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ANGLOGOLD ASHANTI LIMITED: Results for the quarter & year ended 31 Dec 2012

ANGLOGOLD ASHANTI LIMITED: Results for the quarter & year ended 31 Dec 2012
ANGLOGOLD ASHANTI LIMITED                        
                                            
Registration No. 1944/017354/06                 
Incorporated in the Republic of South Africa     
                                            
Share codes:                                    
ISIN: ZAE000043485                              
JSE:                                         ANG
LSE: (Shares)                                AGD
LES : (Dis)                                  AGD
NYSE:                                         AU
ASX:                                         AGG
GhSE (Shares):                               AGA
GhSE (GhDS):                                 AAD 
                                             
Report
for the quarter and year ended 31 December 2012 
Group results for the year…. 
Gold production of 3.944Moz (estimated at 4.1Moz without the fourth quarter
strike impact). 
Total cash costs of $862/oz (estimated at $829/oz without the fourth quarter
strike impact). 
Adjusted headline earnings of $924bn (about $1.13bn without strike impact). 
EBITDA of $2.4bn (about $2.7bn without strike impact), compared to $3.01bn in
2011. 
Resources increased 10.6Moz to 241.5Moz reflecting exploration success at La
Colosa and Tropicana. 
Quarterly dividend of 50 South African cents per share (6 US cents per share).
Full year dividend of 300 SA cents per share. 
Capital projects remain on schedule; Tropicana and Kibali first production of
gold is expected before 2013 year-end. 
All Injury Frequency Rate (AIFR) the lowest on record at 7.72 per million hours
worked. 
Refinancing risk eliminated by obtaining US$750m term facility. 


    For the fourth quarter

Gold production of 859,000oz (estimated at 1,061Moz without the fourth quarter
strike impact).

Total cash costs $1,009/oz (estimated at $852/oz without strike impact).

Adjusted headline earnings of $7m (estimated at $215m without strike impact).

Net debt increased to $2.06bn at the end of December, from $1.57bn at the end
of the previous quarter due to project capital and strike impact.

Standard & Poor's affirmed the investment grade rating on the company's
publicly traded debt.

Smooth build-up of South Africa operations after Christmas break.
                                                   Quarter              Year   
                                           ended  ended   ended   ended   ended
                                             Dec    Sep     Dec     Dec     Dec
                                            2012   2012    2011    2012    2011
                                                                               
                                                  US dollar / Imperial         


                                                                           
Operating review                                                                
                                                                           
Gold                                                                            
                                                                           
 Produced                   - oz (000)       859  1,030  1,114   3,944   4,331  
                                                                           
 Price received 1           - $/oz         1,718  1,648  1,684   1,664   1,576  
                                                                           
 Total cash costs           - $/oz         1,009    866    762     862     728  
                                                                           
 Total production costs     - $/oz         1,259  1,081  1,065   1,078     950  


                                                                               
                                                                               


                                                                           
Financial review                                                                
                                                                           
Adjusted gross profit 2     - $m             369    573    682   2,292   2,624  
                                                                           
Gross profit                - $m             394    512    682   2,256   2,623  
                                                                           
(Loss) profit attributable                                                     
to equity shareholders      - $m           (188)    168    385     830   1,552  


                                                                               
                            - cents/share   (49)     43    100     215     402 


                                                                           
Headline earnings           - $m             109    178    289   1,145   1,484  


                                                                               
                            - cents/share     28     46     75     296     384 


                                                                           
Adjusted headline earnings                                                     
3                           - $m               7    235    295     924   1,297  


                                                                               
                            - cents/share      2     61     76     239     336 


                                                                           
Cash flow from operating                                                       
activities                  - $m             454    304    644   1,802   2,655  
                                                                           
Capital expenditure         - $m             804    545    525   2,154   1,527  
                                                                            


                                                                               

Notes:       1.   Refer to note C "Non-GAAP disclosure" for the definition.
             2.   Refer to note B "Non-GAAP disclosure" for the definition.
             3.   Refer to note A "Non-GAAP disclosure" for the definition.

$ represents US dollar, unless otherwise stated.

Rounding of figures may result in computational discrepancies.

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, return on shareholders'
equity, productivity improvements, 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, 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 31 December 2012                                           


                  
                                                                                
                  


                                             Production                 
Total cash costs       


                                                                                
                  
                                                              Qtr on            
           Qtr on 
                                                               Qtr              
            Qtr   
                                                                %               
             %    


                                            Year-on-year Variance        
Year-on-year Variance 
                                   oz (000) % Variance 2    3      $/oz  % 
Variance 2    3     


                                                                                
                  
                                                                                


              
SOUTH AFRICA                                171         (57)     (54)  1,166     


       68       37
                                                                                


              
 Great Noligwa                               14         (30)     (52)  1,369     


        7       31
                                                                                


              
 Kopanang                                    26         (61)     (46)    970     


       27     (12)
                                                                                


              
 Moab Khotsong                               23         (56)     (50)  1,359     


       65       32
                                                                                


              
 Mponeng                                     48         (65)     (62)    934     


       80       50
                                                                                


              
 Savuka                                       5         (62)     (50)  1,734     


      114       69
                                                                                


              
 TauTona                                     22         (69)     (63)  1,307     


       89       54
                                                                                


              
 First Uranium SA 4                          14            -        -  1,191     


        -       33
                                                                                


              
 Surface Operations                          20         (46)     (50)  1,312     


       84       54
                                                                                
                  
                                                                                
                  
                                                                                


              
CONTINENTAL AFRICA                          376         (10)        5  1,070     


       34       17
                                                                                


              
 Ghana                                                                           


                  
                                                                                


              
 Iduapriem                                   44         (12)      (2)  1,052     


        9        -
                                                                                


              
 Obuasi                                      76          (6)       27  1,519     


       70       30
                                                                                


              
 Guinea                                                                          


                  
                                                                                


              
 Siguiri - Attr. 85%                         64            3        7  1,014     


      (3)        3
                                                                                


              
 Mali                                                                            


                  
                                                                                


              
 Morila - Attr. 40% 5                        20         (29)       11    714     


      (7)      (8)
                                                                                


              
 Sadiola - Attr. 41% 5                       27          (4)        4  1,211     


       19       26
                                                                                


              
 Yatela - Attr. 40% 5                        10           43       43  1,581     


     (17)     (12)
                                                                                


              
 Namibia                                                                         


                  
                                                                                


              
 Navachab                                    18          (5)       20  1,003     


        8      (4)
                                                                                


              
 Tanzania                                                                        


                  
                                                                                


              
 Geita                                      118         (18)      (7)    825     


       70       21
                                                                                


              
 Non-controlling interests,                                                      
              
 exploration and other                                                           


                  
                                                                                
                  
                                                                                
                  
                                                                                


              
AUSTRALASIA                                  55         (13)     (14)  1,462     


      (1)       56
                                                                                


              
 Australia                                                                       


                  
                                                                                


              
 Sunrise Dam                                 55         (13)     (14)  1,309     


      (6)       47
                                                                                


              
 Exploration and other                                                           


                  
                                                                                
                  
                                                                                
                  
                                                                                


              
AMERICAS                                    258           10        9    720     


       18     (10)
                                                                                


              
 Argentina                                                                       


                  
                                                                                


              
 Cerro Vanguardia - Attr. 92.50%             55            8      (2)    829     


       44        7
                                                                                


              
 Brazil                                                                          


                  
                                                                                


              
 AngloGold Ashanti Mineração                112           23       23    672   


         13     (20)
                                                                                


              
 Serra Grande 6                              37           76       23    755     


       21     (11)
                                                                                


              
 United States of America                                                        


                  
                                                                                


              
 Cripple Creek & Victor                      53         (25)     (12)    668     


        4      (8)
                                                                                


              
 Non-controlling interests,                                                      
              
 exploration and other                                                           


                  
                                                                                
                  
                                                                                


              
OTHER                                                                            


                  
                                                                                


              
Sub-total                                   859         (23)     (17)  1,009     


       32       17
                                                                                
                  
                                                                                


              
Equity accounted investments included above                                      


                  
                                                                                
                  
                                                                                
                  
                                                                                


              
AngloGold Ashanti                                                                


                  
                                                                                
                  

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


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


                        
                                                                                


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


                        
                                                                                


                    
4 Effective 20 July 2012, AngloGold Ashanti acquired 100% of First Uranium       
                    
(Pty) Limited.                                                                   


                        
                                                                                


                    
5 Equity accounted joint ventures.                                               


                        
                                                                                


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


                        
                                                                                


                    
Rounding of figures may result in computational discrepancies.                   


                        
                                                                                
                        


Operations at a glance

for the quarter ended 31 December 2012
                                          Adjusted          
                                    gross profit (loss) 1   
                                                            
                                                     Qtr on 
                                                      Qtr   
                                       Year-on-year    $m   
                                       $m Variance  Variance
                                  $m        2          3    
                                                            


                                                        
SOUTH AFRICA                        92        (228)    (116) 
                                                        
 Great Noligwa                       4            1      (7) 
                                                        
 Kopanang                           13         (34)      (2) 
                                                        
 Moab Khotsong                       6         (20)        - 
                                                        
 Mponeng                            34        (111)     (74) 
                                                        
 Savuka                            (6)         (16)     (10) 
                                                        
 TauTona                           (1)         (55)     (32) 
                                                        
 First Uranium SA 4                 32           32       30 
                                                        
 Surface Operations                 10         (25)     (21) 


                                                            
                                                            


                                                        
CONTINENTAL AFRICA                 124         (83)     (73) 
                                                        
 Ghana                                                       
                                                        
 Iduapriem                          20            -        - 
                                                        
 Obuasi                           (51)         (32)     (65) 
                                                        
 Guinea                                                      
                                                        
 Siguiri - Attr. 85%                24          (1)      (8) 
                                                        
 Mali                                                        
                                                        
 Morila - Attr. 40% 5               20          (3)        5 
                                                        
 Sadiola - Attr. 41% 5              17          (1)        2 
                                                        
 Yatela - Attr. 40% 5              (1)            2        - 
                                                        
 Namibia                                                     
                                                        
 Navachab                            8          (1)        4 
                                                        
 Tanzania                                                    
                                                        
 Geita                              83         (45)     (13) 
                                                        
 Non-controlling interests,          4          (2)        -
 exploration and other                                       


                                                            
                                                            


                                                        
AUSTRALASIA                          -            9     (36) 
                                                        
 Australia                                                   
                                                        
 Sunrise Dam                         9           11     (31) 
                                                        
 Exploration and other             (9)          (3)      (6) 


                                                            
                                                            


                                                        
AMERICAS                           171         (15)       17 
                                                        
 Argentina                                                   
                                                        
 Cerro Vanguardia - Attr. 92.50%    32            2     (12) 
                                                        
 Brazil                                                      
                                                        
 AngloGold Ashanti Mineração        66          (2)       29 
                                                        
 Serra Grande 6                     30           16       12 
                                                        
 United States of America                                    
                                                        
 Cripple Creek & Victor             43         (17)      (9) 
                                                        
 Non-controlling interests,          1         (14)      (2)
 exploration and other                                       


                                                            
                                                            


                                                        
OTHER                               17            1       11 


                                                            
                                                            


                                                        
Sub-total                          404        (316)    (197) 


                                                            
                                                            
                                                            
                                  (35)            3      (7)


                                                        
AngloGold Ashanti                  369        (313)    (204) 


                                                            

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


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


                       
                                                                                


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


                       
                                                                                


                   
4 Effective 20 July 2012, AngloGold Ashanti acquired 100% of First Uranium       
                   
(Pty) Limited.                                                                   


                       
                                                                                


                   
5 Equity accounted joint ventures.                                               


                       
                                                                                


                   
6 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 YEAR AND QUARTER

FINANCIAL AND CORPORATE REVIEW

Full-year adjusted headline earnings (AHE) was $924m, or 239 US cents per
share, compared with $1.30bn, or 336 US cents per share in 2011. The weaker
performance in earnings and cash flow largely reflects challenges at the South
Africa operations through the course of the year, including several
safety-related stoppages in the first half and the unprotected strike action in
the second half. Furthermore, AHE also reflects higher cash costs associated
with inflation. If one were to exclude the impact of the SA strike only,
adjusted headline earnings, on a pro-forma basis, would have been $1.13bn, or
294 US cents per share.  For 2012, the company's returns on net capital
employed and equity was 14% and 18%, respectively. If adjusted for the strikes,
it is estimated that ROCE would have been around 16% while ROE would have been
around 20%.

Net profit attributable to equity shareholders for the full year was $830m,
compared to $1.55bn in 2011. Cash flow generated from operating activities
declined 32% to $1.8bn, while total capital expenditure was $2.15bn, compared
with guidance at the beginning of the year of -around $2.3bn, reflecting
capital rationalisation implemented during the fourth quarter.

Production in 2012 was 3.94Moz at a total cash cost of $862/oz, compared to
4.33Moz at $728/oz the previous year. The Group's total cash costs for 2012
were $862/oz and notional cash expenditure (including sustaining capital) was
$1,115/oz, and $1,390/oz (if one were to include all project capital
expenditure and new investment/projects). The strikes in South Africa impacted
group total costs by $33/oz for the year.

AngloGold Ashanti said in November it would review corporate costs and some
expansion projects; focus on higher quality production from its underground
mines; sell some non-core assets; and progress its Kibali, Tropicana and
Cripple Creek & Victor growth projects to production.

A corporate cost review conducted in conjunction with Deloitte, is well
advanced. A team of senior operational and financial management personnel is
also conducting a thorough review of all operations to extract operational
efficiencies from all sites. In addition, exploration spending across the group
has been rationalised, some assets deemed to be non-core are being considered
for sale and capital expenditure has been prioritised.

Net debt level as at 31 December 2012 was in line with our guidance at $2.06bn,
compared with $610m at the start of the year.  The principal three factors that
accounted for the increase in net debt level were:

•        Project capital of $1.1bn, of which 80% was spent on Tropicana,
Kibali, CC&V and Mponeng.

•        Acquisitions of Serra Grande and Mine Waste Solutions paid for with
$555m in cash.

•        Lost earnings of $208m as a consequence of the unprotected strike
action in South Africa. As a result of the protracted unprotected strike at our
South African mines during the fourth quarter, we raised R1bn under a Domestic
Medium Term Note Programme in South Africa.  Of this debt, R700m matures in
January 2014 whilst the balance of R300m matures in April 2013, but can be
rolled over in the local bond markets.

AngloGold Ashanti Limited has entered into a syndicated bridge loan facility
agreement pursuant to which a syndicate of banks has agreed to make available
$750,000,000 to AngloGold Ashanti Holdings. In the event AngloGold Ashanti
chooses to draw on the loan, the proceeds are to be applied towards the
repayment of the $732,500,000, 3.5% convertible bonds due in May 2014.  This
prudent, pre-emptive move addresses any refinancing concerns that may arise
over the next few months around the 2014 convertible bond falling due for
repayment.

In September 2010 the Group issued $789m worth of Mandatory Convertible Bonds
that are due for conversion into equity in September 2013.  When this
conversion occurs in the third quarter, at current share prices, 18.14m shares
will be issued as a consideration for the bonds converting into equity.  The
total shares in issue (including E-Ordinary shares) at that point will increase
to 403m shares from the current 385m shares and the 6.0% interest coupon on
this bond will cease to be paid.

Resources increased to 241.5Moz in 2012, from 230.9Moz the previous year,
reflecting an increase of 14.4Moz from exploration (10.6Moz from La Colosa) and
modelling. Reserves2 at year-end 2012 were 74.1Moz, down from 75.6Moz,
reflecting changes in economic assumptions and offset by the acquisitions of
the remaining 50% of Serra Grande and Mine Waste Solutions.

With effect from 1 January 2013, AngloGold Ashanti will be adopting IFRIC 20 in
relation to capitalisation of qualified deferred stripping costs and amortising
the same with adequate componentisation.  IFRIC 20 provides for a transition
adjustment in respect of certain brought forward balances and such balances
will be written off against reserves.  

"We've moved decisively to ensure that we continue a strong recovery from a
difficult end to last year," Joint Interim Chief Executive Officer Tony O'Neill
said.

"We're creating a leaner business and placing an absolute focus on costs,
capital efficiency and driving returns to shareholders," Joint Interim Chief
Executive Officer Srinivasan Venkatakrishnan said. "We have also been proactive
and obtained a Term Facility to backstop, if required the convertible bond
maturing in May 2014 to remove refinancing risk."

FOURTH QUARTER REVIEW

A strong performance in the Americas Region was offset, in particular, by the
strike at the group's South African mines and underperformance at Obuasi, in
Ghana, mentioned as a major milestone below. Despite challenges faced in South
Africa, Standard & Poor's affirmed the investment grade rating, albeit with a
negative outlook, on AngloGold Ashanti's publicly traded debt following an
extensive review. Major milestones were reached outside of South Africa, most
notably the termination of the underground development contract with Mining and
Building Contractors Limited, in Ghana, where sub-par development performance
has been identified as a key constraint to the mine's performance in recent
years. At Tropicana, 1.0Moz was added to the resource and the group achieved
the lowest quarterly All Injury Frequency Rate (AIFR) on record for the
organisation at 6.17 per million hours worked.

Fourth-quarter AHE was $7m, or 2 US cents a share, compared to $295m, or 76 US
cents a share in the fourth quarter of 2011. AHE was affected by the lower
volumes and higher cash costs during the quarter, reflecting the impact of the
strike in South Africa which eroded $208m of earnings and the change-over of
the mine development contractor at Obuasi that had a negative impact of $44m.
In addition, specific non-cash asset abandonment and de-recognition accounting
charges following a reassessment of useful lives of certain mine development
assets of $248m after taxation were booked against net profits. These relate
primarily to Obuasi and to a lesser extent Great Noligwa, Kopanang and Siguiri.
Cash flow generated from operating activities was $454m during the fourth
quarter compared with $644m a year earlier.  Free cash flow was negative during
the fourth quarter at $447m, due largely to the impact of the South African
strike and the higher capital expenditure profile of $804m.

DIVIDEND

The Board has declared a dividend of 50 South African cents per share
(approximately 6 US cents per share) for the fourth quarter in line with
previous guidance taking the full year's dividend to 300 South African cents
per share.

SAFETY

Tragically, four fatal incidents were reported during the quarter - two in the
South Africa Region and two in the Continental Africa Region.

Much still needs to be done to reach the goal of eliminating injuries from the
workplace. To this end, specific training programmes were developed to prevent
repeat safety incidents, focusing on safety and incident investigation skills,
improving identification and control of hazards to more effectively manage
risk; and improving safety leadership behaviour. Incident investigation
learning interventions were implemented throughout the group, covering about
500 people. About 400 employees have undergone formal evaluation and are now
capable of leading investigations, while 100 are competent to facilitate
incident investigations.

The group's ongoing focus on safety, through various programmes and
initiatives, helped lower the AIFR to 7.72 per million hours worked, the lowest
on record for the company and 21% better than the previous year, which
reflected double digit improvements from all regions against 2011 year-end
performance. The December quarter end had the lowest quarterly AIFR on record
for the organisation at 6.17 per million hours worked.

OPERATING REVIEW

Gold production for the three months to 31 December 2012 was 859,000oz at a
total cash cost of $1,009/oz, compared to 1,114,000oz at a total cash cost of
$762/oz for the same period last year. Output and costs in the fourth quarter
was affected primarily by labour unrest in South Africa. The Americas Region
recorded solid production results with a strong contribution from Brazil. The
pro-forma total cash costs without the strike impact would have been $852/oz,
some $14/oz lower than the third quarter's cash costs of $866/oz.

The South African operations produced 171,000oz at a total unit cash cost of
$1,166/oz in the three months to 31 December 2012, compared with 398,000oz at a
total cash cost of $696/oz in the same period last year. Production for the
year was 1,212,000oz at a total cash cost of $873/oz, compared to production of
1,624,000oz at a total cash cost of $694/oz in 2011.

The unprotected strike, during which all South African operations were at a
standstill for over a month, severely hampered gold output across all
operations and had a commensurate impact on costs. The unprotected work
stoppage by more than 30,000 people was resolved with, among other things,
mutually agreed job-grading improvements which raised the minimum wage and made
other adjustments for other categories of employees. No wages were paid to
striking workers for the period, though fixed costs were incurred, as were
salaries for non-striking employees. The strike ended across all operations on
26 October though TauTona was again disrupted by a short underground sit-in on
1 November, as a result of which the company allowed the early repayments of a
safety incentive in order to ensure the safe restart of the mine. Mponeng was
also halted by management, between 6 November and 14 November following two
underground sit-ins and vandalism to a building at surface. Work resumed after
a code of conduct was agreed by management, employees and representatives of
organised labour unions.

AngloGold Ashanti's management has continued to engage with its employees
directly, and through their labour unions, in order to ensure a constructive
dialogue is maintained ahead of this year's bi-annual wage talks. This includes
the Association of Mineworkers and Construction Union, a new labour union,
which has established itself in the gold sector.

The South African mines' quarterly performance was also adversely affected by a
range of factors including safety-related disruptions, seismic activity in the
West Wits Region, geological limitations coupled with lower mining grades in
the Vaal River district and continued cost pressures that exceeded headline
inflation.

At the West Wits operations, Mponeng's fourth-quarter production decreased 65%
year-on-year to 48,000oz due to the labour unrest followed by a one week
temporary suspension of operations due to safety concerns. Total cash costs
rose 80% to $934/oz year-on-year as a result of the lower gold output. At the
adjacent TauTona mine, fourth-quarter output decreased 69% year-on-year to
22,000oz, mainly as a result of the strike and a safety stoppage during the
ramp up period. Total cash costs increased by 89% year-on-year to $1,307/oz.

The Vaal River operations, particularly Moab Khotsong, were severely impacted
by the industrial strike action and mining flexibility constraints. This led to
the fourth-quarter gold production at Moab Khotsong deteriorating by 56% to
23,000oz year-on-year. The mine also experienced a 24% decline in grade. Total
cash cost increased by 65% year-on-year to $1,359/oz. Great Noligwa's
fourth-quarter output fell 30% year-on-year to 14,000oz as a result of the
strike, face length constraints and declining yields, while total cash costs
rose 7% year-on-year to $1,369/oz. Kopanang, adversely affected by mining
flexibility impediments and lower mining grades, experienced a 61% year-on-year
decline in production to 26,000oz while total cash costs rose by 27%
year-on-year to $970/oz. Additional uranium sales during the quarter alleviated
the impact of the gold shortfall on costs.

