Edgar Filing: ANGLOGOLD ASHANTI LTD

Page 1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

Report on Form 6-K dated February 15, 2012

Commission File Number 1-14846

AngloGold Ashanti Limited

(Name of registrant)

76 Jeppe Street

Newtown, 2001

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

South Africa

(Address of principal executive offices)

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

Form 20-F X Form 40-F

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

Yes

No X

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7):

Yes

No X

Indicate by check mark whether the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.

Yes

No X

Enclosure: Press release

ANGLOGOLD ASHANTI REPORT FOR THE QUARTER AND
YEAR ENDED 31 DECEMBER 2011 PREPARED IN
ACCORDANCE WITH IFRS (INTERNATIONAL FINANCIAL
REPORTING STANDARDS)

Quarter 4 2011

Report

for the quarter and year ended 31 December 2011

Group results for the year….

· Record adjusted headline earnings of $1.3bn, up 65% from 2010.
· Net profit attributable to ordinary shareholders rose 20-fold to $1.55bn
· Cash flow from operating activities increased by 59% to $2.66bn.
· Total dividend of 380 South African (approximately 49 US) cents, 162% (141%) increase from 2010.
· Production of 4.33Moz at a total cash cost of $728/oz.
· Net debt more than halved to $610m, from $1.29bn end of 2010 on the back of strong free cash flows.
· Reserves grow 6%, or 4.4Moz, to 75.6Moz (net of depletion).
· Resources grow 5%, or 10.9Moz, to 230.9Moz (net of depletion).

For the fourth quarter...

· Adjusted headline earnings of $295m, or 76 US cents a share.
· Net profit attributable to equity shareholders $385m, from $56m a year earlier.
· Cash inflow from operations at $644m.
· Net debt decreases further to $610m, despite higher fourth-quarter capital expenditure and tax payments.
· Fourth-quarter dividend of 200 South African (approximately 26 US) cents declared.
· Production of 1.114Moz at a total cash cost of $762/oz, both within guidance.
· La Colosa exploration success adds additional 3.8Moz resource; total now 16.3Moz.

Quarter

Year

Quarter

Year

ended

Dec

Sep

Dec

Sep

Dec

2011

2010

2011

2010

2011

2010

2011

2010

SA rand / Metric

US dollar / Imperial

Operating review

Gold

Produced

- kg / oz (000)

34,650

33,970 35,703

134,699

140,418 1,114

1,092

1,148

4,331

4,515

Price received

- R/kg / $/oz 437,885 394,799 99,671

369,054

135,862 1,684

1,713

452

1,576

561

Price received excluding

hedge buy-back costs

- R/kg / $/oz 437,885 394,799 303,454 369,054 271,018

1,684

1,713

1,372

1,576

1,159

Total cash costs

- R/kg / $/oz 198,267 168,935 148,474 170,129 149,577

762

737

672

728

638

Total production costs

- R/kg / $/oz 277,397 211,460 201,465 222,811 190,889

1,065

922

912

950

816

Financial review

Adjusted gross profit (loss)

- Rm / $m

5,502

5,870 (3,718)

19,104 (8,027)

682

816

(540)

2,624

(1,191)

Adjusted gross profit excluding

hedge buy-back costs

- Rm / $m

5,502

5,870 3,598

19,104

10,927 682

816

522

2,624

1,507

Profit attributable to equity

shareholders

- Rm / $m

3,124

3,304 404

11,282 637 385

456

1,552

- cents/share

809

855 105

2,923 171 100

118

402

Adjusted headline earnings

(loss)

- Rm / $m

2,375

3,310 (5,263)

9,418

(12,210)

295

457

(764)

1,297

(1,758)

- cents/share

615

857 (1,368)

2,440 (3,283)

118

(199)

336

(473)

Adjusted headline earnings

excluding hedge buy-back
costs

- Rm / $m

2,375

3,310 2,026 9,418 5,652 295

457

294

1,297

787

- cents/share

615

857 527

2,440

1,520 76

118

336

212

Cash flow from operating

activities excluding hedge
buy-back costs

- Rm / $m

5,185

6,497 5,076

19,587

12,603 644

863

679

2,655

1,669

Capital expenditure

- Rm / $m

4,251 2,925 2,572 11,259 7,413 525 408 365 1,527 1,015

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.

Operations at a glance
for the quarter ended 31 December 2011

oz (000)

% Variance

$/oz

% Variance

$m Variance

SOUTH AFRICA

398

696

(8)

320

Great Noligwa

(20)

1,280

(3)

Kopanang

(15)

766

(14)

Moab Khotsong

(27)

825

(19)

Mponeng

138

518

(12)

145

Savuka

810

(13)

(1)

TauTona

692

(24)

Surface Operations

714

(19)

CONTINENTAL AFRICA

419

799

207

(118)

Ghana

Iduapriem

968

(12)

Obuasi

896

(19)

(66)

Guinea

Siguiri - Attributable 85%

1,047

(17)

Mali

Morila - Attributable 40%

771

(6)

Sadiola - Attributable 41%

(10)

1,015

(9)

Yatela - Attributable 40%

(13)

1,915

(3)

(4)

Namibia

Navachab

930

(16)

Tanzania

Geita

144

(3)

486

128

(14)

Non-controlling interests, exploration
and other

AUSTRALASIA

1,478

(6)

(9)

(9)

Australia

Sunrise Dam

1,388

(11)

(2)

(3)

Exploration and other

(6)

(6)

AMERICAS

234

(2)

612

186

(66)

Argentina

Cerro Vanguardia - Attributable 92.50%

(2)

577

(34)

Brazil

AngloGold Ashanti Mineração

(10)

597

(30)

Serra Grande - Attributable 50%

626

(32)

United States of America

Cripple Creek & Victor

643

(8)

Non-controlling interests, exploration
and other

OTHER

Sub-total

1,114

762

720

(144)

Equity accounted investments included above

(38)

AngloGold Ashanti

682

(134)

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

Equity accounted joint ventures.

