Edgar Filing: ANGLOGOLD ASHANTI LTD

Page 1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

Report on Form 6-K dated July 31, 2009

Commission File Number 1-14846

AngloGold Ashanti Limited

(Translation of registrant’s name into English)

76 Jeppe Street

Newtown, 2001

(P.O. Box 62117, Marshalltown, 2107)

South Africa

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-F.

Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1):

Yes No X

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted
solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7):

Yes No X

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted
to furnish a report or other document that the registrant foreign private issuer must furnish and make
public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally
organised (the registrant’s “home country”), or under the rules of the home country exchange on
which the registrant’s securities are traded, as long as the report or other document is not a press
release, is not required to be and has not been distributed to the registrant’s security holders, and, if
discussing a material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.

Yes No X

Enclosure: Press release    ANGLOGOLD ASHANTI REPORT FOR THE QUARTER AND SIX
                                        MONTHS ENDED 30 JUNE 2009 PREPARED IN ACCORDANCE
                                        WITH IFRS

Quarter 2 2009

Report

for the quarter and six months ended 30 June 2009

Group results for the quarter….

·   Adjusted headline earnings increase to a record $167m, or 47 US cents per share
·   Production rises to 1.127Moz at a total cash cost of $472/oz
·   Achieved discount to spot gold price of 3%; Received gold price up 5% to $897/oz
·   Balance sheet bolstered by $732.5m convertible bond and receipt of $750m Boddington proceeds
·   Obuasi and Geita continue to deliver on turnaround strategy
·   Interim dividend declared of 60 South African cents per share or 7.61 US cents per ADS

Events post quarter-end…

· Hedge commitments reduced by 1. 4Moz to 4.4Moz at the end of July, now less than one year’s production

· Wage settlement reached with South African trade unions
· Agreement with Randgold Resources to acquire a 50% stake in Moto Goldmines Limited

Quarter

Six months

Quarter

Six months

ended

Jun

Mar

Jun

Mar

Jun

2009

2008

2009

2008

Restated

SA rand / Metric

US dollar / Imperial

Operating review

Gold
Produced

- kg / oz (000)

35,050

34,306 69,356 76,194

1,127

1,103

2,230

2,450

Price received

- R/kg / $/oz

241,505

273,109 256,862 67,390

897

858

878

289

Price received normalised for

accelerated settlement of non-
hedge derivatives

- R/kg / $/oz

241,505

273,109 256,862 181,303

897

858

878

736

Total cash costs

- R/kg / $/oz

127,956

141,552 134,681 106,429

472

445

458

433

Total production costs

- R/kg / $/oz

161,909

180,751 171,229 137,238

598

568

583

558

Financial review
Gross profit

- Rm / $m

3,051

1,102 4,153 (2,099)

387

111

498

Gross profit (loss) adjusted for the
gain (loss) on unrealised non-hedge
derivatives and other commodity
contracts

- Rm / $m

2,511

2,764 5,275 (4,371)

305

279

584

(537)

Adjusted gross profit normalised for
accelerated settlement of non-hedge
derivatives

- Rm / $m

2,511

2,764 5,275 3,647

305

279

584

474

Profit (loss) attributable to equity
shareholders

- Rm / $m

2,304

1 2,305 (3,988)

299

299

(229)

Headline earnings (loss)

- Rm / $m

1,631

1,631

(4,593)

215

215

(307)

Headline earnings (loss) adjusted
for the gain (loss) on unrealised
non-hedge derivatives and other
commodity contracts and fair value
adjustments on convertible bond

- Rm / $m

1,359

1,482 2,840 (6,063)

167

150

317

(761)

Capital expenditure

- Rm / $m

2,228

2,381 4,608 4,287

261

241

502

561

Profit (loss) per ordinary share

- cents/share

Basic

642

643

(1,412)

(81)

Diluted

641

641

(1,412)

(81)

Headline

455

455

(1,626)

(109)

Headline earnings (loss) adjusted
for the gain (loss) on unrealised
non-hedge derivatives and other
commodity contracts and fair value
adjustments on convertible bond

cents/share

379

414 792

(2,146)

(269)

Notes:

1. Refer to note C "Non-GAAP disclosure" for the definition.

2. Refer to note B "Non-GAAP disclosure" for the definition.

3. Refer to note 8 "Notes" for the definition.

4. Refer to note A "Non-GAAP disclosure" for the definition.

$ represents US dollar, unless otherwise stated.

Rounding of figures may result in computational discrepancies.

Global Footprint

AngloGold Ashanti is a global company…

…with an extensive portfolio of new and emerging opportunities.

China

DRC

Russia

Operations at a glance

for the quarter ended 30 June 2009

Production

Total cash costs

Gross profit (loss) adjusted

for the gain (loss) on

unrealised non-hedge

derivatives and other

commodity contracts

oz (000)

Variance

$/oz

Variance

SOUTHERN AFRICA

450

(6)

444

144

(26)

South Africa
Great Noligwa

(9)

708

(1)

(5)

Kopanang

(14)

446

(10)

Moab Khotsong

(28)

434

(15)

Tau Lekoa

(10)

751

(1)

Surface Operations

(9)

320

(3)

Mponeng

140

304

Savuka

(7)

683

(4)

TauTona

439

Namibia
Navachab

(28)

722

(4)

REST OF AFRICA

386

564

(5)

Ghana
Iduapriem

530

(1)

Obuasi

101

589

(16)

Guinea
Siguiri - Attributable 85%

451

(8)

(7)

Mali
Morila - Attributable 40%

(13)

511

(4)

Sadiola - Attributable 38%

(3)

486

(1)

Yatela - Attributable 40%

386

(29)

Tanzania
Geita

872

(14)

(8)

Minorities, exploration and other

(1)

AUSTRALIA 94

(4)

512

(14)

Sunrise Dam

(4)

503

(12)

Exploration and other

(1)

SOUTH AMERICA

144

325

(7)

Argentina
Cerro Vanguardia - Attributable 92.50%

344

(14)

Brazil
AngloGold Ashanti Brasil Mineração

287

Serra Grande - Attributable 50%

409

(18)

Minorities, exploration and other

NORTH AMERICA

(7)

362

United States
Cripple Creek & Victor

(7)

351

Other

(1)

OTHER

(2)

Sub-total 1,127

472

347

Less equity accounted investments

(42) (5)

AngloGold Ashanti

305

1 Refer to note B "Non-GAAP disclosure" for the definition.

3 Equity accounted investments.

2 Variance June 2009 quarter on March 2009 quarter - increase (decrease).

Rounding of figures may result in computational discrepancies.

Financial and operating review

OVERVIEW FOR THE QUARTER

Safety remained the most critical issue for AngloGold Ashanti in the second quarter, with strong action taken
to improve conditions across the company’s operations, particularly those in the Vaal River Region. During
the period, eight miners tragically lost their lives in accidents at the Moab Khotsong, Kopanang, Tau Lekoa,
Savuka, Navachab and Obuasi mines. The findings of the Safety Strategic Blueprint have been reviewed by
the executive and key areas for improvement identified. Detailed execution plans are being drafted, with
implementation scheduled for the first quarter of next year. In the interim, management’s efforts are focused
on addressing specific problem areas with teams that continue to experience high levels of accidents, in
order to effect rapid change in the near term.

The effects of ongoing safety interventions over the past seven quarters, however, are evidenced in the
improvement in Lost Time Injury Frequency Rate, which was 19% lower during the period at 5.68 per million
hours worked. That is the best performance on record. The all Medical Treatment Frequency Rate reduced
by 8% to 18.84 in the second quarter. Still, there remains important work to be done in creating an injury free
environment for all employees.

The strength of the South African rand, the Brazilian real and the Australian dollar were dominant market
themes during the quarter. The strengthening of local currencies against the US dollar had an unfavourable
effect on costs in dollar terms. While the dollar-denominated spot price of gold rose by only 2%, the price in
rand terms fell 14%, in Brazilian real terms fell 15% and in Australian dollars terms was 14% lower.

Second-quarter gold production of 1.127Moz was 2% higher than the previous period and 1% below initial
market guidance of 1.14Moz. Price received for the quarter was 5% higher than the previous quarter at
$897/oz. The company achieved a 3% discount to the average spot price of $924/oz in line with its stated
objective of achieving a 6% discount to spot for 2009. Total cash costs of $472/oz was in line with guidance
of $465/oz to $485/oz. Adjusted headline earnings were 12% higher at 47 US cents per share.

The overall operating performance across the business was encouraging, with strong results from South
America and signs of improved performance at the Geita and Obuasi mines being offset by lower output from
South Africa’s Vaal River region, where performance was affected by safety related stoppages.

Southern Africa operations produced 450,000oz during the period at a total cash cost of $444/oz, compared
with 481,000oz at $347/oz in the first quarter. Uranium output fell 10% to 332,000lbs, the result of lower
tonnes mined at Moab Khotsong, Great Noligwa and Kopanang mines. While dollar-based costs in South
Africa were adversely affected by a 15% strengthening in the average value of the rand against the US dollar
during the period, adjusted gross profit of $143m underscores the strong earnings and cashflow leverage of
these assets at current gold prices.

The West Wits mines, particularly the flagship Mponeng operation, delivered an exceptional performance
with a 7% increase in gold output and good cost control, despite carrying once-off maintenance costs
associated with the commissioning of three additional refrigeration plants. The Mponeng plant was chosen
as one of the initial sites for the rollout of AngloGold Ashanti’s Business Process Framework and is showing
encouraging improvements in reduced process variation, leading to increased plant gold throughput. At the
Savuka mine, as previously disclosed to the market, the sub-shaft and surrounding infrastructure was
damaged after a series of seismic events on 22 May 2009. The damage assessment carried out indicates
that the mine will only be back to full production within nine months. TauTona on the other hand, had a solid
quarter with gold production increasing by 5%.

The Vaal River division had a challenging second quarter, particularly given safety-related stoppages which
reduced output at Moab Khotsong and Kopanang. In the Southern Africa region, the Vaal River division had
contributed to 88% of all safety related stoppages. Moab Khotsong lost 13 production days, while Kopanang
lost 16 production days during the period. These stoppages affected the area mined and hence gold
production was down 27% and 15% at Moab Khotsong and Kopanang respectively. Great Noligwa lost 9
production days due to an underground fire and cessation of mining during a search for a missing miner. The
focus of management is now clearly being devoted to turning around the Vaal River operations to get the
safety and production momentum back.

The remaining African operations, produced 386,000oz at a total cash cost of $564/oz, compared with
342,000oz at $591/oz in the previous quarter. Siguiri had another strong quarter, maintaining output at
80,000oz while total cash costs declined 8% to $451/oz. Mining was uninterrupted during the period.
However, gold shipments were temporarily halted in June while the company held talks with government
over the provisions made for environmental liabilities. Mali had a steady quarter with attributable gold output
increasing from 89,000oz to 94,000oz quarter-on-quarter.

Obuasi continued its recovery. Production at 101,000oz was 10% higher than that of the first quarter. This
was largely as a result of a 17% improvement in yield from underground operations due primarily to
improved head-grade control and better recoveries. Decreases in power tariffs and more favourable
contractor rates and other efficiencies across the operation contributed to the 16% or $112/oz drop in total
cash costs at Obuasi.

There were also promising early signs of a recovery at Geita. New management is in place and the company
continues to see the results of earlier interventions in improved performance. Tonnage throughput increased
after last quarter’s repairs to the SAG and Ball Mills and higher grades helped the mine achieve a 43% rise in
production to 63,000oz. Total cash costs fell 14% to $872/oz. While there remains much hard work to be
done in Tanzania and Ghana, the combined efforts of both management teams in these countries have
assisted in the long-awaited turnaround of assets that will become substantial contributors in the future.

The South American region built on impressive gains made in the past quarter with production up 14% to
144,000oz and total cash cost down 7% to $325/oz. In Argentina, Cerro Vanguardia’s attributable production
rose 9% to 51,000oz, while total costs dropped 14% to $344/oz. This improvement represents a remarkable
turnaround in the performance of Cerro Vanguardia, with gold-equivalent production almost doubling while
total cash costs have more than halved in the past year.

The team in Brazil delivered a similarly robust operating performance, with Brasil Mineração’s production
rising some 7% to 73,000oz while total cash costs remained unchanged. The successful commissioning of
the mill expansion project at Serra Grande helped to almost double AngloGold Ashanti’s attributable
production from the mine to 20,000oz with an 18% improvement in total cash costs. The Sao Bento deposit,
acquired in December 2008 has produced encouraging drill results confirming assumptions made when the
initial purchase was made.

In Australia, while Sunrise Dam’s production fell 4% to 94,000oz, total cash costs improved by 12% to
$503/oz. In the United States, Cripple Creek & Victor’s production declined 7% to 52,000oz, while total costs
rose 4% to $351/oz.

On the exploration front, a joint venture agreement was signed with Laurentian Goldfields to advance
greenfields exploration in specific areas in Quebec, Ontario and Saskatchewan. A partnership was also
formed with Thani Dubai, a Dubai based explorer, to drill and ultimately develop new deposits in North Africa
and the Middle East. The greenfields team also maintained its activities in Australia, the Americas, China,
Southeast Asia, Sub-Saharan Africa, Russia and the Democratic Republic of Congo.

Drilling at the La Colosa prospect in Colombia remains suspended pending the conclusion of a public appeal
process. The company is working towards a positive outcome in this regard and is working closely with the
government and community organisations to ensure the best possible plan for continued exploration and
ultimately the development of La Colosa.

The prefeasibility study on the Tropicana gold project in Australia was completed during the quarter and a
decision was taken by AngloGold Ashanti and its partner, Independence Group, to proceed with a full
bankable study. Tropicana, which boasts a resource of 5Moz, presents the opportunity to gain a foothold in
an important new gold district, about 300 kilometres from Kalgoorlie. The bankable study will determine
whether to use contractor or owner mining and whether to opt for gas or diesel power supplied by a third
party. Once developed, the mine is expected to produce an average of between 330,000oz and 410,000oz a
year, at a total cash cost of between A$590/oz and A$710/oz, over a 10-year initial life. There is potential to
increase resources and mine life through additional drilling at the nearby Havana South and other prospects.

AngloGold Ashanti agreed on 16 July 2009 to invest $244m for a 50% stake in Moto Goldmines Limited in
the Democratic Republic of Congo. The company’s participation is contingent on a successful bid for Moto
Goldmines Limited, the 70% owner of the Moto Gold Project, by Randgold Resources Limited, AngloGold
Ashanti’s long-standing joint venture partner at the Morila mine. Participation by the company is a strategic
move to gain a prudent degree of exposure to one of the world’s richest gold ore bodies which has an
indicative resource of 22Moz and reserves of 5.5Moz. The investment allows the company to leverage the
relationship with Randgold, as well as its combined experience of building and operating some of the largest
gold mining projects in Africa. The project complements AngloGold Ashanti’s long-term growth plans in Africa
and beyond, by giving the company a presence in another of the world’s most important gold districts.

During the quarter, the company continued efforts to strengthen the balance sheet with the issue of the
$732.5m convertible bond due in 2014. Demand for the bonds was robust, allowing AngloGold Ashanti to
realise an attractive coupon of 3.5% and a strike price at a 37.5% premium to the volume-weighted average
price of $34.6272 on 18 May 2009.

AngloGold Ashanti also received $750m from Newmont Mining Corporation, the first tranche of the
consideration for its purchase of the 33.33% stake in the Boddington project in Australia. Under the terms of
the agreement announced in January, Newmont Mining Corporation also reimbursed the company A$225m
for AngloGold Ashanti’s contribution to capital spend and working capital on the project this year.

During July 2009, AngloGold Ashanti continued executing on its previously communicated board approved
strategy to reduce its outstanding gold derivatives position. The strength of the company’s balance sheet and
management’s view of a robust macroeconomic environment for gold, resulted in the accelerated settlement
of certain outstanding gold derivative positions. These accelerated settlements, together with the normal
scheduled delivery for the second quarter, reduced the total committed ounces to 4.45Moz at 25 July 2009,
from 5.84Moz at 31 March 2009, the end of the first quarter. The restructure was funded from available cash,
resulting in a net cash outflow of approximately $797m, which will be reflected in the company’s financial
statements (as a realised charge to adjusted headline earnings) for the third quarter ending 30 September
2009.

AngloGold Ashanti’s total committed ounces is projected to reduce to 4.1Moz by 31 December 2009,
meeting the company’s broader target a year ahead of schedule and eliminating steeply discounted spot
prices in years 2010, 2011 and 2012. The committed ounces are projected to reduce by approximately
800,000 ounces a year from 2010 and is currently projected to wind up, save for 29,000oz, by the end of
2014. The company estimates that it will realise a discount of approximately 7% to the gold spot price over
this period, assuming a US$950/oz spot price in real terms.

The majority of the ounces affected by the above mentioned restructure were designated as Normal
Purchase Normal Sale Exempted (‘NPSE’) contracts, allowing them to be accounted for off balance sheet.
As a consequence, all contracts that were previously classified as NPSE will be re-designated as non-hedge
derivatives, accounted for at fair value on the balance sheet with adjustments accounted for through the
income statement. Based on the fair values as at 30 June 2009, the income statement impact of this re-
designation is estimated to be approximately US$1.1bn, of which approximately US$0.5bn remains
unrealised as at 25 July 2009. This re-designation will be reflected in the third quarter, ending 30 September
2009, financial statements. The change in designation of the hedge contracts will however provide the
company with improved flexibility in actively managing the hedge book going forward.

Following the quarter end, the company successfully concluded its 2009/2010 South African wage
negotiations, agreeing to an increase that has a 9.7% impact on payroll costs for the South African
operations in the first year, and 1% above inflation, with a guaranteed minimum of 7.5%, in the second.
Wage increases are effective from 1 July. The settlement was concluded after a constructive, three-month
interaction with trade unions and resulted in a settlement AngloGold Ashanti believes is fair to all parties
involved.

Given the interruptions to our South African and Tanzanian operations in the first half and the leach-pad
issues at Cripple Creek & Victor in the U.S., the production target for 2009 has been adjusted to be between
4.7Moz to 4.8Moz, at an average total cash cost of between $480/oz and $495/oz. This estimate is at an
average rand exchange rate of R8.10/$ for the second half of the year. At R7.50/$ for the second half of the
year the range is likely to be approximately $15/oz higher and at R8.70/$ the range is likely to be $15/oz
lower.

For the third quarter, production is estimated at 1.2Moz at a total cash cost of approximately $530/oz, at an
average exchange rate of R8.10/$ for the quarter. There is a $22/oz sensitivity for a 60 cents swing in the
rand either way. It is important to note that third-quarter costs have typically been the highest in any given
year due to seasonal factors such as winter power tariffs in South Africa and wage increases effective from
1 July 2009. The effect is further compounded this year by the sharp strengthening of local operating
currencies.

OPERATING RESULTS FOR THE QUARTER

SOUTH AFRICA

Great Noligwa’s production dropped 9% to 1,229kg (39,000oz) as an underground fire and cessation of
operations during a search for a missing miner curtailed mining and development. Total cash costs rose 3%
to R192,157/kg ($708/oz). This was compounded by a shortage of attacking points on development due to a
geological structure encountered during the quarter. The effects of those events were partly offset by a 26%
increase in yield as inventories were released from both underground and plant. Adjusted gross loss during
the period was R8m ($1m), compared with profit of R35m ($4m) in the prior quarter.

The LTIFR improved to 8.02 (9.87).

Kopanang’s output fell 15% to 2,038kg (66,000oz), despite a planned 4% increase in yield. This was largely
due to 16 days lost to safety stoppages during the period. The effect of lower gold production on costs was
partly offset by increased salvage and reclamation activity and revaluation of major replacement equipment
requirements. Total cash costs rose 13% to R121,703/kg ($446/oz). Adjusted gross profit was R124m
($15m), against R247m ($25m) in the prior quarter.

The LTIFR improved to 8.26 (11.87). The mine had one fatality during the quarter.

Moab Khotsong’s production fell 27% to 1,475kg (47,000oz), due mainly to the loss of 13 days to enforce
safety improvements. This was compounded by a 3% decline in yield and encountering an unexpected
geological structure. Total cash costs rose 27% to R118,589/kg ($434/oz). Adjusted gross profit declined to
R39m ($5m), compared with R202m ($20m) in the previous quarter.

The LTIFR improved to 9.29 (14.51). Three fatalities were recorded at the mine during the quarter.

Tau Lekoa’s production volumes improved due to new panels being established and constant focus on
safety to reduce stoppages. However, production fell 9% to 875kg (28,000oz) due to lock-up in the plant. As
a result, total cash costs increased 8% to R203,373/kg ($751/oz). Adjusted gross profit reduced to R28m
($3m), compared with R39m ($4m) in the previous quarter.

The LTIFR improved to 14.20 (17.92). The mine had one fatality during the quarter.

Vaal River Surface Operations gold production was lower than the previous quarter, mainly as a result of 4
non-production days. The overall reduction in grade is attributed to lower grades delivered from the waste
rock. Production fell 7% to 1,319kg (42,000oz) and total cash costs rose 30% to R86,621/kg ($320/oz).
Adjusted gross profit declined 26% to R198m ($24m) from R267m ($27m) in the previous quarter.

The LTIFR deteriorated to 3.47 (0.63).

Mponeng’s output rose 10% to 4,362kg (140,000oz), as it enjoyed a quarter uninterrupted by the mill
maintenance that affected the previous period. The area mined increased by 21%. Total cash costs rose 6%
to R82,105/kg ($304/oz) because of expenses associated with the replacement of contractors with mine
labour and additional maintenance and power costs as a result of the commissioning of three additional
refrigeration plants. Adjusted gross profit rose 4%, to R652m ($79m), compared with R628m ($63m) in the
previous quarter.

LTIFR was little changed at 12.87 (12.80).

Savuka’s production dropped 8% to 398kg (13,000oz) due to a seismic event on 22 May, which deprived
the mine of one month’s production. The yield improved by 25% as a result of less dilution from development
operations. Total cash costs rose 28% to R183,991/kg ($683/oz) because of expenditures associated with
the seismic incident as well as unfavourable inventory movement. Adjusted gross profit was R4m ($0.3m)
compared with R39m ($4m) in the previous quarter.

The LTIFR improved to 6.85 (7.08). The mine reported one fatality during the quarter.

TauTona’s production was 5% higher at 1,904kg (61,000oz), mainly due to improved availability of panels
and the resultant 6% increase in the area mined. Yield dropped 9% as higher off-reef tonnages were mined
to start new development ends, while labour costs increased as a result of moving some crews to TauTona
from neighbouring Savuka, following the seismic event. Total cash costs improved by 3% to R118,926/kg
($439/oz). Adjusted gross profit declined to R137m ($17m), from R163m ($16m) in the previous quarter.

The LTIFR deteriorated to 15.92 (13.59).

NAMIBIA

Navachab’s production declined by 28% to 13,000oz, mainly due to the unavailability of core loading
equipment. To optimise mill capacity, more volume was loaded from the low-grade stockpiles, resulting in a
25% drop in yield. Total cash costs were 58% higher at $722/oz due to the lower production, as well as the
stronger rand. Adjusted gross profit was $2m, from $6m in the previous quarter.

The LTIFR was 5.44 (0.00). The mine reported one fatality during the quarter.

REST OF AFRICA

GHANA

Iduapriem’s gold production increased by 27% to 47,000oz, as a result of an 18% increase in tonnage
throughput and an 8% improvement in yield. Total cash costs were 1% below the previous quarter at
$530/oz, due to the favourable volume and grade variances. Adjusted gross profit was $15m, compared with
the $10m of the previous quarter.

LTIFR improved to 0.73 (3.50).

Obuasi’s gold production increased 10% to 101,000oz, largely as a result of a 17% improvement in yield
resulting from better head-grade control management and higher recoveries. Lower power tariffs, more
favourable contractor rates and other efficiencies across the operation resulted in a 16% or $112/oz drop in
total cash costs to $589/oz. Adjusted gross profit improved to $10m, compared with $1m loss the previous
quarter.

The LTIFR improved to 2.79 (4.23). The mine reported one fatality during the quarter.

REPUBLIC OF GUINEA

At Siguiri, (85% attributable) production was maintained at 80,000oz. Total cash costs decreased by 8% to
$451/oz, as a result of lower fuel prices and reduced export royalty expenditure. Adjusted gross profit
decreased to $15m compared with $22m recorded in the previous quarter. This was mainly as a result of the
deferred sales revenue due to a temporary embargo on gold exports by the Government in June, which
resulted in an increase in attributable gold stock on hand of 27,000oz. The embargo was lifted at the end of
June.