Surface operations experienced a 46% year-on-year decline in production to
20,000oz as a result of the strike and lower yields. Total cash costs escalated
by 84% year-on-year to $1,312/oz due to inflationary pressure on reagents and
increased expenditure related to dust-control initiatives to improve
environmental conditions. First Uranium, acquired in the third quarter of 2012,
produced 14,000oz at a total cash cost of $1,191/oz in the three months to
31 December 2012. Since the acquisition of First Uranium, AngloGold Ashanti's
operating protocols, including Project ONE methodologies and principles, have
begun to be implemented at First Uranium to improve efficiencies and regulatory
compliance.

The Continental Africa Region produced 376,000oz at a total cash cost of $1,070
/oz in the fourth quarter, compared to 419,000oz at a total cash cost of $799/
oz in the same period last year. Production for the year ended 31 December 2012
was 1,521,000oz at a total cash cost of $905/oz compared to production of
1,570,000oz at a total cash cost of $765/oz in 2011.

In Ghana, Iduapriem's fourth quarter production declined year-on-year by 12% to
44,000oz as a result of lower tonnage throughput, as well as a decrease in
recovered grade. Total cash costs were maintained at $1,052/oz. Obuasi's fourth
quarter production was 6% lower when compared to the same period last year at
76,000oz due to lower grades, equipment availability and late stope
preparation, all of which took place during a quarter in which the development
contract was terminated. Total cash costs, which included some once-off items,
increased to $1,519/oz. AngloGold Ashanti cancelled the underground development
contract following a protracted period of below-target performance from the
contractor. On 8 November, after a mandatory 28-day notice period, AngloGold
Ashanti assumed operational accountability for development at the site.

In the Republic of Guinea, Siguiri's fourth quarter production increased by 3%
to 64,000oz when compared to the same period last year as the benefits of the
Project ONE initiative were realised through an improvement in both tonnage
throughput and recovered grade. Total cash costs decreased by 3% year-on-year
to $1,014/oz.

In Mali, Morila's fourth quarter production was 20,000oz, while total cash
costs decreased by 7% year-on-year to $714/oz. This was mainly as a result of
the increased gold production and processing of marginal stockpiles, compared
to full-grade ore the previous quarter, and was partly offset by higher
royalties due to the higher gold price and higher fuel prices. Sadiola's fourth
quarter production was similar to last year's levels at 27,000oz, reflecting an
increase in tonnage throughput due to improved operational stability, partially
offset by a decrease in recovered grade limited by availability of oxide ore
sources. Total cash costs increased by 19% year-on-year to $1,211/oz primarily
as a result of currency fluctuations and increased consumable expenditure.
Yatela's production was 10,000oz.

In Namibia, Navachab's fourth quarter production was relatively consistent at
18,000oz when compared to the same period last year. Total cash costs increased
by 8% year-on-year to $1,003/oz, impacted by increased royalties due to a
higher gold price.

In Tanzania, Geita's fourth quarter production decreased by 18% year-on-year to
118,000oz as a result of a planned 33% decrease in recovered grade as
higher-grade material was stockpiled in preparation for the scheduled
replacement of the primary mill  in the first quarter of 2013. Total cash costs
consequently increased to $825/oz, further influenced by increased royalties
due to a higher gold price and year-end consumable stock write-downs.

In the Americas Region, fourth quarter production was up 10% year-on-year to
258,000oz at a total cash cost of $720/oz from the same period last year when
the region produced 234,000oz at a total cash cost of $612/oz. Production for
the year ended 31 December 2012 was 953,000oz at a total cash cost of $683/oz,
compared to production of 891,000oz at a total cash cost of $528/oz.

At Cripple Creek & Victor (CC&V), fourth quarter production was 53,000oz which
was 25% lower when compared to the same period last year, in line with the mine
plan. Lower production was due to fewer ounces placed on the pad in the first
half of the year. Cash cost increased by 4% to $668/oz compared to the same
period last year.

At AngloGold Ashanti Brasil Mineração, fourth-quarter production was 23% 
higher
than the same period in 2011 at 112,000oz primarily due to higher production
from the ramp up at Corrego do Sitio. Total cash costs were 13% higher than the
same period last year at $672/oz as a consequence of higher equipment
maintenance costs and a lower proportion of primary development costs that were
capitalised. At Serra Grande, now 100% owned, production was 23% higher than
the same period in 2011 at 37,000oz. Total cash cost was 21% higher than the
same period last year at $755/oz as a result of higher maintenance and drilling
costs.

Cerro Vanguardia´s fourth quarter production was 8% higher at 55,000oz
year-on-year, while total cash costs rose 44% year-on-year to $829/oz
reflecting lower by-product credits due to lower silver prices and lower silver
production. Costs at the operation were also negatively impacted by higher
costs associated with the heap leach, higher inflation, and higher equipment
and vehicles maintenance costs associated with energy consumption.

In Australia, production at Sunrise Dam for the quarter was 55,000oz at a total
cash cost of $1,309/oz. Production for the year ended 31 December 2012 was
258,000oz at a total cash cost of $1,126/oz compared to production of 246,000oz
at a total cash cost of $1,367/oz. During the year, underground production
rates increased from 1.5Mtpa to 2 Mtpa as the transition from the open-pit
continued. Redesign of the final stage of the open pit and remedial work to
repair damage caused by a pit wall failure in 2011 was completed, enabling
mining of the crown pillar at the base of the pit which is expected to begin
early in 2013.

PROJECTS

AngloGold Ashanti incurred capital expenditure of $804m (including
equity-accounted joint ventures) during the quarter, of which $469m was spent
on growth projects. Expenditure on growth-related capital was $56m in the
Americas, $186m in Continental Africa, $166m in Australasia and $61m in South
Africa.

The CC&V MLE 2 is currently in the implementation stage. The project is
expected to extend the mine life from 2017 through 2025, adding 2.6Moz of gold
production. The primary project elements include a second Valley Leach Facility
(VLF 2) in Squaw Gulch and appropriate modifications of the drainage and storm
water management plan to accommodate the new facility, a carbon adsorption/
desorption/electro-winning facility to process solutions from VLF 2, a grinding
/flotation/cyanidation plant to process 2M short tons per year of selectively
mined high grade ore, mine fleet replacement plus additional equipment to
facilitate selective high grade mining, roads, power, water and process
infrastructure requirements, and mining and processing an additional 218M short
tons of ore.

Construction of a water pumping facility began in December 2012, the drain
cover fill placement has been completed and the mill platform construction is
underway. A contract has been awarded for construction of the VLF 2 and the
re-routing of Highway 67 (part of which will be covered by the leach pad).
First gold production is expected during the second half of 2016.

The Kibali project, a joint venture between state-owned Sokimo (10%), AngloGold
Ashanti (45%) and operator Randgold Resources (45%), has budgeted attributable
project capital expenditure of $982m (including contingencies and escalation),
to fund the development of the open pit and underground mines, as well as
associated infrastructure, with first production of gold from the open pit
targeted for late 2013. In 2012, AngloGold Ashanti spent $263m towards Kibali's
development, which remained on schedule. All key contracts have now been
agreed. Work is progressing on the Metallurgical Plant, the CIL steelwork is in
progress, the mill bases have been poured and the steelwork is being installed
for the mill, the primary crushers and the conveyor.

Open pit mining has begun. The project team has handed over the boxcut to
Byrnecut on 13 December 2012 and the development work on the twin declines
commenced on the Western portal on 17 December 2012. The shaft terrace portion
has been completed, the vertical shaft sinking contractor, Shaft Sinkers, has
mobilised the first crew on site and taken the cut of the shaft boxcut.

The Relocation Action Plan continued with more than 1,450 families already
resettled in the new model village of Kokiza.

The Mongbwalu project (AGA 86.22%) review, announced in November, is scheduled
for completion at the end of March 2013. Construction activities related to the
completion of the construction and operations camps, all access roads and the
mine portal area are progressing. The plan also includes the preparation of the
tailings and return water dam area and the plant fabrication, where the mill is
scheduled to be ready for testing in May 2013.

The Tropicana Gold Project (AGA 70% and manager, Independence Group NL 30%)
remains on track to begin production in the fourth quarter of 2013. Engineering
design and procurement activities are now complete and at the end of 2012,
construction was 56% complete. During the December quarter, the Mineral
Resource estimate (100% project) was updated to118Mt at 2.08g/t containing
7.89Moz of gold (full details are available at www.anglogoldashanti.com).

This represented a 1.48Moz increase from the previous estimate and a 2.8Moz
increase since the project was approved in November 2010. The Ore Reserve,
which has increased by 15% to 56.4Mt at 2.16g/t for 3.91Moz since approval, is
expected to be updated on completion of the Havana Deeps Pre-Feasibility Study.
The study is examining the economic trade-off between open cut and underground
mining of the Havana Deeps Mineral Resource. With the award during the quarter,
of the major Structural, Mechanical & Piping (SMP) and Electrical &
Instrumentation (E&I) contracts, project capital cost estimates have been
updated.

On a 100% project basis, the estimated capital expenditure has increased to
between A$820-A$845 million. This represents an 11% increase on the mid-point
of the capital expenditure range forecast at the time the project was approved
in November 2010 (the increase is covered by the budgeted CEO contingency). At
that time, capital expenditure (nominal) was forecast to be between
A$725-A$775 million. The increase is largely due to higher construction labour
costs and decreased productivity.

Gold production in the first three years of operation remains in the range of
470,000-490,000oz per annum (100% project) at slightly increased cash costs of
between A$590/oz-A$630/oz, compared to a forecast of A$580/oz-A$600/oz at
approval. The increase is largely due to higher fuel prices, which were also
impacted by the reduction in fuel rebates associated with the introduction of
the Australian carbon tax.

During the quarter, near-mine exploration returned encouraging results
including 5m at 5.2g/t from 108m and 7m at 3.6g/t from 413m at Springbok and 9m
at 5.4g/t from 439m at Boston Shaker.

The company-wide project called Project ONE, aimed at improving efficiencies
consists of several initiatives namely Safety Transformation (ST), System for
People (SP) and Business Process Framework (BPF).

Safety Transformation initiatives for the fourth quarter maintained focus on
hazard identification and incident management where individuals across
disciplines were trained in incident investigation. A Safety Culture
Transformation Framework with a view to significantly improve the culture of
health and safety across the mining sector was introduced in collaboration with
the Chamber of Mines. In support of the framework, a gap-analysis was conducted
to assess the South African Region (SAR) Leadership Programmes and amendments
were performed in aligning programmes with expectations.

System for People, the human resources component of our business model,
provides the leadership and supporting management processes to ensure the right
people, are in the right roles and doing the right work to deliver against our
goals. During the quarter, focus was on cascading of Managerial Leadership
Practices (MLP) with the SAR Management Committee. A comprehensive engagement
model ensured the entrenchment of the MLP's and the first module was attended
by all operational executive teams. Talent pool development and the performance
management process is ongoing and was completed down to Stratum II level.

The Simunye safety and productivity training programme, a three-week course
focussing on team building, engagement and safety training among other
activities, is being implemented at all South African operations. This
programme, part of the roll-out of Project ONE to production crews, focuses on
safety and the reduction of injury rates, the reduction of disruptive
stoppages, improved compliance with mining cycles and blast frequency. The
programme began around two years ago, and to date 67% of AngloGold Ashanti's
work crews in South Africa have undergone Simunye training, which includes a
component of personal finance training to help educate employees about
predatory lending practises in the private sector and to assist in creating a
sound personal financial platform.

Crew performances are continually monitored and analysed, and the following
productivity improvements were recorded:

Improvement of 14% in m2/ISW (in-stope worker), and 22% in face advance at
TauTona Mine;

Improvement of 6% in average vamping at Savuka; and

Improvement of 15% in face advance at Mponeng Mine translating into higher area
mined and increased productivity per in-stope worker.

The Business Process Framework implementation is on-going and new management
routines are being developed to support the key task behaviour methodologies.
The integrity and quality of work packages within the production environment
was extensively tested and reviewed to ensure a safe start-up at the end of the
unprotected strike in South Africa. Production maintenance systems
configuration and data sourcing has been finalised for SAP integration
(OneERP), and certain of the regions went live on 4 February 2013.

Technology update

The Technology & Innovation Consortium continue 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.

The Consortium made significant progress relating to the three key projects:

RC (Geological) Drilling;

RC Drilling tests continued to assess the performance of the equipment in a
deep-level underground environment at TauTona. RC drilling on TauTona mine (75
level) commenced in August 2012 and was interrupted by the strike action. The
aim of this is to assess the performance of the machine in a deep level
underground mining environment in order to enhance geological ore-body
information. Drilling is scheduled to resume in the first quarter of 2013.

Reef Boring; and

In Reef Boring, the first prototype raise bore machine completed five test
holes using a double pass technique. Further tests using a second prototype
raise bore machine has commenced test drilling, using a single pass technique.

Ultra High Strength Backfill.

Substantial progress has been made in the design and testing of Ultra High
Strength Backfill. Surface tests were completed at TauTona mine. The
construction for the underground plant has commenced.

These combined technologies have the potential to alter the way deep-level
underground ore bodies are mined in South Africa, and to significantly improve
safety and unlock additional value by extracting the gold that is not viable to
mine using our current mining methods.

EXPLORATION

Total exploration expenditure during the fourth quarter, inclusive of
expenditure at equity accounted joint ventures, was $176m ($51m on brownfield,
$69m on greenfield and $56m on pre-feasibility studies), compared with $115m
during the previous year's quarter ($37m on brownfield, $43m on greenfield and
$35m on pre-feasibility studies).

Greenfield exploration activities were undertaken in five regions (Australia,
Americas, Pacific, Sub-Saharan Africa and the Middle East & North Africa)
during the quarter. A total of 81,248m 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 continued at the Nuevo Chaquiro and Tenedor targets,
the Quebradona project, and the Santa Rita target in the Rio Dulce project, in
joint venture with B2Gold (AGA 70%). At Nuevo Chaquiro, a total of 7,853m of
diamond drilling was completed and returned further significant results
including 760m @ 0.45% Cu and 0.23g/t Au in CHA-044. On the adjacent Nuevo
Tenedor target, surface mapping and sampling was completed. At the Santa Rita
target, detailed geological mapping, sampling and ground IP surveying is
ongoing.

In Brazil, diamond drilling continued at the Falcao Joint Venture (AGA earning
70%), managed by Horizonte Minerals, with a total of 906m completed. The drill
programme confirmed continuity of the known mineralised footprint. At the
Graben Joint Venture (AGA earning 51%), approximately 16,000 line kilometres of
high-resolution airborne radio/magnetic geophysics was flown.

In Australia, a total of 2,119m of diamond drilling was completed at the Beaker
prospect, within the Viking project (AGA 100%), and follows-up previous gold
intercepts including 11m @ 3.06g/t Au and 7m @ 2.33g/t Au. At the Tropicana
Joint Venture (AGA 70%), regional aircore (28,686m), RC (5,245m) and diamond
(1,085m) drilling continued and returned a significant intersection from Voodoo
Child of 12m @ 3.28g/t Au. At the Coronation Bore prospect, a total of 1,740m
of diamond drilling was completed, targeting Iron Oxide Copper Gold (IOCG)
mineralisation.

In Guinea, exploration work focussed on the Kounkoun trend in Block 3, with
infill and delineation drilling and ground IP and magnetic geophysical
surveying. At Kounkoun Central-East, Central-West and South, a total of 12,792m
of aircore, reverse circulation and diamond drilling was completed, and follows
up previously delineated mineralised zones. Best results include, but are not
limited to (true widths), 59.2m @ 1.82g/t Au in KKRC161, 28.2m @ 2.34g/t Au in
KKRC175, 42.3m @ 2.44g/t Au in KKRC173 and 21.6m @ 2.63g/t, 39.5m @ 1.94g/t and
42.3m @ 1.14g/t Au in KKRC201. At Kolita North, a total of 1,710m of reverse
circulation drilling was completed. Mapping and surface sampling of artisanal
working was also carried out in Block 3 and Block 4.

In Tanzania, diamond drilling, IP geophysical surveying and surface soil
sampling was completed at the Lusahunga project (AGA earning 60%), located
150km west of Geita in the Nyakahura Belt, in joint venture with Oryx Mining
and Exploration Ltd. A total of 807m was drilled, targeting observed
shear-hosted and stockwork veining.

In the Democratic Republic of the Congo, exploration continued within the Kilo
Greenstone Belt, which is part of the Ashanti Goldfields Kilo Joint Venture
(AGA 87%). A total of 6,140m of diamond drilling was completed at the Issuru,
Akwé, Petsi, Yemoliani and Nevienda prospects with encouraging results 
received
for Akwé and Issuru. Further results are awaited. Ground IP geophysical
surveying at Bakombé delineated significant anomalies, to be drill tested in
2013, while Xcalibur Airborne Geophysics were contracted to complete
approximately 7,500 line kilometres of magnetic and radiometric surveying over
the north and north-eastern licences. At the Kabakaba prospect, surface soil
sampling was completed.

OUTLOOK

Group's gold production for 2013 is estimated at between 4.1Moz to 4.4Moz.
Total cash costs are estimated at between $815/oz-$845/oz at an average
exchange rate of R8.75/$, BRL2.00/$, A$1.02/$ and AP5.00/$ and fuel at $113/
barrel. Both production and total cash costs estimates will be reviewed
quarterly, in light of any unforeseen factors.

Gold production for the first quarter of 2013 is estimated at 910koz to 950koz.
Total cash costs are estimated at between $900/oz-$910/oz at an average
exchange rate of R8.75/$, BRL2.00/$, A$1.02/$ and AP5.00/$ and fuel at $113/
barrel. Both estimates could be revised downwards in light of recent labour
related challenges experienced in South Africa.

For 2013, capital expenditure is anticipated to be about $2.1bn, compared with
$2.15bn in 2012. Included within the capital expenditure guidance for 2013 is
US$118m of qualified deferred stripping costs. Corporate costs, which include
implementation of the Enterprise Resource Planning system, marketing and
Project ONE expenditure, are expected to be $240m, about $51m less than in
2012. Spending on expensed exploration and studies, including equity accounted
joint ventures, is anticipated to be about $377m, $84m less than in 2012.
Depreciation and amortisation is anticipated to be $1,050m, while interest and
finance costs are expected to be $250m (including coupon on mandatory
convertible bonds).

Mineral Resource and Ore Reserve

Mineral Resource and Ore Reserve are reported in accordance with the minimum
standards described by the Australasian Code for Reporting of Exploration
Results, Mineral Resource and Ore Reserve (JORC Code, 2004 Edition), and also
conform to the standards set out in the South African Code for the Reporting of
Exploration Results, Mineral Resource and Mineral Reserve (The SAMREC Code,
2007 edition). Mineral Resource is inclusive of the Ore Reserve component
unless otherwise stated.

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

MINERAL RESOURCE

The total Mineral Resource increased from 230.9Moz in December 2011 to 241.5Moz
in December 2012. A gross annual increase of 15.8Moz occurred before depletion,
while the net increase after allowing for depletion is 10.7Moz. Changes in
economic assumptions from December 2011 to December 2012 resulted in a 1.2Moz
increase to the Mineral Resource, whilst exploration and modelling resulted in
an increase of 14.4Moz. The remaining decrease of 3.7Moz resulted from various
other factors. Depletion from the Mineral Resource for the year totalled
5.1Moz. The acquisition of the additional 50% of Serra Grande and the purchase
of Mine Waste Solutions added a total of 3.8Moz to the Mineral Resource.

MINERAL RESOURCE                                                            Moz


                                                                           
Mineral Resource as at 31 December 2011                                   230.9 
                                                                           
Reductions                                                                      
                                                                           
Great Noligwa     Revisions due to reduced likelihood of eventual         (2.8) 
              extraction                                                    
                                                                           
Obuasi            Revised estimates of historic mining                    (2.0) 
                                                                           
CC&V              Combination of increased costs and revised              (1.1) 
              metallurgical recoveries                                      
                                                                           
Kopanang          Negative exploration results and depletion              (1.0) 
                                                                           
Other             Total of non-significant changes                        (1.9) 
                                                                           
Additions                                                                       
                                                                           
Tropicana         Reporting of Havana as an open pit Mineral Resource      1.0  
                                                                           
Mponeng           Revised geological modelling of the Ventersdorp Contact  1.3  
              Reef                                                          
                                                                           
La Colosa         Exploration success                                     10.6  
                                                                           
Other             Total of non-significant changes                         2.6  
                                                                           
Acquisitions                                                                    
                                                                           
Serra Grande      Acquisition of the remaining 50% of the operation        1.2  
                                                                           
Mine Waste        Acquisition of Mine Waste Solutions                      2.7 
Solutions                                                                       
                                                                           
Mineral Resource as at 31 December 2012                                   241.5 


                                                                               

Rounding of numbers may result in computational discrepancies.

Mineral Resources have been estimated at a gold price of US$2,000/oz (2011:
US$1,600/oz).

ORE RESERVE

The AngloGold Ashanti Ore Reserve reduced from 75.6Moz in December 2011 to
74.1Moz in December 2012. A gross annual increase of 3.2Moz occurred before
depletion of 4.7Moz.  The decrease net of depletion was therefore 1.5Moz.
Changes in economic assumptions from 2011 to 2012 resulted in a reduction of
0.6Moz to the Ore Reserve, while exploration and modelling resulted in an
increase of 0.6Moz. The acquisition of the remaining 50% of Serra Grande and
Mine Waste solutions added a further 2.8Moz. The remaining increase of 0.4Moz
resulted from various other factors.

ORE RESERVE                                                                     
              Moz
                                                                                


             
Ore Reserve as at 31 December 2011                                               


            75.6 
                                                                                


             
Reductions                                                                       


                 
                                                                                


             
Kopanang     Depletion and minor model revision                                  


            (1.4)
                                                                                


             
Obuasi       Revised mine planning parameters and geotechnical review            


            (0.9)
                                                                                


             
Great        Economic driven reduction of underground mining footprint           
        (0.7)
Noligwa                                                                          


                 
                                                                                


             
Other        Total non-significant changes                                       


            (2.7)
                                                                                


             
Additions                                                                        


                 
                                                                                


             
Kibali       Open pit increase due to additional metal defined by grade control 
drilling.    0.4  
                                                                             
             
Geita        Positive economic changes                                           


             0.7 
                                                                                


             
Other        Total non-significant changes                                       


             0.3 
                                                                                


             
Acquisitions                                                                     


                 
                                                                                


             
Serra Grande Purchase of remaining 50% of the operation                          


             0.4 
                                                                                


             
Mine Waste   Purchase of Mine Waste Solutions                                    
         2.4 
Solutions                                                                        


                 
                                                                                


             
Ore Reserve as at 31 December 2012                                               


            74.1 
                                                                                
                 

Rounding of numbers may result in computational discrepancies.

