Study to support a business case for
ongoing investment into Obuasi to transform the operation into a more modern, productive and cost effective operation is well advanced
and expected to be completed early in 2015.

EXPLORATION

Total expensed exploration and evaluation costs (including technology) during the third quarter, inclusive of expenditure at equity
accounted joint ventures, were USD40m (USD9m on Brownfield, USD13m on Greenfield and USD18m on pre-feasibility studies), compared to USD77m
during the same quarter the previous year.

GREENFIELDS EXPLORATION

During the third quarter of 2014, focussed Greenfields exploration activities were undertaken in Australia, Colombia and Guinea, while
minor work was also completed in Brazil. Greenfields Exploration completed 8,427m of diamond and RC drilling.


In Colombia, exploration success continued at the Nuevo Chaquiro project, a joint venture with B2Gold (AGA 88.5%). During the quarter
5,400m of diamond drilling, in six holes was carried out with two drill rigs. AGA has been successful in further definition of a higher
grade zone and is now focussed on its extensions. AGA is pleased to announce a maiden Inferred Resource estimate for Nuevo
Chaquiro of 604Mt at an average grade of 0.65% copper, 0.32g/t gold, 4.38g/t silver and 116ppm molybdenum for a contained metal
content of 3.95Mt copper, 6.13Moz gold, 85.2Moz silver and 70Kt molybdenum.


In Australia (WA), 15,309m of aircore drilling tested various Greenfields targets at the Tropicana JV (TJV). Aircore drilling at the Madras
prospect has returned encouraging results and a ground geophysics survey is planned to better delineate targets ahead of RC/DDH
drilling in Q4. In New South Wales, AGA has withdrawn from the Nyngan Earn-in and Joint Venture Project. Also in New South Wales,
at the new Mullion Project (AGA 100%), stakeholder engagement has commenced in preparation for conducting on-ground exploration
activities.


In Guinea, exploration work continued in Siguri Blocks 2 and 3 (AGA 85%) until 20 July after which work was suspended due to Ebola in
the immediate region. On the Kounkoun trend (Block 3) 2,616m of RC drilling was completed to test the continuation of mineralisation
between KK1 and KK2. All the assay results (4,443 results from 27 holes) were received and confirmed the continuity of mineralisation
between KK1 and KK2. However, the gold grade is lower and the width of mineralisation is narrower away from KK1 and towards KK2.

At the Gueleni prospect (Block 2) and at Foulata North (Block 2) all outstanding assay results were received during the quarter with no
significant intersections reported.

In Brazil site preparation and logistics continued for diamond drilling during the upcoming quarter at the Pe Quente Project, part of the
Graben Joint Venture in Mato Grosso State. This drilling will test three priority targets generated by ground geophysics and supported
by structural and geochemical evidence.

BROWNFIELDS EXPLORATION

A total of 102,440m of diamond and RC drilling was completed during the third quarter of 2014.

In South Africa, four deep surface drilling sites were in operation during the quarter, one on the Moab Khotsong and three at Mponeng
(WUDLs). Diamond drilling continued at MZA10 and the hole is currently at 1,950m. This hole is targeted to provide value information in
the lower reaches of the early gold portion of Project Zaaiplaats. The rehabilitation for UD51 has been completed. UD59 advanced well
during the quarter and reached a depth of 3,172m in the Edenville Formation lava's. Redrill at UD60 has advanced to 1,814m. The
diamond rig has been erected at UD58A and the hole is currently being straightened and is at a depth of 876m compared to 291m in the
previous quarter. Poor ground conditions are hampering the progress of the hole.

In Tanzania at Geita Gold Mine exploration focused on infill drilling programmes at Geita Hill West (77m RC), Nyankanga Cut 8 (140m)
and the Star and Comet Cut2/3 gap (1,168m). Mineral Resource extension drilling continued at Star & Comet Deeps (1,888m). Assay
results from infill drilling programmes undertaken in the previous quarter were received for Geita Hill West and Geita Hill East. In
general, these intersections confirmed ore zones to be as modelled. Initial results were also obtained for the Star and Comet Cut/2/3
gap area.

In September a first pass mapping exercise was conducted around P30 area to improve the understanding of the geology and
mineralisation, and assess the target for follow-up work. P30 is located along the supracrustal sequence (including BIF) to the west of
Nyankanga/Kalondwa Hill. Grab samples from breccia within the folded BIF/chert ironstones and tuffaceous rocks returned significant
values and the area has been subject to ASM activities.

In Guinea, at Siguiri Gold Mine, a total of 40 holes were completed with 3,327m during the third quarter of 2014, comprised of 2,385m
RC infill drilling at Sokunu, and 942m AC drilled to sterilise the new return water dam site. No significant intersepts were obtained in the
sterilisation drilling. Two RC drilling programmes were carrying out at Sokunu, one (540m) aimed to test below-pit continuation of
mineralisation; the second (1,845m) was infill drilling focused on adding and upgrading the Mineral Resource on the south-western edge
of the Sokunu Pit. Most assays have been returned and several holes from the south-western drilling returned positive results. Further
drilling is required to complete the programme.

In Ghana, at Obuasi Gold Mine a total of 880m of underground drilling was completed from the above 50 Level 41S-294W site. The infill
drilling program to increase confidence in portions of Block 9/Red Zone 6 currently classified as Inferred Mineral Resource has now
been completed. At Iduapriem, drilling was completed in the areas to the north of Blocks 1 and 2 to test areas identified in recent field
investigation and target generation work. The results from these traverses were disappointing with no conglomerates identified nor
significant intercepts. A programme of 35 shallow (6m) auger holes were drilled at Block 1 for a preliminary assessment of the grade of
the fill material in the pit with no assays returned to date. Block 3W mapping and grab sampling continued and defined a possible
extension towards Block 4 for follow-up work. Pitting was completed on the Heap Leach Pad for size fraction analysis.

In the Democratic Republic of Congo at Kibali, an updated Mineral Resource for Gorumbwa showed 3.51Mt @ 3.54g/t for 0.4Moz (at
0.5g/t cut-off) within the USD1000 pit shell, with 44% of the Mineral Resources being classified as Inferred. A Phase 3 drilling programme
was initiated during the quarter and aims to convert 91% of this Inferred Mineral Resource to Indicated Mineral Resource. 9 DD and 25
RC holes were completed during the quarter. Drilling results to date show good overall correlation with models. Most of these are from
holes below the old pit and up-plunge in the SW border of the old pit.

At KCD, four holes were completed on a 3000 Lode target over a 200m down-plunge gap on the NE border of the USD1000 pit. This area
was identified by geological interpretation of core and both pit and underground mapping as a possible extension of the high-grade 3104
Lode. Results are pending but visual indications of intense alteration and associated sulphide mineralisation generally support the
modelled ore zones. A program of 3RC holes were drilled within the USD1000 pit shell for bottle roll testwork at Mofu. Results are pending
but the drilling confirmed the geological model. 20RC sterilisation holes were also completed at Mofu over the proposed waste dump
area. Results are pending.

Regional work took place at several targets, comprising mapping, soil, pit and trench sampling. Trenching at Memekazi NE supports a
model of two zones of mineralisation associated with moderate silica alteration. Significant intersections in trenches at Aindi Watsa
indicate continuity of mineralisation over 200m strike, with a higher grade zone over 120m. Mineralisation is associated with a
brecciated, locally silica altered, chert horizon with thin intercalated magnetite lenses. At Rhino-Agbarabo, trenching was completed at
the Kombokolo SW and Rhino SE target with positive results. An historic Moto geotech hole close to the Kombokolo trench has been
logged and sampled.

In the Republic of Mali at Sadiola, RC drilling commenced in August 2014 (2,524 m). This included 1,054m on oxide targets at FE4
South East and Voyager East, which returned disappointing results. The remaining 1,470m was drilled as part of initial testing for
sulphide potential below the FE4 and FE3 pits, both of these programmes provided positive results and will be followed up. Further
drilling (1,358m) was completed on the marginal stockpile SP12 to reduce risk.

More fieldwork was conducted by the Centre for Exploration Targeting (CET), aimed at defining the structural framework for
mineralisation in FE3, FE4 and Tambali Pits. This work was then used in structural modelling and development of revised and extended
                                                                                                                                                

upside models to evaluate the potential for sulphide ore in these pits. Scoping studies are currently underway and will define potentially
economic targets for further exploration.

In Colombia, drilling, Mineral Resource modelling, and infrastructure studies continued to support the Pre-Feasibility Study at the
Gramalote Joint Venture. 2,295m were completed during the quarter. At La Colosa, drilling activities included 4,305m completed for
Mineral Resource infill and extension. Site investigation, hydrology and geotechnical drilling programmes continued.

At Sunrise Dam in Australia, all work was focussed on Mineral Resource definition (infill) and extension for the underground mine.
Diamond drilling targeted Vogue, GQ/MWS down-dip, Sunrise Shear Zone (SSZ) and Cosmo East domains. RC drilling was done in the
Vogue/Dolly/Dolly Corridor/Southern Midway Shear (MWS) domains with numerous significant intercepts reported from both diamond
and RC drilling. At Tropicana the planned 3D seismic survey to image the mineralised zone down dip of TGM was completed and data
delivery is scheduled for the fourth quarter of the year. During the third quarter of 2014 follow-up AC along with a limited RC/diamond
drilling campaign at the Tumbleweed prospect, 15km north of Tropicana Gold Mine was completed. AC drilling was also completed at
the Maple Leaf prospect. A diamond hole was drilled to test down-dip extents of mineralisation at Voodoo Child.

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


OUTLOOK

Fourth Quarter
Production guidance is estimated to be between 1,100kozs to 1,140kozs at total cash costs of USD800/oz to USD820/oz, assuming average
exchange rates against the US dollar of 11.10 (Rand), 2.37 ( Brazil Real), 0.87 (AusUSD) and 8.87 ( Argentina Peso), with fuel at USD95/bl.

This outlook for the fourth quarter includes tapering production from Obuasi , as well as completion of the retrenchment programme at 
the Obuasi mine, which is expected by year-end. The costs of retrenchment will impact both earnings and cash flows, but will be excluded 
from the calculation of all-in sustaining costs.

As in prior years, the fourth quarter earnings will be distorted by year-end accounting adjustments such as reassessment of useful lives
and carry values of mining tangible assets, inventory stockpile and investments, reset of environmental rehabilitation provisions,
redundancy provisions, direct and indirect and deferred taxation provisions.

Full-year
Production guidance for the year is now between 4.35Moz to 4.45Moz, toward the top end of our initial guidance of 4.2Moz to 4.5Moz
after taking into account consistently strong production performances across the portfolio, despite the sale of the Navachab mine, the
tapering of production at Obuasi and losses following the earthquake in the third quarter.

Total cash costs are now anticipated to be USD775/oz to USD810/oz, which factors in the average exchange rates against the US dollar that
were stronger than initially anticipated at the beginning of the year, of 10.80 (Rand), 2.31 ( Brazil Real), 0.91 (AusUSD) and 8.21 
(Argentina Peso), with fuel at USD103/bl.

For the year, AISC are still within the original guidance of USD1,025/oz to USD1,075/oz, taking into account reduced overheads and capital
expenditures.

Capital expenditure for the full year, is now expected to be USD1.25bn - USD1.30bn, initially forecast at USD1.35bn - USD1.45bn. Corporate,
costs are now forecast at approximately USD100m for the year, compared with the initial guidance of USD120m - USD140m, and Expenses exploration 
and study costs are forecast at USD155m to USD165m, from initial guidance of USD150m - USD175m.

Other known or unpredictable factors could also have material adverse effects on our future results. Please refer to the Risk Factors
section in AngloGold Ashanti's Form 20-F for the year ended 31 December 2013 that was filed with the United States Securities and
Exchange Commission ("SEC") on 14 April 2014 and available on the SEC's homepage at http://www.sec.gov.

Independent auditor's review report on the Condensed Consolidated Financial Information for the quarter and nine
months ended 30 September 2014 to the Shareholders of AngloGold Ashanti Limited
We have reviewed the condensed consolidated financial statements of AngloGold Ashanti Limited (the company) contained in
the accompanying quarterly report on pages 12 to 26, which comprise the accompanying condensed consolidated statement of
financial position as at 30 September 2014, the condensed consolidated income statement, statement of comprehensive
income, statement of changes in equity and statement of cash flows for the quarter and nine months then ended, and selected
explanatory notes.

Directors' Responsibility for the Condensed Consolidated Financial Statements
The directors are responsible for the preparation and presentation of these condensed consolidated financial statements in
accordance with the International Financial Reporting Standard, (IAS) 34 Interim Financial Reporting as issued by the
International Accounting Standards Board (IASB), the SAICA Financial Reporting Guides, as issued by the Accounting
Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council , and
the requirements of the Companies Act of South Africa, and for such internal control as the directors determine is necessary to
enable the preparation of condensed consolidated financial statements that are free from material misstatement, whether due
to fraud or error.

Auditor's Responsibility
Our responsibility is to express a conclusion on these interim financial statements based on our review. We conducted our
review in accordance with International Standard on Review Engagements (ISRE) 2410, Review of Interim Financial
Information Performed by the Independent Auditor of the Entity. This standard requires us to conclude whether anything has
come to our attention that causes us to believe that the interim financial statements are not prepared in all material respects in
accordance with the applicable financial reporting framework. This standard also requires us to comply with relevant ethical
requirements.

A review of interim financial statements in accordance with ISRE 2410 is a limited assurance engagement. We perform
procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, and applying
analytical procedures, and evaluating the evidence obtained.
The procedures performed in a review are substantially less than and differ in nature from those performed in an audit
conducted in accordance with International Standards on Auditing. Accordingly, we do not express an audit opinion on these
financial statements.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed
consolidated financial statements of the company for the quarter and nine months ended 30 September 2014 are not prepared,
in all material respects, in accordance with International Financial Reporting Standard, (IAS) 34 Interim Financial Reporting as
issued by the IASB, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial
Reporting Pronouncements as issued by the Financial Reporting Standards Council and the requirements of the Companies
Act of South Africa.


Ernst & Young Inc.
Director – Roger Hillen
Registered Auditor
Chartered Accountant (SA)
102 Rivonia Road, Sandton

Johannesburg, South Africa
30 October 2014


Group income statement
      
                                                                      Quarter       Quarter        Quarter     Nine months      Nine months      
                                                                        ended         ended          ended           ended            ended      
                                                                    September          June      September       September        September      
                                                                         2014          2014           2013            2014             2013      
US Dollar million                                        Notes       Reviewed      Reviewed       Reviewed        Reviewed         Reviewed      
Revenue                                                  2              1,337         1,358          1,415           4,054            4,234      
Gold income                                              2              1,295         1,321          1,374           3,940            4,079      
Cost of sales                                            3            (1,052)       (1,064)        (1,064)         (3,130)          (3,104)      
Gain (loss) on non-hedge derivatives and other                                                                                                   
commodity contracts                                                        30           (5)           (34)              10               66      
Gross profit                                                              273           252            276             820            1,041      
Corporate administration, marketing and other                                                                                                    
expenses                                                                 (24)          (20)           (42)            (68)            (165)      
Exploration and evaluation costs                                         (37)          (33)           (55)            (99)            (214)      
Other operating expenses                                 4                (9)           (7)            (7)            (21)             (18)      
Special items                                            5               (54)          (17)           (92)            (78)          (3,319)      
Operating profit (loss)                                                   149           175             80             554          (2,675)      
Dividends received                                       2                  -             -              -               -                5      
Interest received                                        2                  6             6              8              17               24      
Exchange gain (loss)                                                        4           (8)             10            (11)               11      
Finance costs and unwinding of obligations               6               (69)          (71)           (89)           (211)            (222)      
Fair value adjustment on USD1.25bn bonds                                   20          (31)           (46)            (80)             (46)      
Fair value adjustment on option component of                                                                                                     
convertible bonds                                                           -             -              -               -                9      
Fair value adjustment on mandatory convertible                                                                                                   
bonds                                                                       -             -             44               -              356      
Share of associates and joint ventures' profit (loss)    7                 19          (85)             25            (47)            (166)      
Profit (loss) before taxation                                             129          (14)             32             222          (2,704)      
Taxation                                                 8               (85)          (60)           (38)           (206)              759      
Profit (loss) for the period                                               44          (74)            (6)              16          (1,945)      
Allocated as follows:                                                                                                                            
Equity shareholders                                                        41          (80)              1               -          (1,925)      
Non-controlling interests                                                   3             6            (7)              16             (20)      
                                                                           44          (74)            (6)              16          (1,945)      
Basic earnings (loss) per ordinary share (cents) (1)                       10          (20)              0               0            (496)      
Diluted earnings (loss) per ordinary share (cents) (2)                     10          (20)            (9)               0            (556)      


(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 nine months ended 30 September 2014 have been prepared by the corporate accounting staff
of AngloGold Ashanti Limited headed by Mr John Edwin Staples (BCompt (Hons); CGMA), the Group's Chief Accounting Officer. This process was
supervised by Ms Kandimathie Christine Ramon (CA (SA)), the Group's Chief Financial Officer and Mr Srinivasan Venkatakrishnan (BCom; ACA
(ICAI)), the Group's Chief Executive Officer. The financial statements for the quarter and nine months ended 30 September 2014 were reviewed, but
not audited, by the Group's statutory auditors, Ernst & Young Inc.


