ANGLOGOLD ASHANTI LIMITED - Report for the six months ended 30 June 2018

Release Date: 20/08/2018 07:05
Code(s): ANG ANG013
 
Wrap Text
Report for the six months ended 30 June 2018

AngloGold Ashanti Limited
(Incorporated in the Republic of South Africa)
Reg. No. 1944/017354/06
ISIN. ZAE000043485 - JSE share code: ANG
CUSIP: 035128206 - NYSE share code: AU
JSE Bond Company Code - BIANG
("AngloGold Ashanti" or the "Company")

Report for the six months ended 30 June 2018

Johannesburg, 20 August 2018 - AngloGold Ashanti is pleased to provide its financial and operational update 
for the six-month period ended 30 June 2018.

- Strong first half of 2018; production from retained operations up 4% year-on-year
- All-in sustaining costs decreased 5% to $1,020/oz versus first half of 2017
- Adjusted EBITDA up 19% to $723m versus first half of 2017
- Free cash flow for H1 2018 improved by $110m year-on-year, from -$161m to -$51m
- Q2 2018 Free cash flow generation of $19m, from an outflow of $41m in Q2 2017
- Guidance remains on track on all metrics
- Full-year production expected at the top end, and costs trending towards lower end, of guidance
- Net debt down 17% year-on-year, to $1.786bn; Net debt to Adjusted EBITDA ratio of 1.12 times
- South African footprint reduced after completion of Vaal River asset sales
- Obuasi agreements successfully delivered and ratified, paving way for project development
- Key brownfields projects remain on track and on budget
- All-injury frequency rate down 31% from H1 2017; the lowest level in the Company's history

                                                                     Six months     Six months           Year
                                                                          ended          ended          ended
                                                                            Jun            Jun            Dec
                                                                           2018           2017           2017
                                                                                      Restated       Restated
                                                                               US Dollar / Imperial
Operating review
Gold
 Produced                                             - oz (000)          1,629          1,748          3,755
 Sold                                                 - oz (000)          1,651          1,790          3,772

  Produced from retained operations                   - oz (000)          1,578          1,517          3,279

Financial review
  Gold income                                         - $m                1,922          2,032          4,356
  Cost of sales                                       - $m                1,602          1,790          3,736
  Total cash costs                                    - $m                1,281          1,339          2,863
  Gross profit                                        - $m                  410            325            784

  Price received *                                    - $/oz              1,310          1,231          1,251
  All-in sustaining costs *                           - $/oz              1,020          1,071          1,054
  All-in costs *                                      - $/oz              1,110          1,144          1,126
  Total cash costs *                                  - $/oz                823            796            792

  Profit (loss) attributable to equity shareholders   - $m                   33          (176)          (191)
                                                      - cents/share           8           (43)           (46)
  Headline earnings (loss)                            - $m                   99           (89)             27
                                                      - cents/share          24           (22)              6
  Adjusted headline earnings (loss) *                 - $m                   85           (93)              9
                                                      - cents/share          21           (23)              2
  Net cash flow from operating activities             - $m                  321            321            997
  Free cash inflow (outflow) *                        - $m                 (51)          (161)              1
  Total borrowings                                    - $m                2,051          2,366          2,268
  Net debt *                                          - $m                1,786          2,151          2,001
  Capital expenditure                                 - $m                  335            454            953

Notes: * Refer to "Non-GAAP disclosure" for definition.   

$ represents US Dollar, unless otherwise stated.
For restatements refer note 16.
Rounding of figures may result in computational discrepancies.

Operations at a glance
for the six months ended 30 June 2018
                                            Production                 Cost of sales         All-in sustaining       Total cash costs (2)  Gross profit (loss)
                                                                                                costs(1)
                                                    Year-on-                   Year-on-               Year-on-               Year-on-                Year-on-
                                                        year                       year                   year                   year                    year
                                                           %                          %                      %                      %                      $m
                                    oz (000)    Variance (3)         $m    Variance (3)     $/oz  Variance (3)       $/oz    Variance        $m  Variance (3)
SOUTH AFRICA                             257            (41)      (352)            (38)    1,306             4      1,152           6      (10)            18
  Vaal River Operations                   51            (71)       (76)            (65)    1,445            24      1,307          30         1           (6)
   Kopanang                               12            (72)       (28)            (64)    2,076            23      2,007          36       (9)            11
   Moab Khotsong                          39            (70)       (48)            (66)    1,250            25      1,086          28        10          (17)
  West Wits Operations                   119            (27)      (171)            (31)    1,359           (8)      1,153         (8)      (13)            30
   Mponeng                               119              12      (171)              24    1,359             6      1,147          10      (13)           (8)
   TauTona                                 -           (100)          -           (100)        -         (100)          -       (100)         -            38
  Total Surface Operations                87             (6)      (104)               6    1,146            14      1,061           9         3           (6)

INTERNATIONAL OPERATIONS               1,372               4    (1,509)               4      948           (4)        769          10       442           104

  CONTINENTAL AFRICA                     695               5      (788)               6      939           (3)        816          13       185            42
  DRC
   Kibali - Attr. 45% (4)                168              32      (195)               7      876          (26)        699        (20)        32            50
  Ghana
   Iduapriem                             126              18      (117)              21      928          (10)        781         (8)        57            21
   Obuasi                                  -           (100)          4             276        -             -          -           -         4             -
  Guinea  
  Siguiri - Attr. 85%                    127            (19)      (139)            (23)      826             4        798          12        50          (10)
  Mali
   Morila - Attr. 40% (4)                 15              22       (19)              30    1,319            10      1,075           8         1             -
   Sadiola - Attr. 41% (4)                30             (1)       (36)              13    1,050            11        980          14         4           (2)
  Tanzania
   Geita                                 229               -      (284)              20    1,030            10        891          60        30          (16)
   Non-controlling interests,
   exploration and other                                           (21)            (23)                                                       9           (1)

  AUSTRALASIA                            306              20      (290)              16    1,052           (3)        790           2       100            35
   Australia
   Sunrise Dam                           153              43      (149)              25    1,124           (3)        888         (9)        46            32
   Tropicana - Attr. 70%                 153               3      (132)              10      938           (1)        655          14        64             1
  Exploration and other                                            (10)            (16)                                                    (10)             2

  AMERICAS                               371             (6)      (430)             (7)      877           (9)        662           7       157            27
   Argentina
   Cerro Vanguardia - Attr. 92.50%       141               1      (179)             (8)      657          (17)        489           -        85            21
   Brazil
   AngloGold Ashanti Mineração           175            (11)      (188)             (5)      999             -        761          19        53           (8)
   Serra Grande                           55             (4)       (64)            (12)    1,075          (18)        802         (8)        10            10
   Non-controlling interests,
   exploration and other                                              1              41                                                       8             4

Total                                  1,629             (7)                               1,020           (5)        823           3

  OTHER                                                               8             432                                                      15            12

                                                                (1,852)             (8)                                                     447           134

Equity accounted investments included above                         250              10                                                    (37)          (49)

AngloGold Ashanti                                               (1,602)            (10)                                                     410            85

(1) Refer to note C under "Non-GAAP disclosure" for definition.
(2) Refer to note D under "Non-GAAP disclosure" for definition.
(3) Variance June 2018 six months on June 2017 six months - increase (decrease).
(4) Equity accounted joint ventures.

Financial and Operating Report

FINANCIAL AND CORPORATE REVIEW (1)

AngloGold Ashanti continued to deliver on its strategy to improve free cash flow and returns, with a strong first-half operating and financial
result. Production from retained operations increased by 4% year-on-year, which along with good cost control and a higher gold price, helped
drive improvements in earnings and free cash flow. Productivity rates, up 58% from 2012, continued to improve as the effects of portfolio
restructuring became evident, brownfields investments started to yield returns, and operational efficiency initiatives gained traction. Strong
progress on many fronts allowed AngloGold Ashanti to maintain guidance across all metrics with production expected at the top end of the
range and costs trending towards the lower end of the range.

The sale of the Vaal River underground mines was completed at the end of February, and the proceeds were immediately applied to reduce
debt and further improve balance sheet flexibility. Brownfields projects remained on track and on budget. The ratification of investment
agreements by Ghana's Parliament in June 2018 allowed the redevelopment of the high-grade Obuasi Gold Mine to commence in earnest.

"We continued to improve our portfolio, strengthen our balance sheet and increase productivity, all of which are the cornerstones of our strategy
to improve free cash flow and returns over the long term," Chief Executive Officer Srinivasan Venkatakrishnan said. "The business is in good
shape - production is strong, costs are improving and our pipeline is well stocked with options."

Group Operating Performance

Production from retained operations for the first six months of 2018 (excluding Moab Khotsong, Kopanang and TauTona mines) was 1.578Moz
at a total cash cost of $807/oz, compared to 1.517Moz at a total cash cost of $740/oz for the first six months of 2017. All-in sustaining costs
(AISC) for these retained operations were $1,005/oz for the first six months of 2018, compared to $1,030/oz in the same period last year.

The International Operations achieved a 4% year-on-year reduction on AISC to $948/oz during the first half of 2018 from $988/oz during the
first half of 2017, alongside a 4% increase in production to 1.372Moz from 1.313Moz.

Total production for the group, including those operations either sold or closed earlier this year, was 1.629Moz at a total cash cost of $823/oz
for the six months ended 30 June 2018, compared to 1.748Moz at a total cash cost of $796/oz in the first six months of 2017. AISC for this set
of assets fell 5% to $1,020/oz, versus $1,071/oz in the first half of 2017.

There was a $16/oz improvement in group total cash costs from the first to the second quarter of this year, reflecting a positive trend in
performance as the Operational Excellence initiative starts to gain traction. This trend is expected to continue over the remainder of the year
and beyond, as underground production at Kibali continues to ramp up, Sunrise Dam's improving productivity trend continues, Brazil recovers
from minor disruptions related to a nationwide trucker strike during the first half of this year, and South Africa completes its restructuring and
ramp-up at Mponeng's below 120 area.

Group Cash Flow and Earnings

Free cash flow for the six months ended 30 June 2018 improved by $110m to an outflow of $51m from an outflow of $161m in the first six
months of last year. Free cash flow of $19m was recorded during the second quarter of the year. The year-on-year movement in free cash
flow was aided by a higher gold price received, lower capital expenditure and an improved operating performance, and was partially offset by
a reduction in gold sold and the lock-up of $29m indirect taxes in Tanzania ($19m) and the Democratic Republic of Congo ($10m). The Company
generated $13m of free cash flow before investment of growth capital during the first six months of the year.

The Company reported basic earnings attributable to shareholders of $33m, or 8 US cents per share for the first six months of 2018. This
includes the adverse impact of $66m, or 16 US cents per share (post-tax) related to the impairment of the Mine Waste Solutions Uranium plant
in South Africa, given that, under current market conditions, the plant is unlikely to be utilised. This compared to a loss of $176m, or 43 US
cents per share in the first half of last year, which included impairments on certain South African assets of $86m, or 21 US cents per share
(post tax).