Ore reserves have been calculated using a gold price of US$1,300/oz (2011:
US$1,100/oz).

BY-PRODUCTS

Several by-products are recovered as a result of the processing of gold Ore
Reserves. These include 73,492t of uranium oxide from the South African
operations, 439,564t of sulphur from Brazil and 40.7Moz of silver from
Argentina.

Competent persons

The information in this report relating to exploration results, Mineral
Resources and Ore Reserves is based on information compiled by the Competent
Persons. The Competent Persons consent to the inclusion of Exploration Results,
Mineral Resource and Ore Reserve information in this report, in the form and
context in which it appears.

During the past decade, the company has developed and implemented a rigorous
system of internal and external reviews of Exploration Results, Mineral
Resources and Ore Reserves. A documented chain of responsibility exists from
the Competent Persons at the operations to the company's Mineral Resource and
Ore Reserve Steering Committee. Accordingly, the Chairman of the Mineral
Resource and Ore Reserve Steering Committee, VA Chamberlain, MSc (Mining
Engineering), BSc (Hons) (Geology), MGSSA, FAusIMM, assumes responsibility for
the Mineral Resource and Ore Reserve processes for AngloGold Ashanti and is
satisfied that the Competent Persons have fulfilled their responsibilities.

A detailed breakdown of Mineral Resource and Ore Reserve and backup detail is
provided on the AngloGold Ashanti website (www.anglogoldashanti.com).


MINERAL RESOURCE BY COUNTRY (ATTRIBUTABLE) INCLUSIVE OF ORE RESERVE
                                               Tonnes Grade Contained Contained


                                                                           
as at 31 December 2012             Category   million   g/t      gold      gold 


                                                                               
                                                               tonnes       Moz


                                                                           
South Africa                        Measured   183.97  2.33    428.52     13.78 


                                                                               
                                   Indicated   964.52  2.16  2 080.80     66.90
                                                                               
                                    Inferred    53.34 10.45    557.39     17.92
                                                                               
                                       Total 1 201.83  2.55  3 066.71     98.60


                                                                           
Democratic Republic of the Congo    Measured     1.97  3.00      5.89      0.19 


                                                                               
                                   Indicated    63.18  3.70    233.93      7.52
                                                                               
                                    Inferred    30.43  2.91     88.69      2.85
                                                                               
                                       Total    95.58  3.44    328.51     10.56


                                                                           
Ghana                               Measured    64.84  4.63    300.44      9.66 


                                                                               
                                   Indicated   103.86  3.87    401.45     12.91
                                                                               
                                    Inferred   150.37  2.87    431.63     13.88
                                                                               
                                       Total   319.07  3.55  1 133.52     36.44


                                                                           
Guinea                              Measured    38.45  0.63     24.15      0.78 


                                                                               
                                   Indicated   125.81  0.72     90.37      2.91
                                                                               
                                    Inferred    56.71  0.82     46.32      1.49
                                                                               
                                       Total   220.97  0.73    160.84      5.17


                                                                           
Mali                                Measured     9.16  0.94      8.63      0.28 


                                                                               
                                   Indicated    52.02  1.81     94.30      3.03
                                                                               
                                    Inferred    27.75  0.94     26.00      0.84
                                                                               
                                       Total    88.93  1.45    128.93      4.15


                                                                           
Namibia                             Measured    17.21  0.64     11.03      0.35 


                                                                               
                                   Indicated    96.58  1.22    117.73      3.79
                                                                               
                                    Inferred     7.76  1.08      8.36      0.27
                                                                               
                                       Total   121.55  1.13    137.12      4.41


                                                                           
Tanzania                            Measured        -     -         -         - 


                                                                               
                                   Indicated   103.81  2.63    273.00      8.78
                                                                               
                                    Inferred    39.21  2.78    109.00      3.50
                                                                               
                                       Total   143.02  2.67    382.00     12.28


                                                                           
Australia                           Measured    36.46  1.70     62.00      1.99 


                                                                               
                                   Indicated    71.84  2.10    150.68      4.84
                                                                               
                                    Inferred    14.98  3.13     46.82      1.51
                                                                               
                                       Total   123.28  2.10    259.50      8.34


                                                                           
Argentina                           Measured    11.60  1.59     18.48      0.59 


                                                                               
                                   Indicated    36.91  2.87    105.90      3.40
                                                                               
                                    Inferred     7.49  2.98     22.34      0.72
                                                                               
                                       Total    56.00  2.62    146.72      4.72


                                                                           
Brazil                              Measured    14.52  5.81     84.40      2.71 


                                                                               
                                   Indicated    21.01  5.31    111.51      3.59
                                                                               
                                    Inferred    48.74  5.29    257.63      8.28
                                                                               
                                       Total    84.27  5.38    453.54     14.58


                                                                           
Colombia                            Measured    15.68  0.85     13.30      0.43 


                                                                               
                                   Indicated    34.36  0.79     27.21      0.87
                                                                               
                                    Inferred 1 025.23  0.85    873.63     28.09
                                                                               
                                       Total 1 075.27  0.85    914.14     29.39


                                                                           
United States of America            Measured   267.56  0.77    207.24      6.66 


                                                                               
                                   Indicated   208.89  0.67    140.04      4.50
                                                                               
                                    Inferred    84.56  0.64     53.87      1.73
                                                                               
                                       Total   561.01  0.72    401.15     12.90


                                                                           
Total                               Measured   661.42  1.76  1 164.08     37.43 


                                                                               
                                   Indicated 1 882.79  2.03  3 826.92    123.04
                                                                               
                                    Inferred 1 546.58  1.63  2 521.68     81.07
                                                                               
                                       Total 4 090.79  1.84  7 512.68    241.54
                                                                               

Rounding of figures may result in computational discrepancies.


MINERAL RESOURCE BY COUNTRY (ATTRIBUTABLE) EXCLUSIVE OF ORE RESERVE
                                               Tonnes Grade Contained Contained


                                                                           
as at 31 December 2012             Category   million   g/t      gold      gold 


                                                                               
                                                               tonnes       Moz


                                                                           
South Africa                        Measured    16.52 18.23    301.15      9.68 


                                                                               
                                   Indicated   249.09  4.56  1 136.02     36.52
                                                                               
                                    Inferred    27.64  8.79    242.82      7.81
                                                                               
                                       Total   293.25  5.73  1 679.99     54.01


                                                                           
Democratic Republic of the Congo    Measured     0.37  1.85      0.68      0.02 


                                                                               
                                   Indicated    28.38  3.24     91.92      2.96
                                                                               
                                    Inferred    30.43  2.91     88.69      2.85
                                                                               
                                       Total    59.18  3.06    181.29      5.83


                                                                           
Ghana                               Measured    21.63  7.16    154.96      4.98 


                                                                               
                                   Indicated    48.49  3.50    169.84      5.46
                                                                               
                                    Inferred   150.35  2.86    429.66     13.81
                                                                               
                                       Total   220.47  3.42    754.46     24.26


                                                                           
Guinea                              Measured     1.03  0.52      0.54      0.02 


                                                                               
                                   Indicated    55.92  0.73     40.74      1.31
                                                                               
                                    Inferred    56.71  0.82     46.32      1.49
                                                                               
                                       Total   113.66  0.77     87.60      2.82


                                                                           
Mali                                Measured     5.22  0.73      3.82      0.12 


                                                                               
                                   Indicated    23.92  1.50     35.79      1.15
                                                                               
                                    Inferred    27.75  0.94     26.00      0.84
                                                                               
                                       Total    56.89  1.15     65.61      2.11


                                                                           
Namibia                             Measured     5.89  0.53      3.12      0.10 


                                                                               
                                   Indicated    56.10  1.07     60.17      1.93
                                                                               
                                    Inferred     7.76  1.08      8.36      0.27
                                                                               
                                       Total    69.75  1.03     71.65      2.30


                                                                           
Tanzania                            Measured       -     -         -         -  


                                                                               
                                   Indicated    42.97  2.68    115.34      3.71
                                                                               
                                    Inferred    35.95  2.74     98.59      3.17
                                                                               
                                       Total    78.92  2.71    213.93      6.88


                                                                           
Australia                           Measured     3.33  1.14      3.80      0.12 


                                                                               
                                   Indicated    45.02  1.94     87.13      2.80
                                                                               
                                    Inferred    14.98  3.13     46.82      1.51
                                                                               
                                       Total    63.33  2.18    137.75      4.43


                                                                           
Argentina                           Measured     2.14  2.55      5.45      0.18 


                                                                               
                                   Indicated    31.31  1.69     52.91      1.70
                                                                               
                                    Inferred     7.49  2.98     22.34      0.72
                                                                               
                                       Total    40.94  1.97     80.70      2.59


                                                                           
Brazil                              Measured     4.98  6.25     31.14      1.00 


                                                                               
                                   Indicated    10.36  4.91     50.89      1.64
                                                                               
                                    Inferred    48.40  5.30    256.36      8.24
                                                                               
                                       Total    63.74  5.31    338.39     10.88


                                                                           
Colombia                            Measured    15.68  0.85     13.30      0.43 


                                                                               
                                   Indicated    34.36  0.79     27.21      0.87
                                                                               
                                    Inferred 1 025.23  0.85    873.63     28.09
                                                                               
                                       Total 1 075.27  0.85    914.14     29.39


                                                                           
United States of America            Measured   112.75  0.72     81.08      2.61 


                                                                               
                                   Indicated   126.54  0.66     83.21      2.68
                                                                               
                                    Inferred    84.56  0.64     53.87      1.73
                                                                               
                                       Total   323.85  0.67    218.16      7.01


                                                                           
Total                               Measured   189.54  3.16    599.05     19.26 


                                                                               
                                   Indicated   752.46  2.59  1 951.16     62.73
                                                                               
                                    Inferred 1 517.27  1.45  2 193.45     70.52
                                                                               
                                       Total 2 459.27  1.93  4 743.66    152.51
                                                                               

Rounding of figures may result in computational discrepancies.


ORE RESERVE BY COUNTRY (ATTRIBUTABLE)


                                          Tonnes Grade  Contained  
Contained 


                                                                                

as at 31 December 2012             Category  million   g/t       gold       
gold
                                                                                


                                                           tonnes        
Moz 


                                                                                

South Africa                         Proved   148.71  0.66      98.04       
3.15
                                                                                


                               Probable   728.45  1.21     883.59      
28.41 
                                                                             
                                  Total   877.16  1.12     981.63      
31.56 


                                                                                

Democratic Republic of the Congo     Proved     1.59  3.26       5.20       
0.17
                                                                                


                               Probable    35.90  4.12     147.84       
4.75 
                                                                             
                                  Total    37.49  4.08     153.04       
4.92 


                                                                                

Ghana                                Proved    40.88  3.42     139.66       
4.49
                                                                                


                               Probable    52.77  3.67     193.84       
6.23 
                                                                             
                                  Total    93.65  3.56     333.50      
10.72 


                                                                                

Guinea                               Proved    36.59  0.63      22.92       
0.74
                                                                                


                               Probable    67.60  0.67      45.56       
1.46 
                                                                             
                                  Total   104.19  0.66      68.48       
2.20 


                                                                                

Mali                                 Proved     2.26  1.30       2.93       
0.09
                                                                                


                               Probable    36.61  1.81      66.32       
2.13 
                                                                             
                                  Total    38.87  1.78      69.25       
2.23 


                                                                                

Namibia                              Proved     0.00  0.00       0.00       
0.00
                                                                                


                               Probable    51.80  1.26      65.29       
2.10 
                                                                             
                                  Total    51.80  1.26      65.29       
2.10 


                                                                                

Tanzania                             Proved     0.00  0.00       0.00       
0.00
                                                                                


                               Probable    65.06  2.59     168.63       
5.42 
                                                                             
                                  Total    65.06  2.59     168.63       
5.42 


                                                                                

Australia                            Proved    33.13  1.76      58.20       
1.87
                                                                                


                               Probable    26.82  2.37      63.55       
2.04 
                                                                             
                                  Total    59.95  2.03     121.75       
3.91 


                                                                                

Argentina                            Proved    10.44  1.29      13.49       
0.43
                                                                                


                               Probable    10.90  4.56      49.71       
1.60 
                                                                             
                                  Total    21.34  2.96      63.20       
2.03 


                                                                                

Brazil                               Proved     9.29  4.47      41.51       
1.33
                                                                                


                               Probable    12.48  4.39      54.74       
1.76 
                                                                             
                                  Total    21.77  4.42      96.25       
3.09 


                                                                                

United States of America             Proved   154.81  0.81     126.16       
4.06
                                                                                


                               Probable    82.35  0.69      56.83       
1.83 
                                                                             
                                  Total   237.16  0.77     182.99       
5.88 


                                                                                

Total                                Proved   437.72  1.16     508.11      
16.34
                                                                                


                               Probable 1 170.74  1.53   1 795.90      
57.74 
                                                                             
                                  Total 1 608.46  1.43   2 304.01      
74.08 


                                                                                


Rounding of figures may result in computational discrepancies.


Group income statement                                                          
                             
                                                                                
                             


                                                            Quarter   
Quarter   Quarter     Year     Year 
                                                              ended     
ended     ended    ended    ended 
                                                           December 
September  December December December 
                                                               2012      
2012      2011     2012     2011 
US Dollar million                                       Notes Unaudited  
Reviewed Unaudited Reviewed  Audited 
                                                                             
                         
Revenue                                                   2       1,490     
1,664     1,859    6,632    6,925 
                                                                             
                         
Gold income                                                       1,398     
1,629     1,779    6,353    6,570 
                                                                             
                         
Cost of sales                                             3     (1,029)   
(1,056)   (1,097)  (4,062)  (3,946) 
                                                                             
                         
Gain (loss) on non-hedge derivatives and other                                   
                         
commodity contracts                                                  25      
(61)         -     (35)      (1) 
                                                                             
                         
Gross profit                                                        394       
512       682    2,256    2,623 
                                                                             
                         
Corporate administration, marketing and other expenses             (85)      
(70)      (77)    (291)    (278) 
                                                                             
                         
Exploration and evaluation costs                                  (124)     
(107)      (83)    (395)    (279) 
                                                                             
                         
Other operating (expenses) income                         4           -       
(5)         4     (41)     (27) 
                                                                             
                         
Special items                                             5       (402)      
(25)       146    (402)      163 
                                                                             
                         
Operating (loss) profit                                           (217)       
305       672    1,127    2,202 
                                                                             
                         
Dividends received                                                    -         
7         -        7        - 
                                                                             
                         
Interest received                                                    12        
10        23       43       52 
                                                                             
                         
Exchange gain (loss)                                                  -         
1      (10)        8        2 
                                                                             
                         
Finance costs and unwinding of obligations                6        (67)      
(65)      (48)    (231)    (196) 
                                                                             
                         
Fair value adjustment on option component of                                     
                         
convertible bonds                                                    17       
(2)      (15)       83       84 
                                                                             
                         
Fair value adjustment on mandatory convertible bonds                 65      
(11)         9      162      104 
                                                                             
                         
Share of equity-accounted investments' (loss) profit               (44)         
-        17     (28)       73 
                                                                             
                         
(Loss) profit before taxation                                     (234)       
245       648    1,171    2,321 
                                                                             
                         
Taxation                                                  7          52      
(76)     (246)    (322)    (723) 
                                                                             
                         
(Loss) profit for the period                                      (182)       
169       402      849    1,598 
                                                                             
                         
Allocated as follows:                                                            


                             
                                                                                


                         
Equity shareholders                                               (188)       
168       385      830    1,552 
                                                                             
                         
Non-controlling interests                                             6         
1        17       19       46 


                                                                                
                             


                                                              (182)       
169       402      849    1,598 
                                                                             
                         
Basic (loss) earnings per ordinary share (cents) (1)               (49)        
43       100      215      402 
                                                                             
                         
Diluted (loss) earnings per ordinary share (cents) (2)             (49)        
43        95      161      346 


                                                                                
                             
                                                                                
                             
                                                                                


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


                             
                                                                                


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


                             
                                                                                


                         
Rounding of figures may result in computational discrepancies.                   


                             
                                                                                


                         
The reviewed financial statements for the year ended 31 December 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 year ended 31 December 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     Year     Year 
                                                     ended     ended     
ended    ended    ended 
                                                  December September  
December December December 
                                                      2012      2012      
2011     2012     2011 
US Dollar million                                    Unaudited  Reviewed 
Unaudited Reviewed  Audited 
                                                                             
                
(Loss) profit for the period                             (182)       169       
402      849    1,598 
                                                                             
                
Exchange differences on translation of foreign                                   
                
operations                                                (36)      (24)        
47     (93)    (365) 
                                                                             
                
Share of equity-accounted investments' other                                     
                
comprehensive loss                                           -         -        
 -        -      (1) 


                                                                                
                    
                                                   
                                                 
                                                                                


                
Net loss on available-for-sale financial assets           (10)       (6)      
(10)     (27)     (81) 
                                                                             
                
Release on impairment of available-for-sale                                      
                
financial assets                                            12         3        
 3       16       21 
                                                                             
                
Release on disposal of available-for-sale                                        
                
financial assets                                             -         -        
 -        -        1 
                                                                             
                
Deferred taxation thereon                                    2       (1)        
 3        6      (8) 


                                                                                
                    


                                                         4       (4)       
(4)      (5)     (67) 


                                                                                
                    
                                                                                
                    
                                                                                


                
Actuarial loss recognised                                 (20)         -      
(39)     (20)     (39) 
                                                                             
                
Deferred taxation rate change thereon                        -         -        
 -      (9)        - 
                                                                             
                
Deferred taxation thereon                                    5         -        
14        5       14 


                                                                                
                    
                                                                                
                    
                                                                                
                    


                                                      (15)         -      
(25)     (24)     (25) 


                                                                                
                    
                                                                                
                    
                                                                                


                
Other comprehensive (loss) income for the period,                                
                
net of tax                                                (47)      (28)        
18    (122)    (458) 
                                                                             
                
Total comprehensive (loss) income for the period,                                
                
net of tax                                               (229)       141       
420      727    1,140 
                                                                             
                
Allocated as follows:                                                            


                    
                                                                                


                
Equity shareholders                                      (235)       140       
403      708    1,094 
                                                                             
                
Non-controlling interests                                    6         1        
17       19       46 


                                                                                
                    


                                                     (229)       141       
420      727    1,140 
                                                                             
                
Rounding of figures may result in computational discrepancies.                   


                    
                                                                                
                    

Group statement of financial position                                           
               
                                                                                
               


                                                                   As at    
 As at    As at 
                                                                December 
September December 
                                                                    2012    
  2012     2011
US Dollar million                                              Note Reviewed  
Reviewed  Audited 
                                                                             
           
ASSETS                                                                           


               
                                                                                


           
Non-current assets                                                               


               
                                                                                


           
Tangible assets                                                        7,648    
 7,620    6,525 
                                                                             
           
Intangible assets                                                        315     
289      210 
                                                                             
           
Investments in equity-accounted associates and joint ventures          1,060     
928      702 
                                                                             
           
Other investments                                                        167     
175      186 
                                                                             
           
Inventories                                                              610     
589      410 
                                                                             
           
Trade and other receivables                                               79     


    85       76
                                                                                


           
Deferred taxation                                                         96     
160       79 
                                                                             
           
Cash restricted for use                                                   29     


    32       23
                                                                                


           
Other non-current assets                                                   7     


     9        9
                                                                                
               


                                                                  10,011    
 9,887    8,220 
                                                                             
           
Current assets                                                                   


               
                                                                                


           
Inventories                                                            1,287    
 1,220    1,064 
                                                                             
           
Trade and other receivables                                              470     
557      350 
                                                                             
           
Cash restricted for use                                                   35     


    61       35
                                                                                


           
Cash and cash equivalents                                                892    
 1,123    1,112 


                                                                                
               


                                                                   2,684    
 2,961    2,561 
                                                                             
           
Non-current assets held for sale                                           -     


     1       21
                                                                                
               


                                                                   2,684    
 2,962    2,582 
                                                                             
           
TOTAL ASSETS                                                          12,695    
12,849   10,802 
                                                                             
           
EQUITY AND LIABILITIES                                                           


               
                                                                                


           
Share capital and premium                                       10     6,742    
 6,721    6,689 
                                                                             
           
Accumulated losses and other reserves                                (1,295)   
(1,040)  (1,660) 
                                                                             
           
Shareholders' equity                                                   5,447    
 5,681    5,029 
                                                                             
           
Non-controlling interests                                                 22     


    61      137
                                                                                


           
Total equity                                                           5,469    
 5,742    5,166 
                                                                             
           
Non-current liabilities                                                          


               
                                                                                


           
Borrowings                                                             2,724    
 2,708    2,456 
                                                                             
           
Environmental rehabilitation and other provisions                      1,238    
 1,234      782 
                                                                             
           
Provision for pension and post-retirement benefits                       221     
214      195 
                                                                             
           
Trade, other payables and deferred income                                 10     


    12       14
                                                                                


           
Derivatives                                                               10     


    28       93
                                                                                


           
Deferred taxation                                                      1,068    
 1,215    1,158 


                                                                                
               


                                                                   5,271    
 5,411    4,698 
                                                                             
           
Current liabilities                                                              


               
                                                                                


           
Borrowings                                                               859     
713       32 
                                                                             
           
Trade, other payables and deferred income                                979     
829      751 
                                                                             
           
Taxation                                                                 117     
154      155 


                                                                                
               


                                                                   1,955    
 1,696      938 
                                                                             
           
Total liabilities                                                      7,226    
 7,107    5,636 
                                                                             
           
TOTAL EQUITY AND LIABILITIES                                          12,695    
12,849   10,802 
                                                                             
           
Rounding of figures may result in computational discrepancies.                   