Variance December 2011 quarter on September 2011 quarter - increase (decrease).

Rounding of figures may result in computational discrepancies.

Production

Total cash costs

Adjusted

gross profit (loss)

Financial and Operating Report

OVERVIEW FOR THE YEAR AND QUARTER

FINANCIAL AND CORPORATE REVIEW

ANNUAL REVIEW

Full-year adjusted headline earnings

increased 65% to a record $1.3bn, or 336 US cents per share, from $787m, or

212 US cents per share in 2010. Net profit attributable to ordinary shareholders rose approximately twentyfold to $1.55bn
for the full-year, compared with $76m in 2010. Cash flow generated from operating activities

rose to $2.66bn from

$1.67bn the previous year. Free cash flow, after all capital expenditure, finance costs and tax, before dividends, was
$833m.

The strong performance in earnings and cash flow was aided by the continued implementation of the Project ONE
business improvement initiative across all operating sites, as well as the removal of the hedge book which gave
AngloGold Ashanti full exposure to the higher gold price.

Total capital expenditure for 2011, the first year of intensive investment in AngloGold Ashanti’s medium-term growth
plan, was $1.53bn compared with guidance of $1.6bn. Improved cash flow helped more than halve net debt to $610m at
the end of the year, from $1.288bn at the end of 2010.

Production in 2011 declined 4% to 4.33Moz, in line with the revised annual guidance issued by the company in
November. Total cash costs rose 14% from 2010 to $728/oz, better than the revised guidance of $735/oz to $745/oz.

Reserves

improved by 6% or 4.4Moz to end the year at 75.6Moz, after accounting for depletion. Resources

increased

by 5% to 230.9Moz after depletion. These reserves will fill the pipeline for growth to between 5.4Moz and 5.6Moz, from a
combination of greenfields and brownfields projects in the Americas, Australasia and Continental Africa.

“With record adjusted headline earnings of $1.3bn and stronger cash flow than we’ve ever seen, we’ve laid a strong
foundation on which to grow the business,” Chief Executive Officer Mark Cutifani said. “Our focus now is on pushing our
projects through the pipeline and ensuring continued strong returns for our shareholders.”

FOURTH-QUARTER REVIEW

Strong performances from key assets within the Continental Africa portfolio, good cost containment in South Africa, along
with full exposure to a spot gold price and weaker producer currencies, drove robust fourth-quarter earnings and cash-
flow generation. As indicated in the third-quarter results presentation in November, fourth-quarter Adjusted Headline
Earnings (AHE)

was adversely impacted by year-end accounting adjustments such as environmental rehabilitation,

direct and indirect taxes and inventory provisions.

AHE

were $295m, or 76 US cents a share in the three months to 31 December 2011. This earnings figure includes the

$105m after tax adverse impact of the group environmental provisions. Fourth quarter’s AHE

were also adversely

impacted by a lower gold price, higher cash costs and relatively higher levels of unsold gold at the quarter-end. AHE

the fourth quarter of 2010 was $294m, or 76 US cents a share, while AHE

for the third quarter of 2011 was $457m, or

118 US cents per share, which was boosted by a $70m once-off deferred tax credit.

Fourth quarter net earnings attributable to ordinary shareholders were $385m, a sevenfold increase from the fourth
quarter of 2010. This includes the benefit of the impairment reversal at Geita ($95m after tax). Impairments are included
in net profit but are excluded from headline earnings.

Cash flow generated from operating activities rose to $644m during the fourth quarter compared with an outflow of
$382m a year earlier, when the final tranche of the hedge book was eliminated. Free cash flow, after all capital
expenditure, finance costs and tax, before dividends, was $97m. These robust inflows helped further strengthen the
group’s balance sheet. Net debt (excluding the mandatory convertible bond) was further reduced by $10m, to $610m,
despite a 29% increase in capital spending from the previous quarter to $525m and higher tax payments.

DIVIDEND

The board of directors is pleased to announce a dividend of 200 South African cents for the fourth quarter. This takes the
annual dividends declared to 380 South African cents, 162% more than the 145 South African cents declared in 2010.

The company will continue to seek quarterly dividends in line with improved operating and financial performance,
provided there is no threat to its investment-grade-credit rating and there is adequate allowance for funding its growth
projects.

Normalised for hedge takeout

Calculated at a gold price of US$1,100/oz

Calculated at a gold price of US$1,600/oz

OPERATING RESULTS

Production for the three months to 31 December 2011 was 1.114Moz at a total cash cost of $762/oz. This compares with
guidance of 1.11Moz at $790/oz and the previous quarter’s production of 1.092Moz at $737/oz. The fourth quarter’s
result was bolstered by another solid performance from Geita in Tanzania, where the turnaround of the past 18 months
continued and Obuasi, in Ghana, where the taskforce appointed in 2010, continued to make progress in improving the
operation’s performance. There were also strong performances at Mponeng, TauTona, Sunrise Dam and Serra Grande.

SAFETY

Tragically, three fatalities were recorded at the Kopanang mine during the quarter, while two contractors passed away
following accidents at Obuasi in Ghana and another at the Gramalote project in Colombia. This result undermines much
of the progress made earlier in the year and has led the global safety team to develop new major incident risk protocols
which set out operating requirements designed to minimise the likelihood of fatalities and high-severity incidents. These
protocols will be rolled out in the second quarter of 2012 as part of a crucial effort to further improve the group’s safety
performance. This initiative will build on the significant improvements made in recent years, with the all accident
frequency rate (AIFR) – the broadest measure of safety performance – ending 2011 at a company record of 9.76 per
million hours worked, 15% better than the 2010 level. This is the first time the rate has dropped below 10. The
Continental Africa region was the star performer in the group in 2011, with an AIFR of 3.03 per million hours worked, a
42% improvement on the previous year.