Adjusted headline earnings were $85m, or 21 US cents per share, for the first six months of 2018 versus a loss of $93m, or 23 US cents per
share in the first half of 2017. Increases in adjusted headline earnings were due mainly to the improved operating performance and the higher
gold price received.

Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA) grew 19% to $723m, during the first half of 2018,
compared to $610m in the first half of last year, which included the $63m pre-tax impact from the silicosis class-action law suit settlement 
provision made last year.

Net debt declined by 17% to $1.786bn at 30 June 2018, from $2.151bn at the same time last year. The balance sheet remains robust, with
the $1bn US Dollar RCF undrawn, A$325m undrawn on the A$500m Australian dollar RCF, approximately R4.5bn available from the South African 
RCF's and other facilities and cash and cash equivalents of $215m at 30 June 2018.

The ratio of Net debt to Adjusted EBITDA at the end of June was  1.12 times, compared to 1.56 times at 30 June 2017. The current Net debt to
Adjusted EBITDA ratio falls well below the covenant ratio of 3.5 times which applies under the revolving credit facilities, and also below AngloGold
Ashanti's own target of 1.5 times, through the cycle.

(1) Production and financial results from retained operations for the six months ended 30 June 2018 have been presented as part of this financial and corporate
review. Retained operations exclude any results from Moab Khotsong, Kopanang and TauTona and these results have been provided for illustrative purposes only.
This information constitutes pro forma information.

Capital expenditure (including equity accounted investments) decreased by 26% from $454m for the six months ended 30 June 2017 to $335m
for the six months ended 30 June 2018. This decrease was largely due to a decrease in capital expenditure in South Africa, the Americas and
in Continental Africa. It is expected that group capital expenditure will increase in the second half of the year relative to the first half, 
in line with past trends, whilst remaining within the guided range.

Summary of six months-on-six months operating and cost variations:
                                                                                             Six months   Six months
                                                                              % Variation    ended June   ended June   % Variation
                                                    Six months   Six months    six months          2018         2017    six months
Particulars                                              ended        ended      vs prior     Excluding    Excluding      vs prior
                                                     June 2018    June 2017      year six    Closed and   Closed and      year six
                                                                                   months          sold         sold        months
                                                                                             operations   operations
Operating review
Gold
Production (kozs)                                        1,629        1,748           (7)         1,578        1,517             4

Financial review
Gold price received ($/oz)                               1,310        1,231             6         1,310        1,231             6
Total cash costs ($/oz)                                    823          796             3           807          740             9
Corporate & marketing costs ($m) *                          37           35             6            37           35             6
Exploration & evaluation costs ($m)                         46           62          (26)            46           62          (26)
All-in sustaining costs ($/oz) **                        1,020        1,071           (5)         1,005        1,030           (2)
All-in costs ($/oz) **                                   1,110        1,144           (3)         1,099        1,114           (1)
Adjusted EBITDA ($m)                                       723          610            19           722          594            22

Cash inflow from operating activities ($m)                 321          321             -           320          312             3
Free cash outflow ($m)                                    (51)        (161)            68          (44)        (130)            66
Free cash outflow excluding SAR redundancies ($m)         (12)        (152)            92           (5)        (121)            96

Capital expenditure ($m)                                   335          454          (26)           328          414          (21)

* Includes administration and other expenses.
** World Gold Council standard, excludes stockpiles written off.

2018 Guidance Update
                                                                              Guidance                               Notes

Production (000oz)                                                          3,325 - 3,450    Includes two months production from Moab Khotsong
                                                                                             and Kopanang at ~30koz per month
                            All-in sustaining costs ($/oz)                   990 - 1,060
Costs                                                                                        See economic assumptions below
                            Total cash costs ($/oz)                           770 - 830

                            Corporate costs ($m)                               70 - 80
Overheads
                            Expensed exploration and study costs ($m)         115 - 125      Including equity accounted joint ventures
                            Total ($m)                                        800 - 920

                            Sustaining capex ($m)                             600 - 670
Capex

                            Non-sustaining capex ($m)                         200 - 250      Expenditure related to Obuasi, Siguiri Hard Rock
                                                                                             project, Kibali and Mponeng
Depreciation and amortisation ($m)                                               775
Depreciation and amortisation - included in equity accounted earnings ($m)       150         Earnings of associates and joint ventures
Interest and finance costs ($m) - income statement                               140

Other operating expenses ($m)                                                     90         Primarily related to the costs of care and
                                                                                             maintenance

The 2018 guidance is maintained at the previous levels reported, with production expected at the top end of the range and costs trending
towards the lower end of the range. Economic assumptions have been adjusted as follows: ZAR12.90/$, $/A$0.76, BRL3.56/$, AP25.06/$;
Brent $74/bl.

Both production and cost estimates assume neither operational or labour interruptions, or power disruptions, nor further changes to asset
portfolio and/or operating mines and have not been reviewed by our external auditors. Other unknown or unpredictable factors could also have
material adverse effects on our future results and no assurance can be given that any expectations expressed by AngloGold Ashanti will prove
to have been correct. Please refer to the Risk Factors section in AngloGold Ashanti's annual report on Form 20-F for the year ended 31 December
2017, filed with the United States Securities and Exchange Commission (SEC).

OPERATING HIGHLIGHTS

International operations have delivered a reduction in AISC, reflecting the results of the intensified work on the Operational Excellence initiative.
The Company continued to deliver on its strategic objective to improve the quality of its portfolio, as the higher spending on capital in the last
year has begun to bear fruit. There have been delays in permitting in Brazil, which (although now resolved) are expected to have only a minor
impact on the region's production for the year.

The Continental Africa region posted a strong operating performance, led by higher grades and volumes at Iduapriem, and also at Kibali
where underground production continued to ramp up. Inflationary pressure, dominated by higher fuel prices, led to higher total cash costs
year-on-year of $816/oz, up from $721/oz in the first half of 2017. Quarter-on-quarter production rose 21% to 380,000oz at the end of the
second quarter, compared to 314,000oz in the first quarter, and total cash costs improved quarter-on-quarter to $794/oz, down $48/oz, or 6%
from the first quarter.

In Ghana, Iduapriem produced 126,000oz at a total cash cost of $781/oz for the six months ended 30 June 2018, compared to 107,000oz at
a total cash cost of $847/oz in the same period in 2017. Production increased by 18% as a result of a 7% increase in recovered grade from
mining of marginally higher grade areas and an 11% increase in tonnage treated due to improved plant reliability and utilisation compared to
the previous period. Total cash costs per ounce decreased by 8% mainly due to the higher gold production, partly offset by higher mining costs
from higher volumes mined and increased fuel prices. Obuasi remained in care and maintenance during the period.

In Mali, Morila's production increased by 22% to 15,000oz for the six months ended 30 June 2018 as a result of a 37% increase in recovered
grade as the operation recommenced mining activities in N'tiola pit with access to higher grade ore, compared to tailings treatment in the
previous period. Morila produced 12,000oz in the same period last year. At Sadiola, production was 30,000oz at a total cash cost of $980/oz
for the six months ended 30 June 2018, compared to 31,000oz at a total cash cost of $862/oz in the same period last year. Production decreased
in line with reduced recovered grade as the mine transitions to a stockpile treatment plan, partly offset by a 1% increase in tonnage throughput.
Total cash costs per ounce increased because of stockpile treatment transition costs, full grade ore stockpile utilisation and lower production
compared to the previous period.

In Guinea, at Siguiri, lower planned grades resulted in lower production and higher costs.  In Tanzania, at Geita, the increase in treated
volumes was offset by a 6% drop in recovered grades and additional cost pressures from higher fees and royalties when compared to the
first half of last year. However, Geita's total cash costs remained flat quarter-on-quarter.

In the Americas region, production declined mainly due to lower tonnes treated in Brazil, where operations were impacted by a 10-day trucker
strike in the region.

In Brazil, at AngloGold Ashanti Mineração, production was 11% lower due to lower grades and less tonnes treated. Cuiabá was impacted by
lower tonnages and challenges accessing high-grade areas. Córrego do Sítio was mainly affected by lower grades.

At Serra Grande, production was 55,000oz for the six months ended 30 June 2018, compared to 57,000oz for the same period last year, due
to lower tonnages mined and treated, partially offset by higher grade. Total cash cost was at $802/oz for the six months ended 30 June 2018,
a decrease of 8%, compared to a total cash cost of $876/oz in the same period last year. Such decrease is mainly due to contributions from
the higher grades and the favourable impact of exchange rates, partly offsetting lower volumes, stockpile movements and higher inflation.

In Argentina, Cerro Vanguardia's production and costs remained relatively flat. The operation experienced unfavourable stockpile movements,
due to lower tonnes mined and higher tonnes treated, which was partially ameliorated by lower heap leach costs.  Higher inflation also impacted
costs negatively following the second round of wage negotiations during the period. These negative effects were attenuated by the continued
weakening of the Argentine peso and favourable efficiencies  derived from lower spending on fuel, lubricants, energy, mine contractors,
maintenance services, explosives and spare parts. Higher by-product income due to higher volumes sold was partially offset by the lower
average silver price.

The Australia region produced 306,000oz at a total cash cost of $790/oz, compared to 255,000oz at a total cash cost of $775/oz in the same
period last year. AISC for the first half of 2018 was $1,052/oz compared to $1,083/oz in the first half of last year. The 20% increase in gold
production was largely due to a significant lift in the contribution from Sunrise Dam.

At Sunrise Dam the successful implementation of a strategy to lift mined grade and underground ore production resulted in a 43% increase in
gold production to 153,000oz for the first half of 2018 compared to 107,000oz in the same period last year. The total cash costs decreased by
9% to $888/oz for the six months ended 30 June 2018 from $977/oz in the first half of 2017, largely due to the higher gold production. The
Recovery Enhancement Project (REP) at Sunrise Dam, involving the addition of a flotation and ultra-fine circuit, was successfully commissioned
on schedule in June. The REP is expected to deliver an average increase in gold recovery of 8%.

Tropicana's production (70%) was 153,000oz for the six months ended 30 June 2018, an increase of 3% compared to the output in the amount of
148,000oz in the same period last year. The total cash costs increased by 14% to $655/oz for the six months ended 30 June 2018, compared
to $575/oz in the first half of 2017. The increase in the cash cost was due to a lesser proportion of waste mining being allocated to capital in
the first half of 2018 compared to the corresponding period last year. During the first half of 2018, concrete works were completed for installation
of a second, 6MW ball mill in the Tropicana processing plant. This project is on schedule for completion at the end of 2018.

The South Africa region produced 257,000oz at a total cash cost of $1,152/oz for the six months ended 30 June 2018, compared to 435,000oz
at a total cash cost of $1,092/oz in the same period in 2017. Total cash costs increased 6% year-on-year given inflationary pressure, particularly
in wages, power and consumables, and the negative impact of the exchange rate as the Rand remained stronger against the US Dollar during
the half year.

