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ANGLOGOLD ASHANTI LIMITED - Report for the six months and year ended 31 December 2018

Release Date: 19/02/2019 07:05
Code(s): ANG ANG013     PDF:  
Wrap Text
Report for the six months and year ended 31 December 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 "AGA" or the "Company")
 
Report for the six months and year ended 31 December 2018

FULL YEAR REVIEW
    -    Key guidance metrics met or exceeded for the sixth consecutive year
    -    All-in sustaining costs (AISC) decreased by 7% to $976/oz in 2018 from $1,054/oz in 2017
    -    Adjusted EBITDA of $1.48bn despite asset sales and a flat gold price
    -    Headline earnings per share increased to 53c in 2018, from 6c in 2017
    -    Free cash flow improved significantly to $67m from $1m in 2017
    -    Dividend of ZAR 95 cents per share (approximately 7 US cents per share) declared
    -    Net debt down 17% to $1.66bn in 2018 from $2bn in 2017 with the Net debt to Adjusted EBITDA ratio lower at 1.12 times
    -    Record low All-injury frequency rate (AIFR), down 36% year-on-year to 4.81 per million hours in 2018
    -    Obuasi redevelopment initiated following regulatory and fiscal agreements ratified by the Parliament of Ghana
    -    Reserve additions at Geita, Sunrise Dam and Cerro Vanguardia; maiden reserve declared at Quebradona in Colombia
    
SECOND HALF REVIEW

    -    Strong operating performance
    -    Free cash flow generation of $118m, with $85m generated in the fourth quarter
    -    South African restructuring completed, and operations now free cash flow-positive

                                                                    Six months      Six months       Year       Year   
                                                                         ended           ended      ended      ended   
                                                                           Dec             Dec        Dec        Dec   
                                                                          2018            2017       2018       2017   
                                                                                      Restated              Restated   
                                                                                 US Dollar/Imperial              
Operating review                                                                                                       
Gold                                                                                                                   
Produced                                            - oz (000)           1,772           2,007      3,400      3,755   
Sold                                                - oz (000)           1,761           1,982      3,412      3,772   
Produced from retained operations                   - oz (000)           1,772           1,761      3,349      3,279   
Financial review                                                                                                       
Gold income                                         - $m                 1,883           2,324      3,805      4,356   
Cost of sales                                       - $m                 1,571           1,948      3,173      3,736   
Total cash costs                                    - $m                 1,224           1,525      2,505      2,863   
Gross profit                                        - $m                   362             459        772        784   
Price received *                                    - $/oz               1,215           1,270      1,261      1,251   
All-in sustaining costs *                           - $/oz                 936           1,038        976      1,054   
All-in costs *                                      - $/oz               1,029           1,109      1,068      1,126   
Total cash costs *                                  - $/oz                 726             787        773        792   
Profit (loss) attributable to equity shareholders   - $m                   100            (15)        133      (191)   
                                                    - cents/share           24             (4)         32       (46)   
Headline earnings                                   - $m                   120             115        220         27   
                                                    - cents/share           29              28         53          6   
Adjusted headline earnings                          - $m                   128             101        214          9   
                                                    - cents/share           31              24         51          2   
Adjusted EBITDA*                                    - $m                   756             872      1,480      1,483   
Net cash flow from operating activities             - $m                   536             676        857        997   
Free cash flow *                                    - $m                   118             162         67          1   
Total borrowings                                    - $m                 2,050           2,268      2,050      2,268   
Net debt *                                          - $m                 1,659           2,001      1,659      2,001   
Capital expenditure                                 - $m                   387             499        721        953   


Notes: * Refer to "Non-GAAP disclosure" for definition.   $ represents US Dollar, unless otherwise stated.
                                                          For restatements refer to note 16.
                                                          Rounding of figures may result in computational discrepancies.
Published : 19 February 2019
December 2018

Operations at a glance
for the six months ended 31 December 2018

                                             Production              Cost of sales         Gross profit (loss)       All-in sustaining      Total cash costs(2)
                                                                                                                           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)        $m    Variance(3)        $/oz Variance(3)       $/oz    Variance(3)
SOUTH AFRICA                                230          (51)    (239)          (58)        31              6       1,033        (16)        900           (17)
Vaal River Operations                         -         (100)      (1)         (100)         -           (58)           -       (100)          -          (100)
Kopanang                                      -         (100)      (1)          (99)         -             11           -       (100)          -          (100)
Moab Khotsong                                 -         (100)        -         (100)         -           (69)           -       (100)          -          (100)
West Wits Operations                        146           (4)    (148)          (39)        25             75       1,027        (36)        845           (38)
Mponeng                                     146            24    (148)             2        25             20       1,027        (17)        837           (15)
TauTona                                       -         (100)        -         (100)         -             55           -       (100)          -          (100)
Total Surface Operations                     84          (15)     (90)          (15)         6           (11)       1,039         (4)        998              3
INTERNATIONAL OPERATIONS                  1,542             -  (1,558)           (2)       407           (52)         895         (7)        698              -
CONTINENTAL AFRICA                          817             4    (819)             6       195           (47)         874         (7)        737              2
DRC
Kibali - Attr. 45%(4)                       195            38    (177)            12        65             45         644        (35)        515           (27)
Ghana
Iduapriem                                   128             6    (116)             2        33            (6)       1,029           -        826              3
Obuasi                                        -         (100)        2          (66)         2            (4)           -           -          -              -
Guinea
Siguiri - Attr. 85%                         115          (31)    (125)          (11)        17           (45)       1,044          31        896             22
Mali
Morila - Attr. 40% (4)                       15           (6)     (23)            15       (4)            (3)       1,323           7      1,211             26
Sadiola - Attr. 41% (4)                      29          (12)     (30)          (15)         5            (2)         925        (15)        893            (4)
Tanzania
Geita                                       335             8    (327)            16        75           (25)         875         (7)        745             15
Non-controlling interests,
exploration and other                                             (23)          (11)         2            (7)
AUSTRALASIA                                 319             5    (332)            10        59           (35)       1,026         (2)        735              3
Australia
Sunrise Dam                                 136             4    (161)            14         4           (25)       1,331           8        956             10
Tropicana - Attr. 70%                       183             5    (161)             4        64            (5)         766         (8)        543            (2)
Exploration and other                                              (9)           111       (9)            (5)
AMERICAS                                    406           (9)    (407)          (22)       153             30         834        (10)        589           (10)
Argentina
Cerro Vanguardia - Attr. 92.50%             142           (2)    (135)          (23)        74             16         648        (14)        463           (16)
Brazil
AngloGold Ashanti Mineração                 189          (17)    (194)          (22)        51              3         950         (6)        687            (1)
Serra Grande                                 75             -     (66)          (18)        26             11         848        (10)        556           (18)
Non-controlling interests,
exploration and other                                             (12)          (22)         2              -
Total                                     1,772          (12)                                                         936        (10)        726            (8)
OTHER                                                              (4)             -      (11)           (10)
                                                               (1,801)          (17)       427           (57)
Equity accounted investments included above                        230             8      (65)           (40)
AngloGold Ashanti                                              (1,571)          (19)       362           (97)

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

Operations at a glance
for the year ended 31 December 2018
                                         Production               Cost of sales       Gross profit (loss)       All-in sustaining       Total cash costs(2)
                                                                                                                      costs(1)
                                                                                                  Year-on-
                                                                                                      year
                                              Year-on-year             Year-on-year                     $m               Year-on-year               Year-on-year
                                   oz (000)  % Variance(3)        $m  % Variance(3)        $m   Variance(3)      $/oz   % Variance(3)      $/oz    % Variance(3)
SOUTH AFRICA                            487           (46)     (590)           (48)        21            24     1,178             (5)     1,033              (5)
Vaal River Operations                    51           (87)      (77)           (82)         -          (65)     1,452              33     1,304               36
Kopanang                                 12           (87)      (29)           (81)      (10)            21     2,115              33     2,002               31
Moab Khotsong                            39           (87)      (48)           (83)        10          (86)     1,247              33     1,083               39
West Wits Operations                    265           (16)     (320)           (39)        12           105     1,177            (24)       983             (25)
Mponeng                                 265             18     (320)             13        12            13     1,177             (7)       977              (4)
TauTona                                   -          (100)         -          (100)         -            92         -           (100)         -            (100)
Total Surface Operations                171           (11)     (194)            (5)         9          (17)     1,094               5     1,030                6
INTERNATIONAL OPERATIONS              2,913              2   (3,067)              1       850            52       920             (5)       731                4
CONTINENTAL AFRICA                    1,512              4   (1,607)              6       380           (5)       904             (5)       773                7
DRC
Kibali - Attr. 45% (4)                  363             35     (373)             10        96            96       752            (31)       600             (23)
Ghana
Iduapriem                               254             11     (233)             11        90            15       977             (5)       804              (2)
Obuasi                                    -          (100)         6            (2)         6           (4)         -               -         -                -
Guinea
Siguiri - Attr. 85%                     242           (25)     (243)           (17)        67          (55)       930              17       844               17
Mali
Morila - Attr. 40% (4)                   30              7      (42)             21       (3)           (3)     1,321               8     1,145               18
Sadiola - Attr. 41% (4)                  59            (6)      (65)            (2)         9           (4)       990             (3)       938                4
Tanzania
Geita                                   564              5     (612)             18       105          (41)       940               -       804               32
Non-controlling interests, 
exploration and other                                           (45)           (15)        10           (9)
AUSTRALASIA                             625             12     (622)             13       160             -     1,038             (2)       762                3
Australia
Sunrise Dam                             289             21     (310)             19        50             7     1,223               2       920                -
Tropicana - Attr. 70%                   336              5     (293)              7       128           (4)       843             (5)       594                5
Exploration and other                                           (18)             18      (18)           (3)
AMERICAS                                776            (8)     (838)           (15)       310            57       855             (9)       624              (2)
Argentina
Cerro Vanguardia - Attr. 92.50%         282              -     (301)           (15)       160            38       652            (15)       476              (9)
Brazil
AngloGold Ashanti Mineração             364           (14)     (382)           (15)       104           (5)       973             (3)       723                8
Serra Grande                            130            (2)     (129)           (15)        36            22       945            (14)       660             (14)
Non-controlling interests,
exploration and other                                           (26)           (16)        10             2
Total                                 3,400            (9)                                                        976             (7)       773              (2)
OTHER                                                              4           (31)         3             1
                                                             (3,653)           (13)       874            77
Equity accounted investments included above                      480              9     (102)          (89)
AngloGold Ashanti                                            (3,173)           (15)       772          (12)

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

Financial and Operating Report
for the six months and year ended 31 December 2018

CORPORATE AND STRATEGIC REVIEW
AngloGold Ashanti recorded another solid performance in 2018, making steady progress on strategic efforts to improve the quality of its portfolio,
strengthen its balance sheet and advance value-enhancing options in its project pipeline. Cash flow and earnings showed steady growth over
2018, and for the sixth consecutive year, production, capital and all cost guidance metrics were met or improved upon.

Cash flow from the business continues to improve. Adjusted EBITDA in 2018 was little changed at $1,480m, versus $1,483m in 2017, as a
result of a flat gold price and despite a 355,000oz drop in production following the sale and closure of mines in South Africa. All-in sustaining
costs (AISC) of $976/oz in 2018, compared to $1,054/oz in 2017, were lower than the guidance range, continuing the shift towards the bottom
end of the industry cost curve. Safety saw another improvement, with the all-injury frequency rate (AIFR) falling 36% to a record 4.81 per million
hours worked in 2018, from a rate of 7.49 per million hours worked in 2017.

Restructuring of the South African asset base was completed after a collaborative effort with key stakeholders. Redevelopment of the Obuasi
Gold Mine, a transformational project for AngloGold Ashanti and Ghana, also commenced. In addition, the balance sheet was strengthened
after debt was further reduced and some revolving credit facilities were refinanced. Furthermore, progress was made on self-funded brownfields
projects aimed at sustainably improving mine lives and margins.

Exploration, which remains a cornerstone of the business, delivered another strong result, as the maiden reserve for the Quebradona project
in Colombia was registered. The efforts of the exploration programme resulted in added gold ore reserves of 4.3Moz and mineral resource of
4.5Moz for the year ended 31 December 2018.

                                       Guidance 2018           Actual 2018              Met / Improved
Production ('000 oz)                   3,325 - 3,450                 3,400              þ
Total cash costs ($/oz)                    770 - 830                   773              þ
All-in sustaining costs ($/oz)           990 - 1,060                   976              þ
Capital expenditure ($m)                   800 - 920                   721              þ

Strategic Priorities
Maintaining a reliable track record of predictable, rational behaviour as custodians of shareholder capital is central to our approach. Capital
allocation will remain disciplined and focused on improving value creation without placing financial or operating risk on the business.

This model does not prioritise scale for its own sake, but rather focuses on patient and disciplined work to widen margins, lift returns, increase
cash flow and improve direct returns to shareholders over time. Given AngloGold Ashanti's current valuation and the suite of opportunities
available within its existing portfolio and project pipeline, AngloGold Ashanti favours organic opportunities to create value, over those available
through acquisition.

Our equity remains an important asset that should be protected while efforts are undertaken to close the considerable valuation gap that exists
with global industry peers. Within this framework, we will target returns of at least 15% through the cycle, using conservative discount rates
that account for specific jurisdictional and operating risks.

Preserving the integrity of the balance sheet is fundamental to the long-term health of the business and enforces disciplined decision-making
in allocating capital. This means that the Company will rank and prioritise its investments, assessing them not only on their returns but also on
their affordability with respect to maintaining leverage ratios at or around targeted levels as well as improving returns to its shareholders.
Importantly, the Company will weigh these competing priorities and consider the full suite of financing opportunities available when determining
whether to proceed with an investment, notably partnerships, asset sales and project financing.

For a gold-producing company such as AngloGold Ashanti, which produces a single, cyclical commodity in an increasingly complex global
operating environment, it is our view that over time, lower levels of debt will translate into lower risk and added strategic flexibility. Taking this
into account, the Company is now targeting a lower Net debt to Adjusted EBITDA ratio of 1.0 times through the cycle, down from the previous
target of 1.5 times. We believe this new target is achievable, even as we invest inward, pay dividends to shareholders subject to approval by
the board of directors (Board) and service debt obligations.