Group statement of comprehensive income
                                                                       Quarter       Quarter         Quarter     Nine months    Nine months      
                                                                         ended         ended           ended           ended          ended      
                                                                     September          June       September       September      September      
                                                                          2014          2014            2013            2014           2013      
US Dollar million                                                     Reviewed      Reviewed        Reviewed        Reviewed       Reviewed      
Profit (loss) for the period                                                44          (74)             (6)              16        (1,945)      
Items that will be reclassified subsequently                                                                                                     
to profit or loss:                                                                                                                               
Exchange differences on translation of foreign                                                                                                   
operations                                                               (118)           (8)             (8)           (134)          (348)      
Share of associates and joint ventures' other                                                                                                    
comprehensive income                                                       (1)             -               -               -              -      
Net (loss) gain on available-for-sale financial assets                    (10)             -               3             (1)           (23)      
Release on impairment of available-for-sale                                                                                                      
financial assets                                                             -             1               4               1             29      
Release on disposal of available-for-sale                                                                                                        
financial assets                                                             -             -             (1)               -            (1)      
Deferred taxation thereon                                                    4             -               -               -              2      
                                                                           (6)             1               6               -              7      
Items that will not be reclassified                                                                                                              
subsequently to profit or loss:                                                                                                                  
Actuarial (gain) loss recognised                                           (7)             6            (13)               9             17      
Deferred taxation thereon                                                    2           (2)               3             (2)            (5)      
                                                                           (5)             4            (10)               7             12      
Other comprehensive loss for the                                                                                                                 
period, net of tax                                                       (130)           (3)            (12)           (127)          (329)      
Total comprehensive loss for the                                                                                                                 
period, net of tax                                                        (86)          (77)            (18)           (111)        (2,274)      
Allocated as follows:                                                                                                                            
Equity shareholders                                                       (89)          (83)            (11)           (127)        (2,254)      
Non-controlling interests                                                    3             6             (7)              16           (20)      
                                                                          (86)          (77)            (18)           (111)        (2,274)      
Rounding of figures may result in computational discrepancies.                                                                         


Group statement of financial position

                                                                                        As at          As at           As at          As at      
                                                                                    September           June        December      September      
                                                                                         2014           2014            2013           2013      
US Dollar million                                                     Notes          Reviewed       Reviewed         Audited       Reviewed      
ASSETS                                                                                                                                           
Non-current assets                                                                                                                               
Tangible assets                                                                         4,839          4,955           4,815          4,800      
Intangible assets                                                                         247            270             267            288      
Investments in associates and joint ventures                                            1,373          1,348           1,327          1,233      
Other investments                                                                         127            144             131            134      
Inventories                                                                               606            602             586            602      
Trade and other receivables                                                                30             23              29             29      
Deferred taxation                                                                         160            187             177            541      
Cash restricted for use                                                                    38             36              31             30      
Other non-current assets                                                                   47             56              41              7      
                                                                                        7,467          7,621           7,404          7,664      
Current assets                                                                                                                                   
Other investments                                                                           -              -               1              -      
Inventories                                                                               959          1,002           1,053          1,064      
Trade and other receivables                                                               312            356             369            425      
Cash restricted for use                                                                    15             18              46             36      
Cash and cash equivalents                                                                 557            604             648            786      
                                                                                        1,843          1,980           2,117          2,311      
Non-current assets held for sale                                         14                 -              -             153            150      
                                                                                        1,843          1,980           2,270          2,461      
TOTAL ASSETS                                                                            9,310          9,601           9,674         10,125      
EQUITY AND LIABILITIES                                                                                                                           
Share capital and premium                                                11             7,036          7,032           7,006          6,988      
Accumulated losses and other reserves                                                 (4,051)        (3,969)         (3,927)        (3,555)      
Shareholders' equity                                                                    2,985          3,063           3,079          3,433      
Non-controlling interests                                                                  25             38              28           (22)      
Total equity                                                                            3,010          3,101           3,107          3,411      
Non-current liabilities                                                                                                                          
Borrowings                                                                              3,521          3,619           3,633          3,583      
Environmental rehabilitation and other provisions                                       1,022          1,060             963          1,057      
Provision for pension and post-retirement benefits                                        142            150             152            179      
Trade, other payables and deferred income                                                  13             14               4              2      
Deferred taxation                                                                         597            607             579            593      
                                                                                        5,295          5,450           5,331          5,414      
Current liabilities                                                                                                                              
Borrowings                                                                                159            187             258            326      
Trade, other payables and deferred income                                                 751            777             820            835      
Bank overdraft                                                                             13              4              20             25      
Taxation                                                                                   82             82              81             54      
                                                                                        1,005          1,050           1,179          1,240      
Non-current liabilities held for sale                                    14                 -              -              57             60      
                                                                                        1,005          1,050           1,236          1,300      
Total liabilities                                                                       6,300          6,500           6,567          6,714      
TOTAL EQUITY AND LIABILITIES                                                            9,310          9,601           9,674         10,125      
Rounding of figures may result in computational discrepancies.                                                            


Group statement of cash flows
                                                                    Quarter           Quarter        Quarter     Nine months    Nine months
                                                                      ended             ended          ended           ended          ended
                                                                  September              June      September       September      September
                                                                       2014              2014           2013            2014           2013
    
US Dollar million                                                  Reviewed          Reviewed       Reviewed        Reviewed       Reviewed
Cash flows from operating activities    
Receipts from customers                                               1,358             1,386          1,396           4,033          4,231
Payments to suppliers and employees                                   (997)           (1,016)        (1,048)         (2,919)        (3,279)
Cash generated from operations                                          361               370            348           1,114            952
Dividends received from joint ventures                                    -                 -             10               -             18
Taxation refund                                                           -                 -              -              38              1
Taxation paid                                                          (41)              (34)           (39)           (145)          (156)
Net cash inflow from operating activities                               320               336            319           1,007            815
        
Cash flows from investing activities    
Capital expenditure                                                   (222)            ( 257)          (327)           (699)        (1,129)
Interest capitalised and paid                                             -                 -              2             (1)            (5)
Expenditure on intangible assets                                          -               (3)           (18)             (3)           (50)
Proceeds from disposal of tangible assets                                 4                26              1              31              7
Other investments acquired                                             (14)              (22)           (17)            (62)           (73)
Proceeds from disposal of other investments                              15                20             16              59             65
Investments in associates and joint ventures                           (10)              (11)          (120)            (62)          (394)
Proceeds from disposal of associates and joint ventures                   -                 -              -               -              6
Loans advanced to associates and joint ventures                           -               (2)            (3)             (6)           (26)
Loans repaid by associates and joint ventures                             4                 -             31               4             33
Dividends received                                                        -                 -              -               -              5
Proceeds from disposal of subsidiary                                      -               105              -             105              2
Cash in subsidiary disposed and transfers to held for sale                -                 3            (5)               2            (6)
(Increase) decrease in cash restricted for use                          (1)               (3)            (2)              22            (7)
Interest received                                                         4                 7              4              16             13
Net cash outflow from investing activities                            (220)             (137)          (438)           (594)        (1,559)


Cash flows from financing activities 
Proceeds from borrowings                                                338                76          1,640             428          2,106
Repayment of borrowings                                               (386)             (132)        (1,058)           (688)        (1,226)
Finance costs paid                                                     (83)              (43)           (58)           (207)          (158)
Revolving credit facility and bond transaction costs                    (9)                 -           (29)             (9)           (34)
Dividends paid                                                          (6)               (3)              3             (9)           (50)
Net cash (outflow) inflow from financing activities                   (146)             (102)            498           (485)            638


Net (decrease) increase in cash and cash equivalents                   (46)               97             379            (72)          (106)
Translation                                                            (10)                -             (1)            (12)           (25)
Cash and cash equivalents at beginning of period                        600              503             383             628            892
Cash and cash equivalents at end of period (1)                          544              600             761             544            761


Cash generated from operations
Profit (loss) before taxation                                           129             (14)              32            222         (2,704)
Adjusted for:   
Movement on non-hedge derivatives and other commodity contracts        (29)                6              34            (8)            (66)
Amortisation of tangible assets                                         182              179             153            536             572
Finance costs and unwinding of obligations                               69               71              89            211             222
Environmental, rehabilitation and other expenditure                     (6)                6             (8)              8            (30)
Special items                                                            14              (9)              76             10           3,311
Amortisation of intangible assets                                         9                9               6             27              15
Fair value adjustment on USD1.25bn bonds                               (20)               31              46             80              46
Fair value adjustment on option component of convertible bonds            -                -               -              -             (9)
Fair value adjustment on mandatory convertible bonds                      -                -            (44)              -           (356)
Interest received                                                       (6)              (6)             (8)           (17)            (24)
Share of associates and joint ventures' (profit) loss                  (19)               85            (25)             47             166
Other non-cash movements                                                 19               27               8             60              19
Movements in working capital                                             19             (15)            (11)           (62)           (210)
                                                                        361              370             348          1,114             952
   

Movements in working capital
Decrease (increase) in inventories                                       33                8            (18)             32           (116)
Decrease in trade and other receivables                                  33               20              31             17              49
Decrease in trade, other payables and deferred income                  (47)             (43)            (24)          (111)           (143)
                                                                         19             (15)            (11)           (62)           (210)
   

(1) The cash and cash equivalents balance at 30 September 2014 includes a bank overdraft included in the statement of financial position as part of
   current liabilities of USD13m (30 June 2014 : USD4m; 30 September 2013: USD25m).

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 2012                                            6,742             177         (806)              (2)              13          (89)          (562)        5,473            21       5,494      
Loss for the period                                                                                (1,925)                                                                    (1,925)          (20)     (1,945)      
Other comprehensive income (loss)                                                                                                         7            12          (348)        (329)                     (329)      
Total comprehensive (loss) income                                          -               -       (1,925)                -               7            12          (348)      (2,254)          (20)     (2,274)      
Shares issued                                                            246                                                                                                      246                       246      
Share-based payment for share awards                                                                                                                                                                                 
net of exercised                                                                           8                                                                                        8                         8      
Dividends paid                                                                                        (40)                                                                       (40)                      (40)      
Dividends of subsidiaries                                                                                                                                                           -          (23)        (23)      
Translation                                                                             (21)             8                1             (2)            14                           -                         -      
Balance at 30 September 2013                                           6,988             164       (2,763)              (1)              18          (63)          (910)        3,433          (22)       3,411      
Balance at 31 December 2013                                            7,006             136       (3,061)              (1)              18          (25)          (994)        3,079            28       3,107      
Profit for the period                                                                                                                                                               -            16          16      
Other comprehensive income (loss)                                                                                                                       7          (134)        (127)                     (127)      
Total comprehensive income (loss)                                          -               -             -                -               -             7          (134)        (127)            16       (111)      
Shares issued                                                             30                                                                                                       30                        30      
Share-based payment for share awards                                                                                                                                                                                 
net of exercised                                                                           3                                                                                        3                         3      
Dividends of subsidiaries                                                                                                                                                           -          (19)        (19)      
Translation                                                                              (5)             5                              (1)             1                           -             -           -      
Balance at 30 September 2014                                           7,036             134       (3,056)              (1)              17          (17)        (1,128)        2,985            25       3,010      
      
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                        Nine months ended      
                                                                         Sep             Jun                 Sep            Sep           Sep      
                                                                        2014            2014                2013           2014          2013      
                                                                    Reviewed        Reviewed            Reviewed       Reviewed      Reviewed      
                                                                                               US Dollar million                                   
Gold income                                                                                                                                        
South Africa                                                             410             390                 452          1,172         1,382      
Continental Africa                                                       500             535                 530          1,567         1,542      
Australasia                                                              197             189                  83            602           249      
Americas                                                                 311             305                 359            926         1,091      
                                                                       1,419           1,419               1,424          4,267         4,264      
Equity-accounted investments included above                            (123)            (99)                (50)          (327)         (185)      
                                                                       1,295           1,321               1,374          3,940         4,079      
Gross profit (loss)                                                                                                                                
South Africa                                                              76              52                  42            172           376      
Continental Africa                                                       116             113                 130            348           359      
Australasia                                                               24              22                (11)            105          (38)      
Americas                                                                  76              68                 114            236           391      
Corporate and other                                                        -             (4)                 (2)            (4)           (7)      
                                                                         292             252                 273            856         1,081      
Equity-accounted investments included above                             (19)               -                   3           (36)          (40)      
                                                                         273             252                 276            820         1,041      
Capital expenditure                                                                                                                                
South Africa                                                              66              68                 116            185           340      
Continental Africa                                                        86             121                 198            335           627      
Australasia                                                               13              24                  49             63           250      
Americas                                                                  93              98                  83            260           294      
Corporate and other                                                        2               -                   2              2             6      
                                                                         261             311                 448            846         1,516      
Equity-accounted investments included above                             (38)            (52)               (103)          (143)         (318)      
                                                                         222             260                 345            703         1,198 

                                                                               Quarter ended                        Nine months ended      
                                                                         Sep             Jun                 Sep            Sep           Sep      
                                                                        2014            2014                2013           2014          2013      
                                                                                                        oz (000)                                   
Gold production                                                                                                                                    
South Africa                                                             314             319                 329            923           964      
Continental Africa                                                       410             395                 382          1,178         1,000      
Australasia                                                              152             155                  62            462           173      
Americas                                                                 251             229                 270            716           739      
                                                                       1,128           1,098               1,043          3,280         2,876      
                                                                                       As at               As at          As at         As at      
                                                                                         Sep                 Jun            Dec           Sep      
                                                                                        2014                2014           2013          2013 

                                                                                    Reviewed            Reviewed        Audited      Reviewed      
                                                                                               US Dollar million                    
Total assets (1)                                                                                                                                   
South Africa                                                                           2,166               2,303          2,325         2,441      
Continental Africa                                                                     3,297               3,311          3,391         3,568      
Australasia                                                                              978               1,073          1,108         1,168      
Americas                                                                               2,371               2,340          2,203         2,232      
Corporate and other                                                                      497                 573            647           716      
                                                                                       9,310               9,601          9,674        10,125      


(1)  During the 2013 year, pre-tax impairments, derecognition of goodwill, tangible assets and intangible assets of USD3,029m we
     accounted for in South Africa (USD311m), Continental Africa (USD1,776m) and the Americas (USD942m). Impairments in the current period
     amounted to USD1m.

Rounding of figures may result in computational discrepancies.

Notes
for the quarter and nine months ended 30 September 2014
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 2013
   except for the adoption of new standards and interpretations effective 1 January 2014.

   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 South African Institute of Chartered Accountants Financial Reporting Guides as
   issued by the Accounting Practices Committee, Financial Reporting Pronouncements as issued by Financial Reporting Standards
   Council, 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 nine months ended 30 September 2014.

2. Revenue

                                                                               Quarter ended                         Nine months ended      
                                                                         Sep             Jun                Sep            Sep           Sep      
                                                                        2014            2014               2013           2014          2013      
                                                                    Reviewed        Reviewed           Reviewed       Reviewed      Reviewed      
                                                                                              US Dollar million                                   
Gold income                                                            1,295           1,321              1,374          3,940         4,079      
By-products (note 3)                                                      34              30                 32             94           109      
Dividends received                                                         -               -                  -              -             5      
Royalties received (note 5)                                                1               1                  1              3            17      
Interest received                                                          6               6                  8             17            24      
                                                                       1,337           1,358              1,415          4,054         4,234      
3. Cost of sales                                                                                                                                
                                                                               Quarter ended                         Nine months ended      
                                                                         Sep             Jun                Sep            Sep           Sep      
                                                                        2014            2014               2013           2014          2013      
                                                                    Reviewed        Reviewed           Reviewed       Reviewed      Reviewed      
                                                                                              US Dollar million                                   
Cash operating costs                                                     857             861                805          2,481         2,416      
By-products revenue (note 2)                                            (34)            (30)               (32)           (94)         (109)      
                                                                         823             831                773          2,387         2,307      
Royalties                                                                 32              34                 30            103            97      
Other cash costs                                                           9               9                 12             26            32      
Total cash costs                                                         864             874                815          2,516         2,436      
Retrenchment costs                                                         5               3                 44             14            53      
Rehabilitation and other non-cash costs                                    8              17                  6             48            29      
Production costs                                                         877             894                865          2,578         2,518      
Amortisation of tangible assets                                          182             179                153            536           572      
Amortisation of intangible assets                                          9               9                  6             27            15      
Total production costs                                                 1,068           1,082              1,025          3,141         3,106      
Inventory change                                                        (15)            (18)                 39           (12)           (1)      
                                                                       1,052           1,064              1,064          3,130         3,104      
4. Other operating expenses                                                                                                                     
                                                                               Quarter ended                        Nine months ended      
                                                                         Sep             Jun                Sep            Sep           Sep      
                                                                        2014            2014               2013           2014          2013      
                                                                    Reviewed        Reviewed           Reviewed       Reviewed      Reviewed      
                                                                                              US Dollar million                                   
Pension and medical defined benefit provisions                             2               2                  5              5            16      
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               4                  2             11             2      
Miscellaneous                                                              4               1                  -              5             -      
                                                                           9               7                  7             21            18      
Rounding of figures may result in computational discrepancies.                                                                             


5. Special items                                                                                                                        
                                                                               Quarter ended                         Nine months ended      
                                                                         Sep             Jun                Sep            Sep           Sep      
                                                                        2014            2014               2013           2014          2013      
                                                                    Reviewed        Reviewed           Reviewed       Reviewed      Reviewed      
                                                                                             US  Dollar million                    
Net impairment and derecognition of goodwill, tangible assets and                                                                                 
intangible assets (note 9)                                                 1               -                  8              1         2,992      
Impairment of other investments (note 9)                                   -               1                  4              1            29      
Net (profit) loss on disposal and derecognition of land, mineral                                                                                  
rights, tangible assets and exploration properties (note 9)              (2)            (25)                  1           (25)           (2)      
Royalties received (note 2)                                              (1)             (1)                (1)            (3)          (17)      
Indirect tax expenses and legal claims                                     3              12                  5             15            36      
Inventory write-off due to fire at Geita                                   -               -                  -              -            14      
Legal fees and other costs related to contract termination and                                                                                    
settlement costs                                                           7               3                  -             16             1      
Settlement costs of a legal claim at First Uranium                         -               -                  -              -             2      
Write-down of stockpiles and heap leach to net realisable value                                                                                   
and other stockpile adjustments                                            1               -                  -              1           178      
Corporate retrenchment costs                                               3               -                 16              3            20      
Retrenchment and related costs                                            34              25                  -             59             -      
Write-off of a loan                                                        -               -                  -              -             7      
Costs on early settlement of convertible bonds                             -               -                 39              -            39      
Transaction costs on the USD1.25bn bond and standby facility               -               -                 20              -            20      
Loss on sale of Navachab (note 14)                                         -               2                  -              2             -      
Accelerated deferred loan fees paid on cancellation and                                                                                           
replacement of US and Australia revolving credit facilities                8               -                  -              8             -      
                                                                          54              17                 92             78         3,319      
   
   
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.

For the quarter and nine months ended 30 September 2014, no significant asset impairments or reversal of impairments were recognised.

During the year ended 31 December 2013, impairment, derecognition of assets and write-down of inventories to net realisable value and
other stockpile adjustments include the following:

   -  During June 2013, 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 and impairment losses of USD3,029m were recognised during 2013.

   -  The indicators were re-assessed as at 31 December 2013 as part of the annual impairment assessment cycle and the conditions
      that arose in June 2013 were largely unchanged and no further cash generating unit impairments arose.
   -  In addition, net impairments of USD162m were recognised on the entity's investments in equity-accounted associates and joint
      ventures considering quoted share prices, their respective financial positions and anticipated declines in operating results of
      these entities. Impairments to net realisable value of USD178m were raised at 30 June 2013 and impairments of USD38m were
      raised at 31 December 2013 due to stockpile abandonments and other specific adjustments.

6.  Finance costs and unwinding of obligations

                                                                            Quarter ended                          Nine months ended      
                                                                      Sep             Jun                   Sep            Sep           Sep      
                                                                     2014            2014                  2013           2014          2013      
                                                                 Reviewed        Reviewed              Reviewed       Reviewed      Reviewed      
                                                                                              US Dollar million                              
Finance costs                                                          62              64                    76            190           179      
Unwinding of obligations, accretion of convertible bonds and                                                                                      
other discounts                                                         7               7                    13             21            43      
                                                                       69              71                    89            211           222      
7. Share of associates and joint ventures' profit (loss)                                                                                        
                                                                            Quarter ended                          Nine months ended      
                                                                      Sep             Jun                   Sep            Sep           Sep      
                                                                     2014            2014                  2013           2014          2013      
                                                                 Reviewed        Reviewed              Reviewed       Reviewed      Reviewed      
                                                                                              US Dollar million              
Revenue                                                               130             121                    62            368           217      
Operating costs, special items and other expenses                   (107)           (197)                  (68)          (403)         (203)      
Net interest received                                                   2               1                     1              5             3      
Profit (loss) before taxation                                          25            (75)                   (5)           (30)            17      
Taxation                                                              (6)             (4)                   (2)           (11)          (20)      
Profit (loss) after taxation                                           19            (79)                   (7)           (41)           (3)      
Net impairment of investments in associates and joint                                                                                             
ventures (note 9)                                                       -             (6)                    31            (6)         (162)      
                                                                       19            (85)                    25           (47)         (166)      
Rounding of figures may result in computational discrepancies.                                                                              

In July 2014, AngloGold Ashanti and other shareholders of Rand Refinery (Pty) Limited, an associate of the company, entered into an
agreement with Rand Refinery to provide an irrevocable, subordinated loan facility to the maximum value of R1.2 billion (USD106m).
The facility allows for amounts to be advanced to Rand Refinery to compensate third parties in the event that Rand Refinery finally
determines that a shortfall of 87 000 ounces of gold actually exists when comparing the physical inventory of Rand Refinery to the
records of amounts it holds on behalf of third parties.

The facility, if drawn down, will be convertible to equity after a period of 2 years on condition that all shareholders of Rand Refinery
agree to the conversion.

