ANGLOGOLD ASHANTI LIMITED: Report for the quarter & nine months ended 30 Sept 2012

ANGLOGOLD ASHANTI LIMITED: Report for the quarter & nine months ended 30 Sept 
2012
ANGLOGOLD ASHANTI LIMITED 
Registration No. 1944/017354/06 
Incorporated in the Republic of South Africa 
Share codes: 
ISIN: ZAE000043485 
JSE:            ANG 
                 
  LSE:            AGD 
                 
  NYSE:           AU  
                 
  ASX:            AGG 
                 
  GhSE (Shares):  AGA 
                 
  GhSE (GhDS):    AAD 


                     

Report for the quarter and nine months ended 30 September 2012

Group results for the quarter…

-   Gold production of 1.03Moz, lower-than-anticipated production from South
Africa and Obuasi.

-   Total cash costs of $866/oz, compared with guidance of $835/oz to $865/oz.

-   Adjusted headline earnings of $235m, or 61 US cents a share.

-   Quarterly dividend declared of 50 South African cents per share
(approximately 6 US cents per share).

-   Capital expenditure cut by $200m to $2bn - $2.1bn; certain projects and
corporate costs under review.

-   Tropicana on track for first production of gold before the end of next
year; Kibali remains on track.

-   Technology & Innovation Consortium making good progress on reef-boring
project for South African mines.

-   All Injury Frequency Rate (AIFR) the lowest on record at 7.93 per million
hours worked.

For the first three quarters…

-   Profit attributable to equity shareholders at $1,019m (2011: $1,167m).

-   Adjusted headline earnings at $917m (2011: $1,002m).

-   EBITDA at $2,065m, compared to $2,234m during the same period last year.

-   Year to date AIFR of 8.2 per million hours worked, a 16% improvement on
2011 year-end performance.
                                      Quarter      Nine months
                                                              
                                 ended ended ended ended ended
                                                              
                                   Sep   Jun   Sep   Sep   Sep
                                                              
                                  2012  2012  2011  2012  2011
                                                              
                                     US dollar / Imperial     


                                                          
Operating review                                               
                                                          
Gold                                                           
                                                          
Produced           - oz (000)    1,030 1,073 1,092 3,084 3,217 
                                                          
Price received 1   - $/oz        1,648 1,607 1,713 1,649 1,539 
                                                          
Total cash costs   - $/oz          866   801   737   821   716 
                                                          
Total production                                              
costs              - $/oz        1,081 1,002   922 1,027   910 
                                                          
Financial review                                               
                                                          
Adjusted gross                                                
profit 2           - $m            573   633   816 1,923 1,942 
                                                          
Gross profit       - $m            512   633   815 1,862 1,941 
                                                          
Profit                                                        
attributable to                                               
equity                                                        
shareholders       - $m            168   287   456 1,019 1,167 


                                                              
                   - cents/share    43    74   118   263   302


                                                          
Headline earnings  - $m            178   307   476 1,036 1,194 


                                                              
                   - cents/share    46    79   123   268   309


                                                          
Adjusted headline                                             
earnings 3         - $m            235   253   457   917 1,002 


                                                              
                   - cents/share    61    65   118   237   260


                                                          
Cash flow from                                                
operating                                                     
activities         - $m            304   462   863 1,348 2,011 
                                                          
Capital                                                       
expenditure        - $m            545   451   408 1,350 1,002 
                                                           
Notes: 
1. Refer to note C "Non-GAAP           $ represents US dollar, unless otherwise
disclosure" for the definition.        stated.                                  
                                                                           
2. Refer to note B "Non-GAAP           Rounding of figures may result in       
disclosure" for the definition.        computational discrepancies.             
                                                                           
3. Refer to note A "Non-GAAP                                                   
disclosure" for the definition.                                                 


                                                                               

Certain statements made in this communication, other than statements of
historical fact, including, without limitation, those concerning the economic
outlook for the gold mining industry, expectations regarding gold prices,
production, cash costs and other operating results, growth prospects and
outlook of AngloGold Ashanti's operations, individually or in the aggregate,
including the achievement of project milestones, the completion and
commencement of commercial operations of certain of AngloGold Ashanti's
exploration and production projects and the completion of acquisitions and
dispositions, AngloGold Ashanti's liquidity and capital resources and capital
expenditures and the outcome and consequence of any potential or pending
litigation or regulatory proceedings or environmental issues, are
forward-looking statements or forecasts regarding AngloGold Ashanti's
operations, economic performance and financial condition. These forward-looking
statements or forecasts involve known and unknown risks, uncertainties and
other factors that may cause AngloGold Ashanti's actual results, performance or
achievements to differ materially from the anticipated results, performance or
achievements expressed or implied in these forward-looking statements. Although
AngloGold Ashanti believes that the expectations reflected in such
forward-looking statements and forecasts are reasonable, no assurance can be
given that such expectations will prove to have been correct. Accordingly,
results could differ materially from those set out in the forward-looking
statements as a result of, among other factors, changes in economic, social,
political and market conditions, success of business and operating initiatives,
changes in the regulatory environment and other government actions including
environmental approvals and actions, fluctuations in gold prices and exchange
rates, and business and operational risk management. For a discussion of
certain of these and other factors, refer to AngloGold Ashanti's annual report
for the year ended 31 December 2011, which was distributed to shareholders on 4
April 2012, the company's 2011 annual report on Form 20-F, which was filed with
the Securities and Exchange Commission in the United States on 23 April 2012
and the prospectus supplement to the company's prospectus dated 17 July 2012
that was filed with the Securities and Exchange Commission on 25 July 2012.
These factors are not necessarily all of the important factors that could cause
AngloGold Ashanti's actual results to differ materially from those expressed in
any forward-looking statements. Other unknown or unpredictable factors could
also have material adverse effects on future results. Consequently,
stakeholders are cautioned not to place undue reliance on forward-looking
statements. AngloGold Ashanti undertakes no obligation to update publicly or
release any revisions to these forward-looking statements to reflect events or
circumstances after today's date or to reflect the occurrence of unanticipated
events, except to the extent required by applicable law. All subsequent written
or oral forward-looking statements attributable to AngloGold Ashanti or any
person acting on its behalf are qualified by the cautionary statements herein.

This communication may contain certain "Non-GAAP" financial measures. AngloGold
Ashanti utilises certain Non-GAAP performance measures and ratios in managing
its business. Non-GAAP financial measures should be viewed in addition to, and
not as an alternative for, the reported operating results or cash flow from
operations or any other measures of performance prepared in accordance with
IFRS. In addition, the presentation of these measures may not be comparable to
similarly titled measures other

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

Operations at a glance                                                          
                      
                                                                                


                  
for the quarter ended 30 September 2012                                          


                      
                                                                                
                      


                                                                            
  Total cash           


                                                      Production                
    costs             
                                                                                
                      
                                                                   Qtr on       
               Qtr on 
                                                                    Qtr         
                Qtr   
                                                                                
                      


                                                 Year-on-year    %          
 Year-on-year    %     


                                                                  Variance      
              Variance


                                        oz (000) % Variance 2    3     $/oz 
 % Variance 2    3     
                                                                             
                  
SOUTH AFRICA                                     373          (5)        3   
849           12        9 
                                                                             
                  
Great Noligwa                                     29           16       21 1 
047         (17)      (7) 
                                                                             
                  
Kopanang                                          48         (38)     (14) 1 
104           58       27 
                                                                             
                  
Moab Khotsong                                     46         (35)     (15) 1 
029           44       13 
                                                                             
                  
Mponeng                                          126            8        5   
623            6        6 
                                                                             
                  
Savuka                                            10         (23)     (17) 1 
026           10       16 
                                                                             
                  
TauTona                                           60            3       15   
847          (7)      (5) 
                                                                             
                  
First Uranium SA                                  14            -        -   
898            -        - 
                                                                             
                  
Surface Operations                                40           25      (9)   
852          (3)       25 
                                                                             
                  
CONTINENTAL AFRICA                               357         (13)     (12)   
916           24       11 
                                                                             
                  
Ghana                                                                            


                      
                                                                                


                  
Iduapriem                                         45          (6)      (4) 1 
051           22        4 
                                                                             
                  
Obuasi                                            60         (23)     (28) 1 
167           41       23 
                                                                             
                  
Guinea                                                                           


                      
                                                                                


                  
Siguiri - Attr. 85%                               60            7     (10)   
985            4       36 
                                                                             
                  
Mali                                                                             


                      
                                                                                


                  
Morila - Attr. 40% 4                              18         (25)     (18)   
780          (5)     (10) 
                                                                             
                  
Sadiola - Attr. 41% 4                             26         (16)       18   
963           22     (19) 
                                                                             
                  
Yatela - Attr. 40% 4                               7         (13)       17 1 
790           16     (23) 
                                                                             
                  
Namibia                                                                          


                      
                                                                                


                  
Navachab                                          15          (6)     (29) 1 
040          (6)       25 
                                                                             
                  
Tanzania                                                                         


                      
                                                                                


                  
Geita                                            127         (15)      (9)   
682           44        8 
                                                                             
                  
Non-controlling interests,  exploration and                                      
                  
other                                                                            


                      
                                                                                


                  
AUSTRALASIA                                       64           28     (10)   
937         (40)     (21) 
                                                                             
                  
Australia                                                                        


                      
                                                                                


                  
Sunrise Dam                                       64           28     (10)   
891         (43)     (19) 
                                                                             
                  
Exploration and other                                                            


                      
                                                                                


                  
AMERICAS                                         237            -        2   
798           52       19 
                                                                             
                  
Argentina                                                                        


                      
                                                                                


                  
Cerro Vanguardia - Attr. 92.50%                   56            8        -   
772          161       18 
                                                                             
                  
Brazil                                                                           


                      
                                                                                


                  
AngloGold Ashanti Mineração                       91         (10)      (6)   
837           51       21 
                                                                             
                  
Serra Grande 5                                    30          100      100   
853          (7)      (1) 
                                                                             
                  
United States of America                                                         


                      
                                                                                


                  
Cripple Creek & Victor                            60         (13)      (6)   
725           29       21 
                                                                             
                  
Non-controlling interests, exploration and                                       
                  
other                                                                            


                      
                                                                                


                  
OTHER                                                                            


                      
                                                                                


                  
Sub-total                                       1030          (6)      (4)   
866           18        8 
                                                                             
                  
Equity accounted investments included above                                      


                      
                                                                                


                  
AngloGold Ashanti                                                                


                      
                                                                                


                  
1 Refer to note B "Non GAAP disclosure" for definition                           


                      
                                                                                


                  
2 Variance September 2012 quarter on September 2011 quarter - increase           
                  
(decrease).                                                                      


                      
                                                                                


                  
3 Variance September 2012 quarter on June 2012 quarter - increase (decrease).    


                      
                                                                                


                  
4 Equity accounted joint ventures.                                               


                      
                                                                                


                  
Rounding of figures may result in computational discrepancies.                   


                      
                                                                                
                      

Operations at a glance                             Adjusted           


                                             gross profit         
for the quarter ended 30 September 2012             (loss)             


                                                                      
                                                               Qtr on 
                                                                Qtr   
                                                 Year-on-year         
                                                                 $m   
                                                 $m Variance  Variance
                                             $m       2          3    


                                                                  
SOUTH AFRICA                                 208         (82)        3 
                                                                  
Great Noligwa                                 11            5        5 
                                                                  
Kopanang                                      15         (46)     (13) 
                                                                  
Moab Khotsong                                  6         (39)      (6) 
                                                                  
Mponeng                                      108          (5)       12 
                                                                  
Savuka                                         4          (7)      (3) 
                                                                  
TauTona                                       31            3       12 
                                                                  
First Uranium SA                               2            2        2 
                                                                  
Surface Operations                            31            5      (6) 
                                                                  
CONTINENTAL AFRICA                           197        (128)     (47) 
                                                                  
Ghana                                                                  
                                                                  
Iduapriem                                     20         (12)      (1) 
                                                                  
Obuasi                                        14         (33)     (20) 
                                                                  
Guinea                                                                 
                                                                  
Siguiri - Attr. 85%                           32         (10)     (14) 
                                                                  
Mali                                                                   
                                                                  
Morila - Attr. 40% 4                          15          (6)        - 
                                                                  
Sadiola - Attr. 41% 4                         15         (12)        6 
                                                                  
Yatela - Attr. 40% 4                         (1)          (2)        4 
                                                                  
Namibia                                                                
                                                                  
Navachab                                       4          (3)      (9) 
                                                                  
Tanzania                                                               
                                                                  
Geita                                         96         (46)     (10) 
                                                                  
Non-controlling interests,  exploration and    4          (2)      (1)
other                                                                  
                                                                  
AUSTRALASIA                                   36           36       11 
                                                                  
Australia                                                              
                                                                  
Sunrise Dam                                   40           39        9 
                                                                  
Exploration and other                        (3)          (3)        3 
                                                                  
AMERICAS                                     154         (98)      (9) 
                                                                  
Argentina                                                              
                                                                  
Cerro Vanguardia - Attr. 92.50%               44         (20)        3 
                                                                  
Brazil                                                                 
                                                                  
AngloGold Ashanti Mineração                   37         (61)     (17) 
                                                                  
Serra Grande 5                                18            9       10 
                                                                  
United States of America                                               
                                                                  
Cripple Creek & Victor                        52         (16)        1 
                                                                  
Non-controlling interests, exploration and     3         (10)      (7)
other                                                                  
                                                                  
OTHER                                          6           10      (9) 
                                                                  
Sub-total                                    601        (263)     (51) 
                                                                  
Equity accounted investments included above (28)           20      (9) 
                                                                  
AngloGold Ashanti                            573        (243)     (60) 


                                                                      

1 Refer to note B "Non GAAP disclosure" for definition

2 Variance September 2012 quarter on September 2011 quarter - increase
(decrease).

3 Variance September 2012 quarter on June 2012 quarter - increase (decrease).

4 Equity accounted joint ventures.

5 Effective 1 July 2012, AngloGold Ashanti increased its shareholding in Serra
Grande from 50% to 100%.

Rounding of figures may result in computational discrepancies.

Financial and Operating Report

OVERVIEW FOR THE QUARTER

FINANCIAL AND CORPORATE REVIEW

The current quarter's adjusted headline earnings (AHE) of $235m or 61 US cents
per share is lower, when compared with $457m or 118 US cents per share recorded
in the third quarter of 2011. The decline is principally due to a 6% drop in
gold production, a $65/oz lower gold price, higher cash costs associated with
inflation including wage increases, lower grades and by-product credits,
increased exploration and study costs, and higher finance charges. These
adverse impacts were partially mitigated by the deferred tax credit of $58m
from the Serra Grande tax restructuring.

When compared to the June 2012 quarter, AHE declined by 7% primarily due to 4%
lower production, higher unit costs (wage increases and winter power tariffs in
the South African region and, for the wage increases, also in the Americas),
lower by-product credits, increased exploration and study costs, and higher
finance charges.

Profit attributable to equity shareholders for the third quarter was $168m and
year-to-date amounted to $1,019m compared to $1,167m for the year-to-date last
year. The third quarter net profit of $168m was 41% or $119m lower than the
June quarter due to higher costs, increased exploration and study costs, higher
finance costs and fair value losses relating to the convertible bonds and
commodity contracts. These factors were partly mitigated by the deferred tax
credit from the Serra Grande tax restructuring. Cash flow generated from
operating activities was $304m during the third quarter, compared with $863m a
year earlier. Capital expenditure was $545m (including equity accounted joint
ventures) for the September 2012 quarter compared to $408m for the September
2011 quarter. Net debt increased from $879m at the end of the second quarter to
$1,569m at the end of September following the completion of the acquisition of
First Uranium's Mine Waste Solutions for $335m on 20 July 2012, and higher
capital expenditure. AngloGold Ashanti expects net debt to increase by year-end
given its project capital expenditure profile.

SOUTH AFRICA

Following a wave of labour unrest and unprotected strike action that took place
throughout South Africa since early August, workers at AngloGold Ashanti's
Kopanang mine embarked on an unprotected strike on 20 September, preventing the
commencement of the night shift on 20 September. Workers at the three West Wits
and balance of the Vaal River regions' operations joined the unprotected work
stoppage on 25 September.

The company worked throughout this challenging period to find a mutually
agreeable solution to the unprocedural work stoppage, which cost approximately
32,000oz a week in lost production while the entire South African portfolio
remained idle. AngloGold Ashanti, along with its major gold-producing peers in
South Africa, used the Entry Level Task Team, established in the 2011
collective wage negotiation process to: increase the entry-level pay of
employees; establish a new pay category for equipment operators; provide an
allowance for rock-drill operators; and increase pay by 2% for most categories
of worker. The net impact of this settlement on the payroll cost for AngloGold
Ashanti is $16m per annum.

Striking employees at the Kopanang and Great Noligwa mines, as well as the
surface operations, started returning to work on Monday 22 October while Moab
Khotsong followed a day later. The situation at those mines, as well as all
surface operations, remains normal and they are in the process of ramping up to
full production.

On Friday 26 October following extensive dialogue between AngloGold Ashanti's
regional management and employees, most of the striking workforce returned to
the three West Wits mines. TauTona, however, was again disrupted by an
underground sit-in on 1 November where employees demanded early payment of a
safety incentive, which was offered to help ensure the safe restart of the
mine. A day later, Mponeng's normal operations were disrupted by a similar
sit-in. This occurred again on 5 November at Mponeng, with threats made by
striking miners to their colleagues. In both cases, damage was caused to
company property. In the wake of this second disruption at Mponeng, a decision
was taken to suspend operations at the mine given that AngloGold Ashanti was
unable to ensure the safety of staff. Striking employees will again receive no
pay while the situation persists and the mine will remain closed until
assurances can be received that normal, safe operations can resume. These work
stoppages on the world's deepest underground mines, which have started suddenly
and have lasted five weeks (and longer in the case of Mponeng), are
unprecedented and pose significant safety risks and operating challenges.
AngloGold Ashanti continues to take every precaution to ensure the operations
are restarted safely and that the ore bodies are not compromised.

As of 2 November, AngloGold Ashanti estimates the strike had cost about
250,000oz of lost production during the fourth quarter due to the work
stoppages and also in the slow ramp up to full production. While concerted
efforts are being made to end the impasse at Mponeng, and to prevent it from
spreading to neighbouring operations, the continued disruption will further
exacerbate the production losses. The lower volumes will have a commensurate
impact on regional and group unit cash costs.

CORPORATE UPDATE

AngloGold Ashanti's management has moved decisively to counter the impact of
the strike, in order to maintain appropriate financial flexibility. Capital
expenditure for 2012 has been reduced by $200m and is now estimated at $2bn to
$2.1bn. A study of all corporate and operating costs is currently being
conducted. AngloGold Ashanti's industry leading exploration programme is being
focused on key, high-potential projects and capital projects are being
reviewed. At Mongbwalu, in the Democratic Republic of Congo, the development
schedule is being reviewed in order to provide time to assess additional
discoveries that have been made. Development of the Sadiola Deep Sulphides
project is being slowed, as are the life extension projects at Moab Khotsong
and Mponeng in South Africa. Also in South Africa, production plans are being
reviewed to focus the existing operations on higher margin, higher quality
operations. Additional detail will be provided along with fourth-quarter and
full-year operating and financial results in early 2013, when AngloGold Ashanti
traditionally provides production, capital expenditure and cost forecasts for
the year ahead.

DIVIDEND

The company remains committed to focusing on the cash returns to shareholders
whilst, as previously stated, considering cash flow, investment needs and the
financial strength of the business in the context of delivering on its business
plan and strategic growth objectives. The unprotected strike action at the
South African operations, which started late in the third quarter and continued
through much of the fourth quarter to date, have had an adverse impact on the
quarter three results and will significantly impact the quarter four results.
On 17 October 2012, following the downgrade of the South African sovereign
ratings, Standard and Poor's announced that the company is being placed on
credit watch negative, which may result in downgrading the company's credit
rating below investment grade. On the basis of these developments and
management's efforts to effect cuts in expenditures whilst retaining confidence
in the long term outlook, the Board has reduced the quarter three dividend to
50 South African cents per share. It is expected that the dividend will be at a
similar level in the fourth quarter assuming that the unprotected strike action
is speedily resolved, before moving back in line with long term operating and
financial performance in 2013.

SAFETY

Tragically, four fatal incidents were reported during the quarter. Safety
remains the highest priority across the organisation and the focus remains on
improving safety throughout the organisation through various programmes and
initiatives including the on-going implementation of Project ONE, incident risk
protocols and risk management training. As a result, overall safety performance
continues to improve. The All Injury Frequency Rate (AIFR) in the third quarter
was the lowest quarterly rate on record for the organisation at 7.93 per
million hours worked. Year-to-date, the AIFR was 8.2 per million hours worked,
a 16% improvement when compared to the 2011 year-end performance, and all
regions reflect double digit improvement in AIFR against 2011 year-end
performance. Notably, Kopanang achieved 1,000,000 fatality free shifts and
Yatela remains injury free for 2012.

OPERATING REVIEW

Production for the three months to 30 September 2012 was 1.03Moz at a total
cash cost of $866/oz compared to 1.09Moz at a total cash cost of $737/oz for
the three months to 30 September 2011. This compares with guidance for the
period of 1.07Moz to 1.10Moz at a total cash cost of $835/oz to $865/oz. Output
was affected primarily by labour unrest in South Africa and
lower-than-anticipated performance from the Obuasi mine in Ghana. Lower volumes
had an adverse effect on unit total cash costs.

The South African operations produced 373,000oz at a total cash cost of $849/oz
in the three months to 30 September 2012 compared with 394,000oz at a total
cash cost of $757/oz a year earlier. The year-on-year performance was impacted
by labour unrest in South Africa, where absenteeism and work stoppages in the
immediate aftermath of the Marikana shooting on 16 August, and the strike that
started at Kopanang on 20 September and spread to the remainder of the South
African operations on 25 September, affected production. The performance was
also adversely affected by winter power-tariff increases in South Africa;
increased seismic activity in the West Wits area; reduced volumes mined coupled
with lower mining grades in the Vaal River district; inflationary pressures and
continued safety-related stoppages through the quarter.

At the West Wits operations, Mponeng's production increased by 8% year-on-year
to 126,000oz due to improved volumes, as the same quarter last year was
negatively impacted by safety stoppages. Total cash costs rose 6% to $623/oz
year-on- year as a result of continued efforts to improve in-stope safety. At
neighbouring TauTona, output increased from a year earlier to 60,000oz, mainly
as a result of improved volumes mined. Total cash costs decreased by 7% to $847
/oz due to improved production, cost savings initiatives and vigorous cost
management. The full implementation of Project ONE has resulted in production
improvements through the completion of Simunye training, shaft optimisation and
shaft compliance. The stabilisation of the Vertical Transport and Turbo areas
has resulted in cost improvements due to restructuring of work.