OPERATING REVIEW

The South African operations produced 398,000oz at a total cash cost of $696/oz in the three months through
31 December 2011 compared with 394,000oz at a total cash cost of $757/oz the previous quarter. The marginal
production increase over the previous quarter, which was affected by an industry-wide strike, was achieved despite
extensive disruption from Section 54 safety stoppages which impacted the Vaal River operations in particular. The
improvement in costs resulted from the higher production, normalisation of power tariffs following the higher-cost winter
period, a higher by-product contribution and the weaker rand versus the dollar. At the West Wits Operations,
Mponeng’s production increased by 18% to 138,000oz on a normalised operating schedule, while total cash costs
improved by 12% to $518/oz. At neighbouring TauTona, output rose 24% to 72,000oz and total cash costs declined by
24% to $692/oz. The previous quarter’s performance had been impacted by the strike, as well increased seismicity. At
the Vaal River Operations, operational difficulties in high-grade areas at Great Noligwa contributed to a 20% drop in
production to 20,000oz, compared with the third quarter. The increase in total cash costs, however, was contained at 2%,
rising to $1,280/oz. Moab Khotsong’s costs rose 15% from the previous quarter to $825/oz following a 27% drop in gold
production to 52,000oz given the increased number of safety stoppages imposed by the state mine inspector and also
the increased complexity of the geology at the mine. Kopanang, which also suffered the safety-related stoppages,
experienced a 15% decline in production. Total cash cost increase was contained at 9% to $766/oz, assisted by a
favourable by-product contribution. The Surface Operations achieved a 16% increase in production to 37,000oz following
fewer interruptions and higher grades. Unit cash costs improved by 19% to $714/oz, despite increased maintenance to
operational infrastructure during the quarter. Uranium production was marginally down from the previous quarter to
316,000lbs.

The Continental Africa operations produced 419,000oz at a total cash cost of $799/oz in the fourth quarter of 2011,
compared with 411,000z at a total cash cost of $739/oz the previous quarter. Geita delivered another strong quarter,
though production was 3% lower at 144,000oz following repairs to the SAG Mill gearbox. This was, however, partially
offset by a 12% increase in recovered grade. Total cash costs increased by 3% to $486/oz. At Obuasi, in Ghana,
production was 4% higher at 81,000oz due to availability of higher-grade ore blocks and increased equipment availability
underground. Total cash costs were 8% higher at $896/oz because of higher labour costs at the Ghana operations, year-
end obsolete consumable stock write-offs and increased use of engineering spares consumption in line with the
preventative maintenance cycle. At Iduapriem, production increased by 4% to 50,000oz as a result of access to higher
grade ore, which was in turn partly offset by a lower tonnage throughput following reduced plant availability. Total cash
costs increased by 12% to $968/oz mainly due to the increased payroll costs and stock write-offs. At Siguiri, in Guinea,
production was 11% higher at 62,000oz as tonnage throughput increased following efficiencies flowing from Project ONE
and improved weather conditions. Total cash costs rose 10% to $1,047/oz after wage settlements during the period and
adjustments to year-end stocks. At Morila, in Mali, higher recovered grades from stockpiles led to a 17% increase in
production and a 6% improvement in costs. At Sadiola, lower grades caused a 10% decline in production to 28,000oz
while total cash costs increased by 28% to $1,015/oz following the lower output and increased contractor rates. Higher
grades and throughout, following improved plant availability on the back of Project ONE’s implementation, helped a 19%
rise in production at Navachab, in Namibia, to 19,000oz. Total cash costs improved 16% to $930/oz.

The Americas operations produced 234,000oz at a total cash cost of $612oz in the fourth quarter of 2011, compared
with 238,000oz at a total cash cost of $524/oz the previous quarter. At AngloGold Ashanti Brasil Mineração, production
declined by 10% to 91,000oz from the previous quarter at 101,000oz after a slight delay in commissioning of the
pressure oxidation circuit, though this was partly offset by better-than-anticipated production from the Lamego unit.

Total cash costs rose 8% to $597/oz given general inflationary pressure, higher maintenance costs, and lower by-product
credit. At Serra Grande, attributable production was 40% higher at 21,000oz given higher grades. Total cash costs
decreased 32% to $626/oz following the higher output and a weaker Brazilian real against the dollar. Cerro Vanguardia´s
gold production was marginally lower at 51,000oz due mainly to lower feed grade, though this was partially offset by
higher treated tonnes. The increased feed and an improvement in recovered grade resulted in an 84% increase in silver
production to 874,400oz. The impact on total cash costs, however, was muted given shipment schedules that straddled
the quarter end. Total cash cost rose 95% to $577/oz given the resultant drop in contribution from silver by-product
credits, as well as higher costs for catering and transportations contractors, consumption of spare parts and building
maintenance. At Cripple Creek & Victor, gold production rose 3% from the previous quarter to 71,000oz as ore continued
to be placed on newer sections of the heap leach pad, closer to liner. Total cash cost increased by 15% to $643/oz
mainly due to lower grades mined and placed on the pad.

In Australasia, production from Sunrise Dam recovered to 63,000oz at a total cash cost of $1,388/oz, compared with
50,000oz at $1,568/oz the previous quarter. Whilst the pit-wall failure from the first quarter continued to impact
operations, open-pit mining recommenced with the completion of the ramp into the open-pit operating area. A total of
347m of underground capital development and 1,926m of operational development were completed during the quarter.