Due to the uncertainty around Rand Refinery's possible gold shortfall position and the time it is taking to resolve the matter, Rand
Refinery has been unable to complete its annual financial statements for the year ended 30 September 2013. As a result, AngloGold
Ashanti adjusted its share of equity profits accounted for as part of its investment in Rand Refinery, and which is based on the unaudited
management accounts of Rand Refinery, with an estimate of its share of the probable losses at Rand Refinery of USD51m related to the
gold shortfall position during quarter 2.

8. Taxation
                                                                                             Quarter ended                      Nine months ended      
                                                                                       Sep             Jun                Sep          Sep         Sep      
                                                                                      2014            2014               2013         2014        2013      
                                                                                  Reviewed        Reviewed           Reviewed     Reviewed    Reviewed      
                                                                                                             US Dollar million           
South African taxation                                                                                                                                      
Mining tax                                                                               7              10                (4)           31           6      
Non-mining tax                                                                         (7)               1                  -         (10)           1      
Prior year under (over) provision                                                        -               7                  -            6         (1)      
Deferred taxation                                                                                                                                           
Temporary differences                                                                  (1)               2                  8         (19)        (52)      
Unrealised non-hedge derivatives and other commodity                                                                                                        
contracts                                                                                8             (2)                (9)            2          18      
                                                                                         7              18                (5)           10        (28)      
Foreign taxation                                                                                                                                            
Normal taxation                                                                         46              37                 25          128          64      
Prior year over provision
                   
Deferred taxation(1)                                                                   (5)             (9)                (9)         (16)         (8)      
Temporary differences                                                                   37              14                 27           84       (787)      
                                                                                        78              42                 43          196       (731)      
                                                                                        85              60                 38          206       (759)      


(1) Included in temporary differences under Foreign taxation in 2013, is a tax credit relating to impairments, derecognition of assets of USD915m and write-
    down of inventories of USD68m.

9. Headline earnings (loss)

                                                                                            Quarter ended                      Nine months ended      
                                                                                       Sep             Jun                Sep          Sep           Sep      
                                                                                      2014            2014               2013         2014          2013      
                                                                                  Reviewed        Reviewed           Reviewed     Reviewed      Reviewed      
                                                                                                            US Dollar million                             
The profit (loss) attributable to equity shareholders has been                                                                                                
adjusted by the following to arrive at headline earnings (loss):                                                                                              
Profit (loss) attributable to equity shareholders                                       41            (80)                  1            -       (1,925)      
Net impairment and derecognition of goodwill, tangible assets                                                                                                 
and intangible assets (note 5)                                                           1               -                  8            1         2,992      
Net (profit) loss on disposal and derecognition of land, mineral                                                                                              
rights, tangible assets and exploration properties (note 5)                            (2)            (25)                  1         (25)           (2)      
Loss on sale of Navachab (note 14)                                                       -               2                  -            2             -      
Impairment of other investments (note 5)                                                 -               1                  4            1            29      
Net impairment of investments in associates and joint ventures                                                                                                
(note 7)                                                                                 -               6               (31)            6           162      
Taxation - current portion                                                               -               7                  -            7             1      
Taxation - deferred portion                                                              4               -                (1)            1         (903)      
                                                                                        44            (89)               (18)          (7)           354      

Headline earnings (loss) per ordinary share (cents)(1)                                  11            (22)                (5)          (2)            91      
   
Diluted headline earnings (loss) per ordinary share (cents)(2)                          11            (22)               (13)          (2)             6      
   
(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.                                                                                             


10.   Number of shares                                                                                                                                           
                                                                                    Quarter ended                                 Nine months ended      
                                                                          Sep                 Jun                   Sep                 Sep             Sep      
                                                                         2014                2014                  2013                2014            2013      
                                                                     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                                          403,552,085         403,364,237           402,271,116         403,552,085     402,271,116      
E ordinary shares in issue                                            685,668             690,984             1,579,674             685,668       1,579,674      
Total ordinary shares:                                            404,237,753         404,055,221           403,850,790         404,237,753     403,850,790      
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                                                   403,466,038         403,259,109           386,931,984         403,180,957     384,706,398      
E ordinary shares                                                     696,371             699,769             1,590,750             695,017       1,598,625      
Fully vested options                                                2,047,889           2,030,986             1,599,773           2,531,078       1,970,906      
Weighted average number of shares                                 406,210,298         405,989,864           390,122,507         406,407,051     388,275,928      
Dilutive potential of share options                                 2,215,555                   -                     -                   -               -      
Dilutive potential of convertible bonds                                     -                   -            15,747,913                   -      17,339,706      
Diluted number of ordinary shares                                 408,425,853         405,989,864           405,870,420         406,407,051     405,615,634      

11.   Share capital and premium                                                                                                                                  
                                                                                                                  As at                      
                                                                                              Sep                   Jun                 Dec             Sep      
                                                                                             2014                  2014                2013            2013      
                                                                                         Reviewed              Reviewed             Audited        Reviewed      
                                                                                                                          US Dollar Million                      
Balance at beginning of period                                                              7,074                 7,074               6,821           6,821      
Ordinary shares issued                                                                         25                    21                 259             246      
E ordinary shares issued and cancelled                                                          -                     -                 (6)               -      
Sub-total                                                                                   7,099                 7,095               7,074           7,067      
Redeemable preference shares held within the group                                           (53)                  (53)                (53)            (53)      
Ordinary shares held within the group                                                           -                     -                 (6)            (10)      
E ordinary shares held within the group                                                      (10)                  (10)                 (9)            (16)      
Balance at end of period                                                                    7,036                 7,032               7,006           6,988      

12.   Exchange rates                                                                                                                                             
                                                                                              Sep                   Jun                 Dec             Sep      
                                                                                             2014                  2014                2013            2013      
                                                                                        Unaudited             Unaudited           Unaudited       Unaudited      
ZAR/USD average for the year to date                                                        10.70                 10.67                9.62            9.45      
ZAR/USD average for the quarter                                                             10.76                 10.51               10.12            9.96      
ZAR/USD closing                                                                             11.28                 10.63               10.45           10.02      
AUD/USD average for the year to date                                                         1.09                  1.09                1.03            1.02      
AUD/USD average for the quarter                                                              1.08                  1.07                1.08            1.09      
AUD/USD closing                                                                              1.14                  1.06                1.12            1.07      
BRL/USD average for the year to date                                                         2.29                  2.30                2.16            2.12      
BRL/USD average for the quarter                                                              2.27                  2.23                2.27            2.29      
BRL/USD closing                                                                              2.45                  2.20                2.34            2.23      
ARS/USD average for the year to date                                                         7.99                  7.83                5.48            5.28      
ARS/USD average for the quarter                                                              8.30                  8.05                6.07            5.58      
ARS/USD closing                                                                              8.43                  8.13                6.52            5.79      

Rounding of figures may result in computational discrepancies.

13.   Capital commitments                                                                                                                                          
                                                                                               Sep                  Jun                 Dec             Sep      
                                                                                              2014                 2014                2013            2013      
                                                                                          Reviewed             Reviewed             Audited        Reviewed      
                                                                                                              US Dollar             Million                      
Orders placed and outstanding on capital contracts at the prevailing         
rate of exchange(1)                                                                            290                  325                 437             640      
         
(1)    Includes capital commitments relating to associates and joint ventures.                                                        


      Liquidity and capital resources

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

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

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

14.   Non-current assets and liabilities held for sale

      Effective 30 April 2013, Navachab mine located in Namibia was classified as held for sale. Navachab gold mine was previously
      recognised as a combination of tangible assets, goodwill, current assets, current and long-term liabilities. On 10 February 2014,
      AngloGold Ashanti announced that it signed a binding agreement to sell Navachab to a wholly-owned subsidiary of QKR Corporation
      Ltd (QKR). The purchase consideration consists of two components: an initial cash payment and a deferred consideration in the form
      of a net smelter return (NSR).
      On 30 June 2014, AngloGold Ashanti Limited announced that the sale had been completed in accordance with the sales agreement
      with all conditions precedent being met. A loss on disposal of USD2m (note 5) was realised on the sale on Navachab.

15.   Financial risk management activities
      Borrowings
      The USD1.25bn bonds and the mandatory convertible bonds settled in September 2013, are carried at fair value. The convertible bonds,
      settled 99.1% in August 2013 and in full in November 2013, 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                                 
                                            Sep               Jun             Dec             Sep      
                                           2014              2014            2013            2013      
                                       Reviewed          Reviewed         Audited        Reviewed      
      Carrying amount                     3,680             3,806           3,891           3,909      
      Fair value                          3,684             3,822           3,704           3,690      


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 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                                                          Sep 2014                              Jun 2014                                      Dec 2013                                          Sep 2013              
Assets measured at fair value                                                                                                                                                             
Available-for-sale financial assets                                                                                                                                                                                  
Equity securities                                                    48       -         -      48           60          -          -       60           47          -         -      47           45           2            -         47      
Liabilities measured at fair value                                                                                                                                                                                                           
Financial liabilities at fair value through profit                                                                                                                                                                                           
or loss                                                                                                                                                                                                                                      
USD1.25bn bonds                                                   1,410       -         -   1,410         1,457         -          -    1,457        1,353          -         - 1,353 1        1,315           -            -      1,315      
Rounding of figures may result in computational discrepancies.                                                                                                           


16.   Contingencies
      AngloGold Ashanti's material contingent liabilities and assets at 30 September 2014 and 31 December 2013 are detailed
      below:
      Contingencies and guarantees

                                                                    September             December
                                                                         2014                 2013
                                                                     Reviewed              Audited
                                                                            US Dollar million
Contingent liabilities                         
Groundwater pollution(1)                                                    -                    -                                    
Deep groundwater pollution – Africa(2)                                      -                    -
Withholding taxes – Ghana(3)                                               30                   28                   
Litigation – Ghana(4) (5) (6)                                              97                   97                  
ODMWA litigation(7)                                                       197                    -                                                             
Other tax disputes – AngloGold Ashanti Brasil Mineração Ltda(8)            36                   38                                            
VAT disputes – Mineração Serra Grande S.A. (9)                             16                   16                                                
Tax dispute - AngloGold Ashanti Colombia S.A.(10)                         187                  188                                    
Tax dispute - Cerro Vanguardia S.A.(11)                                    52                   63
Sales tax on gold deliveries – Mineração Serra Grande S.A. (12)             -                  101
Contingent assets                                    
Indemnity – Kinross Gold Corporation(13)                                 (10)                 (60)                             
Royalty – Tau Lekoa Gold Mine(14)                                           -                    -                   
Royalty – Navachab(15)                                                      -                    -
Financial Guarantees                       
Oro Group (Pty) Limited(16)                                                 9                   10
                                                                          614                  481

(1)   Groundwater pollution - AngloGold Ashanti Limited 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 have not yet proven, that the use of phyto-technologies
      can address the soil and groundwater contamination. Subject to the completion of trials and the technology being a proven
      remediation technique, no reliable estimate can be made for the obligation.

(2)   Deep groundwater pollution - The 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 Limited 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 Mineral and Petroleum Resources Development Act
      (MPRDA) requires that the affected mining companies develop a Regional Mine Closure Strategy to be approved by the
      Department of Mineral Resources. In view of the limitation of current information for the accurate estimation of a liability, no
      reliable estimate can be made for the obligation.

(3)   Withholding taxes - AngloGold Ashanti (Ghana) Limited (AGAG) 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 withholding taxes amounting to USD30m
      (2013: USD28m). Management is of the opinion that the withholding taxes were not properly assessed and the company has
      lodged an objection.

(4)   Litigation - On 11 October 2011, 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, 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 USD97m 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. On 9 October 2013, AGAG filed a motion in court to refer the action or
      a part thereof to arbitration. This motion was set to be heard on 25 October 2013, however, on 24 October 2013, MBC filed a
      motion to discontinue the action with liberty to reapply. On 20 February 2014, AGAG was served with a new writ for
      approximately USD97m, as previously claimed. On 5 May 2014, the court dismissed AGAG's application for stay of proceedings
      pending arbitration and ordered AGAG to file its statement of defence within 14 days. On 20 May 2014, AGAG filed a Notice
      of Appeal at the Court of Appeal. AGAG further filed a Stay of Proceedings Pending Appeal at the High Court. On 11 June
      2014, the High Court granted AGAG's application for Stay of Proceedings pending appeal. On 2 October 2014, AGAG was
      served with the Civil Form 6 indicating that the records have been transmitted to the Court of Appeal. However, as the
      transmitted records were incomplete, AGAG timely filed an application for the record to be amended prior to filing its
      statement of case.

(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. The
      plaintiffs have not filed their application for directions which was due by 31 October 2013. AGAG intends to allow some time

      to pass prior to applying to have the matter struck out for want of prosecution. In view of the limitation of current information
      for the accurate estimation of a liability, no reliable estimate can be made for the obligation.


(6)   Litigation – Frank Adjei Danso & 4 others (executive members of the PTP (AGA) Smoke Effect Association (PASEA)), sued
      AGAG on 24 February 2014 in their personal capacity and on behalf of the members of PASEA. The plaintiffs claim that they
      were residents of Tutuka, Sampsonkrom, Anyimadukrom, Kortkortesua, Abomperkrom, and PTP Residential Quarters, all
      suburbs of Obuasi, in close proximity to the now decommissioned Pompara Treatment Plant (PTP). The plaintiffs claim they
      have been adversely affected by the operations of the PTP. On 24 June 2014, AGAG was served with an application for a
      default judgement. On 2 July 2014, AGAG filed an affidavit in opposition on the basis that the plaintiffs had failed to amend
      and file their statement of claim. Plaintiffs admitted their error in filing the default judgement, but the Court granted Plaintiffs'
      request for leave to amend the writ of summons and statement of claim. AGAG has yet to be served with the amended writ
      and statement of claim. In view of the limitation of current information for the accurate estimation of a liability, no reliable
      estimate can be made for the obligation.


(7)   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 ("the Balakazi Action") 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 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 Nkala Action"). 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 filed a notice of intention to oppose the application.


      On 21 August 2013, an application was served on AngloGold Ashanti for the consolidation of the Balakazi Action and the
      Nkala Action, as well as a request for an amendment to change the scope of the classes the court was requested to certify in
      the previous applications that were initiated. The applicants now request certification of two classes (the "silicosis class" and
      the "tuberculosis class"). The silicosis class would consist of certain current and former underground mineworkers who have
      contracted silicosis, and the dependants of certain deceased mineworkers who have died of silicosis (whether or not
      accompanied by any other disease). The tuberculosis class would consist of certain current and former mineworkers who
      have or had contracted pulmonary tuberculosis and the dependants of certain deceased mineworkers who died of pulmonary
      tuberculosis (but excluding silico-tuberculosis). On 30 May 2014 AngloGold Ashanti submitted its answering affidavit. The
      plaintiffs filed their affidavits in reply on 15 September 2014.


      In October 2012, AngloGold Ashanti received a further 31 individual summonses and particulars of claim relating to silicosis
      and/or other OLD. The total amount claimed in the 31 summonses is approximately USD7 million as at the 30 September 2014
      closing rate. On 22 October 2012, AngloGold Ashanti filed a notice of intention to oppose these claims and took legal
      exception to the summonses on the ground that certain particulars of claim were unclear. On 4 April 2014, the High Court of
      South Africa dismissed these exceptions and on 25 April 2014, AngloGold Ashanti filed its pleas in this matter.


      On or about 3 March 2014, AngloGold Ashanti received an additional 21 individual summonses and particulars of claim
      relating to silicosis and/or other OLD. The total amount claimed in the 21 summonses is approximately USD4 million as at the 30
      September 2014 closing rate. AngloGold Ashanti has filed a notice of intention to oppose these claims. On 2 May 2014
      AngloGold Ashanti filed a notice taking legal exception to the summonses on the ground that certain particulars of claim were
      unclear.


      On or about 24 March 2014, AngloGold Ashanti received a further 686 individual summonses and particulars of claim relating
      to silicosis and/or other OLD. The total amount claimed in the 686 summonses is approximately USD102 million as at the 30
      September 2014 closing rate. AngloGold Ashanti has filed a notice of intention to oppose these claims. On 15 May 2014
      AngloGold Ashanti filed a notice taking legal exception to the summonses on the ground that certain particulars of claim were
      unclear.


      On or about 1 April 2014, AngloGold Ashanti received a further 518 individual summonses and particulars of claim relating to
      silicosis and/or other OLD. The total amount claimed in the 518 summonses is approximately USD84 million as at the 30

       September 2014 closing rate. AngloGold Ashanti has filed a notice of intention to oppose these claims. On 15 May 2014
       AngloGold Ashanti filed a notice taking legal exception to the summonses on the ground that certain particulars of claim were
       unclear.
       On 9 October 2014, AngloGold Ashanti and the plaintiffs' attorneys agreed to refer all of the individual claims to arbitration.
       The court proceedings have been suspended as a result of entering into the arbitration agreement.
       It is possible that additional class actions and/or individual claims relating to silicosis and/or other OLD will be filed against
       AngloGold Ashanti in the future. AngloGold Ashanti will defend all current and subsequently filed claims on their merits.
       Should AngloGold Ashanti be unsuccessful in defending any such claims, or in otherwise favourably resolving perceived
       deficiencies in the national occupational disease compensation framework that were identified in the earlier decision by the
       Constitutional Court, such matters would have an adverse effect on its financial position, which could be material. The
       company is unable to reasonably estimate its share of the amounts claimed.

(8)    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 Ltda (AABM) in the amount of USD19m (2013:
       USD19m) 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 USD17m (2013: USD19m). Management is of the opinion that these taxes are
       not payable.


(9)    VAT disputes - MSG received a tax assessment in October 2003 from the State of Minas Gerais related to VAT on gold
       bullion transfers. 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 USD16m (2013: USD16m).

(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. On 23 October 2013
       AGAC received the official assessments from the DIAN which established that an estimated additional tax of USD32m (2013:
       USD35m) will be payable if the tax returns are amended. Penalties and interest for the additional taxes are expected to be
       USD155m (2013: USD153m), based on Colombian tax law. The company believes that it has applied the tax legislation correctly.
       AGAC requested in December 2013 that DIAN reconsider its decision and the company has been officially notified that DIAN
       will review its earlier ruling. This review is anticipated to take twelve months, at the end of which AGAC may file suit if the
       ruling is not reversed.

(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 USD15m (2013: USD18m) 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
       USD37m (2013: USD45m). A new notification was received on 16 July 2014 from the tax authorities that disallowed arguments from
       CVSA's initial response. CVSA prepared defence arguments and evidence which was filed on 8 September 2014.
       Management is of the opinion that the taxes are not payable.

(12)   Sales tax on gold deliveries – In 2006, Mineração Serra Grande S.A. (MSG), received two tax assessments from the State of
       Goiás related to the 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 were
       approximately USD62m and USD39m as at 31 December 2013, respectively. Various legal proceedings have taken place over the
       years with respect to this matter, as previously disclosed. On 5 May 2014, the State of Goiás published a law which enables
       companies to settle outstanding tax assessments of this nature. Under this law, MSG settled the two assessments in May
       2014 by paying USD14m in cash and by utilising USD29m of existing VAT credits. The utilisation of the VAT credits is subject to
       legal confirmation from the State of Goiás within 180 days from the settlement agreement date. Management has concluded
       that the likelihood of the State of Goiás declining the utilisation of the VAT credits or part thereof is remote. The cash
       settlement, which occurred on 25 July 2014, was further set off by an indemnity from Kinross of USD6m.

(13)   Indemnity - As part of the acquisition by AngloGold Ashanti Limited of the remaining 50% interest in MSG during June
       2012, Kinross Gold Corporation (Kinross) has provided an indemnity to a maximum amount of BRL255m against the
       specific exposures discussed in items 9 and 12 above. In light of the settlements described in item 12 at 30 September
       2014, the company has estimated that the maximum contingent asset is USD10m (2013: USD60m).