Our dividend policy remains to pay out 10% of free cash flow, before growth capital, subject to the approval of the Board. Although currently
modest, the dividend policy represents a key element of our capital allocation policy, namely a dividend as a 'royalty' owed to shareholders
from the surplus cash generated by the business, before any investment in growth is pursued.

AngloGold Ashanti places a premium on a clear and uncompromising method of allocating capital. This means that certain investments may
not be made if the returns they offer rank below other available opportunities within the portfolio. For example, given fiscal uncertainty related
to the Sadiola sulphide project, the Company and IAMGOLD Corporation initiated a process last year to identify third parties that may be interested in
acquiring their collective interest in Sadiola. In addition, a process to divest the Cerro Vanguardia mine in Argentina (CVSA) is now also
underway. As with Mali, Argentina has been an excellent jurisdiction for the Company for almost two decades, but with competing demands
for limited capital, another owner may be better placed to invest in extending the life of these assets. Through these processes we aim to
achieve both fair value for these assets, and to place them in the hands of buyers with the operational track record and financial capacity to
take them forward. If we cannot fulfil these objectives, we will retain these assets.

In South Africa, the difficult but necessary work of restructuring the loss-making portfolio into a smaller business was completed, recently
returning these assets to generating free cash flow. To protect the cash flows of the South African region from Rand gold price risk for 2019,
a short-term Rand gold hedge was entered into on a zero cost collar basis at a floor of R545,000/kg and an average cap of R725,500/kg for
300koz of our South African gold production.

AngloGold Ashanti has one of the industry's top exploration teams. Over the past 15 years, the Company discovered 49Moz of Mineral Resource
from its portfolio outside of South Africa, averaging roughly 3.3Moz of gold a year at an average discovery cost of $34/oz from its brownfields
exploration and $13/oz from its generative greenfields programme. The Company will continue investing in exploration to ensure that its pipeline
of options remains well stocked and that the Company can sustain itself without being forced into expensive and complex mergers and acquisition
activity. This approach is well-supported by a strong track record.

As the business becomes even leaner and more efficient, greater management focus will be applied to areas of growth and improvement. Key
areas of focus for 2019 remain bringing Obuasi into production, executing on a series of affordable, high return brownfields improvements and
progressing two key projects in Colombia up the value curve. Operational Excellence initiatives remain at the heart of our efforts to counter
inflation and improve margins.

FULL-YEAR REVIEW
Production for 2018 came in toward the top end of guidance at 3.400Moz. Compared to 2017, production was 9% lower mainly due to the sale
and closure of assets in South Africa. Production from retained operations for 2018, excluding Moab Khotsong, Kopanang and TauTona, was
3.349Moz at a total cash cost of $765/oz, compared with 3.279Moz at a total cash cost of $738/oz in 2017. AISC for these retained operations
were $968/oz, compared with $1,017/oz in the same period last year. AISC for the International operations was $920/oz for 2018 compared
to $972/oz for 2017. AISC for the South African operations, including Moab Khotsong, Kopanang and TauTona, was $1,178/oz compared with
$1,245/oz in 2017.

Cash flow from operating activities for the year ended 31 December 2018 decreased by 14% to $857m compared to $997m in 2017, reflecting
working capital lockups of $131m and the retrenchment costs related to the restructuring the South African business unit. In 2018, the Company
generated $205m of operating cash flow less capital expenditure compared to $167m in 2017 reflecting a solid operating performance and
lower capital expenditures. Free cash flow for the year, before taking growth capital into account, was $217m versus $125m a year earlier.

Free cash flow was negatively affected by delayed Kibali loan repayments due to the presidential elections in the DRC, which slowed down
the administrative processes. It is anticipated that these loan repayments will resume during the course of this year. Free cash flow excluding
abnormal cost such as the South Africa region redundancies, financing costs, and other was $140m in 2018,
compared to $50m a year earlier.

Total capital expenditure (including equity accounted investments) decreased by 24% to $721m in 2018, compared to $953m in 2017 and
below the bottom end of the market guidance of between $800m to $920m. This included project capital expenditure of $148m invested in
growth projects at Obuasi, Siguiri and Kibali in Continental Africa and Mponeng in South Africa. Capital expenditures were lower in South Africa
due to the sale of assets in the region early in the year. Capital expenditures were also lower in the Democratic Republic of the Congo (DRC)
at Kibali as the project development phase is coming to an end and the asset is ramping up production. In Guinea at Siguiri, investment was
made in the brownfields expansion project which was completed towards the end of 2018. The new combination plant is currently undergoing
commissioning ahead of ramp-up to full production. In Australia, capital investments were made towards a new secondary ball mill at Tropicana
and completion of the Recovery Enhancement Project at Sunrise Dam.

Headline earnings for the year ended 31 December 2018 were $220m, or 53 US cents per share, compared with $27m, or 6 US cents per
share, in 2017. Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA) of $1,480m in 2018 (compared to
$1,483m in 2017) was essentially flat year-on-year.

The ratio of Net debt to Adjusted EBITDA at the end of December 2018 was 1.12 times compared with 1.35 times at the end of December
2017. Management has successfully maintained financial flexibility by remaining at or below its targeted leverage Net debt to Adjusted EBITDA
ratio of 1.5 times, and well below the covenant ratio of 3.5 times, which applies under our revolving credit agreements.

Net debt decreased by 17% to $1.659bn at 31 December 2018, from $2.001bn at the 31 December 2017. Financial flexibility was further
improved in October 2018, when a new five-year $1.4bn multi-currency revolving credit facility was agreed with our banking syndicate replacing
our existing $1bn US Dollar and A$500m Australian Dollar facilities. Strong liquidity is provided both by this new revolving credit facility, which
was fully undrawn at the end of 2018, and $329m in cash.

SECOND HALF YEAR REVIEW
Production from retained operations for the second half of 2018, excluding Moab Khotsong, Kopanang and TauTona, was 1.722Moz at a total
cash cost of $726/oz, compared to 1.761Moz at a total cash cost of $733/oz for the last six months of 2017. AISC for these retained operations
were $936/oz for the last six months of 2018, compared to $1,002/oz for the same period in 2017. AISC for the International operations was
$895/oz for the last six months of 2018 compared to $959/oz for the last six months of 2017. AISC for the South African operations, including
Moab Khotsong, Kopanang and TauTona, was $1,033/oz compared with $1,231/oz in the last six months of 2017.

Total production for the Company, including those operations either sold or closed earlier in 2018, was 1.772Moz at a total cash cost of $726/ oz
for the six months ended 31 December 2018, compared to 2.007Moz at a total cash cost of $787/oz for the last six months of 2017. AISC for
this set of assets decreased by 10% to $936/oz for the second half of 2018, versus $1,038/oz in the second half of 2017.

Free cash flow of $118m was generated in the second half of 2018, compared to $162m for the second half of 2017. The Company generated
$204m of free cash flow, before taking growth capital into account, during the last six months of 2018, compared to $231m during the second
half of 2017.

Headline earnings were $120m, or 29 US cents per share, for the second half of 2018 versus $115m, or 28 US cents per share, in the second
half of 2017. Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA) was $756m, during the second half of
2018, compared to $872m during the second half of 2017.

Capital expenditure in the second half of 2018 was $387m (including equity accounted investments) compared to $499m in the second half
of 2017. Of the capital spent, non-sustaining project capital expenditure amounted to $86m during the last six months of 2018, compared to
$70m during the second half of 2017.

Summary of six months-on-six months and year-on-year operating and cost variations:

                                                                         %                             %
                                                                  Variance       Six months    Variation                                   %      Year 2018        Year 2017              %
                                      Six months   Six months          six        ended Dec          six    Year Dec   Year Dec    Variation           from             from      Variation
                Particulars                ended        ended    months vs        2017 from    months vs        2018       2017      year vs       retained         retained        year vs
                                        Dec 2018     Dec 2017   prior year         retained   prior year                          prior year  operations (3)   operations (3)    prior year
                                                                       six   operations (3)          six
                                                                    months                        months


Operating review Gold
Production (kozs)                          1,772        2,007          (12)           1,761             1      3,400      3,755          (9)          3,349            3,279              2

Financial review
Gold price received ($/oz)                 1,215        1,270           (4)           1,270           (4)      1,261      1,251            1          1,261            1,251              1
Total cash costs ($/oz)                      726          787           (8)             733           (1)        773        792          (2)            765              738              4
Corporate & marketing costs ($m) (1)          38           30            27              30            27         76         64           19             76               64             19
Exploration & evaluation costs ($m)           56           52             8              52             8        102        114         (11)            102              114           (11)
All-in sustaining costs ($/oz) (2)           936        1,038          (10)           1,002           (7)        976      1,054          (7)            968            1,017            (5)
All-in costs ($/oz) (2)                    1,029        1,109           (7)           1,083           (5)      1,068      1,126          (5)          1,062            1,099            (4)
Adjusted EBITDA ($m)                         756          872          (13)             852          (11)      1,480      1,483           -           1,480            1,447              2

Cash inflow from operating activities        536          676          (21)             643          (17)        857        997         (14)            858              955           (10)
($m) 
Free cash flow ($m)                          118          162          (27)             152          (22)         67          1        6,600             77               22            250
Free cash flow excluding SAR 
redundancies, financing costs and            151          202          (25)             203          (26)        140         50          180            150               71            111
other ($m) 
 
Capital expenditure ($m)                     387          499          (22)             476          (19)        721        953         (24)            714              890           (20)

(1) Includes administration and other expenses.
(2) World Gold Council standard, excludes stockpiles written off.
(3) Retained operations exclude closed and sold operations.

Free cash flow ($m) (4)

                                                               Six months ended    Six months ended
                                                                       Dec 2018            Dec 2017      Year Dec 2018     Year Dec 2017


Net cash inflow from operating activities                                   536                 676                857               997
    
Capital expenditure                                                       (359)               (439)              (652)             (830)
    
Net cash from operating activities after capital expenditure                177                 237                205               167
    
Finance costs accrued per income statement                                 (71)                (72)              (140)             (142)

Net cash flow after capital expenditure and interest                        106                 165                 65                25

Other investing activities                                                    9                (11)                317              (32)
   
Credit facility transaction costs                                          (10)                   -               (10)                 -

Add backs:

Cash restricted for use                                                      13                   8                  4                 8

Proceeds on disposal of Moab Khotsong and Kopanang assets                     -                   -              (309)                 -

Free cash flow                                                              118                 162                 67                 1

Normalised for:

South African redundancies                                                   22                  41                 61                49

Credit facility transaction costs                                            10                   —                 10                 —

Other costs                                                                   1                   —                  2                 —

Free cash flow excluding South African redundancies,
financing costs, and other costs                                            151                 202                140                50

Less: Free cash flow from sold and discontinued operations                    —                 (1)               (10)              (21)

Free cash flow excluding South African redundancies,
financing costs, and other costs from retained operations                   151                 203                150                71

(4) Refer to note G under "Non-GAAP disclosure".

2019 Guidance Update

                                                                              Guidance                                Notes
                                                                                             Production will be back-end loaded, with a strong second
Production (000oz)                                                           3,250 - 3,450   half expected for Geita, Siguri and Brazil
                            All-in sustaining costs ($/oz)                    935 - 995
Costs                                                                                        See economic assumptions below
                            Total cash costs ($/oz)                           730 - 780

                            Corporate costs ($m)                                75 - 85
Overheads
                            Expensed exploration and study costs ($m)         130 - 140      Including equity accounted joint ventures
                            Total ($m)                                        910 - 990
                            Sustaining capex ($m)                             520 - 560
Capital expenditure
                            Non-sustaining capex ($m)                         390 - 430      Expenditure related to Obuasi, Siguiri, Tropicana,
                                                                                             Quebradona and Mponeng
Depreciation and amortisation ($m)                                               680
Depreciation and amortisation - included in equity accounted earnings ($m)       160         Earnings of associates and joint ventures
Interest and finance costs ($m) - income statement                               130
                                                                                             Primarily related to the costs of care and maintenance
Other operating expenses ($m)                                                     85         for Obuasi and South African region

Economic assumptions are as follows: ZAR14.00/$, $/A$0.75, BRL3.65/$, AP40.00/$; 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. Accordingly, actual results could differ from guidance and any deviation may be significant. 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).

SAFETY UPDATE
It is with deep regret that we report three fatalities which occurred during the first half of the year. In Brazil there was one fatality following an
electricity-related incident in January. In the South Africa region at Moab Khotsong a tramming incident caused one fatality in February and at
Mponeng a mechanical loader operator was fatally injured in a seismic fall of ground in April. The All-Injury Frequency Rate (AIFR), the broadest
measure of workplace safety, decreased by 36% to 4.81 injuries per million hours worked for 2018, compared to 7.49 injuries per million hours
worked for the previous year. AIFR for the quarter ended 31 December 2018 was 3.59 injuries per million hours worked, compared to 6.51
injuries per million hours worked for the same period in the previous year.

OPERATING HIGHLIGHTS
The Continental Africa region produced 1,512,000oz at a total cash cost of $773/oz in 2018, compared to 1,453,000oz at a total cash cost
of $720/oz in 2017. AISC were $904/oz for the year ended 31 December 2018, compared to $953/oz for the year ended 31 December 2017.
The region delivered a solid performance with production boosted by higher tonnes treated particularly from underground mining at Kibali and
Geita and improved underground grade from Geita.

In the DRC, Kibali's production was 363,000oz at a total cash cost of $600/oz for the year ended 31 December 2018, compared to 268,000oz
at a total cash cost of $784/oz for the year ended 31 December 2017. The increase in production was mainly due to the 26% increase in
recovered grade as underground mining displaced lower-grade open-pit ore, an improved recovery factor and an 8% increase in tonnage
treated as a result of improved plant performance. Total cash cost consequently fell 23% due to higher gold production, partly offset by higher
underground production costs compared to the open pit and a higher royalty rate introduced in the second half of the year.