               
                                                                                
               

Group statement of cash flows                                                   
                                 
                                                                                
                                 


                                                                Quarter   
Quarter   Quarter     Year     Year 
                                                                  ended     
ended     ended    ended    ended 
                                                               December 
September  December December December 
                                                                   2012     
 2012      2011     2012     2011
US Dollar million                                          Note   Unaudited  
Reviewed Unaudited Reviewed  Audited 
                                                                             
                             
Cash flows from operating activities                                             


                                 
                                                                                


                             
Receipts from customers                                               1,471     
1,603     1,828    6,523    6,796 
                                                                             
                             
Payments to suppliers and employees                                 (1,000)   
(1,149)   (1,009)  (4,340)  (3,873) 
                                                                             
                             
Cash generated from operations                                          471     
  454       819    2,183    2,923 
                                                                             
                             
Dividends received from equity-accounted joint ventures                  18      
14        34       72      111 
                                                                             
                             
Taxation refund                                                          54      


    -         2       54       98
                                                                                


                             
Taxation paid                                                          (89)     
(164)     (211)    (507)    (477) 
                                                                             
                             
Net cash inflow from operating activities                               454     
  304       644    1,802    2,655 
                                                                             
                             
Cash flows from investing activities                                             


                                 
                                                                                


                             
Capital expenditure                                                   (623)     
(448)     (455)  (1,758)  (1,393) 
                                                                             
                             
Interest capitalised and paid                                           (5)     
  (4)         -     (12)        - 
                                                                             
                             
Expenditure on intangible assets                                       (28)     
 (24)      (10)     (79)     (16) 
                                                                             
                             
Proceeds from disposal of tangible assets                                 1      


    2         7        5       19
                                                                                


                             
Other investments acquired                                             (17)     
 (18)      (12)     (97)    (147) 
                                                                             
                             
Proceeds from disposal of investments                                    13      
17        12       86       91 
                                                                             
                             
Investments in equity-accounted associates and joint                             
                             
ventures                                                              (132)     
(106)      (34)    (349)    (115) 
                                                                             
                             
Proceeds from disposal of equity-accounted joint venture                  -      


    -         -       20        -
                                                                                


                             
Loans advanced to equity-accounted associates and joint                          
                             
ventures                                                                (1)     
  (1)      (12)     (65)     (25) 
                                                                             
                             
Loans repaid by equity-accounted associates and joint                            
                             
ventures                                                                  1      


    -         -        1        -
                                                                                


                             
Dividends received                                                        6      


    1         -        7        -
                                                                                


                             
Proceeds from disposal of subsidiary                        13            6      


    -         -        6        9
                                                                                


                             
Cash in subsidiary acquired                                 13            -      


    5         -        5        -
                                                                                


                             
Cash in subsidiary disposed                                 13         (31)      


    -         -     (31)     (11)
                                                                                


                             
Acquisition of subsidiary and loan                          13            -     
(335)         -    (335)        - 
                                                                             
                             
Increase (decrease) in cash restricted for use                           28     
 (33)         3      (3)     (19) 
                                                                             
                             
Interest received                                                        11      


    7        10       36       39
                                                                                


                             
Loans advanced                                                         (45)      


    -         -     (45)        -
                                                                                


                             
Repayment of loans advanced                                               -      


    -         1        -        4
                                                                                


                             
Net cash outflow from investing activities                            (816)     
(937)     (490)  (2,608)  (1,564) 
                                                                             
                             
Cash flows from financing activities                                             


                                 
                                                                                


                             
Proceeds from issue of share capital                                      -      


    1         6        2       10
                                                                                


                             
Share issue expenses                                                      -      


    -         -        -      (1)
                                                                                


                             
Proceeds from borrowings                                                220     
1,061         3    1,432      109 
                                                                             
                             
Repayment of borrowings                                                 (5)     
(203)       (9)    (217)    (268) 
                                                                             
                             
Finance costs paid                                                     (56)     
 (17)      (55)    (145)    (144) 
                                                                             
                             
Acquisition of non-controlling interest                                   -      


    -         -    (215)        -
                                                                                


                             
Revolving credit facility and bond transaction costs                    (1)     
 (21)         -     (30)        - 
                                                                             
                             
Dividends paid                                                         (22)     
 (46)      (66)    (236)    (169) 
                                                                             
                             
Net cash inflow (outflow) from financing activities                     136     
  775     (121)      591    (463) 
                                                                             
                             
Net (decrease) increase in cash and cash equivalents                  (226)     
  142        33    (215)      628 
                                                                             
                             
Translation                                                             (5)     
  (6)         4      (5)    (102) 
                                                                             
                             
Cash and cash equivalents at beginning of period                      1,123     
  987     1,075    1,112      586 
                                                                             
                             
Cash and cash equivalents at end of period                              892     
1,123     1,112      892    1,112 
                                                                             
                             
Cash generated from operations                                                   


                                 
                                                                                


                             
(Loss) profit before taxation                                         (234)     
  245       648    1,171    2,321 
                                                                             
                             
Adjusted for:                                                                    


                                 
                                                                                


                             
Movement on non-hedge derivatives and other commodity                            
                             
contracts                                                              (25)      
61         -       35        1 
                                                                             
                             
Amortisation of tangible assets                                         206     
  202       203      793      768 
                                                                             
                             
Finance costs and unwinding of obligations                               67      
65        48      231      196 
                                                                             
                             
Environmental, rehabilitation and other expenditure                    (15)     
  (2)       142     (17)      171 
                                                                             
                             
Special items                                                           389      
10     (137)      402     (93) 
                                                                             
                             
Amortisation of intangible assets                                         1      


    1         1        5        2
                                                                                


                             
Deferred stripping                                                     (13)     
  (7)       (7)     (24)       19 
                                                                             
                             
Fair value adjustment on option component of convertible                         
                             
bonds                                                                  (17)      


    2        15     (83)     (84)
                                                                                


                             
Fair value adjustment on mandatory convertible bonds                   (65)      
11       (9)    (162)    (104) 
                                                                             
                             
Interest received                                                      (12)     
 (10)      (23)     (43)     (52) 
                                                                             
                             
Share of equity-accounted investments' loss (profit)                     44      


    -      (17)       28     (73)
                                                                                


                             
Other non-cash movements                                                 12      


    5         4       65       21
                                                                                


                             
Movements in working capital                                            133     
(129)      (49)    (218)    (170) 


                                                                                
                                 


                                                                    471     
  454       819    2,183    2,923 
                                                                             
                             
Movements in working capital                                                     


                                 
                                                                                


                             
Increase in inventories                                               (115)     
 (87)     (112)    (324)    (236) 
                                                                             
                             
Decrease (increase) in trade and other receivables                       70     
 (90)         8    (110)        - 
                                                                             
                             
Increase in trade and other payables                                    178      
48        55      216       66 


                                                                                
                                 


                                                                    133     
(129)      (49)    (218)    (170) 


                                                                                
                                 
                                                                                
                                 
                                                                                


                             
Rounding of figures may result in computational discrepancies.                   


                                 
                                                                                
                                 


Group Statement of Changes in Equity
                                    Share                     Cash Available
                                  capital    Other Accumu-    flow       for


                                  and  capital   lated   hedge      sale
US Dollar million                 premium reserves  losses reserve   reserve 
                                                                        
Balance at 31 December 2010         6,627      194 (2,750)     (2)        86 
                                                                        
Profit for the year                                  1,552                   
                                                                        
Other comprehensive loss                       (1)                      (67) 
                                                                        
Total comprehensive (loss) income       -      (1)   1,552       -      (67) 
                                                                        
Shares issued                          63                                    
                                                                        
Share issue expenses                  (1)                                    
                                                                        
Share-based payment for share                                               
awards                                                                       
net of exercised                              9                           
                                                                        
Dividends paid                                       (131)                   
                                                                        
Dividends of subsidiaries                                                    
                                                                        
Translation                                   (31)      29               (1) 
                                                                        
Balance at 31 December 2011         6,689      171 (1,300)     (2)        18 
                                                                        
Balance at 31 December 2011         6,689      171 (1,300)     (2)        18 
                                                                        
Profit for the year                                    830                   
                                                                        
Other comprehensive loss                                                 (5) 
                                                                        
Total comprehensive income (loss)       -        -     830       -       (5) 
                                                                        
Shares issued                          53                                    
                                                                        
Share-based payment for share                                               
awards net of exercised                         15                           
                                                                        
Acquisition of non-controlling                                              
interest (1)                                         (144)                   
                                                                        
Disposal of subsidiary (2)                                                   
                                                                        
Dividends paid                                       (215)                   
                                                                        
Dividends of subsidiaries                                                    
                                                                        
Translation                                    (9)       6                   
                                                                        
Balance at 31 December 2012         6,742      177   (823)     (2)        13 
                                                                         
Rounding of figures may result in computational discrepancies. 
(1) On 28 June 2012, AngloGold Ashanti Limited acquired the remaining 50%        

shareholding in the Serra Grande mine from Kinross Gold Corporation for $220m    

less $5m for dividends declared and paid to minorities.                          


    
                                                                                



(2) In early December 2012, AngloGold Ashanti Limited disposed of a 5% interest  

in Rand Refinery Limited.  AngloGold Ashanti Limited now holds a remaining       

interest of 48.03%.                                                              


    
                                                                                
    
                                                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 year                                     1,552          46        


               1,598
                                                                                


                
Other comprehensive loss               (25)       (365) (458)                    


               (458)
                                                                                


                
Total comprehensive (loss) income      (25)       (365) 1,094          46        


               1,140
                                                                                


                
Shares issued                                              63                    


                  63
                                                                                


                
Share issue expenses                                      (1)                    


                 (1)
                                                                                


                
Share-based payment for share                                                    
                
awards                                                                           
                 
net of exercised                                         9                    


                   9
                                                                                


                
Dividends paid                                          (131)                    


               (131)
                                                                                


                
Dividends of subsidiaries                                   -        (27)        


                (27)
                                                                                


                
Translation                               9                 6         (6)        


                   -
                                                                                


                
Balance at 31 December 2011            (78)       (469) 5,029         137        


               5,166
                                                                                


                
Balance at 31 December 2011            (78)       (469) 5,029         137        


               5,166
                                                                                


                
Profit for the year                                       830          19        


                 849
                                                                                


                
Other comprehensive loss               (24)        (93) (122)                    


               (122)
                                                                                


                
Total comprehensive income (loss)      (24)        (93)   708          19        


     727            
                                                                                


                
Shares issued                                              53                    


                  53
                                                                                


                
Share-based payment for share                                                    
                
awards net of exercised                                    15                    


                  15
                                                                                


                
Acquisition of non-controlling                                                   
                
interest (1)                                            (144)        (71)        


               (215)
                                                                                


                
Disposal of subsidiary (2)                                  -        (45)        


                (45)
                                                                                


                
Dividends paid                                          (215)                    


               (215)
                                                                                


                
Dividends of subsidiaries                                   -        (17)        


                (17)
                                                                                


                
Translation                               4                 1         (1)        


                   -
                                                                                


                
Balance at 31 December 2012            (98)       (562) 5,447          22        


               5,469
                                                                                
                    

Rounding of figures may result in computational discrepancies.

(1) On 28 June 2012, AngloGold Ashanti Limited acquired the remaining 50%       



shareholding in the Serra Grande mine from Kinross Gold Corporation for $220m    

less $5m for dividends declared and paid to minorities.                          


    
                                                                                



(2) In early December 2012, AngloGold Ashanti Limited disposed of a 5% interest  

in Rand Refinery Limited.  AngloGold Ashanti Limited now holds a remaining       

interest of 48.03%.                                                              


    
                                                                                
    

Segmental reporting                                                             
                            
                                                                                


                        
for the quarter and year ended 31 December 2012                                  


                            
                                                                                


                        
AngloGold Ashanti's operating segments are being reported based on the           
                        
financial information provided to the Chief Executive Officer and the Executive  
                        
Committee, collectively  identified as the Chief Operating Decision Maker        
                        
(CODM). Individual members of the Executive Committee are responsible for        
                        
geographic regions of the business.                                              


                            
                                                                                
                            


                                                                  Quarter 
ended            Year ended    
                                                                 Dec      
Sep       Dec      Dec     Dec 
                                                                2012     
2012      2011     2012    2011 
                                                           Unaudited 
Reviewed Unaudited Reviewed Audited 
                                                                         US 
Dollar million               
                                                                             
                        
Gold income                                                                      


                            
                                                                                


                        
South Africa                                                         344      
606       672    2,013   2,560 
                                                                             
                        
Continental Africa                                                   651      
582       722    2,609   2,530 
                                                                             
                        
Australasia                                                           94      
101       103      426     385 
                                                                             
                        
Americas                                                             413      
421       392    1,656   1,487 


                                                                                
                            


                                                               1,501    
1,709     1,889    6,704   6,962 
                                                                             
                        
Equity-accounted investments included above                        (103)     
(80)     (110)    (351)   (392) 


                                                                                
                            


                                                               1,398    
1,629     1,779    6,353   6,570 
                                                                             
                        
Gross profit (loss)                                                              


                            
                                                                                


                        
South Africa                                                         117      
147       320      651   1,083 
                                                                             
                        
Continental Africa                                                   124      
197       207      882     938 
                                                                             
                        
Australasia                                                            -       
36       (9)       78    (13) 
                                                                             
                        
Americas                                                             171      
154       186      722     744 
                                                                             
                        
Corporate and other                                                   17        
6        16       41      28 


                                                                                
                            


                                                                 429      
540       720    2,374   2,780 
                                                                             
                        
Equity-accounted investments included above                         (35)     
(28)      (38)    (118)   (157) 


                                                                                
                            


                                                                 394      
512       682    2,256   2,623 
                                                                             
                        
Capital expenditure                                                              


                            
                                                                                


                        
South Africa                                                         187      
161       181      583     532 
                                                                             
                        
Continental Africa                                                   280      
208       152      790     420 
                                                                             
                        
Australasia                                                          178       
82        40      355     102 
                                                                             
                        
Americas                                                             157       
77       147      390     456 
                                                                             
                        
Corporate and other                                                    2       
17         5       36      17 


                                                                                
                            


                                                                 804      
545       525    2,154   1,527 
                                                                             
                        
Equity-accounted investments included above                        (142)     
(73)      (31)    (303)    (88) 


                                                                                
                            


                                                                 662      
472       494    1,851   1,439 


                                                                                
                            
                                                                                
                            
                                                                                
                            


                                                                  Quarter 
ended            Year ended    
                                                                 Dec      
Sep       Dec      Dec     Dec 
                                                                2012     
2012      2011     2012    2011 
                                                           Unaudited 
Reviewed Unaudited Reviewed Audited 
                                                                            
 oz (000)                    
                                                                             
                        
Gold production                                                                  


                            
                                                                                


                        
South Africa                                                         171      
373       398    1,212   1,624 
                                                                             
                        
Continental Africa                                                   376      
357       419    1,521   1,570 
                                                                             
                        
Australasia                                                           55       
64        63      258     246 
                                                                             
                        
Americas                                                             258      
237       234      953     891 


                                                                                
                            


                                                                 859    
1,030     1,114    3,944   4,331 


                                                                                
                            
                                                                                
                            
                                                                                
                            
                                                                                
      As at    As at   As at
                                                                                
        Dec      Sep     Dec 
                                                                                
       2012     2012    2011


                                                                             
Reviewed Reviewed Audited 


                                                                                
                            
                                                                                
      US Dollar million     
                                                                                


                        
Total assets                                                                     


                            
                                                                                


                        
South Africa                                                                     


      3,082    3,131   2,148
                                                                                


                        
Continental Africa                                                               


      4,818    4,840   4,288
                                                                                


                        
Australasia                                                                      


      1,045      994     736
                                                                                


                        
Americas                                                                         


      2,863    2,765   2,501
                                                                                


                        
Corporate and other                                                              


        887    1,120   1,129
                                                                                
                            
                                                                                
     12,695   12,849  10,802
                                                                                


                        
Rounding of figures may result in computational discrepancies.                   


                            
                                                                                
                            

Notes

for the quarter and year ended 31 December 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 17, 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, IFRS as issued by the International Accounting
Standards Board, The Financial Reporting Guides as issued by the South African
Institute of Chartered Accountants, 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 year ended 31 December
2012.

2.      Revenue
                                        Quarter ended               Year ended 
                                  Dec      Sep       Dec         Dec        Dec
                                 2012     2012      2011        2012       2011
                            Unaudited Reviewed Unaudited    Reviewed    Audited
                                                                               
                                             S Dollar million                  


                                                                           
Gold income                     1,398    1,629     1,779       6,353      6,570 
                                                                           
By-products (note 3)               75       28        49         206        224 
                                                                           
Dividends received                  -        7         -           7          - 
                                                                           
Royalties received (note 5)         5     (10)         8          23         79 
                                                                           
Interest received                  12       10        23          43         52 


                                                                               
                                1,490    1,664     1,859       6,632      6,925
                                                                               

3.      Cost of sales


                                      Quarter ended               Year 
ended 
                               Dec      Sep       Dec      Dec           
Dec 
                              2012     2012      2011     2012          
2011 
                         Unaudited Reviewed Unaudited Reviewed       
Audited 


                                                                                
                                              US Dollar million                 
                                                                                

Cash operating costs               861      866       788    3,307         
3,029
                                                                                

Insurance reimbursement              -     (30)         -     (30)             -
                                                                                

By-products revenue (note 2)      (75)     (28)      (49)    (206)         
(224)
                                                                                


                               786      808       739    3,071         
2,805 
                                                                             
Royalties                           22       49        51      164           
193 
                                                                             
Other cash costs                    11       10         6       35            
30 
                                                                             
Total cash costs                   819      867       796    3,270         
3,028 
                                                                             
Retrenchment costs                   2        2         4       10            
15 
                                                                             
Rehabilitation and other                                                         
non-cash costs                      16       16       157       67           
229 
                                                                             
Production costs                   837      885       957    3,347         
3,272 
                                                                             
Amortisation of tangible                                                         
assets                             206      202       203      793           
768 
                                                                             
Amortisation of intangible                                                       
assets                               1        1         1        5             
2 
                                                                             
Total production costs           1,044    1,089     1,161    4,145         
4,042 


                                                                                

Inventory change                  (15)     (32)      (64)     (83)          
(96)
                                                                                


                             1,029    1,056     1,097    4,062         
3,946 


                                                                                


4.      Other operating expenses (income)
                                         Quarter ended               Year ended
                                  Dec      Sep       Dec      Dec           Dec
                                 2012     2012      2011     2012          2011
                            Unaudited Reviewed Unaudited Reviewed       Audited
                                                                               
                                             US Dollar million                 


                                                                           
Pension and medical defined                                                    
benefit provisions                (4)        4       (8)       31             6 
                                                                           
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             4        1         4       10            21 


                                                                               
                                    -        5       (4)       41            27
                                                                               

Rounding of figures may result in computational discrepancies.


5.      Special items
                                            Quarter ended            Year ended
                                        Dec      Sep       Dec      Dec     Dec
                                       2012     2012      2011     2012    2011
                                  Unaudited Reviewed Unaudited Reviewed Audited
                                                                               
                                                US Dollar million              


                                                                           
Net impairments (reversal) and                                                 
derecognition of tangible assets                                               
(note 8)                                354        1     (134)      356   (120) 
                                                                           
Impairment reversal of intangible                                              
assets (note 8)                           -        -         -     (10)       - 
                                                                           
Impairment of investments                                                      
(note 8)                                 12        3         3       16      21 
                                                                           
Impairment (reversal) of other                                                 
receivables                               -        1       (2)        1     (1) 
                                                                           
Net loss on disposal and                                                       
derecognition of land, mineral                                                 
rights, tangible assets and                                                    
exploration properties (note 8)           1        7         5       15       8 
                                                                           
Profit on disposal of subsidiary                                               
ISS International Limited                                                      
(note 8)                                  -        -         -        -     (2) 
                                                                           
Profit on partial disposal of                                                  
Rand Refinery Limited (notes 8                                                 
and 13)                                (14)        -         -     (14)       - 
                                                                           
Black Economic Empowerment                                                     
transaction modification costs                                                 
for Izingwe (Pty) Limited                 -        -         -        -      7  
                                                                           
Royalties received (note 2) (1)         (5)       10       (8)     (23)    (79) 
                                                                           
Insurance claim recovery on                                                    
capital items (note 8)                    -        -       (3)        -     (3) 
                                                                           
Indirect tax expenses (income)                                                 
and legal claims                         33        3       (7)       40       6 
                                                                           
Contract termination and                                                       
settlement costs                         21        -         -       21       - 


                                                                               
                                        402       25     (146)      402   (163)
                                                                               

(1)    In the September 2012 quarter, the Boddington royalties included an over
accrual relating to the prior quarter of $11m.


6.      Finance costs and unwinding of obligations
                                         Quarter ended               Year ended
                                   Dec      Sep       Dec         Dec       Dec
                                  2012     2012      2011        2012      2011
                             Unaudited Reviewed Unaudited    Reviewed   Audited
                                                                               
                                             US Dollar million                 


                                                                           
Finance costs                       47       50        34         167       141 
                                                                           
Unwinding of obligations,                                                      
accretion of convertible                                                       
bonds and other discounts           20       15        14          64        55 


                                                                               
                                    67       65        48         231       196
                                                                               

7.      Taxation
                                         Quarter ended               Year ended
                                   Dec      Sep       Dec         Dec       Dec
                                  2012     2012      2011        2012      2011
                             Unaudited Reviewed Unaudited    Reviewed   Audited
                                                                               
                                             US Dollar million                 


                                                                           
South African taxation                                                          
                                                                           
Mining tax                        (28)       25        71          54       113 
                                                                           
Non-mining tax                       8        6         7          18        12 
                                                                           
(Over) under provision prior                                                   
year                               (3)      (2)       (2)         (3)         4 
                                                                           
Deferred taxation                                                               
                                                                            
Temporary differences            29       19        42          66       222 
                                                                            
Unrealised non-hedge                                                        
derivatives and other                                                           
commodity contracts               7     (17)         -        (10)         - 
                                                                            
Change in estimated                                                         
deferred tax rate                  (8)        -         9         (9)         9 
                                                                            
Change in statutory tax                                                     
rate                                 -        -         -       (131)         - 


                                                                               
                                     4       31       128        (15)       360


                                                                           
Foreign taxation                                                                
                                                                           
Normal taxation                     52       77        64         353       275 
                                                                           
(Over) under provision prior                                                   
year                              (14)        -       (4)         (9)         3 
                                                                           
Deferred taxation                                                               
                                                                            
Temporary differences          (94)     (32)        57        (48)        85 
                                                                            
Change in statutory tax                                                     
rate                                 -        -         -          41         - 


                                                                               
                                  (56)       45       118         337       363
                                                                               
                                                                               
                                                                               
                                  (52)       76       246         322       723
                                                                               

Rounding of figures may result in computational discrepancies.