(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 is determined a t 3% of
       the net revenue (being gross revenue less state royalties) generated by the Tau Lekoa assets. Royalties on 482,875oz
       (2013: 413,246oz) produced have been received to date.

(15)   Royalty – As a result of the sale of Navachab, AngloGold Ashanti will receive a net smelter to return paid quarterly for
       seven years from 1 July 2016, determined at 2% of ounces sold during the relevant quarter subject to a minimum average
       gold price of USD1,350 and capped at a maximum of 18,750 ounces sold per quarter.

(16)   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 USD9m (2013: USD10m). 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 tax risk
      There is a concentration of tax risk in respect of recoverable value added tax, fuel duties and appeal deposits from the Tanzanian
      government.
      The recoverable value added tax, fuel duties and appeal deposits are summarised as follows:

                                                                                               Sep 2014   
                                                                                      US Dollar million   
                                                        
       Recoverable fuel duties(1)                                                                     8   
       Recoverable value added tax                                                                   22   
       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

      Appointment of new Chief Financial Officer: On 7 July 2014, AngloGold Ashanti announced the appointment of Christine
      Ramon as Chief Financial Officer and Executive Director from 1 October 2014, replacing Mr Richard Duffy, who would step down
      from both the Board and the Executive Committee.

      Intended Delisting and Cancellation of Securities from the London Stock Exchange: On 18 August 2014 AngloGold Ashanti
      announced that its board of directors had resolved to request the cancellation of the listing of the Company's ordinary shares and
      depositary interests on the Official List of the UK Listing Authority and the cancellation of the admission to trading of the
      Securities on the Main Market of the London Stock Exchange plc.

      Proposed Corporate Restructure and Capital Raising, and Cautionary announcement: On 10 September AngloGold Ashanti
      announced that the Company had applied for and received approval from the South African Reserve Bank to restructure its
      international mining operations under a new UK holding company while the current company would continue to be a South African
      domiciled company and would house the South African assets. The Company also announced that it will consult with its
      shareholders regarding plans to raise about USUSD2.1bn through a rights issue to support the proposed restructuring.

      Update on Proposed Restructuring and Withdrawal of Cautionary announcement: On 15 September 2014, following the
      aforementioned consultations with shareolders, AngloGold Ashanti announced that the Company would not proceed with the
      corporate restructuring and capital raising as proposed due to concerns raised by shareholders on certain aspects of the
      transactions.

      Delisting and Cancellation of Securities from the London Stock Exchange: On 26 September 2014 AngloGold Ashanti
      announced that listing of the Company's ordinary shares and depository interests on the Official List of the UK Listing Authority
      was cancelled with effect from 8.00 am on 22 September 2014. The Securities ceased to be admitted to trading on the Main
      Market of the London Stock Exchange plc with effect from the same time and date.




By order of the Board




S M PITYANA                                                                          S VENKATAKRISHNAN
Chairman                                                                             Chief Executive Officer


30 October 2014

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

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

A   Adjusted headline earnings (loss)                                                                                                                   
                                                                                        Quarter ended                    Nine months ended      
                                                                                      Sep            Jun             Sep          Sep          Sep      
                                                                                     2014           2014            2013         2014         2013      
                                                                                Unaudited      Unaudited       Unaudited    Unaudited    Unaudited      
                                                                                                       US Dollar million                   
Headline earnings (loss) (note 9)                                                      44           (89)            (18)          (7)          354      
(Gain) loss on unrealised non-hedge derivatives and                                                                                                     
other commodity contracts                                                            (30)             5              34          (10)         (66)      
Deferred tax on unrealised non-hedge derivatives and                                                                                                    
other commodity contracts (note 8)                                                      8            (2)             (9)            2           18      
Fair value adjustment on USD1.25bn bonds                                             (20)             31              46           80           46      
Fair value adjustment on option component of convertible bonds                          -              -               -            -          (9)      
Fair value adjustment on mandatory convertible bonds                                    -              -             523            -          211      
Provision for losses in associate                                                       -             51               -           51            -      
Adjusted headline earnings (loss)                                                       2            (4)             576          117          553      
Adjusted headline earnings (loss) per ordinary share (cents) (1)                        0            (1)             148           29          142      

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

B   Adjusted gross profit                                                                                                                               
                                                                                           Quarter ended                  Nine months ended      
                                                                                      Sep            Jun             Sep          Sep          Sep      
                                                                                     2014           2014            2013         2014         2013      
                                                                                Unaudited      Unaudited       Unaudited    Unaudited    Unaudited      
                                                                                                       US Dollar million                   
Reconciliation of gross profit to adjusted gross profit:                                                                                                
Gross profit                                                                          273            252             276          820        1,041      
(Gain) loss on unrealised non-hedge derivatives and                                                                                                     
other commodity contracts                                                            (30)              5              34         (10)         (66)      
Adjusted gross profit                                                                 243            257             310          811          975      

C   Price received                                                                                                                                      
                                                                                           Quarter ended                  Nine months ended      
                                                                                      Sep            Jun             Sep          Sep          Sep      
                                                                                     2014           2014            2013         2014         2013      
                                                                                Unaudited      Unaudited       Unaudited    Unaudited    Unaudited      
                                                                                                       US Dollar million/Imperial                   
Gold income (note 2)                                                                1,295          1,321           1,374        3,940        4,079      
Adjusted for non-controlling interests                                               (16)           (22)            (21)         (57)         (61)      
                                                                                    1,279          1,299           1,353        3,883        4,018      
Realised loss on other commodity contracts                                              6              4               6           15           20      
Associates and joint ventures' share of gold income including realised                                                                                  
non-hedge derivatives                                                                 123             99              50          327          185      
Attributable gold income including realised non-hedge                                                                                                   
derivatives                                                                         1,409          1,402           1,409        4,225        4,223      
Attributable gold sold  - oz (000)                                                  1,099          1,087           1,062        3,284        2,902      
Price received per unit - USD/oz                                                    1,281          1,289           1,327        1,287        1,455      
Rounding of figures may result in computational discrepancies.                                                                                          


D   All-in sustaining costs and All-in costs(1)                                                                                                          
                                                                                           Quarter ended                   Nine months ended      
                                                                                       Sep           Jun             Sep          Sep          Sep      
                                                                                      2014          2014            2013         2014         2013      
                                                                                 Unaudited     Unaudited       Unaudited    Unaudited    Unaudited      
                                                                                                       US Dollar million/Imperial                   
Cost of sales (note 3)                                                               1,052         1,064           1,064        3,130        3,104      
Amortisation of tangible and intangible assets (note 3)                              (191)         (188)           (159)        (563)        (587)      
Adjusted for decommissioning amortisation                                                3             2               1            7            4      
Inventory writedown to net realisable value and other stockpile                                                                                         
adjustments (note 5)                                                                     1             -               -            1          178      
Corporate administration and marketing related to current operations                    22            19              41           66          163      
Associates and joint ventures' share of costs                                           77            72              52          218          142      
Sustaining exploration and study costs                                                  14             8              14           32           79      
Total sustaining capex                                                                 177           205             232          555          746      
All-in sustaining costs                                                              1,156         1,183           1,245        3,446        3,829      
Adjusted for non-controlling interests and non -gold producing companies              (14)          (21)            (19)         (52)         (55)      
All-in sustaining costs adjusted for non-controlling interests and                                                                                      
non-gold producing companies                                                         1,142         1,162           1,226        3,394        3,774      
Adjusted for stockpile write-offs                                                      (3)           (9)               -         (12)        (178)      
All-in sustaining costs adjusted for non-controlling interests, non-gold                                                                                
producing companies and stockpile  write-offs                                        1,139         1,153           1,226        3,382        3,596      
All-in sustaining costs                                                              1,156         1,183           1,245        3,446        3,829      
Non-sustaining project capital expenditure                                              84           107             216          291          770      
Technology improvements                                                                  3             5               4           12            8      
Non-sustaining exploration and study costs                                              23            23              43           66          147      
Corporate and social responsibility costs not related to current operations              6             6               7           18           20      
All-in costs                                                                         1,271         1,324           1,516        3,832        4,774      
Adjusted for non-controlling interests and non -gold producing companies              (11)          (19)            (20)         (44)         (64)      
All-in costs adjusted for non-controlling interests and                                                                                                 
non-gold producing companies                                                         1,260         1,305           1,495        3,788        4,710      
Adjusted for stockpile write-offs                                                      (3)           (9)               -         (12)        (178)      
All-in costs adjusted for non-controlling interests, non-gold producing                                                                                 
companies and stockpile  write-offs                                                  1,257         1,296           1,495        3,776        4,532      
Gold sold - oz (000)                                                                 1,099         1,087           1,062        3,284        2,902      
All-in sustaining cost (excluding stockpile write-offs) per unit - USD/oz            1,036         1,060           1,155        1,030        1,239      
All-in cost per unit (excluding stockpile write-offs) - USD/oz                       1,144         1,192           1,408        1,150        1,562      

(1) Refer to note J for Summary of Operations by Mine                                                                                                 

E   Total costs(2)                                                                                                                                       
Total cash costs (note 3)                                                              864           874             815        2,516        2,436      
Adjusted for non-controlling interests, non-gold producing companies and other        (16)          (24)            (22)         (75)         (90)      
Associates and joint ventures' share of total cash costs                                76            68              50          213          141      
Total cash costs adjusted for non-controlling interests                                                                                                 
and non-gold producing companies                                                       924           918             843        2,654        2,487      
Retrenchment costs (note 3)                                                              5             3              44           14           53      
Rehabilitation and other non-cash costs (note 3)                                         8            17               6           48           29      
Amortisation of tangible assets (note 3)                                               182           179             153          536          572      
Amortisation of intangible assets (note 3)                                               9             9               6           27           15      
Adjusted for non-controlling interests and non-gold producing companies                  2             8               7            6          (3)      
Equity-accounted associates and joint ventures' share of production costs               29            31               2           80            5      
Total production costs adjusted for non-controlling                                                                                                     
interests and non-gold producing companies                                           1,158         1,165           1,061        3,365        3,158      
Gold produced - oz (000)                                                             1,126         1,097           1,043        3,278        2,876      
Total cash cost per unit - USD/oz                                                      820           836             809          810          865      
Total production cost per unit - USD/oz                                              1,029         1,061           1,017        1,027        1,098      

(2)Refer to note J for Summary of Operations by mine                                                                                                 

Rounding of figures may result in computational discrepancies.                                                                                          

                     
F   Adjusted EBITDA(1)                                                                                                                               
                                                                                                                Quarter ended                 Nine months ended      
                                                                                                           Sep            Jun            Sep           Sep         Sep      
                                                                                                          2014           2014           2013          2014        2013      
                                                                                                     Unaudited      Unaudited      Unaudited     Unaudited   Unaudited      
                                                                                                                           US Dollar million                  
Profit (loss) on ordinary activities before taxation                                                       129           (14)             32           222     (2,704)      
Add back :                                                                                                                                                                  
Finance costs and unwinding of obligation                                                                   69             71             89           211         222      
Interest received                                                                                          (6)            (6)            (8)          (17)        (24)      
Amortisation of tangible and intangible assets (note 3)                                                    191            188            159           563         587      

Adjustments :                                                                                                                                                               
Dividend received (note 2)                                                                                   -              -              -             -         (5)      
Exchange (loss) gain                                                                                       (4)              8           (10)            11        (11)      
Fair value adjustment on the mandatory convertible bonds                                                     -              -           (44)             -       (356)      
Fair value adjustment on option component of convertible bonds                                               -              -              -             -         (9)      
Fair value adjustment on USD1.25bn bonds                                                                  (20)             31             46            80          46      
Net impairment and derecognition of goodwill, tangible and intangible                                                                                                       
assets (note 5)                                                                                              1              -              8             1       2,992      
Impairment of other investments (note 5)                                                                     -              1              4             1          29      
Write-down of stockpiles and heap leach to net realisable value and other                                                                                                   
stockpile adjustments (note 5)                                                                               1              -              -             1         178      
Write-off of loan (note 5)                                                                                   -              -              -             -           7      
Retrenchments at mining operations (note 3)                                                                  5              3             44            14          53      
Retrenchments at Obuasi                                                                                     34             31              -            65           -      
Net (profit) loss on disposal and derecognition of assets (note 5)                                         (2)           (25)              1          (25)         (2)      
(Gain) loss on unrealised non-hedge derivatives and other commodity                                                                                                         
contracts                                                                                                 (30)              5             34          (10)        (66)      
Associates and joint ventures' exceptional expense                                                           -              6           (31)             6         162      
Associates and joint ventures' -  adjustments for amortisation, interest,                                                                                                   
taxation and other.                                                                                         32             83              3           134          22      
Adjusted EBITDA                                                                                            400            382            327         1,258       1,123      
 
(1)EBITDA (as adjusted) and prepared in terms of the formula set out in the Revolving Credit Agreements.                                               

G   Interest cover                                                                                                                                                          
Adjusted EBITDA (note F)                                                                                   400            382            327         1,258       1,123      
Finance costs (note 6)                                                                                      62             64             76           190         179      
Capitalised finance costs                                                                                    -              -            (2)             1           5      
                                                                                                            62             64             74           191         184      
Interest cover - times                                                                                       6              6              4             7           6      

H   Net asset value - cents per share                                                                                                                                       
                                                                                                                        As at          As at         As at       As at      
                                                                                                                          Sep            Jun           Dec         Sep      
                                                                                                                         2014           2014          2013        2013      
                                                                                                                    Unaudited      Unaudited     Unaudited   Unaudited      
                                                                                                                                         US Dollar million                  
Total equity                                                                                                            3,010          3,101         3,107       3,411      
Number of ordinary shares in issue - million (note 10)                                                                    404            404           403         404      
Net asset value - cents per share                                                                                         745            767           770         845      
Total equity                                                                                                            3,010          3,101         3,107       3,411      
Intangible assets                                                                                                       (247)          (270)         (267)       (288)      
                                                                                                                        2,763          2,831         2,840       3,123      
Number of ordinary shares in issue - million (note 10)                                                                    404            404           403         404      
Net tangible asset value - cents per share                                                                                684            701           704         773      

I   Net debt                                                                                                                                                                
Borrowings - long-term portion                                                                                          3,521          3,619         3,633       3,583      
Borrowings - short-term portion                                                                                           159            187           258         326      
Bank overdraft                                                                                                             13              4            20          25      
Total borrowings                                                                                                        3,693          3,810         3,911       3,934      
Corporate office lease                                                                                                   (22)           (24)          (25)        (26)      
Unamortised portion of the convertible and rated bonds                                                                     29             25             2         (2)      
Fair value adjustment on USD1.25bn bonds                                                                                (138)          (159)          (58)        (46)      
Cash restricted for use                                                                                                  (53)           (54)          (77)        (66)      
Cash and cash equivalents                                                                                               (557)          (604)         (648)       (786)      
Net debt excluding mandatory convertible bonds                                                                          2,952          2,994         3,105       3,008      

Rounding of figures may result in computational discrepancies.                                                                                                              


J Summary of Operations by mine
For the three months ended 30 September 2014
Operations in South Africa
(in USD millions, except as otherwise noted)

                                                       Great         Kopanang           Moab      Vaal River        Mponeng       Tau Tona      West Wits            Surface        South Africa         Total South        Corporate
                                                     Noligwa                        Khotsong      Operations                                   Operations         operations               other              Africa
                                                                                                                                                                                                        (Operations)
All-in sustaining costs
Cost of sales per financial statements                    25               51             57            133              87             82            169                62                  (1)                 363                 1
    Amortisation of tangible and intangible assets       (2)             (10)           (12)           (24)            (19)           (14)           (33)               (4)                   -                 (61)               (2)
    Corporate administration and marketing
    related to current operations                          -                -              -              -               -              -              -                 -                    -                   -                22
    Sustaining exploration and study costs                 -                -              -              -               -              -              -                 -                    -                   -               (1)
    Total sustaining capital expenditure                   1                7             12             20              17              7             24                10                    5                  59                 2
All-in sustaining costs                                   24               48             57            129              85             75            160                68                    4                 361                22
    Adjusted for non-controlling interests and non                         
    -gold producing companies(1)                           -                -              -              -               -              -              -                -                     -                   -                 3
All-in sustaining costs adjusted for non- 
controlling interests and non-gold producing
companies                                                 24               48             57            129              85             75            160                68                    4                 361                25
    Adjusted for stockpile write-offs                      -                -              -              -               -              -              -                 -                    -                   -               (1)
All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs                        24               48             57            129              85             75            160                68                    4                 361               24

All-in sustaining costs                                   24               48             57            129              85             75            160                68                    4                 361               22
    Non-sustaining Project capex                           -                -              -              -               7              -              7                 -                    1                   8                -
    Technology improvements                                -                -              -              -               -              -              -                 -                    3                   3                -
    Non-sustaining exploration and study costs             -                -              -              -               -              -              -                 -                    -                   -                1
    Corporate and social responsibility costs not
    related to current operations                          -                -              -              -               -              -              -                 -                    -                   -                2
All-in costs                                              24               48             57            129              92             75            167                68                    8                 372               25
    Adjusted for non-controlling interests and non                             
    -gold producing companies(1)                           -               -              -               -               -              -                  -                -                  -                  -                2
All-in sustaining costs adjusted for non-
controlling interests and non-gold producing
companies                                                 24              48             57             129              92             75            167                68                    8                 372               27
    Adjusted for stockpile write-offs                      -               -              -               -               -              -              -                 -                    -                   -               (1)
All-in sustaining costs adjusted for non- 
controlling interests, non-gold producing 
companies and stockpile write-offs                        24              48             57             129              92             75            167                68                    8                 372               26

Gold sold - oz (000)(3)                                   18              39             54             111              96             63            159                54                     -                326                -

All-in sustaining cost (excluding stockpile                      
write-offs) per unit - USD/oz(4)                       1,343           1,211          1,047            1,153            898          1,170          1,007             1,261                     -              1,115               -
All-in cost per unit (excluding stockpile                           
offs) - USD/oz(4)                                      1,343           1,211          1,054            1,156            974          1,170          1,053             1,261                     -              1,147               -         

(1)   Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap 
      leach inventory.
(2)   Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash
      costs per ounce and total production costs per ounce.
(3)   Attributable portion.
(4)   In addition to the operational performances of the mines, all-in sustaining cost per ounce, all-in cost per ounce, total cash costs per
      ounce and total production costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-
      in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US dollar amount and gold sold in ounces. AngloGold
      Ashanti reports total cash costs per ounce and total production costs per ounce calculated to the nearest US dollar amount and gold
      produced in ounces.
(5)   Corporate includes non-gold producing subsidiaries.                              
(6) Total cash costs per ounce calculation includes heap-leach inventory change.