Production from retained operations (excluding Moab Khotsong and Kopanang which were sold, and TauTona undergoing orderly closure),
was up 1% year-on-year to 206,000oz at a total cash cost of $1,115/oz for the six months ended 30 June 2018, compared to 204,000oz at a
total cash cost of $1,014/oz in the same period in 2017. AISC from the retained operations was $1,269/oz for the first half of 2018, up from
$1,166/oz for the first half of 2017, with the increase attributable mainly to the 10% rise in cash costs year-on-year. The restructuring of the
asset portfolio in South Africa, announced in May 2018, is underway to ensure that both on- and off-mine cost structures are appropriate for
the considerably smaller production base. Discussions with affected employees and their representatives in organised labour are in progress and
are anticipated to be completed in the second half of the year.

Mponeng delivered a 12% production improvement year-on-year at 119,000oz at a total cash cost of $1,147/oz for the six months ended
30 June 2018, compared to 106,000oz at a total cash cost of $1,046/oz in the same period in 2017. The improvement was mainly a result of
a higher reef value and the operation improving mining practices. Total cash costs were 10% higher year-on-year, mainly due to inflationary
increases and the negative impact of the Rand/US Dollar exchange rate.

Surface Operations produced 87,000oz at a total cash cost of $1,061/oz for the six months ended 30 June 2018, compared to 92,000oz at a
total cash cost $970/oz in the same period in 2017. Production at the Vaal River Surface Sources was impacted by the sale of Mispah and
West Gold plants. West Wits Surface Sources' production was down for the first six months of the year as a result of the low-grade areas
reclaimed at the Savuka marginal ore dumps and the tailings storage facilities.

Mine Waste Solutions' production was assisted by significant recovery improvements (four percentage points higher), as the operations reverted
to normal production levels compared to the first half of 2017, which was impacted by significant storms.

The Vaal River operations, which included Moab Khotsong and Kopanang, produced 51,000oz at a total cash cost of $1,307/oz for the six
months ended 30 June 2018, compared to 174,000oz at a total cash cost of $1,003/oz in the same period in 2017. The decrease in production
results from the fact that only two months of contribution from the mines, which were sold on 28 February 2018, have been reflected.

SAFETY UPDATE
It is with great sadness that we report three fatalities in the first half of 2018. The South Africa region suffered two fatal accidents. At
Moab Khotsong a tramming accident caused one fatality and at Mponeng a mechanical loader operator was fatally injured in a seismic fall of
ground. In Brazil there was one fatality following an electricity-related incident. AngloGold Ashanti remains committed to establishing and
adhering to the best safety practices in the industry. The group's All-Injury Frequency Rate, the broadest measure of workplace safety, was
5.6 injuries per million hours worked for the six months ended 30 June 2018, down 31% from the first half of last year and its lowest level in
the Company's history.

UPDATE ON CAPITAL PROJECTS

Kibali
At Kibali, the underground ore production has now stabilised at planned capacity and the underground materials handling system and ore
hoisting via the shaft is on track to reach name plate capacity. The total underground ore tonnes mined for the first half of the year are 1,686t
(compared to 1,595kt in the same period last year), of which 1,194kt were hoisted (compared to 118kt in the same period last year). In addition,
5km of development was completed from the declines. The third hydropower station at Azambi is still on track for completion in the second
half of 2018. Construction of the next phase of tailings storage facility was initiated at the end of 2017, providing additional capacity for carbon
in leach (CIL) tails and is scheduled for completion in the second half of 2018.

Mponeng Phase 1 and 2
Phase 1 was negatively impacted by a fatal accident which occurred on 126 level in April 2018. This fatal accident caused a delay in the ore
reserve development and also had an impact on the construction activities to a lesser extent. Progress on the construction activities was as
follows:

- Water Management Infrastructure - piping installation completed;
- Ore Handling Infrastructure - construction completed with commissioning planned for the third quarter of 2018;
- The reef pass between 123 and 126 level is delayed due to the breakdown on the raiseborer reamer head. This is an additional
  scope to overcome congestion on 123 level tramming;
- The ventilation hole from 116 level to decline 3 was stopped due to repeated non-compliance in accuracy by the contractor. A
  procurement process has been initiated for the replacement of the contractor; and
- Ore Reserve Development at 126 level - encountered slow advance rates in areas of high geological complexity, which require
  additional secondary support.

The Mponeng feasibility study
A technical review was undertaken in the period ended June 2018, resulting in various technical recommendations which include optimising capital 
expenditure, and conducting further studies in the ventilation and tailing storage strategies.

The Technology Innovation project has been scaled down in line with the accelerated closure of the TauTona mine. Work continues to
establish the site for the High Strength Backfill (HSB) plant at Mponeng mine. However, delays were encountered in the development of the
excavation and it is estimated that the plant construction will now commence in third quarter of 2018.

Siguiri Combination Plant
Siguiri is undergoing construction of a new Combination Plant, which is expected to be completed by year end and will allow for the treatment of 
harder rock.  Most of the civil work is nearing completion, which is anticipated by the third quarter of the year. The mill was lifted into position 
and the installation of the secondary and tertiary crushers was completed during the first half of the year. The conversion of the carbon-in-leach tanks 
has been completed. Construction of the new power plant, to meet additional power requirements, will be ready for commercial operations during 
the fourth quarter, as planned.

Obuasi project
In June 2018 the parliament of Ghana ratified the development and fiscal agreement for the redevelopment of Obuasi. After considering the environmental 
impact statements for the project, the EPA issued the permits for the project. Work has started in earnest towards the redevelopment of the Obuasi high-grade 
orebody, including commencement of the recruitment of the project and operating teams. Detailed planning for execution and preparation for early works contracts 
continue, with focus on redeveloping the mine into a modern and mechanised operation. AUMS, through its 70/30 JV with Rocksure International (a Ghanaian mining 
contractor), is the preferred contractor for delivery of underground mining services. Negotiations of the final contract terms and conditions are well advanced 
with an expectation that project works will commence later in 2018.  The joint venture will trade under the name Underground Mining Alliance Limited. The project 
will be developed in two phases; the first phase will enable a production rate of 2,000tpd and first gold is expected in late 2019, while the second phase will 
enable production to be increased to 4,000tpd, approximately 12 months later, toward the end of 2020.

CORPORATE UPDATE

CEO Transition
On 23 July 2018, the Company announced the appointment of Kelvin Dushnisky as chief executive officer (CEO) and an executive director of
the Board of Directors of AngloGold Ashanti, effective 1 September 2018. Mr. Dushnisky, who will relocate to Johannesburg, where AngloGold
Ashanti is based, replaces outgoing CEO Srinivasan Venkatakrishnan (Venkat), who departs at the end of August 2018 for a role at London-
based Vedanta Resources. Venkat will cease to be a member of the Company's Board of Directors with effect from 31 August 2018.

Obuasi Arbitration Proceedings Resolved
The Obuasi mine, operated by AngloGold Ashanti (Ghana) Limited, had been the subject of a dispute with the Republic of Ghana since February
2016, when military protection was withdrawn from the mine and the site was being overrun by illegal miners for close to nine months.

The case was registered with the International Centre for Settlement of Investment Disputes on 2 May 2016, with the Company filing an urgent
request for provisional measures on 3 June 2016. This request was eventually voluntarily suspended following the gradual restoration of law
and order at the mine under the directive of the Minerals Commission from October 2016 onwards.

AngloGold Ashanti (Ghana) Limited proceeded to file a memorial on the merits in April 2017. Shortly thereafter, the parties by mutual agreement
suspended the proceedings in order to explore an amicable resolution to the dispute. The dispute has now been resolved to the parties' mutual
satisfaction and the Company has submitted a request to the Tribunal on 19 July 2018 that the proceedings be discontinued. Further, the
Ghanaian Parliament has ratified a number of regulatory and fiscal agreements with the Company in relation to the redevelopment of the mine
into a modern and mechanised operation, marking an important step for the mine's future.

DRC Mining Code and Regulations amendment
In the DRC, the Mining Code and Regulations have been amended with an updated Mining Code which came into effect on 9 March 2018
(2018 Mining Code) and the related amended Mining Regulations which came into effect on 8 June 2018, although the regulations were only
actually published in July 2018 so have only recently started being enforced. Kibali Goldmines SA is considering all its options to protect its
vested rights under the 2002 Mining Code, as well as the specific state guarantees it previously received, including preparing for international
arbitration. In addition, it continues to engage with the government to find alternative solutions which would be mutually acceptable to both
parties, including through the application of Article 220 of the 2018 Mining Code, which affords benefits to mining companies in landlocked
infrastructurally challenged provinces, such as where Kibali is located.

EXPLORATION

See the Exploration Update document on the Company's website (www.anglogoldashanti.com) for an update on both Brownfields and
Greenfields exploration programmes.

EY                 Ernst & Young Incorporated
102 Rivonia Road   Co. Reg. No. 2005/002308/21
Sandton            Tel: +27 (0) 11 772 3000
Private Bag X14    Fax: +27 (0) 11 772 4000
Sandton            Docex 123 Randburg
2146               ey.com

Independent auditor’s review report on the Condensed Consolidated Financial Statements for the six months ended 30 June 2018 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 interim report on pages 9 to 29, which comprise the accompanying condensed consolidated statement of financial position
as at 30 June 2018, the condensed consolidated income statement, statement of comprehensive income, statement of changes in equity
and statement of cash flows for the six 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 six months ended 30 June 2018 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 – Ernest Adriaan Lodewyk Botha
Registered Auditor
Chartered Accountant (SA)
102 Rivonia Road, Sandton
Johannesburg, South Africa
16 August 2018

A member firm of Ernst & Young Global Limited.
A full list of Directors is available on the website.
Chief Executive: Ajen Sita

GROUP - INCOME STATEMENT
                                                                      Six months  Six months       Year
                                                                           ended       ended      ended
                                                                             Jun         Jun        Dec
                                                                            2018        2017       2017

US Dollar million                                              Notes    Reviewed    Restated   Restated

Revenue from product sales                                         2       2,002       2,113      4,510
Cost of sales                                                      3     (1,602)     (1,790)    (3,736)
Gain (loss) on non-hedge derivatives and other commodity
contracts                                                                     10           2         10
Gross profit                                                                 410         325        784
Corporate administration, marketing and other expenses                      (37)        (35)       (64)
Exploration and evaluation costs                                            (46)        (62)      (114)
Other operating expenses                                           4        (57)        (40)       (88)
Special items                                                      5       (151)       (253)      (438)
Operating profit (loss)                                                      119        (65)         80
Interest income                                                                9           8         15
Other gains and (losses)                                                       3         (4)       (11)
Finance costs and unwinding of obligations                         6        (85)        (83)      (169)
Share of associates and joint ventures' profit (loss)              7          40         (9)         22
Profit (loss) before taxation                                                 86       (153)       (63)
Taxation                                                           8        (43)        (12)      (108)
Profit (loss) after taxation                                                  43       (165)      (171)

Allocated as follows:
Equity shareholders                                                           33       (176)      (191)
Non-controlling interests                                                     10          11         20
                                                                              43       (165)      (171)

Basic profit (loss) per ordinary share (cents) (1)                             8        (43)       (46)
Diluted profit (loss) per ordinary share (cents) (2)                           8        (43)       (46)

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

The financial statements for the six months ended 30 June 2018 have been prepared by the corporate accounting staff of AngloGold Ashanti
Limited headed by Mr Ian Kramer (CA (SA)), the Group's VP: Finance. 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 six months ended 30 June 2018 were reviewed, but not audited, by the Group's statutory auditors, Ernst
& Young Inc.