8.      Headline earnings
                                            Quarter ended            Year ended
                                       Dec       Sep       Dec      Dec     Dec
                                      2012      2012      2011     2012    2011
                                 Unaudited  Reviewed Unaudited Reviewed Audited
                                                                               
                                               US Dollar million               


                                                                           
The (loss) profit attributable                                                 
to equity shareholders was                                                     
adjusted by the following to                                                   
arrive at headline earnings:                                                    
                                                                           
(Loss) profit attributable to                                                  
equity shareholders                  (188)       168   385          830   1,552 
                                                                           
Net impairments (reversal) and                                                 
derecognition of tangible                                                      
assets (note 5)                        354         1 (134)          356   (120) 
                                                                           
Impairment reversal of                                                         
intangible assets (note 5)               -         -     -         (10)       - 
                                                                           
Net loss on disposal and                                                       
derecognition of land, mineral                                                 
rights, tangible assets and                                                    
exploration properties (note 5)          1         7     5           15       8 
                                                                           
Impairment of other investments                                                
(note 5)                                12         3     3           16      21 
                                                                           
Insurance claim recovery on                                                    
capital items (note 5)                   -         -   (3)            -     (3) 
                                                                           
Profit on disposal of                                                          
subsidiary ISS International                                                   
Limited (note 5)                         -         -     -            -     (2) 
                                                                           
Profit on partial disposal of                                                  
Rand Refinery Limited                                                          
(notes 5 and13)                       (14)         -     -         (14)       - 
                                                                           
Net impairment (reversal) of                                                   
investment in associates and                                                   
joint ventures                          45         -   (6)           57     (4) 
                                                                           
Loss on disposal of loan to                                                    
joint venture                            2         -     -            2       - 
                                                                           
Special items of associates              3         -     -            -       - 
                                                                           
Taxation on items above -                                                      
current portion                          -       (1)     -          (1)       1 
                                                                           
Taxation on items above -                                                      
deferred portion                     (106)       (1)    38        (106)      31 


                                                                               
                                       109       178   289        1,145   1,484


                                                                           
Headline earnings per ordinary                                                 
share (cents) (1)                       28        46    75          296     384 
                                                                           
Diluted headline earnings per                                                  
ordinary share (cents)(2)               13        46    71          236     330 
                                                                            
(1)      Calculated on the basic weighted average number of ordinary shares. 
(2)      Calculated on the diluted weighted average number of ordinary shares. 
9.      Number of shares 
                                                                 Quarter 
ended              Year ended             
                                                             Dec           
Sep         Dec         Dec         Dec 
                                                            2012          
2012        2011        2012        2011 
                                                       Unaudited      
Reviewed   Unaudited    Reviewed     Audited 
                                                                             
                                  
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                           383,320,962   
383,110,317 382,242,343 383,320,962 382,242,343 


                                                                                
                                      


  E ordinary shares in issue                           1,617,752     
2,498,230   2,582,962   1,617,752   2,582,962 
                                                                             
                                  
Total ordinary shares:                                   384,938,714   
385,608,547 384,825,305 384,938,714 384,825,305 


                                                                                
                                      


  A redeemable preference shares                       2,000,000     
2,000,000   2,000,000   2,000,000   2,000,000 


                                                                                
                                      


  B redeemable preference shares                         778,896       
778,896     778,896     778,896     778,896 
                                                                             
                                   
In calculating the basic and diluted number of ordinary shares outstanding for
the period, the following were taken into consideration: 
  Ordinary                                                                 
shares              383,197,618 382,854,974 382,059,365 382,757,790 381,621,687 
                                                                            
  E ordinary                                                               
shares                1,999,566   2,546,474   2,937,664   2,392,316   2,950,804 
                                                                            
  Fully vested                                                             
options               1,232,070   1,447,978   1,121,745   1,616,239   1,389,122 
                                                                            
  Weighted                                                                 
average number of                                                              
shares              386,429,254 386,849,426 386,118,774 386,766,345 385,961,613 
                                                                            
  Dilutive                                                                 
potential of share                                                             
options (1)                   -   1,510,368   1,517,152   1,166,037   1,572,015 
                                                                            
  Dilutive                                                                 
potential of                                                                   
convertible bonds                                                              
(1)                           -           -  18,140,000  33,524,615  33,524,615 
                                                                            
  Diluted                                                                  
number of ordinary                                                             
shares              386,429,254 388,359,794 405,775,926 421,456,997 421,058,243 


                                                                               

 (1)     The dilutive effect of the share options and convertible bonds are not
the same for the quarter and the year ended December 2012 as the effect of the
share options and convertible bonds are anti-dilutive for the quarter.


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


                                                                          
Balance at beginning of period                          6,782    6,782   6,734 
                                                                          
Ordinary shares issued                                     46       32      57 
                                                                          
E ordinary shares issued and cancelled                    (7)      (1)     (9) 
                                                                          
Sub-total                                               6,821   6,813   6,782  
                                                                          
Redeemable preference shares held within the group       (53)     (53)    (53) 
                                                                          
Ordinary shares held within the group                    (10)     (17)    (17) 
                                                                          
E ordinary shares held within the group                  (16)     (22)    (23) 
                                                                          
Balance at end of period                                6,742    6,721   6,689 


                                                                              

Rounding of figures may result in computational discrepancies


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


                                                                      
ZAR/USD average for the year to date            8.20       8.04       7.26 
                                                                      
ZAR/USD average for the quarter                 8.67       8.25       8.09 
                                                                      
ZAR/USD closing                                 8.45       8.30       8.04 


                                                                          
                                                                          


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


                                                                          
                                                                          


                                                                      
BRL/USD average for the year to date            1.95       1.92       1.68 
                                                                      
BRL/USD average for the quarter                 2.06       2.03       1.80 
                                                                      
BRL/USD closing                                 2.05       2.03       1.87 


                                                                          
                                                                          


                                                                      
ARS/USD average for the year to date            4.55       4.46       4.13 
                                                                      
ARS/USD average for the quarter                 4.80       4.61       4.25 
                                                                      
ARS/USD closing                                 4.92       4.70       4.30 


                                                                          

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


                                                                       
Orders placed and outstanding on capital                                   
contracts at the prevailing rate of exchange (1)       927    1,004     202 


                                                                           

(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 Limited acquired the entire share
capital of First Uranium (Pty) Limited, 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
Limited'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 
                                                                      
Other investments                                                        3 
                                                                      
Deferred tax                                                            52 
                                                                      
Inventories                                                            134 
                                                                      
Trade and other receivables                                              2 
                                                                      
Cash restricted for use                                                  3 
                                                                      
Cash and cash equivalents                                                5 


                                                                          
                                                                       815


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


                                                                          
                                                                       698


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


                                                                          
                                                                     (330)
                                                                          

Since acquisition, First Uranium (Pty) Limited has contributed $41m of revenue
and a profit of less than $1m to the net profit before tax of the group. If the
combination had taken place at the beginning of the year, the group's profit
for the year would have been $927m and revenue would have been $6,697m.

The transaction costs of $3m have been expensed and are included in
administrative expenses in the income statement and are part of 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
Limited's own tailings facilities to the Mine Waste Solutions plant that will
allow processing of AngloGold Ashanti Limited's Vaal River tailings without
having to build additional processing facilities. The processing of AngloGold
Ashanti Limited's 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 Limited and First Uranium
(Pty) Limited tailings alike.

None of the goodwill recognised is expected to be deductible for income tax
purposes. There have been no significant movements in goodwill or provisions
except for the fair value movements related to the commodity contract 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.
         Part disposal of Rand Refinery Limited


     In early December 2012, AngloGold Ashanti Limited disposed of a 5%
interest in Rand Refinery Limited (Rand Refinery) for a total cash
consideration of $6m. AngloGold Ashanti Limited now holds a remaining interest
of 48.03% and this interest is accounted for as an associate.  
     The carrying value of the identifiable assets and liabilities of Rand
Refinery as at the date of disposal was: 


                                                                      2012
                                                                          
                                                        US Dollars million


                                                                      
Assets                                                                     
                                                                      
Tangible assets                                                         53 
                                                                      
Other non-current assets                                                 2 
                                                                      
Non-current assets held for sale                                         1 
                                                                      
Inventories                                                             22 
                                                                      
Trade and other receivables                                             13 
                                                                      
Cash and cash equivalents                                               31 


                                                                          
                                                                       122


                                                                      
Liabilities                                                                
                                                                      
Deferred tax                                                             2 
                                                                      
Trade and other payables                                                22 
                                                                      
Taxation                                                                 4 


                                                                          
                                                                        28


                                                                      
Total identifiable net assets                                           94 
                                                                      
Consideration received                                                   6 
                                                                      
Fair value of residual value of investment                              57 
                                                                      
Non-controlling interest                                                45 
                                                                      
Less:  Net assets disposed                                            (94) 
                                                                      
Total gain on disposal                                                  14 
                                                                      
Total gain on disposal                                                  14 
                                                                      
Realised gain                                                            5 
                                                                      
Unrealised gain                                                          9 


                                                                          

14.    Contingencies

AngloGold Ashanti's material contingent liabilities and assets at 31 December
are detailed below:
         Contingencies and guarantees
                                                             Dec        Dec
                                                            2012       2011
                                                        Reviewed    Audited
                                                                           
                                                         US Dollar Millions     


                                                                           
Contingent liabilities                                                      
                                                                       
Groundwater pollution  (1)                                     -          - 
                                                                       
Deep groundwater pollution - South Africa (2)                  -          - 
                                                                       
Indirect taxes - Ghana (3)                                    23         12 
                                                                       
ODMWA litigation (4)                                           -          - 
                                                                       
Other tax disputes - AngloGold Ashanti Brasil                              
Mineração Ltda (5)                                            38         29 
                                                                       
Sales tax on gold deliveries - Mineração Serra                             
Grande S.A.(6)                                               156         88 
                                                                       
Other tax disputes - Mineração Serra Grande S.A.                           
(7)                                                           19          9 
                                                                       
Tax dispute - AngloGold Ashanti Colombia S.A.(8)             161          - 
                                                                       
Contingent assets                                                           
                                                                       
Indemnity - Kinross Gold Corporation (9)                    (90)          - 
                                                                       
Royalty - Boddington Gold Mine (10)                            -          - 
                                                                       
Royalty - Tau Lekoa Gold Mine (11)                             -          - 
                                                                       
Financial Guarantees                                                        
                                                                       
Oro Group (Pty) Limited (12)                                  12         12 


                                                                           
                                                             319        150
                                                                           

Groundwater pollution - AngloGold Ashanti has identified groundwater
contamination plumes at certain of its operations in South Africa, 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.

Deep groundwater pollution - The company has identified a flooding and future
pollution risk posed by deep groundwater in certain underground mines in South
Africa. 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 accurate estimation of a liability, no reliable estimate can be made for
the obligation.

Indirect taxes - AngloGold Ashanti (Ghana) Limited received tax assessments for
the 2006 to 2008 and for the 2009 to 2011 tax years following audits by the tax
authorities which related to various indirect taxes amounting to $23m (2011:
$12m). Management is of the opinion that the indirect taxes were not properly
assessed and the company has lodged an objection.

ODMWA litigation - On 3 March 2011, in Mankayi vs. AngloGold Ashanti, the
Constitutional Court of South Africa held that section 35(1) of the
Compensation for Occupational Injuries and Diseases Act, 1993 does not cover an
"employee" who qualifies for compensation in respect of "compensable diseases"
under the Occupational Diseases in Mines and Workers Act, 1973 (ODMWA).  This
judgment allows such qualifying employee to pursue a civil claim for damages
against the employer. Following the Constitutional Court decision, AngloGold
Ashanti has become subject to numerous claims relating to silicosis and other
Occupational Lung Diseases (OLD), including several potential class actions and
individual claims.

For example, on or about 21 August 2012, AngloGold Ashanti was served with an
application instituted by Bangumzi Bennet Balakazi and others in which the
applicants seek an order declaring that all mine workers (former or current)
who previously worked or continue to work in specified South African gold mines
for the period owned by AngloGold Ashanti and who have silicosis or other OLD
constitute members of a class for the purpose of proceedings for declaratory
relief and claims for damages. In the event the class is certified, such class
of workers would be permitted to institute actions by way of a summons against
AngloGold Ashanti for amounts as yet unspecified. On 4 September 2012,
AngloGold Ashanti delivered its notice of intention to defend this application.
AngloGold Ashanti has also delivered a formal request for additional
information that it requires to prepare its affidavits in respect to the
allegations and the request for certification of a class.

In addition, on or about 8 January 2013, AngloGold Ashanti and its subsidiary
Free State Consolidated Gold Mines (Operations) Limited, alongside other mining
companies operating in South Africa, were served with another application to
certify a class. The applicants in the case seek to have the court certify two
classes namely: (i) current and former mineworkers who have silicosis (whether
or not accompanied by any other disease) and who work or have worked on certain
specified gold mines at any time from 1 January 1965 to date; and (ii) the
dependants of mineworkers who died as a result of silicosis (whether or not
accompanied by any other disease) and who worked on these gold mines at any
time after 1 January 1965. AngloGold Ashanti has filed a notice of intention to
oppose the application.

In October 2012, a further 31 individual summonses and particulars of claim
have been received relating to silicosis and/or other OLD. The total amount
being claimed in the 31 summonses is approximately $9m. On 22 October 2012,
AngloGold Ashanti filed a notice of intention to oppose these claims. AngloGold
Ashanti has also served a notice of exception to the summonses which, if
successful, is expected to require the plaintiffs to redraft the particulars of
claim to correct certain errors. The exception is expected to be heard by the
South Gauteng High Court on 26 February 2013.

It is possible that additional class actions and/or individual claims relating
to silicosis and/or other OLD will be filed against AngloGold Ashanti in the
future. AngloGold Ashanti will defend all current and subsequently filed claims
on their merits. Should AngloGold Ashanti be unsuccessful in defending any such
claims, or in otherwise favourably resolving perceived deficiencies in the
national occupational disease compensation framework that were identified in
the earlier decision by the Constitutional Court, such matters would have an
adverse effect on its financial position, which could be material. The company
is unable to estimate its share of the amounts claimed.

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'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 $17m (2011: $8m). Management is of the
opinion that the taxes are not payable.

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 $96m (2011:
attributable share $54m) and $60m (2011: attributable share $34m) 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. Both cases have been
remitted to the COMEX and are under review. The company believes both
assessments are in violation of federal legislation on sales taxes. A date has
not yet been set for a hearing before the COMEX.

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 $19m
(2011: attributable share $9m).

Tax dispute - AngloGold Ashanti Colombia S.A. (AGAC) received notice from the
Colombian Tax Office (DIAN) that it disagreed with the company's tax treatment
of certain items in the 2010 income tax return. The company believes that the
tax legislation has been applied correctly. The company is considering
defending AGAC's position. An estimated additional tax of $26m will be payable
if the tax returns are amended. Penalties and interest for the additional tax
are expected to be $135m based on Colombian tax law.

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 ($90m at 31 December 2012
exchange rates) against the specific exposures discussed in items 6 and 7
above.

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 cash cost plus $600/oz. The royalty
commenced on 1 July 2010 and is capped at a total amount of $100m, of which
$60m (2011: $34m) has been received to date. Royalties of $4m (2011: $8m) were
received during the quarter.

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

The royalty will be determined at 3% of the net revenue (being gross revenue
less State royalties) generated by the Tau Lekoa assets. Royalties on 304,643oz
produced have been received to date. Royalties of $1m (2011: $1m) were received
during the quarter.

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.    Concentration of risk


     There is a concentration of risk in respect of recoverable value added
tax, fuel duties and appeal deposits from the Tanzanian government. The
outstanding amounts have been discounted to their present value at a rate of
7.82%. 
     The recoverable value added tax, fuel duties and appeal deposits are
summarised as follows: 
                                                                   2012 
                                                                       
Recoverable value added tax                                              16 
                                                                       
Recoverable fuel duties (1)                                              35 
                                                                       
Appeal deposits                                                           4 
                                                                        
Fuel duty claims are required to be submitted after consumption of the related
fuel and are subject to authorisation by the Customs and Excise authorities. 
16.    Borrowings 
     AngloGold Ashanti's borrowings are interest bearing. 
17.    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. 
18.    Announcements 
     On 1 October 2012, AngloGold Ashanti announced that its mines in South
Africa remained at a standstill as a result of the unprotected strike which
began on 20 September 2012 at the Kopanang operation and spread to the
remaining five operations on 25 September 2012. On 24 October 2012, AngloGold
Ashanti announced that the unprotected strike at its Vaal River region had come
to an end. On 2 November 2012, AngloGold Ashanti announced that employees at
the Mponeng and TauTona mines did not resume work due to illegal sit-ins. On
14 November 2012, following another sit-in, AngloGold Ashanti announced that
normal operations resumed at its Mponeng mine following successful engagement
with employee and trade union representatives. 
     On 13 October 2012, AngloGold Ashanti announced the termination of its
relationship with Mining and Building Contractors Ltd, the underground
development contractor at the Obuasi mine in Ghana. 
     On 16 October 2012, AngloGold Ashanti announced that the JSE Limited
granted AngloGold Ashanti the listing of its ANG01 Senior Unsecured Fixed Rate
Notes and ANG02 Senior Unsecured Floating Rate Notes under its ZAR10 billion
Domestic Medium Term Note Programme dated 29 June 2012. 
     On 4 December 2012, AngloGold Ashanti announced that the Mineral
Resource estimate for the Tropicana Gold Project had increased by a further
1.48 million ounces to 7.89 million ounces of contained gold. The increase was
the result of drilling completed in 2012 and greater confidence in the
viability of a larger pit at Havana. 
     On 10 December 2012, AngloGold Ashanti announced that Standard &
Poor's affirmed the investment grade rating on the company's publicly traded
debt following an extensive review. 
     On 8 January 2013, the Board of AngloGold Ashanti announced the
resignation of Chief Executive Officer, Mark Cutifani with effect from 1 April
2013. The Board further announced the appointment of the current Chief
Financial Officer, Mr Srinivasan Venkatakrishnan and Executive Vice President
Business and Technical Development, Mr Anthony O'Neill as joint interim Chief
Executives, with Mr Venkatakrishnan responsible for all Finance and Corporate
functions and Mr O'Neill responsible for all Operations, Projects (including
the company's Enterprise Resource Planning programme and procurement) and
Technical functions. 
19.    Dividend 
     The salient details Dividend No. 115 for the quarter ended
30 September 2012 paid by AngloGold Ashanti (Registration Number 1944/017354/
06) is shown below: 


                           Rate of       Gross Withholding       Net    Date of
                          exchange    dividend  tax at 15%  dividend    payment
                                      declared                  paid       2012


                                                                           
South African cents per                     50                               14
ordinary share                   -                     7.5      42.5   December 
                                                                           
UK pence per ordinary     R14.2725       3.503                               14
share                          /£1                   0.525     2.978   
December 
                                                                           
Australian cents per                     1.077                               14
CHESS Depositary Interest      R1/                                     December
(CDI)                     A$0.1077                   0.162     0.915            
                                                                           
Ghana cedi per ordinary       R1/¢     0.10585                               
14
share                       0.2117                 0.01588   0.08997   December 
                                                                           
Ghana cedi per Ghanaian       R1/¢   0.0010585                               
17
Depositary Share (GhDSs)    0.2117               0.0001588 0.0008997   December 
                                                                           
US cents per American     R8.6784/      5.7614                               24
Depositary Share (ADS)          $1                  0.8642    4.8972   December 
                                                                            
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 September 2012 Dividend No. E15 of 25 South African cents
(gross), or 21.25 South African cents (net) was paid to holders of E ordinary
shares on 14 December 2012, being those employees participating in the Bokamoso
ESOP and 25 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 Final Dividend No. 116 for the quarter and year ended 31 December 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 of AngloGold Ashanti Limited in issue at the               
date of declaration is                                              383,341,572 
                                                                           
The E ordinary shares of AngloGold Ashanti Limited in issue at the    1,612,518
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.                         


                                                                           
                                                                       2013


                                                                       
Currency conversion date for UK pounds, Australian dollars      Thursday, 7
and Ghanaian cedis                                                    March 
                                                                       
Last date to trade ordinary shares cum dividend                   Friday, 8 
                                                                  March 
                                                                       
Last date to register transfers of certificated securities        Friday, 8
cum dividend                                                          March 
                                                                       
Ordinary shares trade ex-dividend                                Monday, 11 
                                                                  March 
                                                                       
Record date                                                      Friday, 15 
                                                                  March 
                                                                       
Payment date                                                   Thursday, 28 
                                                                  March 
                                                                        
On the payment date, dividends due to holders of certificated securities on
the South African and Jersey share registers will be electronically        
transferred to shareholders' bank accounts.                                 
                                                                       
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, 11 March    
2013 and Friday, 15 March 2013, both days inclusive, no transfers between  
the South African, Jersey, 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.         