The Vaal River Operations, particularly Moab Khotsong, were severely impacted
by safety-related stoppages along with mining flexibility constraints and the
industrial strike action. Gold production at Moab Khotsong fell by 35% from a
year earlier to 46,000oz principally due to the above mentioned operational
issues as well as a 10% reduction in grade with a 44% rise in total cash cost
to $1,029/oz. The successful implementation of a work management system and
recovery plan at Great Noligwa resulted in a 16% year-on-year increase in
production to 29,000oz. At the same time, total cash costs decreased by 17% to
$1,047/oz. Kopanang, adversely affected by mining flexibility issues and lower
mining grades, experienced a 38% year-on-year decline in production to 48,000oz
while total cash costs rose by 58% to $1,104/oz.

Surface Operations production rose by 25% to 40,000oz whilst total cash costs
decreased by 3% to $852/oz.

The production business units completed the first of a series of engagement
workshops to improve working relationships. To address the skills level of
middle managers, an Advanced Mine Overseers training programme is expected to
be rolled out upon finalisation of the programme, following excellent results
in its pilot phase. Simunye training, to improve safety and production of all
production teams is progressing well with 61% of all stoping crews trained.

The Continental Africa Region operations produced 357,000oz at a total cash
cost of $916/oz in the third quarter of 2012,compared with 411,000oz at a total
cash cost of $739/oz reported in the third quarter of 2011.

In Tanzania, production at Geita was 15% lower than the same period last year
at 127,000oz as mining grades normalised to plan, partly mitigated by an
increase in tonnage throughput. Total cash costs increased, when compared to
the same period last year, by 44% to $682/oz due to the lower production and
increases in mining contract rates.

In Ghana, production at Iduapriem was 45,000oz, 6% lower than the third quarter
in 2011 due to delays in accessing higher grade areas and increased
environmental compliance costs. Total cash costs were higher at $1,051/oz
primarily due to the lower production. At Obuasi, production was 23% lower than
a year earlier at 60,000oz due to development of ore stopes being behind
schedule with a resultant delay in access to average reserve grade ore.
Consequently, total cash costs rose 41% to $1,167/oz. The decision to terminate
the relationship with the development contractor was announced during October,
given that sub-par development performance has been identified as a key
constraint to the mine's performance in recent years. AngloGold Ashanti is
expected to assume operational accountability for development at the mine after
the required 28-day notice period. The costs of the termination and
consequential impact will be reflected in the fourth quarter financials.

In Guinea, Siguiri's production rose 7% year-on-year to 60,000oz as tonnage
throughput was sustained at the higher levels achieved in the previous quarter.
Total cash costs were 4% higher at $985/oz.

In Mali, Morila's production was 25% lower year-on-year at 18,000oz as the
higher grade ore stockpiles were fully depleted and processing of the marginal
grade stockpiles commenced. Despite the lower year-on-year production, total
cash costs decreased by 5% to $780/oz. Sadiola, which continues to be affected
by lower grades and transition ore, had production 16% lower than the same
quarter in the prior year at 26,000oz, and its total cash costs increased by
22% to $963/oz, primarily as a result of the lower production.

In Namibia, Navachab's production was 15,000oz, 6% lower than the same period
last year, reflecting a decrease in tonnage as a result of industrial action in
the quarter that impacted normal operations. Total cash costs averaged $1,040/
oz.

The Americas region produced 237,000oz of gold at a total cash cost of $798/oz
in the third quarter of 2012, compared with 238,000oz at a total cash cost of
$524/oz a year earlier.

At Cripple Creek & Victor gold production was 60,000oz which was 13% lower than
the third quarter in 2011, while cash cost increased by 29% to $725/oz
primarily due to higher cost ounces placed on the heap leach pad. Cripple Creek
& Victor received two critical approvals related to Mine Life Extension 2 (MLE
2) project.

At AngloGold Ashanti Brasil Mineração, production was 10% lower than the same
quarter last year at 91,000oz with lower production from Cuiabá due to
geotechnical issues and lower equipment availability. At the Córrego do Sítio
operation, the sulphide plant reached stabilization in August and mine ramp up
continues toward full production which is expected by the end of the year.
Total cash cost rose 51% to $837/oz as a consequence of lower gold produced and
higher labour costs due to the annual collective agreement in August, as well
as ore stockpile and gold in process movements. At Serra Grande, production was
100% higher than the prior year at 30,000oz following the acquisition of the
remaining 50% stake in the mine on 28 June 2012. Total cash cost was 7% lower
at $853/oz as a result of ore stockpile and gold in process movements and the
weakening real. This was partially offset by higher labour costs due to the
annual collective agreement in August and higher development costs.

In Argentina, at Cerro Vanguardia, attributable gold production at 56,000oz was
8% higher than the same quarter last year as a consequence of an increase in
tonnage throughput. Attributable silver production at 516,000oz represents a 3%
increase compared to the previous quarter. Total cash cost at the operation was
$772/oz. Costs were impacted by continuing local inflation issues.

In Australasia production at Sunrise Dam increased by 28% year-on-year to
64,000oz with total cash costs decreasing 43% to $891/oz. Cash costs saw a $30m
(A$29m) credit due to the receipt of insurance claim funds relating to the pit
wall failure. During the quarter, a total of 172m of underground capital
development and 2,695m of operational development were completed during the
quarter.

PROJECTS

AngloGold Ashanti incurred capital expenditure of $545m (including
equity-accounted joint ventures) during the quarter, of which $262m was spent
on growth projects. Of the growth related capital $21m was spent in the
Americas, $116m was spent in Continental Africa, $73m in Australasia and $52m
in South Africa.

The Kibali project, the joint venture between state-owned Sokimo (10%),
AngloGold Ashanti (45%) and operator Randgold Resources (45%), is expected to
require attributable project capital expenditure of $982m (including
contingencies and escalation), to fund development of the open pit and
underground mines, as well as associated infrastructure, with first gold from
the open pit targeted for late next year. Year-to-date, AngloGold Ashanti has
spent $137m towards the development of the Kibali project which continued to
make steady progress in line with the development schedule. Bulk earthworks and
civil works progressed with the first concrete pour to the mill achieved at the
end of the quarter. The Relocation Action Plan (RAP) continues in earnest with
the completion of repairs to the houses impacted by storm damage together with
planned construction of the remaining houses. A total of 1,554 houses have been
constructed to date.

Tropicana Gold Project continues to make steady progress towards its first
production expected by year-end 2013. The key activities that drove project
expenditure in the September quarter included infrastructure construction
focused on village installation, bore field pipeline, structural steel
buildings and administration facilities, with plant construction works
including concrete, tankage and the commencement of structural steel. The
project is progressing well, and is 64% complete. Design and procurement
activities are complete and the focus is aimed at expediting and managing the
respective site based contractors to ensure delivery of work in line with
project expectations. Subsequent to the last update, the Electrical and
Instrumentation (E&I) contract was awarded and the last main contract, the
Tailings Storage Facility (TSF) construction contract, was tendered. The E&I
contract was within the forecast and the opening bids for the TSF contract were
within the forecast, providing additional confidence in the capital cost
forecast.

Technology and Innovation Project

AngloGold Ashanti's Technology & Innovation Consortium continued to clear
technical hurdles on the path to creating a safe, automated mining method
intended for use at AngloGold Ashanti's deep-level underground mining
operations. During the third quarter, the team completed three raise bore holes
on reef at the 97 level site at TauTona. The remaining two holes planned for
the year will focus on improving the speed of the drilling process. Substantial
headway in the design and testing of ultra high strength backfill has also been
achieved. Initial surface pumping trial has proven that the 160Mpa strength mix
design could be pumped over a horizontal distance of 40m and a height of 3m.

EXPLORATION

Total exploration expenditure during the third quarter, inclusive of
expenditure at equity accounted joint ventures, was $107m ($33m on brownfield,
$35m on greenfield and $39m on pre-feasibility studies), compared with $96m in
the third quarter of 2011 ($35m on brownfield, $33m on greenfield, and $28m on
pre-feasibility studies). The following are highlights from the company's
exploration activities during the quarter.

Greenfield exploration activities were undertaken in six regions (Australia,
Americas, Pacific, Sub-Saharan Africa and the Middle East & North Africa)
during the third quarter of 2012. A total of 105,673 metres of diamond, RC and
aircore drilling was completed on existing priority targets and used to
delineate new targets in Australia, Colombia, Brazil, Guinea, Tanzania, Egypt,
the Solomon Islands and the DRC.

In Colombia, exploration included diamond drilling at the Nuevo Chaquiro target
on the Quebradona project, a joint venture between AngloGold Ashanti (69.6%)
and B2Gold (30.4%). A total of 3,406m was drilled, targeting porphyry Au-Cu-Mo
and associated epithermal mineralisation. To date, mineralisation has been
traced to depths approaching 1,500m.

At La Colosa, drilling continued for geotechnical and hydrological studies, and
the continuity of the structurally controlled high grade core was established.
The four drills operating during the quarter completed 12,700m, including 310m
@ 1.98g/t from 20m. Positive assay results continued to return from holes
drilled previously in 2012 with Borehole COL148 returning a value of 1.84g/t
over 201m from a depth of 400m.

In Australia, encouraging results have been returned for first pass aircore
drilling at the Beaker prospect, within the Viking project (AGA 100%) and
include 9m @ 1.74g/t Au, 3m @ 9.07g/t Au and 3m @ 3.17g/t Au. Results are still
awaited for the recently completed diamond drilling programme.

At Tropicana, drilling for the Havana Deeps Prefeasibility Study was completed
during the quarter with 2,183m of diamond drilling. All assay results have been
returned and have been incorporated into the geological model. Two encouraging
results were received from holes at the north eastern limit of drilling at
Havana (18m @ 5.4g/t Au from 500m and 5m @ 9.0g/t Au from 560m). These indicate
the potential for a third high grade shoot at Havana.

A Mineral Resource model update is targeted for completion by year end, with
this forming the basis for open pit and underground mining studies scheduled to
be undertaken during 2013. Study work has commenced with metallurgical testing
underway and mining and geotechnical review commenced.

In Guinea, exploration work focussed on the Kounkoun trend in Block 3, with
infill and delineation drilling. Resource modelling is in progress for Saraya
in Block 2, while reconnaissance drilling will commence over Block 4 after the
wet season in the fourth quarter. At Kounkoun Central and Kounkoun South, a
total of 14,894m of drilling was completed; comprising 8,434m aircore, 6,460m
of RC, and follows previously delineated mineralised zones. The best results
include, but are not limited to (true widths), 46.04m @ 2.11g/t Au from 12m in
KKAC559, 29.13m @ 2.74g/t Au from 144.5m in KKDD008, 23m @ 1.84g/t Au from 11m
in KKRC124, 29.7m @ 1.18g/t Au from 45m in KKAC593, 15.97m @ 2.23g/t Au from
43m in KKRC084 and 10.34m @ 3.07g/t Au from 35m in KKAC580.

At Siguiri, a total of 33,707m of drilling was completed, with about two-thirds
of RC drilling focused on upgrading oxide Mineral Resources around Kozan,
Soloni, Kossise NE, Kalamagna and Tubani-Bidini. The Kozan and Soloni infill
drilling areas consistently returned some good intersections during the
quarter, while the infill programme in the gap between Tubani and Bidini
confirmed the continuous nature of the steeply dipping ore bodies. Infill
drilling at Kossise NE successfully targeted the extensions of steeply dipping
NE trending mineralised faults identified by the CET research group in the
Kossise pit in 2011.

At Geita, drilling programmes focused on capitalised infill drilling programmes
(13,067m) at Geita Hill East and West, Nyankanga Blocks 1, 2 and cut 7, Ridge 8
and Star Comet-Ridge 8 gap. Expensed drilling (13,167m) was undertaken at
Nyankanga Block 4 Gap and the refractory ore Mineral Resource delineation at
Kukuluma - Matendani - Area 3 drilling projects.

Assay results for DD & RC infill holes indicated positive intersections. For
Nyankanga, Geita Hill and Ridge 8 the received results confirmed the
continuation of the ore body as expected. For Star & Comet extension, for most
sections drilled the orezone widened with respect to the existing ore
boundaries. Sterilisation drilling (1,860m) for Geita Hill waste dump area was
completed.

At Navachab in Namibia, seven diamond drill holes (2,908m) were completed
during the quarter in the NP3 area targeting the FW main shoot veins down
plunge extension. Assays returned in the quarter show some high Au
intersections of nearly 40m thickness (e.g. N868 39.47m @ 3.12g/t Au from
74.37m).

In Egypt at Hutite, 4,235m of diamond and RC drilling was completed from the
Central Domain and the best results include: 9m @ 10.8g/t Au from 259m in
HUD057, 7m @ 4.2g/t Au from 280m in HUD058, 9m @ 5.4g/t Au from 59m in HUD061,
25m @ 1.82g/t Au from 118m in HUD060 and 4m @ 7.88g/t Au from 189m in HUD067.
The first six deep holes to depths of 600m below surface have been completed
and results will be reported in the fourth quarter 2012.

More detail on AngloGold Ashanti's exploration programme can be found at
www.anglogoldashanti.com. An updated Reserve and Resources Statement will be
published with our full-year financial report at the end of the financial year.

OUTLOOK

Given the continued work stoppage at the Mponeng mine and the uncertainty
around the timing of a resolution and also the consequent ramp-up of
production, AngloGold Ashanti believes it prudent to withhold quarterly cost
and production guidance for the fourth quarter at this time. Once a resolution
is reached, normal work patterns have resumed and there is greater visibility
of future production, the company will review this position. As in prior years,
the fourth quarter earnings will be distorted by year-end accounting
adjustments such as reassessment of useful lives, re-set of environment and
rehabilitation provisions, direct and indirect tax and inventory provisions. In
addition the fourth quarter 2012 will also include the adverse impact of the
South African strikes and the cost of changeover of the Obuasi mining contract.

Group income statement                                                          
              
                                                                                
              


                                        Quarter  Quarter   Quarter Nine 
months Nine months 


                                                                                
              


                                          ended    ended     ended       
ended       ended 


                                                                                
              


                                      September     June September   
September   September 


                                                                                
              


                                           2012     2012      2011        
2012        2011 
                                                                             
          
US Dollar million                   Notes  Reviewed Reviewed  Reviewed    
Reviewed    Reviewed 
                                                                             
          
Revenue                               2       1 664    1 684     1 873       5 
142       5 066 
                                                                             
          
Gold income                                   1 629    1 619     1 793       4 
955       4 791 
                                                                             
          
Cost of sales                         3     (1 056)    (986)     (977)     (3 
032)     (2 849) 
                                                                             
          
Loss on non-hedge derivatives and                                                
          
other commodity contracts                      (61)        -       (1)        
(61)         (1) 
                                                                             
          
Gross profit                                    512      633       815        
1862       1 941 
                                                                             
          
Corporate administration, marketing                                              
          
and other expenses                             (70)     (69)      (67)       
(207)       (201) 
                                                                             
          
Exploration and evaluation costs              (107)     (88)      (76)       
(271)       (196) 
                                                                             
          
Other operating expenses              4         (5)     (28)      (11)        
(40)        (32) 
                                                                             
          
Special items                         5        (25)        8      (13)          
 -          18 
                                                                             
          
Operating profit                                305      456       648       1 
344       1 530 
                                                                             
          
Dividends received                                7        -         -          
 7           - 
                                                                             
          
Interest received                                10        9        10          
31          29 
                                                                             
          
Exchange gain                                     1        8        15          
 7          12 
                                                                             
          
Fair value adjustment on option                                                  
          
component of convertible bonds                  (2)       24        11          
66          98 
                                                                             
          
Finance costs and unwinding of                                                   
          
obligations                           6        (65)     (49)      (48)       
(163)       (148) 
                                                                             
          
Fair value adjustment on mandatory                                               
          
convertible bonds                              (11)       29         9          
97          95 
                                                                             
          
Share of equity-accounted                                                        
          
investments' (loss) profit                        -      (6)        24          
16          57 
                                                                             
          
Profit before taxation                          245      471       669       1 
405       1 673 
                                                                             
          
Taxation                              7        (76)    (186)     (204)       
(373)       (477) 
                                                                             
          
Profit for the period                           169      285       465       1 
032       1 196 
                                                                             
          
Allocated as follows:                                                            


              
                                                                                


          
Equity shareholders                             168      287       456       1 
019       1 167 
                                                                             
          
Non-controlling interests                         1      (2)         9          
13          29 


                                                                                
              


                                            169      285       465       1 
032       1 196 
                                                                             
          
Basic earnings per ordinary share                                                
          
(cents) (1)                                      43       74       118         
263         302 
                                                                             
          
Diluted earnings per ordinary share                                              
          
(cents) (2)(3)                                   43       61       109         
220         248 
                                                                             


              

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

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

(3) Restated - refer note 8

Rounding of figures may result in computational discrepancies.

The reviewed financial statements for the quarter and nine months ended 30
September 2012 have been prepared by the corporate accounting staff of
AngloGold Ashanti Limited headed by Mr John Edwin Staples, the Group's Chief
Accounting Officer.  This process was supervised by Mr Mark Cutifani, the
Group's Chief Executive Officer and Mr Srinivasan Venkatakrishnan, the Group's
Chief Financial Officer.  The financial statements for the quarter and nine
months ended 30 September 2012 were reviewed, but not audited, by the Group's
statutory auditors, Ernst & Young Inc.  A copy of their unmodified review
report is available for inspection at the company's head office.

Group statement of comprehensive income                                         
                         
                                                                                
                         


                                                   Quarter  Quarter   
Quarter Nine months Nine months 


                                                                                
                         


                                                     ended    ended     
ended       ended       ended 


                                                                                
                         


                                                 September     June 
September   September   September 


                                                                                
                         


                                                      2012     2012      
2011        2012        2011 
                                                                             
                     
US Dollar million                                     Reviewed Reviewed  
Reviewed    Reviewed    Reviewed 
                                                                             
                     
Profit for the period                                      169      285       
465        1032        1196 
                                                                             
                     
Exchange differences on translation of foreign                                   
                     
operations                                                (24)    (128)     
(389)        (57)       (412) 
                                                                             
                     
Share of equity-accounted investments' other                                     
                     
comprehensive loss                                           -        -         
-           -         (1) 


                                                                                
                         
                                                                                
                         
                                                                                


                     
Net loss on available-for-sale financial assets            (6)     (12)      
(42)        (17)        (71) 
                                                                             
                     
Release on impairment of available-for-sale                                      
                     
financial assets                                             3        -        
17           4          19 
                                                                             
                     
Deferred taxation thereon                                  (1)        5      
(11)           4        (11) 


                                                                                
                         


                                                       (4)      (7)      
(36)         (9)        (63) 


                                                                                
                         
                                                                                
                         
                                                                                


                     
Deferred taxation rate change on actuarial losses            -        -         
-         (9)           - 


                                                                                
                         
                                                                                
                         
                                                                                


                     
Other comprehensive loss for the period net of tax        (28)    (135)     
(425)        (75)       (476) 
                                                                             
                     
Total comprehensive income for the period net of                                 
                     
tax                                                        141      150        
40         957         720 
                                                                             
                     
Allocated as follows:                                                            


                         
                                                                                


                     
Equity shareholders                                        140      152        
31         944         691 
                                                                             
                     
Non-controlling interests                                    1      (2)         
9          13          29 


                                                                                
                         


                                                       141      150        
40         957         720 
                                                                             
                     
Rounding of figures may result in computational discrepancies.                   


                         
                                                                                
                         

Group statement of financial position                                           
                         
                                                                                
                         


                                                                    As at   
 As at    As at     As at 


                                                                                
                         


                                                                September   
  June December September 


                                                                                
                         


                                                                     2012   
  2012     2011      2011 
                                                                             
                     
US Dollar million                                              Note  Reviewed 
Reviewed  Audited  Reviewed 
                                                                             
                     
ASSETS                                                                           


                         
                                                                                


                     
Non-current assets                                                               


                         
                                                                                


                     
Tangible assets                                                         7 620   
 6 789    6 525     6 042 
                                                                             
                     
Intangible assets                                                         289    
243      210       191 
                                                                             
                     
Investments in equity-accounted associates and joint ventures             928    
835      702       692 
                                                                             
                     
Other investments                                                         175    
178      186       193 
                                                                             
                     
Inventories                                                               589    
454      410       407 
                                                                             
                     
Trade and other receivables                                                85    


    81       76       116
                                                                                


                     
Deferred taxation                                                         160    


    61       79        69
                                                                                


                     
Cash restricted for use                                                    32    


    24       23        22
                                                                                


                     
Other non-current assets                                                    9    


     9        9         9
                                                                                
                         


                                                                    9 887   
 8 674    8 220     7 741 
                                                                             
                     
Current assets                                                                   


                         
                                                                                


                     
Inventories                                                             1 220   
 1 138    1 064       959 
                                                                             
                     
Trade and other receivables                                               557    
460      350       279 
                                                                             
                     
Current portion of other non-current assets                                 -    


     -        -         1
                                                                                


                     
Cash restricted for use                                                    61    


    32       35        38
                                                                                


                     
Cash and cash equivalents                                               1 123    
987    1 112     1 075 


                                                                                
                         


                                                                    2 961   
 2 617    2 561     2 352 
                                                                             
                     
Non-current assets held for sale                                            1    


     2       21         1
                                                                                
                         


                                                                    2 962   
 2 619    2 582     2 353 
                                                                             
                     
TOTAL ASSETS                                                           12 849   
11 293   10 802    10 094 
                                                                             
                     
EQUITY AND LIABILITIES                                                           


                         
                                                                                


                     
Share capital and premium                                       10       6721   
 6 711    6 689     6 660 
                                                                             
                     
Retained earnings and other reserves                                  (1 040)  
(1 135)  (1 660)   (2 015) 
                                                                             
                     
Shareholders' equity                                                    5 681   
 5 576    5 029     4 645 
                                                                             
                     
Non-controlling interests                                                  61    


    61      137       133
                                                                                


                     
Total equity                                                            5 742   
 5 637    5 166     4 778 
                                                                             
                     
Non-current liabilities                                                          


                         
                                                                                


                     
Borrowings                                                              2 708   
 2 492    2 456     2 439 
                                                                             
                     
Environmental rehabilitation and other provisions                       1 234    
795      782       597 
                                                                             
                     
Provision for pension and post-retirement benefits                        214    
217      195       164 
                                                                             
                     
Trade, other payables and deferred income                                  12    


    14       14        16
                                                                                


                     
Derivatives                                                                28    


    26       93        78
                                                                                


                     
Deferred taxation                                                       1 215   
 1 149    1 158     1 051 


                                                                                
                         


                                                                    5 411   
 4 693    4 698     4 345 
                                                                             
                     
Current liabilities                                                              


                         
                                                                                


                     
Current portion of borrowings                                             713    


    32       32        47
                                                                                


                     
Trade, other payables and deferred income                                 829    
732      751       712 
                                                                             
                     
Taxation                                                                  154    
199      155       212 


                                                                                
                         


                                                                    1 696    
963      938       971 
                                                                             
                     
Total liabilities                                                       7 107   
 5 656    5 636     5 316 
                                                                             
                     
TOTAL EQUITY AND LIABILITIES                                           12 849   
11 293   10 802    10 094 
                                                                             
                     
Rounding of figures may result in computational discrepancies.                   