Any forward looking financial information disclosed in this results announcement has not been reviewed or audited or otherwise reported
on by Ernst & Young Inc.

Certain information presented in this results announcement constitutes pro forma financial information. This information is the
responsibility of the Company's board of directors and is presented for illustrative purposes only. Because of its nature the pro forma
financial information may not fairly present the Company's financial information, changes in equity and results of operations or cash flows.
This information has not been reviewed or audited or otherwise reported on by Ernst & Young Inc.

GROUP - STATEMENT OF COMPREHENSIVE INCOME
                                                                     Six months   Six months       Year
                                                                          ended        ended      ended
                                                                            Jun          Jun        Dec
                                                                           2018         2017       2017
US Dollar million                                                      Reviewed     Reviewed    Audited

Profit (loss) for the period                                                 43        (165)      (171)

Items that will be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations                 (102)           83        123
Net gain (loss) on available-for-sale financial assets                        -            3         20
Release on impairment of available-for-sale financial assets                  -            1          3
Release on disposal of available-for-sale financial assets                    -            -        (6)
Deferred taxation thereon                                                     -            2          8
                                                                              -            6         25
Items that will not be reclassified subsequently to profit or loss:
Net gain (loss) on equity investments                                        25            -          -
Actuarial gain (loss) recognised                                              -            -          8
Deferred taxation thereon                                                     -            -        (2)
                                                                             25            -          6

Other comprehensive income (loss) for the period, net of tax               (77)           89        154

Total comprehensive income (loss) for the period, net of tax               (34)         (76)       (17)

Allocated as follows:
Equity shareholders                                                        (44)         (87)       (37)
Non-controlling interests                                                    10           11         20
                                                                           (34)         (76)       (17)
GROUP - STATEMENT OF FINANCIAL POSITION
                                                                          As at        As at      As at
                                                                            Jun          Jun        Dec
                                                                           2018         2017       2017
US Dollar million                                               Note   Reviewed     Reviewed    Audited

ASSETS
Non-current assets
Tangible assets                                                           3,478        4,105      3,742
Intangible assets                                                           131          150        138
Investments in associates and joint ventures                              1,504        1,464      1,507
Other investments                                                           150          139        131
Inventories                                                                  91           87        100
Trade, other receivables and other assets                                    73           35         67
Deferred taxation                                                             5            5          4
Cash restricted for use                                                      34           37         37
                                                                          5,466        6,022      5,726
Current assets
Other investments                                                             6            7          7
Inventories                                                                 646          681        683
Trade, other receivables and other assets                                   252          287        222
Cash restricted for use                                                      19           19         28
Cash and cash equivalents                                                   215          164        205
                                                                          1,138        1,158      1,145
Non current assets held for sale                                              -            -        348
                                                                          1,138        1,158      1,493

Total assets                                                              6,604        7,180      7,219

EQUITY AND LIABILITIES
Share capital and premium                                       10        7,157        7,124      7,134
Accumulated losses and other reserves                                   (4,552)      (4,522)    (4,471)
Shareholders' equity                                                      2,605        2,602      2,663
Non-controlling interests                                                    36           31         41
Total equity                                                              2,641        2,633      2,704

Non-current liabilities
Borrowings                                                                2,004        2,312      2,230
Environmental rehabilitation and other provisions                           868          944        942
Provision for pension and post-retirement benefits                          111          125        122
Trade, other payables and deferred income                                     2            7          3
Deferred taxation                                                           359          423        363
                                                                          3,344        3,811      3,660
Current liabilities
Borrowings                                                                   47           54         38
Trade, other payables, deferred income and provisions                       536          628        638
Taxation                                                                     36           54         53
                                                                            619          736        729
Non current liabilities held for sale                                         -            -        126
                                                                            619          736        855

Total liabilities                                                         3,963        4,547      4,515

Total equity and liabilities                                              6,604        7,180      7,219

GROUP - STATEMENT OF CASH FLOWS
                                                                     Six months   Six months       Year
                                                                          ended        ended      ended
                                                                            Jun          Jun        Dec
                                                                           2018         2017       2017
US Dollar million                                                      Reviewed     Reviewed    Audited
Cash flows from operating activities
Receipts from customers                                                   1,981        2,101      4,534
Payments to suppliers and employees                                     (1,613)      (1,684)    (3,383)
Cash generated from operations                                              368          417      1,151
Dividends received from joint ventures                                       49            -          6
Taxation refund                                                               -           11         14
Taxation paid                                                              (96)        (107)      (174)
Net cash inflow (outflow) from operating activities                         321          321        997

Cash flows from investing activities
Capital expenditure                                                       (293)        (390)      (829)
Expenditure on intangible assets                                              -          (1)        (1)
Proceeds from disposal of tangible assets                                   310            2          7
Other investments acquired                                                 (54)         (54)       (91)
Proceeds from disposal of other investments                                  76           46         78
Investments in associates and joint ventures                                (5)         (20)       (27)
Loans advanced to associates and joint ventures                             (3)          (3)        (6)
Cash payment to settle the sale of environmental trust fund                (32)            -          -
Decrease (increase) in cash restricted for use                                9            -        (8)
Interest received                                                             7            8         15
Net cash inflow (outflow) from investing activities                          15        (412)      (862)

Cash flows from financing activities
Proceeds from borrowings                                                    283          331        815
Repayment of borrowings                                                   (500)        (167)      (767)
Finance costs paid                                                         (66)         (67)      (138)
Dividends paid                                                             (39)         (58)       (58)
Net cash inflow (outflow) from financing activities                       (322)           39      (148)

Net increase (decrease) in cash and cash equivalents                         14         (52)       (13)
Translation                                                                 (4)            1          3
Cash and cash equivalents at beginning of period                            205          215        215
Cash and cash equivalents at end of period                                  215          164        205

GROUP - STATEMENT OF CHANGES IN EQUITY
                                                              Equity holders of the parent

                                         Share                            Fair                            Foreign
                                       capital     Other                 value  Available  Actuarial     currency                  Non-
                                           and   capital  Accumulated  through  -for-sale   (losses)  translation           controlling     Total
US Dollar million                      premium  reserves       losses      OCI    reserve      gains      reserve    Total    interests    equity

Balance at 31 December 2016              7,108       116      (3,119)                  17       (21)      (1,386)    2,715           39     2,754

Profit (loss) for the period                                    (176)                                                (176)           11     (165)
Other comprehensive income (loss)                                                       6                      83       89                     89
Total comprehensive income (loss)            -         -        (176)                   6          -           83     (87)           11      (76)

Shares issued                               16                                                                          16                     16
Share-based payment for share awards
net of exercised                                     (3)                                                               (3)                    (3)

Dividends paid                                                   (39)                                                 (39)                   (39)

Dividends of subsidiaries                                                                                               -          (19)      (19)

Translation                                            4          (4)                   1        (1)                    -                       -

Balance at 30 June 2017                  7,124       117      (3,338)                  24       (22)      (1,303)   2,602            31     2,633

Balance at 31 December 2017              7,134       124      (3,359)        -         43       (16)      (1,263)   2,663            41     2,704
Impact of adopting IFRS 9                                          10       33       (43)                               -                       -

Restated opening balance under IFRS 9    7,134       124      (3,349)       33          -       (16)      (1,263)   2,663            41     2,704

Profit (loss) for the period                                       33                                                  33            10        43

Other comprehensive income (loss)                                           25                              (102)    (77)                    (77)
Total comprehensive income (loss)            -         -           33       25          -         -         (102)    (44)            10      (34)

Shares issued                               23                                                                         23                      23
Share-based payment for share awards
net of exercised                                    (13)                                                             (13)                    (13)

Dividends paid                                                   (24)                                                (24)                    (24)

Dividends of subsidiaries                                                                                               -          (15)      (15)
Transfer of gain on disposal of equity
investments                                                        13     (13)                                          -                       -

Translation                                          (7)            6        1                                          -                       -

Balance at 30 June 2018                  7,157       104      (3,321)       46          -        (16)     (1,365)   2,605           36      2,641

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.

Gold income
                                              Six months    Six months        Year
                                                   ended         ended       ended
                                                     Jun           Jun         Dec
                                                    2018          2017        2017
US Dollar million                               Reviewed      Reviewed     Audited

South Africa                                         332           525       1,101
Continental Africa                                   972           884       1,895
Australasia                                          390           315         709
Americas                                             514           524       1,104
                                                   2,208         2,248       4,809
Equity-accounted investments included above        (286)         (216)       (453)
                                                   1,922         2,032       4,356
By-product revenue
                                              Six months    Six months        Year
                                                   ended         ended       ended
                                                     Jun           Jun         Dec
                                                    2018          2017        2017
US Dollar million                               Reviewed      Reviewed     Audited

South Africa                                           6             8          15
Continental Africa                                     2             2           3
Australasia                                            1             1           2
Americas                                              72            70         135
                                                      81            81         155
Equity-accounted investments included above          (1)             -         (1)
                                                      80            81         154
Gross profit (loss)
                                              Six months    Six months        Year
                                                   ended         ended       ended
                                                     Jun           Jun         Dec
                                                    2018          2017        2017
US Dollar million                               Reviewed      Reviewed     Audited

South Africa                                        (10)          (28)         (3)
Continental Africa                                   185           143         386
Australasia                                          100            66         159
Americas                                             157           130         253
Corporate and other                                   15             2           2
                                                     447           313         797
Equity-accounted investments included above         (37)            12        (13)
                                                     410           325         784
Cost of sales
                                              Six months    Six months        Year
                                                   ended         ended       ended
                                                     Jun           Jun         Dec
                                                    2018          2017        2017
US Dollar million                               Reviewed      Restated    Restated

South Africa                                         352           563       1,129
Continental Africa                                   788           742       1,513
Australasia                                          290           250         551
Americas                                             430           465         987
Corporate and other                                  (8)           (2)         (3)
                                                   1,852         2,018       4,177
Equity-accounted investments included above        (250)         (228)       (441)
                                                   1,602         1,790       3,736
Amortisation
                                              Six months    Six months        Year
                                                   ended         ended       ended
                                                     Jun           Jun         Dec
                                                    2018          2017        2017
US Dollar million                               Reviewed      Reviewed     Audited

South Africa                                          42            80         133
Continental Africa                                   183           218         421
Australasia                                           63            53         130
Americas                                              89           110         273
Corporate and other                                    2             2           2
                                                     379           463         959
Equity-accounted investments included above         (82)          (71)       (136)
                                                     297           392         823
Capital expenditure
                                              Six months    Six months        Year
                                                   ended         ended       ended
                                                     Jun           Jun         Dec
                                                    2018          2017        2017
US Dollar million                               Reviewed      Reviewed     Audited

South Africa                                          41            81         150
Continental Africa                                   139           191         409
Australasia                                           79            66         153
Americas                                              75           114         234
Corporate and other                                    1             2           7
                                                     335           454         953
Equity-accounted investments included above         (42)          (63)       (123)
                                                     293           391         830
Total assets
                                                   As at         As at       As at
                                                     Jun           Jun         Dec
                                                    2018          2017        2017
US Dollar million                               Reviewed      Reviewed     Audited

South Africa                                       1,152         1,815       1,734
Continental Africa                                 3,109         3,089       3,153
Australasia                                          876           860         929
Americas                                           1,229         1,272       1,258
Corporate and other                                  238           144         145
                                                   6,604         7,180       7,219
Notes
for the six months ended 30 June 2018

1   Basis of preparation

    The financial statements in this 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 in
    terms of the JSE Listings Requirements and are consistent with those used in the annual financial statements for the year ended
    31 December 2017, except for the adoption of new or amended standards applicable from 1 January 2018 as set out below.