                                                                           
                                                                       2013


                                                                       
Ex dividend on New York Stock Exchange                  Wednesday, 13 March 
                                                                       
Record date                                                Friday, 15 March 
                                                                       
Approximate date for currency conversion                   Friday, 22 March 
                                                                       
Approximate payment date of dividend                        Monday, 8 April 
                                                                       
Assuming an exchange rate of R8.8736/$, 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.                                     


                                                                           
                                                                       2013


                                                                       
Last date to trade and to register GhDSs cum dividend       Friday, 8 March 
                                                                       
GhDSs trade ex-dividend                                    Monday, 11 March 
                                                                       
Record date                                                Friday, 15 March 
                                                                       
Approximate payment date of dividend                        Monday, 2 April 
                                                                        
Assuming an exchange rate of R1/0.21411¢, which is subject to a 15% South
African withholding tax, the dividend payable per share is equivalent to 0.1071
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, directors declared Interim Dividend No. E16, for the quarter and
year ended 31 December 2012 of 25 South African cents per E ordinary share,
payable to employees participating in the Bokamoso ESOP and Izingwe Holdings
(Proprietary) Limited. These dividends will be paid on Thursday, 28 March 2013. 
By order of the Board 
T T MBOWENI       M CUTIFANI       
Chairman          Chief Executive Officer 


                                   

18 February 2013

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                                                    
                                             


                             Dec           Sep                  Dec        
Dec       Dec 
                            2012          2012                 2011       
2012      2011 
                       Unaudited     Unaudited            Unaudited  
Unaudited Unaudited 


                                                                                
                                                                                
      US Dollar million                     
                                                                                


                                         
Headline earnings (note 8)      109           178                  289      1 
145     1,484 
                                                                             
                                         
(Gain) loss on unrealised 
non-hedge derivatives and other                                                  
             
commodity contracts            (25)            61                    -         
35         1 
                                                                             
                                         
Deferred tax on unrealised 
non-hedge derivatives and                                                        
            
other commodity contracts 
(note 7)                          7          (17)                    -       
(10)         - 
                                                                             
                                         
Fair value adjustment on 
option component of 
convertible bonds              (17)             2                   15       
(83)      (84) 
                                                                             
                                         
Fair value adjustment on 
mandatory convertible bonds    (65)            11                  (9)      
(162)     (104) 
                                                                             
                                         
Adjusted headline earnings        7           235                  295        
924     1,297 
                                                                             
                                         
Adjusted headline earnings 
per ordinary share (cents)(1)     2             61                  76        
239       336 
                                                                             
                                         
(1) Calculated on the basic weighted average number of ordinary shares.          


                                                                                
                  
                                                                                


                                         
B Adjusted gross profit                                                          


                                             
                                      
                                 Quarter ended                      Year ended  
                                Dec           Sep                  Dec        Dec   
    Dec


                       2012          2012                 2011       2012    
2011 
                  Unaudited     Unaudited            Unaudited  Unaudited 
Unaudited    
Reconciliation of 
gross profit to 
adjusted gross profit(1) 
 
Gross profit                394           512                  682      2,256   
  2,623 
                                                                             
                                         
(Gain) loss on 
unrealized non-hedge 
derivatives and other                                                            
   
commodity contracts         (25)            61                    -         35   


       1
                                                                                


                                    
Adjusted gross profit(1)     369           573                  682      2,292   
2,624 
                                                                             
                                         
(1) Adjusted gross profit excludes unrealized non-hedge derivatives and other 
commodity contracts.                                                             


                     
                                                                                


                                         
C Price received                                                                 


                                             
                                  Quarter ended                      Year ended 
         
                              Dec           Sep                  Dec        Dec 
      Dec
                             2012          2012                 2011       2012 
     2011


                    Unaudited     Unaudited            Unaudited  Unaudited 
Unaudited 


                                                                                
                                                                                
    US Dollar / Imperial                     
                                                                                


                                         
Gold income (note 2)        1,398         1,629                1,779      6,353  


    6,570
                                                                                


                                         
Adjusted for 
non-controlling interests    (19)          (19)                 (47)      (135)  


    (177)
                            1,379         1,610                1,732      6,218 
    6,393
                                                                                


                                         
Realised loss on other 
commodity contracts             5             5                    -         10  


        -
                                                                                


                                         
Associates and equity 
accounted joint ventures' 
share of gold income 
including realized 
non-hedge derivatives         103            80                  110        351  


      392
                                                                                


                                         
Attributable gold income 
including realized non-hedge
derivatives                 1,487         1,695                1,842      6,579  


    6,785
                                                                                


                                         
Attributable gold sold 
- oz (000)                    865         1,029                1,094      3,953  


    4,305
                                                                                


                                         
Revenue price per 
unit - $/oz                 1,718         1,648                1,684      1,664  


    1,576
                                                                                


                                         
Rounding of figures may result in computational   discrepancies.                 


                                                                                
             


                               Quarter ended                      Year 
ended           
                       Dec           Sep                  Dec        Dec     
Dec 
                      2012          2012                 2011       2012    
  2011 
                 Unaudited     Unaudited            Unaudited  Unaudited 
Unaudited 


                                                                                
                                                                                
       US Dollar / Imperial                     
                                                                                


                                         
D Total costs                                                                    


                                             
                                                                                


                                         
Total cash costs 
(note 3)                   819           867                  796      3,270    
 3,028 
                                                                             
                                         
Adjusted for 
non-controlling 
interests and non-gold                                                           
          
producing companies        (14)          (26)                 (13)       (95)    
(99) 
                                                                             
                                         
Associates and equity 
accounted joint ventures' 
share of total cash costs   62            51                   64        223     
221 
                                                                             
                                         
Total cash costs adjusted 
for non-controlling interests                                                    
             
and non-gold producing 
companies                  867           892                  847      3,398    
 3,150 
                                                                             
                                         
Retrenchment costs 
(note 3)                     2             2                    4         10     


    15
                                                                                


                                         
Rehabilitation and other 
non-cash costs (note 3)     16            16                  157         67     
229 
                                                                             
                                         
Amortisation of tangible 
assets (note 3)            206           202                  203        793     
768 
                                                                             
                                         
Amorisation of intangible 
assets (note 3)              1             1                    1          5     


     2
                                                                                


                                         
Adjusted for non-controlling 
interests and non-gold                                                           
          
producing companies        (12)           (3)                 (34)       (31)    
(64) 
                                                                             
                                         
Associates and equity 
accounted joint ventures' 
share of                                                                   
production costs             2             3                    6          8     


    12
                                                                                


                                         
Total production costs 
adjusted for non-controlling                                                     
                
interests and non-gold 
producing companies       1,082         1,113                1,184      4,250   
  4,112 
                                                                             
                                         
Gold produced - oz (000)    859         1,030                1,112      3,944   
  4,329 
                                                                             
                                         
Total cash cost per 
unit - $/oz               1,009           866                  762        862    


    728
                                                                                


                                         
Total production 
costs per unit - $/oz     1,259         1,081                1,065      1,078    


    950
                                                                                


                                         
(1) The total cash cost of $1,009/oz for the December 2012 quarter includes      


    $157/oz relating to the impact of the strike in South Africa.  For the year,    
    the cash cost of $862/oz includes $33/oz for the impact of the strike.          
                                                                                    
    

E EBITDA                                                                        
                             
                                                                                


                         
  Operating profit                                           (217)  305       
672             1,127     2,202 
                                                                             
                         
  Amortisation of tangible assets (note 3)                     206  202       
203               793       768 
                                                                             
                         
  Amortisation of intangible assets (note 3)                     1    1         
1                 5         2 
                                                                             
                         
  Impairment (reversal) and derecognition of tangible                            
                         
  assets (note 5)                                              354    1     
(134)               356     (120) 
                                                                             
                         
  Impairment reversal of intangible assets (note 5)              -    -         
-              (10)         - 
                                                                             
                         
  (Gain) loss on unrealised non-hedge derivatives and other                      
                         
  commodity contracts                                         (25)   61         
-                35         1 
                                                                             
                         
  Share of associates' EBITDA                                   15   16        
33                74       137 
                                                                             
                         
  Impairment of investments (note 5)                            12    3         
3                16        21 
                                                                             
                         
  Net loss on disposal and derecognition of assets (note 5)      1    7         
5                15         8 
                                                                             
                         
  Profit on disposal of subsidiary ISS International                             
                         
  Limited (note 5)                                               -    -         
-                 -       (2) 
                                                                             
                         
  Profit on disposal of subsidiary Rand Refinery Limited                         
                         
  (note 5)                                                    (14)    -         
-              (14)         - 
                                                                             
                         
  Insurance claim recovery of capital items (note 5)             -    -       
(3)                 -       (3) 


                                                                                
                             


                                                           333  597       
780             2,397     3,014 
                                                                             
                         
F Interest cover                                                                 


                             
                                                                                


                         
  EBITDA (note D)                                              333  597       
780             2,397     3,014 
                                                                             
                         
  Finance costs (note 6)                                        47   50        
34               167       141 
                                                                             
                         
  Capitalised finance costs                                      4    4         
2                12         3 


                                                                                
                             


                                                            51   54        
36               179       144 
                                                                             
                         
  Interest cover - times                                         7   11        
22                13        21 


                                                                                
                             


                                                                        As 
at             As at     As at 
                                                                          
Dec               Sep       Dec 
                                                                         
2012              2012      2011 
                                                                    
Unaudited         Unaudited Unaudited 


                                                                                
                             


                                                                            
  US Dollar million           
                                                                             
                         
G Net asset value - cents per share                                              


                             
                                                                                


                         
  Total equity                                                              
5,469             5,742     5,166 
                                                                             
                         
  Mandatory convertible bonds                                                 
588               656       760 


                                                                                
                             


                                                                        
6,057             6,398     5,926 
                                                                             
                         
  Number of ordinary shares in issue - million (note 9)                       
385               386       385 
                                                                             
                         
  Net asset value - cents per share                                         
1,573             1,659     1,540 
                                                                             
                         
  Total equity                                                              
5,469             5,742     5,166 
                                                                             
                         
  Mandatory convertible bonds                                                 
588               656       760 
                                                                             
                         
  Intangible assets                                                         
(315)             (289)     (210) 


                                                                                
                             


                                                                        
5,742             6,109     5,716 
                                                                             
                         
  Number of ordinary shares in issue - million (note 9)                       
385               386       385 
                                                                             
                         
  Net tangible asset value - cents per share                                
1,492             1,584     1,485 
                                                                             
                         
H Net debt                                                                       


                             
                                                                                


                         
  Borrowings - long-term portion                                            
2,724             2,708     1,698 
                                                                             
                         
  Borrowings - short-term portion                                             
271                57        30 
                                                                             
                         
  Total borrowings (1)                                                      
2,995             2,765     1,728 
                                                                             
                         
  Corporate office lease                                                     
(31)              (32)      (33) 
                                                                             
                         
  Unamortised portion of the convertible and rated bonds                       
53                52        85 
                                                                             
                         
  Cash restricted for use                                                    
(64)              (93)      (58) 
                                                                             
                         
  Cash and cash equivalents                                                 
(892)           (1,123)   (1,112) 
                                                                             
                         
  Net debt excluding mandatory convertible bonds                            
2,061             1,569       610 
                                                                             


                             

 (1) Borrowings exclude the mandatory convertible bonds (note G).               
    
                                                                                
    

Rounding of figures may result in computational discrepancies.


OPERATING RESULTS                                              Continental      
                  Total


                                              South Africa      Africa 
Australasia Americas   group
QUARTER ENDED DECEMBER 2012                                                      


                       
                                                                                
                       
                                                                                
                       
                                                                                


                   
UNDERGROUND OPERATION                                                            


                       
                                                                                


                   
Area mined                        - 000 m2                 124           -       


     -        -     124
                                                                                


                   
Mined                             - 000 tonnes             760         434       
482      788   2,464 
                                                                             
                   
Milled / Treated                  - 000 tonnes             715         464       
433      811   2,423 
                                                                             
                   
Recovered grade                   - oz/ton               0.175       0.146      
 0.080    0.167   0.150 


                                                                                
                       


                              - g/tonne               5.99        5.01      
  2.74     5.74    5.14 
                                                                             
                   
Gold produced                     - oz (000)               138          75       


    38      150     400
                                                                                
                       
                                                                                
                       
                                                                                


                   
SURFACE AND DUMP RECLAMATION                                                     


                       
                                                                                


                   
Milled / Treated                  - 000 tonnes           5,415          61       


     -        -   5,476
                                                                                


                   
Recovered grade                   - oz/ton               0.006       0.019       


     -        -   0.006
                                                                                
                       
                                  - g/tonne               0.19        0.65      
     -        -    0.20
                                                                                


                   
Gold produced                     - oz (000)                34           1       


     -        -      35
                                                                                
                       
                                                                                
                       
                                                                                


                   
OPEN-PIT OPERATION                                                               


                       
                                                                                


                   
Volume mined                      - 000 bcm                  -      15,544      
 1,898        -  17,442 
                                                                             
                   
Mined                             - 000 tonnes               -      37,316      
 4,424    6,658  48,398 
                                                                             
                   
Treated                           - 000 tonnes               -       6,311       
350      259   6,920 
                                                                             
                   
Stripping ratio                   - ratio                    -        4.37      
162.66    21.09    5.65 
                                                                             
                   
Recovered grade                   - oz/ton                   -       0.042      
 0.044    0.150   0.046 


                                                                                
                       


                              - g/tonne                  -        1.43      
  1.50     5.15    1.57 
                                                                             
                   
Gold produced                     - oz (000)                 -         290       


    17       43     349
                                                                                
                       
                                                                                
                       
                                                                                


                   
HEAP LEACH OPERATION                                                             


                       
                                                                                


                   
Mined                             - 000 tonnes               -       1,842       


     -   15,488  17,330
                                                                                


                   
Placed                            - 000 tonnes               -         277       


     -    5,345   5,621
                                                                                


                   
Stripping ratio                   - ratio                    -        6.08       


     -     2.11    2.31
                                                                                


                   
Recovered grade                   - oz/ton                   -       0.054       


     -    0.012   0.014
                                                                                
                       
                                  - g/tonne                  -        1.87      
     -     0.41    0.49
                                                                                


                   
Gold placed                       - oz (000)                 -          17       


     -       71      88
                                                                                


                   
Gold produced                     - oz (000)                 -          10       


     -       65      75
                                                                                
                       
                                                                                
                       
                                                                                


                   
PRODUCTIVITY PER EMPLOYEE                                                        


                       
                                                                                


                   
Actual                            - oz/TEC                2.32       10.67      
 38.54    16.40    6.81 


                                                                                
                       
                                                                                
                       
                                                                                


                   
TOTAL                                                                            


                       
                                                                                


                   
Subsidiaries' gold produced       - oz (000)               171         319       


    55      258     802
                                                                                


                   
Joint ventures' gold produced     - oz (000)                 -          57       


     -        -      57
                                                                                


                   
Attributable gold produced        - oz (000)               171         376       


    55      258     859
                                                                                


                   
Minority gold produced            - oz (000)                 -          11       


     -        4      16
                                                                                
                       
                                                                                
                       
                                                                                


                   
Subsidiaries' gold sold           - oz (000)               202         309       


    55      240     805
                                                                                


                   
Joint ventures' gold sold         - oz (000)                 -          60       


     -        -      60
                                                                                


                   
Attributable gold sold            - oz (000)               202         369       


    55      240     865
                                                                                


                   
Minority gold sold                - oz (000)                 -          10       


     -        4      14
                                                                                
                       
                                                                                
                       
                                                                                


                   
Spot price                        - $/oz                 1,717       1,717      
 1,717    1,717   1,717 
                                                                             
                   
Price received                    - $/oz sold            1,721       1,720      
 1,719    1,712   1,718 
                                                                             
                   
Total cash costs                  - $/oz produced        1,166       1,070      
 1,462      720   1,009 
                                                                             
                   
Total production costs            - $/oz produced        1,298       1,398      
 1,688      935   1,259 
                                                                             
                   
Recovered grade calculated using a short ton.                                    


                       
                                                                                


                   
Rounding of figures may result in computational discrepancies.                   


                       
                                                                                
                       

FINANCIAL RESULTS                                    Continental                
     


                                    South Africa      Africa Australasia 
Americas
QUARTER ENDED DECEMBER 2012 $'m                                                  


     
                                                                                


 
Gold income                                      344         651          94    
  413 
                                                                             
 
Cash costs                                     (253)       (415)        (81)    
(227) 
                                                                             
 
By-products revenue                               54           1           -     
20 
                                                                             
 
Total cash costs                               (200)       (413)        (80)    
(207) 
                                                                             
 
Retrenchment costs                               (1)           -           -    
  (1) 
                                                                             
 
Rehabilitation and other non-cash costs           49        (50)         (2)    
 (12) 
                                                                             
 
Amortisation of assets                          (71)        (75)        (11)    
 (51) 
                                                                             
 
Total production costs                         (222)       (539)        (93)    
(270) 
                                                                             
 
Inventory change                                (29)          12         (1)     
28 
                                                                             
 
Cost of sales                                  (251)       (527)        (94)    
(242) 
                                                                             
 
Adjusted gross profit (loss)                      92         124           -    
  171 
                                                                             
 
Unrealised non-hedge derivatives and              25           -           -     
-
other commodity contracts                                                        


     
                                                                                


 
Gross profit (loss)                              117         124           -    
  171 
                                                                             
 
Corporate and other costs                        (3)         (3)           -    
 (15) 
                                                                             
 
Exploration and evaluation costs                 (4)        (50)        (23)    
 (43) 
                                                                             
 
Intercompany transactions                          -        (24)         (3)    
  (1) 
                                                                             
 
Special items                                   (50)       (352)           4    
 (18) 
                                                                             
 
Operating profit (loss)                           61       (305)        (22)     
95 
                                                                             
 
Net finance (costs) income, unwinding                                            
 
of obligations and fair value                    (2)         (4)           1     
3
adjustments                                                                      


     
                                                                                


 
Exchange gain (loss)                               -         (2)           1    
  (4) 
                                                                             
 
Share of equity accounted investments              -         (2)           -    
 (24)
profit                                                                           


     
                                                                                


 
Profit (loss) before taxation                     59       (313)        (21)     
70 
                                                                             
 
Taxation                                         (8)          76           8    
 (37) 
                                                                             
 
Profit (loss) for the period                      51       (237)        (13)     
33 
                                                                             
 
Equity shareholders                               51       (234)        (13)     
31 
                                                                             
 
Non-controlling interests                          -         (3)           -     


    2
                                                                                


 
Operating profit (loss)                           61       (305)        (22)     
95 
                                                                             
 
Unrealised non-hedge derivatives and            (25)           -           -     
-
other commodity contracts                                                        


     
                                                                                


 
Loss on realised other commodity                   -           -           -     
-
contracts                                                                        


     
                                                                                


 
Intercompany transactions                          -          24           3     


    1
                                                                                


 
Special items                                     51         320           -     


    1
                                                                                


 
Share of associates' EBIT                          -           -           -    
 (24) 
                                                                             
 
EBIT                                              87          39        (19)     
72 
                                                                             
 
Amortisation of assets                            71          75          11     
51 
                                                                             
 
Share of associates' amortisation                  -           -           -     


    -
                                                                                


 
EBITDA                                           158         115         (9)    
  123 
                                                                             
 
Profit (loss) attributable to equity              51       (234)        (13)     
31
shareholders                                                                     


     
                                                                                


 
Special items                                     51         320           -     


    1
                                                                                


 
Share of associates' special items                 -           2           -     


    -
                                                                                


 
Taxation on items above                         (14)        (92)           -     


    -
                                                                                


 
Headline earnings (loss)                          88         (4)        (13)     
32 
                                                                             
 
Unrealised non-hedge derivatives and            (25)           -           -     
-
other commodity contracts                                                        


     
                                                                                


 
Deferred tax on unrealised non-hedge                                             
 
derivatives and other commodity                    7           -           -     
-
contracts                                                                        


     
                                                                                


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


     
                                                                                


 
Fair value adjustment on mandatory                 -           -           -     
-
convertible bonds                                                                


     
                                                                                


 
Adjusted headline earnings (loss)                 70         (4)        (13)     
32 
                                                                             
 
Ore reserve development capital                   46          11           3     
23 
                                                                             
 
Stay-in-business capital                          80          83          10     
78 
                                                                             
 
Project capital                                   61         186         166     
56 
                                                                             
 
Total capital expenditure                        187         280         178    
  157 
                                                                             
 
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


                                    and other Sub-total   accounted    
group
QUARTER ENDED DECEMBER 2012 $'m                             investments          


                                                                                
                                                                                
                                                                                

Gold income                                     -     1,501       (103)    
1,398
                                                                                
                                                                                
                                                                                

Cash costs                                     19     (956)          63    
(894)
                                                                                

By-products revenue                             -        75           -       
75
                                                                                

Total cash costs                               19     (881)          62    
(819)
                                                                                

Retrenchment costs                              -       (2)           -      
(2)
                                                                                

Rehabilitation and other non-cash costs         -      (15)         (2)     
(16)
                                                                                

Amortisation of assets                        (2)     (210)           3    
(207)
                                                                                

Total production costs                         17   (1,108)          64  
(1,044)
                                                                                

Inventory change                                -        11           4       
15
                                                                                

Cost of sales                                  17   (1,097)          68  
(1,029)
                                                                                
                                                                                
                                                                                

Adjusted gross profit (loss)                   17       404        (35)      
369
                                                                                

Unrealised non-hedge derivatives and            -        25           -       
25
other commodity contracts                                                       
                                                                                

Gross profit (loss)                            17       429        (35)      
394
                                                                                

Corporate and other costs                    (63)      (86)           -     
(86)
                                                                                

Exploration and evaluation costs              (6)     (126)           2    
(124)
                                                                                

Intercompany transactions                      27         -           -        -
                                                                                

Special items                                  15     (401)         (1)    
(402)
                                                                                

Operating profit (loss)                      (11)     (182)        (35)    
(217)
                                                                                

Net finance (costs) income, unwinding                                           

of obligations and fair value                  33        31         (3)       
27
adjustments                                                                     
                                                                                

Exchange gain (loss)                            5       (1)           -        
1
                                                                                

Share of equity accounted investments        (46)      (73)          29     
(44)
profit                                                                          
                                                                                

Profit (loss) before taxation                (20)     (226)         (8)    
(234)
                                                                                

Taxation                                        3        43           8       
51
                                                                                

Profit (loss) for the period                 (17)     (182)           -    
(182)
                                                                                

Equity shareholders                          (23)     (188)           -    
(188)
                                                                                

Non-controlling interests                       6         6           -        
5
                                                                                
                                                                                
                                                                                

Operating profit (loss)                      (11)     (182)        (35)    
(217)
                                                                                

Unrealised non-hedge derivatives and            -      (25)           -     
(25)
other commodity contracts                                                       
                                                                                

Loss on realised other commodity                -         -           -        -

contracts                                                                       
                                                                                

Intercompany transactions                    (27)         -           -        -
                                                                                

Special items                                (16)       356         (3)      
353
                                                                                

Share of associates' EBIT                     (2)      (26)          38       
11
                                                                                

EBIT                                         (56)       122           -      
122
                                                                                

Amortisation of assets                          2       210         (3)      
207
                                                                                

Share of associates' amortisation               -         -           3        
3
                                                                                

EBITDA                                       (54)       333           -      
333
                                                                                
                                                                                
                                                                                