In Ghana, Iduapriem's production increased to 254,000oz at a total cash cost of $804/oz in 2018, compared to 228,000oz at a total cash cost
of $823/oz in 2017. Production increased 11% year-on-year to a record, driven by 6% higher tonnage treated due to improved grinding and
plant efficiency and 5% higher recovered grade, resulting from mining deeper, higher-grade areas in the Teberebie pit. Total cash cost dropped
2% over the year due to the increased production despite inflation effects related to higher fuel prices and mining costs particularly in the
second half of the year.

During 2018, Obuasi remained in the care and maintenance phase whilst the redevelopment project for recommencing operations continued.
The update on the Obuasi project is provided under "Project Updates" below.

In Guinea, Siguiri produced 242,000oz at a total cash cost of $844/oz in 2018, compared to 324,000oz at a total cash cost of $725/oz in 2017.
Production was negatively impacted by a 16% decrease in recovered grade from treating lower grade oxide material and an 11% decrease in
tonnes due to delays in the commissioning of the Carbon-in Leach (CIL) combination plant. Total cash cost increased year-on-year as a result
of lower production, partly offset by lower mining costs compared to the same period the year before.

In Tanzania, Geita produced 564,000oz at a total cash cost of $804/oz for the year ended 31 December 2018, compared to 539,000oz at a
total cash cost of $608/oz for the year ended 31 December 2017. Recovered grade saw a 5% increase year-on-year due to a range of operational
improvements (advance grade control and underground mining efficiencies), which assisted in accessing higher grade ore particularly in the
fourth quarter of 2018. Total cash costs, however, increased as a result of increased underground and open-pit mining costs compared to the
same period in the previous year, in addition to some operational challenges in the primary crusher during the second half of the year.

In Mali, Sadiola produced 59,000oz at a total cash cost of $938/oz in 2018, compared to 63,000oz at a total cash cost of $900/oz in 2017.
Production decreased due to a 9% drop in recovered grade from limited availability of the oxide ore as mining ceased during the year. The
mine transitioned to a stockpile treatment plan at the beginning of the year, partly compensated for by a 3% increase in tonnes treated as a
result of newly installed variable speed drives in the mill. Total cash costs increased as a result of lower production, partly offset by lower
operating costs compared to the same period the year before.

Production at Morila increased to 30,000oz at a total cash cost of $1,145/oz for the year ended 31 December 2018, compared to 28,000oz at
a total cash cost of $974/oz for the year ended 31 December 2017. The increase in production was driven by a 19% increase in recovered
grade as mining resumed during the year, resulting in the treatment of higher grade ore, partly offset by a 11% decrease in throughput due to
treatment of harder ore. Total cash cost, however, increased due to higher operating cost as a result of the resumption of mining activities.

The Americas region produced 776,000oz at a total cash cost of $624/oz for the year ended 31 December 2018, compared to 840,000oz at
a total cash cost of $638/oz for the year ended 31 December 2017. AISC were $855/oz in 2018, compared to $943/oz achieved in 2017.

In Argentina at Cerro Vanguardia, full year output in 2018 was maintained at the same level as 2017 producing 282,000oz at a total cash cost
of $476/oz, compared to 283,000oz at a total cash cost of $522/oz in 2017. The mine managed to maintain production, despite lower underground
grade, mainly because of higher tonnes mined and treated. Total cash costs fell mainly as a result of the weaker exchange rate due to the
devaluation of the Argentine Peso against the US Dollar as well as improved efficiencies. These positive effects were partially attenuated by
rapidly rising inflation which ended the year at 47%, mostly related to salary increments, and unfavourable stockpile movements. Lower average
silver price and lower volumes sold also affected costs negatively.

A number of Operational Excellence initiatives were identified and implemented during 2018, including underground development optimisation,
cost reduction in material and services contracts, workforce recruitment freeze, nitrate and flocculants optimisation, cost reduction in mine
drilling steel and cyclone pumps liners, and overhead restructuring.

In September 2018, the Government of Argentina introduced the payment of export duties on exported goods. In terms of an existing tax
stability agreement, Cerro Vanguardia is entitled to a refund of these export duties. At 31 December 2018, $14m was reflected as receivable
and impacted free cash flow generated by the operation.

In Brazil, production was 494,000oz at a total cash cost of $706/oz for the year ended 31 December 2018, compared to 557,000oz at a total
cash cost of $693/oz for the year ended 31 December 2017. Total cash costs were impacted by lower year-on-year production and inflationary
pressure, partially offset by the Operational Excellence initiatives and favourable exchange rates. AISC was $966/oz for the year ended 31
December 2018, compared to $1,029/oz for the year ended 31 December 2017. This decrease is mainly due to lower sustaining capital
expenditure driven by increased focus on capital management and benefits derived for the Operational Excellence initiatives. For the second
half of 2018, production was 264,000oz at a total cash cost of $650/oz, compared to 302,000oz at a total cash cost of $692/oz during the same
period in 2017. AISC were $922/oz for the second half of 2018, compared to $994/oz during the same period in 2017.

At AGA Mineração, full-year production in 2018 was 364,000oz at a total cash cost of $723/oz, compared to 424,000oz at a total cash cost of
$671/oz in 2017. Production was lower as the Cuiaba complex faced delays in development and infrastructure constraints. During the fourth
quarter of 2018, operating performance improved as measures were taken to improve mine quality by improving stope availability, drilling and
mine recoveries while ensuring compliance to plan, with an offset due to the timing of sales. At Córrego do Sítio (CdS), lower grades in the
sulphide operation and excessive rainfal resulted in 8% lower production. Production was also impacted by lower tonnes placed on the heap leach, 
model changes, and production stoppages due to strikes.

At Serra Grande, full-year production in 2018 was 130,000oz at a total cash cost of $660/oz, compared to 133,000oz at a total cash cost of
$764/oz in 2017. Production was lower due to less ore mined following delays in receiving environmental deforestation and waste dump permits.

AngloGold Ashanti has a clear framework that sets principles, standards and guidelines for the construction, management and oversight of its 
tailings storage facilities (TSFs). It is our obligation to ensure that our TSFs are stable, non-polluting and contained. We are guided in this 
regard by international best practice, and conduct regular detailed inspections by internal specialists and independent third-party experts, as 
well as ongoing monitoring and ongoing preventive maintenance. On 7 February 2019, Regulatory Authorities of Brazil's Minas Gerais state suspended 
all tailings facilities in the state constructed using the upstream design method.  AngloGold Ashanti does not have upstream TSFs in the state, but 
it does have one Centerline facility at the CdS operation.  As a precautionary step, CdS's tailings facility was temporarily suspended while the 
facility's design is confirmed by the regulators as the Centerline method. We are in close dialogue with the regulator in this regard, and look 
forward to resuming operation at the site as soon as they have satisfied themselves of the design of the facility. The TSF supports production of 
about 95,000oz a year at CdS. The balance of 35,000oz of CdS's annual production comes from its heap leach, and so is unaffected by the TSF suspension. 
In the meantime, scheduled maintenance is underway and mining at the site continues as we stockpile ore ahead of the plant, given that the plant at CdS 
has processing headroom above what is normally mined.

The Australia region produced 625,000oz at a total cash cost of $762/oz for the year ended 31 December 2018, compared to 559,000oz at
a total cash cost of $743/oz for the year ended 31 December 2017. AISC were $1,038/oz in 2018, compared to $1,062/oz in 2017. For the
second half of 2018, the Australia region produced 319,000oz at a total cash cost of $735/oz, compared to 305,000oz at a total cash cost of
$717/oz for the same period in 2017.

Higher mill feed grades in the first and the last quarters of 2018 contributed to a 21% increase in year-on-year production at Sunrise Dam,
which delivered 289,000oz of gold production at a total cash cost of $920/oz in 2018, compared to 238,000oz at a total cash cost of $919/oz
in 2017. Performance of the new Recovery Enhancement Project (REP) has been below expectation, however a structured optimisation
programme is delivering positive results and, along with a higher proportion of Vogue ore in the feed blend, recovery is expected to increase
to Feasibility Study levels during 2019. A number of critical once-off capital projects were completed in 2018, including construction of the REP,
a multi-year extension to the Tailings Storage Facility and the installation and commissioning of two 2MW primary ventilation fans.

Tropicana produced 336,000oz at a total cash cost of $594/oz in 2018, compared to 321,000oz at a total cash cost of $564/oz in 2017. At
Tropicana, production increased 5% due to higher mill feed grades and higher mill throughput. At Tropicana the second 6MW ball mill was
commissioned ahead of schedule in November 2018 and full ramp-up achieved within a week delivering increased throughput and improved
metallurgical recovery in line with the Feasibility Study. In December 2018, the Tropicana JV partners announced that a Feasibility Study into
the development of an underground mine beneath the Boston Shaker pit was underway after a Pre-Feasibility Study confirmed that underground
mining was technically and financially viable.

The South Africa region produced 487,000oz at a total cash cost of $1,033/oz for the year ended 31 December 2018, compared to 903,000oz
at a total cash cost of $1,085/oz for the year ended 31 December 2017. The lower production decrease reflects fewer mines in the region with
only two months of contribution from Kopanang and Moab Khotsong, following their sale on 28 February 2018. TauTona ceased mining in
September 2017 and has been placed in orderly closure. AISC for the South Africa region were $1,178/oz in 2018, compared to $1,245/oz in
2017.

Production from retained operations was 436,000oz in 2018, up 2% year-on-year. AISC from the retained operations was down 11% for the
second half of 2018, mainly as a result of higher gold output. Cost management efforts continue with earnest in the South Africa region, aimed
at ensuring that both on- and off-mine cost structures are appropriately resized for the smaller production base. As part of the Mponeng safe
production strategy related to the improvement of face time, Mponeng signed a new shift arrangement agreement with its South Africa trade
unions. The new shift arrangements were successfully implemented as of 12 November 2018 and are expected to help improve productivity.

At Mponeng, full-year production in 2018 was 265,000oz at a total cash cost of $977/oz, compared to 224,000oz at a total cash cost of $1,014/ oz
in 2017. Accessing higher-value reef and improving mining practices delivered an increase of 18% in production year-on-year. During the
second half of 2018, production increased by 24% year-on-year driven by improved mine call factor, increased tonnes treated, and improvement
in underground grade as a result of better mining mix and recoveries.

At Mine Waste Solutions (MWS), production for the year ended 31 December 2018 was 103,000oz at a total cash costs of $812/oz, compared
to 109,000oz at a total cash cost of $780/oz for the year ended 31 December 2017. MWS remained cash positive despite the 5% year-on-
year decline in production, which was mainly due to lower recoveries as a result of carbon management challenges experienced during the
third quarter of 2018, which improved toward the end of 2018. Tonnages ended lower year-on-year, impacted by unplanned stoppages due to
inclement weather and associated power outages. Approximately 167 hours of power failures were experienced in December alone.
Engagements were held with Eskom management, the electricity public utility, and a protocol was agreed to create flexibility during inclement
weather.

Hard Rock production for the year declined 18% while production at the Vaal River Surface Sources declined reflecting the sale of the Mispah
and West Gold plants. Yield contribution from West Wits Surface Sources was also 22% lower year-on-year due to the areas that were reclaimed
at the Savuka Marginal Ore Dumps and Tailings Storage Facilities (TSF). Accordingly, mining strategies were changed during the third quarter
of 2018 and feed grades are beginning to improve.

CORPORATE UPDATE

Board and CEO changes
Mr Kelvin Dushnisky was appointed as Chief Executive Officer and an executive member of the Board of Directors of AngloGold Ashanti,
effective 1 September 2018. The Company also announced the appointment of two independent non-executive directors to its Board of
Directors, Mr Alan Ferguson and Mr Jochen Tilk, with effect from 1 October 2018 and 1 January 2019, respectively.

Changes in Executive Portfolios
Some organisational and management changes have taken place primarily drawing from the well-developed pool of talent from within the
organisation. These appointments are being implemented in parallel with the planned retirements of COO: South Africa Chris Sheppard,
Executive Vice President: Sustainable Development David Noko, and Executive Vice President Strategy & Business Development Charles
Carter. The global operating base will remain in two regions, each overseen by a chief operating officer.

The Africa portfolio, which will now include the rationalised South Africa footprint, will be overseen by Sicelo Ntuli, formerly Senior Vice
President: Continental Africa. Sicelo has done excellent work in driving the turnaround of Iduapriem and for the past two years under Ludwig
Eybers' guidance, has had line responsibility for the Continental Africa region, which has delivered consistently strong operating performances.

Moses Madondo, who did exceptional work as Senior Vice President: Vaal River Region, before the sale of those assets last year, has assumed
responsibility for our South Africa portfolio, as Senior Vice President: South Africa.

Ludwig Eybers will remain COO: International, with greater focus on advancing our Colombia options up the value curve, unlocking the
potential that exists within our Brazil and Australia assets, and ensuring our global exploration programme continues to deliver strong outcomes.

Pierre Chenard, formerly Senior Vice President of Business Development of Rio Tinto Alcan Inc., and also its general counsel, has been
named Executive Vice President: Business Development & Strategy. Pierre, who has also held roles in the North American gold sector with
Cambior, Hope Bay and latterly as a director on the Board of Osisko Gold Royalties Ltd., brings a wealth of experience across a number of
jurisdictions, to the role.

Stewart Bailey, formerly Senior Vice President of Investor Relations & Group Communications, has been named Executive Vice President:
Corporate Affairs, a portfolio that will include stakeholder relations and the broader ambit of sustainability policy and oversight. His in-depth
knowledge of the Company and many of its stakeholders, close cooperation with the sustainability team over several years and ongoing work
in integrating environmental, social and governance reporting into the broader business, provide a strong foundation for this role.

The incumbents have been working alongside their successors in each role ensuring a seamless transition in those areas.

Developments in the South Africa region
AngloGold Ashanti reached a three-year wage agreement with all its trade unions in South Africa, effective 1 July 2018. The wage agreement
includes wage increases over three years as well as a new shift arrangement, aimed at improving production with continued focus on safety.