    New and amended standards adopted by the group:

    As a result of the following new and amended standards, the group has changed its accounting policies and made retrospective
    adjustments:

    - IFRS 9 Financial Instruments, and
    - IFRS 15 Revenue from Contracts with Customers.

    The impact of the adoption of these standards and the new accounting policies are disclosed in note 16.

    The financial statements of AngloGold Ashanti have been prepared in compliance with the framework concepts and the measurement
    and recognition requirements of 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 the 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 six months ended
    30 June 2018. These financial statements should be read in conjunction with the company's audited consolidated financial statements
    and the notes thereto as at and for the year ended 31 December 2017.

    Based on materiality, certain comparatives have been aggregated.

2   Revenue
                                                                        Six months   Six months           Year
                                                                             ended        ended          ended
                                                                               Jun          Jun            Dec
                                                                              2018         2017           2017
    US Dollar million                                                     Reviewed     Restated       Restated
    
    Gold income                                                              1,922        2,032          4,356
    By-products                                                                 80           81            154
    Revenue from product sales                                               2,002        2,113          4,510

3   Cost of sales
                                                                        Six months   Six months           Year
                                                                             ended        ended          ended
                                                                               Jun          Jun            Dec
                                                                              2018         2017           2017
    US Dollar million                                                     Reviewed     Restated       Restated
    
    Cash operating costs                                                     1,208        1,272          2,728
    Royalties                                                                   68           55            116
    Other cash costs                                                             5           12             19
    Total cash costs                                                         1,281        1,339          2,863
    Retrenchment costs                                                           2            3              6
    Rehabilitation and other non-cash costs                                    (3)           13             29
    Amortisation of tangible assets                                            294          389            817
    Amortisation of intangible assets                                            3            3              6
    Inventory change                                                            25           43             15
                                                                             1,602        1,790          3,736
4   Other operating expenses
                                                                        Six months   Six months           Year
                                                                             ended        ended          ended
                                                                               Jun          Jun            Dec
                                                                              2018         2017           2017
    US Dollar million                                                     Reviewed     Reviewed        Audited
    
    Care and maintenance costs                                                  47           28             62
    Pension and medical defined benefit provisions                               5            4              9
    Government fiscal claims and care and maintenance of old tailings
    operations                                                                   5            7             14
    Other expenses                                                               -            1              3
                                                                                57           40             88
5   Special items
                                                                        Six months   Six months           Year
                                                                             ended        ended          ended
                                                                               Jun          Jun            Dec
                                                                              2018         2017           2017
    US Dollar million                                                     Reviewed     Reviewed        Audited
    
    Impairment and derecognition of assets (1)                                  94          115            297
    Impairment of other investments                                              -            1              3
    Retrenchment and related costs                                              33           75             88
    Legal fees and other costs related to contract terminations and
    settlement costs                                                             5           68             71
    Write-down of inventories                                                    1            3              3
    Net (profit) loss on disposal of assets (2)                                 22          (1)            (8)
    Royalties received                                                         (6)          (7)           (18)
    Indirect tax expenses (recoveries)                                           2          (1)              2
                                                                               151          253            438
    
    (1) The group reviews and tests the carrying value of its mining assets when events or changes in circumstances suggest that the carrying
    amount may not be recoverable. Due to current market conditions and a strategic decision taken in H1 2018 to change the processing strategy
    of Mine Waste Solutions (MWS), whereby MWS in future will focus solely on gold recovery, the Uranium plant of the MWS cash-generating
    unit was fully impaired as it is unlikely to be utilised or generate future economic benefits.
    
                                                             Tangible asset
    US Dollar million                                            impairment   Taxation thereon  Post-tax total
    
    MWS - Uranium plant                                                  93               (27)              66
    
    (2) Includes loss on non-current assets and liabilities held for sale of $25m after proceeds of $309m were received as consideration for the
    Moab Khotsong and Kopanang sales.

6   Finance costs and unwinding of obligations
                                                                        Six months    Six months          Year
                                                                             ended         ended         ended
                                                                               Jun           Jun           Dec
                                                                              2018          2017          2017
    US Dollar million                                                     Reviewed      Reviewed       Audited
    
    Finance costs                                                               69            70           142
    Unwinding of obligations                                                    16            13            27
                                                                                85            83           169
7   Share of associates and joint ventures' profit (loss)
                                                                        Six months    Six months          Year
                                                                             ended         ended         ended
                                                                               Jun           Jun           Dec
                                                                              2018          2017          2017
    US Dollar million                                                     Reviewed      Reviewed       Audited
    
    Revenue                                                                    286           216           453
    Operating costs, special items and other expenses                        (259)         (248)         (470)
    Net interest received (paid)                                                 4             -             1
    Profit (loss) before taxation                                               31          (32)          (16)
    Taxation                                                                   (1)            20            23
    Profit (loss) after taxation                                                30          (12)             7
    Net impairment reversal of investments in associates                         8             3            13
    Net impairment reversal of investments in joint ventures                     2             -             2
                                                                                40           (9)            22
8   Taxation
                                                                        Six months    Six months          Year
                                                                             ended         ended         ended
                                                                               Jun           Jun           Dec
                                                                              2018          2017          2017
    US Dollar million                                                     Reviewed      Reviewed       Audited
    
    South African taxation
        Non-mining tax                                                           -             1             1
        Prior year (over) under provision                                      (2)             -             -
        Deferred taxation
        Impairment and disposal of tangible assets                            (48)          (28)          (72)
        Other temporary differences                                           (27)          (55)          (62)
        Prior year (over) under provision                                        -             -            15
        Change in estimated deferred tax rate                                 (19)             -            31
                                                                              (96)          (82)          (87)
    Foreign taxation
         Normal taxation                                                       108            95           201
         Prior year (over) under provision                                       5             2          (26)
         Deferred taxation
         Temporary differences                                                  26           (3)            20
         Prior year (over) under provision                                       -             -             2
         Change in statutory tax rate                                            -             -           (2)
                                                                               139            94           195
    
                                                                                43            12           108
9   Headline earnings (loss)
                                                                        Six months    Six months          Year
                                                                             ended         ended         ended
                                                                               Jun           Jun           Dec
                                                                              2018          2017          2017
    US Dollar million                                                     Reviewed      Reviewed       Audited
    
    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                           33         (176)         (191)
    Net impairment (reversal) and derecognition of assets                       92           116           298
    Net (profit) loss on disposal of assets                                     22           (1)           (8)
    Taxation                                                                  (48)          (28)          (72)
    Headline earnings (loss)                                                    99          (89)            27
    
    Headline earnings (loss) per ordinary share (cents)(1)                      24          (22)             6
    Diluted headline earnings (loss) per ordinary share (cents) (2)             24          (22)             6
    
    (1) Calculated on the basic weighted average number of ordinary shares.
    (2) Calculated on the diluted weighted average number of ordinary shares.
    
    Number of shares
    Ordinary shares                                                    410,750,435   408,763,048   409,265,471
    Fully vested options                                                 4,720,517     3,960,156     6,174,606
    Weighted average number of shares                                  415,470,952   412,723,204   415,440,077
    Dilutive potential of share options                                          -             -             -
    Dilutive number of ordinary shares                                 415,470,952   412,723,204   415,440,077

10  Share capital and premium
                                                                             As at         As at         As at
                                                                               Jun           Jun           Dec
                                                                              2018          2017          2017
    US Dollar million                                                     Reviewed      Reviewed       Audited
    Share capital
    Authorised:
         600,000,000 ordinary shares of 25 SA cents each                        23            23            23
         2,000,000 A redeemable preference shares of 50 SA cents
         each                                                                    -             -             -
         5,000,000 B redeemable preference shares of 1 SA cents
         each                                                                    -             -             -
         30,000,000 C redeemable preference shares at no par
         value                                                                   -             -             -
                                                                                23            23            23
    Issued and fully paid:
         411,611,313 (June 2017: 409,361,419; Dec 2017:
         410,054,615) ordinary shares in issue                                  16            16            16
         2,000,000 A redeemable preference shares of 50 SA cents each            -             -             -
         778,896 B redeemable preference shares of 1 SA cent each                -             -             -
                                                                                16            16            16
         Treasury shares held within the group
         2,778,896 A and B redeemable preference shares                          -             -             -
                                                                                16            16            16
    Share premium
    Balance at beginning of period                                           7,171         7,145         7,145
    Ordinary shares issued                                                      23            16            26
                                                                             7,194         7,161         7,171
    Less: held within the group
    Redeemable preference shares                                              (53)          (53)          (53)
    Balance at end of period                                                 7,141         7,108         7,118
    Share capital and premium                                                7,157         7,124         7,134

11  Borrowings
    
    AngloGold Ashanti's borrowings are interest bearing.
                                                                             As at         As at         As at
                                                                               Jun           Jun           Dec
                                                                              2018          2017          2017
    US Dollar million                                                     Reviewed      Reviewed      Reviewed
          Change in liabilities arising from financing activities:
    
          Reconciliation of total borrowings
          A reconciliation of the total borrowings included 
          in the statement of financial position is set out in 
          the following table:
    
          Opening balance                                                    2,268         2,178         2,178
          Proceeds from borrowings                                             283           331           815
          Repayment of borrowings                                            (500)         (167)         (767)
          Finance cost paid on borrowings                                     (60)          (61)         (125)
          Interest charged to the income statement                              62            64           130
          Deferred loan fees                                                     3             -             -
          Translation                                                          (5)            21            37
          Closing balance                                                    2,051         2,366         2,268
    
          Reconciliation of finance costs paid:
          A reconciliation of the finance cost paid 
          included in the statement of cash flows is 
          set out in the following table:
    
          Finance cost paid on borrowings                                       60            61           125
          Commitment fees, environmental guarantees fees 
          and other borrowing costs                                              6             6            13
          Total finance cost paid                                               66            67           138
    
12  Cash generated from operations
                                                                        Six months    Six months          Year
                                                                             ended         ended         ended
                                                                               Jun           Jun           Dec
                                                                              2018          2017          2017
    US Dollar million                                                     Reviewed      Reviewed       Audited
    
    Profit (loss) before taxation                                               86         (153)          (63)
    Adjusted for:
    Movement on non-hedge derivatives and other commodity contracts            (9)           (2)          (10)
    Amortisation of tangible assets                                            294           389           817
    Finance costs and unwinding of obligations                                  85            83           169
    Environmental, rehabilitation and other expenditure                       (32)          (21)          (30)
    Special items                                                              112           246           394
    Amortisation of intangible assets                                            3             3             6
    Interest income                                                            (9)           (8)          (15)
    Share of associates and joint ventures' (profit) loss                     (40)             9          (22)
    Other non-cash movements                                                    10            36            61
    Movements in working capital                                             (132)         (165)         (156)
                                                                               368           417         1,151
    Movements in working capital:
    (Increase) decrease in inventories                                          30          (22)          (67)
    (Increase) decrease in trade and other receivables                        (59)          (95)          (86)
    Increase (decrease) in trade, other payables and deferred income         (103)          (48)           (3)
                                                                             (132)         (165)         (156)
13  Financial risk management activities

    Borrowings
    The rated bonds are carried at amortised cost and their fair values are their closing market values at the reporting date which results in
    the difference noted in the table below. 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 the fair value.
    