LTIFR deteriorated to 0.65 (0.00).

MALI

At Morila (40% attributable), production was 13% lower at 34,000oz as mining ceased during the quarter
and lower-grade ore from stockpiles was fed through the mill. Total cash costs rose 24% to $511/oz due to
grade variance. Adjusted gross profit declined to $13m from $17m the prior quarter.

LTIFR was 0.00 (0.00).

Sadiola’s (38% attributable), production declined marginally to 35,000oz. Total cash costs increased by 54%
to $486/oz due to increased expenditure on drill and blast costs, owing to the harder material mined and
once-off claims from previous periods paid to mining contractors. Adjusted gross profit declined to $16m from
$17m the prior quarter.

The LTIFR improved to 0.00 (0.92).

Yatela’s (40% attributable), production increased 79% to 25,000oz, as higher-grade ore was mined from the
bottom of the pit. Total cash costs dropped 29% to $386/oz. Adjusted gross profit rose more than fourfold to
$13m from $3m the previous quarter.

The LTIFR was 0.00 (0.00).

TANZANIA

Geita’s gold production increased by 43% to 63,000oz due to significant increases in both tonnage
throughput and recovered grade, following last quarter’s downtime for mill repairs. Recovered grade
increases resulted from the processing of higher grade ore and improved recoveries. Total cash costs
consequently decreased 14% to $872/oz and the adjusted gross loss narrowed to $8m from $17m in the
previous quarter.

The LTIFR improved to 0.00 (0.41).

AUSTRALIA

Sunrise Dam’s gold production eased 4% to 94,000oz. While tonnes treated increased by 6%, the overall
yield declined by 9% as the additional ore was sourced from lower-grade stockpiles. The paste fill plant was
successfully commissioned at the end of the quarter and backfilling of the large Cosmo stopes commenced.
Backfilling of the primary Cosmo stopes will ensure complete extraction of this large, high grade ore body.
Total cash costs dropped 24% to A$661/oz ($503/oz), largely because of favourable stockpile and overall
operating efficiencies. Adjusted gross profit was A$38m ($29m) compared with A$18m ($12m) in the
previous quarter.

The LTIFR reduced to 0.00 (2.54).

SOUTH AMERICA

At Cerro Vanguardia, (92.5% attributable) production was 9% higher at 51,000oz due to a planned increase
in tons treated. Total cash costs fell 14% to $344/oz as a result of the higher output, greater by-product
credits from silver sales, a weaker Argentinean peso and lower payments for contracting services and spare
parts. Adjusted gross profit was $18m compared with $11m the previous quarter.

The LTIFR improved to 0.00 (6.32).

AngloGold Ashanti Brasil Mineração’s production increased 7% to 73,000oz. This was due mainly to
higher grades from the FGS and Serrotinho orebodies at the Cuiabá mine, as well as improved performance
from the heap leach at Córrego do Sítio following the heavy rainfall in the first quarter. Total cash costs were
little changed at $287/oz, as higher production and cost reduction initiatives on consumables countered the
impact of lower acid by-product credits and a stronger local currency. Adjusted gross profit was $35m
compared with $29m the previous quarter.

The LTIFR improved to 0.61 (2.51).

At Serra Grande (50% attributable), production soared 82% to 20,000oz, reflecting the full benefit of the
expansion project commissioned in February. Total cash costs declined 18% to $409/oz, as higher gold
production and cost reduction initiatives more than offset local currency appreciation and stockpile
movements. Adjusted gross profit was $7m, compared with $4m the previous quarter.

The LTIFR was little changed at 1.57 (1.52).

NORTH AMERICA

At Cripple Creek & Victor, gold production fell 7% to 52,000oz due to lower-than-expected returns from the
leach pad. Total cash costs rose 4% to $351/oz, primarily due to increased cyanide application, higher
maintenance and stores costs which were partially offset by lower royalty, diesel, and caustic costs. Adjusted
gross profit increased marginally to $24m from $23m in the prior quarter.

The LTIFR improved to 3.04 (4.52).

Notes:

· All references to price received includes realised non-hedge derivatives.
· In the case of joint venture and operations with minority holdings, all production and financial results are attributable to AngloGold
Ashanti.
· Rounding of figures may result in computational discrepancies.

Review of the gold market

Gold price movements and investment markets

The average spot price for gold for the second quarter was US$924/oz, 2% higher than the previous
quarter’s average of US$909/oz and almost the same as the highest quarterly average of US$925/oz
recorded in first quarter of last year.

Investment demand, the primary driver of the gold price in the first quarter of this year, became far less
conspicuous as the year wore on. The combined holdings of the nine major gold exchange-traded funds at
the start of the second quarter stood at around 53Moz and grew just 3% to 54.5Moz by the end of June.
Although this growth was by no means stellar, it is encouraging that these holdings demonstrated resilience
in a volatile price environment.

At the G20 summit in April, global leaders unveiled massive financial packages to stimulate the sagging
global economy. Amongst the initiatives proposed was the sale of 403t of the IMF’s gold reserves, a
surprising move for some investors that caused prices to suffer. The market is now focused on how the sale
will take place given that it was subsequently ratified by the US Senate. The likelihood is that the sales will
occur under the auspices of the Central Bank Accord, which may necessitate a third agreement given that
the current one expires in September. Alternatively the IMF’s holding may be disposed of in an off-market
sale to one or more central banks.

The other major consequence of the announcements made by the G20 was of an appetite for investment risk
in global markets. Equity indices, particularly in the Brazilian, Russian, Indian and Chinese markets, which
had sold off heavily in the earlier flight to cash, attracted huge investor interest. Industrial (bulk) commodities
which had crashed in the fourth quarter of 2008 began to rebound as China was rumoured to be replenishing
its inventories.

Despite the absence of new investment demand for gold as evidenced by the lack of growth in ETF holdings,
speculators on the COMEX and CBOT bought gold as the US dollar weakened and the “reflation” trade
swept oil prices up in its wake and with it, expectations of inflation. By the middle of May, the combined
speculative position on those exchanges was almost 25Moz, a level not seen since the third quarter of last
year.

The global economic crisis appears far from over despite some earlier optimism. At the G8 meeting in July a
more sobering outlook on the global economy emerged, suggesting that hopes for a rebound may have been
temporary. Also, the lack of clarity on a viable alternative global reserve currency to the US dollar continued
to underpin the greenback. These factors have weighed heavily on commodities and the gold price and are
likely to continue to do so for the medium term.

The US dollar felt the adverse effects of renewed risk appetite and weakened to its lowest level this year of
Euro/US$1.4337. The South African rand, Australian dollar and Brazilian real were once again beneficiaries
of some of this increased risk appetite. The rand was the best performer of these currencies, strengthening
20% from its opening rate of about US$/R 9.59 to close the quarter at US$/R 7.71. The outperformance of
the rand, relative to the Australian dollar and real, was helped by announcement of corporate deals in South
Africa’s telecommunications industry. The Australian dollar gained 15% over the quarter to close at about
A$/US$0.81 and the Brazilian real appreciated 16% to end the quarter at US$/BRL1.96.

Physical demand

Jewellery Sales

Most major markets continue to be affected by the global financial crisis, with negative first quarter trends
continuing, particularly in the United States and Middle East markets. Demand in China, however, continued
to hold firm.

India, the world’s largest gold market, appears to have turned the corner with an improved second quarter.
Indeed, during this period gold jewellery outperformed most other business sectors. The second quarter is
traditionally a strong one in the country as gold jewellery demand spikes on the auspicious festival of
Akshaya Trithya and the onset of the wedding season. Despite the financial crisis, year-on-year demand
during the festival only dropped from 51t to 46t. The success of the festival has bolstered gold sentiment and
encouragingly, some retailers are considering expansion again. Recycling was still high in the second
quarter at an estimated 60% of retail sales thus affecting gold imports into the country. However, since most
retailers will not pay cash for gold, the majority of recycled gold remains in the gold market.

In China, the second quarter is traditionally slower for jewellery sales and this quarter confirms that trend with
a quarter-on-quarter decline. While year-on-year second quarter jewellery demand is slightly down, this may
be seen as an indicator of Chinese gold market resilience as second quarter 2008 was particularly strong
and predated the full onset of the financial crisis. Demand for pure gold jewellery is still high, especially in
rural markets, with the investment appeal of pure gold keeping consumption levels robust in the face of the
economic crisis. Many retailers who used to focus on diamond, gem-set and platinum jewellery are now
forced to significantly increase their pure gold inventories as it’s by far the best performer in the sector.
Eighteen-carat gold sales are flat when compared with the first quarter but demand for lighter pieces has
increased, which is heartening. Activity in the scrap market has increased year-on-year but is down on the
first quarter as the gold price has been lower. In China, scrap represents an estimated 30% to 40% of total
gold jewellery sales and, as with India, most retailers do not accept cash in exchange for gold but instead
would recycle the metal for jewellery.

In the US, the current economic climate sees consolidation continuing throughout the value chain. Retail
sales on primary value gold products are down by 14% year-on-year. This negative trend is expected to
continue as gold jewellery demand will take longer to recover from the crisis, as is the case across the
US economy with discretionary spending on more expensive items. Gold jewellery imports are down over
40% year-on-year with jewellery retailers reluctant to increase inventories, choosing rather to recycle their
own stocks to bring out new, often lighter, jewellery designs. Consumer participation in recycling is limited.

In the Middle East, the global financial crisis continues to severely dampen jewellery demand, with an
estimated 15% drop in sales year-on-year. The traditional gold sales boost that accompanies the summer
festival was reduced with a 60% drop in tourists visiting Dubai. Gold jewellery sales started to improve in
April due to the wedding and holiday seasons stimulating sales. However, consumers preferred to buy lighter
pieces and half sets of jewellery due to the volatility of the gold price. Despite a negative quarter, there is
positive sentiment for the next quarter with sales anticipated to increase by at least 10%. The Egyptian
market continued to buck regional trends and remained firm in the second quarter, with a year-on-year
increase in trade demand. The lower gold price in this quarter helped bolster import demand as well as local
sales. Yemen, Sudan, Iraq and Algeria are considered promising emerging markets for a few major Gulf
players looking to expand.

Investment Market

As noted above, while ETF sales did not grow quarter-on-quarter, there was at least no net decline in
holdings despite price volatility. Coin and bar hoarding in China was down due to uncertainty about the gold
price, while in India demand remained robust for higher net-worth individuals. The Middle East experienced a
20% drop in coin sales. In the US bar and coin sales data are not yet available but it is anticipated that while
the second quarter may have lagged the first, it will still have grown compared with a year earlier. In the
second quarter it is probably no longer the case that increases in US gold investment demand offset the
decline in jewellery demand, as was the case in the first quarter. The prospect of rising inflation is expected
to strengthen gold investment demand in the US going forward.

Hedge position

As at 30 June 2009, AngloGold Ashanti had the following outstanding forward-pricing commitments against

future production. The total ounces committed on this date was 5.19Moz or 162t (as at 31 March 2009:

5.84Moz or 182t) and the total net delta tonnage of the hedge on this date was 4.41Moz or 137t (at 31 March

2009: 4.86Moz or 151t).

The marked-to-market value of all hedge transactions making up the hedge positions was a negative

$2.31bn (negative R17.84bn) as at 30 June 2009 (at 31 March 2009: negative $2.48bn – negative

R23.84bn). The value was based on a gold price of $929 per ounce, exchange rates of R7.71/$ and

A$/$0.8054 and the prevailing market interest rates and volatilities at the time.

As at 29 July 2009, the marked-to-market value of the hedge book was a negative $1.45bn (negative

R11.45bn), based on a gold price of $935.30/oz and exchange rates of R7.90/$ and A$/$0.82 and the

prevailing market interest rates and volatilities at the time.

These marked-to-market valuations are in no way predictive of the future value of the hedge position nor of

future impact on the revenue of the company. The valuation represents the cost of buying all hedge

contracts at the time of valuation, at market prices and rates available at the time.

The following table indicates the group’s commodity hedge position at 30 June 2009

Year

2009

2010

2011

2012

2013

2014-2015

Total

US DOLLAR GOLD

Forward contracts

Amount (oz)

*(1,100,067)

168,590

328,250

359,000

306,000

91,500

153,273

**US$/oz

$897

($101)

$342

$388

$408

$510

($3,790)

Put options sold

Amount (oz)

450,000

235,860

148,000

85,500

60,500

1,040,360

US$/oz

$814

$747

$623

$538

$440

$450

$706

Call options sold

Amount (oz)

560,000

1,173,630

1,281,770

811,420

574,120

709,470

5,110,410

US$/oz

$793

$572

$546

$635

$601

$606

$608

A DOLLAR GOLD

Forward contracts

Amount (oz)

*(31,000)

100,000

69,000

A$/oz

A$925

A$707

A$610

Call options purchased

Amount (oz)

40,000

100,000

140,000

A$/oz

A$694

A$712

A$707

*** Total net gold:

Delta (oz)

848,468 (1,188,743)

(1,481,476)

(1,052,744)

(814,031)

(719,507) (4,408,033)

Committed

(oz)

611,067

(1,342,220)

(1,610,020)

(1,170,420)

(880,120)

(800,970)

(5,192,683)

Indicates a net long position resulting from forward purchase contracts.

The price represents the average weighted price, combining both forward sales and purchases for the period.

***

The Delta of the hedge position indicated above is the equivalent gold position that would have the same marked-to-market sensitivity for a
small change in the gold price. This is calculated using the Black-Scholes option formula with the ruling market prices, interest rates and
volatilities as at 30 June 2009.

The following table indicates the group's currency hedge position at 30 June 2009

Year

2009

2010

2011

2012

2013 2014-2015

Total

RAND DOLLAR (000)
Put options purchased

Amount ($)

50,000

US$/R

R11.22

Put options sold

Amount ($)

50,000

US$/R

R9.73

Call options sold

Amount ($)

50,000

US$/R

R12.94

Rounding of figures may result in computational discrepancies.

Group's currency hedge position at 30 June 2009 (continued)

Year

2009

2010

2011

2012

2013 2014-2015

Total

A DOLLAR (000)
Forward contracts

Amount ($)

270,000

A$/US$

A$0.78

Put options purchased

Amount ($)

10,000

A$/US$

A$0.69

Put options sold

Amount ($)

10,000

A$/US$

A$0.76

Call options sold

Amount ($)

10,000

A$/US$

A$0.64

BRAZILIAN REAL (000)
Forward contracts

Amount ($)

39,000

US$/BRL

BRL 2.07

Fair value of derivative analysis by accounting designation

Normal sale

exempted

Cash flow

hedge

accounted

Non-hedge

accounted

Total

US Dollar (millions)

as at 30 June 2009

Commodity option contracts

(437)

–

(1,241)

(1,678)

Foreign exchange option contracts

–

Forward sale commodity contracts

(667)

(43)

(685)

Forward foreign exchange contracts

–

Interest rate swaps

(16)

–

Total hedging contracts

(1,120)

(43)

(1,183)

(2,346)

Option component of convertible bond

–

(158)

Warrants on shares

–

Total derivatives

(1,120)

(43)

(1,339)

(2,502)

Credit risk adjustment

(76)

(1)

(170)

(247)

Total derivatives - before credit risk adjustment

(1,196)

(44)

(1,509)

(2,749)

* Relates to B2Gold warrants

Post-close-out gold only hedge position report as at 25 July 2009

Year

2009

2010

2011

2012

2013

2014-2015

Total

US DOLLAR GOLD

Forward contracts

Amount (oz)

*(27,249)

*(198,860)

60,000

122,500

119,500

91,500

167,391

**US$/oz

$1,637

$763

$227

$418

$477

$510

($167)

Put options sold

Amount (oz)

335,000

235,860

148,000

85,500

60,500

925,360

US$/oz

$799

$747

$623

$538

$440

$450

$687

Call options sold

Amount (oz)

455,000

1,025,380

776,800

811,420

574,120

709,470

4,352,190

US$/oz

$881

$602

$554

$635

$601

$606

$629

A DOLLAR GOLD

Forward contracts

Amount (oz)

*(31,000)

100,000

69,000

A$/oz

A$925

A$707

A$609

Call options purchased

Amount (oz)

40,000

100,000

140,000

A$/oz

A$694

A$712

A$707

***Total net gold:

Delta (oz)

(184,904)

(696,906)

(751,334)

(824,731)

(632,117)

(724,938) (3,814,930)

Committed

(oz)

(356,751)

(826,520)

(836,800)

(933,920)

(693,620)

(800,970)

(4,448,581)

Indicates a net long position resulting from forward purchase contracts.

The price represents the average weighted price, combining both forward sales and purchases for the period.

***

Exploration

Total exploration expenditure during the second quarter, inclusive of expenditure at equity accounted

associates, was $43m ($23m brownfields, $20m greenfields), compared with $31m ($15m brownfields, $16m

greenfields) the previous quarter.

BROWNFIELDS EXPLORATION

In South Africa, surface drilling continued in the Project Zaaiplaats area with MMB5 continuing to drill

deflection 5 which is designed to intersect the Vaal Reef along the Jersey Fault cut-off. By the end of the

quarter, drilling had advanced from 2,653m to 2,874m. The Denny’s Reef was intersected at 2,859m and a

Vaal Reef intersection is now expected in August 2009. MZA9 continued drilling a long deflection to the east,

and reached a depth of 2,380m. The first reef intersection is only expected in the fourth quarter. MGR8

advanced to 3,023m. In the Moab North area, Borehole MCY4 was stopped after obstructions in the hole

could not be cleared. Rehabilitation and a move to MGR6 are underway. In the West Rand, drilling of UD51

commenced early in June. The hole is currently at a depth of 2,578m and is expected to intercept the VCR at

about 3,900m.

At Obuasi in Ghana, exploration continued with two holes advancing below 50 level. These holes are all

targeted at the Obuasi Fissure in the KMS Deeps area.

In Argentina, at Cerro Vanguardia, the exploration programme continued with 20,036m of Mineral Resource

delineation drilling, 8,643m of reconnaissance drilling and 2,159m drilling for the underground project. For

the El Volcan project initial exploration has started and a detailed airborne magnetometry survey is planned

for the summer.

In Australia, at Sunrise Dam, 10,007m were drilled from 35 diamond drill holes during the quarter. These

aimed to infill and extend surface and underground lodes within the immediate mine area. The extensions of

the high-grade GQ, Astro and Cosmo lodes were specifically targeted with significant intercepts being

obtained. The extensions of these lodes are likely to result in significant mineral resource additions and

results of their impact will be forthcoming in the next few months. Additional investigations on the extensions

to high-grade gold mineralisation that lies open below 1km vertical, continues. Assessment of the potential for

further internal cutback opportunities to Mega Pit are continuing and the outcomes of this work are anticipated

during the next period. The regional drilling at the Wilga project (AGA earning 70% from Chalice Ltd), located

10km from Sunrise Dam, commenced. During the period, 7,726m were drilled from 180 aircore holes with

results pending.

In Brazil, at the Córrego do Sítio Sulphide Project, drilling continued with 2,770m being drilled from surface

and 1,614m drilled from underground. At the Lamego project, 1,856m of surface drilling was completed. At

Serra Grande, drilling focused on Fiuca and Pequizão, with a total of 5,088m being drilled.

At Siguiri in Guinea, exploration continued to focus on the generation of new targets with soil sampling of

Setiguiya & Sintroko East, target delineation along the southern extension of Sintroko and selected drilling of

the combined pits. Mapping and modelling of pits and drill hole data has focused on developing the structural

setting and controls for the Siguiri mineralisation.

At Geita in Tanzania, focus for the quarter has been on target delineation, infill and extensional drilling.

Compilation and review of exploration targets has been completed with 41 targets identified and geological

reconnaissance of EM targets is now underway. At Kalondwa Hill, drilling is nearing completion, with

geological & structural mapping ongoing to assist with developing the geological understanding and controls.

Drill planning for Matandani-Kukuluma-Area 3 gaps is underway while at Chipaka, RC infill drilling has been

completed. Two diamond drill holes were completed at Star & Comet as part of Mineral Resource risk

amelioration.

At Morila, in Mali, diamond drilling was completed in April 2009 with no significant intersections. At Sadiola

and Yatela, steady progress is being made with the regional exploration programme with anomalous and

ore-grade intersections being returned from gravity anomalies close to Yatela (e.g. YN, YG3, YG6), in

addition to ore-grade intersections below the previously mined Alamoutala pit. A recent review of the

structural controls of the Sadiola & Yatela mineralisation, including satellite deposits such as Alamoutala and

the FE group, has highlighted significant potential for deeper drilling in order to target sulphide

mineralisation. Targets based on this interpretation are being developed and will be incorporated into the

current exploration programme.

At Navachab in Namibia, drilling continued with 60 holes, totalling 11,717m being completed. On-mine

exploration focused mainly on the HW vein down plunge extension project and the NP2 down plunge

extension. Regional exploration focused mainly on the Gecko project with 1,637m being drilled at Gecko

central and 300m being drilled in the Gecko south area. The exploration has now shifted to infill drilling which

is designed to close the gap between Gecko South and Gecko Central.

At Cripple Creek & Victor in the United States, drilling continues to evaluate the Squaw Gulch and North

Cresson areas with 17,404m being drilled. Drilling for the High Grade Study was focused along the east wall

of the Cresson deposit. There was very little drilling for the High Grade Study programme as the drills were

utilised in the evaluation of Squaw Gulch. Drilling will resume during the current quarter.

GREENFIELD EXPLORATION

Greenfield exploration activities were undertaken in eight regions during the quarter: the Americas, Australia,

China, the Democratic Republic of Congo, the Middle East, North Africa, Russia, Southeast Asia and Sub-

Saharan Africa. A total of 41,798m of DDH, RC and AC drilling was completed at existing priority targets and

used to delineate new targets in Australia.

In Australia the prefeasibility study on the Tropicana Joint Venture Project was completed during the

quarter. Work has continued simultaneously on defining exploration targets within trucking distance of

Tropicana. A total of 841 AC holes were drilled for 35,763m, 34 RC holes for 4,950m and 13 DDH holes for

1,680m. Auger sampling continued, with 18,762 samples collected across areas along the Tropicana-

Havana trend. RC and diamond drilling was focused around Tropicana Group mining leases with significant

results returned from RC drilling at Screaming Lizard, including 12m @ 2.46g/t Au and diamond drilling at

Havana South including 9m @ 7.22g/t Au from 259m and 13m @ 5.86g/t Au from 255m. The Havana South

holes targeted a zone of interpreted mineralisation between two bounding faults located outside of the

current pit shell. Significant aircore results include: 4m @ 0.44g/t from 16m at Medusa; 4m @ 1.2g/t from

12m and 4m @ 0.27g/t from 20m at Angels Kiss; as well as 4m @ 0.68g/t Au from 36m and 7m @ 0.27g/t

Au from 48m at Purple Haze. AC drilling commenced on the 230km

, wholly owned Bronco Plains project

located southwest of the Tropicana JV, with 36 holes for 2,721m completed. Assay results are outstanding.

In Colombia, Phase I and Phase II greenfield exploration was completed by AngloGold Ashanti and by its

joint venture partners B2Gold Corporation and Mineros S.A. At the wholly owned La Colosa project, an

exploration permit that allows for the continued drill evaluation of the exploration contract, in a limited area,

was awarded by the Colombian Ministry of Mines and Energy. The total area under exploration in Colombia

at the end of the quarter was 27,874km

Work in the rest of the Americas focused on target generation and property reviews, with good progress

made on increasing our footprint in Canada. A joint venture was signed with Laurentian Goldfields during

the quarter to advance greenfields exploration in Quebec, Ontario and Saskatchewan.

In China, exploration work is ongoing on the Jinchanggou project, while tenement applications on regional

targets and target-generation work is continuing elsewhere in the country.

In Southeast Asia, project generation activities and evaluation of opportunities are ongoing in a number of

areas.

In Sub-Saharan Africa, project generation work and property appraisal work continues in West, Central and

East Africa. In Gabon an 8,000km

authorisation permit over the Ogooue Property was awarded.

No drilling took place in the Democratic Republic of the Congo during the quarter. Outstanding results for

19 drill holes completed in late 2008 were received during the quarter. The best intersections received were

12m @ 16.31 g/t Au from 81m, 7m @ 24.47 g/t Au from 69m, 4m @ 10.5 g/t Au from 119m & 9m @ 7.6 g/t

Au from 88m.