Restructuring of the South African asset portfolio was completed in December 2018. The restructuring process was focused on protecting the
longer-term sustainability of the business to ensure that both on- and off-mine cost structures are appropriate for the significantly smaller
production base as compared to historic levels. The process was completed reaching a balance between preserving local jobs while rightsizing
overhead structures for the current smaller production base. Forced retrenchments were mitigated, from 2,000 initially anticipated in the most
recent restructuring, to 72, by offering voluntary severance packages, and selling non-core assets, such as healthcare facilities and rail networks
in the Vaal River region, which helped preserve jobs through a transfer of ownership.

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 in May 2016. The dispute has now been resolved to
the parties' mutual satisfaction. As a result, on 19 July 2018, the Company submitted a request to the Tribunal for the legal proceedings to be
discontinued. Furthermore, the Parliament of Ghana 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, and environmental permits have been issued by the relevant
Ghanaian agency, both events marking an important step for the mine's future.

Tanzania Arbitration Proceedings Update
With reference to the arbitration proceedings, previously disclosed, which commenced in July 2017, AngloGold Ashanti's focus continues to be on pursuing
a collaborative dialogue with the government of Tanzania. The arbitration proceedings are currently suspended until July 2019.

Yatela Sales Process
On 14 February 2019, Sadiola Exploration Limited (SADEX), the subsidiary jointly held by AngloGold Ashanti and IAMGOLD Corporation,
entered into a share purchase agreement with the Government of Mali, whereby SADEX agreed to sell to the Government of Mali its 80%
participation in Société d'Exploitation des Mines d'Or de Yatela (Yatela), for a consideration of USD 1. The transaction remains subject to the
fulfillment of a number of conditions precedent, among which the adoption of two laws, confirming the change of status of Yatela to a State
Entity, and also the creation of a dedicated state agency, notably in charge of mine rehabilitation and closure. As part of the transaction, and
upon its completion, SADEX will make a one-time payment to the said state agency, in an amount corresponding to the estimated costs of
completing the rehabilitation and closure of the Yatela site, and also financing certain outstanding social programs. Upon completion and this
payment being made, SADEX and its affiliates companies will be released of all obligations relating to the Yatela project including those relating
to rehabilitation, mine closure and the financing of social programs.

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 African Rainbow Minerals, Anglo American SA, AngloGold Ashanti, Gold Fields, Harmony and Sibanye-
Stillwater announced that they have reached a settlement in this matter. Following this announcement, on 13 December 2018, the Johannesburg
High Court issued a court order setting out the processes in terms of which members of the settling classes and any interested parties should
be invited to show cause why the settlement should not be made an order of court. Both the court order and the settlement agreement set out
steps that will need to be followed from this point. For more details on the process see: www.silicosissettlement.co.za and
https:// www.oldcollab.co.za/.

JSE Sponsor and Joint Corporate Brokers
The Company's previous JSE Sponsor, Deutsche Securities (SA) Proprietary Limited, resigned as sponsor following the closure of Deutsche
Bank's Sponsor Services business in South Africa. The Standard Bank of South Africa Limited was appointed as equity sponsor, with effect
from 30 November 2018, and debt sponsor, with effect from 31 January 2019.

Additionally, JPMorgan Chase & Co. and Royal Bank of Canada were named joint corporate brokers, effective 30 November 2018.

PROJECT UPDATES

Obuasi Redevelopment Project
Following receipt of all the requisite Ghanaian Government approvals, including parliamentary ratification, and environmental approvals in
June 2018, redevelopment of the Obuasi high-grade orebody has started in earnest. Establishment of the project and operating teams have
progressed well and all key roles have been filled. Detailed design has continued, focusing on the processing plant and underground
infrastructure. Critical long-lead items have been ordered. Demolition of redundant processing plant structures has commenced. Refurbishment
planning was completed, and works are set to commence by end of March 2019. The housing refurbishment programme has also commenced
and the expansion of the mining contractor's camp is well advanced.

The underground mining fleet has been delivered and commissioned. The underground mining contractor has commenced mobilisation.
Operational readiness activities, including the design of the mine operating systems, has progressed to plan.

The project is being developed in two phases, the first is to achieve production at 2,000tpd with first gold pour at the end of 2019. The second
is to achieve production of 4,000tpd by the end of 2020.

In order to ensure meaningful Ghanaian participation in the project, a key commitment made by AngloGold Ashanti at the outset of Obuasi's
redevelopment, the mining contract was awarded to a joint venture Underground Mining Alliance Limited (UMA) formed by Ghana's Rocksure
International (Rocksure) (30%) and Australia's African Underground Mining Services (AUMS) (70%), which will also help facilitate the transfer
of underground mining expertise to Accra-based Rocksure. To facilitate the JV and effect operating cost and import duty savings, AngloGold
Ashanti (Ghana) Limited purchased the mining fleet at a cost of approximately $46m. As announced in November 2018, this mining fleet
purchase increases the initial project capital expenditure range from $450 to $500m to $495 to $545m. However, at the same time, this purchase
reduces the contract rates over the period of the contract and is estimated to improve AISC by approximately $25/oz.

Given the delayed receipt of permit approvals in 2018, some capital expenditure has been deferred from 2018 into 2019 and from 2019 into
2020. The latest outlook on the capital spend profile is expected to be 10%, 60%, and 30% in 2018, 2019 and 2020, respectively.

Siguiri Combination Plant
The new Combination Plant construction has been completed and commissioning is expected at the end of the first quarter of 2019. The plant
will allow for the treatment of harder rock at the Siguiri mine. Additionally, a new power plant intended to bridge the gap to meet the mine's
additional power requirements was completed and ready for commercial operations at the end of the fourth quarter of 2018, as planned.

Mponeng Project
During 2018, the raise boring of the reef pass from 123 level to 126 level was completed and the construction contractor was mobilised in
December 2018 to construct the tip and control chute. The process of installing additional support to consolidate the hanging wall and side
walls of the pump chamber and substation will follow in the second half of 2019. Alternative project design configurations are being studied for phase 2.

Quebradona Project
At Quebradona (94.9% AngloGold Ashanti interest and 5.1% B2Gold interest) the prefeasibility study was completed. The maiden ore reserve
has been declared of 1.26m tonnes of copper and 2.22Moz of gold. The study envisages a 6.2m tonnes per annum sub-level cave mining
operation, with 23-year mine life averaging 1.21% copper plus 0.66g/t gold ore milled resulting in an IRR of 16.8%, at a gold price of $1,240/
oz and a copper price of $2.90/lb.

AngloGold Ashanti will proceed with the feasibility study, the results of which will be announced in 2020. From January to April 2019, initial
feasibility activities focused on defining and enhancing the scope further, will be conducted, with the EIA submission aimed for May 2019.
During the second half of 2019, engineering work of the defined project will be the main focus.

Gramalote Joint Venture
The Gramalote project is a joint venture between AngloGold Ashanti (51%) and B2Gold (49%), with AngloGold Ashanti as the operator and
manager of the project. Following additional infill and resource extension drilling the Mineral Resource model is being updated. The additional
drilling has indicated the potential for resource growth and potentially higher grades through selectivity.  Final budgets, schedules and work
plans for advancing Gramalote will be developed once the Mineral Resource model has been finalised and the updated audited project
economics are available.

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

MINERAL RESOURCE AND ORE RESERVE
The Mineral Resource and Ore Reserve for AngloGold Ashanti are reported in accordance with the minimum standards described by the South
African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (The SAMREC Code, 2016 Edition), and also
conform to the standards set out in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC
Code, 2012 Edition).

The Mineral Resource is inclusive of the Ore Reserve component, unless otherwise stated. In complying with revisions to the SAMREC Code the
changes to AngloGold Ashanti's Mineral Resource and Ore Reserve have been reviewed and it was concluded that none of the changes are
material to the overall valuation of the Company. AngloGold Ashanti has therefore once again resolved not to provide the detailed reporting as
defined in Table 1 of the SAMREC Code, apart from the maiden Ore Reserve declaration for Quebradona. The Company will however continue
to provide the high level of detail it has in previous years in order to comply with the transparency requirements of the SAMREC Code.

AngloGold Ashanti strives to actively create value by growing its major asset - the Mineral Resource and Ore Reserve. This drive is based on
active, well-defined brownfields and greenfields exploration programmes, innovation in both geological modelling and mine planning and continual
optimisation of the asset portfolio.

PRICE
The SAMREC and JORC Codes require the use of reasonable economic assumptions. These include long-range commodity price and exchange
rate forecasts. These are reviewed annually and are prepared in-house using a range of techniques including historic price averages.

The Mineral Resource sensitivities shown in the detail of this report use a base of $1,400/oz and a range of $200/oz, unless stated otherwise.

Gold Price
The following local prices of gold were used as a basis for estimation in the December 2018 declaration:

                                                            Local prices of gold
                         Gold Price      South Africa        Australia       Brazil    Argentina                        
                             US$/oz            ZAR/kg           AUD/oz        BRL/oz      ARS/oz   
 2018 Ore Reserve             1,100           501,150            1,509         3,565      45,443   
 2017 Ore Reserve             1,100           512,059            1,491         3,573      17,898   
 2018 Mineral Resource        1,400           563,331            1,778         4,501      51,564   
 2017 Mineral Resource        1,400           601,870            1,824         4,492      21,242   

Copper Price
The following copper price was used as a basis for estimation in the December 2018 declaration:

                         Copper Price   
                               US$/lb   
 2018 Ore Reserve                2.65   
 2018 Mineral Resource           3.30   
 2017 Mineral Resource           3.16   

MINERAL RESOURCE

Gold:
The AngloGold Ashanti Mineral Resource decreased from 208.2Moz in December 2017 to 184.6Moz in December 2018. This gross annual
decrease of 23.6Moz includes depletion of 3.9Moz and the disposal of assets of 20.1Moz. The balance of 0.4Moz reduction in Mineral Resource,
results from an increase due to exploration and modelling of 4.5Moz and reductions due to revised geotechnical design requirements of 4.0Moz,
other factors of 0.1Moz and changes in cost of 0.2Moz. The Mineral Resource has been estimated at a gold price of $1,400/oz (2017: $1,400/ oz).
                                                                                                                                            
MINERAL RESOURCE                                                                                       Moz
Mineral Resource as at 31 December 2017                                                              208.2
Disposals                                 Moab Khotsong                                             (16.2)
                                          Kopanang                                                   (3.0)
                                          Vaal River Surface                                         (0.9)
                                          Sub Total                                                  188.1
Depletions                                                                                           (3.9)
                                          Sub Total                                                  184.2
Additions
AGA Mineração                             Increase due to exploration and modelling revisions          0.6
Kibali                                    Exploration success resulted in the increase in Mineral
                                          Resource                                                     0.6                                         
Cerro Vanguardia                          The increase is due to a combination of reduced costs
                                          and revised estimation methodology                           0.5                                          
Other                                     Additions less than 0.5Moz                                   1.9
                                          Sub Total                                                  188.2
Reductions
Mponeng                                   The key reason for the reduction was the removal of
                                          the TauTona shaft pillars and increased costs. These       
                                          reductions were countered in part by drilling success      (3.5)
Other                                     Reductions less than 0.5Moz                                (0.1)
Mineral Resource as at 31 December 2018                                                              184.6

Copper:
The AngloGold Ashanti Mineral Resource decreased from 3.63Mt (8,000Mlbs) in December 2017 to 3.61Mt (7,954Mlbs) in December 2018. This
gross annual decrease of 0.02Mt includes a reduction due to methodology of 0.09Mt offset by a change in ownership of 0.05Mt and other factors
which resulted in an increase of 0.02Mt. The Mineral Resource has been estimated at a copper price of US$3.30/lb (2017: US$3.16/lb).

MINERAL RESOURCE - COPPER                        Mt     Mlb   
Ore Reserve as at 31 December 2017             3.63   8,000   
Reductions                                                    
Quebradona                                   (0.02)    (46)   
Ore Reserve as at 31 December 2018             3.61   7,954   

ORE RESERVE
Gold:
The AngloGold Ashanti Ore Reserve decreased from 49.5Moz in December 2017 to 44.1Moz in December 2018. This gross annual decrease of
5.4Moz includes depletion of 3.6Moz. The loss after depletions of 1.8Moz, results from the disposal of assets in the South African region of 6.1Moz,
additions due to exploration and modelling changes of 4.3Moz, whilst other factors resulted in a 0.1Moz addition and changes in economic
assumptions resulted in a 0.1Moz reduction. The Ore Reserve has been estimated using a gold price of $1,100/oz (2017: $1,100/oz).

ORE RESERVE - GOLD                                                                                               Moz
Ore Reserve as at 31 December 2017                                                                              49.5
Disposals             Moab Khotsong                                                                            (4.8)
                      Kopanang                                                                                 (0.4)
                      Vaal River Surface                                                                       (0.9)
                      Sub Total                                                                                 43.5
Depletions                                                                                                     (3.6)
                      Sub Total                                                                                 39.9
Additions
Quebradona            Initial Ore Reserve publication post successful conclusion of the prefeasibility study     2.2
                      Additions are primarily due to exploration success on underground targets at Star and
Geita                 Comet and Nyankanga                                                                        0.5
CVSA                  Reduced cost and exploration success led to the additions                                  0.4
Sunrise Dam           The increase is due to exploration success                                                 0.3
Other                 Additions less than 0.3Moz                                                                 1.0
                      Sub Total                                                                                 44.4
Reductions
Other                 Reductions less than 0.3Moz                                                              (0.3)
Ore Reserve as at 31 December 2018                                                                              44.1

Copper:
The first AngloGold Ashanti Ore Reserve for copper of 1.26Mt (2,769Mlbs) is based on exploration success and the completion of the prefeasibility
study at Quebradona. The Ore Reserve has been estimated at a copper price of US$2.65/lb.