                                                                             As at         As at        As at
                                                                               Jun           Jun          Dec
                                                                              2018          2017         2017
    US Dollar million                                                     Reviewed      Reviewed      Audited
    Carrying amount                                                          2,051         2,366        2,268
    Fair value                                                               2,101         2,470        2,377
      
    Fair Value hierarchy
    
    The group uses the following hierarchy for determining and disclosing the fair value of financial instruments:
    
    Level 1:    quoted 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:
    
    Types of instruments:
    
    Equity securities
                                       Jun    2018                 Jun    2017                        Dec    2017
                                        Reviewed                    Reviewed                            Audited
                              Level   Level  Level            Level   Level  Level              Level   Level   Level
    US Dollar million             1       2      3    Total       1       2      3     Total        1       2       3    Total
    Other equity securities      97      -       -       97      60       -      -        60       80       -       -       80
    
    Environmental obligations
    
    Pursuant to environmental regulations in the countries in which we operate, we are obligated to close our operations and rehabilitate the
    lands which we mine in accordance with these regulations. As a consequence AngloGold Ashanti is required in some circumstances to
    provide either reclamations bonds issued by third party entities, establish independent trust funds or provide guarantees issued by the
    operation, to the respective environmental protection agency or such other government department with responsibility for environmental
    oversight in the respective country to cover the potential environmental rehabilitation obligation in specified amounts.
    
    In most cases, the environmental obligations will expire on completion of the rehabilitation although in some cases we are required to
    potentially post bonds for events unknown that may arise after the rehabilitation has been completed.
    
    In South Africa we have established a trust fund which has assets of ZAR 1.065bn and guarantees of ZAR 0.549bn issued by various
    banks, for a current carrying value of the liability of ZAR 0.771bn. In Australia, since 2014, we have paid into a Mine Rehabilitation Fund
    an amount of AUD $4.2m for a current carrying value of the liability of AUD $109.8m. At Iduapriem we have provided a bond comprising
    of a cash component of $9.9m with a further bond guarantee amounting to $35.9m issued by Ecobank Ghana Limited and United Bank
    for Africa (Ghana) Ltd for a current carrying value of the liability of $43.4m. At Obuasi we have provided a bond comprising of a cash
    component of $20.3m with a further bank guarantee amounting to $30.0m issued by Nedbank Limited for a current carrying value of the
    liability of $207m. In some circumstances we may be required to post further bonds in due course which will have a consequential income
    statement charge for the fees charged by the providers of the reclamation bonds.

14  Capital commitments
                                                                                      As at       As at      As at
                                                                                        Jun         Jun        Dec
                                                                                       2018        2017       2017
    US Dollar million                                                              Reviewed    Reviewed    Audited

    Orders placed and outstanding on capital contracts at the prevailing rate of
    exchange (1)                                                                        111         208         87

    (1) Includes the group's attributable share of 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.

15  Contractual commitments and contingencies

    AngloGold Ashanti's material contingent liabilities and assets at 30 June 2018 and 31 December 2017 are detailed below:

    Contingencies and guarantees
                                                            Jun                Dec
                                                           2018               2017
                                                       Reviewed            Audited
                                                               US Dollar million
    Contingent liabilities
    Litigation - Ghana (1) (2)                               97                 97
    Litigation - North America (3)                            -                  -
    Tax disputes - Brazil (4)                                21                 24
    Tax dispute - AngloGold Ashanti Colombia S.A.(5)        149                150
    Tax dispute - Cerro Vanguardia S.A.(6)                   18                 27
    Groundwater pollution (7)                                 -                  -
    Deep groundwater pollution - Africa (8)                   -                  -
    
                                                            285                298
   Litigation claims

   (1)    Litigation - On 11 October 2011, AngloGold Ashanti (Ghana) Limited (AGAG) terminated Mining and Building Contractors Limited's
          (MBC) underground development agreement, construction on bulkheads agreement and diamond drilling agreement at Obuasi
          mine. The parties reached agreement on the terms of the separation and concluded a separation agreement on 8 November 2012.
          On 20 February 2014, AGAG was served with a demand issued by MBC claiming a total of $97m. In December 2015, the proceedings
          were stayed in the High Court pending arbitration. In February 2016, MBC submitted the matter to arbitration. On 12 July 2018,
          the Ghana Arbitration Centre notified AGAG that MBC had appointed an arbitrator and requested that AGAG also nominate an
          arbitrator.
   
   (2)    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 plaintiffs' alleged injuries include respiratory infections, skin diseases and certain
          cancers. The plaintiffs subsequently did not timely file their application for directions, but AGAG intends to allow some time to pass
          prior to applying to have the matter struck out for want of prosecution. On 24 February 2014, executive members of the PTP
          (AGAG) Smoke Effect Association (PASEA), sued AGAG by themselves and on behalf of their members (undisclosed number) on
          grounds similar to those discussed above, as well as economic hardships as a result of constant failure of their crops. This matter
          has been adjourned indefinitely. 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 AGAG's obligation in either matter.

  (3)     Litigation - On 19 October 2017, Newmont Mining Co. filed a lawsuit in the United States District Court for the Southern District of
          New York against AngloGold Ashanti and certain related parties, alleging that AngloGold Ashanti and such parties did not provide
          Newmont with certain information material to its purchase of the Cripple Creek & Victor Gold Mining Company in 2015 during the
          negotiation- and-sale process.  AngloGold Ashanti believes the lawsuit is without merit and continues to vigorously defend against
          it. The matter is proceeding. In view of the limitation of current information for the accurate estimation of a liability, no reliable
          estimate can be made for the obligation.

          Tax claims

  (4)     Tax disputes - AngloGold Ashanti Limited's subsidiaries in Brazil are involved in various disputes with tax authorities. These disputes
          involve federal tax assessments including income tax, royalties, social contributions, VAT and annual property tax. Collectively, the
          possible amount involved is approximately $21m (2017: $24m).  Management is of the opinion that these taxes are not payable.

  (5)     Tax dispute - In January 2013, AngloGold Ashanti Colombia S.A. (AGAC) received notice from the Colombian Tax Office (DIAN)
          that it disagreed with the Company's tax treatment of certain items in the 2010 and 2011 income and equity tax returns. On 23
          October 2013, AGAC received the official assessments from the DIAN which established that an estimated additional tax of $21m
          (2017: $21m) will be payable if the tax returns are amended. Penalties and interest for the additional taxes may amount to $128m
          (2017: $129m). The Company believes that the DIAN has applied the tax legislation incorrectly. AGAC subsequently challenged
          the DIAN's ruling by filing lawsuits in March and April 2015 before the Administrative Tribunal of Cundinamarca (the trial court for
          tax litigation). Closing arguments on the tax disputes were presented in February and June 2017 and judgement is pending. On
          23 April 2018, the Administrative Tribunal denied AGAC's arguments with respect to the 2011 income tax litigation but reduced the
          fine imposed to $15m. AGAC subsequently appealed this judgment. The Administrative Tribunal may take 12 months or more to
          deliver its decision and if an appeal from either party is sought, a final judgement could take several years. In January 2018, AGAC
          received notice from the DIAN that it also disagreed with AGAC's 2013 income and equity tax returns on the same basis as the
          2010 and 2011 returns. A final assessment is awaited. AGAC will likely challenge this assessment as well by filing a lawsuit before
          the Administrative Tribunal.

  (6)     Tax dispute - On 12 July 2013, Cerro Vanguardia S.A. (CVSA) received a notification from the Argentina Tax Authority (AFIP)
          requesting corrections to the 2007, 2008 and 2009 income tax returns of $4m (2017: $6m) relating to the non-deduction of tax
          losses previously claimed on hedge contracts. The AFIP is of the view that the financial derivatives could not be considered as
          hedge contracts, as hedge contract losses could only be offset against gains derived from the same kind of hedging contracts.
          Penalties and interest on the disputed amounts are estimated at a further $14m (2017: $21m). CVSA and AFIP have corresponded
          on this issue over the past several years and while management is of the opinion that the taxes are not payable, the government
          continues to assert its position regarding the use of the financial derivatives. CVSA filed an appeal with the Tax Court on 19 June
          2015, and the parties submitted their final reports in July 2017. The matter is pending with the Tax Court.
     
          Other

  (7)     Groundwater pollution - AngloGold Ashanti has identified groundwater contamination plumes at certain of its operations, which
          have occurred primarily as a result of seepage from mine residue stockpiles. Numerous scientific, technical and legal studies have
          been undertaken to assist in determining the magnitude of the contamination and to find sustainable remediation solutions. The
          group has instituted processes to reduce future potential seepage and it has been demonstrated that Monitored Natural Attenuation
          (MNA) by the existing environment will contribute to 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.
   
  (8)     Deep groundwater pollution - The group has identified potential water ingress and future pollution risk posed by deep groundwater
          in certain underground mines in Africa. Various studies have been undertaken by AngloGold Ashanti since 1999 to understand this
          potential risk.  In South Africa, due to the interconnected nature of mining operations, any proposed solution needs to be a combined
          one supported by all the mines located in these gold fields. As a result, the 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.

16 New and amended standards adopted by the group

   AngloGold Ashanti adopted IFRS 15 Revenue from Contracts with Customers (IFRS 15) and IFRS 9 Financial Instruments (IFRS 9)
   on 1 January 2018.

   The new or amended standards became applicable for the current reporting period and the group has changed its accounting policies
   and made retrospective adjustments as a result of adopting the standards.

   The impact of the adoption of these standards and the new accounting policies are disclosed below.

   Impact of adoption - IFRS 15 Revenue from Contracts with Customers
   
   The adoption of IFRS 15 has resulted in the reclassification of by-product revenue in Revenue from product sales where previously
   by-product revenue was recorded as a credit to cost of sales. Revenue from product sales includes gold income and by-product
   revenue. This change in classification results in a corresponding increase in costs of sales, and therefore will not have an impact on
   previously reported gross profit.
                                                                       As reported    IFRS 15      Restated
                                                                        Six months               Six months
                                                                             ended                    ended
                                                                               Jun                      Jun
                                                                              2017                     2017
   US Dollar million                                                      Reviewed                 Reviewed
   
   Revenue from product sales (previously gold income)                       2,032         81         2,113
   Cost of sales                                                           (1,709)       (81)       (1,790)
   Gain (loss) on non-hedge derivatives and other commodity contracts            2                        2
   Gross profit                                                                325          -           325
   
                                                                       As reported    IFRS 15      Restated
                                                                              Year                     Year
                                                                             ended                    ended
                                                                               Dec                      Dec
                                                                              2017                     2017
   US Dollar million                                                       Audited                  Audited
   
   Revenue from product sales (previously gold income)                       4,356        154         4,510
   Cost of sales                                                           (3,582)      (154)       (3,736)
   Gain (loss) on non-hedge derivatives and other commodity contracts           10                       10
   Gross profit                                                                784          -           784
   
   In accordance with the transitional provisions in IFRS 15, AngloGold Ashanti has applied IFRS 15 retrospectively to each prior reporting period
   presented in accordance with IAS 8 Accounting policies, Changes in Accounting Estimates and Errors.
   