PROJECTS

AngloGold Ashanti incurred capital expenditure of $525m (including joint ventures) during the quarter, of which $179m
was spent on growth projects. Of the growth-related capital, $71m was spent in the Americas, $32m was spent in
Continental Africa, $27m in Australasia and $49m in South Africa.

Phase 2 of Moab Khotsong’s Zaaiplaats project, with a capital cost of $395m (real) was approved by the board as was
the Below 120 CLR project at Mponeng, at a capital cost of $416m (real). These are low-risk, high return projects that
extend the life of these two cornerstone mines in South Africa.

Significant progress continued at the Kibali joint venture in the Democratic Republic of Congo, a 19Moz mineral
resource which will become the country’s largest gold mine. AngloGold Ashanti and Randgold Resources each own a
45% stake in Kibali while Sokimo, the state-owned gold company, owns the remainder. AngloGold Ashanti’s board is
expected to receive the final feasibility document for approval in the coming months, though in the meantime funding will
continue for critical path items and work in order to maintain the project timeline.

The first phase of Kibali’s development will cover relocation of local communities, construction of the metallurgical facility,
one hydropower station and back-up thermal power facility, the tailings storage facility, open pit mining and all shared
infrastructure, with initial production targeted from around the end of 2013. The second phase of the capital programme,
which will run concurrently with Phase 1, is focused primarily on underground development and includes a twin decline
and vertical shaft system as well as three hydropower stations. This is expected to bring the underground into first
production by the end of 2014, with steady state production targeted for the end of 2015.

During the fourth quarter, the project progressed in line with the project development schedule. The Relocation Action
Plan at the site continued with 250 families from the Chauffeur village, the first of 14 villages identified in the project plan,
being resettled. At the end of December 2011, 499 houses had been built and construction of the Catholic Church
complex commenced. The detailed design of the metallurgical process facility, all shared service facilities, the tailings
storage facility and general mine infrastructure were finalised in the quarter. Detailed mine design continued and open-pit
mining tenders were in adjudication. All major long-lead items, including the winder, mills, turbines and open-pit mining
equipment were secured. Grade control drilling in the open-pit commenced and opening of the pit was scheduled for the
end of the first quarter, 2012. Earth moving and civil engineering contract packages were put out to tender and a shortlist
of contractors identified.

The optimised feasibility study for the Mongbwalu project, in which AngloGold Ashanti holds an 86.22% interest, is
complete and will be presented to the joint venture board for approval next month. In the meantime, funding for critical-
path items has continued to maintain the schedule for first production in 2014. Progress continued at a good pace
during the quarter, with upgrading of staff accommodation and construction of the Bunia-Mongbwalu road. The project,
AngloGold Ashanti’s beachhead in the highly prospective Kilo goldbelt of the north eastern DRC, comprises 18
exploitation tenements and spans roughly 5,500km2. Active green- and brownfield exploration continues in the area.

Córrego do Sítio, in Brazil, the most advanced of AngloGold Ashanti’s projects currently in development, continued its
mine ramp-up phase according to an updated plan. Portal II, the second entrance to the underground mine, was
connected to surface in December, while haulage from this ramp commenced in January. The autoclave circuit was also
commissioned in January. The business process framework component of Project ONE was launched at the
metallurgical plant in November and reached “stabilisation” phase during December in the heavy mechanized equipment
maintenance division and mine operational areas. By year-end, the plant had treated 70,000t.

The Tropicana Gold Project in Australia (AngloGold Ashanti 70% and manager, Independence Group NL 30%)
remained on schedule to commence gold production in the December 2013 quarter. The 220km access road neared
completion and earthworks for the plant site, internal access roads and the airstrip continued. Fabrication of the
permanent village buildings commenced and the village installation contract was awarded. All key procurement packages
have been issued. The concrete contract was awarded and tenders were called for the structural, mechanical and piping
contract. Secondary statutory approvals are on track. The operating management team has been formed, with all key
positions now in role. A new Mineral Resource estimate was completed for Tropicana with a 1.05Moz increase bringing
the total resource to 6.41Moz (100% basis). The increase is attributable to drilling in the Havana Deeps area. The full
details of the updated Mineral Resource estimate were provided in an announcement on 29 November 2011. Exploration
drilling continued at Havana Deeps and in the area between Tropicana and Havana. A total of 948m RC and 10,317m
diamond drilling was completed.

During the fourth quarter, an Australian dollar 600m revolving credit facility was obtained from a syndicate of banks to
fund the requirements of the Tropicana project. This new facility will mature in December 2015.

EXPLORATION

Total exploration expenditure during the fourth quarter, inclusive of expenditure at equity accounted joint ventures, was
$115m ($37m on brownfield, $43m on greenfield and $35m on pre-feasibility studies), compared with $96m the previous
quarter ($35m on brownfield, $33m on greenfield and $28m on pre-feasibility studies). The following are highlights from the
company’s exploration activities during the quarter. More detail on AngloGold Ashanti’s exploration programme can be
found at

www.anglogoldashanti.com

At Geita, in Tanzania, 11,431m of drilling were completed during the quarter focusing on Mineral Resource infill drilling
around the mining operations and more regional exploration to support an Ore Reserve growth strategy. Mineral Resource
upgrade-drilling was carried out on the Nyankanga deposit at the Block 1, Block 2, Cut 7 and Cut 8 with reconnaissance
drilling completed over Mzingama and Prospect 30. In Nyankanga Block 2, borehole NYDD0303 intersected 30.5m
@10.9g/t Au from 289m with the mineralisation hosted in a well silicified banded iron formation with abundant fine grained,
disseminated pyrite and dolomite contained within the main shear. This intercept and others continue to prove the down dip
continuity of gold mineralisation beyond the open-pit shell and indicate significant potential for underground mining.
Intensive geological and structural pit wall mapping was undertaken in Geita Hill Cut 1 during the quarter by the GGM- JCU
research team. An IP survey was continued at Star & Comet covering a total distance of 19.65km. A ground magnetic
survey was commenced within Kukuluma, Area 3 west and Matandani.