                         
                                                                                
                         

Group statement of cash flows                                                   
                                        
                                                                                
                                        


                                                                  Quarter  
Quarter   Quarter Nine months Nine months 


                                                                                
                                        


                                                                    ended   
 ended     ended       ended       ended 


                                                                                
                                        


                                                                September   
  June September   September   September 


                                                                                
                                        


                                                                     2012   
  2012      2011        2012        2011 
                                                                             
                                    
US Dollar million                                              Note  Reviewed 
Reviewed  Reviewed    Reviewed    Reviewed 
                                                                             
                                    
Cash flows from operating activities                                             


                                        
                                                                                


                                    
Receipts from customers                                                 1 603   
 1 691     1 875       5 052       4 967 
                                                                             
                                    
Payments to suppliers and employees                                   (1 149)  
(1 106)     (988)     (3 339)     (2 864) 
                                                                             
                                    
Cash generated from operations                                            454    
585       887       1 713       2 103 
                                                                             
                                    
Dividends received from equity-accounted joint ventures                    14    


    20        34          54          78
                                                                                


                                    
Taxation refund                                                             -    


     -         1           -          96
                                                                                


                                    
Taxation paid                                                           (164)   
 (143)      (59)       (419)       (266) 
                                                                             
                                    
Net cash inflow from operating activities                                 304    
462       863       1 348       2 011 
                                                                             
                                    
Cash flows from investing activities                                             


                                        
                                                                                


                                    
Capital expenditure                                                     (448)   
 (374)     (382)     (1 135)       (939) 
                                                                             
                                    
Interest capitalised and paid                                             (4)    
(2)         -         (8)           - 
                                                                             
                                    
Expenditure on intangible assets                                         (24)   
  (20)       (6)        (52)         (6) 
                                                                             
                                    
Proceeds from disposal of tangible assets                                   2    


     1         4           4          12
                                                                                


                                    
Other investments acquired                                               (18)   
  (23)      (74)        (80)       (135) 
                                                                             
                                    
Proceeds from disposal of investments                                      17    


    19        37          73          79
                                                                                


                                    
Investments in equity-accounted associates and joint ventures           (106)   
  (66)      (31)       (217)        (80) 
                                                                             
                                    
Proceeds from disposal of equity-accounted joint venture                    -    


     -         -          20           -
                                                                                


                                    
Loans advanced to equity-accounted associates and joint                          
                                    
ventures                                                                  (1)   
  (48)      (10)        (64)        (13) 
                                                                             
                                    
Loans repaid by equity-accounted associates and joint ventures              -    


     1         -           1           -
                                                                                


                                    
Dividends received                                                          1    


     1         -           1           -
                                                                                


                                    
Proceeds from disposal of subsidiary                                        -    


     -         -           -           9
                                                                                


                                    
Cash in subsidiary acquired (disposed)                                      5    


     -         -           5        (11)
                                                                                


                                    
Acquisition of subsidiary and loan                              13      (335)    


     -         -       (335)           -
                                                                                


                                    
(Increase) decrease in cash restricted for use                           (33)    


    20       (9)        (31)        (22)
                                                                                


                                    
Interest received                                                           7    


     8        11          26          29
                                                                                


                                    
Repayment of loans advanced                                                 -    


     -         2           -           3
                                                                                


                                    
Net cash outflow from investing activities                              (937)   
 (483)     (458)     (1 792)     (1 074) 
                                                                             
                                    
Cash flows from financing activities                                             


                                        
                                                                                


                                    
Proceeds from issue of share capital                                        1    


     -         2           2           3
                                                                                


                                    
Proceeds from borrowings                                                1 061    
150       101       1 212         106 
                                                                             
                                    
Repayment of borrowings                                                 (203)    
(4)     (104)       (212)       (259) 
                                                                             
                                    
Finance costs paid                                                       (17)   
  (57)      (14)        (89)        (89) 
                                                                             
                                    
Acquisition of non-controlling interest                                     -   
 (215)         -       (215)           - 
                                                                             
                                    
Revolving credit facility and bond transaction costs                     (21)    


     -         -        (29)           -
                                                                                


                                    
Dividends paid                                                           (46)   
  (66)      (50)       (214)       (103) 
                                                                             
                                    
Net cash inflow (outflow) from financing activities                       775   
 (192)      (65)         455       (342) 
                                                                             
                                    
Net increase (decrease) in cash and cash equivalents                      142   
 (213)       340          11         595 
                                                                             
                                    
Translation                                                               (6)   
  (16)     (104)           -       (106) 
                                                                             
                                    
Cash and cash equivalents at beginning of period                          987   
 1 216       839       1 112         586 
                                                                             
                                    
Cash and cash equivalents at end of period                              1 123    
987     1 075       1 123       1 075 
                                                                             
                                    
Cash generated from operations                                                   


                                        
                                                                                


                                    
Profit before taxation                                                    245    
471       669       1 405       1 673 
                                                                             
                                    
Adjusted for:                                                                    


                                        
                                                                                


                                    
Movement on non-hedge derivatives and other commodity                            
                                    
contracts                                                                  61    


     -         1          61           1
                                                                                


                                    
Amortisation of tangible assets                                           202    
195       192         588         565 
                                                                             
                                    
Finance costs and unwinding of obligations                                 65    


    49        48         163         148
                                                                                


                                    
Environmental, rehabilitation and other expenditure                       (2)    


     5       (6)         (2)          29
                                                                                


                                    
Special items                                                              10    


     2        23          13          44
                                                                                


                                    
Amortisation of intangible assets                                           1    


     1         1           3           2
                                                                                


                                    
Deferred stripping                                                        (7)    


     2       (1)        (11)          26
                                                                                


                                    
Fair value adjustment on option component of convertible bonds              2   
  (24)      (11)        (66)        (98) 
                                                                             
                                    
Fair value adjustment on mandatory convertible bonds                       11   
  (29)       (9)        (97)        (95) 
                                                                             
                                    
Interest received                                                        (10)    
(9)      (10)        (31)        (29) 
                                                                             
                                    
Share of equity-accounted investments' loss (profit)                        -    


     6      (24)        (16)        (57)
                                                                                


                                    
Other non-cash movements                                                    5    


    27       (4)          55          15
                                                                                


                                    
Movements in working capital                                            (129)   
 (111)        18       (352)       (121) 


                                                                                
                                        


                                                                      454    
585       887       1 713       2 103 
                                                                             
                                    
Movements in working capital                                                     


                                        
                                                                                


                                    
Increase in inventories                                                  (87)   
  (92)      (15)       (209)       (123) 
                                                                             
                                    
(Increase) decrease in trade and other receivables                       (90)   
  (37)        73       (181)         (8) 
                                                                             
                                    
Increase (decrease) in trade and other payables                            48    


    18      (40)          38          10
                                                                                
                                        


                                                                    (129)   
 (111)        18       (352)       (121) 


                                                                                
                                        
                                                                                
                                        
                                                                                


                                    
Rounding of figures may result in computational discrepancies.                   


                                        
                                                                                
                                        
    Group statement of changes in equity


                                            Share                      Cash 
Available 


                                                                                
         
                                              capital    Other             flow 
      for
                                                                                
         
                                                  and  capital Retained   hedge 
     sale
                                                                                


     
US Dollar million                             premium reserves earnings reserve 
  reserve 
                                                                             
     
Balance at 31 December 2010                     6 627      194  (2 750)     (2)  


       86
                                                                                


     
Profit for the period                                             1 167          


         
                                                                                


     
Other comprehensive loss                                   (1)                   


     (63)
                                                                                


     
Total comprehensive (loss) income                   -      (1)    1 167       -  


     (63)
                                                                                


     
Shares issued                                      33                            


         
                                                                                


     
Share-based payment for share awards net of                                      
     
exercised                                                   14                   


         
                                                                                


     
Dividends paid                                                     (89)          


         
                                                                                


     
Dividends of subsidiaries                                                        


         
                                                                                


     
Translation                                               (32)       30          


      (1)
                                                                                


     
Balance at 30 September 2011                    6 660      175  (1 642)     (2)  


       22
                                                                                


     
Balance at 31 December 2011                     6 689      171  (1 300)     (2)  


       18
                                                                                


     
Profit for the period                                             1 019          


         
                                                                                


     
Other comprehensive loss                                                         


      (9)
                                                                                


     
Total comprehensive income (loss)                   -        -    1 019       -  


      (9)
                                                                                


     
Shares issued                                      32                            


         
                                                                                


     
Share-based payment for share awards net of                                      
     
exercised                                                   12                   


         
                                                                                


     
Acquisition of non-controlling interest                           (144)          


         
                                                                                


     
Dividends paid                                                    (193)          


         
                                                                                


     
Dividends of subsidiaries                                                        


         
                                                                                


     
Translation                                                (6)        3          


        1
                                                                                


     
Balance at 30 September 2012                    6 721      177    (615)     (2)  


       10
                                                                                


     
Rounding of figures may result in computational discrepancies.                   


         
                                                                                
         

Group statement of changes in equity
                                                  Foreign                       
                                                                                    
                                        Actuarial    currency               Non-    
                                                                                    


                                     (losses) translation        controlling  
Total 
                                                                             
US Dollar million                       gains     reserve  Total   interests 
equity 
                                                                             
Balance at 31 December 2010              (62)       (104)  3 989         124  4 
113 
                                                                             
Profit for the period                                      1 167          29  1 
196 
                                                                             
Other comprehensive loss                            (412)  (476)              
(476) 
                                                                             
Total comprehensive (loss) income           -       (412)    691          29    
720 
                                                                             
Shares issued                                                 33                
 33 


                                                                                
    Share-based payment for share                                                   


awards net of exercised                                       14                
 14 
                                                                             
Dividends paid                                              (89)               
(89) 
                                                                             
Dividends of subsidiaries                                      -        (13)   
(13) 
                                                                             
Translation                                10                  7         (7)    
  - 
                                                                             
Balance at 30 September 2011             (52)       (516)  4 645         133  4 
778 


                                                                                
                                                                                    
                                                                                    


Balance at 31 December 2011              (78)       (469)  5 029         137  5 
166 
                                                                             
Profit for the period                                      1 019          13  1 
032 
                                                                             
Other comprehensive loss                  (9)        (57)   (75)               
(75) 
                                                                             
Total comprehensive income (loss)         (9)        (57)    944          13    
957 
                                                                             
Shares issued                                                 32                
 32 


                                                                                
    Share-based payment for share                                                   


awards net of exercised                                       12                
 12 


                                                                                
    Acquisition of non-controlling                                                  


interest                                                   (144)        (71)  
(215) 
                                                                             
Dividends paid                                             (193)              
(193) 
                                                                             
Dividends of subsidiaries                                      -        (17)   
(17) 
                                                                             
Translation                                 3                  1         (1)    
  - 
                                                                             
Balance at 30 September 2012             (84)       (526)  5 681          61  5 
742 


                                                                                
                                                                                    
                                                                                    



Segmental reporting                                                              


                           
                                                                                


                       
for the quarter and nine months ended 30 September 2012                          


                           
                                                                                


                       
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  
                       
("CODM"). Individual members of the Executive Management team are responsible    
                       
for geographic regions of the business.                                          


                                                                                
                                                      


                                                                 Quarter 
ended        Nine months ended 


                                                                                
                           


                                                                Sep      
Jun      Sep      Sep      Sep 


                                                                                
                           


                                                               2012     
2012     2011     2012     2011 


                                                                                
                           


                                                           Reviewed 
Reviewed Reviewed Reviewed Reviewed 


                                                                                
                           


                                                                        US 
Dollar million               
                                                                             
                       
Gold income                                                                      


                           
                                                                                


                       
South Africa                                                        606      
539      675    1 669    1 889 
                                                                             
                       
Continental Africa                                                  582      
653      683    1 958    1 807 
                                                                             
                       
Australasia                                                         101      
117       93      333      282 
                                                                             
                       
Americas                                                            421      
390      448    1 243    1 095 


                                                                                
                           


                                                              1 709    1 
700    1 899    5 203    5 073 
                                                                             
                       
Equity-accounted investments included above                        (80)     
(81)    (106)    (248)    (282) 


                                                                                
                           


                                                              1 629    1 
619    1 793    4 955    4 791 
                                                                             
                       
Gross profit (loss)                                                              


                           
                                                                                


                       
South Africa                                                        147      
205      290      534      763 
                                                                             
                       
Continental Africa                                                  197      
244      325      758      732 
                                                                             
                       
Australasia                                                          36       
25        -       78      (5) 
                                                                             
                       
Americas                                                            154      
163      252      551      558 
                                                                             
                       
Corporate and other                                                   6       
15      (4)       24       12 


                                                                                
                           


                                                                540      
652      863    1 945    2 060 
                                                                             
                       
Equity-accounted investments included above                        (28)     
(19)     (48)     (83)    (119) 


                                                                                
                           


                                                                512      
633      815    1 862    1 941 
                                                                             
                       
Capital expenditure                                                              


                           
                                                                                


                       
South Africa                                                        161      
130      140      396      351 
                                                                             
                       
Continental Africa                                                  208      
180      101      510      268 
                                                                             
                       
Australasia                                                          82       
52       32      176       62 
                                                                             
                       
Americas                                                             77       
75      125      233      308 
                                                                             
                       
Corporate and other                                                  17       
14       10       35       14 


                                                                                
                           


                                                                545      
451      408    1 350    1 002 
                                                                             
                       
Equity-accounted investments included above                        (73)     
(54)     (20)    (161)     (58) 


                                                                                
                           


                                                                472      
397      388    1 189      944 


                                                                                
                           
                                                                                
                           
                                                                                
                           


                                                                 Quarter 
ended        Nine months ended 


                                                                                
                           


                                                                Sep      
Jun      Sep      Sep      Sep 


                                                                                
                           


                                                               2012     
2012     2011     2012     2011 


                                                                                
                           


                                                           Reviewed 
Reviewed Reviewed Reviewed Reviewed 


                                                                                
                           


                                                                            
 oz (000)                   
                                                                             
                       
Gold production                                                                  


                           
                                                                                


                       
South Africa                                                        373      
362      394    1 041    1 226 
                                                                             
                       
Continental Africa                                                  357      
407      411    1 146    1 151 
                                                                             
                       
Australasia                                                          64       
71       50      203      183 
                                                                             
                       
Americas                                                            237      
233      238      695      657 


                                                                                
                           


                                                              1 030    1 
073    1 092    3 084    3 217 


                                                                                
                           
                                                                                
                           
                                                                                
                           


                                                                       As 
at    As at    As at    As at 


                                                                                
                           


                                                                         
Sep      Jun      Dec      Sep 


                                                                                
                           


                                                                        
2012     2012     2011     2011 


                                                                                
                           


                                                                    
Reviewed Reviewed  Audited Reviewed 


                                                                                
                           


                                                                            
 US Dollar million          
                                                                             
                       
Total assets                                                                     


                           
                                                                                


                       
South Africa                                                               3 
131    2 234    2 148    2 033 
                                                                             
                       
Continental Africa                                                         4 
840    4 685    4 288    4 072 
                                                                             
                       
Australasia                                                                  
994      803      736      582 
                                                                             
                       
Americas                                                                   2 
765    2 652    2 501    2 378 
                                                                             
                       
Corporate and other                                                        1 
120      919    1 129    1 029 


                                                                                
                           


                                                                      12 
849   11 293   10 802   10 094 
                                                                             
                       
Rounding of figures may result in computational discrepancies.                   


                           
                                                                                
                           
    Notes

for the quarter and nine months ended 30 September 2012

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
presentation currency detailed in note 16, 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 2011 and
revised International Financial Reporting Standards (IFRS) which are effective
1 January 2012, where applicable. The effect of the revised and amended
accounting standards applicable to this period are not considered to have a
material impact on the financial statements of the group.

The financial statements of AngloGold Ashanti Limited have been prepared in
compliance with IAS 34, JSE Listings Requirements and in the manner required by
the South African Companies Act, 2008 for the preparation of financial
information of the group for the quarter and nine months ended 30 September
2012.

2.    Revenue
                                      Quarter ended          Nine months ended 
                                                                               
                                    Sep       Jun       Sep       Sep       Sep
                                                                               
                                   2012      2012      2011      2012      2011
                                                                               
                               Reviewed  Reviewed  Reviewed  Reviewed  Reviewed
                                                                               
                                              US Dollar million                


                                                                           
Gold income                       1,629     1,619     1,793    4,955     4,791  
                                                                           
By-products (note 3)                 28        43        57      132       175  
                                                                           
Dividends received                    7         -         -        7         -  
                                                                           
Royalties received (note 5)        (10)        12        13       18        71  
                                                                           
Interest received                    10         9        10       31        29  


                                                                               
                                  1,664     1,684     1,873    5,142     5,066 
                                                                               

3.    Cost of sales
                                           Quarter ended    Nine months ended
                                                                             
                                    Sep      Jun      Sep       Sep       Sep
                                                                             
                                   2012     2012     2011      2012      2011
                                                                             
                               Reviewed Reviewed Reviewed  Reviewed  Reviewed
                                                                             
                                             US Dollar million               


                                                                         
Cash operating costs               866      815      777     2,445     2,241  
                                                                         
Insurance reimbursement            (30)       -        -       (30)        -  
                                                                         
By-products revenue (note 2)       (28)     (43)     (57)     (132)     (175) 


                                                                             
                                   808      772      720     2,283     2,066 


                                                                         
Royalties                           49       44       55       142       142  
                                                                         
Other cash costs                    10        8        9        25        23  
                                                                         
Total cash costs                   867      825      784     2,450     2,231  
                                                                         
Retrenchment costs                   2        3        4         8        10  
                                                                         
Rehabilitation and other                                                     
non-cash costs                      16       25       11        50        72  
                                                                         
Production costs                   885      853      799     2,509     2,314  
                                                                         
Amortisation of tangible                                                     
assets                             202      195      192       588       565  
                                                                         
Amortisation of intangible                                                   
assets                               1        1        1         3         2  
                                                                         
Total production costs           1,089    1,049      992     3,100     2,881  
                                                                         
Inventory change                   (32)     (63)     (14)      (68)      (31) 


                                                                             
                                 1,056      986      977     3,032     2,849 
                                                                             

4.    Other operating expenses
                                             Quarter ended    Nine months ended
                                                                               
                                      Sep      Jun      Sep       Sep       Sep
                                                                               
                                     2012     2012     2011      2012      2011
                                                                               
                                 Reviewed Reviewed Reviewed  Reviewed  Reviewed
                                                                               
                                               US Dollar million               


                                                                           
Pension and medical defined                                                    
benefit provisions                     4       26        7        35        15  
                                                                           
Claims filed by former employees                                               
in respect of loss of                                                          
employment, work-related                                                       
accident injuries and diseases,                                                
governmental fiscal claims and                                                 
care and maintenance of old                                                    
tailings operations                    1        2        4         5        17  


                                                                               
                                       5       28       11        40        32 
                                                                               

Rounding of figures may result in computational discrepancies.

5. Special items
                                       Quarter ended        Nine months ended   
                                                                                


                                    Sep      Jun       Sep      Sep      
Sep 
                                                                             
                                   2012     2012      2011     2012     
2011 
                                                                             
                               Reviewed Reviewed  Reviewed Reviewed 
Reviewed 


                                                                                
                                                 US Dollar million              
                                                                                

Indirect tax expenses and legal                                                 

claims                                    3        -         3       8       13 
                                                                                

Impairment of tangible assets                                                   

(note 8)                                  1        1         3       2       14 
                                                                                

Impairment reversal of intangible                                               

assets (note 8)                           -        -         -     (10)       - 
                                                                                

Black Economic Empowerment                                                      

transaction modification costs                                                  

for Izingwe (Pty) Limited                 -        -         -       -        7 
                                                                                

Impairment of other receivables           1        -         -       1        1 
                                                                                

Royalties received (note 2) (1)          10     (12)      (13)     (18)     
(71)
                                                                                

Net loss on disposal and                                                        

derecognition of land, mineral                                                  

rights, tangible assets,                                                        

exploration properties and other                                                

(note 8)                                  7        3         4      13        2 
                                                                                

Impairment of investments (note                                                 

8)                                        3        -        16       4       18 
                                                                                

Profit on disposal of subsidiary                                                

ISS International Limited (note                                                 

8)                                        -        -         -       -       
(2)
                                                                                


                                     25      (8)        13       -      
(18) 


                                                                                


(1)  Boddington royalties include an over accrual relating to the prior quarter
of $11m.

6.   Finance costs and unwinding of obligations                                
                            
                                             Quarter ended    Nine months ended
                                                                               
                                      Sep      Jun      Sep       Sep       Sep
                                                                               
                                     2012     2012     2011      2012      2011
                                                                               
                                 Reviewed Reviewed Reviewed  Reviewed  Reviewed
                                                                               
                                               US Dollar million               


                                                                           
Finance costs                         50       36       34       121       107  
                                                                           
Unwinding of obligations,                                                      
accretion of convertible bonds                                                 
and other discounts                   15       13       14        43        41  


                                                                               
                                      65       49       48       163       148 
                                                                               

7. Taxation
                                         Quarter ended        Nine months ended
                                                                               
                                        Sep      Jun      Sep      Sep      Sep
                                                                               
                                       2012     2012     2011     2012     2011
                                                                               
                                   Reviewed Reviewed Reviewed Reviewed Reviewed
                                                                               
                                                US Dollar million              


                                                                           
South African taxation                                                          
                                                                           
Mining tax                               25       31       42       82      42  
                                                                           
Non-mining tax                            6        4      (1)       11       4  
                                                                           
(Over) under prior year provision       (2)        1      (3)        -       5  
                                                                           
Deferred taxation                                                               
                                                                           
Temporary differences                    19        7       53       37     180  
                                                                           
Unrealised non-hedge derivatives                                               
and other commodity contracts          (17)        -        -     (17)       -  
                                                                           
Change in statutory tax rate              -        -        -    (131)       -  


                                                                               
                                         31       43       92     (18)     232 


                                                                           
Foreign taxation                                                                
                                                                           
Normal taxation                          77       94      107      300     211  
                                                                           
Under prior year provision                -        6        7        6       7  
                                                                           
Deferred taxation                                                               
                                                                           
Temporary differences                  (32)       43      (1)       45      27  
                                                                           
Change in statutory tax rate              -        -        -       41       -  


                                                                               
                                         45      143      113      391     245 
                                                                               
                                                                               
                                                                               
                                         76      186      204      373     477 
                                                                               

Rounding of figures may result in computational discrepancies.