Profit (loss) attributable to equity         (23)     (188)           -    
(188)
shareholders                                                                    
                                                                                

Special items                                (16)       356         (3)      
353
                                                                                

Share of associates' special items             44        47           3       
50
                                                                                

Taxation on items above                         -     (106)           -    
(106)
                                                                                

Headline earnings (loss)                        5       109           -      
109
                                                                                

Unrealised non-hedge derivatives and            -      (25)           -     
(25)
other commodity contracts                                                       
                                                                                

Deferred tax on unrealised non-hedge                                            

derivatives and other commodity                 -         7           -        
7
contracts                                                                       
                                                                                

Fair value adjustment on option              (17)      (17)           -     
(17)
component of convertible bonds                                                  
                                                                                

Fair value adjustment on mandatory           (65)      (65)           -     
(65)
convertible bonds                                                               
                                                                                

Adjusted headline earnings (loss)            (77)         7           -        
7
                                                                                
                                                                                
                                                                                

Ore reserve development capital                 -        83           -       
83
                                                                                

Stay-in-business capital                        2       253         (2)      
251
                                                                                

Project capital                                 -       469       (140)      
329
                                                                                

Total capital expenditure                       2       804       (142)      
662
                                                                                

Capitalised leased assets                                                   
(11)
                                                                                

Expenditures on intangible assets                                           
(28)
                                                                                
                                        623                                     
                                                                                


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                5.07       10.30      
 45.54    16.34    8.29 


                                                                                
                       
                                                                                
                       
                                                                                


                   
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                                    Continental                
     


                                    South Africa      Africa Australasia 
Americas
QUARTER ENDED SEPTEMBER 2012 $'m                                                 


     
                                                                                


 
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            (61)           -           -     
-
other 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                                            
 
of obligations and fair value                    (2)         (1)         (1)     
-
adjustments                                                                      


     
                                                                                


 
Exchange (loss) gain                               -         (5)           -    
  (2) 
                                                                             
 
Share of equity-accounted investments              -           -           -    
 (10)
profit                                                                           


     
                                                                                


 
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              61           -           -     
-
other 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              61           -           -     
-
other commodity contracts                                                        


     
                                                                                


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


                                     and other Sub-total   accounted    
group
QUARTER ENDED SEPTEMBER 2012 $'m                             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             -      (61)           -     
(61)
other commodity contracts                                                        
                                                                               
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 of      (58)      (62)           -     
(61)
obligations and fair value adjustments                                           
                                                                               
Exchange (loss) gain                             6       (1)           3        
1 
                                                                             
Share of equity-accounted investments          (4)      (14)          14        
-
profit                                                                           
                                                                               
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             -        61           -       
61
other commodity contracts                                                        
                                                                               
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         (117)       168           -      
168
shareholders                                                                     
                                                                               
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             -        61           -       
61
other commodity contracts                                                        
                                                                               
Deferred tax on unrealised non-hedge                                             
derivatives and other commodity                  -      (17)           -     
(17)
contracts                                                                        
                                                                               
Fair value adjustment on option                  2         2           -        
2
component of convertible bonds                                                   
                                                                               
Fair value adjustment on mandatory              11        11           -       
11
convertible bonds                                                                
                                                                               
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) 


                                                                                
                                                    448                           


                                                                               
Rounding of figures may result in computational discrepancies. 
OPERATING RESULTS                                              Continental       
                        Total 
                                              South Africa      Africa 
Australasia            Americas  group
QUARTER ENDED DECEMBER 2011                                                      


                                 
                                                                                
                                 
                                                                                
                                 
                                                                                


                             
UNDERGROUND OPERATION                                                            


                                 
                                                                                


                             
Area mined                        - 000 m2                 248           -       


     -                   -    248
                                                                                


                             
Mined                             - 000 tonnes           1,555         479       
321                 512  2,867 
                                                                             
                             
Milled / Treated                  - 000 tonnes           1,394         497       
356                 520  2,768 
                                                                             
                             
Recovered grade                   - oz/ton               0.235       0.146      
 0.129               0.195  0.198 


                                                                                
                                 


                              - g/tonne               8.05        5.01      
  4.44                6.68   6.78 
                                                                             
                             
Gold produced                     - oz (000)               361          80       


    51                 112    603
                                                                                
                                 
                                                                                
                                 
                                                                                


                             
SURFACE AND DUMP RECLAMATION                                                     


                                 
                                                                                


                             
Milled / Treated                  - 000 tonnes           2,747          29       


     -                   -  2,776
                                                                                


                             
Recovered grade                   - oz/ton               0.012       0.031       


     -                   -  0.012
                                                                                
                                 
                                  - g/tonne               0.42        1.06      
     -                   -   0.42
                                                                                


                             
Gold produced                     - oz (000)                37           1       


     -                   -     38
                                                                                
                                 
                                                                                
                                 
                                                                                


                             
OPEN-PIT OPERATION                                                               


                                 
                                                                                


                             
Volume mined                      - 000 bcm                  -      13,874       
691                   - 14,565 
                                                                             
                             
Mined                             - 000 tonnes               -      32,230      
 1,459               6,618 40,307 
                                                                             
                             
Treated                           - 000 tonnes               -       6,122       
558                 242  6,922 
                                                                             
                             
Stripping ratio                   - ratio                    -        5.98      
  4.91               23.00   6.84 
                                                                             
                             
Recovered grade                   - oz/ton                   -       0.049      
 0.020               0.167  0.051 


                                                                                
                                 


                              - g/tonne                  -        1.68      
  0.69                5.73   1.74 
                                                                             
                             
Gold produced                     - oz (000)                 -         330       


    12                  45    387
                                                                                
                                 
                                                                                
                                 
                                                                                


                             
HEAP LEACH OPERATION                                                             


                                 
                                                                                


                             
Mined                             - 000 tonnes               -       2,131       


     -              14,977 17,107
                                                                                


                             
Placed                            - 000 tonnes               -         304       


     -               4,586  4,889
                                                                                


                             
Stripping ratio                   - ratio                    -       10.86       


     -                2.51   2.84
                                                                                


                             
Recovered grade                   - oz/ton                   -       0.030       


     -               0.013  0.014
                                                                                
                                 
                                  - g/tonne                  -        1.04      
     -                0.44   0.47
                                                                                


                             
Gold placed                       - oz (000)                 -          10       


     -                  65     75
                                                                                


                             
Gold produced                     - oz (000)                 -           7       


     -                  76     84
                                                                                
                                 
                                                                                
                                 
                                                                                


                             
PRODUCTIVITY PER EMPLOYEE                                                        


                                 
                                                                                


                             
Actual                            - oz/TEC                5.71       12.00      
 42.52               20.09   9.46 


                                                                                
                                 
                                                                                
                                 
                                                                                


                             
TOTAL                                                                            


                                 
                                                                                


                             
Subsidiaries' gold produced       - oz (000)               398         356       


    63                 234  1,051
                                                                                


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


     -                   -     63
                                                                                


                             
Attributable gold produced        - oz (000)               398         419       


    63                 234  1,114
                                                                                


                             
Minority gold produced            - oz (000)                 -          11       


     -                  25     36
                                                                                
                                 
                                                                                
                                 
                                                                                


                             
Subsidiaries' gold sold           - oz (000)               398         353       


    62                 217  1,030
                                                                                


                             
Joint ventures' gold sold         - oz (000)                 -          66       


     -                   -     66
                                                                                


                             
Attributable gold sold            - oz (000)               398         419       


    62                 217  1,096
                                                                                


                             
Minority gold sold                - oz (000)                 -          11       


     -                  21     32
                                                                                
                                 
                                                                                
                                 
                                                                                


                             
Spot price                        - $/oz                 1,683       1,683      
 1,683               1,683  1,683 
                                                                             
                             
Price received                    - $/oz sold            1,689       1,680      
 1,673               1,686  1,684 
                                                                             
                             
Total cash costs                  - $/oz produced          696         799      
 1,478                 612    762 
                                                                             
                             
Total production costs            - $/oz produced          884       1,220      
 1,771                 895  1,065 
                                                                             
                             
Recovered grade calculated using a short ton.                                    


                                 
                                                                                


                             
Rounding of figures may result in computational discrepancies.                   


                                 
                                                                                
                                 

FINANCIAL RESULTS                                    Continental                
     


                                    South Africa      Africa Australasia 
Americas
QUARTER ENDED DECEMBER 2011 $'m                                                  


     
                                                                                


 
Gold income received                             672         723         103    
  392 
                                                                             
 
Cash costs                                     (299)       (349)        (94)    
(185) 
                                                                             
 
By-products revenue                               22           3           -     
23 
                                                                             
 
Total cash costs                               (277)       (346)        (94)    
(161) 
                                                                             
 
Retrenchment costs                               (2)         (2)           -    
  (1) 
                                                                             
 
Rehabilitation and other non-cash costs            2       (110)         (4)    
 (48) 
                                                                             
 
Amortisation of assets                          (75)        (67)        (15)    
 (47) 
                                                                             
 
Total production costs                         (351)       (525)       (112)    
(258) 
                                                                             
 
Inventory change                                   -           9           -     
52 
                                                                             
 
Cost of sales                                  (351)       (516)       (112)    
(205) 
                                                                             
 
Adjusted gross profit (loss)                     320         207         (9)    
  186 
                                                                             
 
Unrealised non-hedge derivatives and               -           -           -     
-
other commodity contracts                                                        


     
                                                                                


 
Gross profit (loss)                              320         207         (9)    
  186 
                                                                             
 
Corporate and other costs                        (3)         (2)         (1)    
 (10) 
                                                                             
 
Exploration and evaluation costs                 (1)        (18)        (17)    
 (31) 
                                                                             
 
Intercompany transactions                          -        (17)         (3)     


    -
                                                                                


 
Special items                                    (8)         148           6     


    1
                                                                                


 
Operating profit (loss)                          308         317        (24)    
  146 
                                                                             
 
Net finance (costs) income, unwinding                                            
 
of obligations and fair value                    (1)           7           3    
  (2)
adjustments                                                                      


     
                                                                                


 
Exchange gain (loss)                               -         (7)           -    
  (4) 
                                                                             
 
Share of equity accounted investments              -        (11)           -    
  (6)
profit                                                                           


     
                                                                                


 
Profit (loss) before taxation                    307         306        (21)    
  134 
                                                                             
 
Taxation                                       (122)       (107)           5    
 (29) 
                                                                             
 
Profit (loss) for the period                     185         199        (16)    
  106 
                                                                             
 
Equity shareholders                              185         197        (16)     
95 
                                                                             
 
Non-controlling interests                          -           2           -     
10 
                                                                             
 
Operating profit (loss)                          308         317        (24)    
  146 
                                                                             
 
Unrealised non-hedge derivatives and               -           -           -     
-
other commodity contracts                                                        


     
                                                                                


 
Intercompany transactions                          -          17           3     


    -
                                                                                


 
Special items                                      9       (138)           1    
  (2) 
                                                                             
 
Share of associates' EBIT                          -           -           -    
  (6) 
                                                                             
 
EBIT                                             318         196        (20)    
  138 
                                                                             
 
Amortisation of assets                            75          67          15     
47 
                                                                             
 
Share of associates' amortisation                  -           -           -     


    -
                                                                                


 
EBITDA                                           393         263         (5)    
  186 
                                                                             
 
Profit (loss) attributable to equity             185         197        (16)     
95
shareholders                                                                     


     
                                                                                


 
Special items                                      9       (138)           1    
  (2) 
                                                                             
 
Share of associates' special items                 -          11           -     


    -
                                                                                


 
Taxation on items above                          (4)          41           -     


    1
                                                                                


 
Headline earnings (loss)                         191         111        (16)     
94 
                                                                             
 
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 adjustment on mandatory                 -           -           -     
-
convertible bonds                                                                


     
                                                                                


 
Adjusted headline earnings (loss)                191         111        (16)     
94 
                                                                             
 
Ore reserve development capital                   58          12           4     
17 
                                                                             
 
Stay-in-business capital                          74         108           9     
59 
                                                                             
 
Project capital                                   49          32          27     
71 
                                                                             
 
Total capital expenditure                        181         152          40    
  147 
                                                                             
 
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


                                     and other Sub-total   accounted    
group
QUARTER ENDED DECEMBER 2011 $'m                              investments         


                                                                                  
                                                                                  


                                                                               
Gold income received                             -     1,889       (110)    
1,779 


                                                                                
                                                                                  


                                                                               
Cash costs                                      17     (909)          64    
(845) 
                                                                             
By-products revenue                              1        49           -       
49 
                                                                             
Total cash costs                                18     (860)          64    
(796) 
                                                                             
Retrenchment costs                               -       (4)           -      
(4) 
                                                                             
Rehabilitation and other non-cash costs          -     (161)           4    
(157) 
                                                                             
Amortisation of assets                         (2)     (206)           2    
(204) 
                                                                             
Total production costs                          15   (1,231)          70  
(1,161) 
                                                                             
Inventory change                                 -        62           2       
64 
                                                                             
Cost of sales                                   15   (1,169)          72  
(1,097) 


                                                                                
                                                                                  


                                                                               
Adjusted gross profit (loss)                    16       720        (38)      
682 
                                                                             
Unrealised non-hedge derivatives and             -         -           -        
-
other commodity contracts                                                        
                                                                               
Gross profit (loss)                             16       720        (38)      
682 
                                                                             
Corporate and other costs                     (57)      (72)           -     
(73) 
                                                                             
Exploration and evaluation costs              (16)      (84)           1     
(83) 
                                                                             
Intercompany transactions                       21         -           -        
- 
                                                                             
Special items                                  (2)       146           -      
146 
                                                                             
Operating profit (loss)                       (39)       709        (37)      
672 
                                                                             
Net finance (costs) income, unwinding of      (41)      (34)           3     
(31)
obligations and fair value adjustments                                           
                                                                               
Exchange gain (loss)                             -      (11)           2     
(10) 
                                                                             
Share of equity accounted investments           15       (2)          18       
17
profit                                                                           
                                                                               
Profit (loss) before taxation                 (64)       662        (14)      
648 
                                                                             
Taxation                                       (7)     (259)          14    
(246) 
                                                                             
Profit (loss) for the period                  (71)       402           -      
402 
                                                                             
Equity shareholders                           (77)       385           -      
385 
                                                                             
Non-controlling interests                        5        17           -       
17 


                                                                                
                                                                                  


                                                                               
Operating profit (loss)                       (39)       709        (37)      
672 
                                                                             
Unrealised non-hedge derivatives and             -         -           -        
-
other commodity contracts                                                        
                                                                               
Intercompany transactions                     (21)         -           -        
- 
                                                                             
Special items                                    2     (128)           -    
(128) 
                                                                             
Share of associates' EBIT                      (1)       (7)          37       
30 
                                                                             
EBIT                                          (58)       574           -      
574 
                                                                             
Amortisation of assets                           2       206         (2)      
204 
                                                                             
Share of associates' amortisation                -         -           2        
2 
                                                                             
EBITDA                                        (56)       780           -      
780 


                                                                                
                                                                                  


                                                                               
Profit (loss) attributable to equity          (77)       385           -      
385
shareholders                                                                     
                                                                               
Special items                                    2     (128)           -    
(128) 
                                                                             
Share of associates' special items            (17)       (6)           -      
(6) 
                                                                             
Taxation on items above                          -        38           -       
38 
                                                                             
Headline earnings (loss)                      (91)       289           -      
289 
                                                                             
Unrealised non-hedge derivatives and             -         -           -        
-
other commodity contracts                                                        
                                                                               
Deferred tax on unrealised non-hedge                                             
derivatives and other commodity                  -         -           -        
-
contracts                                                                        
                                                                               
Fair value adjustment on option                 15        15           -       
15
component of convertible bonds                                                   
                                                                               
Fair value adjustment on mandatory             (9)       (9)           -      
(9)
convertible bonds                                                                
                                                                               
Adjusted headline earnings (loss)             (85)       295           -      
295 


                                                                                
                                                                                  


                                                                               
Ore reserve development capital                  -        92           -       
92 
                                                                             
Stay-in-business capital                         4       254         (7)      
247 
                                                                             
Project capital                                  -       179        (24)      
155 
                                                                             
Total capital expenditure                        5       525        (31)      
494 
                                                                             
Capitalised leased assets                                                    
(29) 
                                                                             
Expenditures on intangible assets                                            
(10) 


                                                                                
                                                    455                           


                                                                               
Rounding of figures may result in computational discrepancies. 


                                                  South Africa Continental      
              Total
                                                                    Africa      
              group
                                                                                


               
UNDERGROUND OPERATION                                                            


                   
                                                                                


               
Area mined                        - 000 m2                 754           -      
 -       -      754 
                                                                             
               
Mined                             - 000 tonnes           4,838       1,622   
1,459   2,510   10,429 
                                                                             
               
Milled / Treated                  - 000 tonnes           4,317       1,799   
1,444   2,796   10,356 
                                                                             
               
Recovered grade                   - oz/ton               0.219       0.140   
0.076   0.160    0.169 


                                                                                
                   


                              - g/tonne               7.50        4.79    
2.60    5.48     5.80 
                                                                             
               
Gold produced                     - oz (000)             1,041         277     
121     492    1,931 


                                                                                
                   
                                                                                
                   
                                                                                


               
SURFACE AND DUMP RECLAMATION                                                     


                   
                                                                                


               
Milled / Treated                  - 000 tonnes          17,962         326      
 -       -   18,288 
                                                                             
               
Recovered grade                   - oz/ton               0.009       0.009      
 -       -    0.009 


                                                                                
                   


                              - g/tonne               0.30        0.31      
 -       -     0.30 
                                                                             
               
Gold produced                     - oz (000)               172           3      
 -       -      175 


                                                                                
                   
                                                                                
                   
                                                                                


               
OPEN-PIT OPERATION                                                               


                   
                                                                                


               
Volume mined                      - 000 bcm                  -      56,937   
4,559       -   61,496 
                                                                             
               
Mined                             - 000 tonnes               -     135,177  
11,403  24,208  170,789 
                                                                             
               
Treated                           - 000 tonnes               -      24,541   
1,914     973   27,429 
                                                                             
               
Stripping ratio                   - ratio                    -        4.49    
8.35   21.12     5.34 
                                                                             
               
Recovered grade                   - oz/ton                   -       0.045   
0.065   0.165    0.050 


                                                                                
                   


                              - g/tonne                  -        1.54    
2.22    5.66     1.73 
                                                                             
               
Gold produced                     - oz (000)                 -       1,212     
137     177    1,526 


                                                                                
                   
                                                                                
                   
                                                                                


               
HEAP LEACH OPERATION                                                             


                   
                                                                                


               
Mined                             - 000 tonnes               -       8,277      
 -  63,248   71,524 
                                                                             
               
Placed                            - 000 tonnes               -       1,090      
 -  21,951   23,040 
                                                                             
               
Stripping ratio                   - ratio                    -       11.96      
 -    2.02     2.31 
                                                                             
               
Recovered grade                   - oz/ton                   -       0.031      
 -   0.012    0.013 


                                                                                
                   


                              - g/tonne                  -        1.06      
 -    0.42     0.45 
                                                                             
               
Gold placed                       - oz (000)                 -          37      
 -     293      330 
                                                                             
               
Gold produced                     - oz (000)                 -          29      
 -     283      312 


                                                                                
                   
                                                                                
                   
                                                                                


               
PRODUCTIVITY PER EMPLOYEE                                                        


                   
                                                                                


               
Actual                            - oz/TEC                4.19       10.97   
43.46   17.47     8.07 


                                                                                
                   
                                                                                
                   
                                                                                


               
TOTAL                                                                            


                   
                                                                                


               
Subsidiaries' gold produced       - oz (000)             1,212       1,311     
258     953    3,734 
                                                                             
               
Joint ventures' gold produced     - oz (000)                 -         210      
 -       -      210 
                                                                             
               
Attributable gold produced        - oz (000)             1,212       1,521     
258     953    3,944 
                                                                             
               
Minority gold produced            - oz (000)                 -          44      
 -      49       92 


                                                                                
                   
                                                                                
                   
                                                                                


               
Subsidiaries' gold sold           - oz (000)             1,214       1,316     
257     955    3,742 
                                                                             
               
Joint ventures' gold sold         - oz (000)                 -         211      
 -       -      211 
                                                                             
               
Attributable gold sold            - oz (000)             1,214       1,527     
257     955    3,953 
                                                                             
               
Minority gold sold                - oz (000)                 -          41      
 -      51       92 


                                                                                
                   
                                                                                
                   
                                                                                


               
Spot price                        - $/oz                 1,668       1,668   
1,668   1,668    1,668 
                                                                             
               
Price received                    - $/oz sold            1,665       1,664   
1,663   1,664    1,664 
                                                                             
               
Total cash costs                  - $/oz produced          873         905   
1,211     683      862 
                                                                             
               
Total production costs            - $/oz produced        1,095       1,111   
1,358     921    1,078 
                                                                             
               
Recovered grade calculated using a short ton.                                    


                   
                                                                                


               
Rounding of figures may result in computational discrepancies.                   