At Siguiri in Guinea, a total of 51,821m of drilling was completed. RC infill drilling focused on two main projects, with the aim
of upgrading oxide Mineral Resources in Sokunu, Sokunu West and Kozan Central West. Results to date are encouraging.

The quarter saw the discovery, on a previously unexplored trend, of a potential oxide Mineral Resource situated 2km west
of the processing plant. Drilling of the Silakoro prospect provided the following significant drilling results: SIAC045 7.07m @
3.79g/t Au from 13m; SKAC1834 12.6m @ 2.08g/t Au from 63m; SKAC1887 7.70m @ 4.48g/t Au from 10m; SIAC020
13.8m @ 5.64g/t AU from 29m.

The greenfields team continued its geochemical soil sampling programme in Guinea during the quarter in Blocks 2, 3 and 4.
Resource delineation and definition drilling commenced at Saraya during the quarter with 1,695m of reverse circulation
drilling completed. Some of the pending assays from Saraya Main and Saraya South were received during the quarter.
Highlights include SARC288: 15m at 3.23g/t Au from 56m; SARC284: 8m at 3.69g/t Au from 14m (including 4m @ 6.67g/t
Au from 16m); SARC260: 7m @ 2.3g/t Au from 62m; SARCDD017: 9m @ 2.2g/t Au from 64m; SARC280: 4m @ 17.01g/t
Au from 66m); SARC262 19m @ 3.02g/t Au from 80m; SARC259: 9m @ 2.06g/t Au from 114m.

AC reconnaissance drilling commenced at Koun Koun South extensions (Block 3); 108 holes for 8,020m have been
completed during the quarter (phase 3). Delineation diamond drilling continued at Koun Koun during the quarter; 5 holes
totalling 1,429m were completed, assay results are pending. Assay results reported this quarter from phase 2
reconnaissance drilling have returned encouraging intersections in the saprolite and oxide zones, which include: KKRC029:
20m @ 1.14g/t Au from 9m; KKRC031: 18m @ 2.23g/t Au from 29m; KKRC035: 20m @ 1.43g/t Au from 29m; KKAC116:
16m @ 2.12g/t Au from 106m and; KKAC120: 27m @ 3.21g/t Au from 87m.

In the Democratic Republic of the Congo, regional exploration continued on the 5,487km

Kilo project. Greenfield

exploration activities continued on five projects Lodjo, Issuru, Dala, Alosi Camp 3 and Petsi. An IP survey was completed for
Camp 3 (Kilo Central) while diamond drilling continued at Pili Pili (Pluto North- Issuru). Trenching and soil sampling
continued in Kilo Central and Kilo North.

At Obuasi in Ghana, Below 50 Level exploration drilling achieved 930m and surface exploration continued at the
Anyankyerim deposit with 3,329m drilled. Results to date are positive. A joint Obuasi-UWA-CET 3 year research project
commenced during the quarter, with the primary deliverable an integrated 4D model for controls on geometry of
mineralisation within the Obuasi system. The study is expected to enhance delineation of the Obuasi deeps Mineral
Resource, exploration strategies in the Ashanti belt and in the Birimian.

Greenfields exploration in the Middle East & North Africa region is being undertaken by the Thani Ashanti strategic Alliance.
Exploration during the fourth quarter involved diamond drilling at the Hutite and Anbat prospects, located on the Hodine
licence in Egypt. Almost 6,000m of diamond drilling was completed at Hutite and Anbat during the quarter, however results
were received from only three holes due to delays with sample processing.

In the United States, at Cripple Creek and Victor, a total of 11,085m were drilled. RC holes from the MLE-2 Programme
continued to display significant ore grade gold mineralisation well below the 2011 WHEX & Grassy Valley Design Pit
bottoms. For example, borehole GR-952, drilled at Grassy Valley, intersected 74.7m @ 11.0g/t Au from 38m. The results
from this and other holes will help to deepen the current WHEX & Grassy Valley design pit bottoms.

At La Colosa, in Colombia, drilling progressed well with 12,886m drilled and thirty seven boreholes completed. Five rigs
continued to operate during most of the quarter. Very significant intersections continued to be obtained on the edges of the
previously defined system and are expected to add to the overall Mineral Resource. During the quarter the following
significant intersections were obtained from the Northern end of the deposit, which continue to expand the northern extent of
the mineralisation and provide further support to the COL138 intersection reported last quarter, COL148 202.4m @ 2.27g/t
Au from 236m; COL127 243.0m @ 1.2g/t Au from 78m; COL156 101.8m @ 1.3g/t Au from 240m; COL158 190.0m @
1.34g/t Au from 128m; COL164 104.0m @ 2.2g/t Au from 90m.