8.    Headline earnings
                                             Quarter ended    Nine months ended
                                                                               
                                      Sep      Jun      Sep       Sep       Sep
                                                                               
                                     2012     2012     2011      2012      2011
                                                                               
                                 Reviewed Reviewed Reviewed  Reviewed  Reviewed
                                                                               
                                               US Dollar million               


                                                                           
The profit attributable to                                                     
equity shareholders has been                                                   
adjusted by the following to                                                   
arrive at headline earnings:                                                    
                                                                           
Profit attributable to equity                                                  
shareholders                         168      287      456     1,019     1,167  
                                                                           
Impairment of tangible assets                                                  
(note 5)                               1        1        3         2        14  
                                                                           
Impairment reversal of                                                         
intangible assets (note 5)             -        -        -       (10)        -  
                                                                           
Net loss on disposal and                                                       
derecognition of land, mineral                                                 
rights, tangible assets,                                                       
exploration properties and other                                               
(note 5)                               7        3        4        13         2  
                                                                           
Impairment of investments                                                      
(note 5)                               3        -       16         4        18  
                                                                           
Profit on disposal of subsidiary                                               
ISS International Limited                                                      
(note 5)                               -        -        -         -        (2) 
                                                                           
Net impairment of investment in                                                
associates and joint ventures          -       14        -        12         2  
                                                                           
Special items of associates            -        -        -        (3)        -  
                                                                           
Taxation on items above -                                                      
current portion                       (1)       -        -        (1)        1  
                                                                           
Taxation on items above -                                                      
deferred portion                      (1)       1       (2)        -        (8) 


                                                                               
                                     178      307      476     1,036     1,194 


                                                                           
Headline earnings per ordinary                                                 
share (cents) (1)                     46       79      123       268       309  
                                                                           
Diluted headline earnings per                                                  
ordinary share (cents)(2)(3)          46       66      114       224       254  
                                                                            
(1)   Calculated on the basic weighted average number of ordinary shares. 
(2)   Calculated on the diluted weighted average number of ordinary shares. 
(3)   The September 2011 quarter and the September 2011 nine months ended
diluted earnings per ordinary share and diluted headline earnings per ordinary
share amounts have been corrected to take into account the earnings effect of
the fair value adjustment of the option component of the 3.5% convertible
bonds. The impact of this correction decreased diluted earnings per ordinary
share by 3 cents and 23 cents and diluted headline earnings per ordinary share
by 3 cents and 24 cents respectively. 
9.     Number of shares 
                                                                   Quarter 
ended               Nine months ended 
                                                                Sep         
Jun         Sep         Sep         Sep 
                                                               2012        
2012        2011        2012        2011 
                                                           Reviewed    
Reviewed    Reviewed    Reviewed    Reviewed
Authorised number of shares:
Ordinary shares of 25 SA cents each                         600,000,000 
600,000,000 600,000,000 600,000,000 600,000,000
E ordinary shares of 25 SA cents each                         4,280,000   
4,280,000   4,280,000   4,280,000   4,280,000
A redeemable preference shares of 50 SA cents each            2,000,000   
2,000,000   2,000,000   2,000,000   2,000,000
B redeemable preference shares of 1 SA cent each              5,000,000   
5,000,000   5,000,000   5,000,000   5,000,000 
Issued and fully paid number of shares:
Ordinary shares in issue                                    383,110,317 
382,812,185 381,850,470 383,110,317 381,850,470
E ordinary shares in issue                                    2,498,230   
2,513,952   3,421,848   2,498,230   3,421,848
Total ordinary shares:                                      385,608,547 
385,326,137 385,272,318 385,608,547 385,272,318
A redeemable preference shares                                2,000,000   
2,000,000   2,000,000   2,000,000   2,000,000
B redeemable preference shares                                  778,896     
778,896     778,896     778,896     778,896 
In calculating the basic and diluted number of ordinary 
shares outstanding forthe period, the following were taken 
into consideration: 
Ordinary shares                                             382,854,974 
382,507,333 381,644,151 382,593,036 381,471,126
E ordinary shares                                             2,546,474   
2,550,514   3,431,215   2,541,262   2,958,298
Fully vested options                                          1,447,978   
1,799,218   1,305,486   1,706,404   1,447,478
Weighted average number of shares                           386,849,426 
386,857,065 386,380,852 386,840,702 385,876,902
Dilutive potential of share options                           1,510,368   
1,353,761   1,290,253   1,545,223   1,321,614
Dilutive potential of convertible bonds (1)                           -  
33,524,615  33,524,615  33,524,615  33,524,615
Diluted number of ordinary shares                           388,359,794 
421,735,441 421,195,720 421,910,540 420,723,131
(1) The dilutive effect of the convertible bonds are 
not the same for the quarter and the nine months ended 
September 2012 as the effect of the convertible
bonds are anti-dilutive for the quarter. 


                                                  

10. Share capital and premium
                                                           As At               
                                                                               
                                                  Sep      Jun     Dec      Sep
                                                                               
                                                 2012     2012    2011     2011
                                                                               
                                             Reviewed Reviewed Audited Reviewed
                                                                               
                                                     US Dollar million         


                                                                           
Balance at beginning of period                  6,782    6,782   6,734   6,734  
                                                                           
Ordinary shares issued                             32       22      57      33  
                                                                           
E ordinary shares issued and cancelled            (1)      (1)     (9)      (2) 
                                                                           
Sub-total                                       6,813    6,803   6,782   6,765  
                                                                           
Redeemable preference shares held within                                       
the group                                        (53)     (53)    (53)     (53) 
                                                                           
Ordinary shares held within the group            (17)     (17)    (17)     (22) 
                                                                           
E ordinary shares held within the group          (22)     (22)    (23)     (30) 
                                                                           
Balance at end of period                        6,721    6,711   6,689   6,660  


                                                                               

Rounding of figures may result in computational discrepancies.

11. Exchange rates
                                           Sep       Jun       Dec       Sep
                                                                            
                                          2012      2012      2011      2011
                                                                            
                                     Unaudited Unaudited Unaudited Unaudited


                                                                        
ZAR/USD average for the year to                                             
date                                     8.04      7.93      7.26      6.97  
                                                                        
ZAR/USD average for the quarter          8.25      8.12      8.09      7.14  
                                                                        
ZAR/USD closing                          8.30      8.16      8.04      8.11  


                                                                            
                                                                            


                                                                        
AUD/USD average for the year to                                             
date                                     0.97      0.97      0.97      0.96  
                                                                        
AUD/USD average for the quarter          0.96      0.99      0.99      0.95  
                                                                        
AUD/USD closing                          0.96      0.98      0.97      1.04  


                                                                            
                                                                            


                                                                        
BRL/USD average for the year to                                             
date                                     1.92      1.86      1.68      1.63  
                                                                        
BRL/USD average for the quarter          2.03      1.96      1.80      1.64  
                                                                        
BRL/USD closing                          2.03      2.02      1.87      1.89  


                                                                            
                                                                            


                                                                        
ARS/USD average for the year to                                             
date                                     4.46      4.39      4.13      4.08  
                                                                        
ARS/USD average for the quarter          4.61      4.44      4.25      4.16  
                                                                        
ARS/USD closing                          4.70      4.53      4.30      4.20  


                                                                            

12.    Capital commitments
                                           Sep       Jun      Dec       Sep 
                                                                            
                                          2012      2012     2011      2011 
                                                                            
                                      Reviewed  Reviewed  Audited  Reviewed 
                                                                            
                                                     US Dollar million      


                                                                        
Orders placed and outstanding on                                            
capital contracts at the prevailing                                         
rate of exchange (1)                     1,004        491     202       286  


                                                                            

 (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,
exchange control laws and regulations and the quantity of foreign exchange
available in offshore countries. In addition, distributions from joint ventures
are subject to the relevant board approval.

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

13. Business combinations

Acquisition of First Uranium (Pty) Limited

On 20 July 2012, AngloGold Ashanti acquired the entire share capital of First
Uranium (Pty) Limited (South Africa), a wholly owned subsidiary of
Toronto-based First Uranium Corporation and the owner of Mine Waste Solutions,
a recently commissioned tailings retreatment operation located in South
Africa's Vaal River region and in the immediate proximity of AngloGold
Ashanti's own tailings facilities, for an aggregate cash consideration of
$335m. The transaction was funded from cash reserves and debt facilities. The
acquisition has been accounted for using the acquisition method.

The fair value of the identifiable assets and liabilities of First Uranium
(Pty) Limited as at the date of acquisition was:
                                 2012
                                     
                   US Dollars million


                                 
Assets                                
                                 
Tangible assets                   616 
                                 
Listed Investments                  3 
                                 
Cash restricted                     3
for use                               
                                 
Deferred tax                       52 
                                 
Inventories                       134 
                                 
Trade and other                     2
receivables                           
                                 
Cash and cash                       5
equivalents                           


                                     
                                  815


                                 
Liabilities                           
                                 
Deferred tax                       60 
                                 
Environmental                     386
rehabilitation and                   
other provisions                      
                                 
Loans from group                  204
companies                             
                                 
Trade and other                    48
payables                              


                                     
                                  698


                                 
Total identifiable                117
net assets at fair                   
value                                 
                                 
Purchase                          131
consideration                         
                                 
Goodwill                           14
recognised on                        
acquisition                           
                                 
Analysis of cash                     
flows on                             
acquisition:                          
                                 
Net cash acquired                   5
with the                             
subsidiary                            
                                 
Cash paid - Share               (131)
capital acquired                      
                                 
Cash paid - Loan                (204)
acquired                              


                                     
                                (330)
                                     

From the date of acquisition, First Uranium has contributed $21m of revenue and
a loss of $44m to the net profit before tax of the group which is principally
due to the unrealised portion of the commodity contract. If the combination had
taken place at the beginning of the year, the profit for the period would have
been $1,076m and revenue would have been $5,208m.

The transaction costs of $3m have been expensed and are included in
administrative expenses in the income statement and are part of the operating
activities in the statement of cash flows.

The goodwill of $14m arising from the acquisition consists largely of the
expected synergies arising from the immediate proximity of AngloGold Ashanti's
own tailings facilities to the Mine Waste Solutions plant that will allow
processing of AngloGold Ashanti's Vaal River tailings without having to build
additional processing facilities. The processing of AngloGold Ashanti tailings
will reduce the environmental liability associated with those tailings. In
addition the company is able to utilise its recently developed processes and
recovery technology for tailings which will increase the ore recovery rates
from both AngloGold Ashanti and First Uranium tailings alike.

None of the goodwill recognised is expected to be deductible for income tax
purposes. There have been no significant movements in provisions except for the
fair value movements related to the commodity contract or goodwill since the
date of acquisition.

Financial assets acquired includes trade and other receivables with a fair
value of $2m. All trade and other receivables are expected to be collectible.

14. Contingencies

AngloGold Ashanti's material contingent liabilities and assets at 30 September
are detailed below:

Contingencies and guarantees
                                                              Sep       Sep
                                                                           
                                                             2012      2011
                                                                           
                                                         Reviewed Unaudited
                                                                           
                                                         US Dollar million 


                                                                       
Contingent liabilities                                                      
                                                                       
Groundwater pollution  (1)                                      -         - 
                                                                       
Deep groundwater pollution - South Africa (2)                   -         - 
                                                                       
Indirect taxes - Ghana (3)                                     21        11 
                                                                       
ODMWA litigation (4)                                            -         - 
                                                                       
Other tax disputes - AngloGold Ashanti Brasil Mineração                    
Ltda(5)                                                        33        26 
                                                                       
Sales tax on gold deliveries - Mineração Serra Grande                      
S.A.(6)                                                       172        84 
                                                                       
Other tax disputes - Mineração Serra Grande S.A.(7)            18         9 
                                                                       
Litigation - Ghana (8)                                         32         - 
                                                                       
Contingent assets                                                           
                                                                       
Indemnity - Kinross Gold Corporation (9)                     (98)         - 
                                                                       
Royalty - Boddington Gold Mine (10)                             -         - 
                                                                       
Royalty - Tau Lekoa Gold Mine(11)                               -         - 
                                                                       
Financial Guarantees                                                        
                                                                       
Oro Group (Pty) Limited (12)                                   12        12 


                                                                           
                                                              190       142
                                                                           

(1) Groundwater pollution - AngloGold Ashanti has identified groundwater
contamination plumes at certain of its operations, which have occurred
primarily as a result of seepage. Numerous scientific, technical and legal
studies have been undertaken to assist in determining the extent of the
contamination and to find sustainable remediation solutions. The group has
instituted processes to reduce future potential seepage and it has been
demonstrated that Monitored Natural Attenuation (MNA) by the existing
environment will contribute to improvements in some instances. Furthermore,
literature reviews, field trials and base line modelling techniques suggest,
but have not yet proven, that the use of phyto-technologies can address the
soil and groundwater contamination. Subject to the completion of trials and the
technology being a proven remediation technique, no reliable estimate can be
made for the obligation.

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

(3) Indirect taxes - AngloGold Ashanti (Ghana) Limited received a tax
assessment for $21m (2011: $11m) during September 2009 in respect of 2006, 2007
and 2008 tax years, following an audit by the tax authorities related to
indirect taxes on various items. Management is of the opinion that the indirect
taxes are not payable and the company has lodged an objection.

(4)   Occupational Diseases in Mines and Works Act, 1973 (ODMWA) litigation -
The case of Mr Thembekile Mankayi was heard in the High Court of South Africa
in June 2008, and an appeal heard in the Supreme Court of Appeal in 2010. In
both instances judgement was awarded in favour of AngloGold Ashanti Limited on
the basis that an employer is indemnified against such a claim for damages by
virtue of the provisions of section 35 of the Compensation for Occupational
Injuries and Diseases Act, 1993 (COIDA). A further appeal that was lodged by Mr
Mankayi was heard in the Constitutional Court in 2010. Judgement in the
Constitutional Court was handed down on 3 March 2011. The Constitutional Court
held that section 35 of COIDA does not indemnify the employer against such
claims. Mr Mankayi passed away subsequent to the hearing in the Supreme Court
of Appeal. Following the Constitutional Court judgement, Mr Mankayi's executor
may proceed with his case in the High Court. This will comprise, amongst
others, providing evidence showing that Mr Mankayi contracted silicosis as a
result of negligent conduct on the part of AngloGold Ashanti Limited.

On or about 21 August 2012, AngloGold Ashanti Limited was served with motion
proceedings in Johannesburg relating to silicosis and other occupational lung
diseases ("OLD"). The motion proceedings seek to have the court certify a class
of mineworkers with OLD who previously worked or continue to work in one of six
gold mines currently within AngloGold Ashanti's South African operations. In
the event the class is certified, such class of workers would institute actions
by way of a summons against AngloGold Ashanti Limited and potentially other
defendants for amounts as yet unspecified. At least one similar class action
has been threatened against AngloGold Ashanti Limited by another law firm. As
of 30 September 2012, a further 31 individual claims have been received and
AngloGold Ashanti has filed a notice of intention to oppose the claims. It is
possible that additional class actions and/or individual claims relating to
silicosis and/or other OLD will be filed against AngloGold Ashanti Limited in
the future.

AngloGold Ashanti will defend these and any other future claims, if and when
filed, on their merits. Should AngloGold Ashanti be unsuccessful in defending
any such claims, or in otherwise favourably resolving perceived deficiencies in
the national occupational disease compensation framework that were identified
in an earlier decision by the Constitutional Court, such matters would have an
adverse effect on AngloGold Ashanti's financial position, which could be
material. In view of the limitation of current information for the estimation
of any liability that may arise as a result of such claims, no reasonable
estimate can be made of any such potential liability.

(5) Other tax disputes - In November 2007, the Departamento Nacional de
Produção Mineral (DNPM), a Brazilian federal mining authority, issued a tax
assessment against AngloGold Ashanti Brazil Mineração (AABM) in the amount of
$21m (2011: $21m) relating to the calculation and payment by AABM of the
financial contribution on mining exploitation (CFEM) in the period from 1991 to
2006. AngloGold Ashanti Limited's subsidiaries in Brazil are involved in
various other disputes with tax authorities. These disputes involve federal tax
assessments including income tax, royalties, social contributions and annual
property tax. The amount involved is approximately $12m (2011: $5m).

(6) Sales tax on gold deliveries - In 2006, Mineração Serra Grande S.A. 
(MSG),
received two tax assessments from the State of Goiás related to payments of
state sales taxes at the rate of 12% on gold deliveries for export from one
Brazilian state to another during the period from February 2004 to the end of
May 2006. The first and second assessments are approximately $106m (2011:
attributable share $52m) and $66m (2011: attributable share $32m) respectively.
In November 2006, the administrative council's second chamber ruled in favour
of MSG and fully cancelled the tax liability related to the first period. In
July 2011, the administrative council's second chamber ruled in favour of MSG
and fully cancelled the tax liability related to the second period. The State
of Goiás has appealed to the full board of the State of Goiás tax
administrative council. In November 2011 (first case) and June 2012 (second
case), the administrative council's full board approved the suspension of
proceedings and the remittance of the matter to the Department of Supervision
of Foreign Trade (COMEX) for review and verification. The first case was
already returned to the COMEX and the second case was sent in June 2012. The
company believes both assessments are in violation of federal legislation on
sales taxes.

(7) Other tax disputes - MSG received a tax assessment in October 2003 from the
State of Minas Gerais related to sales taxes on gold. The tax administrators
rejected the company's appeal against the assessment. The company is now
appealing the dismissal of the case. The assessment is approximately $18m
(2011: attributable share $9m).

(8) AngloGold Ashanti Ghana terminated its longstanding Underground Development
Contract with Mining and Building Construction Company (MBC). MBC has submitted
various claims against AngloGold Ashanti Ghana arising out of this contract to
the value of $32m. The company intends to defend against the claims.

(9) Indemnity - As part of the acquisition by AngloGold Ashanti of the
remaining 50% interest in MSG during June 2012, Kinross Gold Corporation
(Kinross) has provided an indemnity to a maximum amount of BRL255m

($126m at quarter end exchange rates) against the specific exposures discussed
in items 6 and 7 above.

(10) Royalty - As a result of the sale of the interest in the Boddington Gold
Mine joint venture during 2009, the group is entitled to receive a royalty on
any gold recovered or produced by the Boddington Gold Mine, where the gold
price is in excess of Boddington Gold Mine's total cash cost plus $600/oz. The
royalty commenced on 1 July 2010 and is capped at a total amount of $100m, of
which $45m (2011: $26m) has been recorded to date. Royalties of nil (2011: $9m)
were recorded during the quarter as a result of the conditions mentioned above
not being met.

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

The royalty will be determined at 3% of the net revenue (being gross revenue
less State royalties) generated by the Tau Lekoa assets. Royalties on 273,019oz
produced have been received to date. Royalties of $1m (2011: $1m) were received
during the quarter.

(12) Provision of surety - The company has provided sureties in favour of a
lender on a gold loan facility with its affiliate Oro Group (Pty) Limited and
one of its subsidiaries to a maximum value of $12m (2011: $12m). The suretyship
agreements have a termination notice period of 90 days.

15. Borrowings

AngloGold Ashanti's borrowings are interest bearing.

16. Change in presentation currency

Effective 1 January 2012, the group changed the presentation currency of its
results from reporting in US Dollars and South African Rands to reporting only
in US Dollars. Management has concluded that the change in presentation
currency will result in more reliable and relevant information than the prior
position of reporting in two currencies. Management considered the following
factors: the majority of AngloGold Ashanti's operating mines use US Dollars as
their functional currency; the majority of AngloGold Ashanti's annual
production and reserves are derived from non-South African Rand denominated
countries; the majority of AngloGold Ashanti shareholders are not domiciled in
a South African Rand denominated country; management prepare investor
presentations and analysis in US Dollars only; and the management accounts,
except for South Africa which is reported in dual currency, are reported to the
Chief Operating Decision Maker in US Dollars. The change in presentation
currency has no effect on comparative information.

17. Announcements

On 23 July 2012, AngloGold Ashanti announced that it had signed a new US$1bn,
five-year unsecured revolving credit facility (RCF) maturing in July 2017 with
a banking syndicate. The facility replaced the four-year, US$1bn unsecured RCF
maturing in April 2014.

On 25 July 2012, AngloGold Ashanti announced the pricing of an offering of
$750m aggregate principal amount of 5.125% notes due 2022. The notes were
issued by AngloGold Ashanti Holdings plc, a wholly owned subsidiary of the
company, at an issue price of 99.398%. The company received net proceeds from
the offering of $737m, after deducting discounts and estimated expenses. The
notes are unsecured and fully and unconditionally guaranteed by the company.

On 14 August 2012, AngloGold Ashanti announced that Maria Esperanza Sanz Perez,
Group General Counsel, will also assume the role of Company Secretary following
the retirement of Lynda Eatwell. The appointment was effective 1 September
2012.

On 21 September 2012, AngloGold Ashanti announced an unprotected strike at
Kopanang operations which prevented the night shift from taking place on 20
September 2012. Subsequently, on 25 September 2012, AngloGold announced that
workers at South African operations (West Wits and Vaal River) had embarked on
an unprotected strike, joining those at Kopanang mine, preventing the
commencement of the night shift on 25 September 2012.

On 10 October 2012, the JSE Limited granted AngloGold Ashanti the listing of
its Senior Unsecured Fixed Rate Notes of R300m, due 14 January 2013, and Senior
Unsecured Floating Rate Notes of R700m, due 11 October 2013, under its R10bn
Domestic Medium Term Note Programme dated 29 June 2012.

On 13 October 2012, AngloGold Ashanti terminated its underground development
contract with Mining and Building Construction Company (MBC) at the Obuasi mine
in Ghana. AngloGold Ashanti is committed to ensuring that the estimated 900
members of MBC's workforce directly affected by the termination of the
underground development contract receive their current due entitlements. The
remaining surface contracts at Obuasi between the two parties remain intact.

On 6 November 2012, AngloGold Ashanti announced a second sit-in by dayshift
employees at Mponeng mine which has again forced management to halt mining and
processing activity. These sit-ins follow the unprotected strike, which started
on 25 September 2012. Work has continued as normal at AngloGold Ashanti's
remaining South African mines.