ORE RESERVE - COPPER                                                              Mt     Mlb   
Ore Reserve as at 31 December 2017                                              0.00       0   
Additions                                                                                      
Quebradona   Exploration success and completion of the prefeasibility study     1.26   2,769   
Ore Reserve as at 31 December 2018                                              1.26   2,769   

SALE OF ASSETS
AngloGold Ashanti sold various assets in the Vaal River region of its South African operations. The sales processes were finalised on the 28th
February 2018. On conclusion of the sales and after depletions for that period of 2018 the final Mineral Resource and Ore Reserve at the time
of the sale are shown below:

Kopanang:             Mineral Resource    3.00Moz   
                      Ore Reserve         0.36Moz   
Moab Khotsong:        Mineral Resource   16.20Moz   
                      Ore Reserve         4.87Moz   
Surface Operations:   Mineral Resource    0.87Moz   
                      Ore Reserve         0.87Moz   

BY-PRODUCTS
Several by-products will be recovered as a result of processing of the gold Ore Reserve and Copper Ore Reserve. These include 0.37Mt of
sulphur from Brazil, 32.68Moz of silver from Argentina and 23.58Moz of silver from Colombia.

CORPORATE GOVERNANCE
AngloGold Ashanti has established a Mineral Resource and Ore Reserve Steering Committee (RRSC), which is responsible for setting and
overseeing the Company's Mineral Resource and Ore Reserve governance framework and for ensuring that it meets the Company's goals and
objectives while complying with all relevant regulatory codes. Its membership and terms of references are mandated under a policy document
signed by the Chief Executive Officer.

Over more than a decade, the Company has developed and implemented a rigorous system of internal and external reviews aimed at providing
assurance in respect of Ore Reserve and Mineral Resource estimates. The following operations were subject to an external review in line with
the policy that each operation project will be reviewed by an independent third party on average once every three years:

          Mineral Resource and Ore Reserve at Iduapriem
          Mineral Resource and Ore Reserve at Sunrise Dam
          Mineral Resource and Ore Reserve at Cerro Vanguardia
          Mineral Resource and Ore Reserve at Serra Grande
          Mineral Resource and Ore Reserve at Quebradona

The external reviews were conducted by Pivot Mining Consultants Pty (Ltd), AMC Consultants Pty Ltd, Golder Associates Pty Ltd, Ausenco
Engineering Canada Inc. and Optiro Pty Ltd respectively. Certificates of sign-off have been received from the companies conducting the external
reviews to state that the Mineral Resource and/or Ore Reserve comply with the SAMREC and JORC Codes.

In addition, numerous internal Mineral Resource and Ore Reserve process reviews were completed by suitably qualified Competent Persons
from within AngloGold Ashanti and no significant deficiencies were identified. The Mineral Resource and Ore Reserve are underpinned by
appropriate Mineral Resource Management processes and protocols that ensure adequate corporate governance. These procedures have been
developed to be compliant with the guiding principles of the US Sarbanes-Oxley Act of 2002 (SOX).

AngloGold Ashanti makes use of a web-based group reporting database called the Resource and Reserve Reporting System (R3) for the
compilation and authorisation of Mineral Resource and Ore Reserve reporting. It is a fully integrated system for the reporting and reconciliation
of Mineral Resource and Ore Reserve that supports various regulatory reporting requirements including the US Securities and Exchange Commission
and the JSE under SAMREC. AngloGold Ashanti uses R3 to ensure a documented chain of responsibility exists from the competent persons at
the operations to the Company's RRSC.

AngloGold Ashanti has also developed an enterprise-wide risk management tool that provides consistent and reliable data that allows for visibility
of risks and actions across the group. This tool is used to facilitate, control and monitor material risks to the Mineral Resource and Ore Reserve,
thus ensuring that the appropriate risk management and mitigation plans are in place.

COMPETENT PERSONS
The information in this report relating to exploration results, Mineral Resources and Ore Reserves is based on information compiled by or under
the supervision of the Competent Persons as defined in the SAMREC or JORC Codes. All Competent Persons are employed by AngloGold
Ashanti, except for Kibali and Morila, and have sufficient experience relevant to the style of mineralisation and type of deposit under consideration
and to the activity which they are undertaking. The legal tenure of each operation and project has been verified to the satisfaction of the accountable
Competent Person and all Ore Reserves have been confirmed to be covered by the required mining permits or there exists a realistic expectation
that these permits will be issued. This will be detailed in the 2018 Mineral Resource and Ore Reserve document.

Accordingly, the Chairman of the Mineral Resource and Ore Reserve Steering Committee, VA Chamberlain, MSc (Mining Engineering), BSc
(Hons) (Geology), MGSSA, FAusIMM, assumes responsibility for the Mineral Resource and Ore Reserve processes for AngloGold Ashanti and
is satisfied that the Competent Persons have fulfilled their responsibilities. VA Chamberlain has 31 years' experience in exploration and mining
and is employed full-time by AngloGold Ashanti and can be contacted at the following address: 76 Rahima Moosa Street, Newtown, 2001, South
Africa.

A detailed breakdown of Mineral Resource and Ore Reserve and backup detail will be provided on the AngloGold Ashanti website
(www.anglogoldashanti.com) and www.aga-reports.com.

MINERAL RESOURCE BY REGION (ATTRIBUTABLE) INCLUSIVE OF ORE RESERVE - Gold                           
Gold                                                                     Tonnes   Grade         Contained gold   
as at 31 December 2018                Category                          million     g/t         Tonnes      Moz   
South Africa                          Measured                           113.47    1.49         168.68     5.42   
                                      Indicated                          614.07    1.91       1,170.36    37.63   
                                      Inferred                            29.10    9.35         271.96     8.74   
                                      Total                              756.64    2.13       1,611.00    51.79   
Continental Africa                    Measured                            43.44    2.04          88.84     2.86   
                                      Indicated                          469.94    2.57       1,209.71    38.89   
                                      Inferred                           202.51    3.43         695.30    22.35   
                                      Total                              715.89    2.79       1,993.85    64.10   
Australasia                           Measured                            59.03    1.48          87.32     2.81   
                                      Indicated                           90.51    1.98         179.38     5.77   
                                      Inferred                            29.79    2.77          82.52     2.65   
                                      Total                              179.34    1.95         349.22    11.23   
Americas                              Measured                            30.33    5.12         155.29     4.99   
                                      Indicated                        1,204.13    0.91       1,095.22    35.21   
                                      Inferred                           657.33    0.82         536.86    17.26   
                                      Total                            1,891.79    0.94       1,787.38    57.47   
AngloGold Ashanti total               Measured                           246.28    2.03         500.13    16.08   
                                      Indicated                        2,378.65    1.54       3,654.68   117.50   
                                      Inferred                           918.73    1.73       1,586.64    51.01   
                                      Total                            3,543.66    1.62       5,741.45   184.59   

MINERAL RESOURCE BY REGION (ATTRIBUTABLE) INCLUSIVE OF ORE RESERVE - Copper                           
Copper                                                                   Tonnes   Grade        Contained copper   
as at 31 December 2018                Category                          million     %Cu         Tonnes      Mlb   
Americas                              Measured                                0       0              0        0   
                                      Indicated                             243    0.86           2.09    4,617   
                                      Inferred                              325    0.47           1.51    3,337   
                                      Total                                 568    0.64           3.61    7,954   
AngloGold Ashanti total               Measured                                0       0              0        0   
                                      Indicated                             243    0.86           2.09    4,617   
                                      Inferred                              325    0.47           1.51    3,337   
                                      Total                                 568    0.64           3.61    7,954   

MINERAL RESOURCE BY REGION (ATTRIBUTABLE) EXCLUSIVE OF ORE RESERVE - Gold                        
Gold                                                                Tonnes      Grade      Contained gold   
as at 31 December 2018                            Category         million        g/t      Tonnes      Moz   
South Africa                                      Measured            6.64      19.83      131.75     4.24   
                                                 Indicated           30.97      17.42      539.39    17.34   
                                                  Inferred           10.62      13.88      147.43     4.74   
                                                     Total           48.24      16.97      818.56    26.32   
Continental Africa                                Measured            5.05       4.85       24.49     0.79   
                                                 Indicated          292.05       2.56      747.70    24.04   
                                                  Inferred          199.75       3.47      693.42    22.29   
                                                     Total          496.85       2.95    1,465.62    47.12   
Australasia                                       Measured           32.57       1.65       53.73     1.73   
                                                 Indicated           52.76       1.78       93.66     3.01   
                                                  Inferred           27.46       2.70       74.14     2.38   
                                                     Total          112.78       1.96      221.53     7.12   
Americas                                          Measured           17.47       6.51      113.72     3.66   
                                                 Indicated        1,016.43       0.88      895.00    28.77   
                                                  Inferred          654.55       0.81      529.73    17.03   
                                                     Total        1,688.45       0.91    1,538.45    49.46   
AngloGold Ashanti total                           Measured           61.73       5.24      323.69    10.41   
                                                 Indicated         1,392.2       1.63    2,275.75    73.17   
                                                  Inferred          892.38       1.62    1,444.71    46.45   
                                                     Total        2,346.32       1.72    4,044.15   130.02   

MINERAL RESOURCE BY REGION (ATTRIBUTABLE) EXCLUSIVE OF ORE RESERVE - Copper                            
Copper                                                                   Tonnes   Grade        Contained  copper   
as at 31 December 2018                               Category           million     %Cu           Tonnes     Mlb   
Americas                                             Measured                 0       0                0       0   
                                                    Indicated               139    0.61             0.84   1,848   
                                                     Inferred               325    0.47             1.51   3,337   
                                                        Total               464    0.51             2.35   5,185   
AngloGold Ashanti total                              Measured                 0       0                0       0   
                                                    Indicated               139    0.61             0.84   1,848   
                                                     Inferred               325    0.47             1.51   3,337   
                                                        Total               464    0.51             2.35   5,185   


ORE RESERVE BY REGION (ATTRIBUTABLE) - Gold                                             
Gold                                                                   Tonnes   Grade        Contained  gold   
as at 31 December 2018                                    Category    million     g/t         Tonnes     Moz   
South Africa                                                Proved     107.67    0.31          33.89    1.09   
                                                          Probable     564.02    0.87         488.59   15.71   
                                                             Total     671.70    0.78         522.47   16.80   
Continental Africa                                          Proved      35.92    1.57          56.31    1.81   
                                                          Probable     170.89    2.64         451.70   14.52   
                                                             Total     206.81    2.46         508.01   16.33   
Australasia                                                 Proved      26.43    1.27          33.50    1.08   
                                                          Probable      37.63    2.27          85.26    2.74   
                                                             Total      64.06    1.85         118.76    3.82   
Americas                                                    Proved      11.24    2.75          30.90    0.99   
                                                          Probable     186.94    1.02         191.14    6.15   
                                                             Total     198.18    1.12         222.04    7.14   
AngloGold Ashanti total                                     Proved     181.26    0.85         154.60    4.97   
                                                          Probable     959.49    1.27       1,216.69   39.12   
                                                             Total   1,140.75    1.20       1,371.28   44.09  
                                                              
ORE RESERVE BY REGION (ATTRIBUTABLE) - Copper                                             
Copper                                                                 Tonnes   Grade      Contained  copper   
as at 31 December 2018                                    Category    million     %Cu         Tonnes     Mlb   
Americas                                                    Proved          0       0              0       0   
                                                          Probable        104    1.21           1.26   2,769   
                                                             Total        104    1.21           1.26   2,769   
AngloGold Ashanti total                                     Proved          0       0              0       0   
                                                          Probable        104    1.21           1.26   2,769   
                                                             Total        104    1.21           1.26   2,769                                                                
Rounding of figures may result in computational discrepancies.                                             

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 twelve months ended
31 December 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 preliminary report on pages 20 to 40, which comprise the accompanying condensed consolidated statement
of financial position as at 31 December 2018, the condensed consolidated income statement, statement of comprehensive
income, statement of changes in equity and statement of cash flows for the twelve 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 requirements of the JSE Limited Listings Requirements for preliminary reports, as set out in note 1 to the
condensed consolidated financial statements, 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 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 condensed consolidated financial statements. We conducted our review
in accordance with International Standard on Review Engagements (ISRE) 2410, which applies to a review of historical
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 condensed consolidated 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 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 condensed
consolidated financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated financial
statements of the Company for the twelve months ended 31 December 2018 are not prepared, in all material respects, in
accordance with the requirements of the JSE Limited Listings Requirements for preliminary reports, as set out in note 1 to the
condensed consolidated financial statements, and the requirements of the Companies Act of South Africa.

Ernst & Young Inc.
Ernest Adriaan Lodewyk Botha - Director
Registered Auditor
Chartered Accountant (SA)
102 Rivonia Road, Sandton
Johannesburg, South Africa
19 February 2019

GROUP - INCOME STATEMENT                                                                                           
                                                                   Six months   Six months       Year       Year   
                                                                        ended        ended      ended      ended   
                                                                          Dec          Dec        Dec        Dec   
                                                                         2018         2017       2018       2017   
US Dollar million                                          Notes    Unaudited     Restated   Reviewed   Restated   
Revenue from product sales                                     2        1,941        2,398      3,943      4,510   
Cost of sales                                                  3      (1,571)      (1,948)    (3,173)    (3,736)   
(Loss)/gain  on non-hedge derivatives and other commodity                                                           
contracts                                                                 (8)            9          2         10   
Gross profit                                                              362          459        772        784   
Corporate administration, marketing and other expenses                   (38)         (30)       (76)       (64)   
Exploration and evaluation costs                                         (56)         (52)      (102)      (114)   
Other operating expenses                                       4         (40)         (47)       (97)       (88)   
Special items                                                  5         (19)        (186)      (170)      (438)   
Operating profit                                                          209          144        327         80   
Interest income                                                             7            7         17         15   
Dividends received                                                          2            -          2          -   
Other losses                                                             (11)          (6)        (9)       (11)   
Finance costs and unwinding of obligations                     6         (93)         (86)      (178)      (169)   
Fair value adjustments                                                    (3)            -        (3)          -   
Share of associates and joint ventures' profit                 7           81           31        122         22   
Profit (loss) before taxation                                             192           90        278       (63)   
Taxation                                                       8         (85)         (95)      (128)      (108)   
Profit (loss) after taxation                                              107          (5)        150      (171)   
Allocated as follows:                                                                                              
Equity shareholders                                                       100         (15)        133      (191)   
Non-controlling interests                                                   7           10         17         20   
                                                                          107          (5)        150      (171)   
Basic profit (loss) per ordinary share (cents) (1)                         24          (4)         32       (46)   
Diluted profit (loss) per ordinary share (cents) (2)                       24          (4)         32       (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 twelve months ended 31 December 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 Kelvin Dushnisky (B.Sc. (Honours); M.Sc; J.D.), the Group's Chief Executive
Officer. The financial statements for the twelve months ended 31 December 2018 were reviewed, but not audited, by the Group's statutory
auditors, Ernst & Young Inc.