A Strategic Alliance to explore and ultimately develop mining operations in the Middle East & North Africa

was formed between AngloGold Ashanti and Thani Investments during the second quarter.

Group operating results

Jun

Mar

Jun

Mar

Jun

2009

2008

2009

2008

2009

2008

2009

2008

OPERATING RESULTS
UNDERGROUND OPERATIONS
Milled

- 000 tonnes

/ - 000 tons

2,912

3,032

3,030

5,945

5,931

3,210

3,343

3,340

6,553

6,537

Yield

- g / t

/ - oz / t

6.33

6.22

7.08

6.27

7.02

0.185

0.181

0.206

0.183

0.205

Gold produced

- kg

/ - oz (000)

18,424

18,857

21,444

37,281

41,608

592

606

690

1,199

1,338

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

/ - 000 tons

3,345

3,264

2,875

6,608

5,701

3,687

3,598

3,169

7,284

6,284

Yield

- g / t

/ - oz / t

0.49

0.56

0.38

0.53

0.42

0.014

0.016

0.011

0.015

0.012

Gold produced

- kg

/ - oz (000)

1,653

1,824

1,100

3,477

2,418

112

OPEN-PIT OPERATIONS
Mined

- 000 tonnes

/ - 000 tons

43,894

45,352

44,336

89,246

90,890

48,385

49,992

48,872

98,377

100,189

Treated

- 000 tonnes

/ - 000 tons

6,487

5,737

6,164

12,224

12,496

7,151

6,324

6,795

13,475

13,774

Stripping ratio

- t (mined total - mined ore) / t mined ore

6.35

5.44

5.33

5.86

5.11

6.35

5.44

5.33

5.86

5.11

Yield

- g / t

/ - oz / t

1.92

1.99

2.25

1.95

2.17

0.056

0.058

0.066

0.057

0.063

Gold in ore

- kg

/ - oz (000)

8,231

7,750

12,411

15,981

24,677

265

249

399

514

793

Gold produced

- kg

/ - oz (000)

12,430

11,406

13,879

23,836

27,118

400

367

446

766

872

HEAP LEACH OPERATIONS
Mined

- 000 tonnes

/ - 000 tons

14,489

13,882

14,328

28,371

27,567

15,971

15,302

15,794

31,274

30,387

Placed

- 000 tonnes

/ - 000 tons

5,195

5,605

6,168

10,800

11,576

5,727

6,179

6,799

11,905

12,760

Stripping ratio

- t (mined total - mined ore) / t mined ore

1.67

1.51

1.45

1.59

1.44

1.67

1.51

1.45

1.59

1.44

Yield

- g / t

/ - oz / t

0.71

0.57

0.64

0.65

0.021

0.017

0.019

Gold placed

- kg

/ - oz (000)

3,692

3,220

3,929

6,912

7,542

119

104

126

222

242

Gold produced

- kg

/ - oz (000)

2,543

2,219

2,561

4,762

5,050

153

162

TOTAL
Gold produced

- kg

/ - oz (000)

35,050

34,306

38,984

69,356

76,194

1,127

1,103

1,253

2,230

2,450

Gold sold

- kg

/ - oz (000)

34,459

32,584

38,704

67,043

75,802

1,108

1,048

1,244

2,155

2,437

Price received

- R / kg

/ - $ / oz

- sold

241,505

273,109

(44,303)

256,862

67,390

897

858

(157)

878

289

Price received normalised for
accelerated settlement of non-
hedge derivatives

- R / kg

/ - $ / oz

- sold

241,505

273,109

178,796

256,862

181,303

897

858

717

878

736

Total cash costs

- R / kg

/ - $ / oz

- produced

127,956

141,552

108,195

134,681

106,429

472

445

434

458

433

Total production costs

- R / kg

/ - $ / oz

- produced

161,909

180,751

138,115

171,229

137,238

598

568

554

583

558

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

313

293

340

303

322

10.08

9.42

10.93

9.75

10.34

Actual

- g

/ - oz

289

287

320

288

311

9.30

9.23

10.27

9.27

10.00

CAPITAL EXPENDITURE

- Rm

/ - $m

2,228

2,381

2,357

4,608

4,287

261

241

304

502

561

Tonnes (tons) placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may result in computational discrepancies.

Quarter ended

Unaudited

Rand / Metric

Unaudited

Dollar / Imperial

Six month

ended

Six months

ended

Group income statement

Quarter

Six months

ended

June

March

June

2009

2008

2009

2008

Restated

SA Rand million

Notes

Unaudited

Revenue

6,817

6,824

7,950

13,641

14,813

Gold income

6,481

6,518

7,749

12,999

14,406

Cost of sales

(5,212)

(5,621)

(4,894)

(10,833)

(9,482)

Gain (loss) on non-hedge derivatives and other commodity contracts

1,783

205

(1,425)

1,987

(7,024)

Gross profit (loss)

3,051

1,102

1,431

4,153

(2,099)

Corporate administration and other expenses

(300)

(351)

(255)

(651)

(473)

Market development costs

(25)

(28)

(24)

(52)

(48)

Exploration costs

(243)

(221)

(266)

(465)

(534)

Other operating expenses

(51)

(50)

(48)

(102)

(16)

Operating special items

739

(60)

273

679

355

Operating profit (loss)

3,171

391

1,111

3,562

(2,815)

Interest received

101

190

181

Exchange gain (loss)

285

(16)

301

(26)

Fair value adjustment on option component of convertible bond

(123)

(123)

183

Finance costs and unwinding of obligations

(322)

(252)

(213)

(573)

(466)

Share of equity accounted investments' profit (loss)

160

223

(770)

383

(699)

Profit (loss) before taxation

3,263

476

225

3,739

(3,642)

Taxation

(915)

(384)

(471)

(1,299)

(323)

Profit (loss) after taxation from continuing operations

2,348

(246)

2,440

(3,965)

Discontinued operations
Profit from discontinued operations

191

188

Profit (loss) for the period

2,348

(55)

2,440

(3,777)

Allocated as follows:
Equity shareholders

2,304

(176)

2,305

(3,988)

Minority interest

121

135

211

2,348

(55)

2,440

(3,777)

Basic profit (loss) per ordinary share (cents)

Profit (loss) from continuing operations

642

(130)

643

(1,478)

Profit from discontinued operations

Profit (loss)

642

(62)

643

(1,412)

Diluted profit (loss) per ordinary share (cents)

Profit (loss) from continuing operations

641

(130)

641

(1,478)

Profit from discontinued operations

Profit (loss)

641

(62)

641

(1,412)

Calculated on the basic weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

Calculated on the diluted weighted average number of ordinary shares.

Group income statement

Quarter

Six months

ended

June

March

June

2009

2008

2009

2008

Restated

US Dollar million

Notes

Unaudited

Revenue

814

689

1,023

1,503

1,929

Gold income

773

658

997

1,431

1,876

Cost of sales

(617)

(568)

(632)

(1,185)

(1,239)

Gain (loss) on non-hedge derivatives and other commodity contracts

231

(248)

252

(620)

Gross profit

387

111

117

498

Corporate administration and other expenses

(36)

(35)

(33)

(71)

(62)

Market development costs

(3)

(3)

(6)

Exploration costs

(29)

(22)

(34)

(51)

(70)

Other operating expenses

(6)

(5)

(6)

(11)

(2)

Operating special items

(6)

Operating profit (loss)

406

445

(75)

Interest received

Exchange gain (loss)

(3)

(4)

Fair value adjustment on option component of convertible bond

(15)

(15)

Finance costs and unwinding of obligations

(39)

(25)

(28)

(64)

(61)

Share of equity accounted investments' profit (loss)

(97)

(88)

Profit (loss) before taxation

418

(35)

465

(180)

Taxation

(113)

(39)

(61)

(152)

(46)

Profit (loss) after taxation from continuing operations

304

(96)

313

(226)

Discontinued operations
Profit from discontinued operations

Profit (loss) for the period

304

(72)

313

(202)

Allocated as follows:
Equity shareholders

299

(87)

299

(229)

Minority interest

304

(72)

313

(202)

Basic profit (loss) per ordinary share (cents)

Profit (loss) from continuing operations

(39)

(90)

Profit from discontinued operations

Profit (loss)

(31)

(81)

Diluted profit (loss) per ordinary share (cents)

Profit (loss) from continuing operations

(39)

(90)

Profit from discontinued operations

Profit (loss)

(31)

(81)

Calculated on the basic weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

Calculated on the diluted weighted average number of ordinary shares.

Group statement of comprehensive income

Quarter

Six months

ended

June

March

June

2009

2008

2009

2008

Restated

SA Rand million

Unaudited

Profit (loss) for the period

2,348

(55)

2,440

(3,777)

Exchange differences on translation of foreign operations

(2,401)

176

(526)

(2,225)

4,173

Net loss on cash flow hedges reported in gold sales

322

530

523

852

1,017

Net gain (loss) on cash flow hedges

321

(171)

150

(763)

Hedge ineffectiveness on cash flow hedges

(15)

(2)

Realised gains (losses) on hedges of capital items

(15)

Deferred taxation thereon

(176)

(91)

(156)

(267)

(64)

510

289

416

799

188

Net (loss) gain on available for sale financial assets

(47)

(67)

Release on disposal of available for sale financial assets

(6)

Deferred taxation thereon

(1)

(3)

(1)

(4)

(48)

(1)

(57)

Actuarial loss recognised

Deferred taxation thereon

(3)

Other comprehensive (expense) income for the period net of tax

(1,939)

545

(111)

(1,394)

4,301

Total comprehensive income (expense) for the period net of tax

409

637

(166)

1,046

524

Allocated as follows:
Equity shareholders

361

540

(293)

901

306

Minority interest

127

145

218

409

637

(166)

1,046

524

Rounding of figures may result in computational discrepancies.

Group statement of comprehensive income

Quarter

Six months

ended

June

March

June

2009

2008

2009

2008

Restated

US Dollar million

Unaudited

Profit (loss) for the period

304

(72)

313

(202)

Exchange differences on translation of foreign operations

290

(16)

274

(76)

Net loss on cash flow hedges reported in gold sales

133

Net gain (loss) on cash flow hedges

(17)

(100)

Hedge ineffectiveness on cash flow hedges

(2)

Realised gains (losses) on hedges of capital items

(2)

Deferred taxation thereon

(24)

(9)

(20)

(33)

(8)

Net (loss) gain on available for sale financial assets

(4)

(9)

Release on disposal of available for sale financial assets

(1)

Deferred taxation thereon

(4)

(1)

(8)

Actuarial loss recognised

Deferred taxation thereon

Other comprehensive income (expense) for the period net of tax

340

126

361

(59)

Total comprehensive income (expense) for the period net of tax

644

674

(261)

Allocated as follows:
Equity shareholders

639

659

(289)

Minority interest

644

674

(261)

Rounding of figures may result in computational discrepancies.

Group statement of financial position

As at

June

March

December

June

2009

2008

SA Rand million

Note

Unaudited

ASSETS

Non-current assets
Tangible assets

37,111

41,404

41,081

53,040

Intangible assets

1,264

1,408

1,403

3,491

Investments in associates and equity accounted joint ventures

1,805

2,897

2,814

2,447

Other investments

820

704

625

633

Inventories

2,432

2,884

2,710

2,445

Trade and other receivables

696

716

585

584

Derivatives

Deferred taxation

390

477

475

533

Other non-current assets

281

44,564

50,525

49,725

63,454

Current assets
Inventories

5,212

5,877

5,663

5,206

Trade and other receivables

3,534

1,827

2,076

1,847

Derivatives

3,551

4,744

5,386

4,810

Current portion of other non-current assets

Cash restricted for use

487

443

415

547

Cash and cash equivalents

17,768

5,874

5,438

3,661

30,554

18,767

18,980

16,072

Non-current assets held for sale

669

9,104

7,497

31,223

27,871

26,477

16,082

TOTAL ASSETS

75,787

78,396

76,202

79,536

EQUITY AND LIABILITIES

Share capital and premium

37,547

37,513

37,336

22,495

Retained earnings and other reserves

(13,570)

(13,995)

(14,380)

(5,931)

Minority interests

792

893

790

637

Total equity

24,768

24,411

23,746

17,200

Non-current liabilities
Borrowings

12,857

9,147

8,224

7,361

Environmental rehabilitation and other provisions

3,492

3,934

3,860

3,853

Provision for pension and post-retirement benefits

1,279

1,299

1,293

1,247

Trade, other payables and deferred income

111

115

Derivatives

1,215

235

350

Deferred taxation

6,032

6,153

5,838

7,925

24,986

20,648

19,549

20,804

Current liabilities
Current portion of borrowings

7,846

9,745

10,046

10,093

Trade, other payables and deferred income

4,014

4,683

4,946

12,437

Derivatives

13,011

17,376

16,426

18,126

Taxation

1,098

803

1,033

876

25,969

32,607

32,451

41,532

Non-current liabilities held for sale

731

456

26,033

33,338

32,907

41,532

Total liabilities

51,019

53,986

52,456

62,336

TOTAL EQUITY AND LIABILITIES

75,787

78,396

76,202

79,536

Net asset value - cents per share

6,916

6,818

6,643

6,101

Rounding of figures may result in computational discrepancies.

Group statement of financial position

As at

June

March

December

June

2009

2008

Restated

US Dollar million

Note

Unaudited

ASSETS

Non-current assets
Tangible assets

4,813

4,320

4,345

6,771

Intangible assets

164

147

148

446

Investments in associates and equity accounted joint ventures

234

302

298

313

Other investments

106

Inventories

315

301

287

312

Trade and other receivables

Derivatives

Deferred taxation

Other non-current assets

5,780

5,271

5,259

8,101

Current assets
Inventories

676

613

599

665

Trade and other receivables

458

190

220

236

Derivatives

461

495

570

614

Current portion of other non-current assets

Cash restricted for use

Cash and cash equivalents

2,305

613

575

467

3,963

1,957

2,008

2,051

Non-current assets held for sale

950

793

4,050

2,907

2,801

2,052

TOTAL ASSETS

9,830

8,178

8,060

10,153

EQUITY AND LIABILITIES

Share capital and premium

5,508

5,503

5,485

3,624

Retained earnings and other reserves

(2,398)

(3,049)

(3,057)

(1,509)

Minority interests

103

Total equity

3,212

2,547

2,511

2,196

Non-current liabilities
Borrowings

1,668

954

870

940

Environmental rehabilitation and other provisions

453

410

408

492

Provision for pension and post-retirement benefits

166

135

137

159

Trade, other payables and deferred income

Derivatives

158

Deferred taxation

782

642

617

1,012

3,241

2,153

2,068

2,656

Current liabilities
Current portion of borrowings

1,018

1,017

1,063

1,288

Trade, other payables and deferred income

521

489

524

1,588

Derivatives

1,687

1,813

1,737

2,314

Taxation

142

109

112

3,368

3,402

3,433

5,301

Non-current liabilities held for sale

3,376

3,478

3,481

5,301

Total liabilities

6,617

5,631

5,549

7,957

TOTAL EQUITY AND LIABILITIES

9,830

8,178

8,060

10,153

Net asset value - cents per share

897

711

702

779

Rounding of figures may result in computational discrepancies.

Group statement of cashflows

Quarter

Six months

ended

June

March

June

2009

2008

2009

2008

Restated

SA Rand million

Unaudited

Cash flows from operating activities
Receipts from customers

6,928

6,404

7,991

13,332

14,527

Payments to suppliers and employees

(5,135)

(3,726)

(7,352)

(8,861)

(12,025)

Cash generated from operations

1,793

2,678

639

4,471

2,502

Cash utilised by discontinued operations

(16)

Dividend received from equity accounted investments

421

173

342

594

342

Taxation paid

(340)

(423)

(430)

(764)

(749)

Cash utilised for hedge book settlements

(749)

(774)

Net cash inflow (outflow) from operating activities

1,874

2,427

(215)

4,301

1,305

Cash flows from investing activities
Capital expenditure

(2,189)

(2,387)

(2,348)

(4,576)

(4,265)

Proceeds from disposal of tangible assets

7,156

7,173

243

Proceeds from disposal of assets of discontinued operations

Other investments acquired

(33)

(160)

(78)

(193)

(344)

Associates acquired

(9)

(9)

Proceeds on disposal of associate

396

Associates' loans repaid

Proceeds from disposal of investments

165

105

225

312

Decrease (increase) in cash restricted for use

(104)

(119)

(94)

(168)

Interest received

186

185

Loans advanced

(1)

(1)

(3)

Repayment of loans advanced

Net cash inflow (outflow) from investing activities

5,086

(2,370)

(1,846)

2,716

(3,536)

Cash flows from financing activities
Proceeds from issue of share capital

114

130

Share issue expenses

(6)

(4)

(11)

Proceeds from borrowings

7,092

10,938

1,903

18,030

3,107

Repayment of borrowings

(1,003)

(10,135)

(33)

(11,138)

(187)

Finance costs paid

(245)

(410)

(30)

(655)

(280)

Advanced proceeds from rights offer

Dividends paid

(178)

(49)

(178)

(202)

Net cash inflow from financing activities

5,853

325

1,818

6,178

2,531

Net increase (decrease) in cash and cash equivalents

12,813

382

(243)

13,195

300

Translation

(919)

(865)

115

Cash and cash equivalents at beginning of period

5,874

5,438

3,848

5,438

3,246

Cash and cash equivalents at end of period

17,768

5,874

3,661

17,768

3,661

Cash generated from operations
Profit (loss) before taxation

3,263

476

225

3,739

(3,642)

Adjusted for:
Movement on non-hedge derivatives and other commodity contracts

(525)

1,621

(244)

1,095

5,036

Amortisation of tangible assets

1,095

1,261

1,102

2,356

2,122

Finance costs and unwinding of obligations

322

252

213

573

466

Environmental, rehabilitation and other expenditure

(27)

(27)

(11)

Operating special items

(733)

(273)

(672)

(355)

Amortisation of intangible assets

Deferred stripping

(263)

(313)

(575)

(154)

Fair value adjustment on option components of convertible bond

123

(12)

123

(183)

Interest receivable

(92)

(97)

(101)

(190)

(181)

Share of equity accounted investments' (profit) loss

(160)

(223)

770

(383)

699

Other non-cash movements

(285)

134

(202)

116

Movements in working capital

(928)

(464)

(1,189)

(1,393)

(1,489)

1,793

2,678

639

4,471

2,502

Movements in working capital
Decrease (increase) in inventories

1,153

(440)

(677)

713

(2,117)

Decrease (increase) in trade and other receivables

131

(337)

(126)

(206)

(512)

(Decrease) increase in trade and other payables

(2,212)

313

(386)

(1,899)

1,140

(928)

(464)

(1,189)

(1,393)

(1,489)

Rounding of figures may result in computational discrepancies.

Group statement of cashflows

Quarter

Six months

ended

June

March

June

2009

2008

2009

2008

Restated

US Dollar million

Unaudited

Cash flows from operating activities
Receipts from customers

811

646

1,026

1,457

1,897

Payments to suppliers and employees

(575)

(378)

(937)

(953)

(1,593)

Cash generated from operations

236

268

504

304

Cash utilised by discontinued operations

(2)

Dividend received from equity accounted investments

Taxation paid

(40)

(43)

(56)

(83)

(101)

Cash utilised for hedge book settlements

(94)

Net cash inflow (outflow) from operating activities

255

243

(20)

498

151

Cash flows from investing activities
Capital expenditure

(257)

(241)

(303)

(499)

(558)

Proceeds from disposal of tangible assets

893

895

Proceeds from disposal of assets of discontinued operations

Other investments acquired

(5)

(16)

(10)

(21)

(45)

Associates acquired

(1)

(1)

Proceeds on disposal of associate

Associates' loans repaid

Proceeds from disposal of investments

Decrease (increase) in cash restricted for use

(10)

(16)

(9)

(23)

Interest received

Loans advanced

Repayment of loans advanced

Net cash inflow (outflow) from investing activities

650

(239)

(241)

411

(466)

Cash flows from financing activities
Proceeds from issue of share capital

Share issue expenses

(1)

(1)

Proceeds from borrowings

856

1,105

247

1,961

407

Repayment of borrowings

(111)

(1,024)

(4)

(1,135)

(25)

Finance costs paid

(31)

(41)

(3)

(72)

(37)

Advanced proceeds from rights offer

Dividends paid

(18)

(6)

(18)

(25)

Net cash inflow from financing activities

716

236

749

332

Net increase (decrease) in cash and cash equivalents

1,621

(25)

1,658

Translation

(26)

Cash and cash equivalents at beginning of period

613

575

475

575

477

Cash and cash equivalents at end of period

2,305

613

467

2,305

467

Cash generated from operations
Profit (loss) before taxation

418

(35)

465

(180)

Adjusted for:
Movement on non-hedge derivatives and other commodity contracts

(81)

164

365

Amortisation of tangible assets

130

127

142

258

278

Finance costs and unwinding of obligations

Environmental, rehabilitation and other expenditure

(3)

(3)

(1)

Operating special items

(92)

(36)

(85)

(47)

Amortisation of intangible assets

Deferred stripping

(31)

(32)

(62)

(20)

Fair value adjustment on option components of convertible bond

(2)

(24)

Interest receivable

(11)

(10)

(13)

(21)

(24)

Share of equity accounted investments' (profit) loss

(19)

(23)

(41)

Other non-cash movements

(36)

(28)

Movements in working capital

(94)

(49)

(146)

(144)

(217)

236

268

504

304

Movements in working capital
Increase in inventories

(74)

(34)

(115)

(108)

(164)

Increase in trade and other receivables

(44)

(32)

(23)

(76)

(39)

Increase (decrease) in trade and other payables

(8)

(14)

(94)

(49)

(146)

(144)

(217)

Rounding of figures may result in computational discrepancies.

Group statement of changes in equity

Cash

Available

Foreign

Share

Other

flow

for

Actuarial

currency

capital &

capital

Retained

hedge

sale

(losses)

translation

Minority

Total

SA Rand million

premium

reserves

earnings

reserve

gains

reserve

Total

interests

equity

Balance at December 2007 - restated

22,371

714

(5,524)

(1,634)

(108)

326

16,204

429

16,633

(Loss) profit for the period

(3,988)

211

(3,777)

Comprehensive income (expense)

181

(57)

(3)

4,173

4,294

4,301

Total comprehensive (expense) income

- - (3,988) 181 (57) (3) 4,173 306 218 524

Shares issued

124

Share-based payment for share awards

186

Dividends paid

(148)

Dividends of subsidiaries

(53)

Transfers to other reserves

(12)

Translation

(3)

(107)

(1)

(109)

(66)

Balance at June 2008 - restated

22,495

909

(9,672)

(1,560)

(109)

4,499

16,563

637

17,200

Balance at December 2008 - restated

37,336

799

(22,879)

(1,008)

(18)

(347)

9,073

22,956

790

23,746

Profit for the period

2,305

135

2,440

Comprehensive income (expense)

789

(2,225)

(1,404)

(1,394)

Total comprehensive income (expense)

- - 2,305 789 32 - (2,225) 901 145 1,046

Shares issued

211

Share-based payment for share awards

Dividends paid

(178)

Translation

(11)

(143)

(127)

Balance at June 2009

37,547

858

(20,752)

(199)

(345)

6,848

23,976

792

24,768

US Dollar million

Balance at December 2007 - restated

3,608

105

(1,020)

(240)

(16)

(67)

2,379

2,442

(Loss) profit for the period

(229)

(202)

Comprehensive income (expense)

(8)

(76)

(60)

(59)

Total comprehensive (expense) income

- - (229) 24 (8) - (76) (289) 28 (261)

Shares issued

Share-based payment for share awards

Dividends paid

(18)

Dividends of subsidiaries

(7)

Transfers to other reserves

(2)

Translation

(15)

(1)

(3)

Balance at June 2008 - restated

3,624

116

(1,269)

(199)

(14)

(143)

2,115

2,196

Balance at December 2008 - restated

5,485

(2,368)

(107)

(2)

(37)

(628)

2,428

2,511

Profit for the period

299

313

Comprehensive income

274

360

361

Total comprehensive income

- - 299 82 4 - 274 659 15 674

Shares issued

Share-based payment for share awards

Dividends paid

(18)

Translation

(1)

(8)

Balance at June 2009

5,508

111

(2,087)

(26)

(45)

(354)

3,109

103

3,212

Rounding of figures may result in computational discrepancies.