For the three months ended 30 September 2014
Operations in South Africa
(in USD millions, except as otherwise noted)

                                                                                                                                                                                                

                                                       Great         Kopanang           Moab      Vaal River        Mponeng       Tau Tona      West Wits            Surface        South Africa      Total South          Corporate
                                                     Noligwa                        Khotsong      Operations                                   Operations         operations               other           Africa
                                                                                                                                                                                                     (Operations)
Total cash costs       
Total cash costs per financial statements                 22                37           41             100              63            63            126                 54                   2              282                 (3)
   Adjusted for non-controlling interests, non-        
                                                   
   gold producing companies and other (1)                                   -              -               -              -             -              -                -                     -                -                  2
   Associates and equity accounted joint             
                                                    
   ventures' share of total cash costs(2)                                   -              -               -              -             -              -                -                     -                -                  -
Total cash costs adjusted for non-        
controlling interests and non-gold producing         
companies                                                 22               37             41             100              63            63           126                 54                   2              282                (1)
   Retrenchment costs                                      -                -              -               -               -             -             -                  -                   2                2                  -
   Rehabilitation and other non-cash costs                 1                1              1               3               1             1             2                  1                   -                6                  1
   Amortisation of tangible assets                         2                9             11              22              17            13            30                  3                   1               56                  2
   Amortisation of intangible assets                       -                1              1               2               2             1             3                  -                   -                5                  1
   Associates and equity accounted joint          
                                                 
   ventures' share of total cash costs(2)                                   -              -               -              -             -              -                  -                   -                -                  2
Total cash costs adjusted for non-          
controlling interests and non-gold producing          
companies                                                 25               48             54             127              83            78           161                 58                   5              351                  5
                                     
Gold produced - oz (000)(3)                               17               38             52             107              92            61           153                 52                   -              314                  -
                                              
Total cash costs per unit - USD/oz(4)                  1,276              993            792             940             688         1,030           825              1,048                   -              901                  -
Total production costs per unit - USD/oz(4)            1,429            1,297          1,052           1,199             912         1,284         1,061              1,146                   -            1,123                  -
                                                    

For the three months ended 30 September 2014
Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in USD millions, except as otherwise noted)
  
                                                                               DRC             GHANA            GUINEA                 MALI                NAMIBIA    TANZANIA    Continental   TOTAL CONTINENTAL
                                                                            Kibali     Iduapriem   Obuasi      Siguiri     Morila    Sadiola    Yatela    Navachab       Geita   Africa other              AFRICA       
All-in sustaining costs                                                                                                                                                                                  
Cost of sales per financial statements                                          -           43         79           60          -          -         -           -         98               -                 280   
Amortisation of tangible and intangible                                                                                                                                                                             
assets                                                                          -          (7)        (5)          (8)          -          -         -           -       (22)               -                (42)   
Adjusted for decommissioning amortisation                                       -            -          -            1          -          -         -           -          -               1                   2   
Associates and equity accounted joint          
                                  
ventures' share of costs(2)                                                    36            -          -            -         15         21         4           -          -               1                  77   
Sustaining exploration and study costs                                          -            -          3            -          -          -         -           -          1               1                   5   
Total sustaining capital expenditure                                            1            4          9            4          1          1         -           -         21               -                  41   
All-in sustaining costs                                                        37           40         86           57         16         22         4           -         98               3                 363   
Adjusted for non-controlling interests and          
                                           
non -gold producing companies(1)                                                -            -            -        (9)          -          -         -           -          -             (0)                 (9)   
All-in sustaining costs adjusted for non-                                                                                                                                                                           
controlling interests and non-gold producing                                                                                                                                                                        
companies                                                                      37           40         86           48         16         22         4           -         98               3                 354   
Adjusted for stockpile write-offs                                               -            -          -            -          -          -         -           -        (2)               -                 (2)   
All-in sustaining costs adjusted for non-                                                                                                                                                                           
controlling interests, non-gold producing                                                                                                                                                                           
companies and stockpile write-offs                                             37           40         86           48         16         22         4           -         96               3                 352   
All-in sustaining costs                                                        37           40         86           57         16         22         4           -         98               3                 363   
Non-sustaining Project capex                                                   36            -          9            -          -          -         -           -          -               -                  45   
Non-sustaining exploration and study costs                                      1            -          -            1          -          -         -           -          -               -                   2   
All-in costs                                                                   74           40         95           58         16         22         4           -         98               3                 410   
Adjusted for non-controlling interests and                                                                                                                                                                          
          
non -gold producing companies(1)                                                -            -          -          (9)          -          -         -           -          -             (0)                  (9)   
All-in sustaining costs adjusted for non-                                                                                                                                                                             
controlling interests and non-gold producing                                                                                                                                                                        
companies                                                                      74           40         95           49         16         22         4           -         98               3                 401   
Adjusted for stockpile write-offs                                               -            -          -            -          -          -         -           -        (2)               -                 (2)   
All-in sustaining costs adjusted for non-                                                                                                                                                                           
controlling interests, non-gold producing                                                                                                                                                                           
companies and stockpile write-offs                                             74           40         95           49         16         22         4           -         96               3                 399   
        
Gold sold - oz (000)(3)                                                        63           41         73           61         10         21         2           -        107               -                 379   
All-in sustaining cost (excluding stockpile        
                                    
write-offs) per unit - USD/oz(4)                                              580          984      1,169          798      1,660      1,062     1,858           -        907               -                 928   
All-in cost per unit (excluding stockpile                                                                                                                                                                       
      
write-offs) - USD/oz(4)                                                     1,159          984      1,295          818      1,660      1,062     1,858           -        907               -               1,052   
      
      
For the three months ended 30 September 2014
Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in USD millions, except as otherwise noted)

                                                                               DRC             GHANA            GUINEA                 MALI                NAMIBIA    TANZANIA    Continental   TOTAL CONTINENTAL
                                                                            Kibali     Iduapriem   Obuasi      Siguiri     Morila    Sadiola    Yatela    Navachab       Geita   Africa other              AFRICA   
Total cash costs                                                                                                                                                                                                                                                  
Total cash costs per financial statements                                       -             39       75           62          -           -        -          -           83             1                  260      
Adjusted for non-controlling interests, non-                                                                                                                                                                                                                             

gold producing companies and other(1)                                           -              -        -          (9)          -           -        -          -            -             -                  (9)      
Associates and equity accounted joint
                                    
ventures' share of total cash costs(2)                                         37              -        -            -         15          20        4          -            -             -                   76      
Total cash costs adjusted for non-                                                                                                                                                                                                                                       
controlling interests and non-gold                                                                                                                                                                                                                                       
producing companies                                                            37             39       75           53         15          20        4          -           83             1                  327      
Rehabilitation and other non-cash costs                                         -              1        -          (1)          -           -         -          -           1           (1)                    -      
Amortisation of tangible assets                                                 -              7        5            8          -           -        -          -           22           (1)                   41      
Amortisation of intangible assets                                               -              -        -            -          -           -        -          -            -             1                    1      
Adjusted for non-controlling interests, non 
                          
gold producing companies(1)                                                     -              -        -          (1)          -           -        -          -            -             -                   (1)      
Associates and equity accounted joint                                                                                                                                                                                                                                    

ventures' share of total cash costs (2)                                        18              -        -            -          3           7        -          -            -             -                   28      
Total cash costs adjusted for non-                                                                                                                                                                                                                                     
controlling interests and non-gold                                                                                                                                                                                                                                     
producing companies                                                            55             47       80           59         18          27        4          -          106             -                  396      

Gold produced - oz (000)(3)                                                    65             45       78           72         10          21        2          -          116             -                  410      

Total cash costs per unit - USD/oz(4)                                         563            866      966          741      1,525         981    1,672          -          715             -                  799
Total production costs per unit - USD/oz(4)                                   846          1,033    1,031          816      1,849       1,309    1,762          -          907             -                  970
  
   
 
For the three months ended 30 September 2014
Operations in Australia, United States of America, Argentina and Brazil
(in USD millions, except as otherwise noted)

  
                                                                                          Australia                    TOTAL         UNITED             ARGENTINA            BRAZIL
                                                                      Sunrise Dam     Tropicana      Australia     AUSTRALIA       STATES OF                Cerro         AngloGold          Serra         Americas               TOTAL
                                                                                                         other                       AMERICA           Vanguardia           Ashanti         Grande            other            AMERICAS
                                                                                                                               Cripple Creek                              Mineracao
                                                                                                                                    & Victor
All-in sustaining costs                                                                                                                                                                                                                                  
Cost of sales per financial statements                                         85           83               5         173                53                  49                 95             39               -                  236       
Amortisation of tangible and intangible assets                               (14)         (24)             (1)        (39)               (1)                 (8)               (26)           (12)               -                 (47)     
Adjusted for decommissioning amortisation                                       -            1               -           1                 -                   -                  -              -               -                    -       
Sustaining exploration and study costs                                          -            1               2           3                 1                   -                  3              -               3                    7       
Total sustaining capital expenditure                                            8            5               -          13                 5                  14                 33              9               1                   62       
All-in sustaining costs                                                        79           66               6         151                58                  55                105             36               4                  258       
Adjusted for non-controlling interests and non -
                           
gold producing companies(1)                                                      -           -               -           -                 -                 (4)                 -               -             (4)                  (8)    
All-in sustaining costs adjusted for non-                                                                                                                                                                                                     
controlling interests, non-gold producing                                                                                                                                                                                                     
companies and stockpile write-offs                                             79           66               6         151                58                  51                105             36               -                  250       
All-in sustaining costs                                                        79           66               6         151                58                  55                105             36               4                  258       
Non-sustaining Project capex                                                    -            -               -           -                31                   -                  -              -               -                   31       
Non-sustaining exploration and study costs                                      -            -               2           2                 -                   -                  -              -              18                   18       
Corporate and social responsibility costs not                                                                                                                                                                                                 
related to current operations                                                   -            -               -           -                 -                   -                  4              -               -                    4       
All-in costs                                                                   79           66               8         153                89                  55                109             36              22                  311       
Adjusted for non-controlling interests and non -
                           
gold producing companies(1)                                                     -            -               -           -                 -                 (4)                  -              -               -                  (4)    
All-in sustaining costs adjusted for non-                                                                                                                                                                                                      
controlling interests, non-gold producing                                                                                                                                                                                                     
companies and stockpile write-offs                                              79          66               8         153                89                  51                109             36              22                  307       

Gold sold - oz (000)(3)                                                         71          83               -         154                55                  54                100             33               -                  242       
All-in sustaining cost (excluding stockpile
                            
write-offs) per unit - USD/oz(4)                                             1,116         800               -         980             1,075                 956              1,037          1,097               -                1,035       
All-in cost per unit (excluding stockpile write-                                                                                                                                                                                          

offs) - USD/oz(4)                                                            1,116         800               -         993             1,647                 957              1,076          1,110               -                1,270       
 

For the three months ended 30 September 2014
Operations in Australia, United States of America, Argentina and Brazil
(in USD millions, except as otherwise noted)

  
                                                                                          Australia                    TOTAL         UNITED             ARGENTINA            BRAZIL
                                                                      Sunrise Dam     Tropicana      Australia     AUSTRALIA       STATES OF                Cerro         AngloGold          Serra         Americas               TOTAL
                                                                                                         other                       AMERICA           Vanguardia           Ashanti         Grande            other            AMERICAS
                                                                                                                               Cripple Creek                              Mineracao
                                                                                                                                    & Victor     
Total cash costs                                                                                                                                                                                                                                                                                             
Total cash costs per financial statements                                      67           61               3          131               54                   44                70            26                -                 194       
Adjusted for non-controlling interests, non-gold                                                                                                                                                                                          

producing companies and other(1)                                                -            -               -            -              (7)                  (3)                 -            -                 -                (10)  
Total cash costs adjusted for non-controlling                                                                                                                                                                                                           
interests and non-gold producing companies                                     67           61               3          131               47                   41                70           26                 -                 184       
Retrenchment costs                                                              -            -               1            1                -                    -                 2            -                 -                   2       
Rehabilitation and other non-cash costs                                         -            -               -            -                2                    3               (4)          (1)                 1                   1       
Amortisation of tangible assets                                                14           24               -           38                -                    8                25           12                 -                  45       
Amortisation of intangible assets                                               -            -               -            -                -                    -                 2            -                 -                   2       
Adjusted for non-controlling interests, non-gold 
                      
producing companies(1)                                                          -            -               -            -                4                  (1)                -            -                  -                   3       
Total cash costs adjusted for non-controlling     
interests and non-gold producing companies                                     81            85              4          170               53                   51                95           37                 1                 237        
                                                                              
Gold produced - oz (000)(3)                                                    68            84              -          152               56                   62               101           32                 -                 251       
                                           
Total cash costs per unit - USD/oz(4)                                         982           721              -          861           827(6)                  656               699          803                 -                 730
Total production costs per unit - USD/oz(4)                                 1,187         1,005              -        1,121              951                  819               943        1,173                 -                 943   
                                                           
              


For the three months ended 30 June 2014
Operations in South Africa
(in USD millions, except as otherwise noted)


                                                       Great   Kopanang         Moab      Vaal River       Mponeng       Tau Tona     West Wits       Surface    South Africa     Total South       Corporate
                                                     Noligwa                Khotsong      Operations                                 Operations    operations           other          Africa
                                                                                                                                                                                  (Operations)      
All-in sustaining costs                                              
Cost of sales per financial statements                    25         51           53             129            80            63            143            61               -             333               3      
Amortisation of tangible and intangible assets           (2)       (12)         (13)            (27)          (19)          (14)           (33)           (8)               1            (67)             (2)      
Corporate administration and marketing                                                                                                                                                                             
related to current operations                              -          -            -               -             -             -              -             -               -               -              20      
Total sustaining capital expenditure                       3          7            9              19            18            11             29            12             (1)              59               1      
All-in sustaining costs                                   26         46           49             121            79            60            139            65               -             325              22      
All-in sustaining costs adjusted for non-                                                                                                                                                                          
controlling interests, non-gold producing                                                                                                                                                                          
companies and stockpile write-offs                        26         46           49             121            79            60            139            65               -             325              22      
All-in sustaining costs                                   26         46           49             121            79            60            139            65               -             325              22      
Non-sustaining Project capex                               -          -            1               1             8             -              8             -               -               9               -      
Technology improvements                                    -          -            -               -             -             -              -             -               5               5               -      
Non-sustaining exploration and study costs                 -          -            -               -             -             -              -             -               -               -               1      
Corporate and social responsibility costs not                                                                                                                                                                      
related to current operations                              -          -            -               -             -             -              -             -               -               -               2      
All-in costs                                              26         46           50             122            87            60            147            65               5             339              25      
Adjusted for non-controlling interests and non                                                                                                                                                                     
 
-gold producing companies(1)                               -          -            -               -             -             -              -             -               -               -              (1)      
All-in sustaining costs adjusted for non-                                                                                                                                                                          
controlling interests, non-gold producing                                                                                                                                                                          
companies and stockpile write-offs                        26         46           50             122            87            60            147            65               5             339              24      
 
Gold sold - oz (000)(3)                                   21         39           57             116            85            53            138            52               -             306               -      
 
All-in sustaining cost (excluding stockpile                                                                                                                                                                            
write-offs) per unit - USD/oz(4)                       1,206      1,193          880           1,042           927         1,135          1,007         1,258               -           1,064               -      
All-in cost per unit (excluding stockpile write-       
offs) - USD/oz(4)                                      1,206      1,193          892           1,048         1,020         1,135          1,064         1,258               -           1,109               -      
 

(1)   Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap
      leach inventory.
(2)   Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash
      costs per ounce and total production costs per ounce.
(3)   Attributable portion.
(4)   In addition to the operational performances of the mines, all-in sustaining cost per ounce, all-in cost per ounce, total cash costs per
      ounce and total production costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-
      in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US dollar amount and gold sold in ounces. AngloGold
      Ashanti reports total cash costs per ounce and total production costs per ounce calculated to the nearest US dollar amount and gold
      produced in ounces.
(5)   Corporate includes non-gold producing subsidiaries.                            
(6)   Total cash costs per ounce calculation includes heap-leach inventory change.

For the three months ended 30 June 2014
Operations in South Africa
(in USD millions, except as otherwise note)
                                                                            Great    Kopanang       Moab    Vaal River    Mponeng     Tau Tona     West Wits      Surface  South Africa      Total South   Corporate(5)
                                                                          Noligwa               Khotsong    Operations                            Operations   operations         other           Africa
                                                                                                                                                                                            (Operations)                                                                                         
Total cash costs
Total cash costs per financial statements                                      23          41       42          106            63          51         114             56            (1)             275              1
Adjusted for non-controlling interests, non-g
                                
producing companies and other(1)                                               -         -          -             -             -           -           -              -             -               -               -
Associates and equity accounted joint ventures'    
                              
share of total cash costs(2)                                                   -         -          -             -             -           -           -              -             -               -               -
Total cash costs adjusted for n 
controlling interests and non-gold produc
companies                                                                      23          41       42          106            63          51         114             56            (1)             275              1
   Retrenchment costs                                                           -           -        -            1             1           1           1              -             1                3              -
   Rehabilitation and other non-cash costs                                      -           -        -            -             1           -           1              -             1                2            (1)
   Amortisation of tangible assets                                              2          11       12           24            17          13          31              8            (1)              62              1
   Amortisation of intangible assets                                            -           1        1            2             1           1           2              1              -               5              1
   Adjusted for non-controlling interests, non-                       
   gold producing companies(1)                                                  -           -        -            -             -           -           -              -             -                -           (12)
   Associates and equity accounted joint     
   ventures' share of total cash costs(2)                                       -           -        -            -             -           -           -              -             -                -              1
Total cash costs adjusted for non-
controlling interests and non-gold producing
companies                                                                      25          53       55           133           83          66         149             65             -              347            (9)
                           
Gold produced - oz (000)(3)                                                    22          40       59           120           88          56         144             55             -              319              -
                                
Total cash costs per unit - USD/oz(4)                                       1,060       1,021      707           875          714         923         794          1,016             -              863              -
Total production costs per unit - USD/oz(4)                                 1,186       1,331      937         1,113          941       1,195       1,039          1,171             -            1,089              -
                                 
For the three months ended 30 June 2014
Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in USD millions, except as otherwise noted)

                                                                               DRC             GHANA          GUINEA                 MALI                NAMIBIA    TANZANIA    Continental   TOTAL CONTINENTAL
                                                                            Kibali     Iduapriem   Obuasi    Siguiri     Morila    Sadiola    Yatela    Navachab       Geita   Africa other              AFRICA   
All-in sustaining costs                                                                                                                                                                                                  
Cost of sales per financial statements                                           -            49       81         91          -           -         -         12          89             2                  324   
Amortisation of tangible and intangible assets                                   -           (7)      (4)        (8)          -           -         -          -        (16)           (1)                 (36)   
Adjusted for decommissioning amortisation                                        -             -        -          1          -           -         -          -           -             -                    1   
Associates and equity accounted joint    
                              
ventures' share of costs(2)                                                     28             -        -          -         12          26         7          -           -           (1)                   72   
Sustaining exploration and study costs                                           -             -        -          -          -           -         -          -           -             1                    1   
Total sustaining capital expenditure                                             -             3       16          9          -           2         -          1          29             -                   60   
All-in sustaining costs                                                         28            45       93         93         12          28         7         13         102             1                  422   
Adjusted for non-controlling interests and non                                                                                                                                                                    
     
-gold producing companies(1)                                                    -             -        -        (14)          -           -         -          -           -             -                 (14)   
All-in sustaining costs adjusted for non-                                                                                                                                                                         
controlling interests and non-gold producing                                                                                                                                                                      
companies                                                                       28            45       93         79         12          28         7         13         102             1                  408   
Adjusted for stockpile write-offs                                                -             -        -          -          -           -         -        (2)         (7)             -                  (9)   
All-in sustaining costs adjusted for non-                                                                                                                                                                         
controlling interests, non-gold producing                                                                                                                                                                         
companies and stockpile write-offs                                              28            45       93         79         12          28         7         11          95             1                  399   
All-in sustaining costs                                                         28            45       93         93         12          28         7         13         102             1                  422   
Non-sustaining Project capex                                                    49             -       12          -          -           -         -          -           -             -                   61   
Non-sustaining exploration and study costs                                       1             -        -          2          -           -         -          -           -             -                    3   
All-in costs                                                                    78            45      105         95         12          28         7         13         102             1                  486   
Adjusted for non-controlling interests and non                                                                                                                                                                    
     