   The revenue accounting policy applicable from 1 January 2018:
   
   Revenue is recognised when control of the goods passes to the customer and the performance obligations of transferring control have been
   met. The amount of revenue recognised reflects the consideration to which the entity is entitled in exchange for the goods transferred.
   
   Revenue from product sales comprises sales of:
   
   - refined gold;
   - by-products including silver, uranium and sulphuric acid; and
   - dore bars.
   
   Impact of adoption - IFRS 9 Financial Instruments
   IFRS 9 replaces the provisions of IAS 39 that relate to the recognition, classification and measurement of financial assets and financial
   liabilities, derecognition of financial instruments, impairment of financial assets and hedge accounting.
   
   The adoption of IFRS 9 from 1 January 2018 resulted in changes in accounting policies and adjustments to the amounts recognised in the
   financial statements. The new accounting policies are set out below. In accordance with the transitional provisions in IFRS 9, comparative
   figures have not been restated.
   
   The group's financial assets include debt instruments (held to maturity bonds and negotiable certificates of deposit), cash restricted for use
   and cash and cash equivalents which are subject to the IFRS 9 expected credit loss model as they are carried at amortised cost. The accounting
   policy for listed equity investments depends on the nature of the listed investment. Listed equity investments which are held to meet rehabilitation
   liabilities are classified as fair value through profit and loss (FVTPL) to eliminate accounting mismatch. Listed equity investments held for other
   purposes are classified as fair value through other comprehensive income (FVTOCI). Financial liabilities are carried at amortised cost and
   there is no change in their recognition or presentation under IFRS 9. The adoption of IFRS 9 did not have a significant impact on total assets,
   total liabilities or the results of the group.
   
   Equity investments held in the Environmental Trust funds, previously classified as available for sale investments and measured at FVTOCI
   have been reclassified to FVTPL on initial adoption of IFRS 9. Equity investments held for strategic purposes are measured at FVTOCI with
   no recycling of profits or losses on disposal of the investments.
   
   On 1 January 2018 management classified its financial instruments into the appropriate IFRS 9 categories.
   
   Upon adoption of IFRS 9, available for sale reserve of $43m was transferred to the FVTOCI reserve - $33m and to accumulated losses - $10m
   in respect of equity investments at FVTOCI and FVTPL respectively. Refer statement of changes in equity for reclassifications.
   
   The Financial Instruments accounting policy applicable from 1 January 2018:
   
   Financial instruments are initially recognised at fair value when the group becomes a party to their contractual arrangements. Transaction costs
   directly attributable to the instrument's acquisition or issue are included in the initial measurement of financial assets and financial liabilities,
   except financial instruments classified as at fair value through profit or loss (FVTPL). The subsequent measurement of financial instruments
   is dealt with below.
   
   Financial liabilities
   
   Financial liabilities are classified as measured at amortised cost.
   
   A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. The group also derecognises a
   financial liability when its terms are modified and the cash flows of the modified liability are substantially different. In this case a new financial
   liability based on the modified terms is recognised at fair value.
   
   Financial assets
   
   On initial recognition, a financial asset is classified as measured at:
   
   - amortised cost;
   - Fair value through other comprehensive income (FVTOCI) - equity instruments; or
   - FVTPL.
   
   At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs
   that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL, are expensed.
   
   A financial asset is measured at amortised cost if it is held within the business model whose objective is to hold assets to collect contractual
   cash flows and its contractual terms give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal
   amount outstanding. Interest income from these financial assets is included in finance income using the effective interest rate method. Any
   gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains or losses, together with foreign exchange
   gains or losses. Impairment losses are presented as separate line item in the statement of profit or loss. A gain or loss on a debt investment
   that is subsequently measured at FVPL is recognised in profit or loss and presented net within other gains or losses in the period in which it
   arises. On derecognition of a financial asset, the difference between the proceeds received or receivable and the carrying amount of the asset
   is included in profit or loss.
   
   Equity instruments
   Listed equity investments which are held to meet rehabilitation liabilities are classified as FVTPL. Listed equity investments held for other
   purposes are classified as FVTOCI.
   
   The group subsequently measures all equity investments at fair value. Where the group's management has elected to present fair value gains
   and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the
   derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the group's
   right to receive payments is established. Residual values in OCI are reclassified to retained earnings (accumulated losses) on derecognition
   of the related FVTOCI instruments. Changes in the fair value of financial assets at FVPL are recognised in other gains or losses in the statement
   of profit or loss as applicable.
   
   Impairment of financial assets
   
   Financial assets at amortised cost consist of trade receivables, loans, cash and cash equivalents and debt instruments. Impairment losses are
   assessed using the forward-looking expected credit loss (ECL) approach. An allowance is recorded for all loans and other debt financial assets
   not held at FVTPL. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Trade
   receivable loss allowances are measured at an amount equal to lifetime ECL's. Loss allowances are deducted from the gross carrying amount
   of the assets. Debt securities that are determined to have a low credit risk at the reporting date and bank balances, for which credit risk has
   not increased significantly since initial recognition, are measured at an amount equal to 12-month ECL.
   
   Impact of IFRS 16 Leases issued but not yet adopted
   
   IFRS 16 Leases, with an effective date of 1 January 2019, is likely to affect future financial reporting and management is still in the process of
   assessing all of the potential consequences arising out of the adoption of this standard. With the removal of the operating lease classification,
   leases that are within the scope of IFRS 16 will result in increases in assets and liabilities. We expect a likely increase in the depreciation
   expense and also an increase in cash flows from operating activities as the lease payments will be recorded as financing outflows in our cash
   flow statement. Management expects that the mining and drilling contracts which are not classified as finance leases under the current accounting
   standards (IAS 17 and IFRIC 4), will potentially have the most impact on the group's results on adoption of IFRS 16.
   
17 Announcements

   AngloGold Ashanti completed sales of Moab Khotsong and Kopanang Mines - On 2 March 2018, AngloGold Ashanti announced
   that all conditions precedent have been fulfilled with respect to the sale of the Moab Khotsong Mine and related assets and liabilities to
   Harmony Gold Mining Company Limited, and the separate sale of Kopanang Mine and related assets and liabilities to Heaven Sent SA
   Sunshine Investment Company Limited as announced on 19 October 2017. Both transactions closed on 28 February 2018.
 
   AngloGold Ashanti provides update on company leadership change and CEO search - On 16 April 2018, the Board of AngloGold
   Ashanti announced the resignation of Srinivasan Venkatakrishnan, who after 18 years with the Company, with the last five years as Chief
   Executive Officer, has accepted an offer to become CEO of Vedanta Resources Plc, the diversified resources group. He will remain in his
   current role until 30 August 2018.
 
   Settlement of Silicosis and TB class action - On 3 May 2018, Richard Spoor Inc, Abrahams Kiewitz Inc and the Legal Resources Centre
   (representing claimants in the silicosis and tuberculosis class action litigation) and the Occupational Lung Disease Working Group
   (representing African Rainbow Minerals, Anglo American SA, AngloGold Ashanti, Gold Fields, Harmony and Sibanye-Stillwater) announced
   that they have reached a settlement in this matter. The agreement is still subject to ratification by the high court.
 
   AngloGold Ashanti announces change to Board of Directors - On 15 May 2018, shareholders were advised of the resignation of Ms.
   Sindiswa Zilwa, as a non-executive director, with effect from 15 May 2018, for personal reasons.
 
   AngloGold Ashanti to restructure South African cost base to ensure viability of retained assets - On 23 May 2018, AngloGold
   Ashanti announced that it had made the decision to begin a consultation process with employees in line with section 189 and 189A of the
   Labour Relations Act, with respect to restructuring its cost base to match and support a smaller operating footprint in South Africa. The
   current restructuring process contemplates some 2,000 roles across AngloGold Ashanti's South African business, which currently employees
   roughly 8,200 people.
 
   Ghana Parliament ratifies Obuasi agreements - On 22 June 2018, AngloGold Ashanti advised that the Parliament of Ghana ratified the
   regulatory and fiscal agreements that cover the redevelopment of the Obuasi Gold Mine into a modern, productive mining operation.
 
   Obuasi environmental permits received - On 27 June 2018, AngloGold Ashanti advised that Ghana's Environmental Protection Agency
   had issued environmental permits for the Obuasi Gold Mine, another important milestone paving the way for the redevelopment of this
   large high-grade ore body. The environmental permits relate to the Obuasi Redevelopment Project and its associated Tailings and Water
   infrastructure. The award of the permits follows the Parliamentary ratifications of the regulatory and fiscal agreements that cover the
   redevelopment of the Obuasi Gold Mine.
 
   Kelvin Dushnisky appointed as CEO and Executive Director - On 23 July 2018, Anglogold Ashanti announced the appointment of
   Kelvin Dushnisky as chief executive officer and executive director of the Board of Directors of Anglogold Ashanti, effective 1 September 2018.
   He joins from Barrick Gold Corporation, where he holds the role of President and Executive Director.

   By order of the Board
   
   SM PITYANA              S VENKATAKRISHNAN               KC RAMON
   Chairman                Chief Executive Officer         Chief Financial Officer
   
   16 August 2018
   
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. Set out below are measures extracted from financial information
regularly presented to the Chief Operating Decision maker (the Chief Executive Officer and the Executive Committee).