Segmental

reporting

for the quarter and six months ended 30 June 2009

Jun

Mar

Jun

Mar

Jun

2009

2008

2009

2008

2009

2008

2009

2008

Restated

Unaudited

Gold income
Southern Africa

3,391

3,045

3,141

6,437

5,675

404

307

404

712

739

Rest of Africa

1,701

1,482

3,435

3,182

5,389

202

150

439

352

697

Australia

(1)

(104)

626

522

819

(13)

110

South America

1,205

1,122

299

2,327

1,372

145

113

258

182

North America

288

243

782

531

1,151

100

148

6,481

6,518

7,749

12,999

14,406

773

658

997

1,431

1,876

Jun

Mar

Jun

Mar

Jun

2009

2008

2009

2008

2009

2008

2009

2008

Restated

Unaudited

Gross profit (loss) adjusted for
the gain (loss) on unrealised non-
hedge derivatives and other
commodity contracts
Southern Africa

1,186

1,684

(3,111)

2,868

(2,076)

143

170

(389)

313

(257)

Rest of Africa

645

557

(2,257)

1,202

(1,862)

(284)

134

(231)

Australia

234

(680)

330

(536)

(86)

(66)

South America

552

484

(692)

1,036

(331)

(87)

116

(39)

North America

193

222

(314)

415

(157)

(39)

(18)

Other

145

142

148

Sub-total

2,864

3,128

(6,909)

5,993

(4,814)

347

316

(866)

663

(592)

Less equity accounted investments

(353)

(364)

627

(718)

443

(42)

(37)

(79)

2,511

2,764

(6,282)

5,275

(4,371)

305

279

(787)

584

(537)

Jun

Mar

Jun

Mar

Jun

2009

2008

2009

2008

2009

2008

2009

2008

Restated

Unaudited

Adjusted gross profit (loss)
normalised for accelerated
settlement of non-hedge
derivatives
Southern Africa

1,186

1,684

1,092

2,868

2,127

143

170

140

313

273

Rest of Africa

645

557

308

1,202

704

134

Australia

234

330

201

South America

552

484

245

1,036

606

116

North America

193

222

132

415

289

Other

142

Sub-total

2,864

3,128

1,853

5,993

3,948

347

316

239

663

513

Less equity accounted investments

(353)

(364)

(117)

(718)

(301)

(42)

(37)

(15)

(79)

(39)

2,511

2,764

1,736

5,275

3,647

305

279

224

584

474

Rounding of figures may result in computational discrepancies.

SA Rand million

AngloGold Ashanti has implemented IFRS8 “Operating Segments” with effect from 1 January 2009 and this has resulted in a change to the segmental information reported
by Anglogold Ashanti. Comparative information has been presented on a consistent basis. AngloGold Ashanti’s operating segments are being reported based on the
financial information provided to the Chief Executive Officer and the Executive Management team, collectively identified as the Chief Operating Decision Maker. Individual
members of the Executive Management team are responsible for geographic regions of the business.

US Dollar million

Quarter ended

Six months ended

Quarter ended

Six months ended

(1)

The gold loss for Australia is due to the differing accounting treatment of normal sale exempted contracts and realised non-hedge derivatives. Normal sale exempted

contracts are disclosed under "gold income" whilst realised non-hedge derivatives are disclosed under "non-hedge derivative and other commodity contracts". On an
aggregated basis the loss on "gold income" and the significant gain on the "non-hedge derivatives" resulted in a total gold price received of $892/oz.

Quarter ended

Six months ended

Quarter ended

Six months ended

SA Rand million

US Dollar million

SA Rand million

US Dollar million

Quarter ended

Six months ended

Quarter ended

Six months ended

Segmental reporting (continued)

Jun

Mar

Jun

Mar

Jun

2009

2008

2009

2008

2009

2008

2009

2008

Restated

Unaudited

Gold production

(1)

Southern Africa

14,011

14,954

17,370

28,965

33,337

450

481

558

931

1,072

Rest of Africa

12,006

10,649

12,170

22,655

24,168

386

342

391

728

777

Australia

2,928

3,041

3,529

5,969

7,236

114

192

233

South America

4,488

3,926

4,066

8,414

7,814

144

126

131

271

251

North America

1,617

1,736

1,849

3,353

3,639

108

117

35,050

34,306

38,984

69,356

76,194

1,127

1,103

1,253

2,230

2,450

Jun

Mar

Jun

Mar

Jun

2009

2008

2009

2008

2009

2008

2009

2008

Restated

Unaudited

Capital expenditure

(1)

Southern Africa

821

692

686

1,513

1,225

165

160

Rest of Africa

316

377

523

693

801

105

Australia

538

940

824

1,478

1,627

106

161

213

South America

346

286

261

632

476

North America

190

269

140

Other

2,228

2,381

2,357

4,608

4,287

261

241

304

502

561

As at

Jun

Mar

Dec

Jun

Mar

Dec

Jun

2009

2008

2009

2008

Restated

Unaudited

Total assets
Southern Africa

20,775

20,741

20,244

20,376

2,695

2,164

2,141

2,601

Rest of Africa

20,627

25,555

24,405

33,114

2,675

2,666

2,581

4,227

Australia

12,395

14,053

12,936

12,632

1,608

1,466

1,368

1,613

South America

8,564

10,583

10,386

8,473

1,111

1,104

1,098

1,082

North America

4,757

5,594

5,422

4,351

617

584

573

555

Other

9,167

2,783

3,658

1,278

1,189

290

388

163

76,285

79,309

77,051

80,225

9,894

8,274

8,149

10,241

Less equity accounted investments

(498)

(913)

(849)

(688)

(65)

(96)

(89)

(88)

Total assets

75,787

78,396

76,202

79,536

9,830

8,178

8,060

10,153

Rounding of figures may result in computational discrepancies.

SA Rand million

oz (000)

Six months ended

Quarter ended

Six months ended

Quarter ended

US Dollar million

(1)

Gold production and capital expenditure includes equity accounted investments.

SA Rand million

US Dollar million

Six months ended

Quarter ended

Six months ended

Quarter ended

Notes

for the quarter and six months ended 30 June 2009

1. Basis of preparation

The financial statements in this quarterly report have been prepared in accordance with the historic cost convention
except for certain financial instruments which are stated at fair value. Except for the change in accounting policy
described in note 15, the group’s accounting policies used in the preparation of these financial statements are
consistent with those used in the annual financial statements for the year ended 31 December 2008 and revised
International Financial Reporting Standards (IFRS) which are effective 1 January 2009, where applicable, with the
only significant changes arising from IAS1 (revised) – “Presentation of Financial Statements” and IFRS8 “Operating
Segments”. As a result of the revision of IAS1, a Statement of comprehensive income, which discloses non owner
changes in equity, and a Statement of changes in equity are presented. The effects of the adoption of IFRS8 are
disclosed in Segmental Reporting.

The financial statements of AngloGold Ashanti Limited have been prepared in compliance with IAS34, JSE Listings
Requirements and in the manner required by the South African Companies Act, 1973 for the preparation of financial
information of the group for the quarter and six months ended 30 June 2009.

2. Revenue

Quarter ended

Six months ended

Quarter ended

Six months ended

Jun

Mar

Jun Jun Jun Jun Mar

Jun

2009

2008

2009

2008

2009

2008

2009

2008

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Gold income

6,481

6,518

7,749 12,999 14,406

773

658

997

1,431

1,876

By-products (note 3)

244

208

100 452 226 30

Interest received

101 190 181 11

6,817

6,824

7,950 13,641 14,813

814

689

1,023

1,503

1,929

Cost of sales

Quarter ended

Six months ended

Quarter ended

Six months ended

Jun Mar Jun

Jun

Mar Jun Jun Jun

2009 2009 2008

2009

2008

2009

2009 2008 2009 2008

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Cash operating costs

(4,280)

(4,628) (3,864)

(8,909)

(7,376)

(507)

(467) (498) (976) (962)

By-products revenue (note 2)

244

208

100 452 226 30

By-products cash operating costs

(105)

(96) (86)

(201)

(164)

(13)

(10) (11) (22) (22)

(4,141)

(4,516) (3,850)

(8,658)

(7,314)

(490)

(456) (496) (947) (955)

Other cash costs

(182)

(207) (156)

(389)

(361)

(22)

(21) (21) (42) (47)

Total cash costs

(4,323)

(4,723) (4,006)

(9,046)

(7,675)

(512)

(477) (517) (989)

(1,003)

Retrenchment costs

(40)

(14) (15)

(55)

(42)

(5)

(1) (2) (6) (5)

Rehabilitation and other non-cash
costs

(32)

(59) (16)

(91)

(119)

(4)

(6) (2)

(10) (15)

Production costs

(4,395)

(4,796) (4,037)

(9,192)

(7,836)

(521)

(484) (521)

(1,005)

(1,023)

Amortisation of tangible assets

(1,095)

(1,261) (1,102)

(2,356)

(2,122)

(130)

(127) (142) (258) (278)

Amortisation of intangible assets

(4)

(6) (4)

(10)

(8)

(1)

(1) -

(1)

Total production costs

(5,495)

(6,063) (5,143)

(11,558)

(9,966)

(652)

(612) (663)

(1,264)

(1,302)

Inventory change

282

442

249 725 484 34

(5,212)

(5,621) (4,894)

(10,833)

(9,482)

(617)

(568) (632)

(1,185)

(1,239)

Rounding of figures may result in computational discrepancies.

Gain (loss) on non-hedge derivatives and other commodity contracts

Quarter ended

Six months ended

Quarter ended

Six months ended

Jun Mar Jun

Jun

Mar Jun Jun Jun

2009 2009 2008

2009

2008

2009

2009 2008 2009 2008

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Gain (loss) on realised non-hedge
derivatives

1,243

1,867

(1,119)

3,109

(1,278)

149

189

(142)

338

(164)

Realised loss on other commodity
contracts

(253)

(32)

Loss on accelerated settlement of
non-hedge derivatives

(7,765)

(979)

Gain (loss) on unrealised non-hedge
derivatives

540

(1,662) 7,673 (1,122)

2,210

(168) 899

(86) 547

Unrealised gain on other commodity
physical borrowings

Provision reversed for gain on future
deliveries of other commodities

1,783

205

(1,425)

1,987

(7,024)

231

(248)

252

(620)

Other operating expenses

Quarter ended

Six months ended

Quarter ended

Six months ended

Jun Mar Jun

Jun

Mar Jun Jun Jun

2009 2009 2008

2009

2008

2009

2009 2008 2009 2008

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Pension and medical defined benefit
provisions

(24)

(24) (24)

(48)

(3)

(2) (3) (5) (6)

Claims filed by former employees in
respect of loss of employment,
work-related accident injuries and
diseases, governmental fiscal
claims and costs of old tailings
operations

(24)

(26) (27)

(51)

33 (3)

(3) (3) (6) 5

Miscellaneous

(3)

(3)

(1)

(51)

(50) (48)

(102)

(16)

(6)

(5) (6)

(11) (2)

Operating special items

Quarter ended

Six months ended

Quarter ended

Six months ended

Jun Mar Jun

Jun

Mar Jun Jun Jun

2009 2009 2008

2009

2008

2009

2009 2008 2009 2008

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Reimbursement (under provision) of
indirect tax expenses

(3) 49 9 76 2

Siguiri royalty payment calculation
dispute with the Guinean
Administration

(27)

(4)

ESOP and BEE costs resulting
from rights offer

(76)

(10)

Impairment of tangible assets (note 8)

(1)

(3)

Loss on consignment stock

(116)

(116)

(15)

(15)

Provision for bad debt - Pamodzi Gold

(3)

(63) -

(66)

- -

(6) -

Profit on disposal and abandonment
of land, mineral rights, tangible
assets and exploration properties
(note 8)

(1)

839

272 844 356 105

105

Insurance claim recovery (note 8)

Profit on disposal of investment in
associate (note 8)

739

(60) 273 679 355 92

(6)

(1)

AngloGold Ashanti concluded the sale of its indirect 33.3% joint venture interest in the Boddington Gold Mine in Western Australia to Newmont
Mining Corporation resulting in a profit on disposal of $107m (R859m).

Rounding of figures may result in computational discrepancies.

7. Taxation

Quarter ended

Six months ended

Quarter ended

Six months ended

Jun Mar Jun

Jun

Mar Jun Jun Jun

2009 2009 2008

2009

2008

2009

2009 2008 2009 2008

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

South African taxation
Mining tax

(108)

252

(108)

(13)

(13)

(1)

Non-mining tax

(126)

(30) (5)

(156)

(46)

(15)

(3) (1) (18) (7)

Under provision prior year

(13)

(16) (28)

(29)

(51)

(2)

(2) (4) (3) (6)

Deferred taxation:
Temporary differences

(322) 890 (310)

859

(33) 112 (30) 108

Unrealised non-hedge derivatives
and other commodity contracts

(238)

168

(1,458)

(71)

(746)

(30)

(183) (13) (95)

Change in statutory tax rate

(473)

(200) (349)

(673)

86 (58)

(20) (44) (78) 8

Foreign taxation
Normal taxation

(1)

(379)

(137) (158)

(516)

(336)

(46)

(14) (21) (59) (45)

(Under) over provision prior year

(3)

(11) -

(14)

36 -

(1) -

(1) 5

Deferred taxation:
Temporary differences

(155)

(48) 121 (203)

(17)

(21)

(5) 15

(26) (3)

Unrealised non-hedge derivatives
and other commodity contracts

(85)

106

(92)

(11)

(12)

(442)

(183) (122)

(626)

(409)

(55)

(18) (16) (74) (54)

Total taxation

(915)

(384) (471)

(1,299)

(323)

(113)

(39) (61) (152) (46)

(1)

Includes taxation of $25m (R200m) relating to the sale of its indirect 33.3% joint venture interest in the Boddington Gold Mine in Western Australia to
Newmont Mining Corporation.

Headline earnings (loss)

Quarter ended

Six months ended

Quarter ended

Six months ended

Jun Mar Jun

Jun

Mar Jun Jun Jun

2009 2009 2008

2009

2008

2009

2009 2008 2009 2008

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

The profit (loss) attributable to
equity shareholders has been
adjusted by the following to arrive
at headline earnings (loss):
Profit (loss) attributable to equity
shareholders

2,304

(176)

2,305

(3,988)

299

(87)

299

(229)

Impairment of tangible assets
(note 6)

Profit on disposal and abandonment
of land, mineral rights, tangible
assets and exploration properties
(note 6)

(839)

(6) (272)

(844)

(356)

(105)

(1) (35) (105) (46)

Insurance claim recovery (note 6)

(7)

(7)

(1)

(1)

Profit on disposal of investment in
associate (note 6)

(29)

(4)

Profit on disposal of discontinued
assets

(217)

(27)

Impairment of investment in
associates

Loss (profit) on disposal of assets
in associate

(23)

(3)

Taxation on items above – current
portion

201

205

Taxation on items above – deferred
portion

(32)

(1) (7)

(32)

4 (4)

(1) (4) -

Discontinued operations taxation on
items above

(6)

(1)

Headline earnings (loss)

1,631

(713)

1,631

(4,593)

215

(156)

215

(307)

Cents per share

(1)

Headline earnings (loss)

455

(252)

455

(1,626)

(55)

(109)

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

Rounding of figures may result in computational discrepancies.

Number of shares

Quarter ended

Six months ended

Jun

Mar

Jun Jun Jun

2009

2008 2009 2008

Unaudited

Authorised number of shares:
Ordinary shares of 25 SA cents each

600,000,000 400,000,000 400,000,000 600,000,000 400,000,000

E ordinary shares of 25 SA cents each

4,280,000

4,280,000 4,280,000

4,280,000

A redeemable preference shares of 50 SA cents each

2,000,000

2,000,000 2,000,000

2,000,000

B redeemable preference shares of 1 SA cent each

5,000,000

5,000,000 5,000,000

5,000,000

Issued and fully paid number of shares:
Ordinary shares in issue

354,241,602 354,135,912 277,894,808

354,241,602

277,894,808

E ordinary shares in issue

3,879,290

3,927,894

4,042,865

3,879,290

4,042,865

Total ordinary shares:

358,120,892 358,063,806 281,937,673

358,120,892

281,937,673

A redeemable preference shares

2,000,000

2,000,000 2,000,000

2,000,000

B redeemable preference shares

778,896

778,896

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

Ordinary shares

354,198,056 353,635,884 277,825,711

353,918,523

277,742,234

E ordinary shares

3,896,280

3,940,464 4,064,751

3,918,250

4,093,776

Fully vested options

551,521

805,303

607,752

670,465

630,553

Weighted average number of shares

358,645,857 358,381,651 282,498,214

358,507,238

282,466,563

Dilutive potential of share options

897,098

907,306

Diluted number of ordinary shares

(1)

359,542,955 358,381,651 282,498,214

359,414,544

282,466,563

(1) The basic and diluted number of ordinary shares is the same for the March 2009 quarter, June 2008 quarter and six months ended June 2008 as the

effects of shares for performance related options are anti-dilutive.

10. Share capital and premium

As at

Jun

Mar

Dec

Jun

Jun Mar Dec Jun

2009

2008

2009 2009 2008 2008

Restated Restated Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Balance at beginning of period

38,248

38,248 23,324 23,324 5,625

5,625

3,752

Ordinary shares issued

202 173 14,946

113

1,875

E ordinary shares cancelled

(11)

(5)

(22)

(12)

(1)

(1) (3) (2)

Sub-total

38,439

38,416 38,248 23,425 5,645

5,642

5,625

3,765

Redeemable preference shares
held within the group

(313)

(313)

(53)

(53) (53) (53)

Ordinary shares held within the group

(264)

(270)

(273)

(281)

(38)

(39) (40) (40)

E ordinary shares held within group

(315)

(321)

(326)

(335)

(46)

(47) (47) (48)

Balance at end of period

37,547

37,513 37,336 22,495 5,508

5,503

5,485

3,624

11. Exchange rates

Jun

Mar

Dec

Jun

2009

2008

Unaudited Unaudited Unaudited Unaudited

ZAR/USD average for the year to date

9.18

9.90

8.25

7.64

ZAR/USD average for the quarter

8.40

9.90

9.92

7.76

ZAR/USD closing

7.71

9.59

9.46

7.83

ZAR/AUD average for the year to date

6.49

6.58

6.93

7.08

ZAR/AUD average for the quarter

6.42

6.58

6.67

7.32

ZAR/AUD closing

6.21

6.60

6.57

7.54

BRL/USD average for the year to date

2.20

2.31

1.84

1.70

BRL/USD average for the quarter

2.07

2.31

2.28

1.65

BRL/USD closing

1.96

2.33

2.34

1.59

ARS/USD average for the year to date

3.63

3.54

3.16

3.14

ARS/USD average for the quarter

3.73

3.54

3.33

3.12

ARS/USD closing

3.80

3.71

3.45

3.03

Rounding of figures may result in computational discrepancies.

12. Capital commitments

Jun

Mar

Dec

Jun

Mar

Dec

Jun

2009 2009 2008 2008 2009

2009

2008

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Orders placed and outstanding on capital contracts at the
prevailing rate of exchange

(1)

1,333

1,721 775

2,709 173

180

346

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

Liquidity and capital resources:

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

Cash generated from operations is subject to operational, market and other risks. Distributions from operations may be
subject to foreign investment and 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 financing arrangements contain financial covenants and other similar undertakings. To the
extent that external borrowings are required, the groups 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 these facilities can be refinanced.

13. Contingent liabilities

AngloGold Ashanti’s material contingent liabilities at 30 June 2009 are detailed below:

Groundwater pollution – South Africa – AngloGold Ashanti has identified a number of groundwater pollution sites at its
operations in South Africa and has investigated a number of different technologies and methodologies that could
possibly be used to remediate the pollution plumes. Numerous scientific, technical and legal reports have been
produced and remediation of the polluted soil and groundwater is the subject of continued research. Subject to the
technology being developed as a proven remediation technique, no reliable estimate can be made for the obligation.

Deep groundwater pollution – South Africa – AngloGold Ashanti has identified a flooding and future pollution risk
posed by deep groundwater, due to the interconnected nature of operations in the West Wits and Vaal River
operations in South Africa. The Company is involved in task teams and other structures to find long-term sustainable
solutions for this risk, together with industry partners and government. As there is too little information for the accurate
estimate of a liability, no reliable estimate can be made for the obligation.

Soil and Sediment Pollution – South Africa – AngloGold Ashanti identified offsite pollution impacts in the West Wits
area, resulting from a long period of gold and uranium mining activity by a number of mining companies as well as
millennia of weathering of natural reef outcrops in the catchment areas. Investigations are being conducted but no
reliable estimate can be made for the obligation.

Provision of surety – South Africa – AngloGold Ashanti has provided sureties in favour of a lender on a gold loan
facility with its affiliate OroAfrica (Pty) Ltd and one of its subsidiaries to a maximum value of R100m ($13m) (31 March
2009: R100m, $10m). The suretyship agreements have a termination notice period of 90 days.

Rehabilitation obligation – Australia – With effect from 26 June 2009 the sales agreement for the 33.3% Boddington
joint venture (BJV) to Newmont Mining Corporation (Newmont) was effective. The BJV operated tenements have
rehabilitation obligations and such obligations will cease when the tenements titles are legally transferred to Newmont,
as the sole owner of the BJV, fulfils the rehabilitation obligation for the AngloGold Ashanti registered tenements.
Newmont has unconditionally and irrecoverably guaranteed the due and punctual performance of the rehabilitation
obligations and agreed to indemnify AngloGold Ashanti for any claims or liabilities that may arise from the AngloGold
Ashanti registered tenements.

Sales tax on gold deliveries – Brazil – Mineração Serra Grande S.A. (MSG), the operator of the Crixas mine in Brazil,
has received two tax assessments from the State of Goiás related to payments of sales taxes on gold deliveries for
export, including one assessment for the period between February 2004 and June 2005 and the other for the period
between July 2005 and May 2006. The tax authorities maintain that whenever a taxpayer exports gold mined in the
state of Goiás, through a branch located in a different Brazilian State, it must obtain an authorisation from the Goiás
State Treasury by means of a Special Regime Agreement (Termo de Acordo re Regime Especial – TARE). The MSG
operation is co-owned with Kinross Gold Corporation. AngloGold Ashanti Brasil Mineração Ltda. manages the
operation and its attributable share of the first assessment is approximately $41m (31 March 2009: attributable $35m).
Although MSG requested the TARE in early 2004, the TARE, which authorised the remittance of gold to the
company’s branch in Minas Gerais specifically for export purposes, was only granted and executed in May 2006.

In November 2006 the administrative council’s second chamber ruled in favour of MSG and fully cancelled the tax
liability related to the first period. The State of Goiás has appealed to the full board of the State of Goiás tax
administrative council. The second assessment was issued by the State of Goiás in October 2006 on the same
grounds as the first one, and the attributable share of the assessment is approximately $25m (31 March 2009:
attributable $21m). The company believes both assessments are in violation of Federal legislation on sales taxes.

VAT Disputes – Brazil – MSG received a tax assessment in October 2003 from the State of Minas Gerais related to
sales taxes on gold allegedly returned from the branch in Minas Gerais to the company head office in the State of
Goiás. The tax administrators rejected the company’s appeal against the assessment. The company is now appealing
the dismissal of the case. The company’s attributable share of the assessment is approximately $8m (31 March 2009:
attributable $6m).

Tax Disputes – Brazil – Morro Velho, AngloGold Ashanti Brasil Mineração, Mineração Serra Grande and São Bento
Mineração are involved in disputes with tax authorities. These disputes involve federal tax assessments including
income tax, royalties, social contributions and annual property tax based on ownership of properties outside of urban
perimeters (ITR). The amount involved is approximately $16m (31 March 2009: attributable $14m).

14. Concentration of risk

The previously reported concentration of risk relating to the reimbursable value added tax and fuel duties due by the
Government of Mali was addressed by the protocol entered with the Government of Mali in March 2009 by the
management of Sadiola and Yatela. The protocol provides for the repayment of the outstanding amounts audited to
the end of June 2008. Management at Morila continues to apply the provisions of the article in the establishment
convention which allows for the offset of taxes due against taxes payable.

At the end of June 2009 a total attributable amount of $16m (31 March 2009: attributable $29m) was outstanding ($3m
at Sadiola, $11m at Yatela and $2m at Morila). Subsequent to the quarter end an attributable amount of $9m was
refunded to Yatela.