-gold producing companies(1)                                                     -             -        -        (14)          -           -         -          -           -             -                 (14)   
All-in sustaining costs adjusted for non-                                                                                                                                                                          
controlling interests and non-gold producing                                                                                                                                                                       
companies                                                                       78            45      105         81         12          28         7         13         102             1                  472   
Adjusted for stockpile write-offs                                                -             -        -          -          -           -         -        (2)         (7)             -                  (9)   
All-in sustaining costs adjusted for non-                                                                                                                                                                          
controlling interests, non-gold producing                                                                                                                                                                          
companies and stockpile write-offs                                              78            45      105         81         12          28         7         11          95             1                  463   
     
Gold sold - oz (000)(3)                                                         38            46       65         86         10          25         3         17         110             -                  401   
All-in sustaining cost (excluding stockpile     
                                 
write-offs) per unit - USD/oz(4)                                               738           998    1,420        916      1,173       1,078     2,836        651         878             -                  998   
All-in cost per unit (excluding stockpile write-                                                                                                                                                                
offs) - USD/oz(4)                                                            2,047           998    1,605        935      1,173       1,078     2,836        651         878             -                1,157   
  

For the three months ended 30 June 2014
Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in USD millions, except as otherwise noted)


                                                                               DRC           GHANA            GUINEA                  MALI                NAMIBIA    TANZANIA   Continental   TOTAL CONTINENTAL
                                                                            Kibali   Iduapriem   Obuasi      Siguiri     Morila    Sadiola    Yatela    Navachab       Geita   Africa other              AFRICA  
    
Total cash costs                                                                                                                                                                                     
Total cash costs per financial statements                                        -          43       75           74          -           -        -          12         73               -                 277      
Adjusted for non-controlling interests, non-                                                                                                                                                                          
           
gold producing companies and other(1)                                            -           -        -         (11)          -           -        -           -          -               -                (11)      
Associates and equity accounted joint           
                                               
ventures' share of total cash costs(2)                                          29           -        -            -         11          22        5           -          -               1                  68      
Total cash costs adjusted for non-controlling                                                                                                                                                                        
interests and non-gold producing companies                                      29          43       75           63         11          22        5          12         73               1                 334      
Retrenchment costs                                                               -           -        -            -          -           -        -           -          -               -                   -      
Rehabilitation and other non-cash costs                                          -           1        1            3          -           -        -           -          1               1                   7      
Amortisation of tangible assets                                                  -           7        4            8          -           -        -           -         16               -                  35      
Amortisation of intangible assets                                                -           -        -            -          -           -        -           -          -               1                   1      
Adjusted for non-controlling interests, non-           
                                      
gold producing companies(1)                                                      -           -        -          (2)          -           -        -           -          -               -                 (2)      
Associates and equity accounted joint                                                                                                                                                                                
           
ventures' share of total cash costs (2)                                         18           -        -            -          3           7        3           -          -             (1)                  30      
Total cash costs adjusted for non-controlling                                                                                                                                                                        
interests and non-gold producing companies                                      47          51       80           72         14          29        8          12         90               2                 405      
           
Gold produced - oz (000)(3)                                                     41          47       64           80         10          23        2          17        110               -                 395      
           
Total cash costs per unit - USD/oz(4)                                          717         911    1,175          777      1,137         957    1,931         733        667               -                 846      
Total production costs per unit - USD/oz(4)                                  1,149       1,077    1,250          898      1,427       1,246    3,027         733        823               -               1,024      


For the three months ended 30 June 2014
Operations in Australia, United States of America, Argentina and Brazil
(in USD millions, except as otherwise noted)




                                                                                          Australia                 TOTAL         UNITED         ARGENTINA       BRAZIL 
                                                                      Sunrise Dam    Tropicana    Australia     AUSTRALIA       STATES OF            Cerro    AngloGold       Serra    Americas         TOTAL
                                                                                                      other                       AMERICA       Vanguardia     A shanti      Grande       other      AMERICAS
                                                                                                                            Cripple Creek                     Mineracao     
                                                                                                                                 & Victor
All-in sustaining costs                                                                                                                                                                                                                    
Cost of sales per financial statements                                         90           72            5           167              59               51          89           39         (1)           237      
Amortisation of tangible and intangible assets                               (12)         (25)          (2)          (39)               -              (8)        (25)         (11)           -          (44)      
Adjusted for decommissioning amortisation                                       -            1            -             1               -                -           -            -           -             -      
Corporate administration and marketing related                                                                                                                                                                        
to current operations                                                           -            -          (1)           (1)               -                -           -            -           -             -      
Sustaining exploration and study costs                                          -            1            1             2               -                -           2            -           3             5      
Total sustaining capital expenditure                                           10           14            -            24               6               14          31           10           -            61      
All-in sustaining costs                                                        88           63            3           154              65               57          97           38           2           259      
Adjusted for non-controlling interests and non -                                                                                                                                                         
          
gold producing companies(1)                                                    -            -            -             -                -               (4)          -            -         (3)           (7)      
All-in sustaining costs adjusted for non-                                                                                                                                                                                
controlling interests, non-gold producing                                                                                                                                                                                
companies and stockpile write-offs                                             88           63            3           154              65               53          97           38         (1)           252      
All-in sustaining costs                                                        88           63            3           154              65               57          97           38           2           259      
Non-sustaining Project capex                                                    -            -            -             -              37                -           -            -           -            37      
Non-sustaining exploration and study costs                                      -            -            2             2               -                -           -            -          17            17      
Corporate and social responsibility costs not                                                                                                                                                                         
related to current operations                                                   -            -            -             -               -                -           4            -           -             4      
All-in costs                                                                   88            63           5           156             102               57         101           38          19           317      
Adjusted for non-controlling interests and non-                          
gold producing companies(1)                                                     -            -            -             -               -              (4)           -            -           -           (4)      
All-in sustaining costs adjusted for non-                                                                                                                                                                                                             
controlling interests, non-gold producing                                                                                                                                                                                                             
companies and stockpile write-offs                                             88            63           5           156             102               53         101           38          19           313      
           
Gold sold - oz (000)(3)                                                        57            90           -           147              53               57          93           32           -           234      
All-in sustaining cost (excluding stockpile                                                                                                                                                                       
          
write-offs) per unit - USD/oz(4)                                            1,527           689           -         1,048           1,221              935       1,043        1,212           -         1,077      
All-in cost per unit (excluding stockpile write-                     
offs) - USD/oz(4)                                                           1,527           689           -         1,063           1,913              936       1,088        1,212           -         1,335      


For the three months ended 30 June 2014
Operations in Australia, United States of America, Argentina and Brazil
(in USD millions, except as otherwise noted)


                                                                                          Australia                 TOTAL          UNITED     ARGENTINA        BRAZIL
                                                                      Sunrise Dam     Tropicana   Australia     AUSTRALIA       STATES OF         Cerro     AngloGold        Serra     Americas         TOTAL
                                                                                                      other                       AMERICA    Vanguardia       Ashanti       Grande        other      AMERICAS
                                                                                                                            Cripple Creek                   Mineracao       
                                                                                                                                 & Victor
Total cash costs                                                                                                                                                                                                                                         
Total cash costs per financial statements                                      81           46            5           132              54            46            63           27          (1)           189      
Adjusted for non-controlling interests, non-gold                                                                                                                                                                                            
             
producing companies and other(1)                                                -            -            -             -            (10)           (3)             -            -            -          (13)      
Total cash costs adjusted for non-controlling                                                                                                                                                                                               
interests and non-gold producing companies                                     81           46            5           132              44            43            63           27          (1)           176      
Rehabilitation and other non-cash costs                                         1            5            -             6               3             1           (2)            -            1             3      
Amortisation of tangible assets                                                12           25            2            39               -             8            23           11            -            42      
Amortisation of intangible assets                                               -            -            -             -               -             -             1            -            1             2      
Adjusted for non-controlling interests, non-gold                                                    
producing companies(1)                                                          -            -            -             -              22            (1)            -            -            1            22      
Total cash costs adjusted for non-controlling 
interests and non-gold producing companies                                     94           76            7           177              69            51            85           38            2           245   

                                                                               
Gold produced - oz (000)(3)                                                    62           93            -           155              49            62            88           30            -           229      

Total cash costs per unit - USD/oz(4)                                       1,308          498            -           850          899(6)           682           717          879            -           765              
Total production costs per unit - USD/oz(4)                                 1,523          819            -         1,137           1,205           822           984        1,238            -         1,018      


For the three months ended 30 September 2013
Operations in South Africa
(in USD millions, except as otherwise noted)

                                                                            Great    Kopanang       Moab    Vaal River    Mponeng     Tau Tona     West Wits      Surface   South Africa    Total South     Corporate
                                                                          Noligwa               Khotsong    Operations                            Operations   operations          other         Africa
                                                                                                                                                                                           (Operations)
All-in sustaining costs   
Cost of sales per financial statements                                         28          60         59          147          94           76          170            60           (1)             376             2
    Amortisation of tangible and intangible assets                            (2)        (11)       (12)         (25)        (20)         (14)         (34)           (4)             1            (62)             1
    Corporate administration and marketing   
    related to current operations                                               -           -          -            -           -            -            -            -              1              1             34
    Associates and equity accounted joint 
                              
    ventures' share of costs(2)                                                 -           -          -            -           -            -            -             -             -              -            (2)
    Total sustaining capital expenditure                                        3          11         20           34          26           14           40             4             -             78              2
All-in sustaining costs                                                        29          60         67          156         100           76          176            60             1            393             37
    Adjusted for non-controlling interests and non    
                                     
    -gold producing companies(1)                                                -           -          -            -          -             -             -            -             -              -            (1)
All-in sustaining costs adjusted for non-  
controlling interests, non-gold producing  
companies and stockpile write-offs                                             29          60         67          156         100           76          176            60             1            393             36
  
All-in sustaining costs                                                        29          60         67          156         100           76          176            60             1            393             37
    Non-sustaining Project capex                                                -           -         11           11          19            -           19             9           (1)             38            (1)
    Technology improvements                                                     -           -          -            -           -            -            -             -             4              4              -
    Non-sustaining exploration and study costs                                  -           -          -            -           -            -            -             -             -              -              3
    Corporate and social responsibility costs not  
    related to current operations                                               -           -          -            -           -            -            -             -             -              -              5
All-in costs                                                                   29          60         78          167         119           76          195            69             4            435             44
    Adjusted for non-controlling interests and non 
                                 
    -gold producing companies(1)                                                -           -          -            -          -             -            -            -              -              -              1
All-in sustaining costs adjusted for non-   
controlling interests, non-gold producing   
companies and stockpile write-offs                                             29          60         78          167         119            76         195            69             4            435             45
                       
Gold sold - oz (000)(3)                                                        19          47         62          128          92            63         155            61             -            344              -

All-in sustaining cost (excluding stockpile                      
write-offs) per unit - USD/oz(4)                                            1,516       1,273      1,082        1,216       1,085         1,207        1,135          993             -          1,143              -
All-in cost per unit (excluding stockpile write-                                          
offs) - USD/oz(4)                                                           1,517       1,272      1,256        1,300       1,289         1,210        1,257        1,135            -           1,266              -
                                            
(1)   Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap
      leach inventory.
(2)   Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash
      costs per ounce and total production costs per ounce.
(3)   Attributable portion.
(4)   In addition to the operational performances of the mines, all-in sustaining cost per ounce, all-in cost per ounce, total cash costs per
      ounce and total production costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-
      in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US dollar amount and gold sold in ounces. AngloGold
      Ashanti reports total cash costs per ounce and total production costs per ounce calculated to the nearest US dollar amount and gold
      produced in ounces.
(5)   Corporate includes non-gold producing subsidiaries. 
(6)   Total cash costs per ounce calculation includes heap-leach inventory change.
                                      
      

For the three months ended 30 September 2013
Operations in South Africa
(in USD millions, except as otherwise noted)

                                                                            Great    Kopanang       Moab    Vaal River    Mponeng     Tau Tona     West Wits      Surface  South Africa      Total South   Corporate(5)
                                                                          Noligwa               Khotsong    Operations                            Operations   operations         other           Africa
                                                                                                                                                                                            (Operations)  
Total cash costs                                                                                                                                                                                                                                                                                                                
Total cash costs per financial statements                                      23          43        40           106          67          54           121           54             (1)            280             (1)      
Adjusted for non-controlling interests, non-
gold producing companies and other(1)                                           -           -         -             -           -           -             -            -               -              -               1      
Total cash costs adjusted for non-
controlling interests and non-gold producing                                                                                                           
companies                                                                      23          43        40           106          67          54           121           54            280               -      
Retrenchment costs                                                              1           2         4             7           4           5             9            -              -              16             (1)      
Rehabilitation and other non-cash costs                                         -           1         1             2         (1)           -           (1)            1              -               2               -      
Amortisation of tangible assets                                                 2          10        11            23          19          13            32            4            (2)              57               2      
Amortisation of intangible assets                                               -           1         1             2           1           1             2            -              4               -               -
Associates and equity accounted joint                                   
ventures' share of total cash costs(2)                                          -           -         -             -           -           -             -            -              -               -             (1)      
Total cash costs adjusted for non-
controlling interests and non-gold producing                                                                           
companies                                                                      26          57        57           140          90          73           163           59            (3)             359               -      

Gold produced - oz (000)(3)                                                    17          44        60           122          88          61           149           59            329               -               -
              
Total cash costs per unit - USD/oz(4)                                       1,298         960       671           867         757         897           814          915              -             851               -
Total production costs per unit - USD/oz(4)                                 1,503       1,267       937         1,138       1,020       1,203         1,095          990              -           1,092               - 
       
       

For the three months ended 30 September 2013
Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in USD millions, except as otherwise noted)

                                                                                DRC          GHANA            GUINEA                 MALI                NAMIBIA    TANZANIA    Continental  TOTAL CONTINENTAL
                                                                             Kibali  Iduapriem   Obuasi      Siguiri     Morila    Sadiola    Yatela    Navachab       Geita   Africa other             AFRICA         
All-in sustaining costs                                                                                                                                                                                                 
Cost of sales per financial statements                                            -          42     100           90          -           -         -         11         100              4                347      
Amortisation of tangible and intangible assets                                    -         (7)     (1)          (7)          -           -         -          -        (24)            (4)               (43)      
Adjusted for decommissioning amortisation                                         -           -       -            1          -           -         -          -           -              1                  2      
Corporate administration and marketing                                                                                                                                                                              
related to current operations                                                     -           -       -            -          -           -         -          -           -              1                  1      
Associates and equity accounted joint                 
ventures' share of costs(2)                                                       1           -       -            -         10          35         7          -           -              1                 54      
Sustaining exploration and study costs                                            -         (1)       1            4          -           -         -          -           2              1                  7      
Total sustaining capital expenditure                                              -           3      32            4          5           7         -          2          36            (1)                 88      
All-in sustaining costs                                                           1          37     132           92         15          42         7         13         114              3                456      
Adjusted for non-controlling interests and non                                   
-gold producing companies(1)                                                      -           -       -         (14)          -           -         -          -           -            (0)               (14)      
All-in sustaining costs adjusted for non-                                                                                                                                                                                                     
controlling interests, non-gold producing                                                                                                                                                                                                   
companies and stockpile write-offs                                                1          37      132           78         15          42         7        13         114              3                442      

All-in sustaining costs                                                           1          37      132           92         15          42         7        13         114              3                456      
Non-sustaining Project capex                                                     90           1       11            -          -           1         -         -           1              6                110      
Non-sustaining exploration and study costs                                        -           -        -            2          -           -         -         -           -              6                  8      

All-in costs                                                                     91          38      143           94         15          43         7        13         115             15                574      
Adjusted for non-controlling interests and non-  
gold producing companies(1)                                                       -           -        -         (14)          -           -         -         -           -            (2)               (16)      
All-in sustaining costs adjusted for non-                                                                                                                                                                                                    
controlling interests, non-gold producing                                                                                                                                                                                                      
companies and stockpile write-offs                                               91          38      143           80         15          43         7        13         115             13                558      
  
Gold sold - oz (000)(3)                                                           -          60       69           77         12          21         5        19         126              -                387      
 
All-in sustaining cost (excluding stockpile                                                                                                                                                                          
write-offs) per unit - USD/oz(4)                                                  -         633    1,910        1,036      1,152       1,988     1,483       653         914              -              1,141      
All-in cost per unit (excluding stockpile write-   
offs) - USD/oz(4)                                                                 -         651    2,072        1,061      1,152       2,035     1,582       653         924              -              1,440      


For the three months ended 30 September 2013
Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in USD millions, except as otherwise noted)


                                                                                DRC             GHANA               GUINEA                 MALI                NAMIBIA    TANZANIA    Continental   TOTAL CONTINENTAL
                                                                             Kibali     Iduapriem      Obuasi      Siguiri     Morila    Sadiola    Yatela    Navachab       Geita   Africa other              AFRICA         
Total cash costs                                                                                                                                                                                                                     
Total cash costs per financial statements                                         -            36          74           80          -           -        -          10          70            (1)                 269      
Adjusted for non-controlling interests, non-                                                                                                                                                                                   
gold producing companies and other(1)                                             -             -           -         (12)          -           -        -           -           -              -                (12)      
Associates and equity accounted joint  
ventures' share of total cash costs(2)                                            -             -           -            -          9          35        6           -           -              -                  50      
Total cash costs adjusted for non-controlling                                                                                                                                                                                                                  
interests and non-gold producing companies                                        -            36          74           68          9          35        6          10          70            (1)                 307      
Retrenchment costs                                                                -             -          27            -          -           -        -           -           -              -                  27      
Rehabilitation and other non-cash costs                                           -           (2)         (2)            1          -           -        -           -           1              1                 (1)      
Amortisation of tangible assets                                                   -             7           1            7          -           -        -           -          24              1                  40      
Amortisation of intangible assets                                                 -             -           -            -          -           -        -           -           -              1                   1      
Adjusted for non-controlling interests, non-  
gold producing companies(1)                                                       -             -           -          (1)          -           -        -           -           -              -                 (1)      
Associates and equity accounted joint                                                                                                                                                                                                                          
ventures' share of total cash costs(2)                                            -             -           -            -          1           -        1           -           -              -                   2      
Total cash costs adjusted for non-controlling                                                                                                                                                                               
interests and non-gold producing companies                                        -            41         100           75         10          35        7          10          95              2                 375      
  
Gold produced - oz (000)(3)                                                       -            62          68           69         12          20        5          19         127              -                 383      
  
Total cash costs per unit - USD/oz(4)                                             -           580       1,082          987        757       1,738    1,422         502         549              -                 804      
Total production costs per unit - USD/oz(4)                                       -           664       1,465        1,079        808       1,758    1,547         501         624              -                 979      
  

For the three months ended 30 September 2013
Operations in Australia, United States of America, Argentina and Brazil
(in USD millions, except as otherwise noted)