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. The Non-GAAP financial
measures are used to adjust for fair value movements on the convertible bonds as well as the highly volatile marked-to-market movements
on unrealised non-hedge derivatives and other commodity contracts, which can only be measured with certainty on settlement of the contracts.
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)
                                                                                             Six months    Six months         Year
                                                                                                  ended         ended        ended
                                                                                                    Jun           Jun          Dec
                                                                                                   2018          2017         2017
US Dollar million                                                                             Unaudited     Unaudited    Unaudited

Headline earnings (loss) (note 9)                                                                    99          (89)           27
(Gain) loss on unrealised non-hedge derivatives and other
commodity contracts                                                                                 (9)           (2)         (10)
Deferred tax on unrealised non-hedge derivatives and other
commodity contracts                                                                                   1             1            3
Provision for losses and impairments (reversals) in associates                                      (6)           (3)         (11)
Adjusted headline earnings (loss)                                                                    85          (93)            9

Adjusted headline earnings (loss) per ordinary share (cents) (1)                                     21          (23)            2

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

B   Price received
                                                                                             Six months    Six months         Year
                                                                                                  ended         ended        ended
                                                                                                    Jun           Jun          Dec
                                                                                                   2018          2017         2017
US Dollar million                                                                             Unaudited     Unaudited    Unaudited

Gold income (note 2)                                                                              1,922         2,032        4,356
Adjusted for non-controlling interests                                                             (45)          (53)        (103)
                                                                                                  1,877         1,979        4,253
Associates and joint ventures' share of gold income including 
realised non-hedge derivatives                                                                      286           216          453
Attributable gold income including realised non-hedge derivatives                                 2,163         2,195        4,706

Attributable gold sold - oz (000)                                                                 1,651         1,784        3,761
Price received per unit - $/oz                                                                    1,310         1,231        1,251

C   All-in sustaining costs and All-in costs (1)
                                                                                             Six months    Six months         Year
                                                                                                  ended         ended        ended
                                                                                                    Jun           Jun          Dec
                                                                                                   2018          2017         2017
US Dollar million / Imperial                                                                  Unaudited     Unaudited    Unaudited

Cost of sales per income statement (note 3)                                                       1,602         1,790        3,736
By product revenue (note 2)                                                                        (80)          (81)        (154)
Amortisation of tangible and intangible assets                                                    (297)         (392)        (823)
Adjusted for decommissioning and inventory amortisation                                             (7)             2            4
Corporate administration and marketing related to current operations                                 38            33           63
Associates and joint ventures' share of costs                                                       169           159          306
Inventory writedown to net realisable value and other stockpile adjustments                           1             3            3
Sustaining exploration and study costs                                                               15            33           65
Total sustaining capital expenditure                                                                271           400          829
All-in sustaining costs                                                                           1,712         1,947        4,029
Adjusted for non-controlling interests and non-gold producing companies                            (27)          (33)         (64)
All-in sustaining costs adjusted for non-controlling interests and non-gold
producing companies                                                                               1,685         1,914        3,965
Adjusted for stockpile write-offs                                                                   (1)           (3)          (3)
All-in sustaining costs adjusted for non-controlling interests,
non-gold producing companies and stockpile write-offs                                             1,684         1,911        3,962

All-in sustaining costs                                                                           1,712         1,947        4,029
Non-sustaining project capital expenditure                                                           64            54          124
Technology improvements                                                                               3             6           10
Non-sustaining exploration and study costs                                                           31            28           50
Care and maintenance (note 4)                                                                        47            28           62
Corporate and social responsibility costs not related to current operations                          10            12           24
All-in costs                                                                                      1,867         2,075        4,299
Adjusted for non-controlling interests and non-gold producing companies                            (34)          (32)         (63)
All-in costs adjusted for non-controlling interests and non-gold producing
companies                                                                                         1,833         2,043        4,236
Adjusted for stockpile write-offs                                                                   (1)           (3)          (3)
All-in costs adjusted for non-controlling interests, non-gold producing
companies and stockpile write-offs                                                                1,832         2,040        4,233

Gold sold - oz (000)                                                                              1,651         1,784        3,761

All-in sustaining cost (excluding stockpile write-offs) per unit - $/oz                           1,020         1,071        1,054
All-in cost per unit (excluding stockpile write-offs) - $/oz                                      1,110         1,144        1,126

(1) Refer to the Supplementary report for Summary of Operations by mine

D   Total cash costs (1)
                                                                                             Six months    Six months         Year
                                                                                                  ended         ended        ended
                                                                                                    Jun           Jun          Dec
                                                                                                   2018          2017         2017
US Dollar million                                                                             Unaudited     Unaudited    Unaudited

Total cash costs (note 3)                                                                         1,281         1,339        2,863
 
By-product revenue                                                                                 (80)          (81)        (154)
Adjusted for non-controlling interests, non-gold producing
companies and other                                                                                (24)          (20)         (41)

Associates and joint ventures' share of total cash costs                                            163           149          295
Total cash costs adjusted for non-controlling interests and
non-gold producing companies                                                                      1,340         1,387        2,963

Gold produced - oz (000)                                                                          1,628         1,742        3,744

Total cash cost per unit - $/oz                                                                     823           796          792

(1) Refer to the Supplementary report for Summary of Operations by mine

E Adjusted EBITDA (2)
                                                                                             Six months    Six months         Year
                                                                                                  ended         ended        ended
                                                                                                    Jun           Jun          Dec
                                                                                                   2018          2017         2017
US Dollar million                                                                             Unaudited     Unaudited    Unaudited

Profit (loss) before taxation                                                                        86         (153)         (63)
Add back :
Finance costs and unwinding of obligations                                                           85            83          169
Interest received                                                                                   (9)           (8)         (15)
Amortisation of tangible and intangible assets                                                      297           392          823

Adjustments :
Other (gains) losses                                                                                (3)             4           11
Impairment and derecognition of assets (note 5)                                                      94           115          297
Impairment of other investments (note 5)                                                              -             1            3
Write-down of inventories (note 5)                                                                    1             3            3
Retrenchment and related costs                                                                       33            76           90
Care and maintenance (note 4)                                                                        47            28           62
Net (profit) loss on disposal of assets (note 5)                                                     22           (1)          (8)
(Gain) loss on non-hedge derivatives and other commodity contracts                                 (10)           (2)         (10)
Associates and joint ventures' special items                                                        (2)             -          (2)
Associates and joint ventures - adjustments for amortisation, interest, taxation and other           71            61          116
Other amortisation                                                                                   11            11            7
Adjusted EBITDA (note F)                                                                            723           610        1,483

(2) EBITDA (as adjusted) and prepared in terms of the formula set out in the Revolving Credit Agreements.

F   Interest cover
                                                                                             Six months    Six months         Year
                                                                                                  ended         ended        ended
                                                                                                    Jun           Jun          Dec
                                                                                                   2018          2017         2017
US Dollar million                                                                             Unaudited     Unaudited    Unaudited

Adjusted EBITDA (note E)                                                                            723           610        1,483
Finance costs (note 6)                                                                               69            70          142
Interest cover - times                                                                               10             9           10

G   Free cash flow
                                                                                             Six months    Six months         Year
                                                                                                  ended         ended        ended
                                                                                                    Jun           Jun          Dec
                                                                                                   2018          2017         2017
US Dollar million                                                                             Unaudited     Unaudited    Unaudited

Net cash inflow (outflow) from operating activities                                                 321           321          997
Net cash inflow (outflow) from investing activities                                                  15         (412)        (862)
Finance costs (note 6)                                                                             (69)          (70)        (142)
Movements in restricted cash                                                                        (9)             -            8
Acquisitions, disposals and other                                                                 (309)             -            -
Free cash flow                                                                                     (51)         (161)            1

H   Net asset value - cents per share
                                                                                                  As at         As at        As at
                                                                                                    Jun           Jun          Dec
                                                                                                   2018          2017         2017
US Dollar million                                                                             Unaudited     Unaudited    Unaudited

Total equity                                                                                      2,641         2,633        2,704

Number of ordinary shares in issue - million (note 10)                                              412           409          410
Net asset value - cents per share                                                                   642           643          659
 
Total equity                                                                                      2,641         2,633        2,704
Intangible assets                                                                                 (131)         (150)        (138)
                                                                                                  2,510         2,483        2,566

Number of ordinary shares in issue - million (note 10)                                              412           409          410
Net tangible asset value - cents per share                                                          610           606          626

I  Net debt
                                                                                                  As at         As at        As at
                                                                                                    Jun           Jun          Dec
                                                                                                   2018          2017         2017
US Dollar million                                                                             Unaudited     Unaudited    Unaudited

Borrowings - long-term portion                                                                    2,004         2,312        2,230
Borrowings - short-term portion                                                                      47            54           38
Total borrowings                                                                                  2,051         2,366        2,268
Corporate office lease                                                                             (13)          (16)         (15)
Unamortised portion of the convertible and rated bonds                                               16            21           18
Cash restricted for use                                                                            (53)          (56)         (65)
Cash and cash equivalents                                                                         (215)         (164)        (205)
Net debt                                                                                          1,786         2,151        2,001

Other information - Exchange rates
                                                                                                    Jun           Jun          Dec
                                                                                                   2018          2017         2017
                                                                                              Unaudited     Unaudited    Unaudited

   ZAR/USD average for the year to date                                                           12.30         13.20        13.30
   ZAR/USD closing                                                                                13.72         13.05        12.36

   AUD/USD average for the year to date                                                            1.30          1.33         1.30
   AUD/USD closing                                                                                 1.35          1.30         1.28

   BRL/USD average for the year to date                                                            3.43          3.18         3.19
   BRL/USD closing                                                                                 3.86          3.31         3.31

   ARS/USD average for the year to date                                                           21.62         15.71        16.57
   ARS/USD closing                                                                                28.86         16.63        18.65

Administration and corporate 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

JSE Sponsor:
Deutsche Securities (SA) Proprietary Limited

Auditors: Ernst & Young Inc.

Offices
Registered and Corporate
76 Rahima Moosa 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 773400
Fax: +233 303 778155

Directors
Executive
S Venkatakrishnan*§ (Chief Executive Officer)
KC Ramon^ (Chief Financial Officer)

Non-Executive
SM Pityana^ (Chairman)
A Garner#
R Gasant^
DL Hodgson^
NP January-Bardill^
MJ Kirkwood*
M Richter#
RJ Ruston~

* British § Indian  # American
~ Australian ^South African

Officers
Executive Vice President - Legal, Commercial and
Governance and Company Secretary:
ME Sanz Perez

Investor Relations Contacts
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

Sabrina Brockman
Telephone: +1 646 880 4526
Mobile: +1 646 379 2555
E-mail: sbrockman@anglogoldashantina.com

General e-mail enquiries
Investors@anglogoldashanti.com

AngloGold Ashanti website
www.anglogoldashanti.com

Company secretarial e-mail
Companysecretary@anglogoldashanti.com

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

Share Registrars
South Africa
Computershare Investor Services (Pty) Limited
Rosebank Towers, 15 Biermann Avenue,
Rosebank, 2196
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: 0861 100 950 (in SA)
Fax: +27 11 688 5218
Website : queries@computershare.co.za

Australia
Computershare Investor Services Pty Limited
Level 11, 172 St George's Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 2949 (Australia only)
Fax: +61 8 9323 2033

Ghana
NTHC Limited
Martco House
Off Kwame Nkrumah Avenue
PO Box K1A 9563 Airport
Accra
Ghana
Telephone: +233 302 235814/6
Fax: +233 302 229975

ADR Depositary
BNY Mellon (BoNY)
BNY Shareowner Services
PO Box 30170
College Station, TX 77842-3170
United States of America
Telephone: +1 866-244-4140 (Toll free in USA) or
  +1 201 680 6825 (outside USA)
E-mail: shrrelations@cpushareownerservices.com
Website: www.mybnymdr.com

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

PUBLISHED BY ANGLOGOLD ASHANTI

Forward-looking statements
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, total cash costs, all-in sustaining costs, all-in costs, cost savings and other operating results, 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, dispositions or joint venture transactions, 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 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 reports on Form 20-F filed with the United States Securities and Exchange Commission. 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.

Non-GAAP financial measures
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.
Date: 20/08/2018 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
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Share This Story