There is a concentration of risk in respect of reimbursable value added tax and fuel duties from the Tanzanian
government:

•

Reimbursable value added tax due from the Tanzanian government amounts to $17m at 30 June 2009
(31 March 2009: $16m). The last audited value added tax return was for the period ended 31 May 2009 and at
the balance sheet date was $16m. The outstanding amounts at Geita have been discounted to their present
value at a rate of 7.8%.

•

Reimbursable fuel duties from the Tanzanian government amounts to $44m at 30 June 2009 (31 March
2009: $39m). Fuel duty claims are required to be submitted after consumption of the related fuel and are subject
to authorisation by the Customs and Excise authorities. Claims for refund of fuel duties amounting to $41m have
been audited and lodged with the Customs and Excise authorities, whilst claims for refund of $3m have not yet
been lodged. The outstanding amounts have been discounted to their present value at a rate of 7.8%.

15. Change in accounting policy

Effective 1 January 2008, the group changed its accounting policy for the accounting of jointly controlled entities. In
terms of IAS31 “Interests in Joint Ventures” the group previously proportionately consolidated jointly controlled
entities. During 2008 the group decided to change its accounting policy to account for these entities using the equity
method, the alternative treatment permitted by IFRS. Management has concluded that the change in accounting
policy will result in more reliable and relevant information and is in accordance with international trends in
accounting. Comparative information is this report has been restated in order to reflect the adoption of the revised
accounting policy for the accounting of jointly controlled entities.

In terms of IAS 21 “The Effects of Changes in Foreign Exchange Rates”, the group has previously presented equity
at the closing rate of exchange. During the current year the group changed its accounting policy to account for
equity using historical rates of exchange. Management’s judgement is that the change in accounting policy will
provide more relevant and reliable information when the group is compared to its gold mining peers, as they report
their equity at historical rates of exchange. The effects of the change in accounting policy have been calculated
retrospectively and are as follows as at 31 December 2008 and 2007:

Share capital and premium - US Dollar million

2008 2007

Previously at closing rate

3,425

3,292

Restated at historical rate

3,752

3,713

Impact on translation

327 421

16. Borrowings

AngloGold Ashanti’s borrowing are interest bearing.

17. Post balance sheet events

During July 2009, AngloGold Ashanti continued executing on its previously communicated board approved strategy
to reduce its outstanding gold derivatives position. The strength of the Company’s balance sheet and
management’s view of a robust macroeconomic environment for gold, resulted in the accelerated settlement of
certain outstanding gold derivative positions. These accelerated settlements, together with the normal scheduled
delivery for the second quarter, reduced the total committed ounces to 4.45Moz at 25 July 2009, from 5.84Moz at
31 March 2009, the end of the first quarter. The restructure was funded from available cashflows, resulting in a net
cash outflow of approximately $797m, which will be reflected in the Company’s financial statements for the third
quarter ending 30 September 2009.

The majority of the ounces affected by the abovementioned restructure were designated as Normal Purchase
Normal Sale Exempted (‘NPSE’) contracts, allowing them to be accounted for off balance sheet. As a
consequence, International Accounting Standard (‘IAS’) 39 ‘Financial Instruments: Recognition and measurement’,
now require all of the contracts that were previously classified as NPSE to be re-designated as non-hedge
derivatives, accounted for at fair value on the balance sheet with adjustments accounted for through the income
statement. Based on the fair values as at 30 June 2009, the income statement impact of this re-designation is
estimated to be approximately $1.1bn, of which approximately $0.5bn remains unrealised as at 25 July 2009. The
effects of this re-designation will be reflected in the third quarter, ending 30 September 2009, financial statements.

18. Announcements

On 9 April 2009, AngloGold Ashanti announced changes to its board. Mr R E Bannerman and Mr J H Mensah are
to retire from the board at the close of the annual general meeting held on 15 May 2009, while Prof L W Nkuhlu
resigned from the board on 5 May 2009, following the filing with the SEC of its 2008 annual report on Form 20-F.

On 18 May 2009, AngloGold Ashanti launched an offering of convertible bonds issued by its wholly-owned
subsidiary, AngloGold Ashanti Holdings Finance plc, unconditionally and irrevocably guaranteed by AngloGold
Ashanti Limited. The net proceeds of the offering will be used to refinance AngloGold Ashanti’s debt facilities and
for general corporate purposes.

On 25 May 2009, AngloGold Ashanti announced that Professor Wiseman Nkuhlu would re-join the board of
AngloGold Ashanti, and was appointed chairman of the audit and corporate governance committee, with effect from
1 June 2009.

On 25 May 2009, AngloGold Ashanti gave notice of the seismic events at its Savuka mine in South Africa. A
further announcement was made on 10 June 2009 in which it was reported that the sub-shaft barrel below 100 level
had been damaged, together with shaft installations on 101 and 102 levels resulting in only a low volume of
production from the main shaft area for the remainder of the second quarter.

On 10 June 2009, AngloGold Ashanti Limited and Thani Dubai Mining Limited announced the formation of a
strategic alliance to explore, develop and operate mines across the Middle East and parts of North Africa. Each
company will have a 50 percent interest in the alliance which will explore for gold, precious and base metals.

On 26 June 2009, AngloGold Ashanti announced that the sale of its 33.33 percent interest in Boddington Gold
Mine to Newmont Mining Corporation had been completed. In terms of the agreement, as announced on
27 January 2009, AngloGold Ashanti received payment of $750 million in cash. A further $240 million will be
settled on 31 December 2009 by way of cash, or Newmont shares or a combination of cash and shares. All
refunds and reimbursements between the Company and Newmont have been settled.

On 14 July 2009, AngloGold Ashanti announced that it had resumed the export of gold from its Siguiri mine in
Guinea. The Government of Guinea had placed a temporary embargo on the export of gold for a month, which was
lifted at the end of June 2009. The company has agreed the advanced payment of $10 million to the Government
of the company’s future environmental rehabilitation obligations, subject to an undertaking from the Government
that the funds be used solely for the environmental rehabilitation of the Siguiri Mine and that the payment be offset
against the balance of the company’s future environmental liabilities.

On 16 July 2009 AngloGold Ashanti announced that it had entered into a series of agreements with Randgold
Resources Limited, which, upon the successful closing of Randgold Resources’ proposed acquisition of 100% of
the issued share capital and outstanding options and warrants of Moto Goldmines Limited, will result in AngloGold
Ashanti acquiring an indirect 50% interest in Moto for approximately $244 million in cash plus a 50% share in
certain other transaction related liabilities and expenses. This was followed by a further announcement on 27 July
2009 in which AngloGold Ashanti noted that Randgold had entered into an irrevocable commitment to implement
the proposed transaction. The Moto board had determined that the proposed Randgold transaction constituted a
“superior proposal” to that made by Red Back Mining Inc on 1 June 2009 and amended effective 26 June 2009.

19. Dividend

The directors have today declared Interim Dividend No. 106 of 60 (Interim Dividend No. 104: 50) South African
cents per ordinary share for the six months ended 30 June 2009. In compliance with the requirements of Strate,
given the company's primary listing on the JSE Limited, the salient dates for payment of the dividend are as follows:

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

2009

Currency conversion date for UK pounds, Australian dollars and Ghanaian cedis

Thursday, 13 August

Last date to trade ordinary shares cum dividend

Friday, 14 August

Last date to register transfers of certificated securities cum dividend

Friday, 14 August

Ordinary shares trade ex dividend

Monday, 17 August

Record date

Friday, 21 August

Payment date

Friday, 28 August

On the payment date, dividends due to holders of certificated securities on the South African share register will
either be electronically transferred to shareholders' bank accounts or, in the absence of suitable mandates,
dividend cheques will be posted to such shareholders.

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

To comply with the further requirements of Strate, between Monday, 17 August 2009 and Friday, 21 August 2009,
both days inclusive, no transfers between the South African, United Kingdom, Australian and Ghana share
registers will be permitted and no ordinary shares pertaining to the South African share register may be
dematerialised or rematerialised.

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

2009

Ex dividend on New York Stock Exchange

Wednesday, 19 August

Record date

Friday, 21 August

Approximate date for currency conversion

Friday, 28 August

Approximate payment date of dividend

Tuesday 8 September

Assuming an exchange rate of R7.8850/$, the dividend payable per ADS is equivalent to 7.61 US cents. This
compares with the final dividend of 4.99 US cents per ADS paid on 23 March 2009. 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.

2009

Last date to trade and to register GhDSs cum dividend

Friday, 14 August

GhDSs trade ex dividend

Monday, 17 August

Record date

Friday, 21 August

Approximate payment date of dividend

Monday, 31 August

Assuming an exchange rate of R1/¢0.1890, the dividend payable per GhDS is equivalent to 0.1134 cedis. This
compares with the final dividend of 0.06565 cedis per Ghanaian Depositary Share (GhDS) paid on 16 March 2009.
However, the actual rate of payment will depend on the exchange rate on the date for currency conversion. In
Ghana, the authorities have determined that dividends payable to residents on the Ghana share register be subject
to a final withholding tax at a rate of 10%, similar to the rate applicable to dividend payments made by resident
companies which is currently at 10%.

In addition, directors declared Dividend No. E6 of 30 South African cents per E ordinary share, payable to
employees participating in the Bokamoso ESOP and Izingwe Holdings (Proprietary) Limited. These dividends will
be paid on Friday, 28 August 2009.

By order of the Board

R P EDEY

M CUTIFANI

Chairman

Chief Executive Officer

29 July 2009

Non-GAAP

disclosure

Jun

Mar

Jun

Mar

Jun

2009

2008

2009

2008

2009

2008

2009

2008

Restated

Unaudited

Headline earnings (loss) (note 8)

1,631

(713)

1,631

(4,593)

215

(156)

215

(307)

(Gain) loss on unrealised non-hedge derivatives and other commodity
contracts (note 4)

(540)

1,662

(7,713)

1,122

(2,272)

(82)

168

(904)

(555)

Deferred tax on unrealised non-hedge derivatives and other
commodity contracts

144

(180)

1,543

(36)

957

(18)

194

122

Associate's and equity accounted joint ventures share of loss
on unrealised non-hedge derivatives and other commodity
contracts

Associate's and equity accounted joint ventures share of deferred tax
on unrealised non-hedge derivatives and other commodity contracts

(2)

Fair value adjustment on option component of convertible bond

123

(12)

123

(183)

(2)

(24)

Headline earnings (loss) adjusted for the gain (loss) on
unrealised non-hedge derivatives, other commodity contracts
and fair value adjustments on convertible bond

(1)

1,359

1,482

(6,876)

2,840

(6,063)

167

150

(866)

317

(761)

Cents per share

(2)

Headline earnings (loss) adjusted for the gain (loss) on unrealised
non-hedge derivatives, other commodity contracts and fair value
adjustments on convertible bond

(1)

379

414

(2,434)

792

(2,146)

(307)

(269)

(1)

-
-

(2)

Jun

Mar

Jun

Mar

Jun

2009

2008

2009

2008

2009

2008

2009

2008

Restated

Unaudited

Reconciliation of gross profit (loss) to gross profit adjusted for the
gain (loss) on unrealised non-hedge derivatives and other
commodity
Gross profit (loss)

3,051

1,102

1,431

4,153

(2,099)

387

111

117

498

(Gain) loss on unrealised non-hedge derivatives and other commodity
contracts (note 4)

(540)

1,662

(7,713)

1,122

(2,272)

(82)

168

(904)

(555)

Gross profit (loss) adjusted for the gain (loss) on unrealised
non-hedge derivatives and other commodity contracts

2,511

2,764

(6,282)

5,275

(4,371)

305

279

(787)

584

(537)

Realised loss on other commodity contracts (note 4)

253

Loss on accelerated settlement of non-hedge derivatives (note 4)

7,765

979

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

2,511

2,764

1,736

5,275

3,647

305

279

224

584

474

Rounding of figures may result in computational discrepancies.

The unrealised fair value change in contracts that are still open at the reporting date, as well as, the unwinding of the historic marked-to-market value of the position settled in the period;

Headline earnings (loss) adjusted for the effect of unrealised non-hedge derivatives, other commodity contracts and fair value adjustments on convertible bond, is intended to illustrate earnings after adjusting for:

In addition, during the June 2008 quarter the hedge book was reduced and contracts to the value of $1,1bn was early settled. Following the sale of the investment in Nufcor International Ltd. (NIL)
uranium contracts of 1m pounds were cancelled. The combined impact on earnings after taxation amounted to $996m;

SA Rand million

US Dollar million

SA Rand million

The unrealised fair value change on the option component of the convertible bond; and

US Dollar million

Open positions: The change in fair value from the previous reporting date or date of recognition (if later) through to the current reporting date; and
Settled positions: The change in fair value from the previous reporting date or date of recognition (if later) through to the date of settlement.

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

The group utilises certain Non-GAAP performance measures and ratios in managing its business and may provide users of this financial information with additional meaningful comparisons between
current results and results in prior operating periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from
operations 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 other
companies use.

Calculated on the basic weighted average number of ordinary shares.

Headline earnings (loss) adjusted for the gain (loss) on unrealised non-hedge derivatives, other commodity contracts and fair value adjustments on convertible bond

Quarter ended

Six months ended

(Gain) loss on non-hedge derivatives and other commodity contracts in the income statement comprise the change in fair value of all non-hedge derivatives and other commodity contracts as follows:

Investment in hedge restructure transaction: During the hedge restructure in December 2004 and March 2005 quarters, $83m and $69m in cash was injected respectively into the hedge book in these
quarters to increase the value of long-dated contracts. The entire investment in long-dated derivatives (certain of which have now matured), for the purposes of the adjustment to earnings, will only be
taken into account when the realised portion of long-dated non-hedge derivatives are settled, and not when the short-term contracts were settled;

The unrealised fair value change on the onerous uranium contracts.

Quarter ended

Six months ended

Gross profit (loss) adjusted for the gain (loss) on unrealised non-hedge derivatives and other commodity contracts

Six months ended

Quarter ended

Jun

Mar

Jun

Mar

Jun

2009

2008

2009

2008

2009

2008

2009

2008

Restated

Unaudited

Price received

Gold income (note 2)

6,481

6,518

7,749

12,999

14,406

773

658

997

1,431

1,876

Adjusted for minority interests

(197)

(238)

(339)

(435)

(603)

(24)

(24)

(43)

(48)

(78)

6,284

6,280

7,410

12,564

13,803

749

634

954

1,383

1,798

Gain (loss) on realised non-hedge derivatives (note 4)

1,243

1,867

(1,119)

3,109

(1,278)

149

189

(142)

338

(164)

Loss on accelerated settlement of non-hedge derivatives (note 4)

(7,765)

(979)

Associate's and equity accounted joint ventures share of gold
income including realised non-hedge derivatives

796

752

(241)

1,548

347

(29)

171

Attributable gold income including realised non-hedge derivatives

8,322

8,899

(1,715)

17,221

5,108

993

899

(196)

1,892

704

Attributable gold sold - kg / - oz (000)

34,459

32,584

38,704

67,043

75,802

1,108

1,048

1,244

2,155

2,437

Revenue price per unit - R/kg / - $/oz

241,505

273,109

(44,303)

256,862

67,390

897

858

(157)

878

289

Attributable gold income including realised non-hedge derivatives
as above

8,322

8,899

(1,715)

17,221

5,108

993

899

(196)

1,892

704

Loss on accelerated settlement of non-hedge derivatives

7,765

979

Associate's and equity accounted joint ventures share of loss on
accelerated settlement of non-hedge derivatives

870

110

Attributable gold income including realised non-hedge derivatives
normalised for accelerated settlement of non-hedge derivatives

8,322

8,899

6,920

17,221

13,743

993

899

893

1,892

1,793

Attributable gold sold - kg / - oz (000)

34,459

32,584

38,704

67,043

75,802

1,108

1,048

1,244

2,155

2,437

Revenue price per unit normalised for accelerated settlement
of non-hedge derivatives - R/kg / - $/oz

241,505

273,109

178,796

256,862

181,303

897

858

717

878

736

Total costs

Total cash costs (note 3)

4,323

4,723

4,006

9,046

7,675

512

477

517

989

1,003

Adjusted for minority interests and non-gold producing companies

(214)

(214)

(206)

(427)

(298)

(25)

(22)

(26)

(46)

(39)

Associates' and equity accounted joint ventures share of total cash
costs

376

347

418

722

732

Total cash costs adjusted for minority interests and non-gold
producing companies

4,485

4,856

4,218

9,341

8,109

532

490

544

1,022

1,060

Retrenchment costs (note 3)

Rehabilitation and other non-cash costs (note 3)

119

Amortisation of tangible assets (note 3)

1,095

1,261

1,102

2,356

2,122

130

127

142

258

278

Amortisation of intangible assets (note 3)

Adjusted for minority interests and non-gold producing companies

(30)

(45)

(52)

(75)

(88)

(4)

(5)

(7)

(8)

(11)

Associate's and equity accounted joint ventures share of
production costs

145

Total production costs adjusted for minority interests
and non-gold producing companies

5,675

6,201

5,384

11,876

10,457

674

626

694

1,300

1,366

Gold produced - kg / - oz (000)

35,050

34,306

38,984

69,356

76,194

1,127

1,103

1,253

2,230

2,450

Total cash cost per unit - R/kg / -$/oz

127,956

141,552

108,195

134,681

106,429

472

445

434

458

433

Total production cost per unit - R/kg / -$/oz

161,909

180,751

138,115

171,229

137,238

598

568

554

583

558

EBITDA

Operating profit (loss)

3,171

391

1,111

3,562

(2,815)

406

445

(75)

Amortisation of tangible assets (note 3)

1,095

1,261

1,102

2,356

2,122

130

127

142

258

278

Amortisation of intangible assets (note 3)

Impairment of tangible assets (note 6)

(Gain) loss on unrealised non-hedge derivatives and other commodity
contracts (note 4)

(540)

1,662

(7,713)

1,122

(2,272)

(82)

168

(904)

(555)

Loss on realised other commodity contracts (note 4)

253

Loss on accelerated settlement of non-hedge derivatives (note 4)

7,765

979

Share of associates' EBITDA

343

401

202

744

445

Discontinued operations EBITDA

(12)

(17)

(2)

Profit on disposal and abandonment of assets (note 6)

(839)

(6)

(272)

(844)

(356)

(105)

(1)

(35)

(105)

(46)

Insurance claim recovery (note 6)

(7)

(7)

(1)

(1)

Profit on disposal of investment in associate (note 6)

(29)

(4)

3,228

3,716

2,411

6,943

5,107

390

375

311

765

665

Rounding of figures may result in computational discrepancies.

SA Rand million / Metric

Six months ended

US Dollar million / Imperial

Quarter ended

Six months ended

Jun

Mar

Jun

Mar

Jun

2009

2008

2009

2008

2009

2008

2009

2008

Restated

Unaudited

Interest cover

EBITDA (note E)

3,228

3,716

2,411

6,943

5,107

390

375

311

765

665

Finance costs

322

252

213

573

466

Capitalised finance costs

134

109

388

320

277

707

575

Interest cover - times

Free cash flow

Net cash inflow from operating activities

1,874

2,427

(215)

4,301

1,305

255

243

(20)

498

151

Stay-in-business capital expenditure

(1,176)

(1,036)

(1,118)

(2,212)

(1,962)

(136)

(105)

(145)

(241)

(257)

698

1,391

(1,333)

2,089

(657)

119

138

(165)

257

(106)

As at

Jun

Mar

Dec

Jun

Mar

Dec

Jun

2009

2008

2009

2008

Unaudited

Net asset value - cents per share

Total equity

24,768

24,411

23,746

17,200

3,212

2,547

2,511

2,196

Number of ordinary shares in issue - million (note 9)

358

358

357

282

358

358

357

282

Net asset value - cents per share

6,916

6,818

6,643

6,101

897

711

702

779

Total equity

24,768

24,411

23,746

17,200

3,212

2,547

2,511

2,196

Intangible assets

(1,264)

(1,408)

(1,403)

(3,491)

(164)

(147)

(148)

(446)

23,504

23,003

22,343

13,709

3,048

2,400

2,363

1,750

Number of ordinary shares in issue - million (note 9)

358

358

357

282

358

358

357

282

Net tangible asset value - cents per share

6,563

6,424

6,251

4,862

851

670

661

621

Net debt

Borrowings - long-term portion

12,857

9,147

8,224

7,361

1,668

954

870

940

Borrowings - short-term portion

7,846

9,745

10,046

10,093

1,018

1,017

1,063

1,288

Total borrowings

20,703

18,892

18,270

17,454

2,686

1,971

1,933

2,228

Corporate office lease

(256)

(259)

(254)

(252)

(33)

(27)

(32)

Unamortised portion on the convertible bond

894

(38)

116

(4)

Cash restricted for use

(487)

(443)

(415)

(547)

(63)

(46)

(44)

(70)

Cash and cash equivalents

(17,768)

(5,874)

(5,438)

(3,661)

(2,305)

(613)

(575)

(467)

Net debt

3,086

12,316

12,125

13,072

401

1,285

1,283

1,669

Rounding of figures may result in computational discrepancies.

SA Rand million

US Dollar million

SA Rand million

Six months ended

Quarter ended

US Dollar million

Key

operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

SA Rand / US Dollar

Great Noligwa

Kopanang

117

102

219

180

Moab Khotsong

196

184

164

380

307

Tau Lekoa

Surface Operations

Mponeng

220

196

150

416

270

Savuka

TauTona

113

120

211

SOUTH AFRICA

763

669

654

1,432

1,178

156

154

Navachab

SOUTHERN AFRICA

821

692

686

1,513

1,225

165

160

Iduapriem

104

161

Obuasi

111

265

155

376

293

Siguiri - Attributable 85%

108

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

(10)

(9)

(1)

Geita

200

225

Minorities, exploration and other

REST OF AFRICA

316

377

523

693

801

105

Sunrise Dam

142

Boddington

444

891

774

1,335

1,546

100

145

202

Exploration

AUSTRALIA

538

940

824

1,478

1,627

106

161

213

Cripple Creek & Victor

190

269

140

NORTH AMERICA

190

269

140

Cerro Vanguardia - Attributable 92.50%

AngloGold Ashanti Brasil Mineração

169

123

166

292

289

Serra Grande - Attributable 50%

152

Minorities, exploration and other

161

SOUTH AMERICA

346

286

261

632

476

OTHER

ANGLOGOLD ASHANTI

2,228

2,381

2,357

4,608

4,287

261

241

304

502

561

Rounding of figures may result in computational discrepancies.

Capital expenditure - Rm

Capital expenditure - $m

Development

for the quarter ended 30 June 2009

Statistics are shown in metric units

Advanced

metres

Sampled

Ave. channel

(total)

metres

width (cm)

Ave. g/t

Ave. cm.g/t

Ave. kg/t

Ave. cm.kg/t

SOUTHERN AFRICA - VAAL RIVER
Great Noligwa Mine
C reef

269

37.5

959

Vaal reef

648

109.7

8.07

885

0.81

89.00

Kopanang Mine
Vaal reef

5,175

512

19.8

74.80

1,481

3.41

81.00

Tau Lekoa Mine
Ventersdorp Contact reef

1,730

346

91.5

7.17

656

Moab Khotsong Mine
Vaal reef

3,634

374

141.6

19.89

2,816

1.06

145.00

SOUTHERN AFRICA - WEST WITS
Tau Tona Mine
Ventersdorp Contact reef

373

128.8

5.57

717

0.04

6.00

Carbon Leader reef

2,647

10.8

213.61

2,307

4.18

46.00

Savuka Mine
Carbon Leader reef

708

100.3

53.18

5,334

Mponeng Mine
Ventersdorp Contact reef

4,671

696

62.7

36.12

2,265

AUSTRALIA
Sunrise Dam

801

2.09

SOUTH AMERICA
AngloGold Ashanti Mineração
Mina de Cuiabá

1,422

368

6.37

Córrego do Sitio

2,178

835

4.10

Lamego

1,099

101

2.19

Serra Grande
Mina III

1,496

254

3.34

Mina Nova

REST OF AFRICA
Obuasi

5,145

2,646

*530.0

8.25

4,373

Statistics are shown in imperial units

Advanced

feet

Sampled

Ave. channel

(total)

feet

width (inches)

Ave. oz/t

Ave. ft.oz/t

Ave. lb/t

Ave. ft.lb/t

SOUTHERN AFRICA - VAAL RIVER
Great Noligwa Mine
C reef

883

190

14.76

0.75

0.92

2.02

2.49

Vaal reef

2,126

157

43.2

0.24

0.85

1.62

5.83

Kopanang Mine
Vaal reef

16,978

1,680

7.8

2.18

1.42

6.82

4.43

Tau Lekoa Mine
Ventersdorp Contact reef

5,676

1,135

36.0

0.21

0.63

Moab Khotsong Mine
Vaal reef

11,923

1,227

55.7

0.58

2.70

2.12

9.85

SOUTHERN AFRICA - WEST WITS
Tau Tona Mine
Ventersdorp Contact reef

1,224

50.7

0.16

0.69

Carbon Leader reef

8,684

4.3

6.23

2.21

8.36

2.96

Savuka Mine
Carbon Leader reef

2,323

118

39.5

1.55

5.10

Mponeng Mine
Ventersdorp Contact reef

15,325

2,283

24.7

1.05

2.17

AUSTRALIA
Sunrise Dam

2,628

0.06

SOUTH AMERICA
AngloGold Ashanti Mineração
Mina de Cuiabá

4,667

1,207

0.19

Córrego do Sitio

7,146

2,741

0.12

Lamego

3,607

333

0.06

Serra Grande
Mina III

4,908

833

0.10

Mina Nova

108

REST OF AFRICA
Obuasi

16,880

8,681

*208.7 0.24

4.18

* Average ore body width.