18. Dividend

The salient details Dividend No. 114 for the quarter ended 30 June 2012 paid by
AngloGold Ashanti Limited (Registration Number 1944/017354/06) is shown below:
                         Rate of      Gross Withholding      Net      Date of
                        Exchange   dividend  tax at 15% dividend Payment 2012
                                   declared                 paid             


                                                                         
South African cents                     100                                  
per ordinary share             -                     15       85 14 September 
                                                                         
UK pence per ordinary  R13.13825     7.6114                      14 September
share                        /£1                 1.1417   6.4697              
                                                                         
Australian cents per                  2.306                      14 September
CHESS Depositary             R1/                                             
Interest (CDI)         A$0.11530                  0.346    1.960              
                                                                         
Ghana cedi per              R1/¢     0.2358                      14 September
ordinary share            0.2358                  0.035  0.20043              
                                                                         
Ghana cedi per                      0.00236                                  
Ghanaian Depositary         R1/¢                                             
Share (GhDS)              0.2358                0.00035 0.002004 17 September 
                                                                         
US cents per American  R8.262276    12.1032                                  
Depositary Share (ADS)       /$1                 1.8155  10.2877 24 September 
                                                                          
Each CDI represents one-fifth of an ordinary share, and 100 GhDSs represents
one ordinary share. Each ADS represents one ordinary share. 
Quarter ended 30 June 2012 Dividend No. E14 of 50 South African cents (gross),
or 42.5 South African cents (net) was paid to holders of E ordinary shares on
14 September 2012, being those employees participating in the Bokamoso ESOP and
50 South African cents (gross) was paid to Izingwe Holdings (Proprietary)
Limited on the same day. 
The directors of AngloGold Ashanti Limited (Registration Number 1944/017354/06)
declared Dividend No. 115 for the quarter ended 30 September 2012 as detailed
below. In terms of the withholding tax on dividends which became effective on 1
April 2012, the following additional information is disclosed: 
Dividends have been declared out of total reserves                              
                                                                           
Rate of dividend declared per ordinary share in South African cents          50
(gross)                                                                         
                                                                           
Dividends tax rate applicable to shareholders liable to pay the             15%
dividend tax                                                                    
                                                                           
STC credits utilised in South African cents                                 Nil 
                                                                           
Rate in South African cents (net) where dividend tax at 15% is             42.5
payable                                                                         
                                                                           
The ordinary shares in issue of AngloGold Ashanti Limited at the    383,285,642
date of declaration is                                                          
                                                                           
The E ordinary shares in issue of AngloGold Ashanti Limited at the    1,620,158
date of declaration is                                                          
                                                                           
AngloGold Ashanti Limited's tax reference number                     9640006608 
                                                                            
In compliance with the requirements of Strate, given the company's primary
listing on the JSE, the salient dates for payment of the dividend are as
follows: 
To holders of ordinary shares and to holders of CHESS Depositary Interests     
(CDIs)                                                                          
                                                                           
Each CDI represents one-fifth of an ordinary share.                             


                                                                               
                                                                           2012


                                                                           
Currency conversion date for UK pounds, Australian dollars            Thursday,
and Ghanaian cedis                                                  22 November 
                                                                           
Last date to trade ordinary shares cum dividend                         Friday, 
                                                                23 November 
                                                                           
Last date to register transfers of certificated securities              Friday,
cum dividend                                                        23 November 
                                                                           
Ordinary shares trade ex-dividend                                       Monday, 
                                                                26 November 
                                                                           
Record date                                                             Friday, 
                                                                30 November 
                                                                           
Payment date                                                            Friday, 
                                                                14 December 


                                                                               

On the payment date, dividends due to holders of certificated securities on the
South African and United Kingdom share registers will be electronically
transferred to shareholders' bank accounts. Given the increasing incidences of
fraud with respect to cheque payments, the company has ceased the payment of
dividends by way of cheque.

Shareholders are requested to notify the relevant share registrars with banking
details to enable future dividends to be paid via electronic funds transfer.
Refer to the back cover for share registrar details.

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

To comply with further requirements of Strate, between Monday, 26 November and
Friday, 30 November 2012, 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.
                                                           2012


                                                           
Ex dividend on New York Stock Exchange   Wednesday, 28 November 
                                                           
Record date                                 Friday, 30 November 
                                                           
Approximate date for currency conversion    Friday, 14 December 
                                                           
Approximate payment date of dividend        Monday, 24 December 


                                                               

Assuming an exchange rate of R8.6170/$, the gross dividend payable per ADS,
which is subject to a 15% South African withholding tax, is equivalent to 6 US
cents. However the actual rate of payment will depend on the exchange rate on
the date for currency conversion.

To holders of Ghanaian Depositary Shares (GhDSs) 100 GhDSs represent one
ordinary share.
                                                                     2012


                                                                     
Last date to trade and to register GhDSs cum dividend Friday, 23 November 
                                                                     
GhDSs trade ex-dividend                               Monday, 26 November 
                                                                     
Record date                                           Friday, 30 November 
                                                                     
Approximate payment date of dividend                  Monday, 17 December 
                                                                      
Assuming an exchange rate of R1/0.21815¢, the gross dividend payable per 
share,
which is subject to a 15% South African withholding tax, is equivalent to
0.1091 cedis. 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 8%. 
In addition, the directors declared Dividend No. E15 for the quarter ended 30
September 2012, of 25 South African cents per E ordinary share, payable to
employees participating in the Bokamoso ESOP, which dividend is subject to a
15% withholding tax, and 25 South African cents per E ordinary share payable to
Izingwe Holdings (Proprietary) Limited. These dividends will be paid on Friday,
14 December 2012. 
By order of the Board 
T T MBOWENI M CUTIFANI              
                               
Chairman    Chief Executive Officer 


                                   

6 November 2012

Non-GAAP disclosure

From time to time AngloGold Ashanti Limited may publicly disclose certain
"Non-GAAP" financial measures in the course of its financial presentations,

earnings releases, earnings conference calls and otherwise.

The group uses certain Non-GAAP performance measures and ratios in managing the
business and may provide users of this financial information with

additional meaningful comparisons between current results and results in prior
operating periods. Non-GAAP financial measures should be viewed in

addition to, and not as an alternative to, the reported operating results or
any other measure of performance prepared in accordance with IFRS. In addition,

the presentation of these measures may not be comparable to similarly titled
measures that other companies use.

Non-GAAP disclosure

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

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

Non-GAAP disclosure

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

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

A Adjusted headline earnings              Quarter                Nine          
                                            ended              months          
                                                                ended          
                                                                               
                                    Sep       Jun       Sep       Sep       Sep
                                                                               
                                   2012      2012      2011      2012      2011
                                                                               
                              Unaudited Unaudited Unaudited Unaudited Unaudited
                                                                               
                                                  US Dollar                    
                                                    Million                    


                                                                           
  Headline earnings (note 8)        178       307       476     1 036     1 194 
                                                                           
  Loss on unrealised                 61         -         1        61         1
  non-hedge derivatives and                                                    
  other commodity contracts                                                     
                                                                           
  Deferred tax on unrealised       (17)         -         -      (17)         -
  non-hedge derivatives and                                                    
  other commodity contracts                                                    
  (note 7)                                                                      
                                                                           
  Fair value adjustment on            2      (24)      (11)      (66)      (98)
  option component of                                                          
  convertible bonds                                                             
                                                                           
  Fair value adjustment on           11      (29)       (9)      (97)      (95)
  mandatory convertible bonds                                                   
                                                                           
  Adjusted headline earnings        235       253       457       917     1 002 
                                                                           
  Adjusted headline earnings         61        65       118       237       260
  per ordinary share (cents)                                                   
  (1)                                                                           
                                                                           
  (1) Calculated on the basic                                                  
  weighted average number of                                                   
  ordinary shares.                                                              
                                                                           
B Adjusted gross profit                   Quarter                Nine           


                                            ended              months          
                                                                ended          
                                                                               
                                    Sep       Jun       Sep       Sep       Sep
                                                                               
                                   2012      2012      2011      2012      2011
                                                                               
                              Unaudited Unaudited Unaudited Unaudited Unaudited


                                                                           
  Reconciliation of gross                                                      
  profit to adjusted gross                                                     
  profit: (1)                                                                   
                                                                           
  Gross profit                      512       633       815     1 862     1 941 
                                                                           
  Loss on unrealised                 61         -         1        61         1
  non-hedge derivatives and                                                    
  other commodity contracts                                                     
                                                                           
  Adjusted gross profit (1)         573       633       816     1 923     1 942 
                                                                           
  (1) Adjusted gross profit                                                    
  excludes unrealised                                                          
  non-hedge derivatives and                                                    
  other commodity contracts.                                                    
                                                                           
C Price received                          Quarter                Nine           


                                            ended              months          
                                                                ended          
                                                                               
                                    Sep       Jun       Sep       Sep       Sep
                                                                               
                                   2012      2012      2011      2012      2011
                                                                               
                              Unaudited Unaudited Unaudited Unaudited Unaudited
                                                                               
                                                  US Dollar                    
                                                  Million /                    
                                                   Imperial                    


                                                                           
  Gold income (note 2)            1 629     1 619     1 793     4 995     4 791 
                                                                           
  Adjusted for                     (19)      (45)      (49)     (115)     (130)
  non-controlling interests                                                     


                                                                               
                                  1 610     1 574     1 744     4 840     4 661


                                                                           
  Realised loss on other              5         -         -         5         -
  commodity contracts                                                           
                                                                           
  Associates and equity              80        81       106       247       282
  accounted joint ventures'                                                    
  share of gold income                                                         
  including realised                                                           
  non-hedge derivatives                                                         
                                                                           
  Attributable gold income        1 695     1 655     1 850     5 092     4 943
  including realised                                                           
  non-hedge derivatives                                                         
                                                                           
  Attributable gold sold    -     1 029     1 030     1 080     3 088     3 212
  oz (000)                                                                      
                                                                           
  Revenue price per unit - $/     1 648     1 607     1 713     1 649     1 539
  oz                                                                            
                                                                           
  Rounding of figures may                                                      
  result in computational                                                      
  discrepancies.                                                                


                                                                               
                                          Quarter                Nine          
                                            ended              months          
                                                                ended          
                                                                               
                                    Sep       Jun       Sep       Sep       Sep
                                                                               
                                   2012      2012      2011      2012      2011
                                                                               
                              Unaudited Unaudited Unaudited Unaudited Unaudited
                                                                               
                                                  US Dollar                    
                                                  Million /                    
                                                   Imperial                    


                                                                           
D Total costs                                                                   
                                                                           
  Total cash costs (note 3)         867       825       784     2 450     2 231 
                                                                           
  Adjusted for                     (26)      (23)      (36)      (80)      (85)
  non-controlling interests                                                    
  and non-gold producing                                                       
  companies                                                                     
                                                                           
  Associates' and equity             51        58        56       161       157
  accounted joint ventures'                                                    
  share of total cash costs                                                     
                                                                           
  Total cash costs adjusted         892       860       804     2 531     2 303
  for non-controlling                                                          
  interests and non-gold                                                       
  producing companies                                                           
                                                                           
  Retrenchment costs (note 3)         2         3         4         8        10 
                                                                           
  Rehabilitation and other           16        25        11        50        72
  non-cash costs (note 3)                                                       
                                                                           
  Amortisation of tangible          202       195       192       588       566
  assets (note 3)                                                               
                                                                           
  Amortisation of intangible          1         1         1         3         2
  assets (note 3)                                                               
                                                                           
  Adjusted for                      (3)      (11)       (7)      (19)      (31)
  non-controlling interests                                                    
  and non-gold producing                                                       
  companies                                                                     
                                                                           
  Associates and equity               3         2         1         7         6
  accounted joint ventures'                                                    
  share of production costs                                                     
                                                                           
  Total production costs          1 113     1 075     1 007     3 168     2 928
  adjusted for                                                                 
  non-controlling interests                                                    
  and non-gold producing                                                       
  companies                                                                     
                                                                           
  Gold produced - oz (000)        1 030     1 073     1 092     3 084     3 217 
                                                                           
  Total cash cost per unit -        866       801       737       821       716
  $/oz                                                                          
                                                                           
  Total production cost per       1 081     1 002       922     1 027       910
  unit - $/oz                                                                   
                                                                           
E EBITDA                                                                        
                                                                           
  Operating profit                  305       456       648     1 344     1 530 
                                                                           
  Amortisation of tangible          202       195       192       588       565
  assets (note 3)                                                               
                                                                           
  Amortisation of intangible          1         1         1         3         2
  assets (note 3)                                                               
                                                                           
  Impairment of tangible              1         1         3         2        14
  assets (note 5)                                                               
                                                                           
  Impairment reversal of              -         -         -      (10)         -
  intangible assets (note 5)                                                    
                                                                           
  Loss on unrealised                 61         -         1        61         1
  non-hedge derivatives and                                                    
  other commodity contracts                                                     
                                                                           
  Share of associates' EBITDA        16        12        37        60       103 
                                                                           
  Impairment of investments           3         -        16         4        18
  (note 5)                                                                      
                                                                           
  Net loss on disposal and            7         3         4        13         2
  derecognition of assets                                                      
  (note 5)                                                                      
                                                                           
  Profit on disposal of ISS           -         -         -         -       (2)
  International Limited (note                                                  
  5)                                                                            


                                                                               
                                    597       668       902     2 065     2 234


                                                                           
F Interest cover                                                                
                                                                           
  EBITDA (note D)                   597       668       902     2 065     2 234 
                                                                           
  Finance costs (note 6) (1)         50        36        34       121       107 
                                                                           
  Capitalised finance costs           4         2         1         8         1 


                                                                               
                                     54        38        35       129       108


                                                                           
  Interest cover - times             11        18        26        16        21 
                                                                           
  (1) The increase in the                                                      
  finance costs is due to the                                                  
  acceleration of the old RCF                                                  
  fees and the finance charge                                                  
  of the new $750m rated                                                       
  bond.                                                                         


                                                                               
                                            As at     As at     As at     As at
                                                                               
                                              Sep       Jun       Dec       Sep
                                                                               
                                             2012      2012      2011      2011
                                                                               
                                        Unaudited Unaudited Unaudited Unaudited
                                                                               
                                                  US Dollar                    
                                                    million                    


                                                                           
G Net asset value - cents per                                                  
  share                                                                         
                                                                           
  Total equity                              5 742     5 637     5 166     4 778 
                                                                           
  Mandatory convertible bonds                 656       647       760       771 
                                                                           
  Number of ordinary shares                 6 398     6 284     5 926     5 549
  in issue - million (note 9)                                                   


                                                                               
                                              386       385       385       385


                                                                           
  Net asset value - cents per               1 659     1 631     1 540     1 440
  share                                                                         
                                                                           
  Total equity                              5 742     5 637     5 166     4 778 
                                                                           
  Mandatory convertible bonds                 656       647       760       771 
                                                                           
  Intangible assets                         (289)     (243)     (210)     (191) 


                                                                               
                                            6 109     6 041     5 716     5 358


                                                                           
  Number of ordinary shares                   386       385       385       385
  in issue - million (note 9)                                                   
                                                                           
  Net tangible asset value -                1 584     1 568     1 485     1 391
  cents per share                                                               
                                                                           
H Net debt                                                                      
                                                                           
  Borrowings - long-term                    2 708     1 847     1 698     1 670
  portion                                                                       
                                                                           
  Borrowings - short-term                      57        30        30        45
  portion                                                                       
                                                                           
  Total borrowings (1)                      2 765     1 877     1 728     1 715 
                                                                           
  Corporate office lease                     (32)      (33)      (33)      (32) 
                                                                           
  Unamortised portion of the                   52        78        85        72
  convertible and rated bonds                                                   
                                                                           
  Cash restricted for use                    (93)      (56)      (58)      (60) 
                                                                           
  Cash and cash equivalents               (1 123)     (987)   (1 112)   (1 075) 
                                                                           
  Net debt excluding                        1 569       879       610       621
  mandatory convertible bonds                                                   
                                                                           
  (1) Borrowings exclude the                                                   
  mandatory convertible bonds                                                  
  (note H).                                                                     
                                                                           
  Rounding of figures may                                                      
  result in computational                                                      
  discrepancies.                                                                


                                                                               

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


                  
UNDERGROUND OPERATION                                                            


                      
                                                                                


                  
Area mined                        - 000 m2                 237           -       


     -        -    237
                                                                                


                  
Mined                             - 000 tonnes           1 480         386       
417      650  2 932 
                                                                             
                  
Milled / Treated                  - 000 tonnes           1 309         429       
541      749  3 028 
                                                                             
                  
Recovered grade                   - oz/ton               0.221       0.124      
 0.057    0.146  0.160 


                                                                                
                      


                              - g/tonne               7.58        4.26      
  1.97     5.00   5.47 
                                                                             
                  
Gold produced                     - oz (000)               319          59       


    34      120    533
                                                                                
                      
                                                                                
                      
                                                                                


                  
SURFACE AND DUMP RECLAMATION                                                     


                      
                                                                                


                  
Milled / Treated                  - 000 tonnes           6 687          36       


     -        -  6 722
                                                                                


                  
Recovered grade                   - oz/ton               0.007       0.025       


     -        -  0.007
                                                                                
                      
                                  - g/tonne               0.25        0.85      
     -        -   0.25
                                                                                


                  
Gold produced                     - oz (000)                54           1       


     -        -     55
                                                                                
                      
                                                                                
                      
                                                                                


                  
OPEN-PIT OPERATION                                                               


                      
                                                                                


                  
Volume mined                      - 000 bcm                  -      11 661      
 1 369        - 13 030 
                                                                             
                  
Mined                             - 000 tonnes               -      27 865      
 3 312    6 244 37 421 
                                                                             
                  
Treated                           - 000 tonnes               -       6 151       
293      268  6 712 
                                                                             
                  
Stripping ratio                   - ratio                    -        4.12      
 16.66    19.05   5.29 
                                                                             
                  
Recovered grade                   - oz/ton                   -       0.043      
 0.091    0.154  0.049 


                                                                                
                      


                              - g/tonne                  -        1.47      
  3.12     5.29   1.69 
                                                                             
                  
Gold produced                     - oz (000)                 -         290       


    29       46    365
                                                                                
                      
                                                                                
                      
                                                                                


                  
HEAP LEACH OPERATION                                                             


                      
                                                                                


                  
Mined                             - 000 tonnes               -       2 078       


     -   15 110 17 188
                                                                                


                  
Placed                            - 000 tonnes               -         315       


     -    5 917  6 232
                                                                                


                  
Stripping ratio                   - ratio                    -       12.60       


     -     1.74   2.03
                                                                                


                  
Recovered grade                   - oz/ton                   -       0.024       


     -    0.012  0.013
                                                                                
                      
                                  - g/tonne                  -        0.83      
     -     0.42   0.44
                                                                                


                  
Gold placed                       - oz (000)                 -           8       


     -       79     88
                                                                                


                  
Gold produced                     - oz (000)                 -           7       


     -       71     77
                                                                                
                      
                                                                                
                      
                                                                                


                  
PRODUCTIVITY PER EMPLOYEE                                                        


                      
                                                                                


                  
Actual                            - oz/TEC                   5          10       


    46       16      8
                                                                                
                      
                                                                                
                      
                                                                                


                  
TOTAL                                                                            


                      
                                                                                


                  
Subsidiaries' gold produced       - oz (000)               373         307       


    64      237    980
                                                                                


                  
Joint ventures' gold produced     - oz (000)                 -          50       


     -        -     50
                                                                                


                  
Attributable gold produced        - oz (000)               373         357       


    64      237  1 030
                                                                                


                  
Minority gold produced            - oz (000)                 -          11       


     -        5     15
                                                                                
                      
                                                                                
                      
                                                                                


                  
Subsidiaries' gold sold           - oz (000)               370         296       


    61      253    980
                                                                                


                  
Joint ventures' gold sold         - oz (000)                 -          49       


     -        -     49
                                                                                


                  
Attributable gold sold            - oz (000)               370         345       


    61      253  1 029
                                                                                


                  
Minority gold sold                - oz (000)                 -          10       


     -        5     15
                                                                                
                      
                                                                                
                      
                                                                                


                  
Spot price                        - $/oz                 1 653       1 653      
 1 653    1 653  1 653 
                                                                             
                  
Price received                    - $/oz sold            1 652       1 642      
 1 646    1 652  1 648 
                                                                             
                  
Total cash costs                  - $/oz produced          849         916       
937      798    866 
                                                                             
                  
Total production costs            - $/oz produced        1 082       1 093      
 1 092    1 051  1 081 
                                                                             
                  
Recovered grade calculated using a short ton.                                    


                      
                                                                                


                  
Rounding of figures may result in computational discrepancies.                   


                      
                                                                                
                      

FINANCIAL RESULTS                               South Africa Continental 
Australasia Americas
QUARTER ENDED SEPTEMBER 2012 $'m                                  Africa        
             
                                                                                


         
Gold income                                              606         582        
 101      421 
                                                                             
         
Cash costs                                             (318)       (338)        
(60)    (237) 
                                                                             
         
By-products revenue                                        1           1         
-       25 
                                                                             
         
Total cash costs                                       (317)       (337)        
(60)    (212) 
                                                                             
         
Retrenchment costs                                       (1)           -         
-      (1) 
                                                                             
         
Rehabilitation and other non-cash costs                  (5)         (7)         
-      (4) 
                                                                             
         
Amortisation of assets                                  (80)        (58)        
(10)     (56) 
                                                                             
         
Total production costs                                 (404)       (401)        
(69)    (274) 
                                                                             
         
Inventory change                                           6          16         
5        7 
                                                                             
         
Cost of sales                                          (398)       (385)        
(64)    (267) 
                                                                             
         
Adjusted gross profit (loss)                             207         197        
  36      154 
                                                                             
         
Unrealised non-hedge derivatives and other              (61)           -         
-        -
commodity contracts                                                              


             
                                                                                


         
Gross profit (loss)                                      147         197        
  36      154 
                                                                             
         
Corporate and other costs                                (2)         (4)         
-      (7) 
                                                                             
         
Exploration and evaluation costs                         (3)        (30)        
(24)     (42) 
                                                                             
         
Intercompany transactions                                  -        (22)        
 (3)      (1) 
                                                                             
         
Special items                                            (2)         (9)        
(14)      (1) 
                                                                             
         
Operating profit (loss)                                  139         132        
 (4)      104 
                                                                             
         
Net finance (costs) income, unwinding                    (2)         (1)        
 (1)        -
ofobligations and fair value adjustments                                         


             
                                                                                


         
Exchange gain (loss)                                       -         (5)         
-      (2) 
                                                                             
         
Share of equity accounted investments profit               -           -         
-     (10) 
                                                                             
         
Profit (loss) before taxation                            136         127        
 (5)       91 
                                                                             
         
Taxation                                                (13)        (68)         
1       15 
                                                                             
         
Profit (loss) for the period                             124          59        
 (5)      106 
                                                                             
         
Equity shareholders                                      124          62        
 (5)      104 
                                                                             
         
Non-controlling interests                                  -         (4)         
-        2 
                                                                             
         
Operating profit (loss)                                  139         132        
 (4)      104 
                                                                             
         
Unrealised non-hedge derivatives and other                61           -         
-        -
commodity contracts                                                              


             
                                                                                


         
Loss on realised other commodity contracts                 -           -         
-        - 
                                                                             
         
Intercompany transactions                                  -          22         
3        1 
                                                                             
         
Special items                                              4           7         
3        1 
                                                                             
         
Share of associates' EBIT                                  -           -         
-     (10) 
                                                                             
         
EBIT                                                     203         161         
2       95 
                                                                             
         
Amortisation of assets                                    80          58        
  10       56 
                                                                             
         
Share of associates' amortisation                          -           -         
-        - 
                                                                             
         
EBITDA                                                   283         218        
  12      151 
                                                                             
         
Profit (loss) attributable to equity                     124          62        
 (5)      104
shareholders                                                                     


             
                                                                                


         
Special items                                              4           7         
3        1 
                                                                             
         
Share of associates' special items                         -           -         
-        - 
                                                                             
         
Taxation on items above                                  (1)           -        
 (1)        - 
                                                                             
         
Headline earnings (loss)                                 126          69        
 (3)      104 
                                                                             
         
Unrealised non-hedge derivatives and other                61           -         
-        -
commodity contracts                                                              


             
                                                                                


         
Deferred tax on unrealised non-hedge                    (17)           -         
-        -
derivatives and other commodity contracts                                        


             
                                                                                


         
Fair value adjustment on option component of               -           -         
-        -
convertible bonds                                                                


             
                                                                                


         
Fair value adjustment on mandatory convertible             -           -         
-        -
bonds                                                                            


             
                                                                                


         
Adjusted headline earnings (loss)                        170          69        
 (3)      104 
                                                                             
         
Ore reserve development capital                           67          10         
3       21 
                                                                             
         
Stay-in-business capital                                  42          81         
6       34 
                                                                             
         
Project capital                                           52         116        
  73       21 
                                                                             
         
Total capital expenditure                                161         208        
  82       77 
                                                                             
         
Capitalised leased assets                                                        


             
                                                                                


         
Expenditures on intangible assets                                                


             
                                                                                


         
Capital expenditure per statement of cash flows                                  


             
                                                                                


         
Rounding of figures may result in computational discrepancies.                   