                   
                                                                                
                   

FINANCIAL RESULTS - YEAR                             Continental                
     


                                    South Africa      Africa Australasia 
Americas
ENDED DECEMBER 2012 $'m                                                          


     
                                                                                


 
Gold income                                    2,013       2,609         426    
1,656 
                                                                             
 
Cash costs                                   (1,152)     (1,423)       (313)    
(862) 
                                                                             
 
By-products revenue                               94           6           1    
  106 
                                                                             
 
Total cash costs                             (1,058)     (1,417)       (312)    
(756) 
                                                                             
 
Retrenchment costs                               (6)         (1)           -    
  (4) 
                                                                             
 
Rehabilitation and other non-cash costs           38        (71)         (2)    
 (31) 
                                                                             
 
Amortisation of assets                         (302)       (248)        (36)    
(213) 
                                                                             
 
Total production costs                       (1,328)     (1,736)       (350)  
(1,003) 
                                                                             
 
Inventory change                                   2           9           2     
69 
                                                                             
 
Cost of sales                                (1,326)     (1,727)       (348)    
(934) 
                                                                             
 
Adjusted gross profit (loss)                     687         882          78    
  722 
                                                                             
 
Unrealised non-hedge derivatives and            (36)           -           -     
-
other commodity contracts                                                        


     
                                                                                


 
Gross profit (loss)                              651         882          78    
  722 
                                                                             
 
Corporate and other costs                        (9)        (12)         (1)    
 (41) 
                                                                             
 
Exploration and evaluation costs                (11)       (123)        (85)    
(149) 
                                                                             
 
Intercompany transactions                          -        (82)        (12)    
  (2) 
                                                                             
 
Special items                                   (53)       (359)          15    
 (17) 
                                                                             
 
Operating profit (loss)                          579         306         (5)    
  513 
                                                                             
 
Net finance (costs) income, unwinding                                            
 
of obligations and fair value                    (8)         (7)           -     
2
adjustments                                                                      


     
                                                                                


 
Exchange (loss) gain                               -         (3)           1    
  (5) 
                                                                             
 
Share of equity accounted investments              -         (2)           -    
 (44)
profit                                                                           


     
                                                                                


 
Profit (loss) before taxation                    571         293         (4)    
  466 
                                                                             
 
Taxation                                          26       (209)           -    
(156) 
                                                                             
 
Profit (loss) for the period                     597          85         (3)    
  310 
                                                                             
 
Equity shareholders                              597         102         (3)    
  290 
                                                                             
 
Non-controlling interests                          -        (17)           -     
20 
                                                                             
 
Operating profit (loss)                          579         306         (5)    
  513 
                                                                             
 
Unrealised non-hedge derivatives and              36           -           -     
-
other commodity contracts                                                        


     
                                                                                


 
Intercompany transactions                          -          82          12     


    2
                                                                                


 
Special items                                     59         319           3     


    2
                                                                                


 
Share of associates' EBIT                          -           -           -    
 (44) 
                                                                             
 
EBIT                                             673         707          10    
  473 
                                                                             
 
Amortisation of assets                           302         248          36    
  213 
                                                                             
 
Share of associates' amortisation                  -           -           -     


    -
                                                                                


 
EBITDA                                           974         955          46    
  686 
                                                                             
 
Profit (loss) attributable to equity             597         102         (3)    
  290
shareholders                                                                     


     
                                                                                


 
Special items                                     59         319           3     


    2
                                                                                


 
Share of associates' special items                 -           2           -     


    -
                                                                                


 
Taxation on items above                         (16)        (90)         (1)     


    -
                                                                                


 
Headline earnings (loss)                         640         333         (1)    
  292 
                                                                             
 
Unrealised non-hedge derivatives and              36           -           -     
-
other commodity contracts                                                        


     
                                                                                


 
Deferred tax on unrealised non-hedge                                             
 
derivatives and other commodity                 (10)           -           -     
-
contracts                                                                        


     
                                                                                


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


     
                                                                                


 
Fair value adjustment on mandatory                 -           -           -     
-
convertible bonds                                                                


     
                                                                                


 
Adjusted headline earnings (loss)                665         333         (1)    
  292 


                                                                                
     
                                                                                


 
Ore reserve development capital                  233          45          14     
76 
                                                                             
 
Stay-in-business capital                         176         315          26    
  147 
                                                                             
 
Project capital                                  173         430         315    
  167 
                                                                             
 
Total capital expenditure                        583         790         355    
  390 
                                                                             
 
Capitalised leased assets                                                        


     
                                                                                


 
Expenditures on intangible assets                                                


     
                                                                                


 
Capital expenditure per statement of cash flows                                  


     
                                                                                
     

Rounding of figures may result in computational discrepancies.


FINANCIAL RESULTS - YEAR                Corporate           Less equity    
Total


                                    and other Sub-total   accounted    
group
ENDED DECEMBER 2012 $'m                                     investments          


                                                                                
                                                                                
                                                                                

Gold income                                     -     6,704       (351)    
6,353
                                                                                
                                                                                
                                                                                

Cash costs                                     50   (3,700)         224  
(3,476)
                                                                                

By-products revenue                             1       207         (1)      
206
                                                                                

Total cash costs                               51   (3,492)         223  
(3,270)
                                                                                

Retrenchment costs                              -      (10)           -     
(10)
                                                                                

Rehabilitation and other non-cash costs         -      (65)         (1)     
(67)
                                                                                

Amortisation of assets                       (10)     (808)          10    
(798)
                                                                                

Total production costs                         41   (4,376)         232  
(4,145)
                                                                                

Inventory change                                -        82           1       
83
                                                                                

Cost of sales                                  41   (4,294)         233  
(4,062)
                                                                                
                                                                                
                                                                                

Adjusted gross profit (loss)                   41     2,410       (118)    
2,292
                                                                                

Unrealised non-hedge derivatives and            -      (35)           -     
(35)
other commodity contracts                                                       
                                                                                

Gross profit (loss)                            41     2,374       (118)    
2,256
                                                                                

Corporate and other costs                   (269)     (331)         (1)    
(332)
                                                                                

Exploration and evaluation costs             (33)     (401)           5    
(395)
                                                                                

Intercompany transactions                      97         -           -        -
                                                                                

Special items                                  13     (401)         (1)    
(402)
                                                                                

Operating profit (loss)                     (151)     1,242       (114)    
1,127
                                                                                

Net finance (costs) income, unwinding                                           

of obligations and fair value                  79        66         (2)       
64
adjustments                                                                     
                                                                                

Exchange (loss) gain                           12         5           3        
7
                                                                                

Share of equity accounted investments        (63)     (109)          80     
(28)
profit                                                                          
                                                                                

Profit (loss) before taxation               (123)     1,204        (33)    
1,171
                                                                                

Taxation                                     (16)     (354)          33    
(321)
                                                                                

Profit (loss) for the period                (139)       849           -      
849
                                                                                

Equity shareholders                         (155)       831           -      
831
                                                                                

Non-controlling interests                      16        19           -       
19
                                                                                
                                                                                
                                                                                

Operating profit (loss)                     (151)     1,242       (114)    
1,127
                                                                                

Unrealised non-hedge derivatives and            -        35           -       
35
other commodity contracts                                                       
                                                                                

Intercompany transactions                    (97)         -           -        -
                                                                                

Special items                                (17)       365         (3)      
362
                                                                                

Share of associates' EBIT                     (9)      (53)         117       
64
                                                                                

EBIT                                        (274)     1,589           -    
1,589
                                                                                

Amortisation of assets                         10       808        (10)      
798
                                                                                

Share of associates' amortisation               -         -          10       
10
                                                                                

EBITDA                                      (264)     2,397           -    
2,397
                                                                                
                                                                                
                                                                                

Profit (loss) attributable to equity        (155)       831           -      
831
shareholders                                                                    
                                                                                

Special items                                (17)       365         (3)      
362
                                                                                

Share of associates' special items             54        56           3       
58
                                                                                

Taxation on items above                         -     (107)           -    
(106)
                                                                                

Headline earnings (loss)                    (119)     1,145           -    
1,145
                                                                                

Unrealised non-hedge derivatives and                     35           -       
35
other commodity contracts                                                       
                                                                                

Deferred tax on unrealised non-hedge                                            

derivatives and other commodity                 -      (10)           -     
(10)
contracts                                                                       
                                                                                

Fair value adjustment on option              (83)      (83)           -     
(83)
component of convertible bonds                                                  
                                                                                

Fair value adjustment on mandatory          (162)     (162)           -    
(162)
convertible bonds                                                               
                                                                                

Adjusted headline earnings (loss)           (364)       924           -      
924
                                                                                
                                                                                
                                                                                
                                                                                

Ore reserve development capital                 -       369           -      
369
                                                                                

Stay-in-business capital                       36       699         (8)      
692
                                                                                

Project capital                                 -     1,086       (295)      
791
                                                                                

Total capital expenditure                      36     2,154       (303)    
1,851
                                                                                

Capitalised leased assets                                                   
(14)
                                                                                

Expenditures on intangible assets                                           
(79)
                                                                                
                                        1,758                                   
                                                                                


Rounding of figures may result in computational discrepancies.


OPERATING RESULTS                                              Continental      
                   Total


                                              South Africa      Africa 
Australasia Americas    group
YEAR ENDED DECEMBER 2011                                                         


                        
                                                                                
                        
                                                                                
                        
                                                                                


                    
UNDERGROUND OPERATION                                                            


                        
                                                                                


                    
Area mined                        - 000 m2               1,018           -       


     -        -    1,018
                                                                                


                    
Mined                             - 000 tonnes           6,312       1,842      
 1,047    2,003   11,204 
                                                                             
                    
Milled / Treated                  - 000 tonnes           5,711       1,977      
 1,084    2,066   10,838 
                                                                             
                    
Recovered grade                   - oz/ton               0.232       0.141      
 0.111    0.191    0.195 


                                                                                
                        


                              - g/tonne               7.95        4.82      
  3.80     6.54     6.69 
                                                                             
                    
Gold produced                     - oz (000)             1,459         306       
132      436    2,334 


                                                                                
                        
                                                                                
                        
                                                                                


                    
SURFACE AND DUMP RECLAMATION                                                     


                        
                                                                                


                    
Milled / Treated                  - 000 tonnes          10,707          29       


     -        -   10,736
                                                                                


                    
Recovered grade                   - oz/ton               0.014       0.193       


     -        -    0.014
                                                                                
                        
                                  - g/tonne               0.48        6.62      
     -        -     0.49
                                                                                


                    
Gold produced                     - oz (000)               164           6       


     -        -      171
                                                                                
                        
                                                                                
                        
                                                                                


                    
OPEN-PIT OPERATION                                                               


                        
                                                                                


                    
Volume mined                      - 000 bcm                  -      53,537      
 2,100        -   55,637 
                                                                             
                    
Mined                             - 000 tonnes               -     126,725      
 5,110   26,850  158,686 
                                                                             
                    
Treated                           - 000 tonnes               -      23,118      
 2,470      930   26,518 
                                                                             
                    
Stripping ratio                   - ratio                    -        4.76      
  6.04    23.34     5.66 
                                                                             
                    
Recovered grade                   - oz/ton                   -       0.048      
 0.042    0.167    0.052 


                                                                                
                        


                              - g/tonne                  -        1.65      
  1.44     5.72     1.77 
                                                                             
                    
Gold produced                     - oz (000)                 -       1,228       
114      171    1,513 


                                                                                
                        
                                                                                
                        
                                                                                


                    
HEAP LEACH OPERATION                                                             


                        
                                                                                


                    
Mined                             - 000 tonnes               -       6,796       


     -   64,291   71,087
                                                                                


                    
Placed                            - 000 tonnes               -       1,129       


     -   20,597   21,725
                                                                                


                    
Stripping ratio                   - ratio                    -        7.84       


     -     2.25     2.46
                                                                                


                    
Recovered grade                   - oz/ton                   -       0.030       


     -    0.012    0.013
                                                                                
                        
                                  - g/tonne                  -        1.05      
     -     0.41     0.44
                                                                                


                    
Gold placed                       - oz (000)                 -          38       


     -      270      308
                                                                                


                    
Gold produced                     - oz (000)                 -          29       


     -      284      313
                                                                                
                        
                                                                                
                        
                                                                                


                    
PRODUCTIVITY PER EMPLOYEE                                                        


                        
                                                                                


                    
Actual                            - oz/TEC                5.85       11.41      
 38.93    20.70     9.32 


                                                                                
                        
                                                                                
                        
                                                                                


                    
TOTAL                                                                            


                        
                                                                                


                    
Subsidiaries' gold produced       - oz (000)             1,624       1,321       
246      891    4,082 
                                                                             
                    
Joint ventures' gold produced     - oz (000)                 -         249       


     -        -      249
                                                                                


                    
Attributable gold produced        - oz (000)             1,624       1,570       
246      891    4,331 
                                                                             
                    
Minority gold produced            - oz (000)                 -          44       


     -       83      127
                                                                                
                        
                                                                                
                        
                                                                                


                    
Subsidiaries' gold sold           - oz (000)             1,623       1,309       
248      878    4,058 
                                                                             
                    
Joint ventures' gold sold         - oz (000)                 -         249       


     -        -      249
                                                                                


                    
Attributable gold sold            - oz (000)             1,623       1,558       
248      878    4,307 
                                                                             
                    
Minority gold sold                - oz (000)                 -          46       


     -       79      125
                                                                                
                        
                                                                                
                        
                                                                                


                    
Spot price                        - $/oz                 1,572       1,572      
 1,572    1,572    1,572 
                                                                             
                    
Price received                    - $/oz sold            1,578       1,578      
 1,551    1,576    1,576 
                                                                             
                    
Total cash costs                  - $/oz produced          694         765      
 1,431      528      728 
                                                                             
                    
Total production costs            - $/oz produced          910         987      
 1,622      765      950 
                                                                             
                    
Recovered grade calculated using a short ton.                                    


                        
                                                                                


                    
Rounding of figures may result in computational discrepancies.                   


                        
                                                                                
                        

FINANCIAL RESULTS - YEAR                             Continental                
     


                                    South Africa      Africa Australasia 
Americas
ENDED DECEMBER 2011 $'m                                                          


     
                                                                                


 
Gold income received                           2,561       2,530         385    
1,487 
                                                                             
 
Cash costs                                   (1,232)     (1,247)       (353)    
(678) 
                                                                             
 
By-products revenue                              105           8           1    
  109 
                                                                             
 
Total cash costs                             (1,127)     (1,239)       (352)    
(569) 
                                                                             
 
Retrenchment costs                               (9)         (3)           -    
  (3) 
                                                                             
 
Rehabilitation and other non-cash costs          (4)       (131)         (5)    
 (94) 
                                                                             
 
Amortisation of assets                         (338)       (219)        (42)    
(169) 
                                                                             
 
Total production costs                       (1,477)     (1,592)       (399)    
(835) 
                                                                             
 
Inventory change                                   -           -           1     
94 
                                                                             
 
Cost of sales                                (1,477)     (1,592)       (399)    
(741) 
                                                                             
 
Adjusted gross profit (loss)                   1,083         938        (13)    
  745 
                                                                             
 
Unrealised non-hedge derivatives and               -           -           -    
  (2)
other commodity contracts                                                        


     
                                                                                


 
Gross profit (loss)                            1,083         938        (13)    
  744 
                                                                             
 
Corporate and other costs                       (11)         (9)         (3)    
 (43) 
                                                                             
 
Exploration and evaluation costs                 (2)        (69)        (55)    
(112) 
                                                                             
 
Intercompany transactions                          -        (51)         (4)    
  (2) 
                                                                             
 
Special items                                   (20)         709          41     


    4
                                                                                


 
Operating profit (loss)                        1,051       1,518        (35)    
  590 
                                                                             
 
Net finance (costs) income, unwinding                                            
 
of obligations and fair value                    (5)           6           5    
  (5)
adjustments                                                                      


     
                                                                                


 
Exchange gain (loss)                               -        (15)           -     


    8
                                                                                


 
Share of equity accounted investments              -        (11)           -    
 (20)
profit (loss)                                                                    


     
                                                                                


 
Profit (loss) before taxation                  1,046       1,498        (31)    
  573 
                                                                             
 
Taxation                                       (352)       (321)           6    
 (97) 
                                                                             
 
Profit (loss) for the period                     694       1,177        (25)    
  476 
                                                                             
 
Equity shareholders                              694       1,161        (25)    
  454 
                                                                             
 
Non-controlling interests                          -          15           -     
22 
                                                                             
 
Operating profit (loss)                        1,051       1,518        (35)    
  590 
                                                                             
 
Unrealised non-hedge derivatives and               -           -           -     
2
other commodity contracts                                                        


     
                                                                                


 
Intercompany transactions                          -          51           4     


    2
                                                                                


 
Special items                                     23       (677)         (3)    
  (3) 
                                                                             
 
Share of associates' EBIT                          -           -           -    
 (20) 
                                                                             
 
EBIT                                           1,074         892        (34)    
  570 
                                                                             
 
Amortisation of assets                           338         219          42    
  169 
                                                                             
 
Share of associates' amortisation                  -           -           -     


    -
                                                                                


 
EBITDA                                         1,412       1,111           9    
  739 
                                                                             
 
Profit (loss) attributable to equity             694       1,161        (25)    
  454
shareholders                                                                     


     
                                                                                


 
Special items                                     23       (677)         (3)    
  (3) 
                                                                             
 
Share of associates' special items                 -          11           -     


    -
                                                                                


 
Taxation on items above                         (11)          41           1     


    1
                                                                                


 
Headline earnings (loss)                         706         536        (27)    
  451 
                                                                             
 
Unrealised non-hedge derivatives and               -           -           -     
2
other commodity contracts                                                        


     
                                                                                


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


     
                                                                                


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


     
                                                                                


 
Fair value adjustment on mandatory                 -           -           -     
-
convertible bond                                                                 


     
                                                                                


 
Adjusted headline earnings (loss)                706         535        (27)    
  453 
                                                                             
 
Ore reserve development capital                  262          49          14     
65 
                                                                             
 
Stay-in-business capital                         160         270          15    
  140 
                                                                             
 
Project capital                                  110         101          73    
  250 
                                                                             
 
Total capital expenditure                        532         420         102    
  456 
                                                                             
 
Capitalised leased assets                                                        


     
                                                                                


 
Expenditures on intangible assets                                                


     
                                                                                


 
Capital expenditure per statement of cash flows                                  


     
                                                                                
     

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - YEAR                 Corporate           Less equity    
Total


                                     and other Sub-total   accounted    
group
ENDED DECEMBER 2011 $'m                                      investments         


                                                                                  
                                                                                  


                                                                               
Gold income received                             -     6,962       (392)    
6,570 


                                                                                
                                                                                  


                                                                               
Cash costs                                      37   (3,473)         222  
(3,252) 
                                                                             
By-products revenue                              2       225         (1)      
224 
                                                                             
Total cash costs                                39   (3,248)         221  
(3,028) 
                                                                             
Retrenchment costs                               -      (15)           -     
(15) 
                                                                             
Rehabilitation and other non-cash costs          -     (233)           5    
(229) 
                                                                             
Amortisation of assets                        (11)     (779)           9    
(770) 
                                                                             
Total production costs                          27   (4,276)         234  
(4,042) 
                                                                             
Inventory change                                 -        95           -       
96 
                                                                             
Cost of sales                                   27   (4,181)         234  
(3,946) 


                                                                                
                                                                                  


                                                                               
Adjusted gross profit (loss)                    28     2,781       (157)    
2,624 
                                                                             
Unrealised non-hedge derivatives and             -       (1)           -      
(1)
other commodity contracts                                                        
                                                                               
Gross profit (loss)                             28     2,780       (157)    
2,623 
                                                                             
Corporate and other costs                    (238)     (304)         (1)    
(305) 
                                                                             
Exploration and evaluation costs              (45)     (284)           5    
(279) 
                                                                             
Intercompany transactions                       58         -           -        
- 
                                                                             
Special items                                (570)       163           -      
163 
                                                                             
Operating profit (loss)                      (768)     2,355       (153)    
2,202 
                                                                             
Net finance (costs) income, unwinding of        42        43           1       
44
obligations and fair value adjustments                                           
                                                                               
Exchange gain (loss)                             5       (3)           5        
2 
                                                                             
Share of equity accounted investments            8      (23)          96       
73
profit (loss)                                                                    
                                                                               
Profit (loss) before taxation                (713)     2,373        (51)    
2,321 
                                                                             
Taxation                                      (11)     (775)          51    
(723) 
                                                                             
Profit (loss) for the period                 (724)     1,598           -    
1,598 
                                                                             
Equity shareholders                          (732)     1,552           -    
1,552 
                                                                             
Non-controlling interests                        9        46           -       
46 


                                                                                
                                                                                  


                                                                               
Operating profit (loss)                      (768)     2,355       (153)    
2,202 
                                                                             
Unrealised non-hedge derivatives and             -         1           -        
1
other commodity contracts                                                        
                                                                               
Intercompany transactions                     (58)         -           -        
- 
                                                                             
Special items                                  564      (96)           -     
(96) 
                                                                             
Share of associates' EBIT                      (6)      (26)         153      
127 
                                                                             
EBIT                                         (268)     2,234           -    
2,234 
                                                                             
Amortisation of assets                          11       779         (9)      
770 
                                                                             
Share of associates' amortisation                -         -           9        
9 
                                                                             
EBITDA                                       (257)     3,014           -    
3,014 


                                                                                
                                                                                  


                                                                               
Profit (loss) attributable to equity         (732)     1,552           -    
1,552
shareholders                                                                     
                                                                               
Special items                                  564      (96)           -     
(96) 
                                                                             
Share of associates' special items            (14)       (4)           -      
(4) 
                                                                             
Taxation on items above                          -        32           -       
32 
                                                                             
Headline earnings (loss)                     (183)     1,484           -    
1,484 
                                                                             
Unrealised non-hedge derivatives and             -         1           -        
1
other commodity contracts                                                        
                                                                               
Deferred tax on unrealised non-hedge                                             
derivatives and other commodity                  -         -           -        
-
contracts                                                                        
                                                                               
Fair value adjustment on option               (84)      (84)           -     
(84)
component of convertible bond                                                    
                                                                               
Fair value adjustment on mandatory           (104)     (104)           -    
(104)
convertible bond                                                                 
                                                                               
Adjusted headline earnings (loss)            (371)     1,297           -    
1,297 


                                                                                
                                                                                  


                                                                               
Ore reserve development capital                  -       390           -      
390 
                                                                             
Stay-in-business capital                        17       603        (11)      
592 
                                                                             
Project capital                                  -       534        (78)      
456 
                                                                             
Total capital expenditure                       17     1,527        (88)    
1,439 
                                                                             
Capitalised leased assets                                                    
(30) 
                                                                             
Expenditures on intangible assets                                            
(16) 


                                                                                
                                                   1,393                          


                                                                               
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: (Shares)    AGD
LES : (Dis)      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 11 637 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 
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 
Jersey
Computershare Investor Services (Jersey) Ltd
Queensway House
Hilgrove Street
St Helier
Jersey JE1 1ES
Telephone: +44 870 889 3177
Fax: +44 (0) 870 873 5851 
Australia
Computershare Investor Services Pty Limited
Level 2, 45 St George's Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 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\shareowner 
Global BuyDIRECTSM 
BoNY maintains a direct share purchase and dividend reinvestment plan for
AngloGold Ashanti.
Telephone: +1-888-BNY-ADRS 
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 
1Mineral Resources have been estimated at a gold price of US$2,000/oz (2011:
US$1,600/oz). 
 2Ore Reserves have been calculated using a gold price of US$1,300/oz (2011:
US$1,100/oz). 
END 
-0- Feb/20/2013 07:01 GMT