Sampled

gold

uranium

Development values represent actual results of sampling, no allowances having been made for adjustments necessary in estimating ore reserves.

Sampled

gold

uranium

Key operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

Metric

Great Noligwa

6.74

5.37

7.60

5.95

8.07

1,229

1,349

2,997

2,578

6,323

Kopanang

6.43

6.21

7.10

6.31

7.02

2,038

2,409

2,997

4,447

5,790

Moab Khotsong

9.23

9.48

9.05

9.37

9.61

1,475

2,028

881

3,503

1,644

Tau Lekoa

2.98

3.56

3.33

3.26

3.64

875

962

1,073

1,837

2,166

Surface Operations

0.52

0.59

0.30

0.56

0.33

1,319

1,416

573

2,735

1,243

Mponeng

8.75

9.58

10.50

9.13

10.24

4,362

3,967

4,974

8,329

9,067

Savuka

6.64

5.33

6.36

5.89

6.17

398

432

563

830

1,010

TauTona

6.95

7.61

9.18

7.26

8.96

1,904

1,822

2,811

3,726

5,122

SOUTH AFRICA

13,601

14,385

16,867

27,986

32,365

Navachab

1.20

1.61

1.46

1.41

1.38

410

569

503

979

972

SOUTHERN AFRICA

14,011

14,954

17,370

28,965

33,337

Iduapriem

1.84

1.71

1.61

1.78

1.71

1,460

1,147

1,423

2,607

2,894

Obuasi

5.20

4.45

4.15

4.82

4.17

3,129

2,862

2,465

5,990

5,183

Siguiri - Attributable 85%

1.10

1.19

1.35

1.15

1.33

2,490

2,499

2,682

4,989

5,583

Morila - Attributable 40%

2.46

2.92

3.25

2.68

3.19

1,071

1,228

1,415

2,299

2,672

Sadiola - Attributable 38%

2.67

3.12

3.55

2.87

3.37

1,100

1,113

1,411

2,213

2,546

Yatela

- Attributable 40%

4.45

2.73

3.48

3.61

2.80

790

421

465

1,211

997

Geita

1.67

1.50

2.24

1.60

1.93

1,967

1,379

2,309

3,346

4,293

REST OF AFRICA

12,006

10,649

12,170

22,655

24,168

Sunrise Dam

2.75

2.78

3.75

2.77

3.92

2,928

3,041

3,529

5,969

7,236

AUSTRALIA

2,928

3,041

3,529

5,969

7,236

Cerro Vanguardia - Attributable 92.50%

6.80

6.98

4.06

6.88

3.93

1,586

1,476

842

3,062

1,698

AngloGold Ashanti Brasil Mineração

6.95

6.43

7.72

6.68

7.24

2,282

2,121

2,530

4,404

4,781

Serra Grande

- Attributable 50%

4.58

3.65

7.47

4.18

7.33

620

328

693

949

1,334

SOUTH AMERICA

4,488

3,926

4,066

8,414

7,814

Cripple Creek & Victor

0.47

0.46

0.50

1,617

1,736

1,849

3,353

3,639

NORTH AMERICA

1,617

1,736

1,849

3,353

3,639

ANGLOGOLD ASHANTI

35,050

34,306

38,984

69,356

76,194

Underground Operations

6.33

6.22

7.08

6.27

7.02

18,424

18,857

21,444

37,281

41,608

Surface and Dump Reclamation

0.49

0.56

0.38

0.53

0.42

1,653

1,824

1,100

3,477

2,418

Open-pit Operations

1.92

1.99

2.25

1.95

2.17

12,430

11,406

13,879

23,836

27,118

Heap Leach Operations

0.71

0.57

0.64

0.65

2,543

2,219

2,561

4,762

5,050

35,050

34,306

38,984

69,356

76,194

The yield of Yatela and Cripple Creek reflects gold

placed/tonnes placed.

Rounding of figures may result in computational discrepancies.

The yield of TauTona, Obuasi, AngloGold Ashanti Brasil Mineração and Serra Grande

represents underground operations.

The yield of Sunrise Dam represents open-pit operations.

The yield is calculated on gold placed into leach

pad inventory / tonnes placed on to leach pad.

Yield - g/t

Gold produced - kg

Key operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

Metric

Great Noligwa

152

160

1,241

1,256

2,994

2,497

6,145

Kopanang

137

160

201

149

193

2,074

2,253

2,991

4,327

5,630

Moab Khotsong

146

202

161

174

155

1,501

1,903

887

3,404

1,596

Tau Lekoa

107

125

102

125

877

901

1,070

1,778

2,096

Surface Operations

1,884

1,997

847

1,941

929

1,314

1,327

567

2,641

1,212

Mponeng

275

256

310

266

285

4,497

3,543

4,858

8,040

8,713

Savuka

122

132

174

127

160

458

369

555

827

977

TauTona

191

179

242

185

212

1,994

1,590

2,739

3,584

4,929

SOUTH AFRICA

175

185

210

180

201

13,956

13,142

16,661

27,098

31,297

Navachab

231

368

365

295

363

382

573

506

956

967

SOUTHERN AFRICA

176

189

213

182

204

14,338

13,715

17,166

28,053

32,264

Iduapriem

543

453

550

499

559

1,394

1,292

1,471

2,686

2,930

Obuasi

220

213

175

217

183

3,178

2,805

2,452

5,982

5,121

Siguiri - Attributable 85%

532

617

659

572

673

1,554

2,346

2,482

3,900

5,367

Morila - Attributable 40%

1,407

938

899

1,110

862

1,076

1,153

1,542

2,229

2,825

Sadiola - Attributable 38%

756

791

988

773

869

1,260

1,076

1,412

2,337

2,749

Yatela - Attributable 40%

1,052

560

540

805

580

839

414

458

1,253

1,046

Geita

322

226

386

274

351

1,868

1,363

2,133

3,231

3,993

REST OF AFRICA

392

360

398

376

391

11,170

10,449

11,951

21,618

24,033

Sunrise Dam

2,270

2,304

2,983

2,287

2,928

3,054

2,945

3,698

6,000

7,281

AUSTRALIA

2,270

2,304

2,983

2,287

2,928

3,054

2,945

3,698

6,000

7,281

Cerro Vanguardia - Attributable 92.50%

759

702

390

730

403

1,624

1,106

858

2,729

2,316

AngloGold Ashanti Brasil Mineração

428

429

571

429

537

2,121

2,158

2,519

4,280

4,951

Serra Grande - Attributable 50%

568

305

738

437

719

552

421

670

973

1,291

SOUTH AMERICA

527

483

540

506

522

4,297

3,685

4,047

7,982

8,557

Cripple Creek & Victor

1,466

1,621

1,746

1,542

1,748

1,600

1,789

1,842

3,389

3,667

NORTH AMERICA

1,466

1,621

1,746

1,542

1,748

1,600

1,789

1,842

3,389

3,667

ANGLOGOLD ASHANTI

289

287

320

288

311

34,459

32,584

38,704

67,043

75,802

Rounding of figures may result in computational discrepancies.

Productivity per employee - g

Gold sold - kg

Key operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

SA Rand / Metric

Great Noligwa

192,157

186,735

107,178

189,319

101,719

243,704

249,489

130,865

246,732

124,388

Kopanang

121,703

107,584

78,460

114,055

81,871

178,161

166,235

113,927

171,701

120,790

Moab Khotsong

118,589

93,120

127,206

103,844

134,030

216,816

168,658

185,103

188,935

179,238

Tau Lekoa

203,373

188,797

138,069

195,742

133,278

204,337

231,027

165,364

218,310

161,906

Surface Operations

86,621

66,734

136,341

76,328

108,860

90,534

71,151

144,314

80,502

117,146

Mponeng

82,105

77,520

56,689

79,921

58,686

99,581

94,484

76,840

97,153

79,588

Savuka

183,991

143,876

109,769

163,101

100,278

227,342

176,681

152,790

200,960

139,756

TauTona

118,926

122,643

84,434

120,744

88,352

177,529

173,718

123,478

175,665

123,857

SOUTH AFRICA

118,315

109,087

87,459

113,572

87,981

157,604

150,836

116,881

154,125

116,609

Navachab

194,309

145,453

149,421

165,905

134,355

217,534

163,586

161,796

186,170

152,605

SOUTHERN AFRICA

120,537

110,470

89,253

115,340

89,333

159,356

151,322

118,182

155,208

117,659

Iduapriem

143,017

170,086

123,016

154,931

116,202

157,223

190,908

143,725

172,049

139,811

Obuasi

159,942

222,941

152,565

190,037

138,855

203,304

273,155

203,889

236,673

193,812

Siguiri - Attributable 85%

121,537

156,700

108,248

139,150

106,862

138,327

173,970

124,373

156,180

126,655

Morila - Attributable 40%

138,329

131,403

106,319

134,629

103,009

150,906

143,832

125,377

147,127

121,820

Sadiola - Attributable 38%

131,696

100,400

101,844

115,953

100,157

151,615

123,397

137,998

137,420

134,077

Yatela - Attributable 40%

104,446

174,214

142,633

128,699

133,529

120,996

194,766

149,633

146,640

141,954

Geita

238,515

323,980

157,611

273,738

165,485

284,288

392,313

207,991

328,809

219,397

REST OF AFRICA

152,982

188,046

127,265

169,464

123,941

181,617

222,110

160,467

200,651

159,256

Sunrise Dam

136,004

182,648

137,877

159,765

124,201

162,688

225,777

164,025

194,827

149,346

AUSTRALIA

138,549

189,206

143,311

164,354

129,783

165,872

232,961

170,135

200,048

155,557

Cerro Vanguardia - Attributable 92.50%

93,072

127,374

217,167

109,611

174,406

130,795

162,697

243,507

146,176

204,585

AngloGold Ashanti Brasil Mineração

77,592

91,588

80,564

84,334

78,698

117,644

139,410

109,484

128,129

111,221

Serra Grande - Attributable 50%

110,967

158,853

76,679

127,536

73,559

143,236

205,445

99,533

164,762

96,895

SOUTH AMERICA

87,883

110,724

113,141

98,540

103,891

126,061

153,799

140,451

139,003

134,300

Cripple Creek & Victor

94,740

106,971

75,058

101,073

72,036

119,859

141,245

100,506

130,932

97,479

NORTH AMERICA

97,718

110,886

82,660

104,536

78,704

122,863

145,179

108,130

134,418

104,169

ANGLOGOLD ASHANTI

127,956

141,552

108,195

134,681

106,429

161,909

180,751

138,115

171,229

137,238

Rounding of figures may result in computational discrepancies.

Total cash costs - R/kg

Total production costs - R/kg

Key operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

Great Noligwa

(8)

(682)

(480)

(8)

168

371

Kopanang

124

247

(579)

370

(428)

124

247

197

370

348

Moab Khotsong

202

(236)

241

(225)

202

(3)

241

Tau Lekoa

(264)

(236)

Surface Operations

198

267

(112)

465

(58)

198

267

465

Mponeng

652

628

(608)

1,280

(205)

652

628

507

1,280

911

Savuka

(95)

(68)

TauTona

137

163

(467)

301

(332)

137

163

158

301

293

SOUTH AFRICA

1,174

1,621

(3,045)

2,795

(2,032)

1,174

1,621

1,091

2,795

2,104

Navachab

(66)

(44)

SOUTHERN AFRICA

1,186

1,684

(3,111)

2,868

(2,076)

1,186

1,684

1,092

2,868

2,127

Iduapriem

126

(262)

224

(183)

126

224

129

Obuasi

(7)

(572)

(560)

(7)

(59)

(47)

Siguiri - Attributable 85%

125

218

(248)

343

(91)

125

218

132

343

288

Morila - Attributable 40%

112

166

(243)

278

(161)

112

166

278

174

Sadiola - Attributable 38%

135

166

(345)

302

(260)

135

166

302

141

Yatela - Attributable 40%

107

(107)

139

(80)

107

139

Geita

(74)

(164)

(526)

(238)

(624)

(74)

(164)

(36)

(238)

(133)

Minorities, exploration and other

REST OF AFRICA

645

557

(2,257)

1,202

(1,862)

645

557

308

1,202

704

Sunrise Dam

244

118

(659)

361

(491)

244

118

361

246

Exploration and other

(9)

(22)

(31)

(45)

(9)

(22)

(31)

(45)

AUSTRALIA

234

(680)

330

(536)

234

330

201

Cerro Vanguardia - Attributable 92.50%

145

104

(193)

249

(134)

145

104

(48)

249

AngloGold Ashanti Brasil Mineração

285

288

(464)

573

(279)

285

288

183

573

368

Serra Grande - Attributable 50%

(85)

(30)

104

Minorities, exploration and other

121

112

121

123

SOUTH AMERICA

552

484

(692)

1,036

(331)

552

484

245

1,036

606

Cripple Creek & Victor

198

229

(300)

427

(133)

198

229

146

427

313

Other

(5)

(7)

(14)

(12)

(24)

(5)

(7)

(14)

(12)

(24)

NORTH AMERICA

193

222

(314)

415

(157)

193

222

132

415

289

OTHER

145

142

148

142

SUB-TOTAL

2,864

3,128

(6,909)

5,993

(4,814)

2,864

3,128

1,853

5,993

3,948

Less equity accounted investments

(353)

(364)

627

(718)

443

(353)

(364)

(117)

(718)

(301)

ANGLOGOLD ASHANTI

2,511

2,764

(6,282)

5,275

(4,371)

2,511

2,764

1,736

5,275

3,647

Equity accounted investments.

Rounding of figures may result in computational discrepancies.

SA Rand

Gross profit (loss) adjusted for the gain (loss) on unrealised
non-hedge derivatives and other commodity contracts - Rm

Adjusted gross profit (loss) normalised for accelerated
settlement of non-hedges derivative - Rm

Key operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

Imperial

Great Noligwa

0.197

0.157

0.222

0.173

0.235

203

Kopanang

0.188

0.181

0.207

0.184

0.205

143

186

Moab Khotsong

0.269

0.276

0.264

0.273

0.280

113

Tau Lekoa

0.087

0.104

0.097

0.095

0.106

Surface Operations

0.015

0.017

0.009

0.016

0.010

Mponeng

0.255

0.279

0.306

0.266

0.299

140

128

160

268

292

Savuka

0.194

0.156

0.185

0.172

0.180

TauTona

0.203

0.222

0.268

0.212

0.261

120

165

SOUTH AFRICA

437

463

542

900

1,041

Navachab

0.035

0.047

0.042

0.041

0.040

SOUTHERN AFRICA

450

481

558

931

1,072

Iduapriem

0.054

0.050

0.047

0.052

0.050

Obuasi

0.152

0.130

0.121

0.141

0.122

101

193

167

Siguiri - Attributable 85%

0.032

0.035

0.039

0.033

0.039

160

179

Morila - Attributable 40%

0.072

0.085

0.095

0.078

0.093

Sadiola - Attributable 38%

0.078

0.091

0.104

0.084

0.098

Yatela

- Attributable 40%

0.130

0.080

0.102

0.105

0.082

Geita

0.049

0.044

0.065

0.047

0.056

108

138

REST OF AFRICA

386

342

391

728

777

Sunrise Dam

0.080

0.081

0.109

0.081

0.114

114

192

233

AUSTRALIA

114

192

233

Cerro Vanguardia - Attributable 92.50%

0.198

0.203

0.118

0.201

0.115

AngloGold Ashanti Brasil Mineração

0.203

0.187

0.225

0.195

0.211

142

154

Serra Grande

- Attributable 50%

0.134

0.106

0.218

0.122

0.214

SOUTH AMERICA

144

126

131

271

251

Cripple Creek & Victor

0.014

0.013

0.014

108

117

NORTH AMERICA

108

117

ANGLOGOLD ASHANTI

1,127

1,103

1,253

2,230

2,450

Undergound Operations

0.185

0.181

0.206

0.183

0.205

592

606

690

1,199

1,338

Surface and Dump Reclamation

0.014

0.016

0.011

0.015

0.012

112

Open-pit Operations

0.056

0.058

0.066

0.057

0.063

400

367

446

766

872

Heap leach Operations

0.021

0.017

0.019

153

162

1,127

1,103

1,253

2,230

2,450

The yield of Yatela and Cripple Creek reflects gold

placed/tonnes placed.

Rounding of figures may result in computational discrepancies.

Yield - oz/t

Gold produced - oz (000)

The yield of TauTona, Obuasi, AngloGold Ashanti Brasil Mineração and Serra Grande

represents underground operations.

The yield of Sunrise Dam represents open-pit operations.

The yield is calculated on gold placed into leach

pad inventory / tonnes placed on to leach pad.

Key operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

Imperial

Great Noligwa

2.83

3.08

4.87

2.95

5.14

198

Kopanang

4.41

5.16

6.47

4.79

6.20

139

181

Moab Khotsong

4.69

6.51

5.18

5.60

4.98

109

Tau Lekoa

3.10

3.43

4.02

3.27

4.03

Surface Operations

60.57

64.20

27.22

62.40

29.85

Mponeng

8.84

8.24

9.97

8.54

9.16

145

114

156

258

280

Savuka

3.92

4.24

5.58

4.08

5.15

TauTona

6.13

5.76

7.78

5.94

6.82

115

158

SOUTH AFRICA

5.62

5.95

6.75

5.78

6.46

449

423

536

871

1,006

Navachab

7.43

11.83

11.75

9.48

11.67

SOUTHERN AFRICA

5.66

6.06

6.84

5.86

6.54

461

441

552

902

1,037

Iduapriem

17.47

14.55

17.68

16.05

17.98

Obuasi

7.08

6.84

5.64

6.97

5.89

102

192

165

Siguiri - Attributable 85%

17.10

19.85

21.19

18.37

21.65

125

173

Morila - Attributable 40%

45.24

30.14

28.91

35.69

27.70

Sadiola - Attributable 38%

24.30

25.42

31.75

24.86

27.93

Yatela - Attributable 40%

33.81

17.99

17.37

25.89

18.65

Geita

10.36

7.25

12.42

8.81

11.29

104

128

REST OF AFRICA

12.60

11.56

12.81

12.09

12.59

359

336

384

695

773

Sunrise Dam

72.99

74.06

95.90

73.53

94.15

119

193

234

AUSTRALIA

72.99

74.06

95.90

73.53

94.15

119

193

234

Cerro Vanguardia - Attributable 92.50%

24.39

22.56

12.53

23.47

12.95

AngloGold Ashanti Brasil Mineração

13.77

13.80

18.35

13.78

17.28

138

159

Serra Grande - Attributable 50%

18.26

9.80

23.74

14.06

23.12

SOUTH AMERICA

16.95

15.53

17.36

16.26

16.78

138

118

130

257

275

Cripple Creek & Victor

47.13

52.12

56.12

49.59

56.20

109

118

NORTH AMERICA

47.13

52.12

56.12

49.59

56.20

109

118

ANGLOGOLD ASHANTI 9.30

9.23

10.27

9.27

10.00

1,108

1,048

1,244

2,155

2,437

Rounding of figures may result in computational discrepancies.

Productivity per employee - oz

Gold sold - oz (000)

Key operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

US Dollar / Imperial

Great Noligwa

708

587

432

644

415

898

784

527

838

508

Kopanang

446

338

316

388

334

655

522

458

583

492

Moab Khotsong

434

292

512

352

543

797

530

744

643

724

Tau Lekoa

751

593

554

669

541

756

726

663

740

659

Surface Operations

320

210

547

263

445

334

223

579

277

479

Mponeng

304

244

227

275

239

369

297

308

335

324

Savuka

683

452

440

563

408

843

555

613

693

568

TauTona

439

385

339

413

360

656

546

495

602

505

SOUTH AFRICA

436

343

352

388

358

582

474

469

526

475

Navachab

722

457

599

568

546

808

514

649

637

621

SOUTHERN AFRICA

444

347

359

394

364

588

475

530

479

Iduapriem

530

535

493

532

472

582

600

576

590

568

Obuasi

589

701

612

642

562

750

858

817

802

785

Siguiri - Attributable 85%

451

492

434

472

435

513

547

499

530

515

Morila - Attributable 40%

511

413

426

459

418

557

452

503

501

495

Sadiola - Attributable 38%

486

315

408

400

407

560

388

553

473

544

Yatela - Attributable 40%

386

547

573

442

546

447

612

601

504

581

Geita

872

1,018

630

932

670

1,040

1,232

832

1,119

889

REST OF AFRICA

564

591

510

576

503

670

698

643

683

646

Sunrise Dam

503

574

553

539

503

601

709

658

656

606

AUSTRALIA

512

594

575

554

526

613

732

682

673

631

Cerro Vanguardia - Attributable 92.50%

344

400

870

371

710

485

511

976

498

833

AngloGold Ashanti Brasil Mineração

287

288

323

287

320

435

438

439

437

452

Serra Grande - Attributable 50%

409

499

307

440

299

528

646

399

569

394

SOUTH AMERICA

325

348

453

335

422

467

483

563

474

546

Cripple Creek & Victor

351

336

301

343

293

445

444

403

444

396

NORTH AMERICA

362

348

331

355

319

456

434

456

423

ANGLOGOLD ASHANTI 472

445

434

458

433

598

568

554

583

558

Rounding of figures may result in computational discrepancies.

Total cash costs - $/oz

Total production costs - $/oz

Key operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

Great Noligwa

(1)

(86)

(60)

(1)

Kopanang

(73)

(53)

Moab Khotsong

(30)

(28)

Tau Lekoa

(33)

(30)

Surface Operations

(14)

(7)

Mponeng

(75)

142

(23)

142

118

Savuka

(12)

(9)

TauTona 17

(58)

(41)

SOUTH AFRICA

141

163

(381)

305

(251)

141

163

140

305

271

Navachab

(8)

(5)

SOUTHERN AFRICA

143

170

(389)

313

(257)

143

170

140

313

273

Iduapriem

(33)

(22)

Obuasi

(1)

(72)

(71)

(1)

(8)

(6)

Siguiri - Attributable 85%

(31)

(10)

Morila - Attributable 40%

(30)

(19)

Sadiola - Attributable 38%

(43)

(32)

Yatela - Attributable 40%

(14)

(10)

Geita

(8)

(17)

(66)

(25)

(79)

(8)

(17)

(4)

(25)

(17)

Minorities, exploration and other

REST OF AFRICA

(284)

134

(231)

134

Sunrise Dam

(83)

(60)

Exploration and other

(1)

(2)

(3)

(6)

(1)

(2)

(3)

(6)

AUSTRALIA

(86)

(66)

Cerro Vanguardia - Attributable 92.50%

(24)

(17)

(6)

AngloGold Ashanti Brasil Mineração

(58)

(33)

Serra Grande - Attributable 50%

(11)

(3)

Minorities, exploration and other

SOUTH AMERICA

(87)

116

(39)

116

Cripple Creek & Victor

(37)

(15)

Other

(1)

(2)

(1)

(3)

(1)

(2)

(1)

(3)

NORTH AMERICA

(39)

(18)

OTHER

SUB-TOTAL

347

316

(866)

663

(592)

347

316

239

663

513

Less equity accounted investments

(42)

(37)

(79)

(42)

(37)

(15)

(79)

(39)

ANGLOGOLD ASHANTI 305

279

(787)

584

(537)

305

279

224

584

474

Equity accounted investments.