                                                                                          Australia                 TOTAL           UNITED     ARGENTINA        BRAZIL
                                                                      Sunrise Dam     Tropicana   Australia     AUSTRALIA        STATES OF         Cerro     AngloGold        Serra     Americas        TOTAL
                                                                                                      other                        AMERICA    Vanguardia       Ashanti       Grande        other     AMERICAS
                                                                                                                             Cripple Creek                   Mineracao            
                                                                                                                                  & Victor
All-in sustaining costs                                                                                                                                                                                                                      
Cost of sales per financial statements                                          88            -           7            95               61           55            93             35           -          244  
Amortisation of tangible and intangible assets                                (15)            -           -          (15)                -          (6)          (21)           (12)         (1)         (40)  
Adjusted for decommissioning amortisation                                        -            -           -             -                -            -           (1)              -           -          (1)  
Corporate administration and marketing                                                                                                                                                                         
related to current operations                                                    -            -           -             -                3            -             1              -           1            5  
Sustaining exploration and study costs                                           -            1           1             2                1            1             1              2           -            5  
Total sustaining capital expenditure                                             4           12           2            18                3            9            24             10           -           46  
All-in sustaining costs                                                         77           13          10           100               68           59            97             35           -          259  
Adjusted for non-controlling interests and non -                                 -                                                                                           

gold producing companies(1)                                                      -            -           -             -                -          (4)             -              -           -          (4)  
All-in sustaining costs adjusted for non-                                                                                                                                                                      
controlling interests, non-gold producing                                                                                                                                                                      
companies and stockpile write-offs                                              77           13          10           100               68           55            97             35           -          255  
All-in sustaining costs                                                         77           13          10           100               68           59            97             35           -          259  
Non-sustaining Project capex                                                     -           31           -            31               33            1             1              1           2           38  
Non-sustaining exploration and study costs                                       -            -           3             3                -            -             1              -          28           29  
Corporate and social responsibility costs not                                                                                                                                                                       
related to current operations                                                    -            -           -             -                -            -             2              -           -            2       
All-in costs                                                                    77           44          13           134              101           60           101             36          30          328       
Adjusted for non-controlling interests and non-                           
gold producing companies(1)                                                      -           -             -                -            -          (5)             -              -           -          (5)   
All-in sustaining costs adjusted for non-
controlling interests, non-gold producing                                                                                                                                                                                                                        
companies and stockpile write-offs                                              77           44          13           134              101            55           101             36          30         323       
Gold sold - oz (000)(3)                                                         63            -           -            63               68            66            98             36           -         268       
All-in sustaining cost (excluding stockpile                                                                                                                                                                                  
write-offs) per unit - USD/oz(4)                                             1,229            -           -         1,582            1,006           823           996            979           -         957       
All-in cost per unit (excluding stockpile write
offs) - USD/oz(4)                                                            1,229            -           -         2,115            1,488           847         1,040            999           -       1,214       

For the three months ended 30 September 2013
Operations in Australia, United States of America, Argentina and Brazil
(in USD millions, except as otherwise noted)


                                                                                       Australia                  TOTAL         UNITED      ARGENTINA        BRAZIL
                                                                    Sunrise Dam     Tropicana   Australia     AUSTRALIA       STATES OF         Cerro     AngloGold        Serra     Americas         TOTAL
                                                                                                    other                       AMERICA    Vanguardia       Ashanti       Grande        other      AMERICAS
                                                                                                                          Cripple Creek                   Mineracao           
                                                                                                                               & Victor
Total cash costs
Total cash costs per financial statements                                    73             -            6           79              59           42           62             25            -           188      
Adjusted for non-controlling interests, non-gold                                                                                                                                                                     
producing companies and other(1)                                              -             -            -            -             (8)          (3)            -              -            -          (11)      
Total cash costs adjusted for non-controlling                                                                                                                                                                        
interests and non-gold producing companies                                   73             -            6           79              51           39           62             25            -           177      
Retrenchment costs                                                            -             -            1            1               -            -            -              -            1             1      
Rehabilitation and other non-cash costs                                     (1)             -            -          (1)               1          (1)            7            (1)            -             6      
Amortisation of tangible assets                                              15             -            -           15               -            6           21             12            -            39      
Amortisation of intangible assets                                             -             -            -            -               -            -            1             -             -             1      
Adjusted for non-controlling interests, non-gold  
producing companies(1)                                                        -             -            -           -                9            -            -             -           (1)             8      
Total cash costs adjusted for non-controlling  
interests and non-gold producing companies                                   87             -            7           94              61           44           91             36            -           232  
                                                                                
Gold produced - oz (000)(3)                                                  62             -            -           62              69           63           103            35            -           270      

Total cash costs per unit - USD/oz(4)                                     1,184             -            -        1,270          744(6)          614           602           709            -           656             
Total production costs per unit - USD/oz(4)                               1,403             -            -        1,510             886          694           881         1,025            -           858
                                                                 

For the nine months 30 September 2014
Operations in South Africa
(in USD millions, except as otherwise noted)

                                                                         Great    Kopanang       Moab    Vaal River    Mponeng    Tau Tona     West Wits      Surface  South Africa    Total South    Corporate
                                                                       Noligwa               Khotsong    Operations                           Operations   operations         other         Africa
                                                                                                                                                                                      (Operations)      
All-in sustaining costs                                                                                                                                                                                                                                                                                              
Cost of sales per financial statements                                      72        154        158          384          241         203          444           179            1          1,008            4    
Amortisation of tangible and intangible assets                             (6)       (41)       (36)         (83)         (55)        (45)        (100)          (17)            -          (200)          (6)    
Adjusted for decommissioning amortisation                                    -          -          -            -            -           -            -             1          (1)              -          (1)    
Inventory writedown to net realisable value                                                                                                                                                                       
and other stockpile adjustments                                              -          -          -            -            -           -            -             -            1              1          (1)    
Corporate administration and marketing                                                                                                                                                                               
related to current operations                                                -          -          -            -            -           -            -             -            1              1           64       
Total sustaining capital expenditure                                         4         19         28           51           49          24           73            31            5            160            3       
All-in sustaining costs                                                     70        132        150          352          235         182          417           194            7            970           63       
Adjusted for non-controlling interests and non
-gold producing companies(1)                                                 -          -          -            -            -          -            -              -            -             -             5       
All-in sustaining costs adjusted for non-
controlling interests and non-gold producing
companies                                                                   70        132        150          352           235        182          417           194            7           970            68       
Adjusted for stockpile write-offs                                            -          -          -            -             -          -            -             -          (1)           (1)             -       
All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs                                          70        132        150          352           235        182          417          194             6           969            68       
All-in sustaining costs                                                     70        132        150          352           235        182          417          194             7           970            63       
Non-sustaining Project capex                                                 -          -          1            1            23          -           23            -             1            25             -       
Technology improvements                                                      -          -          -            -             -          -            -            -            12            12             -       
Non-sustaining exploration and study costs                                   -          -          -            -             -          -            -            -             -             -             3       
Corporate and social responsibility costs not                                                                                                                                                                        
related to current operations                                                -          -          -            -             -          -            -            -             -             -             6       
All-in costs                                                                70        132        151          353           258        182          440          194            20         1,007            72       
Adjusted for non-controlling interests and non
-gold producing companies(1)                                                  -         -          -            -             -          -            -            -             -              -           4       
All-in sustaining costs adjusted for non-
controlling interests and non-gold producing    
companies                                                                   70        132        151          353           258        182          440          194             20         1,007          76       
Adjusted for stockpile write-offs                                            -          -          -            -             -          -            -            -            (1)           (1)           -       
All-in sustaining costs adjusted for non-                                                                                                                                                                           
controlling interests, non-gold producing                                                                                                                                                                           
companies and stockpile write-offs                                          70        132        151          353           258        182          440          194             19         1,006          76       

Gold sold - oz (000)(3)                                                     56        107        166          329           257        169          425          166              -           922           -       

All-in sustaining cost (excluding stockpile                                                                                                                                                                               
write-offs) per unit - USD/oz(4)                                         1,248      1,234        909        1,072           917      1,081          982        1,165              -         1,054           -       
All-in cost per unit (excluding stockpile write-
offs) - USD/oz(4)                                                        1,248      1,234        916        1,076         1,009      1,081        1,037        1,165              -         1,093           -       


(1)   Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap
      leach inventory.
(2)   Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash
      costs per ounce and total production costs per ounce.
(3)   Attributable portion.
(4)   In addition to the operational performances of the mines, all-in sustaining cost per ounce, all-in cost per ounce, total cash costs per
      ounce and total production costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-
      in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US dollar amount and gold sold in ounces. AngloGold
      Ashanti reports total cash costs per ounce and total production costs per ounce calculated to the nearest US dollar amount and gold
      produced in ounces.
(5)   Corporate includes non-gold producing subsidiaries. 
(6)   Total cash costs per ounce calculation includes heap-leach inventory change.

For the nine months ended 30 September 2014
Operations in South Africa
(in USD millions, except as otherwise noted)



                                                                        Great    Kopanang       Moab   Vaal River    Mponeng  Tau Tona     West Wits      Surface  South Africa      Total South  Corporate(5)
                                                                      Noligwa               Khotsong   Operations                         Operations   operations         other           Africa
                                                                                                                                                                                    (Operations)    
Total cash costs                                                                                                                                                                                                                                                                                                                                
Total cash costs per financial statements                                  64         110         118         292       180         155          335          160             -             787            (1)
Adjusted for non-controlling interests, non  
gold producing companies and other (1)                                      -           -           -           -         -           -            -            -             -               -              5      
Total cash costs adjusted for non-
controlling interests and non-gold producing 
companies                                                                 64          110         118         292       180         155          335          160             -             787              4      
Retrenchment costs                                                         1            2           1           4         3           2            5            -             -               9              -      
Rehabilitation and other non-cash costs                                    1            2           3           6         3           2            5            2             -              13              1      
Amortisation of tangible assets                                            5           39          34          78        50          42           92           16             -             186              5      
Amortisation of intangible assets                                          1            2           3           6         4           3            7            2           (1)              14              3      
Adjusted for non-controlling interests, non  
gold producing companies(1)                                                -            -            -          -         -           -            -           -              -               -            (1)      
Total cash costs adjusted for non  
controlling interests and non-gold producin  
companies                                                                 72          155         159          386       240         204          444          180          (1)           1,009             12      

Gold produced - oz (000)(3)                                               56          107         166          329       257         169          425          167            -             923              -      

Total cash costs per unit - USD/oz(4)                                  1,146        1,026         714          889       703         916          788          961            -             855              -
Total production costs per unit - USD/oz(4)                            1,283        1,448         957        1,172       940       1,206        1,046        1,078            -           1,097              -      
                   
  

For the nine months ended 30 September 2014
Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in USD millions, except as otherwise noted)



                                                                                DRC             GHANA               GUINEA                 MALI                NAMIBIA    TANZANIA    Continental    TOTAL CONTINENTAL
                                                                             Kibali     Iduapriem      Obuasi      Siguiri     Morila   Sadiola   Yatela    Navachab         Geita   Africa other               AFRICA       
All-in sustaining costs                                                                                                                                                                                                        
Cost of sales per financial statements                                             -          144         230          229          -         -        -          26          297               3                  929      
Amortisation of tangible and intangible assets                                     -         (18)        (13)         (23)          -         -        -           -         (56)             (3)                (113)      
Adjusted for decommissioning amortisation                                          -            -           -            3          -         -        -           -            1               -                    4      
Associates and equity accounted joint     
ventures' share of costs(2)                                                       91            -           -            -         38        70       19           -            -               -                  218      
Sustaining exploration and study costs                                             -            -           3            1          -         -        -           -            1               1                    6      
Total sustaining capital expenditure                                               3           12          38           22          5         3        -           1           87               -                  171      
All-in sustaining costs                                                           94          138         258          232         43        73       19          27          330               1                1,215      
Adjusted for non-controlling interests and non                                                                                                                                                                                                      
-gold producing companies(1)                                                       -            -           -         (35)          -         -        -           -            -             (0)                 (35)      
All-in sustaining costs adjusted for non-                                                                                                                                                                                   
controlling interests and non-gold producing                                                                                                                                                                                
companies                                                                         94          138         258          197         43        73       19          27          330               1                1,180      
Adjusted for stockpile write-offs                                                  -            -           -            -          -         -        -         (2)          (9)               -                 (11)      
All-in sustaining costs adjusted for non-                                                                                                                                                                                  
controlling interests, non-gold producing                                                                                                                                                                                  
companies and stockpile write-offs                                                94          138         258          197         43        73       19          25          321               1                1,169      
All-in sustaining costs                                                           94          138         258          232         43        73       19          27          330               1                1,215      
Non-sustaining Project capex                                                     132            -          32            -          -         -        -           -            -               -                  164      
Non-sustaining exploration and study costs                                         2            -           -            5          -         -        -           -            -             (1)                    6      
All-in costs                                                                     228          138         290          237         43        73       19          27          330               -                1,385      
Adjusted for non-controlling interests and non                                                                                                                                                                                                     
-gold producing companies(1)                                                       -            -           -         (35)          -         -        -           -            -               -                 (35)      
All-in sustaining costs adjusted for non-                                                                                                                                                                                      
controlling interests and non-gold producing                                                                                                                                                                                   
companies                                                                        228          138         290          202         43        73       19          27          330               -                1,350      
Adjusted for stockpile write-offs                                                  -            -           -            -          -         -        -         (2)          (9)               -                 (11)      
All-in sustaining costs adjusted for non-                                                                                                                                                                                  
controlling interests, non-gold producing                                                                                                                                                                                  
companies and stockpile write-offs                                               228          138         290          202         43        73       19          25          321               -                1,339      
     
Gold sold - oz (000)(3)                                                          152          144         191          219         30        64        8          34          339               -                1,181      
     
All-in sustaining cost (excluding stockpile      
write-offs) per unit - USD/oz(4)                                                 617          954       1,355          898      1,476     1,161    2,242         719          948               -                  990      
All-in cost per unit (excluding stockpile write-                                                                                                                                                                                                 
offs) - USD/oz(4)                                                              1,494          954       1,524          917      1,476     1,161    2,242         719          948               -                1,134      
   

For the nine months ended 30 September 2014
Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in USD millions, except as otherwise noted)

                                                                                DRC             GHANA               GUINEA                 MALI                NAMIBIA    TANZANIA      Continental  TOTAL CONTINENTAL
                                                                             Kibali     Iduapriem      Obuasi      Siguiri     Morila   Sadiola   Yatela    Navachab       Geita       Africa other             AFRICA  
Total cash costs                                                                                                                                                                                                      
Total cash costs per financial statements                                         -           114         217          202          -         -        -          25         224               (2)                 780
Adjusted for non-controlling interests, non-                                                                                                                                                                          
gold producing companies and other(1)                                             -             -           -         (30)          -         -        -           -           -                 -                (30)
Associates and equity accounted joint         
ventures' share of total cash costs(2)                                           93             -           -            -         37        67       15           -           -                 1                 213
Total cash costs adjusted for non-controlling                                                                                                                                                                           
interests and non-gold producing companies                                       93           114         217          172         37        67       15          25         224               (1)                 963
Retrenchment costs                                                                -             -           -            -          -         -        -           -           1                 -                   1
Rehabilitation and other non-cash costs                                           -             3           3            3          -         -        -           -           5                 -                  14
Amortisation of tangible assets                                                   -            18          13           23          -         -        -           -          55                 1                 110
Amortisation of intangible assets                                                 -             -           -            -          -         -        -           -           -                 3                   3
Adjusted for non-controlling interests, non-         
gold producing companies(1)                                                       -             -           -          (4)          -         -        -           -           -                 -                 (4)
Associates and equity accounted joint                                                                                                                                                                                     
ventures' share of total cash costs(2)                                           50             -           -            -          7        20        3           -           -                 -                  80
Total cash costs adjusted for non-controlling                                                                                                                                                                         
interests and non-gold producing companies                                      143           135         233          194         44        87       18          25         285                 3               1,167
         
Gold produced - oz (000)(3)                                                     157           137         195          222         30        64        8          33         332                 -               1,178
Total cash costs per unit - USD/oz(4)                                           595           832       1,108          773      1,254     1,057    1,804         752         672                 -                 817
Total production costs per unit - USD/oz(4)                                     912           990       1,189          875      1,498     1,371    2,190         756         855                 -                 990

For the nine months ended 30 September 2014
Operations in Australia, United States of America, Argentina and Brazil
(in USD millions, except as otherwise noted)



                                                                                       Australia                  TOTAL         UNITED      ARGENTINA        BRAZIL
                                                                    Sunrise Dam     Tropicana   Australia     AUSTRALIA       STATES OF         Cerro     AngloGold        Serra     Americas         TOTAL
                                                                                                    other                       AMERICA    Vanguardia       Ashanti       Grande        other      AMERICAS
                                                                                                                          Cripple Creek                   Mineracao           
                                                                                                                               & Victor
All-in sustaining costs                                                                                                                                                                                                                                                      
Cost of sales per financial statements                                      264         217           16         497                155            156         264          115           1            691      
Amortisation of tangible and intangible assets                             (33)        (71)          (4)       (108)                (2)           (23)        (77)         (34)           -          (136)      
Adjusted for decommissioning amortisation                                     -           2            1           3                  -              -           -            -           1              1      
Corporate administration and marketing related                                                                                                                                                                     
to current operations                                                         -           -            -           -                  -              -           -            -           1              1      
Sustaining exploration and study costs                                        -           2            5           7                  1              1           6            1          10             19      
Total sustaining capital expenditure                                         26          37            -          63                 16             35          81           26           -            158      
All-in sustaining costs                                                     257         187           18         462                170            169         274          108          13            734      
Adjusted for non-controlling interests and non -                                                                                                                                                                
gold producing companies(1)                                                   -           -            -           -                  -           (13)           -            -         (9)           (22)      
All-in sustaining costs adjusted for non-
controlling interests, non-gold producing                                                                                                                                                                             
companies and stockpile write-offs                                          257         187           18         462                170            156         274          108           4            712      
All-in sustaining costs                                                     257         187           18         462                170            169         274          108          13            734      
Non-sustaining Project capex                                                  -           -            -           -                103              -           -            -         (1)            102      
Non-sustaining exploration and study costs                                    -           -            6           6                  -              -           1            -          50             51      
Corporate and social responsibility costs not                                                                                                                                                                   
related to current operations                                                 -           -            -           -                  -              -          10            1           1             12      
All-in costs                                                                257         187           24         468                273            169         285          109          63            899      
Adjusted for non-controlling interests and non -
gold producing companies(1)                                                   -           -            -           -                  -           (13)           -            -           -           (13)      
All-in sustaining costs adjusted for non-
controlling interests, non-gold producing                                                                                                                                                                                                             
companies and stockpile write-offs                                           257        187           24         468                273            156         285          109          63            886      
Gold sold - oz (000)(3)                                                      211        259            -         470                155            175         285           98           -            713      
All-in sustaining cost (excluding stockpile                                                                                                                                                                                    
write-offs) per unit - USD/oz(4)                                           1,220        726            -         983              1,106            892         964        1,110           -            997      
All-in cost per unit (excluding stockpile write-
offs) - USD/oz(4)                                                          1,220        726            -         995              1,768             893      1,002        1,121           -          1,241      


For the nine months ended 30 September 2014
Operations in Australia, United States of America, Argentina and Brazil
(in USD millions, except as otherwise noted)



                                                                                       Australia                  TOTAL          UNITED     ARGENTINA        BRAZIL
                                                                    Sunrise Dam     Tropicana   Australia     AUSTRALIA       STATES OF         Cerro     AngloGold        Serra     Americas         TOTAL
                                                                                                    other                       AMERICA    Vanguardia       Ashanti       Grande        other      AMERICAS
                                                                                                                          Cripple Creek                   Mineracao               
                                                                                                                               & Victor
Total cash costs                                                                                                                                                                                                                                                                                               
Total cash costs per financial statements                                   224           149          11           384             167           130           191           78           -           566      
Adjusted for non-controlling interests, non-gold                                                                                                                                                                

producing companies and other(1)                                              -             -           -             -            (40)          (10)             -            -           -          (50)      
Total cash costs adjusted for non-controlling                                                                                                                                                                   
interests and non-gold producing companies                                  224           149          11           384             127           120           191           78           -           516      
Retrenchment costs                                                            -             -           1             1               -             1             2            -           -             3      
Rehabilitation and other non-cash costs                                       2             5         (1)             6              13             7           (5)            -         (1)            14      
Amortisation of tangible assets                                              33            71           3           107               -            23            73           33           -           129      
Amortisation of intangible assets                                             -             -           1             1               1             -             4            1           -             6      
Adjusted for non-controlling interests, non-gold     
producing companies(1)                                                        -             -           -             -               14          (2)             -            -           (1)          11      
Total cash costs adjusted for non-controlling                                                                                                                                                                                                                                                                  
interests and non-gold producing companies                                  259           225          14           498             155           148           265          112         (2)           679      