             
                                                                                
             

FINANCIAL RESULTS                                              Corporate        
   Less equity   Total
QUARTER ENDED SEPTEMBER 2012 $'m                               and other Sub-
total   accounted   group


                                                                             
investments         


                                                                                
                      
                                                                                
                      
                                                                                


                  
Gold income                                                            -     1 
709        (80)   1 629 


                                                                                
                      
                                                                                
                      
                                                                                


                  
Cash costs                                                             7     
(946)          51   (895) 
                                                                             
                  
By-products revenue                                                    1        
28           -      28 
                                                                             
                  
Total cash costs                                                       8     
(918)          51   (867) 
                                                                             
                  
Retrenchment costs                                                     -       
(2)           -     (2) 
                                                                             
                  
Rehabilitation and other non-cash costs                                -      
(16)           -    (16) 
                                                                             
                  
Amortisation of assets                                               (2)     
(206)           3   (203) 
                                                                             
                  
Total production costs                                                 6   (1 
142)          54 (1 089) 
                                                                             
                  
Inventory change                                                       -        
34         (2)      32 
                                                                             
                  
Cost of sales                                                          6   (1 
109)          52 (1 056) 


                                                                                
                      
                                                                                
                      
                                                                                


                  
Adjusted gross profit (loss)                                           6       
601        (28)     573 
                                                                             
                  
Unrealised non-hedge derivatives and other commodity contracts         -      
(61)           -    (61) 
                                                                             
                  
Gross profit (loss)                                                    6       
540        (28)     512 
                                                                             
                  
Corporate and other costs                                           (62)      
(75)           -    (75) 
                                                                             
                  
Exploration and evaluation costs                                     (9)     
(108)           2   (107) 
                                                                             
                  
Intercompany transactions                                             25        
 -           -       - 
                                                                             
                  
Special items                                                          1      
(25)           -    (25) 
                                                                             
                  
Operating profit (loss)                                             (39)       
331        (27)     305 
                                                                             
                  
Net finance (costs) income, unwinding ofobligations and fair        (58)      
(62)           -    (61)
value adjustments                                                                


                      
                                                                                


                  
Exchange gain (loss)                                                   6       
(1)           3       1 
                                                                             
                  
Share of equity accounted investments profit                         (4)      
(14)          14       - 
                                                                             
                  
Profit (loss) before taxation                                       (95)       
255         (9)     245 
                                                                             
                  
Taxation                                                            (20)      
(85)           9    (76) 
                                                                             
                  
Profit (loss) for the period                                       (114)       
169           -     169 
                                                                             
                  
Equity shareholders                                                (117)       
168           -     168 
                                                                             
                  
Non-controlling interests                                              3        
 1           -       1 


                                                                                
                      
                                                                                
                      
                                                                                


                  
Operating profit (loss)                                             (39)       
331        (27)     305 
                                                                             
                  
Unrealised non-hedge derivatives and other commodity contracts         -        
61           -      61 
                                                                             
                  
Loss on realised other commodity contracts                             -        
 -           -       - 
                                                                             
                  
Intercompany transactions                                           (25)        
 -           -       - 
                                                                             
                  
Special items                                                        (2)        
12           -      12 
                                                                             
                  
Share of associates' EBIT                                            (3)      
(13)          27      13 
                                                                             
                  
EBIT                                                                (69)       
391           -     391 
                                                                             
                  
Amortisation of assets                                                 2       
206         (3)     203 
                                                                             
                  
Share of associates' amortisation                                      -        
 -           3       3 
                                                                             
                  
EBITDA                                                              (67)       
597           -     597 


                                                                                
                      
                                                                                
                      
                                                                                


                  
Profit (loss) attributable to equity shareholders                  (117)       
168           -     168 
                                                                             
                  
Special items                                                        (2)        
12           -      12 
                                                                             
                  
Share of associates' special items                                     -        
 -           -       - 
                                                                             
                  
Taxation on items above                                                -       
(2)           -     (2) 
                                                                             
                  
Headline earnings (loss)                                           (119)       
178           -     178 
                                                                             
                  
Unrealised non-hedge derivatives and other commodity contracts         -        
61           -      61 
                                                                             
                  
Deferred tax on unrealised non-hedge derivatives and other             -      
(17)           -    (17)
commodity contracts                                                              


                      
                                                                                


                  
Fair value adjustment on option component of convertible bonds         2        
 2           -       2 
                                                                             
                  
Fair value adjustment on mandatory convertible bonds                  11        
11           -      11 
                                                                             
                  
Adjusted headline earnings (loss)                                  (106)       
235           -     235 


                                                                                
                      
                                                                                
                      
                                                                                


                  
Ore reserve development capital                                        -       
102           -     102 
                                                                             
                  
Stay-in-business capital                                              17       
181         (2)     179 
                                                                             
                  
Project capital                                                        -       
262        (71)     192 
                                                                             
                  
Total capital expenditure                                             17       
545        (73)     472 
                                                                             
                  
Capitalised leased assets                                                        


                     -
                                                                                


                  
Expenditures on intangible assets                                                


                  (24)
                                                                                


                  
Capital expenditure per statement of cash flows                                  


                   448
                                                                                


                  
Rounding of figures may result in computational discrepancies.                   


                      
                                                                                
                      

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


                  
UNDERGROUND OPERATION                                                            


                      
                                                                                


                  
Area mined                        - 000 m2                 230           -       


     -        -    230
                                                                                


                  
Mined                             - 000 tonnes           1 493         387       
318      543  2 742 
                                                                             
                  
Milled / Treated                  - 000 tonnes           1 299         462       
217      641  2 620 
                                                                             
                  
Recovered grade                   - oz/ton               0.222       0.163      
 0.086    0.161  0.185 


                                                                                
                      


                              - g/tonne               7.61        5.58      
  2.94     5.51   6.35 
                                                                             
                  
Gold produced                     - oz (000)               318          83       


    21      114    535
                                                                                
                      
                                                                                
                      
                                                                                


                  
SURFACE AND DUMP RECLAMATION                                                     


                      
                                                                                


                  
Milled / Treated                  - 000 tonnes           3 010           -       


     -        -  3 010
                                                                                


                  
Recovered grade                   - oz/ton               0.013           -       


     -        -  0.013
                                                                                
                      
                                  - g/tonne               0.46           -      
     -        -   0.46
                                                                                


                  
Gold produced                     - oz (000)                44           -       


     -        -     44
                                                                                
                      
                                                                                
                      
                                                                                


                  
OPEN-PIT OPERATION                                                               


                      
                                                                                


                  
Volume mined                      - 000 bcm                  -      15 106       
559        - 15 665 
                                                                             
                  
Mined                             - 000 tonnes               -      35 355      
 1 588    5 766 42 709 
                                                                             
                  
Treated                           - 000 tonnes               -       6 217       
623      238  7 078 
                                                                             
                  
Stripping ratio                   - ratio                    -        4.19      
  2.29    22.25   4.66 
                                                                             
                  
Recovered grade                   - oz/ton                   -       0.047      
 0.073    0.174  0.053 


                                                                                
                      


                              - g/tonne                  -        1.59      
  2.52     5.96   1.82 
                                                                             
                  
Gold produced                     - oz (000)                 -         319       


    50       46    415
                                                                                
                      
                                                                                
                      
                                                                                


                  
HEAP LEACH OPERATION                                                             


                      
                                                                                


                  
Mined                             - 000 tonnes               -       2 182       


     -   16 555 18 737
                                                                                


                  
Placed                            - 000 tonnes               -         252       


     -    5 498  5 750
                                                                                


                  
Stripping ratio                   - ratio                    -       20.19       


     -     1.97   2.30
                                                                                


                  
Recovered grade                   - oz/ton                   -       0.021       


     -    0.013  0.013
                                                                                
                      
                                  - g/tonne                  -        0.72      
     -     0.44   0.45
                                                                                


                  
Gold placed                       - oz (000)                 -           6       


     -       78     83
                                                                                


                  
Gold produced                     - oz (000)                 -           6       


     -       73     79
                                                                                
                      
                                                                                
                      
                                                                                


                  
PRODUCTIVITY PER EMPLOYEE                                                        


                      
                                                                                


                  
Actual                            - oz/TEC                   5          12       


    47       19      9
                                                                                
                      
                                                                                
                      
                                                                                


                  
TOTAL                                                                            


                      
                                                                                


                  
Subsidiaries' gold produced       - oz (000)               362         358       


    71      233  1 024
                                                                                


                  
Joint ventures' gold produced     - oz (000)                 -          49       


     -        -     49
                                                                                


                  
Attributable gold produced        - oz (000)               362         407       


    71      233  1 073
                                                                                


                  
Minority gold produced            - oz (000)                 -          12       


     -       20     32
                                                                                
                      
                                                                                
                      
                                                                                


                  
Subsidiaries' gold sold           - oz (000)               336         345       


    73      225    980
                                                                                


                  
Joint ventures' gold sold         - oz (000)                 -          50       


     -        -     50
                                                                                


                  
Attributable gold sold            - oz (000)               336         395       


    73      225  1 030
                                                                                


                  
Minority gold sold                - oz (000)                 -          11       


     -       20     31
                                                                                
                      
                                                                                
                      
                                                                                


                  
Spot price                        - $/oz                 1 611       1 611      
 1 611    1 611  1 611 
                                                                             
                  
Price received                    - $/oz sold            1 604       1 606      
 1 608    1 611  1 607 
                                                                             
                  
Total cash costs                  - $/oz produced          779         827      
 1 187      671    801 
                                                                             
                  
Total production costs            - $/oz produced          998         987      
 1 286      941  1 002 
                                                                             
                  
Recovered grade calculated using a short ton.                                    


                      
                                                                                


                  
Rounding of figures may result in computational discrepancies.                   


                      
                                                                                
                      

FINANCIAL RESULTS                               South Africa Continental 
Australasia Americas
QUARTER ENDED JUNE 2012 $'m                                       Africa        
             
                                                                                


         
Gold income                                              539         653        
 117      390 
                                                                             
         
Cash costs                                             (304)       (347)        
(84)    (209) 
                                                                             
         
By-products revenue                                       22           2         
-       21 
                                                                             
         
Total cash costs                                       (282)       (346)        
(84)    (189) 
                                                                             
         
Retrenchment costs                                       (2)         (1)         
-      (1) 
                                                                             
         
Rehabilitation and other non-cash costs                  (3)         (8)         
-     (14) 
                                                                             
         
Amortisation of assets                                  (74)        (58)        
 (7)     (56) 
                                                                             
         
Total production costs                                 (361)       (412)        
(91)    (260) 
                                                                             
         
Inventory change                                          27           3        
 (1)       33 
                                                                             
         
Cost of sales                                          (334)       (409)        
(92)    (227) 
                                                                             
         
Adjusted gross profit (loss)                             205         244        
  25      163 
                                                                             
         
Unrealised non-hedge derivatives and other                 -           -         
-        -commodity contracts                                                 


                          
                                                                                


         
Gross profit (loss)                                      205         244        
  25      163 
                                                                             
         
Corporate and other costs                                (2)         (2)        
 (1)     (10) 
                                                                             
         
Exploration and evaluation costs                         (2)        (19)        
(21)     (40) 
                                                                             
         
Intercompany transactions                                  -        (19)        
 (3)      (1) 
                                                                             
         
Special items                                            (1)         (3)        
  11        2 
                                                                             
         
Operating profit (loss)                                  200         200        
  11      114 
                                                                             
         
Net finance (costs) income, unwinding of                 (1)         (2)         
-        1
obligations and fair value adjustments                                           


             
                                                                                


         
Exchange (loss) gain                                       -           2         
-        3 
                                                                             
         
Share of equity accounted investments profit               -           -         
-      (5) 
                                                                             
         
Profit (loss) before taxation                            199         199        
  11      112 
                                                                             
         
Taxation                                                (43)        (77)        
 (4)     (64) 
                                                                             
         
Profit (loss) for the period                             156         123         
7       48 
                                                                             
         
Equity shareholders                                      156         137         
7       43 
                                                                             
         
Non-controlling interests                                  -        (15)         
-        6 
                                                                             
         
Operating profit (loss)                                  200         199        
  11      114 
                                                                             
         
Intercompany transactions                                  -          19         
3        1 
                                                                             
         
Special items                                              2           1         
-        1 
                                                                             
         
Share of associates' EBIT                                  -           -         
-      (5) 
                                                                             
         
EBIT                                                     203         220        
  15      110 
                                                                             
         
Amortisation of assets                                    74          58         
7       56 
                                                                             
         
Share of associates' amortisation                          -           -         
-        - 
                                                                             
         
EBITDA                                                   276         278        
  22      166 
                                                                             
         
Profit (loss) attributable to equity                     156         137         
7       43
shareholders                                                                     


             
                                                                                


         
Special items                                              2           1         
-        1 
                                                                             
         
Share of associates' special items                         -           -         
-        - 
                                                                             
         
Taxation on items above                                  (1)           3         
-        - 
                                                                             
         
Headline earnings (loss)                                 157         141         
7       43 
                                                                             
         
Unrealised non-hedge derivatives and other                 -           -         
-        -
commodity contracts                                                              


             
                                                                                


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


             
                                                                                


         
Fair value adjustment on option component of               -           -         
-        -
convertible bonds                                                                


             
                                                                                


         
Fair value loss on mandatory convertible bonds             -           -         
-        - 
                                                                             
         
Adjusted headline earnings (loss)                        157         141         
7       43 
                                                                             
         
Ore reserve development capital                           62          12         
4       17 
                                                                             
         
Stay-in-business capital                                  35          87         
5       22 
                                                                             
         
Project capital                                           32          81        
  43       37 
                                                                             
         
Total capital expenditure                                130         180        
  52       75 
                                                                             
         
Capitalised leased assets                                                        


             
                                                                                


         
Expenditures on intangible assets                                                


             
                                                                                


         
Capital expenditure per statement of cash flows                                  


             
                                                                                


         
Rounding of figures may result in computational discrepancies.                   


             
                                                                                
             

FINANCIAL RESULTS                                              Corporate        
   Less equity   Total
QUARTER ENDED JUNE 2012 $'m                                    and other Sub-
total   accounted   group


                                                                             
investments         


                                                                                
                      
                                                                                
                      
                                                                                


                  
Gold income                                                            -     1 
700        (81)   1 619 


                                                                                
                      
                                                                                
                      
                                                                                


                  
Cash costs                                                            18     
(926)          58   (868) 
                                                                             
                  
By-products revenue                                                    -        
44           -      43 
                                                                             
                  
Total cash costs                                                      18     
(883)          58   (825) 
                                                                             
                  
Retrenchment costs                                                     -       
(3)           -     (3) 
                                                                             
                  
Rehabilitation and other non-cash costs                                -      
(25)           -    (25) 
                                                                             
                  
Amortisation of assets                                               (3)     
(198)           2   (196) 
                                                                             
                  
Total production costs                                                15   (1 
109)          61 (1 049) 
                                                                             
                  
Inventory change                                                       -        
62           1      63 
                                                                             
                  
Cost of sales                                                         15   (1 
048)          62   (986) 


                                                                                
                      
                                                                                
                      
                                                                                


                  
Adjusted gross profit (loss)                                          15       
652        (19)     633 
                                                                             
                  
Unrealised non-hedge derivatives and other commodity contracts         -        
 -           -       - 
                                                                             
                  
Gross profit (loss)                                                   15       
652        (19)     633 
                                                                             
                  
Corporate and other costs                                           (82)      
(97)           -    (97) 
                                                                             
                  
Exploration and evaluation costs                                     (7)      
(89)           1    (87) 
                                                                             
                  
Intercompany transactions                                             23        
 -           -       - 
                                                                             
                  
Special items                                                          -        
 8           -       8 
                                                                             
                  
Operating profit (loss)                                             (51)       
474        (18)     456 
                                                                             
                  
Net finance (costs) income, unwinding of obligations and fair         16        
13           -      13
value adjustments                                                                


                      
                                                                                


                  
Exchange (loss) gain                                                   4        
 9         (1)       8 
                                                                             
                  
Share of equity accounted investments profit                        (17)      
(22)          16     (6) 
                                                                             
                  
Profit (loss) before taxation                                       (48)       
474         (3)     471 
                                                                             
                  
Taxation                                                             (1)     
(189)           3   (186) 
                                                                             
                  
Profit (loss) for the period                                        (49)       
285           -     285 
                                                                             
                  
Equity shareholders                                                 (56)       
287           -     287 
                                                                             
                  
Non-controlling interests                                              6       
(2)           -     (2) 


                                                                                
                      
                                                                                
                      
                                                                                


                  
Operating profit (loss)                                             (51)       
474        (18)     456 
                                                                             
                  
Intercompany transactions                                           (23)        
 -           -       - 
                                                                             
                  
Special items                                                          -        
 4           -       4 
                                                                             
                  
Share of associates' EBIT                                            (3)       
(9)          18       9 
                                                                             
                  
EBIT                                                                (77)       
469           -     469 
                                                                             
                  
Amortisation of assets                                                 3       
198         (2)     196 
                                                                             
                  
Share of associates' amortisation                                      -        
 -           2       2 
                                                                             
                  
EBITDA                                                              (74)       
668           -     668 


                                                                                
                      
                                                                                
                      
                                                                                


                  
Profit (loss) attributable to equity shareholders                   (56)       
287           -     287 
                                                                             
                  
Special items                                                          -        
 4           -       4 
                                                                             
                  
Share of associates' special items                                    13        
13           -      13 
                                                                             
                  
Taxation on items above                                                -        
 2           -       2 
                                                                             
                  
Headline earnings (loss)                                            (42)       
307           -     307 
                                                                             
                  
Unrealised non-hedge derivatives and other commodity contracts         -        
 -           -       - 
                                                                             
                  
Deferred tax on unrealised non-hedge derivatives and other             -        
 -           -       -
commodity contracts                                                              


                      
                                                                                


                  
Fair value adjustment on option component of convertible bonds      (24)      
(24)           -    (24) 
                                                                             
                  
Fair value loss on mandatory convertible bonds                      (29)      
(29)           -    (29) 
                                                                             
                  
Adjusted headline earnings (loss)                                   (95)       
253           -     253 


                                                                                
                      
                                                                                
                      
                                                                                


                  
Ore reserve development capital                                        -        
95           -      95 
                                                                             
                  
Stay-in-business capital                                              14       
163         (2)     162 
                                                                             
                  
Project capital                                                        -       
193        (53)     141 
                                                                             
                  
Total capital expenditure                                             14       
451        (54)     397 
                                                                             
                  
Capitalised leased assets                                                        


                   (2)
                                                                                


                  
Expenditures on intangible assets                                                


                  (20)
                                                                                


                  
Capital expenditure per statement of cash flows                                  


                   374
                                                                                


                  
Rounding of figures may result in computational discrepancies.                   