Rounding of figures may result in computational discrepancies.

US Dollar

Gross profit (loss) adjusted for the gain (loss) on unrealised
non-hedge derivatives and other commodity contracts - $m

Adjusted gross profit (loss) normalised for accelerated settlement of non-hedge derivatives - $m

Southern Africa

VAAL RIVER

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

GREAT NOLIGWA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

147

375

465

752

840

1,587

Milled

- 000 tonnes / - 000 tons

182

251

394

434

783

201

277

435

478

863

Yield

- g/t

/ - oz/t

6.74

5.37

7.60

5.95

8.07

0.197

0.157

0.222

0.173

0.235

Gold produced

- kg

/ - oz (000)

1,229

1,349

2,997

2,578

6,323

203

Gold sold

- kg

/ oz (000)

1,241

1,256

2,994

2,497

6,145

198

Total cash costs

- R

/ - $

- ton milled

1,296

1,002

814

1,126

821

139

112

- R/kg

/ - $/oz

- produced

192,157

186,735

107,178

189,319

101,719

708

587

432

644

415

Total production costs

- R/kg

/ - $/oz

- produced

243,704

249,489

130,865

246,732

124,388

898

784

527

838

508

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

135

127

178

131

172

4.34

4.08

5.71

4.21

5.54

Actual

- g

/ - oz

152

160

2.83

3.08

4.87

2.95

5.14

Target

- m

/ - ft

4.08

3.85

5.01

3.96

4.73

43.92

41.40

53.93

42.66

50.89

Actual

- m

/ - ft

2.50

3.06

3.53

2.78

3.73

26.88

32.98

38.03

29.94

40.11

FINANCIAL RESULTS (MILLION)
Gold income

296

279

569

574

1,105

144

Cost of sales

304

313

389

617

764

100

Cash operating costs

235

251

320

485

640

Other cash costs

Total cash costs

236

252

321

488

643

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

240

258

328

498

658

Amortisation of tangible assets

138

128

Inventory change

(24)

(3)

(19)

(22)

(2)

(3)

(8)

(34)

181

(43)

341

(1)

(3)

(4)

Realised non-hedge derivatives and other commodity contracts

(863)

(821)

(109)

(104)

(8)

(682)

(480)

(1)

(86)

(60)

Add back accelerated settlement of non-hedge derivatives

736

Add realised loss on other commodity contracts

115

(8)

168

371

(1)

Capital expenditure

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross (loss) profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross (loss) profit normalised for accelerated
settlement of non-hedge derivatives

Southern Africa

VAAL RIVER

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

KOPANANG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

105

173

204

824

1,043

1,128

1,867

2,192

Milled

- 000 tonnes / - 000 tons

317

388

422

705

824

349

428

465

777

909

Yield

- g/t

/ - oz/t

6.43

6.21

7.10

6.31

7.02

0.188

0.181

0.207

0.184

0.205

Gold produced

- kg

/ - oz (000)

2,038

2,409

2,997

4,447

5,790

143

186

Gold sold

- kg

/ oz (000)

2,074

2,253

2,991

4,327

5,630

139

181

Total cash costs

- R

/ - $

- ton milled

783

668

557

720

575

- R/kg

/ - $/oz

- produced

121,703

107,584

78,460

114,055

81,871

446

338

316

388

334

Total production costs

- R/kg

/ - $/oz

- produced

178,161

166,235

113,927

171,701

120,790

655

522

458

583

492

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

209

211

210

191

6.70

6.80

6.75

6.16

Actual

- g

/ - oz

137

160

201

149

193

4.41

5.16

6.47

4.79

6.20

Target

- m

/ - ft

7.63

7.58

7.53

7.61

7.07

82.18

81.60

81.08

81.89

76.06

Actual

- m

/ - ft

5.15

6.45

7.03

5.81

6.78

55.49

69.46

75.71

62.51

72.99

FINANCIAL RESULTS (MILLION)
Gold income

490

499

578

988

1,021

108

133

Cost of sales

367

374

344

742

682

Cash operating costs

246

258

234

504

471

Other cash costs

Total cash costs

248

259

235

507

474

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

253

264

241

517

485

Amortisation of tangible assets

110

136

101

247

214

Inventory change

(26)

(22)

(18)

(3)

(2)

122

124

234

246

339

Realised non-hedge derivatives and other commodity contracts

122

(814)

124

(767)

(103)

(97)

124

247

(579)

370

(428)

(73)

(53)

Add back accelerated settlement of non-hedge derivatives

669

Add realised loss on other commodity contracts

107

124

247

197

370

348

Capital expenditure

117

102

219

180

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Southern Africa

VAAL RIVER

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

MOAB KHOTSONG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

224

373

166

597

288

Milled

- 000 tonnes / - 000 tons

160

214

374

171

176

236

107

412

189

Yield

- g/t

/ - oz/t

9.23

9.48

9.05

9.37

9.61

0.269

0.276

0.264

0.273

0.280

Gold produced

- kg

/ - oz (000)

1,475

2,028

881

3,503

1,644

113

Gold sold

- kg

/ - oz (000)

1,501

1,903

887

3,404

1,596

109

Total cash costs

- R

/ - $

- ton milled

1,094

883

1,152

973

1,288

117

135

152

- R/kg

/ - $/oz

- produced

118,589

93,120

127,206

103,844

134,030

434

292

512

352

543

Total production costs

- R/kg

/ - $/oz

- produced

216,816

168,658

185,103

188,935

179,238

797

530

744

643

724

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

197

198

161

198

142

6.35

5.18

6.35

4.57

Actual

- g

/ - oz

146

202

161

174

155

4.69

6.51

5.18

5.60

4.98

Target

- m

/ - ft

3.60

3.50

3.54

3.55

3.00

38.79

37.63

38.14

38.22

32.24

Actual

- m

/ - ft

2.06

3.46

2.82

2.76

2.52

22.15

37.24

30.33

29.66

27.15

FINANCIAL RESULTS (MILLION)
Gold income

357

421

172

778

291

Cost of sales

319

320

163

640

286

Cash operating costs

174

188

111

361

219

Other cash costs

Total cash costs

175

189

112

364

220

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

178

192

117

370

227

Amortisation of tangible assets

141

151

292

Inventory change

(22)

(9)

(2)

(1)

101

139

Realised non-hedge derivatives and other commodity contracts

101

(245)

102

(230)

(31)

(29)

202

(236)

241

(225)

(30)

(28)

Add back accelerated settlement of non-hedge derivatives

201

Add realised loss on other commodity contracts

202

(3)

241

Capital expenditure

196

184

164

380

307

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit (loss) normalised for accelerated
settlement of non-hedge derivatives

Southern Africa

VAAL RIVER

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

TAU LEKOA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

117

118

658

605

672

1,263

1,275

Milled

- 000 tonnes / - 000 tons

294

270

322

564

594

324

298

355

622

655

Yield

- g/t

/ - oz/t

2.98

3.56

3.33

3.26

3.64

0.087

0.104

0.097

0.095

0.106

Gold produced

- kg

/ - oz (000)

875

962

1,073

1,837

2,166

Gold sold

- kg

/ oz (000)

877

901

1,070

1,778

2,096

Total cash costs

- R

/ - $

- ton milled

605

673

460

638

486

- R/kg

/ - $/oz

- produced

203,373

188,797

138,069

195,742

133,278

751

593

554

669

541

Total production costs

- R/kg

/ - $/oz

- produced

204,337

231,027

165,364

218,310

161,906

756

726

663

740

659

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

142

143

157

142

144

4.57

4.58

5.04

4.58

4.61

Actual

- g

/ - oz

107

125

102

125

3.10

3.43

4.02

3.27

4.03

Target

- m

/ - ft

7.66

7.52

8.15

7.59

7.56

82.47

80.96

87.71

81.72

81.36

Actual

- m

/ - ft

6.73

6.24

7.26

6.49

6.86

72.47

67.18

78.20

69.84

73.79

FINANCIAL RESULTS (MILLION)
Gold income

208

197

216

405

389

Cost of sales

181

208

177

389

339

Cash operating costs

177

181

147

358

287

Other cash costs

Total cash costs

178

182

148

360

289

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

182

183

151

364

292

Amortisation of tangible assets

(3)

Inventory change

(14)

(1)

(12)

(1)

(2)

(11)

(1)

Realised non-hedge derivatives and other commodity contracts

(303)

(286)

(38)

(36)

(264)

(236)

(33)

(30)

Add back accelerated settlement of non-hedge derivatives

290

Capital expenditure

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Southern Africa

VAAL RIVER

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

SURFACE OPERATIONS
OPERATING RESULTS
Milled

- 000 tonnes / - 000 tons

2,539

2,386

1,892

4,926

3,733

2,799

2,631

2,085

5,430

4,115

Yield

- g/t

/ - oz/t

0.52

0.59

0.30

0.56

0.33

0.015

0.017

0.009

0.016

0.010

Gold produced

- kg

/ - oz (000)

1,319

1,416

573

2,735

1,243

Gold sold

- kg

/ - oz (000)

1,314

1,327

567

2,641

1,212

Total cash costs

- R

/ - $

- ton milled

- R/kg

/ - $/oz

- produced

86,621

66,734

136,341

76,328

108,860

320

210

547

263

445

Total production costs

- R/kg

/ - $/oz

- produced

90,534

71,151

144,314

80,502

117,146

334

223

579

277

479

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,301

1,303

615

1,302

757

41.84

41.88

19.78

41.86

24.34

Actual

- g

/ - oz

1,884

1,997

847

1,941

929

60.57

64.20

27.22

62.40

29.85

FINANCIAL RESULTS (MILLION)
Gold income

313

287

112

600

225

Cost of sales

117

212

141

Cash operating costs

114

209

135

Other cash costs

Total cash costs

114

209

135

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

114

209

135

Amortisation of tangible assets

Inventory change

(2)

(6)

(2)

(9)

(5)

(1)

195

193

388

Realised non-hedge derivatives and other commodity contracts

(143)

(142)

(18)

198

267

(112)

465

(58)

(14)

(7)

Add back accelerated settlement of non-hedge derivatives

134

198

267

465

Capital expenditure

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Southern Africa

WEST WITS

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

MPONENG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

167

177

984

811

1,007

1,794

1,906

Milled

- 000 tonnes / - 000 tons

498

414

474

912

885

549

456

522

1,006

976

Yield

- g/t

/ - oz/t

8.75

9.58

10.50

9.13

10.24

0.255

0.279

0.306

0.266

0.299

Gold produced

- kg

/ - oz (000)

4,362

3,967

4,974

8,329

9,067

140

128

160

268

292

Gold sold

- kg

/ - oz (000)

4,497

3,543

4,858

8,040

8,713

145

114

156

258

280

Total cash costs

- R

/ - $

- ton milled

719

743

595

730

601

- R/kg

/ - $/oz

- produced

82,105

77,520

56,689

79,921

58,686

304

244

227

275

239

Total production costs

- R/kg

/ - $/oz

- produced

99,581

94,484

76,840

97,153

79,588

369

297

308

335

324

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

272

264

272

268

256

8.73

8.50

8.74

8.62

8.22

Actual

- g

/ - oz

275

256

310

266

285

8.84

8.24

9.97

8.54

9.16

Target

- m

/ - ft

5.67

5.45

5.44

5.56

5.29

61.05

58.69

58.52

59.87

56.89

Actual

- m

/ - ft

5.76

4.86

5.83

5.32

5.56

62.02

52.37

62.74

57.25

59.87

FINANCIAL RESULTS (MILLION)
Gold income

1,059

770

881

1,829

1,517

127

113

205

197

Cost of sales

446

335

375

781

696

Cash operating costs

356

306

280

662

529

Other cash costs

Total cash costs

358

308

282

666

532

Retrenchment costs

Rehabilitation costs

Production costs

362

310

286

672

541

Amortisation of tangible assets

137

180

Inventory change

(40)

(7)

(29)

(26)

(4)

(1)

(3)

(4)

614

435

506

1,049

822

118

106

Realised non-hedge derivatives and other commodity contracts

193

(1,114)

232

(1,026)

(140)

(129)

652

628

(608)

1,280

(205)

(75)

142

(23)

Add back accelerated settlement of non-hedge derivatives

1,116

141

652

628

507

1,280

911

142

118

Capital expenditure

220

196

150

416

270

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Southern Africa

WEST WITS

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

SAVUKA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

166

161

190

327

331

Milled

- 000 tonnes / - 000 tons

141

164

155

180

Yield

- g/t

/ - oz/t

6.64

5.33

6.36

5.89

6.17

0.194

0.156

0.185

0.172

0.180

Gold produced

- kg

/ - oz (000)

398

432

563

830

1,010

Gold sold

- kg

/ - oz (000)

458

369

555

827

977

Total cash costs

- R

/ - $

- ton milled

1,221

767

698

960

619

132

- R/kg

/ - $/oz

- produced

183,991

143,876

109,769

163,101

100,278

683

452

440

563

408

Total production costs

- R/kg

/ - $/oz

- produced

227,342

176,681

152,790

200,960

139,756

843

555

613

693

568

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

159

141

164

150

153

5.11

4.53

5.28

4.81

4.91

Actual

- g

/ - oz

122

132

174

127

160

3.92

4.24

5.58

4.08

5.15

Target

- m

/ - ft

5.73

5.29

5.54

5.51

5.00

61.71

56.89

59.62

59.26

53.80

Actual

- m

/ - ft

4.71

4.57

5.46

4.64

4.87

50.69

49.14

58.76

49.91

52.41

FINANCIAL RESULTS (MILLION)
Gold income

106

189

166

Cost of sales

101

166

136

Cash operating costs

135

101

Other cash costs

Total cash costs

135

101

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

137

103

Amortisation of tangible assets

Inventory change

(11)

(2)

(1)

(5)

(1)

Realised non-hedge derivatives and other commodity contracts

(1)

(108)

(98)

(14)

(12)

(95)

(68)

(12)

(9)

Add back accelerated settlement of non-hedge derivatives

112

Capital expenditure

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Southern Africa

WEST WITS

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

TAUTONA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

391

365

496

756

949

Milled

- 000 tonnes / - 000 tons

267

233

301

500

560

294

257

332

551

618

Yield

- g/t

/ - oz/t

6.95

7.61

9.18

7.26

8.96

0.203

0.222

0.268

0.212

0.261

Gold produced

- kg

/ - oz (000)

1,857

1,774

2,761

3,631

5,018

117

161

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes / - 000 tons

166

140

306

263

183

154

338

290

Yield

- g/t

/ - oz/t

0.28

0.34

0.36

0.31

0.39

0.008

0.010

0.011

0.009

0.011

Gold produced

- kg

/ - oz (000)

103

TOTAL
Yield

- g/t

/ - oz/t

6.95

7.61

9.18

7.26

8.96

0.203

0.222

0.268

0.212

0.261

Gold produced

- kg

/ - oz (000)

1,904

1,822

2,811

3,726

5,122

120

165

Gold sold

- kg

/ - oz (000)

1,994

1,590

2,739

3,584

4,929

115

158

Total cash costs

- R

/ - $

- ton milled

522

599

539

558

550

- R/kg

/ - $/oz

- produced

118,926

122,643

84,434

120,744

88,352

439

385

339

413

360

Total production costs

- R/kg

/ - $/oz

- produced

177,529

173,718

123,478

175,665

123,857

656

546

495

602

505

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

256

228

258

242

220

8.22

7.33

8.30

7.79

7.08

Actual

- g

/ - oz

191

179

242

185

212

6.13

5.76

7.78

5.94

6.82

Target

- m

/ - ft

4.15

3.78

4.48

3.97

3.91

44.64

40.66

48.25

42.70

42.09

Actual

- m

/ - ft

3.64

3.34

3.97

3.48

3.65

39.13

35.91

42.75

37.51

39.32

FINANCIAL RESULTS (MILLION)
Gold income

468

353

499

821

860

112

Cost of sales

353

277

338

630

611

Cash operating costs

225

222

236

447

450

Other cash costs

Total cash costs

226

223

237

450

453

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

235

226

244

461

469

Amortisation of tangible assets

103

194

165

Inventory change

(39)

(9)

(24)

(23)

(4)

(1)

(2)

(3)

115

161

191

249

Realised non-hedge derivatives and other commodity contracts

(628)

109

(581)

(79)

(73)

137

163

(467)

301

(332)

(58)

(41)

Add back accelerated settlement of non-hedge derivatives

625

137

163

158

301

293

Capital expenditure

113

120

211

Total yield excludes the surface and dump reclamation.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Southern Africa

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

NAVACHAB
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

937

823

756

1,760

1,371

1,225

1,076

989

2,302

1,793

Mined

- 000 tonnes / - 000 tons

2,538

2,203

1,954

4,741

3,595

2,798

2,429

2,154

5,226

3,963

Treated

- 000 tonnes / - 000 tons

342

352

345

694

703

377

388

381

766

775

Stripping ratio

- t (mined total-mined ore) / t mined ore

5.39

5.47

6.46

5.42

7.64

5.39

5.47

6.46

5.42

7.64

Yield

- g/t

/ - oz/t

1.20

1.61

1.46

1.41

1.38

0.035

0.047

0.042

0.041

0.040

Gold produced

- kg

/ - oz (000)

410

569

503

979

972

Gold sold

- kg

/ - oz (000)

382

573

506

956

967

Total cash costs

- R/kg

/ - $/oz

- produced

194,309

145,453

149,421

165,905

134,355

722

457

599

568

546

Total production costs

- R/kg

/ - $/oz

- produced

217,534

163,586

161,796

186,170

152,605

808

514

649

637

621

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

467

480

477

474

457

15.01

15.45

15.34

15.23

14.69

Actual

- g

/ - oz

231

368

365

295

363

7.43

11.83

11.75

9.48

11.67

FINANCIAL RESULTS (MILLION)
Gold income

156

251

101

Cost of sales

177

145

Cash operating costs

154

123

Other cash costs

Total cash costs

162

131

Rehabilitation and other non-cash costs

Production costs

162

131

Amortisation of tangible assets

Inventory change

(6)

(5)

(3)

(1)

(66)

(44)

(8)

(5)

Realised non-hedge derivatives and other commodity contracts

(66)

(44)

(8)

(5)

Add back accelerated settlement of non-hedge derivatives

Capital expenditure

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Rest of Africa

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

IDUAPRIEM
OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

6,485

5,999

3,607

12,484

8,109

7,148

6,613

3,976

13,761

8,939

Treated

- 000 tonnes / - 000 tons

793

671

882

1,463

1,697

874

739

973

1,613

1,871

Stripping ratio

- t (mined total-mined ore) / t mined ore

7.15

5.09

2.77

6.01

3.42

7.15

5.09

2.77

6.01

3.42

Yield

- g/t

/ - oz/t

1.84

1.71

1.61

1.78

1.71

0.054

0.050

0.047

0.052

0.050

Gold in ore

- kg

/ - oz (000)

1,352

1,731

1,640

3,083

3,256

105

Gold produced

- kg

/ - oz (000)

1,460

1,147

1,423

2,607

2,894

Gold sold

- kg

/ - oz (000)

1,394

1,292

1,471

2,686

2,930

Total cash costs

- R/kg

/ - $/oz

- produced

143,017

170,086

123,016

154,931

116,202

530

535

493

532

472

Total produced costs

- R/kg

/ - $/oz

- produced

157,223

190,908

143,725

172,049

139,811

582

600

576

590

568

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

659

550

704

605

633

21.18

17.69

22.62

19.44

20.35

Actual

- g

/ - oz

543

453

550

499

559

17.47

14.55

17.68

16.05

17.98

FINANCIAL RESULTS (MILLION)
Gold income

337

250

384

586

673

Cost of sales

214

247

212

461

399

Cash operating costs

195

182

164

378

314

Other cash costs

Total cash costs

209

195

175

404

336

Rehabilitation and other non-cash costs

(2)

Production costs

212

199

173

411

341

Amortisation of tangible assets

Inventory change

(15)

(6)

(2)

(1)

123

172

126

274

Realised non-hedge derivatives and other commodity contracts

(434)

(458)

(55)

(58)

126

(262)

224

(183)

(33)

(22)

Add back accelerated settlement of non-hedge derivatives

312

126

224

129

Capital expenditure

104

161

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Rest of Africa

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

OBUASI
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

521

492

477

1,014

912

575

543

526

1,117

1,005

Treated

- 000 tonnes / - 000 tons

546

562

479

1,108

985

602

619

528

1,221

1,086

Yield

- g/t

/ - oz/t

5.20

4.45

4.15

4.82

4.17

0.152

0.130

0.121

0.141

0.122

Gold produced

- kg

/ - oz (000)

2,841

2,501

1,989

5,343

4,112

172

132

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes / - 000 tons

639

737

843

1,376

1,704

704

813

930

1,517

1,879

Yield

- g/t

/ - oz/t

0.45

0.49

0.57

0.47

0.63

0.013

0.014

0.016

0.014

0.018

Gold produced

- kg

/ - oz (000)

287

361

477

648

1,072

TOTAL
Yield

- g/t

/ - oz/t

5.20

4.45

4.15

4.82

4.17

0.152

0.130

0.121

0.141

0.122

Gold produced

- kg

/ - oz (000)

3,129

2,862

2,465

5,990

5,183

101

193

167

Gold sold

- kg

/ - oz (000)

3,178

2,805

2,452

5,982

5,121

102

192

165

Total cash costs

- R/kg

/ - $/oz

- produced

159,942

222,941

152,565

190,037

138,855

589

701

612

642

562

Total production costs

- R/kg

/ - $/oz

- produced

203,304

273,155

203,889

236,673

193,812

750

858

817

802

785

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

251

233

218

242

207

8.06

7.49

7.02

7.77

6.66

Actual

- g

/ - oz

220

213

175

217

183

7.08

6.84

5.64

6.97

5.89

FINANCIAL RESULTS (MILLION)
Gold income

728

547

857

1,275

1,404

109

142

181

Cost of sales

679

757

502

1,436

986

156

129

Cash operating costs

471

606

357

1,078

679

117

Other cash costs

Total cash costs

500

638

376

1,138

720

124

Retrenchment costs

Rehabilitation and other non-cash costs

(1)

Production costs

520

647

376

1,167

746

127

Amortisation of tangible assets

116

135

127

250

258

Inventory change

(25)

(19)

(2)

(210)

355

(161)

418

(21)

(15)

Realised non-hedge derivatives and other commodity contracts

203

(927)

234

(978)

(117)

(123)

(7)

(572)

(560)

(1)

(72)

(71)

Add back accelerated settlement of non-hedge derivatives

513

(7)

(59)

(47)

(1)

(8)

(6)

Capital expenditure

111

265

155

376

293

Total yield represents underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit (loss) normalised for accelerated
settlement of non-hedge derivatives

Rest of Africa

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

SIGUIRI - Attributable 85%
OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

4,974

5,314

6,063

10,288

13,461

5,483

5,858

6,684

11,341

14,838

Treated

- 000 tonnes / - 000 tons

2,258

2,094

1,994

4,352

4,200

2,489

2,308

2,198

4,797

4,629

Stripping ratio

- t (mined total-mined ore) / t mined ore

1.17

1.13

1.45

1.15

1.31

1.17

1.13

1.45

1.15

1.31

Yield

- g/t

/ - oz/t

1.10

1.19

1.35

1.15

1.33

0.032

0.035

0.039

0.033

0.039

Gold produced

- kg

/ - oz (000)

2,490

2,499

2,682

4,989

5,583

160

179

Gold sold

- kg

/ - oz (000)

1,554

2,346

2,482

3,900

5,367

125

173

Total cash costs

- R/kg

/ - $/oz

- produced

121,537

156,700

108,248

139,150

106,862

451

492

434

472

435

Total production costs

- R/kg

/ - $/oz

- produced

138,327

173,970

124,373

156,180

126,655

513

547

499

530

515

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

609

558

507

584

548

19.59

17.95

16.29

18.77

17.63

Actual

- g

/ - oz

532

617

659

572

673

17.10

19.85

21.19

18.37

21.65

FINANCIAL RESULTS (MILLION)
Gold income

292

498

670

790

1,228

160

Cost of sales

209

413

306

622

675

Cash operating costs

261

333

247

594

474

Other cash costs

100

122

Total cash costs

303

392

290

694

597

Rehabilitation and other non-cash costs

Production costs

308

394

291

703

621

Amortisation of tangible assets

Inventory change

(136)