Any forward looking financial information as well as the information for the six months ended 31 December 2018 disclosed in this results
announcement have 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 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      Year   
                                                                           ended        ended      ended     ended   
                                                                             Dec          Dec        Dec       Dec   
                                                                            2018         2017       2018      2017   
US Dollar million                                                      Unaudited    Unaudited   Reviewed   Audited   
Profit (loss) for the period                                                 107          (5)        150     (171)   
Items that will be reclassified subsequently to profit or loss:                                                      
Exchange differences on translation of foreign operations                   (48)           40      (150)       123   
Net gain on available-for-sale financial assets                                -           17          -        20   
Release on impairment of available-for-sale financial assets                   -            2          -         3   
Release on disposal of available-for-sale financial assets                     -          (6)          -       (6)   
Deferred taxation thereon                                                      -            6          -         8   
                                                                               -           19          -        25   
Items that will not be reclassified subsequently to profit or loss:                                                  
Net gain (loss) on equity investments                                        (8)            -          9         -   
Actuarial gain (loss) recognised                                               5            8          5         8   
Deferred taxation thereon                                                   (13)          (2)        (5)       (2)   
                                                                            (16)            6          9         6   
Other comprehensive (loss) income  for the period, net of tax               (64)           65      (141)       154   
Total comprehensive income (loss) for the period, net of tax                  43           60          9      (17)   
Allocated as follows:                                                                                                
Equity shareholders                                                           36           50        (8)      (37)   
Non-controlling interests                                                      7           10         17        20   
                                                                              43           60          9      (17)   

GROUP - STATEMENT OF FINANCIAL POSITION
                                                                     As at     As at   
                                                                       Dec       Dec   
                                                                      2018      2017   
US Dollar million                                       Note      Reviewed   Audited   
ASSETS                                                                                 
Non-current assets                                                                     
Tangible assets                                                      3,381     3,742   
Intangible assets                                                      123       138   
Investments in associates and joint ventures                         1,528     1,507   
Other investments                                                      141       131   
Inventories                                                            106       100   
Trade, other receivables and other assets                              102        67   
Deferred taxation                                                        -         4   
Cash restricted for use                                                 35        37   
                                                                     5,416     5,726   
Current assets                                                                         
Other investments                                                        6         7   
Inventories                                                            652       683   
Trade, other receivables and other assets                              209       222   
Cash restricted for use                                                 31        28   
Cash and cash equivalents                                              329       205   
                                                                     1,227     1,145   
Non-current assets held for sale                                         -       348   
                                                                     1,227     1,493   
Total assets                                                         6,643     7,219   
EQUITY AND LIABILITIES                                                                 
Share capital and premium                                 10         7,171     7,134   
Accumulated losses and other reserves                              (4,519)   (4,471)   
Shareholders' equity                                                 2,652     2,663   
Non-controlling interests                                               42        41   
Total equity                                                         2,694     2,704   
Non-current liabilities                                                                
Borrowings                                                           1,911     2,230   
Environmental rehabilitation and other provisions                      827       942   
Provision for pension and post-retirement benefits                     100       122   
Trade, other payables and deferred income                                3         3   
Deferred taxation                                                      315       363   
                                                                     3,156     3,660   
Current liabilities                                                                    
Borrowings                                                             139        38   
Trade, other payables, deferred income and provisions                  594       638   
Taxation                                                                60        53   
                                                                       793       729   
Non-current liabilities held for sale                                    -       126   
                                                                       793       855   
Total liabilities                                                    3,949     4,515   
Total equity and liabilities                                         6,643     7,219   


GROUP - STATEMENT OF CASH FLOWS
                                                              Six months   Six months       Year      Year   
                                                                   ended        ended      ended     ended   
                                                                     Dec          Dec        Dec       Dec   
                                                                    2018         2017       2018      2017   
US Dollar million                                              Unaudited    Unaudited   Reviewed   Audited   
Cash flows from operating activities                                                                         
Receipts from customers                                            1,966        2,433      3,947     4,534   
Payments to suppliers and employees                              (1,401)      (1,699)    (3,015)   (3,383)   
Cash generated from operations                                       565          734        932     1,151   
Dividends received from joint ventures                                41            6         91         6   
Taxation refund                                                        5            3          5        14   
Taxation paid                                                       (75)         (67)      (171)     (174)   
Net cash inflow from operating activities                            536          676        857       997   
Cash flows from investing activities                                                                         
Capital expenditure                                                (359)        (439)      (652)     (830)   
Dividends from other investments                                       2            -          2         -   
Proceeds from disposal of tangible assets                              3            4        313         7   
Other investments acquired                                          (25)         (37)       (81)      (91)   
Proceeds from disposal of other investments                           21           32         98        78   
Investments in associates and joint ventures                         (4)          (7)        (8)      (27)   
Loans advanced to associates and joint ventures                      (3)          (2)        (5)       (6)   
Loans repaid by associates and joint ventures                         22            -         22         -   
Cash payment to settle the sale of environmental trust fund            -            -       (32)         -   
Increase in cash restricted for use                                 (13)          (8)        (4)       (8)   
Interest received                                                      6            7         12        15   
Net cash outflow from investing activities                         (350)        (450)      (335)     (862)   
Cash flows from financing activities                                                                         
Proceeds from borrowings                                             470          484        753       815   
Repayment of borrowings                                            (468)        (600)      (967)     (767)   
Finance costs paid                                                  (64)         (71)      (130)     (138)   
Bond settlement premium, RCF and bond transaction costs              (9)            -       (10)         -   
Dividends paid                                                         -            -       (39)      (58)   
Net cash outflow from financing activities                          (71)        (187)      (393)     (148)   
Net increase (decrease) in cash and cash equivalents                 115           39        129      (13)   
Translation                                                          (1)            2        (5)         3   
Cash and cash equivalents at beginning of period                     215          164        205       215   
Cash and cash equivalents at end of period                           329          205        329       205   

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

                                         Share                  (Accumulated                                               Foreign
                                       capital      Other            Losses)   Fair value    Available-    Actuarial      currency                    Non-
                                           and      capital         Retained      through      for-sale        gains   translation             controlling     Total
US Dollar million                      premium     reserves         earnings          OCI       reserve     (losses)       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 year                                             (191)                                                           (191)            20     (171)
Other comprehensive income (loss)                                                                    25            6           123       154                     154
Total comprehensive income (loss)            -            -            (191)                         25            6           123      (37)            20      (17)
Shares issued                               26                                                                                            26                      26
Share-based payment for share awards
net of exercised                                        (1)                                                                              (1)                     (1)
Dividends paid                                                          (39)                                                            (39)                    (39)
Dividends of subsidiaries                                                                                                                  -          (19)      (19)
Translation                                               9             (10)                          1           (1)                    (1)             1         -
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 year                                               133                                                             133            17       150
Other comprehensive income (loss)                                                      5                            4        (150)     (141)                   (141)
Total comprehensive income (loss)            -            -              133           5              -             4        (150)       (8)            17         9
Shares issued                               37                                                                                            37                      37
Share-based payment for share awards
net of exercised                                       (17)                                                                             (17)                    (17)
Dividends paid                                                          (24)                                                            (24)                    (24)
Dividends of subsidiaries                                                                                                                  -          (15)      (15)
Transfer of gain on disposal of equity
investments                                                                1         (1)                                                   -                       -
Translation                                            (11)               12                                                               1           (1)         -
Balance at 31 December 2018              7,171           96          (3,227)          37              -          (12)      (1,413)     2,652            42     2,694

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      Year   
                                                   ended        ended      ended     ended   
                                                     Dec          Dec        Dec       Dec   
                                                    2018         2017       2018      2017   
US Dollar million                              Unaudited    Unaudited   Reviewed   Audited   
South Africa                                         269          576        602     1,101   
Continental Africa                                 1,012        1,011      1,983     1,895   
Australasia                                          390          394        780       709   
Americas                                             507          580      1,021     1,104   
                                                   2,178        2,561      4,386     4,809   
Equity-accounted investments included above        (295)        (237)      (581)     (453)   
                                                   1,883        2,324      3,805     4,356   

By-product revenue                                                                           
                                              Six months   Six months       Year      Year   
                                                   ended        ended      ended     ended   
                                                     Dec          Dec        Dec       Dec   
                                                    2018         2017       2018      2017   
US Dollar million                              Unaudited    Unaudited   Reviewed   Audited   
South Africa                                           -            7          6        15   
Continental Africa                                     2            1          3         3   
Australasia                                            1            1          2         2   
Americas                                              56           65        128       135   
                                                      59           74        139       155   
Equity-accounted investments included above            -            -        (1)       (1)   
                                                      59           74        138       154   

Gross profit                                                                          
                                              Six months   Six months       Year      Year   
                                                   ended        ended      ended     ended   
                                                     Dec          Dec        Dec       Dec   
                                                    2018         2017       2018      2017   
US Dollar million                              Unaudited    Unaudited   Reviewed   Audited   
South Africa                                          31           25         21       (3)   
Continental Africa                                   195          242        380       386   
Australasia                                           59           94        160       159   
Americas                                             153          124        310       253   
Corporate and other                                 (11)          (1)          3         2   
                                                     427          484        874       797   
Equity-accounted investments included above         (65)         (25)      (102)      (13)   
                                                     362          459        772       784   

Cost of sales                                                                                 
                                              Six months   Six months       Year       Year   
                                                   ended        ended      ended      ended   
                                                     Dec          Dec        Dec        Dec   
                                                    2018         2017       2018       2017   
US Dollar million                              Unaudited     Restated   Reviewed   Restated   
South Africa                                         239          567        590      1,129   
Continental Africa                                   819          770      1,607      1,513   
Australasia                                          332          301        622        551   
Americas                                             407          522        838        987   
Corporate and other                                    4            -        (4)        (3)   
                                                   1,801        2,160      3,653      4,177   
Equity-accounted investments included above        (230)        (212)      (480)      (441)   
                                                   1,571        1,948      3,173      3,736   

Amortisation                                                                                  
                                              Six months   Six months       Year       Year   
                                                   ended        ended      ended      ended   
                                                     Dec          Dec        Dec        Dec   
                                                    2018         2017       2018       2017   
US Dollar million                              Unaudited    Unaudited   Reviewed    Audited   
South Africa                                          30           52         72        133   
Continental Africa                                   196          203        379        421   
Australasia                                           87           77        149        130   
Americas                                             102          163        192        273   
Corporate and other                                    1            2          3          2   
                                                     416          497        795        959   
Equity-accounted investments included above         (82)         (66)      (165)      (136)   
                                                     334          431        630        823   

Capital expenditure                                                                           
                                              Six months   Six months       Year       Year   
                                                   ended        ended      ended      ended   
                                                     Dec          Dec        Dec        Dec   
                                                    2018         2017       2018       2017   
US Dollar million                              Unaudited    Unaudited   Reviewed    Audited   
South Africa                                          32           70         73        150   
Continental Africa                                   175          218        313        409   
Australasia                                           76           87        156        153   
Americas                                             101          120        176        234   
Corporate and other                                    3            4          3          7   
                                                     387          499        721        953   
Equity-accounted investments included above         (28)         (60)       (69)      (123)   
                                                     359          439        652        830   

Total assets                               
                                                      As at     As at   
                                                        Dec       Dec   
                                                       2018      2017   
US Dollar million                                  Reviewed   Audited   
South Africa                                          1,106     1,734   
Continental Africa                                    3,135     3,153   
Australasia                                             888       929   
Americas                                              1,286     1,258   
Corporate and other                                     228       145   
                                                      6,643     7,219   

Notes
for the six months and year ended 31 December 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 preparation of these financial statements are in terms of the JSE Listings Requirements
    and the accounting policies used 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 15 Revenue from Contracts with Customers,
    -   IFRS 9 Financial Instruments, and 
    -   IFRIC 23 Uncertainty over Income Tax Treatments.