Greenfields exploration in the Americas focused on early stage exploration in Colombia, Canada, the United States, Brazil
and Argentina. In Colombia, 249m of shallow drilling, and 886m of deep drilling were completed at the Quebradona joint
venture to further define the nature and extent of shallow epithermal gold, and deeper porphyry copper-gold mineralisation,
respectively. A 952 station soil survey programme was also completed. The tenement holding in Colombia by the end of
the quarter stood at 15,442 km

At Sunrise Dam in Australia, near-mine exploration continued to focus on extensional targets beneath the deposit and the
Cosmo lode with some extensional drilling of the recently defined Vogue mineralisation. During the quarter 20,836m were
drilled from 66 diamond drill holes from surface and underground positions. The Vogue mineralisation targets are geological
complex domains that form as extensions of the Cosmo-Dolly system and show broad domains of low and high-grade gold
mineralisation that extend for in excess of 400m in length and to depths greater than 900m vertical. Early indications are
that a significant and broad mineralised domain exists with potential to significantly increase Mineral Resources at Sunrise
Dam. Recent intercepts that include a composite of gold mineralisation and waste (up to 25m), include: 53.0m @ 2.00g/t
Au; 118.2m @ 1.63g/t Au; 124.1m @ 1.54g/t Au; includes up to 25m of continuous waste to a cumulative total of 100m of
waste, averaging >1g/t; 9.0m @ 8.25g/t; 7.2m @ 5.86g/t; 8.0m @ 8.8g/t; 32.7m @ 3.45g/t; 5.0m @ 6.78g/t; 34.7m @
2.44g/t; 6.6m @ 6.33g/t; 21.0m @ 3.93g/t; 16.8m @ 3.11g/t; includes up 5m of continuous waste to a cumulative total of
25m of waste, averaging >1g/t.

At Tropicana, a new Mineral Resource estimate was completed for Tropicana with a 1.05Moz increase bringing the total
Mineral Resource to 6.41Moz (100% basis). The increase is attributable to drilling in the Havana Deeps area. Exploration
drilling continued at Havana Deeps and in the area between Tropicana and Havana. A total of 948m RC and 10,317m
diamond drilling were completed.

Elsewhere in the Tropicana JV lease area, reconnaissance aircore drilling and RC/diamond drilling of a number of key
prospects continued on the Tropicana JV tenements. At Iceberg, 35km south of the Tropicana Gold Mine, RC drilling
completed during the previous quarter returned encouraging results including 2m @ 5.27g/t Au from 58m, 6m @ 1.37g/t Au
from 64m and 4m @ 1.88g/t Au from 85m. Follow-up RC drilling is planned for 2012. At the Viking project (AngloGold
Ashanti 100%) aircore drilling was completed at several prospects and results are pending. Auger soil sampling continued
to generate targets for drill testing in 2012.

In the Solomon Islands, exploration activities continued at the Kele and Mase Joint Ventures, which are held by AngloGold
Ashanti (51%) and XDM Resources (49%). At the Mase JV Project, reconnaissance surface sampling continued with
586 samples collected in the Mase and Pundakona regions, including 407 soil, 124 stream and 55 rock chips. A number of
significant stream, soil and some rock chip samples were returned from the Pundakona work, including a best rock chip
sample of 17.3g/t Au. Further work is planned on these in early 2012. At the Kele JV Project, diamond drilling continued with
603m completed in three scout holes targeting porphyry-style mineralisation at the Konga prospect.

OUTLOOK

Group’s gold production for 2012 is estimated at between 4.3Moz to 4.4Moz. Total cash costs are estimated at between
$780-$805/oz at an average exchange rate of R7.40/$, BRL1.70/$, A$1.01/$ and AP4.43/$ and fuel at $110/barrel. Both
production and total cash costs estimates will be reviewed quarterly, in the light of safety related stoppages currently
being experienced in South Africa and any other unforeseen factors.

Gold production for the first quarter of 2012 is estimated at 1.03Moz. Total cash costs are estimated at between
$820/oz-$835/oz at an average exchange rate of R7.40/$, BRL1.70/$, A$1.01/$ and AP4.35/$ and fuel at $110/barrel.
Both estimates could see some downside risk in the light of safety related stoppages currently being experienced in
South Africa.

Review of the Gold Market

Gold price movement and investment markets

GOLD PRICE DATA

Fear of sovereign defaults once again dominated markets during the fourth quarter, although this wasn’t always reflected in
the gold price. Despite the growing uncertainty over Europe’s ability to resolve its debt crisis, the gold price never traded
close to the all-time high of $1,920/oz seen in the previous quarter. In the quarter under review gold appeared to trade as a
risk asset – experiencing selling pressure in times of heightened turmoil and not trading like the safe haven asset it is
generally seen as. Continued uncertainty over how Europe is likely to resolve its funding crisis caused the Euro to slip
against the US dollar and the relative strength of the greenback hindered appreciation of the gold price. Despite these
headwinds, the spot gold price still gained 11% over 2011 and averaged $1,572/oz for the year. This marks a 28%
appreciation over the average spot price of $1,227/oz in 2010 and marks the tenth consecutive year of price appreciation –
the longest bull-run in the gold price to date.

INVESTMENT DEMAND

Towards the end of the third quarter of 2011, large scale ETF liquidation saw sales of some 2.5Mozs of gold. However
buying early in the fourth quarter reversed this trend and by the end of October combined holdings were back around
75Mozs, the holdings level prevailing before the sell-off. Despite the failure of the gold price to respond to the worsening
crisis in Europe, ETF holdings grew over the course of the fourth quarter and this quarter was by far the most positive in
terms of ETF growth in 2011, with 1.25Mozs being added. The two previous quarters showed negative growth or net
redemptions. At year end, aggregate holdings for the major ETFs totalled almost 78Mozs, which represents a 7%
increase of 5.2Mozs for the year. This growth is negligible in comparison to the demand surges of the previous two
years. That said, combined holdings of the ETFs remain significant. When compared to official sector holdings, combined
ETFs rank 6th behind the USA (267Mozs), Germany (109Mozs), IMF (91Mozs), Italy (79Mozs) and France (78Mozs).
COMEX positioning through the fourth quarter was relatively stable, with no extreme movements week on week.
Interestingly, the positioning at the end of 2011 had decreased by almost 10Mozs from its January starting point.
Investment demand in China was flat year on year at around 60t, but since the fourth quarter 2010 was considered a
very strong quarter, performance of fourth quarter 2011 should be seen as likewise – especially when one considers that
there was little investment activity in October as investors were skittish following the big gold price correction in
September. In India fourth quarter investment demand suffered on the back of price volatility and the negative impact of
a weakening Rupee. The biggest market for bar and coin hoarding in 2011 was Europe and its appetite for physical gold
investment products remained strong in the last quarter of the year. In 2011 United States coin demand was softer than
in 2010 as panic over the economy eased somewhat.