Gold produced - oz (000)(3)                                                 201           261           -           462             157           182           282           94           -           716      
                             
Total cash costs per unit - USD/oz(4)                                     1,112           568           -           830          807(6)           661           678          826           -           721
Total production costs per unit - USD/oz(4)                               1,288           857           -         1,079             988           815           940        1,181           -           950 
                                 
              
 

For the nine months ended 30 September 2013
Operations in South Africa
(in USD millions, except as otherwise noted)



                                                                        Great    Kopanang       Moab   Vaal River    Mponeng  Tau Tona     West Wits      Surface  South Africa      Total South   Corporate
                                                                      Noligwa               Khotsong   Operations                         Operations   operations         other           Africa
                                                                                                                                                                                    (Operations)       
All-in sustaining costs
Cost of sales per financial statements                                     79        166         184         429        264        212           476          164             2           1,071           5      
Amortisation of tangible and intangible assets                            (6)       (33)        (48)        (87)       (63)       (38)         (101)          (3)             -           (191)         (5)      
Adjusted for decommissioning amortisation                                   -          1           -           1          -          -             -            -           (1)               -         (1)      
Inventory writedown to net realisable value                                                                                                                                                                      
and other stockpile adjustments                                             -          -           -           -          -          -             -            -             1               1           -      
Corporate administration and marketing                                                                                                                                                                           
related to current operations                                               -          -           -           -          -          -             -            -             3               3         138      
Associates and equity accounted joint
ventures' share of costs(2)                                                 -          -           -           -          -          -             -            -             -               -           1      
Total sustaining capital expenditure                                        9         39          63         111         69         43           112            9             -             232           5      
All-in sustaining costs                                                    82        173         199         454        270        217           487          170             5           1,116         143      
All-in sustaining costs adjusted for non-
controlling interests and non-gold producing
companies                                                                  82        173         199         454        270        217           487          170             5           1,116         143      
Adjusted for stockpile write-offs                                           -          -           -           -          -          -             -            -           (1)            (1)           -      
All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs                                         82        173         199         454        270        217           487          170             4           1,115         143      
All-in sustaining costs                                                    82        173         199         454        270        217           487          170             5           1,116         143      
Non-sustaining Project capex                                                -          -          37          37         59          1            60           11             -             108         (1)      
Technology improvements                                                     -          -           -           -          -          -             -            -             8               8           -      
Non-sustaining exploration and study costs                                  -          -           -           -          -          -             -            -             -               -          10      
Corporate and social responsibility costs not                                                                                                                                                                    
related to current operations                                               -          -           -           -          -          -             -            -             -               -          17      
All-in costs                                                               82        173         236         491        329        218           547          181            13           1,232         169      
All-in sustaining costs adjusted for non-                                                                                                                                                                        
controlling interests and non-gold producing                                                                                                                                                                     
companies                                                                  82        173         236         491        329        218           547          181            13           1,232         169      
Adjusted for stockpile write-offs                                           -          -           -           -          -          -             -            -           (1)             (1)           -      
All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs                                         82        173         236         491        329        218           547          181            12           1,231         169      

Gold sold - oz (000)(3)                                                    63        139         144         346        261        173           435          181             -             961           -

All-in sustaining cost (excluding stockpile
write-offs) per unit - USD/oz(4)                                        1,308      1,243       1,379       1,312      1,034      1,255         1,123         940              -           1,161           -      
All-in cost per unit (excluding stockpile writ
offs) - USD/oz(4)                                                       1,308      1,245       1,636       1,420      1,259      1,259         1,259       1,002              -           1,281           -      


(1)  Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap
     leach inventory.
(2)  Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash
     costs per ounce and total production costs per ounce.
(3)  Attributable portion.
(4)  In addition to the operational performances of the mines, all-in sustaining cost per ounce, all-in cost per ounce, total cash costs per
     ounce and total production costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-
     in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US dollar amount and gold sold in ounces. AngloGold
     Ashanti reports total cash costs per ounce and total production costs per ounce calculated to the nearest US dollar amount and gold
     produced in ounces.
(5)  Corporate includes non-gold producing subsidiaries.  
(6)  Total cash costs per ounce calculation includes heap-leach inventory change.

                                    
      
For the nine months ended 30 September 2013
Operations in South Africa
(in USD millions, except as otherwise noted)
                                                                        Great    Kopanang       Moab   Vaal River    Mponeng  Tau Tona     West Wits      Surface  South Africa      Total South   Corporate(5)
                                                                      Noligwa               Khotsong   Operations                         Operations   operations         other           Africa
                                                                                                                                                                                    (Operations)        
Total cash costs
Total cash costs per financial statements                                  70        128         129          327        194      167           361        160             (1)              847               1      
Adjusted for non-controlling interests, non-
gold producing companies and other(1)                                       -          -           -            -          -        -            -           -               -                -             (2)      
Associates and equity accounted joint
ventures' share of total cash costs(2)                                      -          -           -            -          -        -            -           -               -                -               1      
Total cash costs adjusted for non-
controlling interests and non-gold producing 
companies                                                                  70        128         129        327      194          167         361          160            (1)               847               -
Retrenchment costs                                                          2          4           5         11        5            6          11            -            (1)                21               -      
Rehabilitation and other non-cash costs                                     1          2           4          7        3            3           6            2              -                15             (1)      
Amortisation of tangible assets                                             6         31          46         83       60           36          96            2            (1)               180               5      
Amortisation of intangible assets                                           1          2           2          5        3            2           5            -              -                10               2      
Adjusted for non-controlling interests, non-   
gold producing companies(1)                                                 -          -           -            -         -         -            -           -              -                 -             (1)      
Total cash costs adjusted for non-
controlling interests and non-gold producing                                   
companies                                                                  80        167         186           433       265      214          479         164            (3)             1,073               5      

Gold produced - oz (000)(3)                                                63        139         144           346       261      173          435         183              -               964               -      

Total cash costs per unit - USD/oz(4)                                   1,122        920         890           944       742     960           829         873              -               879               -
Total production costs per unit - USD/oz(4)                             1,269      1,202       1,280         1,247     1,011   1,226         1,098         900              -             1,114               - 
              
     
               

For the nine months ended 30 September 2013
Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in USD millions, except as otherwise noted)
                                                                                DRC             GHANA               GUINEA                 MALI              NAMIBIA    TANZANIA      Continental   TOTAL CONTINENTAL
                                                                             Kibali     Iduapriem      Obuasi      Siguiri     Morila   Sadiola    Yatela   Navachab       Geita     Africa other              AFRICA       
All-in sustaining costs                                                                                                                                                                                                         
Cost of sales per financial statements                                            -           153         331          248          -         -         -          41        249               18               1,040      
Amortisation of tangible and intangible assets                                    -          (22)        (48)         (20)          -         -         -         (6)       (87)              (5)               (188)      
Adjusted for decommissioning amortisation                                         -             1           1            2          -         -         -           -          1                -                   5      
Inventory writedown to net realisable value                                                                                                                                                                                
and other stockpile adjustments                                                   -            83           4            -          -         -         -          24         66                -                 177      
Corporate administration and marketing                                                                                                                                                                                     
related to current operations                                                     -             -           -            -          -         -         -           -          -                5                   5      
Associates and equity accounted joint           
                                    
ventures' share of costs (2)                                                     2             -           -            -         35        77        28           -          -              (1)                  141      
Sustaining exploration and study costs                                           -             1           5           13          -         1         -           1         10                1                   32      
Total sustaining capital expenditure                                             -            16         117           17          7        11         -           4         96                3                  271      
All-in sustaining costs                                                          2           232         410          260         42        89        28          64        335               21                1,483      
Adjusted for non-controlling interests and non                                                                                                                                                                             
           
-gold producing companies(1)                                                     -             -           -         (39)          -         -         -           -          -              (2)                 (41)      
All-in sustaining costs adjusted for non-                                                                                                                                                                                  
controlling interests and non-gold producing                                                                                                                                                                               
companies                                                                        2           232         410          221         42        89        28          64        335               19                1,442      
Adjusted for stockpile write-offs                                                -          (83)         (4)            -          -         -         -        (24)       (66)                -                (177)      
All-in sustaining costs adjusted for non-                                                                                                                                                                                  
controlling interests, non-gold producing                                                                                                                                                                                  
companies and stockpile write-offs                                               2           149         406          221         42        89        28          40        269               19                1,265      
All-in sustaining costs                                                          2           232         410          260         42        89        28          64        335               21                1,483      
Non-sustaining Project capex                                                   275             4          24            3          -        10         2           -          9               30                  357      
Non-sustaining exploration and study costs                                       1             -           -            7          -         -         -           -          -               27                   35      
All-in costs                                                                   278           236         434          270         42        99        30          64        344               78                1,875      
Adjusted for non-controlling interests and non           
-gold producing companies(1)                                                     -             -           -         (41)          -         -         -           -          -              (9)                 (50)      
All-in sustaining costs adjusted for non-                                                                                                                                                                                                              
controlling interests and non-gold producing                                                                                                                                                                                                           
companies                                                                      278           236         434          229         42        99        30          64        344               69                1,825      
Adjusted for stockpile write-offs                                                -          (83)         (4)            -          -         -         -        (24)       (66)                -                (177)      
All-in sustaining costs adjusted for non-                                                                                                                                                     
controlling interests, non-gold producing                                                                                                                                                   
companies and stockpile write-offs                                             278           153         430         229           42        99       30          40        278               69                1,648      

Gold sold - oz (000)(3)                                                          -           153         180         209           45        62       20          46        313                -                1,025      
  
All-in sustaining cost (excluding stockpile 
write-offs) per unit - USD/oz(4)                                                 -           973       2,264       1,075           946     1,460    1,434        875        856                -                1,233      
All-in cost per unit (excluding stockpile write-                       
offs) - USD/oz(4)                                                                -         1,001       2,402       1,115           946     1,618    1,530        875        884                -                1,607      
   
   
For the nine months ended 30 September 2013
Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in USD millions, except as otherwise noted)

                                                                                DRC             GHANA               GUINEA                 MALI              NAMIBIA    TANZANIA    Continental     TOTAL CONTINENTAL
                                                                             Kibali     Iduapriem      Obuasi      Siguiri     Morila   Sadiola   Yatela    Navachab       Geita   Africa other                AFRICA      
Total cash costs                                                                                                                                                                                                                                
Total cash costs per financial statements                                        -            125         250          215          -         -        -          35         153            (2)                  776      
Adjusted for non-controlling interests, non-                                                                                                                                                                              
gold producing companies and other(1)                                            -              -           -         (32)          -         -        -           -           -              -                 (32)      
Associates and equity accounted joint    
ventures' share of total cash costs(2)                                           -              -           -            -         34        79       27           -           -              -                  140      
Total cash costs adjusted for non-controlling                                                                                                                                                                                                                  
interests and non-gold producing companies                                       -            125         250          183         34        79       27          35         153            (2)                  884      
Retrenchment costs                                                               -              -          29            -          -         -        -           -           -              -                   29      
Rehabilitation and other non-cash costs                                          -              -         (1)            1          -         -        -           -           1              6                    7      
Amortisation of tangible assets                                                  -             22          48           20          -         -        -           6          87              3                  186      
Amortisation of intangible assets                                                -              -           -            -          -         -        -           -           -              2                    2      
Adjusted for non-controlling interests, non-    
                               
gold producing companies(1)                                                      -              -           -          (3)          -         -        -           -           -              -                  (3)      
Associates and equity accounted joint                                                                                                                                                                                                                          
    
ventures' share of total cash costs(2)                                           -              -           -            -          2         1        2           -           -              -                    5      
Total cash costs adjusted for non-controlling                                                                                                                                                                              
interests and non-gold producing companies                                       -            147         326          201         36        80       29          41         241              9                1,110      
    
Gold produced - oz (000)(3)                                                      -            153         176          193         45        62       20          46         306              -                1,000      
    
Total cash costs per unit - USD/oz(4)                                            -            815       1,425          947        751     1,268    1,378         755         502              -                  883      
Total production costs per unit - USD/oz(4)    
                                                                                 -            963       1,854        1,037        800     1,281    1,487         880         740              -                1,109      
    

For the nine months ended 30 September 2013
Operations in Australia, United States of America, Argentina and Brazil
(in USD millions, except as otherwise noted)


                                                                                       Australia                  TOTAL          UNITED     ARGENTINA        BRAZIL
                                                                    Sunrise Dam     Tropicana   Australia     AUSTRALIA       STATES OF         Cerro     AngloGold        Serra   Americas         TOTAL
                                                                                                    other                       AMERICA    Vanguardia       Ashanti       Grande      other      AMERICAS
                                                                                                                          Cripple Creek                   Mineracao         
                                                                                                                               & Victor
All-in sustaining costs
Cost of sales per financial statements                                       270           -           18          288              161            154           282         102           1         700      
Amortisation of tangible and intangible assets                              (40)           -          (2)         (42)             (21)           (28)          (81)        (30)         (1)       (161)      
Adjusted for decommissioning amortisation                                      -           -            -            -                -              -           (1)           -           1           -      
Corporate administration and marketing related                                                                                                                                                                
to current operations                                                          -           -            1            1               11              -             5           -           -          16      
Sustaining exploration and study costs                                        12           2            7           21                4              6            10           6           -          26      
Total sustaining capital expenditure                                          33          25            4           62                8             50            81          26          11         176      
All-in sustaining costs                                                      275          27           28          330              163            182           296         104          12         757      
Adjusted for non-controlling interests and non -                                                                                                                                                              
gold producing companies(1)                                                   -           -            -            -                -           (14)             -           -           -        (14)      
All-in sustaining costs adjusted for non-                                                                                                                                                                     
controlling interests, non-gold producing                                                                                                                                                                     
companies and stockpile write-offs                                           275          27           28          330              163            168           296         104          12         743      
All-in sustaining costs                                                      275          27           28          330              163            182           296         104          12         757      
Non-sustaining Project capex                                                   -         188            -          188              100              8             4           3           3         118      
Non-sustaining exploration and study costs                                     -           -            7            7                -              -             5           -          90          95      
Corporate and social responsibility costs not                                                                                                                                                                 
related to current operations                                                  -           -            -            -                -              -             6         (4)           1           3      
All-in costs                                                                 275         215           35          525              263            190           311         103         106         973      
Adjusted for non-controlling interests and non -
gold producing companies(1)                                                    -           -            -            -                -           (14)             -           -           -        (14)      
All-in sustaining costs adjusted for non-
controlling interests, non-gold producing                                                                                                                                                                                                                   
companies and stockpile write-offs                                           275         215            35         525               263            176           311         103        106         959      

Gold sold - oz (000)(3)                                                      171           -             -         171               183            182           273         107          -         745      

All-in sustaining cost (excluding stockpile                                                                                                                                                                       
write-offs) per unit - USD/oz(4)                                           1,605           -             -       1,922               888            930         1,083         975          -         999      
All-in cost per unit (excluding stockpile wri
offs) - USD/oz (4)                                                         1,605           -             -       3,063             1,433            971         1,140          966         -       1,287      
                                                                                                                                         


For the nine months ended 30 September 2013
Operations in Australia, United States of America, Argentina and Brazil
(in USD millions, except as otherwise noted)


                                                                                       Australia                  TOTAL          UNITED     ARGENTINA        BRAZIL
                                                                    Sunrise Dam     Tropicana   Australia     AUSTRALIA       STATES OF         Cerro     AngloGold        Serra     Americas         TOTAL
                                                                                                    other                       AMERICA    Vanguardia       Ashanti       Grande        other      AMERICAS
                                                                                                                          Cripple Creek                   Mineracao          
                                                                                                                               & Victor
Total cash costs
Total cash costs per financial statements                                    236            -           14          250             178            118          191           75            -           562       
Adjusted for non-controlling interests, non-gold                                                                                                                                                                  
producing companies and other(1)                                              -             -            -            -            (48)            (9)            -            -            1          (56)   
Total cash costs adjusted for non-controlling                                                                                                                                                                     
interests and non-gold producing companies                                   236            -           14          250             130            109          191           75            1           506       
Retrenchment costs                                                             -            -            1            1               -              1            1            -            -             2       
Rehabilitation and other non-cash costs                                      (3)            -            -          (3)               4              2            5          (1)            1            11       
Amortisation of tangible assets                                               40            -            2           42              21             28           80           30            -           159       
Amortisation of intangible assets                                              -            -            -            -               -              -            1            -            -             1       
Adjusted for non-controlling interests, non-gold
producing companies(1)                                                         -            -            -            -               4            (2)            -            -          (1)             1       
Total cash costs adjusted for non-controlling
interests and non-gold producing companies                                   273            -           17          290              59            138          278          104            1           680       
   
Gold produced - oz (000)(3)                                                  173            -            -          173             184            180          271          104            -           739       

Total cash costs per unit - USD/oz(4)                                      1,360            -            -        1,444          708(6)            605          704          722            -           684
Total production costs per unit - USD/oz(4)                                1,575            -            -        1,673             868            761        1,025        1,011            -           921 



Administrative information                  
ANGLOGOLD ASHANTI LIMITED                    
Registration No. 1944/017354/06               
Incorporated in the Republic of South Africa
Share codes:                                  
ISIN:                  ZAE000043485           
JSE:                   ANG
NYSE:                  AU
ASX:                   AGG
GhSE: (Shares)         AGA
GhSE: (GhDS)           AAD  
                                             
The company's securities were delisted from   
the London Stock Exhange from 22 September 2014. 
The UK register will remain open for a year from 
the date of delisting.                                    
                                              
JSE Sponsor:                                  
Deutsche Securities (SA) Proprietary 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: +44 20 7796 8644
Fax: +44 20 7796 8645
E-mail: jane.kirton@corpserv.co.uk


 Directors                                            
 Executive                                            
 KC Ramon^ (Chief Financial Officer)                  
 S Venkatakrishnan*§ (Chief Executive Officer)        
                                                      
                                                      
 Non-Executive
 SM Pityana^ (Chairman)
 R Gasant^                                            
 DL Hogdson^                                          
 NP January-Bardill^
 MJ Kirkwood*                                         
 Prof LW Nkuhlu^                                      
 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                                         
 Stewart Bailey
 Telephone: +27 11 637 6031                           
 Mobile: +27 81 032 2563                              
 E-mail: sbailey@AngloGoldAshanti.com                 
                                                      
 Fundisa Mgidi                                        
 Telephone: +27 11 637 6763
 Mobile: +27 82 821 5322                              
 E-mail: fmgidi@AngloGoldAshanti.com                  
                                                      
 United States                                        
 Sabrina Brockman
 Telephone: +1 212 858 7702                           
 Mobile: +1 646 379 2555                              
 E-mail: sbrockman@AngloGoldAshantiNA.com  

 General E-mail enquiries                             
 investors@AngloGoldAshanti.com                       
                                                      
 AngloGold Ashanti website                            
 http://www.AngloGoldAshanti.com                      
                                                      
 Company secretarial E-mail                           
 Companysecretary@AngloGoldAshanti.com                
                                                      
 AngloGold Ashanti posts information that is          
 important to investors on the main page of its
 website at www.anglogoldashanti.com and under
 the "Investors" tab on the main page. This
 information is updated regularly. Investors should
 visit this website to obtain important information
 about AngloGold Ashanti.

 PUBLISHED BY ANGLOGOLD ASHANTI
 Share Registrars
 South Africa
 Computershare Investor Services (Pty) Limited
 Ground Floor, 70 Marshall Street
 Johannesburg 2001
 (PO Box 61051, Marshalltown 2107)
 South Africa
 Telephone: (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


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


 Global BuyDIRECTSM
 BoNY maintains a direct share purchase and
 dividend reinvestment plan for ANGLOGOLD
 ASHANTI.
 Telephone: +1-888-BNY-ADRS 
Date: 03/11/2014 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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