    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 twelve months
    ended 31 December 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       Year   
                                               ended        ended      ended      ended   
                                                 Dec          Dec        Dec        Dec   
                                                2018         2017       2018       2017   
US Dollar million                          Unaudited     Restated   Reviewed   Restated   
Gold income                                    1,883        2,324      3,805      4,356   
By-products                                       59           74        138        154   
Revenue from product sales                     1,941        2,398      3,943      4,510
   
3   Cost of sales                                                                         
                                          Six months   Six months       Year       Year   
                                               ended        ended      ended      ended   
                                                 Dec          Dec        Dec        Dec   
                                                2018         2017       2018       2017   
US Dollar million                          Unaudited     Restated   Reviewed   Restated   
Cash operating costs                           1,147        1,456      2,356      2,728   
Royalties                                         68           61        135        116   
Other cash costs                                   9            8         14         19   
Total cash costs                               1,224        1,525      2,505      2,863   
Retrenchment costs                                 2            3          4          6   
Rehabilitation and other non-cash costs           22           16         20         29   
Amortisation of tangible assets                  331          428        625        817   
Amortisation of intangible assets                  3            3          5          6   
Inventory change                                (11)         (27)         14         15   
                                               1,571        1,948      3,173      3,736   


4  Other operating expenses
                                                                  Six months    Six months         Year        Year
                                                                       ended         ended        ended       ended
                                                                         Dec           Dec          Dec         Dec
                                                                        2018          2017         2018        2017
US Dollar million                                                  Unaudited     Unaudited     Reviewed     Audited
Care and maintenance costs                                                27            34           74          62
Pension and medical defined benefit provisions                             5             4           10           9
Government fiscal claims, care and maintenance of old tailings 
operations and other expenses                                              8             9           13          17
                                                                          40            47           97          88

5  Special items
                                                                  Six months    Six months         Year        Year
                                                                       ended         ended        ended       ended
                                                                         Dec           Dec          Dec         Dec
                                                                        2018          2017         2018        2017
US Dollar million                                                  Unaudited     Unaudited     Reviewed     Audited
Impairment and derecognition of assets (1)                                10           182          104         297
Impairment of other investments                                            -             2            -           3
Retrenchment and related costs                                             -            13           34          88
Legal fees and other costs related to contract terminations and
settlement costs                                                          14             4           17          71
Write-down of inventories                                                  -             -            1           3
Net (profit) loss on disposal of assets                                  (2)           (7)           20         (8)
Royalties received                                                       (4)          (11)         (10)        (18)
Indirect tax expenses                                                      1             3            4           2
                                                                          19           186          170         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           Taxation            Post-tax
    US Dollar million                                             impairment            thereon               total
    MWS - Uranium plant                                                   93               (27)                  66
        
6  Finance costs and unwinding of obligations                
                                                                  Six months    Six months         Year        Year
                                                                       ended         ended        ended       ended
                                                                         Dec           Dec          Dec         Dec
                                                                        2018          2017         2018        2017
US Dollar million                                                  Unaudited     Unaudited     Reviewed     Audited            
Finance costs                                                             71            72          140         142
Unwinding of obligations                                                  22            14           38          27
                                                                          93            86          178         169
7  Share of associates and joint ventures' profit        
                                                                  Six months    Six months         Year        Year
                                                                       ended         ended        ended       ended
                                                                         Dec           Dec          Dec         Dec
                                                                        2018          2017         2018        2017
US Dollar million                                                  Unaudited     Unaudited     Reviewed    Restated    
Revenue                                                                  296           237          582         454
Operating costs, special items and other expenses                      (214)         (222)        (472)       (471)
Net interest (paid) received                                            (12)             1          (8)           1
Profit (loss) before taxation                                             70            16          102        (16)
Taxation                                                                 (8)             3          (9)          23
Profit after taxation                                                     62            19           93           7
Net impairment reversal of investments in associates                       7            10           15          13
Net impairment reversal of investments in joint ventures                  12             2           14           2
                                                                          81            31          122          22

8  Taxation
                                                                  Six months     Six months           Year          Year
                                                                       ended          ended          ended         ended
                                                                         Dec            Dec            Dec           Dec
                                                                        2018           2017           2018          2017
US Dollar million                                                  Unaudited      Unaudited       Reviewed       Audited        
South African taxation         
    Normal taxation                                                        -              -              -             1
    Prior year over provision                                              -              -             (2)            -
    Deferred taxation         
    Impairment and disposal of tangible assets                             1           (44)            (47)         (72)
    Other temporary differences                                          (7)            (7)            (34)         (62)
    Prior year (over) under provision                                    (2)             15             (2)           15
    Change in estimated deferred tax rate                                (3)             31            (23)           31
                                                                        (11)            (5)           (108)         (87)         
Foreign taxation         
     Normal taxation                                                     135            104            243           201
     Prior year (over) under provision                                   (4)           (27)              1          (26)
     Deferred taxation         
     Temporary differences                                              (31)             23            (4)            20
     Prior year under provision                                            4              2              4             2
     Change in estimate                                                  (7)              -            (7)             -
     Change in statutory tax rate                                        (1)            (2)            (1)           (2)
                                                                          96            100            236           195          
                                                                          85             95            128           108
Income tax uncertainties
AngloGold Ashanti operates in numerous countries around the world and accordingly is subject to, and pays annual income taxes
under, the various income tax regimes in the countries in which it operates. Some of these tax regimes are defined by contractual
agreements with local gorvernment, and others are defined by the general corporate income tax laws of the country. The company has
historically filed, and continues to file, all required income tax returns and to pay the taxes reasonably determined to be due. In some
jurisdictions, tax authorities are yet to complete their assesments for previous years. The tax rules and regulations in many countries
are highly complex and subject to interpretation. From time to time, the Company is subject to a review of its historic income tax fillings
and in connection with such reviews, disputes can arise with tax authorities over the interpretation or application of certain rules in respect of the 
Company's business conducted within the country involved.

9  Headline earnings
                                                                 Six months       Six months          Year          Year
                                                                      ended            ended         ended         ended
                                                                        Dec              Dec           Dec           Dec
                                                                       2018             2017          2018          2017
US Dollar million                                                 Unaudited        Unaudited      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                       100             (15)           133         (191)
Net impairment and derecognition of assets                               10              180           102           295
Impairment of other investments                                           -                2             -             3
Net loss (profit)  on disposal of assets                                 10              (7)            32           (8)
Taxation                                                                  -             (45)          (47)          (72)
Headline earnings                                                       120              115           220            27   
Headline earnings per ordinary share (cents)(1)                          29               28            53             6
Diluted headline earnings per ordinary share (cents) (2)                 29               28            53             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                                                 412,064,721      409,759,701   411,412,947   409,265,471
Fully vested options                                              4,258,290        4,965,424     5,709,208     6,174,606
Weighted average number of shares                               416,323,011      414,725,125   417,122,155   415,440,077
Dilutive potential of share options                                 255,596                -       257,250             -
Dilutive number of ordinary shares                              416,578,607      414,725,125   417,379,405   415,440,077

10  Share capital and premium
                                                                        As at       As at
                                                                          Dec         Dec
                                                                         2018        2017
US Dollar million                                                    Reviewed     Audited
Share capital
Authorised:
     600,000,000 ordinary shares of 25 SA cents each                       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 
Issued and fully paid: 
     412,769,980 (2017: 410,054,615) ordinary shares in issue              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
     Treasury shares held within the group 
     2,778,896 A and B redeemable preference shares                         -           -
                                                                           16          16 
Share premium 
Balance at beginning of year                                            7,171       7,145
Ordinary shares issued                                                     37          26
                                                                        7,208       7,171
Less: held within the group 
Redeemable preference shares                                             (53)        (53)
Balance at end of year                                                  7,155       7,118
Share capital and premium                                               7,171       7,134

11  Borrowings

AngloGold Ashanti's borrowings are interest bearing.
                                                                                                             As at       As at
                                                                                                               Dec         Dec
                                                                                                              2018        2017
US Dollar million                                                                                         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
Proceeds from borrowings                                                                                       753         815
Repayment of borrowings                                                                                      (967)       (767)
Finance cost paid on borrowings                                                                              (117)       (125)
Interest charged to the income statement                                                                       127         130
Translation                                                                                                   (14)          37
Closing balance                                                                                              2,050       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                                                                                117         125
Commitment fees, environmental guarantees fees and other borrowing costs                                        13          13
Total finance cost paid                                                                                        130         138

12  Cash generated from operations

                                                                   Six months    Six months         Year        Year
                                                                        ended         ended        ended       ended
                                                                          Dec           Dec          Dec         Dec
                                                                         2018          2017         2018        2017
US Dollar million                                                   Unaudited     Unaudited     Reviewed     Audited
Profit (loss) before taxation                                             192            90          278        (63)
Adjusted for:
Movement on non-hedge derivatives and other commodity contracts            12           (9)            3        (10)
Amortisation of tangible assets                                           331           428          625         817
Finance costs and unwinding of obligations                                 93            86          178         169
Environmental, rehabilitation and other expenditure                       (3)          (10)         (35)        (30)
Special items                                                             (6)           149          106         394
Amortisation of intangible assets                                           3             3            5           6
Fair value adjustments                                                      3             -            3           -
Interest income                                                           (7)           (7)         (17)        (15)
Share of associates and joint ventures' profit                           (81)          (31)        (122)        (22)
Other non-cash movements                                                   27            26           39          61
Movements in working capital                                                1             9        (131)       (156)
                                                                          565           734          932       1,151
Movements in working capital:
(Increase) decrease in inventories                                       (39)          (45)          (9)        (67)
(Increase) decrease in trade and other receivables                       (14)             8         (72)        (86)
Increase (decrease) in trade, other payables and deferred income           54            46         (50)         (3)
                                                                            1             9        (131)       (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
                                                                           Dec          Dec
                                                                          2018         2017
US Dollar million                                                     Reviewed      Audited
Carrying amount                                                          2,050        2,268
Fair value                                                               2,084        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).

Types of instruments:

Equity securities
                                                      Dec 2018                                   Dec 2017
                                                      Reviewed                                    Audited

US Dollar million                   Level 1     Level 2    Level 3     Total    Level 1    Level 2     Level 3     Total
Other equity securities                                                              80          -           -        80
Other equity securities FVTPL            19           -          -        19
Other equity securities FVOCI            69           -          -        69

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 1.077bn and guarantees of ZAR 0.549bn issued by various banks,
for a current carrying value of the liability of ZAR 0.796bn. In Australia, since 2014, we have paid into a Mine Rehabilitation Fund an amount
of AUD $5.5m for a current carrying value of the liability of AUD $125.5m. At Iduapriem we have provided a bond comprising of a cash component
of $9.99m with a further bond guarantee amounting to $36.4m issued by Ecobank Ghana Limited and Barclays Ghana Limited for a current
carrying value of the liability of $42.8m. At Obuasi we have provided a bond comprising of a cash component of $20.6m with a further bank
guarantee amounting to $30.0m issued by Standard Chartered Bank Ghana limited (SCB) and United Bank for Africa Ghana Limited (UBA)
for a current carrying value of the liability of $163.2m. 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
                                                                                                     Dec        Dec
                                                                                                    2018       2017
US Dollar million                                                                               Reviewed    Audited
Orders placed and outstanding on capital contracts at the prevailing rate of exchange (1)             99         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 at 31 December 2018 and 31 December 2017 are detailed below:

Contingencies and guarantees
                                                                                                      Dec       Dec
                                                                                                     2018      2017
US Dollar million                                                                                Reviewed   Audited
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)                                                      180       150
Groundwater pollution (6)                                                                               -         -
Deep groundwater pollution - Africa (7)                                                                 -         -
                                                                                                      298       271
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 AGAG subsequently selected its own 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 $20m (2017: $21m) will be
      payable if the tax returns are amended. Penalties and interest for the additional taxes may amount to $115m (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. AGAC subsequently appealed
      this judgement to the Colombian Supreme Court. A final judgement could take several years. In addition, 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, calculating
      an additional tax of $32m, along with penalties and interest of $13m. On 21 December 2018, AGAC filed an appeal before the Administrative
      Tribunal in respect of the 2013 year of assessment.

Other

(6)   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.

(7)   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) and, early adopted, IFRIC23 
Uncertainty over Income Tax Treatments 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
                                                                             Dec                     Dec
                                                                            2017                    2017
US Dollar million                                                       Unaudited              Unaudited

Revenue from product sales (previously gold income)                        2,324        74         2,398
Cost of sales                                                            (1,874)      (74)       (1,948)
Gain (loss) on non-hedge derivatives and other commodity contracts             9                       9
Gross profit                                                                 459         -           459

                                                                     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
- dóre 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 FVTPL 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 adoption - IFRIC 23 Uncertainty over Income Tax Treatments
The group early adopted IFRIC 23 which is applicable for annual reporting periods beginning on or after 1 January 2019 with earlier application
permitted. No changes in estimates and judgements were made as a result of the adoption of IFRIC 23.

Impact of IFRS 16 Leases issued but not yet adopted
Management is in the process of completing its assessment of the accounting impact and required disclosures arising out of the adoption of
this standard. IFRS 16 requires lessees to recognise right-of-use assets and lease liabilities arising from lease contracts with additional
disclosures about leasing arrangements. Leases within the scope of IFRS 16 will result in increases in assets and liabilities. We expect an
increase in the group's depreciation expense and an increase in cash flows from operating activities as the lease payments will be recorded
as financing outflows in our cash flow statement. Management has determined that certain mining, drilling and power generation contracts
which are not classified as finance leases under the current accounting standards (IAS 17 and IFRIC 4), will have the most impact on the
group's results on adoption of IFRS 16. The adoption of the new standard will result in the recognition of additional right-of-use assets and
lease liabilities on 1 January 2019. AGA has elected to transition to IFRS 16 retrospectively with the cumulative effect of initially applying the
Standard recognised at the date of initial application.  AGA will not restate comparative information. Instead, the cumulative effect of initially
applying IFRS 16 will be recognised by adjusting the opening balance of retained earnings at the date of initial application. The adoption of
IFRS 16 will not impact AGA's current debt covenant arrangements with financial institutions.

17  Dividends

The directors of AngloGold Ashanti Limited (Registration Number 1944/017354/06) declared Dividend No.120 for the year ended 31 December
2018 as detailed below. In terms of the withholding tax on dividends which became effective on 1 April 2012, the following additional information
is disclosed:

Dividends have been declared out of total reserves
Gross dividend declared per ordinary share in South African cents                                   95.00
Dividends tax rate applicable to shareholders liable to pay the dividend tax                          20%
Net dividend in South African cents (where dividend tax at 20% is payable on payment date)          76.00
The issued ordinary share capital of AngloGold Ashanti at date of declaration is              412,783,936
AngloGold Ashanti's tax reference number                                                       9640006608

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

To holders of ordinary shares

                                                                                         2019
Declaration date                                                         Tuesday, 19 February
Currency conversion date for Australian dollars and Ghanaian cedis           Friday, 15 March
Last date to trade ordinary shares cum dividend                              Monday, 18 March
Last date to register transfer of certificated securities cum dividend      Tuesday, 19 March
Ordinary shares trade ex-dividend                                           Tuesday, 19 March
Record date                                                                  Friday, 22 March
Payment date                                                                  Monday, 8 April

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

To comply, with further requirements of Strate, share certificates may not be dematerialised or rematerialised between Tuesday, 19 March 2019
and Friday, 22 March 2019, both days inclusive. No transfers between South African, Australian and Ghana share registers will be permitted
between Friday, 15 March 2019 and Friday, 22 March 2019, both days inclusive.

To holders of CHESS Depositary Interests (CDIs)
Each CDI represents one-fifth of an ordinary share.

                                                                                         2019
Last date to trade ordinary shares cum dividend                           Wednesday, 20 March
Last date to register transfer of certificated securities cum dividend    Wednesday, 20 March
Ordinary shares trade ex-dividend                                          Thursday, 21 March
Record date                                                                  Friday, 22 March
Payment date                                                                  Monday, 8 April

Dividends continued
To holders of American Depositary Shares (ADS)
Each American Depositary Share represents one ordinary share.