(22)

(28)

(157)

(32)

(16)

(2)

(3)

(18)

(4)

364

168

553

Realised non-hedge derivatives and other commodity contracts

134

(612)

175

(645)

(77)

(81)

125

218

(248)

343

(91)

(31)

(10)

Add back accelerated settlement of non-hedge derivatives

379

125

218

132

343

288

Capital expenditure

108

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Rest of Africa

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

MORILA - Attributable 40%

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

487

724

527

1,564

637

947

690

2,046

Mined

- 000 tonnes / - 000 tons

112

1,397

2,012

1,510

4,292

124

1,540

2,217

1,664

4,731

Treated

- 000 tonnes / - 000 tons

435

421

435

857

838

480

464

480

944

924

Stripping ratio

- t (mined total-mined ore) / t mined ore

0.44

1.27

3.15

1.17

2.91

0.44

1.27

3.15

1.17

2.91

Yield

- g/t

/ - oz/t

2.46

2.92

3.25

2.68

3.19

0.072

0.085

0.095

0.078

0.093

Gold produced

- kg

/ - oz (000)

1,071

1,228

1,415

2,299

2,672

Gold sold

- kg

/ - oz (000)

1,076

1,153

1,542

2,229

2,825

Total cash costs

- R/kg

/ - $/oz

- produced

138,329

131,403

106,319

134,629

103,009

511

413

426

459

418

Total production costs

- R/kg

/ - $/oz

- produced

150,906

143,832

125,377

147,127

121,820

557

452

503

501

495

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

764

990

1,188

877

1,077

24.57

31.83

38.18

28.20

34.64

Actual

- g

/ - oz

1,407

938

899

1,110

862

45.24

30.14

28.91

35.69

27.70

FINANCIAL RESULTS (MILLION)
Gold income

270

329

(52)

599

179

(6)

Cost of sales

159

163

191

321

339

Cash operating costs

129

137

128

266

233

Other cash costs

Total cash costs

148

161

150

309

275

Rehabilitation and other non-cash costs

Production costs

150

161

151

311

276

Amortisation of tangible assets

Inventory change

(3)

(14)

(17)

(1)

(2)

112

166

(243)

278

(161)

(30)

(19)

Realised non-hedge derivatives and other commodity contracts

112

166

(243)

278

(161)

(30)

(19)

Add back accelerated settlement of non-hedge derivatives

335

112

166

278

174

Capital expenditure

Morila is an equity accounted joint venture.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Rest of Africa

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

SADIOLA - Attributable 38%

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

939

1,162

1,180

2,101

2,547

1,228

1,520

1,544

2,748

3,332

Mined

- 000 tonnes / - 000 tons

1,844

2,246

2,250

4,091

4,879

2,033

2,476

2,480

4,509

5,378

Treated

- 000 tonnes / - 000 tons

413

357

397

770

757

455

394

438

849

834

Stripping ratio

- t (mined total-mined ore) / t mined ore

3.32

4.64

2.69

3.96

2.59

3.32

4.64

2.69

3.96

2.59

Yield

- g/t

/ - oz/t

2.67

3.12

3.55

2.87

3.37

0.078

0.091

0.104

0.084

0.098

Gold produced

- kg

/ - oz (000)

1,100

1,113

1,411

2,213

2,546

Gold sold

- kg

/ - oz (000)

1,260

1,076

1,412

2,337

2,749

Total cash costs

- R/kg

/ - $/oz

- produced

131,696

100,400

101,844

115,953

100,157

486

315

408

400

407

Total production costs

- R/kg

/ - $/oz

- produced

151,615

123,397

137,998

137,420

134,077

560

388

553

473

544

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

724

739

688

731

669

23.26

23.76

22.10

23.51

21.52

Actual

- g

/ - oz

756

791

988

773

869

24.30

25.42

31.75

24.86

27.93

FINANCIAL RESULTS (MILLION)
Gold income

316

305

(150)

621

100

(18)

Cost of sales

181

139

195

319

360

Cash operating costs

125

122

216

215

Other cash costs

Total cash costs

145

112

144

257

255

Rehabilitation and other non-cash costs

(1)

Production costs

145

112

143

257

255

Amortisation of tangible assets

Inventory change

135

166

(345)

302

(260)

(43)

(32)

Realised non-hedge derivatives and other commodity contracts

135

166

(345)

302

(260)

(43)

(32)

Add back accelerated settlement of non-hedge derivatives

402

135

166

302

141

Capital expenditure

Sadiola is an equity accounted joint venture.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Rest of Africa

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

YATELA - Attributable 40%

OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes / - 000 tons

652

939

1,148

1,591

2,171

719

1,035

1,265

1,754

2,393

Placed

- 000 tonnes / - 000 tons

283

271

276

554

570

312

299

305

610

629

Stripping ratio

- t (mined total-mined ore) / t mined ore

1.40

2.86

9.69

2.09

11.51

1.40

2.86

9.69

2.09

11.51

Yield

- g/t

/ - oz/t

4.45

2.73

3.48

3.61

2.80

0.130

0.080

0.102

0.105

0.082

Gold placed

- kg

/ - oz (000)

1,258

739

962

1,997

1,599

Gold produced

- kg

/ - oz (000)

790

421

465

1,211

997

Gold sold

- kg

/ - oz (000)

839

414

458

1,253

1,046

Total cash costs

- R/kg

/ - $/oz

- produced

104,446

174,214

142,633

128,699

133,529

386

547

573

442

546

Total production costs

- R/kg

/ - $/oz

- produced

120,996

194,766

149,633

146,640

141,954

447

612

601

504

581

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

994

517

899

755

738

31.95

16.62

28.91

24.29

23.74

Actual

- g

/ - oz

1,052

560

540

805

580

33.81

17.99

17.37

25.89

18.65

FINANCIAL RESULTS (MILLION)
Gold income

209

118

(39)

328

(5)

Cost of sales

103

189

147

Cash operating costs

134

118

Other cash costs

Total cash costs

156

133

Rehabilitation and other non-cash costs

Production costs

161

134

Amortisation of tangible assets

Inventory change

(1)

107

(107)

139

(80)

(14)

(10)

Realised non-hedge derivatives and other commodity contracts

107

(107)

139

(80)

(14)

(10)

Add back accelerated settlement of non-hedge derivatives

134

107

139

Capital expenditure

(10)

(9)

(1)

Yatela is an equity accounted joint venture.

Tonnes / Tons placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Rest of Africa

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

GEITA
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

4,694

4,334

4,793

9,028

10,236

6,139

5,669

6,269

11,808

13,389

Mined

- 000 tonnes / - 000 tons

12,860

12,285

12,631

25,145

26,947

14,176

13,542

13,923

27,718

29,704

Treated

- 000 tonnes / - 000 tons

1,178

917

1,031

2,095

2,224

1,298

1,011

1,136

2,309

2,451

Stripping ratio

- t (mined total-mined ore) / t mined ore

16.25

11.64

7.47

13.65

8.94

16.25

11.64

7.47

13.65

8.94

Yield

- g/t

/ - oz/t

1.67

1.50

2.24

1.60

1.93

0.049

0.044

0.065

0.047

0.056

Gold produced

- kg

/ - oz (000)

1,967

1,379

2,309

3,346

4,293

108

138

Gold sold

- kg

/ - oz (000)

1,868

1,363

2,133

3,231

3,993

104

128

Total cash costs

- R/kg

/ - $/oz

- produced

238,515

323,980

157,611

273,738

165,485

872

1,018

630

932

670

Total production costs

- R/kg

/ - $/oz

- produced

284,288

392,313

207,991

328,809

219,397

1,040

1,232

832

1,119

889

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

424

365

449

395

402

13.64

11.73

14.44

12.68

12.93

Actual

- g

/ - oz

322

226

386

274

351

10.36

7.25

12.42

8.81

11.29

FINANCIAL RESULTS (MILLION)
Gold income

276

1,426

342

1,872

181

240

Cost of sales

518

532

416

1,050

857

115

112

Cash operating costs

446

426

342

872

670

Other cash costs

Total cash costs

460

439

356

899

697

Rehabilitation and other non-cash costs

Production costs

461

439

356

900

708

Amortisation of tangible assets

116

183

220

Inventory change

(32)

(2)

(57)

(34)

(71)

(4)

(7)

(4)

(9)

(242)

(466)

1,010

(707)

1,015

(28)

(47)

128

(75)

128

Realised non-hedge derivatives and other commodity contracts

167

302

(1,537)

469

(1,639)

(194)

(207)

(74)

(164)

(526)

(238)

(624)

(8)

(17)

(66)

(25)

(79)

Add back accelerated settlement of non-hedge derivatives

491

(74)

(164)

(36)

(238)

(133)

(8)

(17)

(4)

(25)

(17)

Capital expenditure

200

225

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross loss excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross loss normalised for accelerated settlement of
non-hedge derivatives

Australia

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

SUNRISE DAM
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - ooo tons

244

143

152

387

271

269

158

168

427

299

Treated

- 000 tonnes / - 000 tons

172

217

389

205

189

239

429

226

Yield

- g/t

/ - oz/t

4.14

4.97

4.51

4.60

4.78

0.121

0.145

0.131

0.134

0.139

Gold produced

- kg

/ - oz (000)

711

1,077

362

1,788

981

OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

1,405

1,398

2,949

2,803

5,789

1,838

1,829

3,857

3,667

7,572

Treated

- 000 tonnes / - 000 tons

805

705

845

1,511

1,597

888

777

931

1,665

1,761

Stripping ratio

- t (mined total-mined ore) / t mined ore

28.52

27.83

14.55

28.17

12.55

28.52

27.83

14.55

28.17

12.56

Yield

- g/t

/ - oz/t

2.75

2.78

3.75

2.77

3.92

0.080

0.081

0.109

0.081

0.114

Gold produced

- kg

/ - oz (000)

2,217

1,964

3,167

4,181

6,255

102

134

201

TOTAL
Yield

- g/t

/ - oz/t

2.75

2.78

3.75

2.77

3.92

0.080

0.081

0.109

0.081

0.114

Gold produced

- kg

/ - oz (000)

2,928

3,041

3,529

5,969

7,236

114

192

233

Gold sold

- kg

/ - oz (000)

3,054

2,945

3,698

6,000

7,281

119

193

234

Total cash costs

- R/kg

/ - $/oz

- produced

136,004

182,648

137,877

159,765

124,201

503

574

553

539

503

Total production costs

- R/kg

/ - $/oz

- produced

162,688

225,777

164,025

194,827

149,346

601

709

658

656

606

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,657

1,719

3,489

1,688

3,658

53.28

55.26

112.17

54.27

117.61

Actual

- g

/ - oz

2,270

2,304

2,983

2,287

2,928

72.99

74.06

95.90

73.53

94.15

FINANCIAL RESULTS (MILLION)
Gold income

(104)

626

522

819

(13)

110

Cost of sales

491

680

603

1,171

1,088

127

142

Cash operating costs

381

534

469

915

860

112

Other cash costs

Total cash costs

398

555

487

954

899

103

117

Rehabilitation and other non-cash costs

Production costs

398

592

489

990

901

107

117

Amortisation of tangible assets

173

179

Inventory change

(6)

(1)

(595)

(54)

(511)

(649)

(269)

(71)

(5)

(64)

(77)

(31)

Realised non-hedge derivatives and other commodity contracts

839

171

(148)

1,010

(222)

101

(19)

118

(28)

244

118

(659)

361

(491)

(83)

(60)

Add back accelerated settlement of non-hedge derivatives

736

244

118

361

246

Capital expenditure

142

Total yield excludes the underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

South America

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

CERRO VANGUARDIA - Atrributable 92.50%
OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

5,684

5,211

6,298

10,895

12,084

6,266

5,745

6,943

12,010

13,320

Treated

- 000 tonnes / - 000 tons

233

212

208

445

432

257

233

229

490

476

Stripping ratio

- t (mined total-mined ore) / t mined ore

25.47

23.14

35.20

24.30

28.72

25.47

23.14

35.20

24.30

28.72

Yield

- g/t

/ - oz/t

6.80

6.98

4.06

6.88

3.93

0.198

0.203

0.118

0.201

0.115

Gold in ore

- kg

/ - oz (000)

1,683

1,561

903

3,243

1,810

104

Gold produced

- kg

/ - oz (000)

1,586

1,476

842

3,062

1,698

Gold sold

- kg

/ - oz (000)

1,624

1,106

858

2,729

2,316

Total cash costs

- R/kg

/ - $/oz

- produced

93,072

127,374

217,167

109,611

174,406

344

400

870

371

710

Total production costs

- R/kg

/ - $/oz

- produced

130,795

162,697

243,507

146,176

204,585

485

511

976

498

833

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

529

579

684

554

633

17.00

18.61

21.98

17.80

20.35

Actual

- g

/ - oz

759

702

390

730

403

24.39

22.56

12.53

23.47

12.95

FINANCIAL RESULTS (MILLION)
Gold income

427

333

760

319

Cost of sales

213

191

185

404

384

Cash operating costs

114

162

167

276

252

Other cash costs

Total cash costs

148

188

183

336

296

Rehabilitation and other non-cash costs

(4)

Production costs

159

188

179

347

297

Amortisation of tangible assets

100

Inventory change

(49)

(20)

(43)

(5)

(2)

(4)

214

142

(159)

355

(64)

(20)

(8)

Realised non-hedge derivatives and other commodity contracts

(69)

(37)

(34)

(106)

(69)

(8)

(4)

(12)

(9)

145

104

(193)

249

(134)

(24)

(17)

Add back accelerated settlement of non-hedge derivatives

144

145

104

(48)

249

(6)

Capital expenditure

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit (loss) normalised for accelerated
settlement of non-hedge derivatives

South America

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

ANGLOGOLD ASHANTI BRASIL MINERAÇÃO
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

330

318

296

648

599

364

351

326

715

661

Treated

- 000 tonnes / - 000 tons

309

320

296

629

604

340

353

326

694

665

Yield

- g/t

/ - oz/t

6.95

6.43

7.72

6.68

7.24

0.203

0.187

0.225

0.195

0.211

Gold produced

- kg

/ - oz (000)

2,146

2,059

2,282

4,206

4,368

135

140

HEAP LEACH OPERATION
Mined

- 000 tonnes / - 000 tons

692

739

1,223

1,431

1,907

763

815

1,349

1,577

2,102

Placed

- 000 tonnes / - 000 tons

108

120

Stripping ratio

- t (mined total-mined ore) / t mined ore

16.84

25.58

18.08

20.49

16.58

16.84

25.58

18.08

20.49

16.58

Yield

- g/t

/ - oz/t

3.33

2.30

4.62

2.90

4.87

0.097

0.067

0.135

0.085

0.142

Gold placed

- kg

/ - oz (000)

129

301

193

529

Gold produced

- kg

/ - oz (000)

136

248

198

413

TOTAL
Yield

- g/t

/ - oz/t

6.95

6.43

7.72

6.68

7.24

0.203

0.187

0.225

0.195

0.211

Gold produced

- kg

/ - oz (000)

2,282

2,121

2,530

4,404

4,781

142

154

Gold sold

- kg

/ - oz (000)

2,121

2,158

2,519

4,280

4,951

138

159

Total cash costs

- R/kg

/ - $/oz

- produced

77,592

91,588

80,564

84,334

78,698

287

288

323

287

320

Total production costs

- R/kg

/ - $/oz

- produced

117,644

139,410

109,484

128,129

111,221

435

438

439

437

452

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

504

426

560

465

550

16.21

13.71

18.00

14.96

17.69

Actual

- g

/ - oz

428

429

571

429

537

13.77

13.80

18.35

13.78

17.28

FINANCIAL RESULTS (MILLION)
Gold income

485

543

1,028

559

113

Cost of sales

250

294

277

544

525

Cash operating costs

171

188

198

359

365

Other cash costs

Total cash costs

177

194

204

371

376

Rehabilitation and other non-cash costs

(6)

(1)

Production costs

177

194

198

371

378

Amortisation of tangible assets

101

193

154

Inventory change

(19)

(1)

(20)

(6)

(2)

(1)

235

248

(201)

483

(25)

Realised non-hedge derivatives and other commodity contracts

(263)

(313)

(33)

(40)

285

288

(464)

573

(279)

(58)

(33)

Add back accelerated settlement of non-hedge derivatives

647

285

288

183

573

368

Capital expenditure

169

123

166

292

289

Tonnes / Tons placed onto leach pad.

Total yield represents underground operations.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

South America

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

SERRA GRANDE - Attributable 50%
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

103

194

164

113

101

214

181

Treated

- 000 tonnes / - 000 tons

107

189

154

118

208

170

Yield

- g/t

/ - oz/t

4.58

3.65

7.47

4.18

7.33

0.134

0.106

0.218

0.122

0.214

Gold produced

- kg

/ - oz (000)

491

298

568

788

1,129

OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

194

182

189

375

318

213

200

208

414

351

Treated

- 000 tonnes / - 000 tons

Stripping ratio

- t (mined total-mined ore) / t mined ore

4.34

9.00

6.70

5.89

5.43

4.34

9.00

6.70

5.89

5.43

Yield

- g/t

/ - oz/t

4.39

3.96

4.59

4.30

4.27

0.128

0.116

0.134

0.126

0.125

Gold in ore

- kg

/ - oz (000)

142

136

176

223

Gold produced

- kg

/ - oz (000)

130

125

160

205

TOTAL
Yield

- g/t

/ - oz/t

4.58

3.65

7.47

4.18

7.33

0.134

0.106

0.218

0.122

0.214

Gold produced

- kg

/ - oz (000)

620

328

693

949

1,334

Gold sold

- kg

/ - oz (000)

552

421

670

973

1,291

Total cash costs

- R/kg

/ - $/oz

- produced

110,967

158,853

76,679

127,536

73,559

409

499

307

440

299

Total production costs

- R/kg

/ - $/oz

- produced

143,236

205,445

99,533

164,762

96,895

528

646

399

569

394

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

601

368

717

485

699

19.34

11.85

23.06

15.59

22.46

Actual

- g

/ - oz

568

305

738

437

719

18.26

9.80

23.74

14.06

23.12

FINANCIAL RESULTS (MILLION)
Gold income

121

100

221

181

Cost of sales

155

124

Cash operating costs

114

Other cash costs

Total cash costs

121

Rehabilitation and other non-cash costs

(1)

Production costs

121

Amortisation of tangible assets

Inventory change

(7)

(4)

(1)

(5)

(1)

(20)

(2)

Realised non-hedge derivatives and other commodity contracts

(65)

(87)

(8)

(11)

(85)

(30)

(11)

(3)

Add back accelerated settlement of non-hedge derivatives

134

104

Capital expenditure

152

Total yield represents underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

North America

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2009

2008

2009

2008

2009

2008

2009

2008

CRIPPLE CREEK & VICTOR
OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes / - 000 tons

13,145

12,204

11,957

25,349

23,489

14,490

13,453

13,181

27,943

25,892

Placed

- 000 tonnes / - 000 tons

4,873

5,306

5,826

10,180

10,897

5,372

5,849

6,422

11,221

12,012

Stripping ratio

- t (mined total-mined ore) / t mined ore

1.57

1.32

1.10

1.45

1.13

1.57

1.32

1.10

1.45

1.13

Yield

- g/t

/ - oz/t

0.47

0.46

0.50

0.014

0.013

0.014

Gold placed

- kg

/ - oz (000)

2,305

2,417

2,665

4,722

5,414

152

174

Gold produced

- kg

/ - oz (000)

1,617

1,736

1,849

3,353

3,639

108

117

Gold sold

- kg

/ - oz (000)

1,600

1,789

1,842

3,389

3,667

109

118

Total cash costs

- R/kg

/ - $/oz

- produced

94,740

106,971

75,058

101,073

72,036

351

336

301

343

293

Total production costs

- R/kg

/ - $/oz

- produced

119,859

141,245

100,506

130,932

97,479

445

444

403

444

396

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,998

1,600

2,196

1,801

1,971

64.25

51.43

70.60

57.91

63.38

Actual

- g

/ - oz

1,466

1,621

1,746

1,542

1,748

47.13

52.12

56.12

49.59

56.20

FINANCIAL RESULTS (MILLION)
Gold income

288

243

782

531

1,151

100

148

Cost of sales

194

245

186

439

355

Cash operating costs

295

346

248

641

460

Other cash costs

Total cash costs

305

363

259

668

480

Rehabilitation and other non-cash costs

Production costs

305

363

268

668

500

Amortisation of tangible assets

104

111

Inventory change

(144)

(189)

(139)

(333)

(257)

(17)

(19)

(18)

(36)

(33)

(3)

596

796

102

Realised non-hedge derivatives and other commodity contracts

104

232

(896)

336

(929)

(113)

(117)

198

229

(300)

427

(133)

(37)

(15)

Add back accelerated settlement of non-hedge derivatives

446

198

229

146

427

313

Capital expenditure

190

269

140

Tonnes / Tons placed onto leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Total cash cost calculation includes inventory change.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Certain statements made in this communication, including, without limitation, those concerning AngloGold Ashanti’s strategy to reduce its gold hedging position including the extent
and effects of the reduction, the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash costs and other operating results, growth
prospects and outlook of AngloGold Ashanti’s operations, individually or in the aggregate, including the completion and commencement of commercial operations of certain of
AngloGold Ashanti’s exploration and production projects and completion of acquisitions and dispositions, AngloGold Ashanti’s liquidity and capital resources, and expenditure and the
outcome and consequences of any pending litigation proceedings, contain certain forward-looking statements regarding AngloGold Ashanti’s operations, economic performance and
financial condition. 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 and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in gold
prices and exchange rates, and business and operational risk management. For a discussion of such factors, refer to AngloGold Ashanti's annual report for the year ended 31
December 2008, which was distributed to shareholders on 27 March 2009 and the company’s annual report on Form 20-F, filed with the Securities and Exchange Commission in the
United States on May 5, 2009 and amended on May 6, 2009. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking
statements to reflect events or circumstances after today’s date or to reflect the occurrence of unanticipated events. 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. AngloGold Ashanti posts information that is important to
investors on the main page of its website at www.anglgoldashanti.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.

Administrative

information

ANGLOGOLD ASHANTI LIMITED

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

Share codes:

ISIN: ZAE000043485
JSE:

ANG

LSE:

AGD

NYSE:

ASX:

AGG

GhSE (Shares):

AGA

GhSE (GhDS):

AAD

Euronext Paris:

Euronext Brussels:

ANG

JSE Sponsor:

UBS

Auditors:

Ernst & Young Inc

Offices

Registered and Corporate

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

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

Ghana
Gold House
Patrice Lumumba Road
(PO Box 2665)
Accra
Ghana
Telephone: +233 21 772190
Fax: +233 21 778155

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

Directors

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

Non-Executive
R P Edey * (Chairman)
Dr T J Motlatsi (Deputy Chairman)
F B Arisman

W A Nairn #
Prof W L Nkuhlu #
S M Pityana #

* British

American

~ Australian

South African

Officers
Company Secretary:

Ms L Eatwell

Investor Relations Contacts

South Africa
Sicelo Ntuli
Telephone: +27 11 637 6339
Fax: +27 11 637 6400
E-mail: sntuli@AngloGoldAshanti.com

United States
Stewart Bailey
Telephone: +1-212-836-4303
Mobile: +1 646 717-3978
E-mail: sbailey@AngloGoldAshanti.com

General E-mail enquiries
investors@AngloGoldAshanti.com

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

Company secretarial E-mail
Companysecretary@AngoGoldAshanti.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.

PRINTED BY INCE (PTY) LIMITED

Share Registrars

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

United Kingdom
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 7NH
England
Telephone: +44 870 702 0000
Fax: +44 870 703 6119

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

Ghana
NTHC Limited
Martco House
Off Kwame Nkrumah Avenue
PO Box K1A 9563 Airport
Accra
Ghana
Telephone: +233 21 229664
Fax: +233 21 229975

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

Global BuyDIRECT

BoNY maintains a direct share purchase
and dividend reinvestment plan for
A

NGLO

OLD

SHANTI

Telephone: +1-888-BNY-ADRS

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AngloGold Ashanti Limited

Date: July 31, 2009

By:

/s/ L Eatwell

Name: L EATWELL
Title: Company Secretary

___________________________________
*Print the name and title under the signature of the signing officer.

SEC 1815(04-09)       Persons who are to respond to the collection of information contained
                                in this form are not required to respond unless the form displays a
                                currently valid OMB control number.