OFFICIAL SECTOR

Central Bank off-take of 21t was reported in October, with Russia taking the bulk of that at 19.5t. This activity was
countered somewhat by the sale of 4.7t by the Bundesbank as part of a commemorative coin minting programme. The
emergence of the official sector as gold buyer has become an increasingly important factor in terms of global gold
demand and GFMS estimates Official Sector demand in 2011 to be 430t – roughly 15% of world mine production for the
year. With the appreciation of the gold price over recent years, the weighting of gold as a percentage of certain Eurozone
banks’ reserves has arguably become significant and sits at over 70% of German, Italian and French reserves.

JEWELLERY SALES

In India the fourth quarter was the second consecutive quarter experiencing a decrease from 2010 levels of jewellery
demand. High price volatility coupled with Rupee weakness against the dollar hit the jewellery market harder than it did
investment demand. Since fabrication charges are levied on jewellery, investment products present better value to those
feeling the Rupee price squeeze. Many players believe that the currency is undervalued and are holding off on making
purchases until the Rupee strengthens. As a result inventories remain low. In China, the market for pure gold jewellery
continued to grow in the fourth quarter, albeit at a modest rate of 2%. Consumer fears around inflation helped spur gold
demand in both pure gold jewellery and investment products. Shares in some of China’s major jewellery retailers showed
very strong growth in 2011, due in large part to the rising gold price and the value of pure gold jewellery as an investment
vehicle. In the United States the first three quarters of 2011 delivered gold jewellery growth of 3% over the same period
of 2010 and most retailers reported reasonably good holiday sales in the fourth quarter. In line with the trend experienced
since 2010, high-end players continue to see the strongest growth in revenues, but the lower- and mid-end are starting to
perform better thanks to easing credit terms and the efficient management of low inventories.

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 220.0Moz in December 2010 to 230.9Moz in December 2011. A
gross annual increase of 16.8Moz occurred before depletion, while the net increase after allowing for
depletion is 10.9Moz. Changes in economic assumptions from December 2010 to December 2011 resulted
in an 11.2Moz increase to the Mineral Resource, whilst exploration and modelling resulted in an increase of
7.9Moz. The remaining decrease of 2.2Moz resulted from various other factors.

MINERAL RESOURCE

Moz

Mineral Resource as at 31 December 2010

220.0

Reductions

Great Noligwa

Mineral Resource reduced due to increased costs

(0.6)

Other

Total of non-significant changes

(1.8)

Additions

Tropicana

Exploration success in the underground project

0.8

Gramalote

Exploration success at Trinidad

0.9

Kopanang

Grade increased as a result of exploration

1.1

Geita

Combined effect of price and estimation

1.3

Iduapriem

Increase in Mineral Resource price

1.3

Obuasi

Increase in Mineral Resource price

2.3

La Colosa

Exploration success

3.8

Other

Total of non-significant changes

1.7

Mineral Resource as at 31 December 2011

230.9

Rounding of numbers may result in computational discrepancies.

Mineral Resources have been estimated at a gold price of US$1,600/oz (2010: US$1,100/oz).

ORE RESERVE

The AngloGold Ashanti Ore Reserve increased from 71.2Moz in December 2010 to 75.6Moz in December
2011. A gross annual increase of 9.6Moz occurred before depletion of 5.2Moz. The increase net of depletion
was therefore of 4.4Moz. Changes in economic assumptions from 2010 to 2011 resulted in an increase of
4.4Moz to the Ore Reserve, while exploration and modelling resulted in a further increase of 5.0Moz. The
remaining increase of 0.2Moz resulted from various other factors.

ORE RESERVE

Moz

Ore Reserve as at 31 December 2010

71.2

Reductions

Moab Khotsong

Depletion and minor model revision

(0.5)

Other

Total non-significant changes

(1.1)

Additions

Geita

Improved Ore Reserve price

0.5

Cripple Creek & Victor

Mine life extension added to Ore Reserve

0.5

Vaal River Surface

Technical studies showed the economic extraction of
gold and uranium from the tailings is economic

3.2

Other

Total non-significant changes

1.7

Ore Reserve as at 31 December 2011

75.6

Rounding of numbers may result in computational discrepancies.

Ore reserves have been calculated using a gold price of US$1,100/oz (2010: US$850/oz).