                                                                                         2019
Ex dividend on New York Stock Exchange                                     Thursday, 21 March
Record date                                                                  Friday, 22 March
Approximate date of currency conversion                                       Monday, 8 April
Approximate payment date of dividend                                         Monday, 18 April

Assuming an exchange rate of R13.7619/$, the gross dividend payable per ADS, which is subject to a 20% South African withholding tax, is
equivalent to 7 US cents. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion.

To holders of Ghanaian Depositary Shares (GhDSs)
100 GhDSs represent one ordinary share

                                                                                         2019
Last date to trade and to register GhDSs cum dividend                       Tuesday, 19 March
GhDSs trade ex-dividend                                                     Tuesday, 19 March
Record date                                                                  Friday, 22 March
Approximate payment date of dividend                                          Monday, 8 April

Assuming an exchange rate of R1/¢0.3738, the gross dividend payable per share, which is subject to a 20% South African withholding tax, is
equivalent to C.O.364 cedis. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion.

18 Recent Developments
On 14 February 2019, AngloGold Ashanti sold its holding in Société d'Exploitation des Mines d'Or de Yatela (Yatela) to the
Government of Mali, for a consideration of $1. As part of the transaction, a one-time payment will be made to the Government of Mali in an
amount corresponding to the estimated costs of completing the rehabilitation and closure of the Yatela site, and also financing certain outstanding
social programmes. Upon completion and this payment being made, AgnloGold Ashanti will be released of all obligations relating to the Yatela project. At 31
December 2018, the estimated attributable costs relating to rehabilitation, mine closure and the financing of social programmes amounted to $19.7m.

19  Announcements

Changes to Board of Directors - In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, AngloGold Ashanti
announced on 22 August 2018, the appointment of Alan Ferguson and Jochen Tilk as independent non-executive directors to its Board of
Directors, with effect from 1 October 2018 and 1 January 2019, respectively.

Three-year deal on SA wages and new shift arrangement - On 17 September 2018, AngloGold Ashanti reached agreement in South Africa
on wage increases for the next three years, as well as a new shift arrangement with trade unions representing the majority of its employees
in South Africa. The deal is another step in an important process to improve pay for its employees - particularly those at entry level - while
providing certainty as it works to return its business in the country to profitability.

Obuasi mining contract - On 29 October 2018, AngloGold Ashanti announced the finalisation of a five-year underground mining contract at
the Obuasi Re-Development Project with Underground Mining Alliance Limited (UMA), a joint venture between African Underground Mining
Services (AUMS) and Accra-based Rocksure International, a wholly-owned Ghanaian mining contractor (Rocksure).

Update to the ZAR 10,000,000,000 Domestic Medium Term Note Programme - On 10 December 2018, AngloGold Ashanti received approval
from the JSE in terms of its amended ZAR 10,000,000,000 Domestic Medium Term Note Programme in order to cater for amendments to the
JSE Debt Listings Requirements and to effect various other changes.

By order of the Board

SM PITYANA              KPM DUSHNISKY             KC RAMON
Chairman                Chief Executive Officer   Chief Financial Officer

19 February 2019

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

                                                                            Six months    Six months         Year         Year
                                                                                 ended         ended        ended        ended
                                                                                   Dec           Dec          Dec          Dec
                                                                                  2018          2017         2018         2017
US Dollar million                                                            Unaudited     Unaudited    Unaudited    Unaudited
Headline earnings (note 9)                                                         120           115          220           27
Loss/(gain) on unrealised non-hedge derivatives and other
commodity contracts                                                                 12           (9)            3         (10)
Deferred tax on unrealised non-hedge derivatives and other
commodity contracts                                                                  -             3            1            3
Fair value adjustments                                                               3             -            3            -
Provision for losses and impairments (reversals) in associates                     (7)           (8)         (13)         (11)
Adjusted headline earnings                                                         128           101          214            9
Adjusted headline earnings per ordinary share (cents) (1)                           31            24           51            2

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

B  Price received
                                                                            Six months    Six months         Year         Year
                                                                                 ended         ended        ended        ended
                                                                                   Dec           Dec          Dec          Dec
                                                                                  2018          2017         2018         2017
US Dollar million                                                            Unaudited     Unaudited    Unaudited    Unaudited
Gold income (note 2)                                                             1,883         2,324        3,805        4,356
Adjusted for non-controlling interests                                            (39)          (50)         (84)        (103)
                                                                                 1,844         2,274        3,721        4,253
Associates and joint ventures' share of gold income including
realised non-hedge derivatives                                                     295           237          581          453
Attributable gold income                                                         2,139         2,511        4,302        4,706
Attributable gold sold - oz (000)                                                1,761         1,977        3,412        3,761
Price received per unit - $/oz                                                   1,215         1,270        1,261        1,251

C  All-in sustaining costs and All-in costs (1)
                                                                            Six months    Six months         Year         Year
                                                                                 ended         ended        ended        ended
                                                                                   Dec           Dec          Dec          Dec
                                                                                  2018          2017         2018         2017
US Dollar million / Imperial                                                 Unaudited     Unaudited    Unaudited    Unaudited
Cost of sales per income statement (note 3)                                      1,571         1,948        3,173        3,736
By-product revenue (note 2)                                                       (59)          (74)        (138)        (154)
Realised other commodity contracts                                                 (3)             -          (5)            -
Amortisation of tangible and intangible assets (note 3)                          (334)         (431)        (630)        (823)
Adjusted for decommissioning and inventory amortisation                            (2)             1          (9)            4
Corporate administration and marketing related to current operations                38            29           76           63
Associates and joint ventures' share of costs                                      149           148          318          306
Inventory write-down to net realisable value and other stockpile 
adjustments                                                                         -              -            1            3
Sustaining exploration and study costs                                              23            32           38           65
Total sustaining capital expenditure                                               301           429          571          829
All-in sustaining costs                                                          1,684         2,082        3,395        4,029
Adjusted for non-controlling interests and non-gold producing  
companies                                                                         (37)          (30)         (64)         (64)
All-in sustaining costs adjusted for non-controlling interests and  
non-gold producing companies                                                     1,647         2,052        3,331        3,965
Adjusted for stockpile write-offs                                                    -             -          (1)          (3)
All-in sustaining costs adjusted for non-controlling interests,  
non-gold producing companies and stockpile write-offs                            1,647         2,052        3,330        3,962
All-in sustaining costs                                                          1,684         2,082        3,395        4,029
Non-sustaining project capital expenditure                                          86            70          150          124
Technology improvements                                                              1             4            4           10
Non-sustaining exploration and study costs                                          35            22           67           50
Care and maintenance (note 4)                                                       27            34           74           62
Corporate and social responsibility costs not related to current 
operations                                                                          14            12           24           24
Other provisions                                                                   (1)             -          (2)            -
All-in costs                                                                     1,847         2,224        3,712        4,299
Adjusted for non-controlling interests and non -gold producing  
companies                                                                         (35)          (31)         (69)         (63)
All-in costs adjusted for non-controlling interests and non-gold  
producing companies                                                              1,812         2,193        3,643        4,236
Adjusted for stockpile write-offs                                                   -              -          (1)          (3)
All-in costs adjusted for non-controlling interests, non-gold  
producing companies and stockpile write-offs                                     1,812         2,193        3,642        4,233
Gold sold - oz (000)                                                             1,761         1,977        3,412        3,761
All-in sustaining cost (excluding stockpile write-offs) per unit - $/oz            936         1,038          976        1,054
All-in cost per unit (excluding stockpile write-offs) - $/oz                     1,029         1,109        1,068        1,126
 
(1) Refer to the Supplementary report for Summary of Operations by mine.

D Total cash costs (1)
                                                                            Six months    Six months         Year         Year
                                                                                 ended         ended        ended        ended
                                                                                   Dec           Dec          Dec          Dec
                                                                                  2018          2017         2018         2017
US Dollar million                                                            Unaudited     Unaudited    Unaudited    Unaudited
Total cash costs (note 3)                                                        1,224         1,525        2,505        2,863
By-product revenue (note 2)                                                       (59)          (74)        (138)        (154)
Associates and joint ventures' share of total cash costs                           145           146          308          295
Adjusted for non-controlling interests, non-gold producing 
companies and other                                                               (23)          (21)         (48)         (41)
Total cash costs adjusted for non-controlling interests and 
non-gold producing companies                                                     1,287         1,576        2,627        2,963
Gold produced - oz (000)                                                         1,772         2,002        3,400        3,744
Total cash cost per unit - $/oz                                                    726           787          773          792

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

E  Adjusted EBITDA (2)
                                                                            Six months    Six months         Year         Year
                                                                                 ended         ended        ended        ended
                                                                                   Dec           Dec          Dec          Dec
                                                                                  2018          2017         2018         2017
US Dollar million                                                            Unaudited     Unaudited    Unaudited    Unaudited
Profit (loss) before taxation                                                      192            90          278         (63)
Add back :
Finance costs and unwinding of obligations (note 6)                                 93            86          178          169
Interest income                                                                    (7)           (7)         (17)         (15)
Amortisation of tangible and intangible assets (note 3)                            334           431          630          823
Adjustments :
Other losses                                                                        11             6            9           11
Dividend income                                                                    (2)             -          (2)            -
Realised gain on other commodity contracts                                         (3)             -          (5)            -
Impairment and derecognition of assets (note 5)                                     10           182          104          297
Impairment of other investments (note 5)                                             -             2            -            3
Write-down of inventories (note 5)                                                   -             -            1            3
Retrenchment costs                                                                   -            14           32           90
Care and maintenance (note 4)                                                       27            34           74           62
Net (profit) loss on disposal of assets (note 5)                                   (2)           (7)           20          (8)  
Loss(gain) on unrealised non-hedge derivatives and other commodity 
contracts                                                                           12           (9)            3         (10)
Associates and joint ventures' special items                                         -           (2)          (2)          (2)
Associates and joint ventures - adjustments for amortisation, interest, 
taxation and other                                                                  84            56          159          116
Fair value adjustments                                                               3             -            3            -
Other amortisation                                                                   4           (4)           15            7
Adjusted EBITDA                                                                    756           872        1,480        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         Year
                                                                                 ended         ended        ended        ended
                                                                                   Dec           Dec          Dec          Dec
                                                                                  2018          2017         2018         2017
US Dollar million                                                            Unaudited     Unaudited    Unaudited    Unaudited            
Adjusted EBITDA (note E)                                                           756           872        1,480        1,483
Finance costs (note 6)                                                              71            72          140          142
Interest cover - times                                                              11            12           11           10 
                  
G  Free cash flow                                      
                                                                            Six months    Six months         Year         Year
                                                                                 ended         ended        ended        ended
                                                                                   Dec           Dec          Dec          Dec
                                                                                  2018          2017         2018         2017
US Dollar million                                                            Unaudited     Unaudited    Unaudited    Unaudited                   
Net cash inflow from operating activities                                          536           676          857          997
Net cash outflow from investing activities                                       (350)         (450)        (335)        (862)
Finance costs (note 6)                                                            (71)          (72)        (140)        (142)
Movements in restricted cash                                                        13             8            4            8
Acquisitions, disposals and other                                                 (10)             -         (10)            -
Proceeds from sale of assets                                                        -              -        (309)            -
Free cash flow                                                                     118           162           67            1

H  Net asset value - cents per share
                                                                                                            As at        As at
                                                                                                              Dec          Dec
                                                                                                             2018         2017
US Dollar million                                                                                       Unaudited    Unaudited                   
Total equity                                                                                                2,694        2,704                   
Number of ordinary shares in issue - million (note 10)                                                        413          410
Net asset value - cents per share                                                                             653          659                                      
Total equity                                                                                                2,694        2,704
Intangible assets                                                                                           (123)        (138)
                                                                                                            2,571        2,566                   
Number of ordinary shares in issue - million (note 10)                                                        413          410
Net tangible asset value - cents per share                                                                    623          626

I  Net debt
                                                                                                            As at        As at
                                                                                                              Dec          Dec
                                                                                                             2018         2017
US Dollar million                                                                                       Unaudited    Unaudited                                
Borrowings - long-term portion                                                                              1,911        2,230
Borrowings - short-term portion                                                                               139           38
Total borrowings                                                                                            2,050        2,268
Corporate office lease                                                                                        (9)         (15)
Unamortised portion of the convertible and rated bonds                                                         13           18
Cash restricted for use                                                                                      (66)         (65)
Cash and cash equivalents                                                                                   (329)        (205)
Net debt                                                                                                    1,659        2,001                              
Net debt to Adjusted EBITDA                                                                                1.12:1       1.35:1

Other information - exchange rates
                                                               Dec           Dec
                                                              2018          2017
                                                         Unaudited     Unaudited

     ZAR/USD average for the year to date                    13.25         13.30
     ZAR/USD average for the quarter                         14.29         13.63
     ZAR/USD average for the half year to date               14.18         13.39
     ZAR/USD closing                                         14.35         12.36
     AUD/USD average for the year to date                     1.34          1.30
     AUD/USD average for the quarter                          1.39          1.30
     AUD/USD average for the half year to date                1.38          1.28
     AUD/USD closing                                          1.42          1.28
     BRL/USD average for the year to date                     3.66          3.19
     BRL/USD average for the quarter                          3.80          3.25
     BRL/USD average for the half year to date                3.88          3.21
     BRL/USD closing                                          3.87          3.31
     ARS/USD average for the year to date                    28.14         16.57
     ARS/USD average for the quarter                         37.12         17.55
     ARS/USD average for the half year to date               34.63         17.42
     ARS/USD closing                                         37.81         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:
The Standard Bank of South Africa 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 23, AMP Building,
140 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
KPM Dushnisky(+) (Chief Executive Officer)
KC Ramon^ (Chief Financial Officer)

Non-Executive
SM Pityana^ (Chairman)
AM Ferguson*
AH Garner#
R Gasant^
DL Hodgson^
NP January-Bardill^
MJ Kirkwood*
MDC Richter#
RJ Ruston~
JE Tilk(+)

* British (+) Canadian #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.

PUBLISHED BY 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
E-mail: queries@computershare.co.za
Website : www.computershare.com

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

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: 19/02/2019 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.

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