                      
                                                                                
                      

OPERATING RESULTS                                 South Africa Continental 
Australasia Americas  Total
QUARTER ENDED SEPTEMBER 2011                                        Africa      
                 group
                                                                                
                      
                                                                                
                      
                                                                                


                  
UNDERGROUND OPERATION                                                            


                      
                                                                                


                  
Area mined                        - 000 m2                 244           -       


     -        -    244
                                                                                


                  
Mined                             - 000 tonnes           1 534         478       
283      506  2 802 
                                                                             
                  
Milled / Treated                  - 000 tonnes           1 429         496       
267      559  2 751 
                                                                             
                  
Recovered grade                   - oz/ton               0.230       0.137      
 0.062    0.194  0.189 


                                                                                
                      


                              - g/tonne               7.87        4.71      
  2.13     6.64   6.49 
                                                                             
                  
Gold produced                     - oz (000)               362          75       


    18      119    574
                                                                                
                      
                                                                                
                      
                                                                                


                  
SURFACE AND DUMP RECLAMATION                                                     


                      
                                                                                


                  
Milled / Treated                  - 000 tonnes           2 472           -       


     -        -  2 472
                                                                                


                  
Recovered grade                   - oz/ton               0.012           -       


     -        -  0.013
                                                                                
                      
                                  - g/tonne               0.40           -      
     -        -   0.44
                                                                                


                  
Gold produced                     - oz (000)                32           3       


     -        -     35
                                                                                
                      
                                                                                
                      
                                                                                


                  
OPEN-PIT OPERATION                                                               


                      
                                                                                


                  
Volume mined                      - 000 bcm                  -      12 983       
172        - 13 155 
                                                                             
                  
Mined                             - 000 tonnes               -      31 335       
218    6 766 38 319 
                                                                             
                  
Treated                           - 000 tonnes               -       6 063       
658      230  6 952 
                                                                             
                  
Stripping ratio                   - ratio                    -        5.43      
 35.22    22.71   6.42 
                                                                             
                  
Recovered grade                   - oz/ton                   -       0.049      
 0.044    0.176  0.052 


                                                                                
                      


                              - g/tonne                  -        1.67      
  1.50     6.05   1.80 
                                                                             
                  
Gold produced                     - oz (000)                 -         325       


    32       45    402
                                                                                
                      
                                                                                
                      
                                                                                


                  
HEAP LEACH OPERATION                                                             


                      
                                                                                


                  
Mined                             - 000 tonnes               -       1 431       


     -   17 356 18 788
                                                                                


                  
Placed                            - 000 tonnes               -         261       


     -    5 371  5 632
                                                                                


                  
Stripping ratio                   - ratio                    -        9.09       


     -     2.40   2.58
                                                                                


                  
Recovered grade                   - oz/ton                   -       0.031       


     -    0.012  0.013
                                                                                
                      
                                  - g/tonne                  -        1.05      
     -     0.43   0.46
                                                                                


                  
Gold placed                       - oz (000)                 -           9       


     -       74     83
                                                                                


                  
Gold produced                     - oz (000)                 -           8       


     -       74     81
                                                                                
                      
                                                                                
                      
                                                                                


                  
PRODUCTIVITY PER EMPLOYEE                                                        


                      
                                                                                


                  
Actual                            - oz/TEC                   6          12       


    32       22      9
                                                                                
                      
                                                                                
                      
                                                                                


                  
TOTAL                                                                            


                      
                                                                                


                  
Subsidiaries' gold produced       - oz (000)               394         348       


    50      238  1 029
                                                                                


                  
Joint ventures' gold produced     - oz (000)                 -          63       


     -        -     63
                                                                                


                  
Attributable gold produced        - oz (000)               394         411       


    50      238  1 092
                                                                                


                  
Minority gold produced            - oz (000)                 -          10       


     -       19     29
                                                                                
                      
                                                                                
                      
                                                                                


                  
Subsidiaries' gold sold           - oz (000)               393         324       


    55      246  1 018
                                                                                


                  
Joint ventures' gold sold         - oz (000)                 -          62       


     -        -     62
                                                                                


                  
Attributable gold sold            - oz (000)               393         386       


    55      246  1 080
                                                                                


                  
Minority gold sold                - oz (000)                 -          11       


     -       21     32
                                                                                
                      
                                                                                
                      
                                                                                


                  
Spot price                        - $/oz                 1 705       1 705      
 1 705    1 705  1 705 
                                                                             
                  
Price received                    - $/oz sold            1 718       1 724      
 1 683    1 697  1 713 
                                                                             
                  
Total cash costs                  - $/oz produced          757         739      
 1 570      524    737 
                                                                             
                  
Total production costs            - $/oz produced          981         884      
 1 743      710    922 
                                                                             
                  
Recovered grade calculated using a short ton.                                    


                      
                                                                                


                  
Rounding of figures may result in computational discrepancies.                   


                      
                                                                                
                      

FINANCIAL RESULTS                               South Africa Continental 
Australasia Americas
QUARTER ENDED SEPTEMBER 2011 $'m                                  Africa        
             
                                                                                


         
Gold income received                                     675         684        
  93      448 
                                                                             
         
Cash costs                                             (320)       (315)        
(79)    (183) 
                                                                             
         
By-products revenue                                       22           2         
-       32 
                                                                             
         
Total cash costs                                       (298)       (313)        
(79)    (151) 
                                                                             
         
Retrenchment costs                                       (2)         (1)         
-      (1) 
                                                                             
         
Rehabilitation and other non-cash costs                  (2)         (5)         
-      (5) 
                                                                             
         
Amortisation of assets                                  (84)        (55)        
 (9)     (44) 
                                                                             
         
Total production costs                                 (386)       (373)        
(87)    (201) 
                                                                             
         
Inventory change                                           -          14        
 (5)        5 
                                                                             
         
Cost of sales                                          (386)       (359)        
(92)    (195) 
                                                                             
         
Adjusted gross profit (loss)                             290         325         
-      252 
                                                                             
         
Unrealised non-hedge derivatives and other                 -           -         
-      (1)
commodity contracts                                                              


             
                                                                                


         
Gross profit (loss)                                      290         325         
-      252 
                                                                             
         
Corporate and other costs                                (3)           -         
-      (9) 
                                                                             
         
Exploration and evaluation costs                           -        (18)        
(16)     (32) 
                                                                             
         
Intercompany transactions                                  -        (11)        
 (1)      (1) 
                                                                             
         
Special items                                            (4)        (13)        
  11        1 
                                                                             
         
Operating profit (loss)                                  282         282        
 (6)      211 
                                                                             
         
Net finance (costs) income, unwinding of                 (1)           2         
2      (2)
obligations and fair value adjustments                                           


             
                                                                                


         
Exchange gain (loss)                                       -         (1)         
-       12 
                                                                             
         
Share of equity accounted investments profit               -           -         
-      (8) 
                                                                             
         
Profit (loss) before taxation                            280         283        
 (4)      213 
                                                                             
         
Taxation                                                (96)       (102)         
1     (27) 
                                                                             
         
Profit (loss) for the period                             184         182        
 (3)      187 
                                                                             
         
Equity shareholders                                      184         178        
 (3)      180 
                                                                             
         
Non-controlling interests                                  -           4         
-        7 
                                                                             
         
Operating profit (loss)                                  282         282        
 (6)      211 
                                                                             
         
Unrealised non-hedge derivatives and other                 -           -         
-        1
commodity contracts                                                              


             
                                                                                


         
Intercompany transactions                                  -          11         
1        1 
                                                                             
         
Special items                                              5          10         
-        - 
                                                                             
         
Share of associates' EBIT                                  -           -         
-      (8) 
                                                                             
         
EBIT                                                     287         303        
 (5)      204 
                                                                             
         
Amortisation of assets                                    84          55         
9       44 
                                                                             
         
Share of associates' amortisation                          -           -         
-        - 
                                                                             
         
EBITDA                                                   371         358         
4      248 
                                                                             
         
Profit (loss) attributable to equity                     184         178        
 (3)      180
shareholders                                                                     


             
                                                                                


         
Special items                                              5          10         
-        - 
                                                                             
         
Share of associates' special items                         -           -         
-        - 
                                                                             
         
Taxation on items above                                  (2)           -         
-        - 
                                                                             
         
Headline earnings (loss)                                 187         187        
 (3)      180 
                                                                             
         
Unrealised non-hedge derivatives and other                 -           -         
-        1
commodity contracts                                                              


             
                                                                                


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


             
                                                                                


         
Fair value adjustment on option component of               -           -         
-        -
convertible bonds                                                                


             
                                                                                


         
Fair value loss on mandatory convertible bonds             -           -         
-        - 
                                                                             
         
Adjusted headline earnings (loss)                        187         187        
 (3)      181 
                                                                             
         
Ore reserve development capital                           71          13         
5       17 
                                                                             
         
Stay-in-business capital                                  43          66         
2       40 
                                                                             
         
Project capital                                           26          22        
  25       68 
                                                                             
         
Total capital expenditure                                140         101        
  32      125 
                                                                             
         
Capitalised leased assets                                                        


             
                                                                                


         
Expenditures on intangible assets                                                


             
                                                                                


         
Capital expenditure per statement of cash flows                                  


             
                                                                                


         
Rounding of figures may result in computational discrepancies.                   


             
                                                                                
             

FINANCIAL RESULTS                                              Corporate        
   Less equity  Total
QUARTER ENDED SEPTEMBER 2011 $'m                               and other Sub-
total   accounted  group


                                                                             
investments        


                                                                                
                     
                                                                                
                     
                                                                                


                 
Gold income received                                                   -     1 
899       (106)  1 793 


                                                                                
                     
                                                                                
                     
                                                                                


                 
Cash costs                                                             -     
(897)          56  (841) 
                                                                             
                 
By-products revenue                                                    -        
57           -     57 
                                                                             
                 
Total cash costs                                                       -     
(840)          56  (784) 
                                                                             
                 
Retrenchment costs                                                     -       
(4)           -    (4) 
                                                                             
                 
Rehabilitation and other non-cash costs                                -      
(11)           -   (11) 
                                                                             
                 
Amortisation of assets                                               (3)     
(195)           2  (193) 
                                                                             
                 
Total production costs                                               (3)   (1 
050)          58  (992) 
                                                                             
                 
Inventory change                                                       -        
15           -     14 
                                                                             
                 
Cost of sales                                                        (3)   (1 
035)          58  (977) 


                                                                                
                     
                                                                                
                     
                                                                                


                 
Adjusted gross profit (loss)                                         (4)       
864        (48)    816 
                                                                             
                 
Unrealised non-hedge derivatives and other commodity contracts         -       
(1)           -    (1) 
                                                                             
                 
Gross profit (loss)                                                  (4)       
863        (48)    815 
                                                                             
                 
Corporate and other costs                                           (66)      
(78)           -   (78) 
                                                                             
                 
Exploration and evaluation costs                                    (11)      
(78)           2   (76) 
                                                                             
                 
Intercompany transactions                                             13        
 -           -      - 
                                                                             
                 
Special items                                                        (8)      
(13)           -   (13) 
                                                                             
                 
Operating profit (loss)                                             (75)       
694        (47)    648 
                                                                             
                 
Net finance (costs) income, unwinding of obligations and fair       (17)      
(15)         (3)   (18)
value adjustments                                                                


                     
                                                                                


                 
Exchange gain (loss)                                                   5        
16           -     15 
                                                                             
                 
Share of equity accounted investments profit                         (2)      
(10)          34     24 
                                                                             
                 
Profit (loss) before taxation                                       (88)       
685        (16)    669 
                                                                             
                 
Taxation                                                               4     
(220)          16  (204) 
                                                                             
                 
Profit (loss) for the period                                        (84)       
465           -    465 
                                                                             
                 
Equity shareholders                                                 (83)       
456           -    456 
                                                                             
                 
Non-controlling interests                                            (1)        
 9           -      9 


                                                                                
                     
                                                                                
                     
                                                                                


                 
Operating profit (loss)                                             (75)       
694        (47)    648 
                                                                             
                 
Unrealised non-hedge derivatives and other commodity contracts         -        
 1           -      1 
                                                                             
                 
Intercompany transactions                                           (13)        
 -           -      - 
                                                                             
                 
Special items                                                          8        
22           -     22 
                                                                             
                 
Share of associates' EBIT                                            (2)      
(10)          47     36 
                                                                             
                 
EBIT                                                                (82)       
707           -    707 
                                                                             
                 
Amortisation of assets                                                 3       
195         (2)    193 
                                                                             
                 
Share of associates' amortisation                                      -        
 -           2      2 
                                                                             
                 
EBITDA                                                              (79)       
902           -    902 


                                                                                
                     
                                                                                
                     
                                                                                


                 
Profit (loss) attributable to equity shareholders                   (83)       
456           -    456 
                                                                             
                 
Special items                                                          8        
22           -     22 
                                                                             
                 
Share of associates' special items                                     -        
 -           -      - 
                                                                             
                 
Taxation on items above                                                -       
(2)           -    (2) 
                                                                             
                 
Headline earnings (loss)                                            (75)       
476           -    476 
                                                                             
                 
Unrealised non-hedge derivatives and other commodity contracts         -        
 1           -      1 
                                                                             
                 
Deferred tax on unrealised non-hedge derivatives and other             -        
 -           -      -
commodity contracts                                                              


                     
                                                                                


                 
Fair value adjustment on option component of convertible bonds      (11)      
(11)           -   (11) 
                                                                             
                 
Fair value loss on mandatory convertible bonds                       (9)       
(9)           -    (9) 
                                                                             
                 
Adjusted headline earnings (loss)                                   (95)       
457           -    457 


                                                                                
                     
                                                                                
                     
                                                                                


                 
Ore reserve development capital                                        -       
106           -    106 
                                                                             
                 
Stay-in-business capital                                              10       
161         (2)    159 
                                                                             
                 
Project capital                                                        -       
141        (18)    123 
                                                                             
                 
Total capital expenditure                                             10       
408        (20)    388 
                                                                             
                 
Capitalised leased assets                                                        


                    -
                                                                                


                 
Expenditures on intangible assets                                                


                  (6)
                                                                                


                 
Capital expenditure per statement of cash flows                                  


                  382
                                                                                


                 
Rounding of figures may result in computational discrepancies.                   


                     
                                                                                
                     

OPERATING RESULTS                                 South Africa Continental 
Australasia Americas   Total
NINE MONTHS ENDED SEPTEMBER 2012                                    Africa      
                  group
                                                                                
                       
                                                                                
                       
                                                                                


                   
UNDERGROUND OPERATION                                                            


                       
                                                                                


                   
Area mined                        - 000 m2                 630           -       


     -        -     630
                                                                                


                   
Mined                             - 000 tonnes           4 078       1 189       
977    1 722   7 965 
                                                                             
                   
Milled / Treated                  - 000 tonnes           3 602       1 335      
 1 011    1 985   7 933 
                                                                             
                   
Recovered grade                   - oz/ton               0.227       0.137      
 0.074    0.157   0.175 


                                                                                
                       


                              - g/tonne               7.80        4.71      
  2.54     5.37    6.00 
                                                                             
                   
Gold produced                     - oz (000)               903         202       


    83      342   1 530
                                                                                
                       
                                                                                
                       
                                                                                


                   
SURFACE AND DUMP RECLAMATION                                                     


                       
                                                                                


                   
Milled / Treated                  - 000 tonnes          12 547         265       


     -        -  12 812
                                                                                


                   
Recovered grade                   - oz/ton               0.010       0.007       


     -        -   0.010
                                                                                
                       
                                  - g/tonne              0.340       0.230      
     -        -   0.340
                                                                                


                   
Gold produced                     - oz (000)               138           2       


     -        -     140
                                                                                
                       
                                                                                
                       
                                                                                


                   
OPEN-PIT OPERATION                                                               


                       
                                                                                


                   
Volume mined                      - 000 bcm                  -      41 393      
 2 662        -  44 055 
                                                                             
                   
Mined                             - 000 tonnes               -      97 861      
 6 980   17 550 122 391 
                                                                             
                   
Treated                           - 000 tonnes               -      18 230      
 1 564      715  20 509 
                                                                             
                   
Stripping ratio                   - ratio                    -        4.53      
  4.85    21.14    5.22 
                                                                             
                   
Recovered grade                   - oz/ton                   -       0.046      
 0.070    0.170   0.052 


                                                                                
                       


                              - g/tonne                  -        1.57      
  2.39     5.84    1.78 
                                                                             
                   
Gold produced                     - oz (000)                 -         923       
120      134   1 177 


                                                                                
                       
                                                                                
                       
                                                                                


                   
HEAP LEACH OPERATION                                                             


                       
                                                                                


                   
Mined                             - 000 tonnes               -       6 435       


     -   47 760  54 195
                                                                                


                   
Placed                            - 000 tonnes               -         813       


     -   16 606  17 419
                                                                                


                   
Stripping ratio                   - ratio                    -       16.00       


     -     1.99    2.31
                                                                                


                   
Recovered grade                   - oz/ton                   -       0.023       


     -    0.012   0.013
                                                                                
                       
                                  - g/tonne                  -        0.78      
     -     0.42    0.43
                                                                                


                   
Gold placed                       - oz (000)                 -          20       


     -      222     242
                                                                                


                   
Gold produced                     - oz (000)                 -          19       


     -      218     237
                                                                                
                       
                                                                                
                       
                                                                                


                   
PRODUCTIVITY PER EMPLOYEE                                                        


                       
                                                                                


                   
Actual                            - oz/TEC                   5          11       


    45       18       9
                                                                                
                       
                                                                                
                       
                                                                                


                   
TOTAL                                                                            


                       
                                                                                


                   
Subsidiaries' gold produced       - oz (000)             1 041         992       
203      695   2 930 
                                                                             
                   
Joint ventures' gold produced     - oz (000)                 -         154       


     -        -     154
                                                                                


                   
Attributable gold produced        - oz (000)             1 041       1 146       
203      695   3 084 
                                                                             
                   
Minority gold produced            - oz (000)                 -          32       


     -       44      76
                                                                                
                       
                                                                                
                       
                                                                                


                   
Subsidiaries' gold sold           - oz (000)             1 012       1 008       
202      716   2 938 
                                                                             
                   
Joint ventures' gold sold         - oz (000)                 -         150       


     -        -     150
                                                                                


                   
Attributable gold sold            - oz (000)             1 012       1 158       
202      716   3 088 
                                                                             
                   
Minority gold sold                - oz (000)                 -          32       


     -       47      79
                                                                                
                       
                                                                                
                       
                                                                                


                   
Spot price                        - $/oz                 1 651       1 651      
 1 651    1 651   1 651 
                                                                             
                   
Price received                    - $/oz sold            1 654       1 646      
 1 648    1 648   1 649 
                                                                             
                   
Total cash costs                  - $/oz produced          825         851      
 1 143      670     821 
                                                                             
                   
Total production costs            - $/oz produced        1 062       1 018      
 1 268      916   1 027 
                                                                             
                   
Recovered grade calculated using a short ton.                                    


                       
                                                                                


                   
Rounding of figures may result in computational discrepancies.                   


                       
                                                                                
                       
                                                                                
            
                                      

FINANCIAL RESULTS - NINE MONTHS                 South Africa Continental 
Australasia Americas
ENDED SEPTEMBER 2012 $'m                                          Africa        
             
                                                                                


         
Gold income                                            1 669       1 958        
 333    1 243 
                                                                             
         
Cash costs                                             (899)     (1 008)       
(232)    (635) 
                                                                             
         
By-products revenue                                       41           5         
1       86 
                                                                             
         
Total cash costs                                       (859)     (1 003)       
(232)    (549) 
                                                                             
         
Retrenchment costs                                       (5)         (1)         
-      (3) 
                                                                             
         
Rehabilitation and other non-cash costs                 (11)        (21)         
-     (19) 
                                                                             
         
Amortisation of assets                                 (231)       (172)        
(25)    (162) 
                                                                             
         
Total production costs                               (1 106)     (1 197)       
(257)    (733) 
                                                                             
         
Inventory change                                          31         (3)         
2       41 
                                                                             
         
Cost of sales                                        (1 075)     (1 200)       
(254)    (692) 
                                                                             
         
Adjusted gross profit (loss)                             594         758        
  78      551 
                                                                             
         
Unrealised non-hedge derivatives and other              (61)           -         
-        -
commodity contracts                                                              


             
                                                                                


         
Gross profit (loss)                                      534         758        
  78      551 
                                                                             
         
Corporate and other costs                                (6)         (9)        
 (1)     (26) 
                                                                             
         
Exploration and evaluation costs                         (7)        (73)        
(62)    (107) 
                                                                             
         
Intercompany transactions                                  -        (58)        
(10)      (2) 
                                                                             
         
Special items                                            (3)         (7)        
  11        1 
                                                                             
         
Operating profit (loss)                                  518         611        
  17      417 
                                                                             
         
Net finance (costs) income, unwinding of                 (5)         (3)         
-      (1)
obligations and fair value adjustments                                           


             
                                                                                


         
Exchange (loss) gain                                       -         (1)         
1      (1) 
                                                                             
         
Share of equity accounted investments profit               -           -         
-     (19) 
                                                                             
         
Profit (loss) before taxation                            512         607        
  17      396 
                                                                             
         
Taxation                                                  34       (285)        
 (8)    (119) 
                                                                             
         
Profit (loss) for the period                             546         322         
9      277 
                                                                             
         
Equity shareholders                                      546         336         
9      259 
                                                                             
         
Non-controlling interests                                  -        (14)         
-       18 
                                                                             
         
Operating profit (loss)                                  518         611        
  17      417 
                                                                             
         
Unrealised non-hedge derivatives and other                61           -         
-        -
commodity contracts                                                              


             
                                                                                


         
Intercompany transactions                                  -          58        
  10        2 
                                                                             
         
Special items                                              7         (2)         
3        1 
                                                                             
         
Share of associates' EBIT                                  -           -         
-     (19) 
                                                                             
         
EBIT                                                     586         668        
  30      401 
                                                                             
         
Amortisation of assets                                   231         172        
  25      162 
                                                                             
         
Share of associates' amortisation                          -           -         
-        - 
                                                                             
         
EBITDA                                                   816         840        
  55      563 
                                                                             
         
Profit (loss) attributable to equity                     546         336         
9      259
shareholders                                                                     


             
                                                                                


         
Special items                                              7         (2)         
3        1 
                                                                             
         
Share of associates' special items                         -           -         
-        - 
                                                                             
         
Taxation on items above                                  (2)           2        
 (1)        - 
                                                                             
         
Headline earnings (loss)                                 552         336        
  11      261 
                                                                             
         
Unrealised non-hedge derivatives and other                61           -         
-        -
commodity contracts                                                              


             
                                                                                


         
Deferred tax on unrealised non-hedge                    (17)           -         
-        -
derivatives and other commodity contracts                                        


             
                                                                                


         
Fair value adjustment on option component of               -           -         
-        -
convertible bonds                                                                


             
                                                                                


         
Fair value loss on mandatory convertible bonds             -           -         
-        - 
                                                                             
         
Adjusted headline earnings (loss)                                                
          
                                                     595         336        
  11      261 


                                                                                
             
                                                                                


         
Ore reserve development capital                          188          34        
  12       53 
                                                                             
         
Stay-in-business capital                                  96         232        
  15       69 
                                                                             
         
Project capital                                          112         244        
 149      111 
                                                                             
         
Total capital expenditure                                396         510        
 176      233 
                                                                             
         
Capitalised leased assets                                                        


             
                                                                                


         
Expenditures on intangible assets                                                


             
                                                                                


         
Capital expenditure per statement of cash flows                                  


             
                                                                                


         
Rounding of figures may result in computational discrepancies.                   


             
                                                                                
             

FINANCIAL RESULTS - NINE MONTHS                                Corporate        
   Less equity   Total
ENDED SEPTEMBER 2012 $'m                                       and other Sub-
total   accounted   group


                                                                             
investments         


                                                                                
                      
                                                                                
                      
                                                                                


                  
Gold income                                                            -     5 
203       (248)   4 955 


                                                                                
                      
                                                                                
                      
                                                                                


                  
Cash costs                                                            31   (2 
744)         162 (2 582) 
                                                                             
                  
By-products revenue                                                    1       
133         (1)     132 
                                                                             
                  
Total cash costs                                                      32   (2 
611)         161 (2 450) 
                                                                             
                  
Retrenchment costs                                                     -       
(9)           -     (8) 
                                                                             
                  
Rehabilitation and other non-cash costs                                -      
(51)           1    (50) 
                                                                             
                  
Amortisation of assets                                               (7)     
(598)           7   (591) 
                                                                             
                  
Total production costs                                                24   (3 
268)         168 (3 100) 
                                                                             
                  
Inventory change                                                       -        
71         (3)      68 
                                                                             
                  
Cost of sales                                                         24   (3 
197)         165 (3 032) 


                                                                                
                      
                                                                                
                      
                                                                                


                  
Adjusted gross profit (loss)                                          24     2 
006        (83)   1 923 
                                                                             
                  
Unrealised non-hedge derivatives and other commodity contracts         -      
(61)           -    (61) 
                                                                             
                  
Gross profit (loss)                                                   24     1 
945        (83)   1 862 
                                                                             
                  
Corporate and other costs                                          (205)     
(247)           -   (247) 
                                                                             
                  
Exploration and evaluation costs                                    (26)     
(275)           4   (271) 
                                                                             
                  
Intercompany transactions                                             69        
 -           -       - 
                                                                             
                  
Special items                                                        (2)        
 -           -       - 
                                                                             
                  
Operating profit (loss)                                            (140)     1 
424        (79)   1 344 
                                                                             
                  
Net finance (costs) income, unwinding of obligations and fair         46        
36           1      38
value adjustments                                                                


                      
                                                                                


                  
Exchange (loss) gain                                                   7        
 6           3       7 
                                                                             
                  
Share of equity accounted investments profit                        (17)      
(36)          51      16 
                                                                             
                  
Profit (loss) before taxation                                      (104)     1 
429        (24)   1 405 
                                                                             
                  
Taxation                                                            (19)     
(397)          24   (373) 
                                                                             
                  
Profit (loss) for the period                                       (123)     1 
032           -   1 032 
                                                                             
                  
Equity shareholders                                                (132)     1 
019           -   1 019 
                                                                             
                  
Non-controlling interests                                              9        
13           -      13 


                                                                                
                      
                                                                                
                      
                                                                                


                  
Operating profit (loss)                                            (140)     1 
424        (79)   1 344 
                                                                             
                  
Unrealised non-hedge derivatives and other commodity contracts         -        
61           -      61 
                                                                             
                  
Intercompany transactions                                           (69)        
 -           -       - 
                                                                             
                  
Special items                                                        (1)        
 9           -       9 
                                                                             
                  
Share of associates' EBIT                                            (7)      
(26)          79      53 
                                                                             
                  
EBIT                                                               (218)     1 
467           -   1 467 
                                                                             
                  
Amortisation of assets                                                 7       
598         (7)     591 
                                                                             
                  
Share of associates' amortisation                                      -        
 -           7       7 
                                                                             
                  
EBITDA                                                             (210)     2 
065           -   2 065 


                                                                                
                      
                                                                                
                      
                                                                                


                  
Profit (loss) attributable to equity shareholders                  (132)     1 
019           -   1 019 
                                                                             
                  
Special items                                                        (1)        
 9           -       9 
                                                                             
                  
Share of associates' special items                                     9        
 9           -       9 
                                                                             
                  
Taxation on items above                                                -       
(1)           -     (1) 
                                                                             
                  
Headline earnings (loss)                                           (124)     1 
036           -   1 036 
                                                                             
                  
Unrealised non-hedge derivatives and other commodity contracts         -        
61           -      61 
                                                                             
                  
Deferred tax on unrealised non-hedge derivatives and other             -      
(17)           -    (17)
commodity contracts                                                              


                      
                                                                                


                  
Fair value adjustment on option component of convertible bonds      (66)      
(66)           -    (66) 
                                                                             
                  
Fair value loss on mandatory convertible bonds                      (97)      
(97)           -    (97) 
                                                                             
                  
Adjusted headline earnings (loss)                                                
                   
                                                               (287)       
917           -     917 


                                                                                
                      
                                                                                
                      
                                                                                
                      
                                                                                


                  
Ore reserve development capital                                        -       
286           -     286 
                                                                             
                  
Stay-in-business capital                                              35       
447         (6)     441 
                                                                             
                  
Project capital                                                        -       
617       (155)     462 
                                                                             
                  
Total capital expenditure                                             35     1 
350       (161)   1 189 
                                                                             
                  
Capitalised leased assets                                                        


                   (2)
                                                                                


                  
Expenditures on intangible assets                                                


                  (52)
                                                                                


                  
Capital expenditure per statement of cash flows                                  


                 1 135
                                                                                


                  
Rounding of figures may result in computational discrepancies.                   


                      
                                                                                
                      

OPERATING RESULTS                                 South Africa Continental 
Australasia Americas   Total
NINE MONTHS ENDED SEPTEMBER 2011                                    Africa      
                  group
                                                                                
                       
                                                                                
                       
                                                                                


                   
UNDERGROUND OPERATION                                                            


                       
                                                                                


                   
Area mined                        - 000 m2                 770           -       


     -        -     770
                                                                                


                   
Mined                             - 000 tonnes           4 757       1 364       
726    1 491   8 337 
                                                                             
                   
Milled / Treated                  - 000 tonnes           4 317       1 480       
727    1 546   8 070 
                                                                             
                   
Recovered grade                   - oz/ton               0.231       0.139      
 0.102    0.189   0.194 


                                                                                
                       


                              - g/tonne               7.91        4.76      
  3.48     6.49    6.66 
                                                                             
                   
Gold produced                     - oz (000)             1 098         226       


    81      323   1 729
                                                                                
                       
                                                                                
                       
                                                                                


                   
SURFACE AND DUMP RECLAMATION                                                     


                       
                                                                                


                   
Milled / Treated                  - 000 tonnes           7 960           -       


     -        -   7 960
                                                                                


                   
Recovered grade                   - oz/ton               0.015           -       


     -        -   0.015
                                                                                
                       
                                  - g/tonne               0.50           -      
     -        -    0.52
                                                                                


                   
Gold produced                     - oz (000)               128           5       


     -        -     133
                                                                                
                       
                                                                                
                       
                                                                                


                   
OPEN-PIT OPERATION                                                               


                       
                                                                                


                   
Volume mined                      - 000 bcm                  -      39 663      
 1 409        -  41 071 
                                                                             
                   
Mined                             - 000 tonnes               -      94 495      
 3 651   20 233 118 378 
                                                                             
                   
Treated                           - 000 tonnes               -      16 996      
 1 911      688  19 595 
                                                                             
                   
Stripping ratio                   - ratio                    -        4.44      
  6.62    23.45    5.33 
                                                                             
                   
Recovered grade                   - oz/ton                   -       0.048      
 0.048    0.167   0.052 


                                                                                
                       


                              - g/tonne                  -        1.64      
  1.65     5.72    1.79 
                                                                             
                   
Gold produced                     - oz (000)                 -         898       
102      127   1 126 


                                                                                
                       
                                                                                
                       
                                                                                


                   
HEAP LEACH OPERATION                                                             


                       
                                                                                


                   
Mined                             - 000 tonnes               -       4 666       


     -   49 314  53 980
                                                                                


                   
Placed                            - 000 tonnes               -         825       


     -   16 011  16 836
                                                                                


                   
Stripping ratio                   - ratio                    -        6.92       


     -     2.18    2.35
                                                                                


                   
Recovered grade                   - oz/ton                   -       0.031       


     -    0.012   0.013
                                                                                
                       
                                  - g/tonne                  -        1.05      
     -     0.40    0.43
                                                                                


                   
Gold placed                       - oz (000)                 -          28       


     -      206     234
                                                                                


                   
Gold produced                     - oz (000)                 -          21       


     -      208     229
                                                                                
                       
                                                                                
                       
                                                                                


                   
PRODUCTIVITY PER EMPLOYEE                                                        


                       
                                                                                


                   
Actual                            - oz/TEC                   6          11       


    38       21       9
                                                                                
                       
                                                                                
                       
                                                                                


                   
TOTAL                                                                            


                       
                                                                                


                   
Subsidiaries' gold produced       - oz (000)             1 226         965       
183      657   3 031 
                                                                             
                   
Joint ventures' gold produced     - oz (000)                 -         186       


     -        -     186
                                                                                


                   
Attributable gold produced        - oz (000)             1 226       1 151       
183      657   3 217 
                                                                             
                   
Minority gold produced            - oz (000)                 -          33       


     -       58      91
                                                                                
                       
                                                                                
                       
                                                                                


                   
Subsidiaries' gold sold           - oz (000)             1 225         955       
187      661   3 028 
                                                                             
                   
Joint ventures' gold sold         - oz (000)                 -         184       


     -        -     184
                                                                                


                   
Attributable gold sold            - oz (000)             1 225       1 139       
187      661   3 212 
                                                                             
                   
Minority gold sold                - oz (000)                 -          35       


     -       58      93
                                                                                
                       
                                                                                
                       
                                                                                


                   
Spot price                        - $/oz                 1 534       1 534      
 1 534    1 534   1 534 
                                                                             
                   
Price received                    - $/oz sold            1 542       1 540      
 1 511    1 541   1 539 
                                                                             
                   
Total cash costs                  - $/oz produced          693         753      
 1 414      498     716 
                                                                             
                   
Total production costs            - $/oz produced          918         902      
 1 570      720     910 
                                                                             
                   
Recovered grade calculated using a short ton.                                    


                       
                                                                                


                   
Rounding of figures may result in computational discrepancies.                   


                       
                                                                                
                       

FINANCIAL RESULTS - NINE MONTHS                 South Africa Continental 
Australasia Americas
ENDED SEPTEMBER 2011 $'m                                          Africa        
             
                                                                                


         
Gold income received                                   1 889       1 807        
 282    1 095 
                                                                             
         
Cash costs                                             (932)       (898)       
(260)    (493) 
                                                                             
         
By-products revenue                                       82           6         
1       86 
                                                                             
         
Total cash costs                                       (850)       (893)       
(259)    (407) 
                                                                             
         
Retrenchment costs                                       (7)         (1)         
-      (2) 
                                                                             
         
Rehabilitation and other non-cash costs                  (6)        (20)        
 (1)     (46) 
                                                                             
         
Amortisation of assets                                 (263)       (152)        
(28)    (122) 
                                                                             
         
Total production costs                               (1 126)     (1 067)       
(287)    (577) 
                                                                             
         
Inventory change                                           -         (9)         
-       42 
                                                                             
         
Cost of sales                                        (1 126)     (1 076)       
(287)    (536) 
                                                                             
         
Adjusted gross profit (loss)                             763         731        
 (5)      559 
                                                                             
         
Unrealised non-hedge derivatives and other                 -           -         
-      (1)
commodity contracts                                                              


             
                                                                                


         
Gross profit (loss)                                      763         732        
 (5)      558 
                                                                             
         
Corporate and other costs                                (9)         (7)        
 (2)     (33) 
                                                                             
         
Exploration and evaluation costs                         (1)        (51)        
(38)     (81) 
                                                                             
         
Intercompany transactions                                  -        (34)        
 (1)      (2) 
                                                                             
         
Special items                                           (12)         561        
  35        2 
                                                                             
         
Operating profit (loss)                                  742       1 201        
(12)      445 
                                                                             
         
Net finance (costs) income, unwinding of                 (4)         (1)         
2      (3)
obligations and fair value adjustments                                           


             
                                                                                


         
Exchange gain (loss)                                       -         (8)         
-       12 
                                                                             
         
Share of equity accounted investments profit               -           -         
-     (15)
(loss)                                                                           


             
                                                                                


         
Profit (loss) before taxation                            738       1 192        
(10)      439 
                                                                             
         
Taxation                                               (230)       (214)         
1     (68) 
                                                                             
         
Profit (loss) for the period                             509         977        
 (9)      371 
                                                                             
         
Equity shareholders                                      509         964        
 (9)      359 
                                                                             
         
Non-controlling interests                                  -          14         
-       12 
                                                                             
         
Operating profit (loss)                                  742       1 201        
(12)      445 
                                                                             
         
Unrealised non-hedge derivatives and other                 -           -         
-        1
commodity contracts                                                              


             
                                                                                


         
Intercompany transactions                                  -          34         
1        2 
                                                                             
         
Special items                                             14       (539)        
 (3)      (1) 
                                                                             
         
Share of associates' EBIT                                  -           -         
-     (15) 
                                                                             
         
EBIT                                                     756         695        
(14)      432 
                                                                             
         
Amortisation of assets                                   263         152        
  28      122 
                                                                             
         
Share of associates' amortisation                          -           -         
-        - 
                                                                             
         
EBITDA                                                 1 019         848        
  14      553 
                                                                             
         
Profit (loss) attributable to equity                     509         964        
 (9)      359
shareholders                                                                     


             
                                                                                


         
Special items                                             14       (539)        
 (3)      (1) 
                                                                             
         
Share of associates' special items                         -           -         
-        - 
                                                                             
         
Taxation on items above                                  (7)           -         
1        - 
                                                                             
         
Headline earnings (loss)                                 516         424        
(11)      358 
                                                                             
         
Unrealised non-hedge derivatives and other                 -           -         
-        1
commodity contracts                                                              


             
                                                                                


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


             
                                                                                


         
Fair value adjustment on option component of               -           -         
-        -
convertible bond                                                                 


             
                                                                                


         
Fair value loss on mandatory convertible bond              -           -         
-        - 
                                                                             
         
Adjusted headline earnings (loss)                        516         424        
(11)      359 
                                                                             
         
Ore reserve development capital                          204          37         
9       48 
                                                                             
         
Stay-in-business capital                                  86         162         
6       81 
                                                                             
         
Project capital                                           61          69        
  46      179 
                                                                             
         
Total capital expenditure                                351         268        
  62      308 
                                                                             
         
Capitalised leased assets                                                        


             
                                                                                


         
Expenditures on intangible assets                                                


             
                                                                                


         
Capital expenditure per statement of cash flows                                  


             
                                                                                


         
Rounding of figures may result in computational discrepancies.                   


             
                                                                                
             

FINANCIAL RESULTS - NINE MONTHS                                Corporate        
   Less equity   Total
ENDED SEPTEMBER 2011 $'m                                       and other Sub-
total   accounted   group


                                                                             
investments         


                                                                                
                      
                                                                                
                      
                                                                                


                  
Gold income received                                                   -     5 
072       (282)   4 791 


                                                                                
                      
                                                                                
                      
                                                                                


                  
Cash costs                                                            20   (2 
564)         158 (2 406) 
                                                                             
                  
By-products revenue                                                    1       
176         (1)     175 
                                                                             
                  
Total cash costs                                                      21   (2 
388)         157 (2 231) 
                                                                             
                  
Retrenchment costs                                                     -      
(11)           -    (10) 
                                                                             
                  
Rehabilitation and other non-cash costs                                -      
(73)           1    (72) 
                                                                             
                  
Amortisation of assets                                               (9)     
(574)           6   (566) 
                                                                             
                  
Total production costs                                                12   (3 
045)         164 (2 881) 
                                                                             
                  
Inventory change                                                       -        
33         (2)      31 
                                                                             
                  
Cost of sales                                                         12   (3 
012)         162 (2 849) 


                                                                                
                      
                                                                                
                      
                                                                                


                  
Adjusted gross profit (loss)                                          12     2 
061       (120)   1 942 
                                                                             
                  
Unrealised non-hedge derivatives and other commodity contracts         -       
(1)           -     (1) 
                                                                             
                  
Gross profit (loss)                                                   12     2 
060       (119)   1 941 
                                                                             
                  
Corporate and other costs                                          (181)     
(232)         (1)   (233) 
                                                                             
                  
Exploration and evaluation costs                                    (29)     
(200)           4   (196) 
                                                                             
                  
Intercompany transactions                                             37        
 -           -       - 
                                                                             
                  
Special items                                                      (568)        
18           -      18 
                                                                             
                  
Operating profit (loss)                                            (729)     1 
647       (117)   1 530 
                                                                             
                  
Net finance (costs) income, unwinding of obligations and fair         83        
78         (3)      74
value adjustments                                                                


                      
                                                                                


                  
Exchange gain (loss)                                                   5        
 8           3      12 
                                                                             
                  
Share of equity accounted investments profit (loss)                  (7)      
(21)          78      57 
                                                                             
                  
Profit (loss) before taxation                                      (648)     1 
711        (38)   1 673 
                                                                             
                  
Taxation                                                             (4)     
(515)          38   (477) 
                                                                             
                  
Profit (loss) for the period                                       (652)     1 
196           -   1 196 
                                                                             
                  
Equity shareholders                                                (655)     1 
167           -   1 167 
                                                                             
                  
Non-controlling interests                                              3        
29           -      29 


                                                                                
                      
                                                                                
                      
                                                                                


                  
Operating profit (loss)                                            (729)     1 
647       (117)   1 530 
                                                                             
                  
Unrealised non-hedge derivatives and other commodity contracts         -        
 1           -       1 
                                                                             
                  
Intercompany transactions                                           (37)        
 -           -       - 
                                                                             
                  
Special items                                                        561        
31           -      31 
                                                                             
                  
Share of associates' EBIT                                            (4)      
(19)         117      98 
                                                                             
                  
EBIT                                                               (209)     1 
660           -   1 660 
                                                                             
                  
Amortisation of assets                                                 9       
574         (6)     567 
                                                                             
                  
Share of associates' amortisation                                      -        
 -           6       6 
                                                                             
                  
EBITDA                                                             (201)     2 
234           -   2 234 


                                                                                
                      
                                                                                
                      
                                                                                


                  
Profit (loss) attributable to equity shareholders                  (655)     1 
167           -   1 167 
                                                                             
                  
Special items                                                        561        
31           -      31 
                                                                             
                  
Share of associates' special items                                     2        
 2           -       2 
                                                                             
                  
Taxation on items above                                                -       
(7)           -     (7) 
                                                                             
                  
Headline earnings (loss)                                            (92)     1 
194           -   1 194 
                                                                             
                  
Unrealised non-hedge derivatives and other commodity contracts         -        
 1           -       1 
                                                                             
                  
Deferred tax on unrealised non-hedge derivatives and other             -        
 -           -       -
commodity contracts                                                              


                      
                                                                                


                  
Fair value adjustment on option component of convertible bond       (98)      
(98)           -    (98) 
                                                                             
                  
Fair value loss on mandatory convertible bond                       (95)      
(95)           -    (95) 
                                                                             
                  
Adjusted headline earnings (loss)                                  (286)     1 
002           -   1 002 


                                                                                
                      
                                                                                
                      
                                                                                


                  
Ore reserve development capital                                        -       
299           -     299 
                                                                             
                  
Stay-in-business capital                                              13       
348         (4)     344 
                                                                             
                  
Project capital                                                        -       
355        (54)     301 
                                                                             
                  
Total capital expenditure                                             14     1 
002        (58)     944 
                                                                             
                  
Capitalised leased assets                                                        


                     1
                                                                                


                  
Expenditures on intangible assets                                                


                   (6)
                                                                                


                  
Capital expenditure per statement of cash flows                                  


                   939
                                                                                


                  
Rounding of figures may result in computational discrepancies.                   


                      
                                                                                
                      

Administrative information

ANGLOGOLD ASHANTI LIMITED

Registration No. 1944/017354/06

Incorporated in the Republic of South Africa

Share codes:

ISIN: ZAE000043485

JSE:           ANG


              
LSE:           AGD 
              
NYSE:          AU  
              
ASX:           AGG 
              
GhSE(Shares):  AGA 
              
GhSE(GhDS):    AAD 
               
JSE Sponsor: UBS (South Africa) (Pty) Ltd 
Auditors:                 Ernst & Young Inc. 
Offices 
Registered and Corporate 
76 Jeppe Street 
Newtown 2001 
(PO Box 62117, Marshalltown 2107) 
South Africa 
Telephone: +27 11 637 6000 
Fax: +27 11 637 6624 
Australia 
Level 13, St Martins Tower 
44 St George's Terrace 
Perth, WA 6000 
(PO Box Z5046, Perth WA 6831) 
Australia 
Telephone: +61 8 9425 4602 
Fax: +61 8 9425 4662 
Ghana 
Gold House 
Patrice Lumumba Road 
(PO Box 2665) 
Accra 
Ghana 
Telephone: +233 303 772190 
Fax: +233 303 778155 
United Kingdom Secretaries 
St James's Corporate Services Limited 
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 
T T Mboweni^ (Chairman) 
F B Arisman# 
R Gasant^ 
Ms N P January-Bardill^ 
M J Kirkwood* 
W A Nairn^ 
Prof L W Nkuhlu^ 
F Ohene-Kena+ 
S M Pityana^ 
R J Ruston~ 
               
* British              #  American 
               
~ Australian       ^  South African 
               
+ Ghanaian        §  Indian 
Officers 
Group General Counsel and Company 
Secretary: Ms M E Sanz Perez 
Investor Relations Contacts 
South Africa 
Fundisa Mgidi 
Telephone: +27 637 6763 
Mobile: +27 82 374 8820 
E-mail: FMgidi@AngloGoldAshanti.com 
United Kingdom 
Michael Bedford 
Telephone+44 (0) 1225 93 8483 
Mobile: +44 (0) 779 497 7881 
E-mail: mbedford@AngloGoldAshanti.com 
United States 
Stewart Bailey 
Telephone: +1 212 858 7701 
Mobile: +1 646 338 4337 
E-mail: sbailey@AngloGoldAshanti.com 
Sabrina Brockman 
Telephone: +1 212 858 7702 
Mobile: +1 646 379 2555 
E-mail: sbrockman@AngloGoldAshantiNA.com 
General E-mail enquiries 
investors@AngloGoldAshanti.com 
AngloGold Ashanti website 
http://www.AngloGoldAshanti.com 
Company secretarial E-mail 
Companysecretary@AngloGoldAshanti.com 
AngloGold Ashanti posts information that is 
important to investors on the main page of its 
website at www.anglogoldashanti.com and 
under the "Investors" tab on the main page. 
This information is updated regularly. Investors 
should visit this website to obtain important 
information about AngloGold Ashanti. 
PUBLISHED BY ANGLOGOLD ASHANTI 
Share Registrars 
South Africa 
Computershare Investor Services (Pty) 
Limited 
Ground Floor, 70 Marshall Street 
Johannesburg 2001 
(PO Box 61051, Marshalltown 2107) 
South Africa 
Telephone: 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 BS13 8AE 
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: +233 302 229664 
Fax: +233 302 229975 
ADR Depositary 
The Bank of New York Mellon ("BoNY") 
BNY Shareowner Services 
PO Box 358016 
Pittsburgh, PA 15252-8016 
United States of America 
Telephone: +1 800 522 6645 (Toll free in 
USA) or +1 201 680 6578 (outside USA) 
E-mail: shrrelations@mellon.com 
Website: 
www.bnymellon.com.com\shareowner 
Global BuyDIRECTSM 
BoNY maintains a direct share purchase 
and dividend reinvestment plan for 
ANGLOGOLD ASHANTI. 
Telephone: +1-888-BNY-ADRS 
END 
-0- Nov/08/2012 07:00 GMT
 
 
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