By-products

Several by-products are recovered as a result of the processing of gold Ore Reserves. In 2011, these
include 57,299t of uranium oxide from the South African operations, 408,348t of sulphur from Brazil and
46.9Moz 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 or 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

as at 31 December 2011

Category

Tonnes

million

Grade

g/t

Contained

gold

tonnes

Contained

gold

Moz

South Africa

Measured

25.98

15.76

409.39 13.16

Indicated

799.63

2.57

2,056.44

66.12

Inferred

38.30

14.91

570.81

18.35

Total

863.91

3.52

3,036.65

97.63

Democratic Republic of the Congo

Measured

Indicated

62.41

3.66

228.64

7.35

Inferred

33.16

2.90

96.07

3.09

Total

95.57

3.40

324.71

10.44

Ghana

Measured

89.38

4.64

414.35 13.32

Indicated

97.81

3.42

334.74

10.76

Inferred

136.83

3.26

446.65

14.36

Total

324.04

3.69

1,195.74

38.44

Guinea

Measured

37.19

0.62

22.96 0.74

Indicated

116.48

0.73

85.09

2.74

Inferred

67.18

0.79

53.17

1.71

Total

220.85

0.73

161.22

5.18

Mali

Measured

12.65

1.31

16.57 0.53

Indicated

62.66

1.57

98.24

3.16

Inferred

36.58

1.04

37.96

1.22

Total

111.89

1.37

152.77

4.91

Namibia

Measured

18.35

0.71

13.10 0.42

Indicated

99.78

1.22

122.04

3.92

Inferred

16.41

1.15

18.88

0.61

Total

134.54

1.14

154.01

4.95

Tanzania

Measured

Indicated

106.42

2.74

291.44

9.37

Inferred

33.55

2.97

99.50

3.20

Total

139.96

2.79

309.94

12.57

Australia

Measured

35.13

1.71

60.01 1.93

Indicated

50.11

2.56

128.48

4.13

Inferred

11.05

3.92

43.28

1.39

Total

96.29

2.41

231.77

7.45

Argentina

Measured

11.98

1.61

19.30 0.62

Indicated

26.09

3.40

88.76

2.85

Inferred

9.14

3.17

29.01

0.93

Total

47.22

2.90

137.08

4.41

Brazil

Measured

10.53

6.31

66.44 2.14

Indicated

16.41

5.74

94.23

3.03

Inferred

36.93

6.30

232.73

7.48

Total

63.88

6.16

393.40

12.65

Colombia

Measured

15.56

0.85

13.24 0.43

Indicated

33.97

0.79

26.98

0.87

Inferred

564.78

0.93

527.63

16.96

Total

614.31

0.92

567.85

18.26

United States of America

Measured

280.58

0.78

217.65 7.00

Indicated

227.03

0.68

155.09

4.99

Inferred

96.04

0.65

62.16

2.00

Total

603.65

0.72

434.90

13.98

Total

Measured

537.33

2.33

1,253.01 40.29

Indicated

1,698.79

2.18

3,710.18

119.29

Inferred

1,079.98

2.05

2,217.85

71.31

Total

3,316.10

2.17

7,181.04

230.88

Rounding of figures may result in computational discrepancies.

MINERAL RESOURCE BY COUNTRY (ATTRIBUTABLE) EXCLUSIVE OF ORE RESERVE

as at 31 December 2011

Category

Tonnes

million

Grade

g/t

Contained

gold

tonnes

Contained

gold

Moz

South Africa

Measured

15.36

16.99

261.03 8.39

Indicated

230.15

4.01

923.55

29.69

Inferred

16.98

21.15

358.97

11.54

Total

262.49

5.88

1,543.56

49.63

Democratic Republic of the Congo

Measured

Indicated

28.97

3.04

87.97

2.83

Inferred

33.16

2.90

96.07

3.09

Total

62.13

2.96

184.03

5.92

Ghana

Measured

20.74

5.15

106.80 3.43

Indicated

64.26

3.63

233.54

7.51

Inferred

136.67

3.27

446.64

14.36

Total

221.66

3.55

786.98

25.30

Guinea

Measured

0.83

0.54

0.45 0.01

Indicated

41.37

0.74

30.64

0.99

Inferred

67.18

0.79

53.17

1.71

Total

109.39

0.77

84.26

2.71

Mali

Measured

4.73

0.86

4.09 0.13

Indicated

31.26

1.26

39.43

1.27

Inferred

36.58

1.04

37.96

1.22

Total

72.57

1.12

81.48

2.62

Namibia

Measured

7.57

0.53

4.01 0.13

Indicated

53.86

1.06

56.88

1.83

Inferred

16.41

1.15

18.88

0.61

Total

77.85

1.02

79.77

2.56

Tanzania

Measured

Indicated

50.59

2.84

143.72

4.62

Inferred

33.55

2.97

99.50

3.20

Total

84.14

2.89

243.22

7.82

Australia

Measured

2.27

0.58

1.32 0.04

Indicated

18.02

2.78

50.18

1.61

Inferred

10.72

3.99

42.78

1.38

Total

31.02

3.04

94.28

3.03

Argentina

Measured

2.80

2.08

5.81 0.19

Indicated

22.22

2.13

47.28

1.52

Inferred

9.14

3.17

29.01

0.93

Total

34.16

2.40

82.11

2.64

Brazil

Measured

2.86

7.39

21.13 0.68

Indicated

7.02

6.53

45.82

1.47

Inferred

35.80

6.37

228.05

7.33

Total

45.67

6.46

295.00

9.48

Colombia

Measured

15.56

0.85

13.24 0.43

Indicated

33.97

0.79

26.98

0.87

Inferred

564.78

0.93

527.63

16.96

Total

614.31

0.92

567.85

18.26

United States of America

Measured

119.80

0.71

85.17 2.74

Indicated

140.43

0.66

93.03

2.99

Inferred

82.15

0.66

54.08

1.74

Total

342.39

0.68

232.28

7.47

Total

Measured

192.52

2.61

503.06 16.17

Indicated

722.13

2.46

1,779.02

57.20

Inferred

1,043.12

1.91

1,992.74

64.07

Total

1,957.76

2.18

4,274.82

137.44

Rounding of figures may result in computational discrepancies.

ORE RESERVE BY COUNTRY (ATTRIBUTABLE)

as at 31 December 2011

Category

Tonnes

million

Grade

g/t

Contained

gold

tonnes

Contained

gold

Moz

South Africa

Proved

11.89

8.85

105.17 3.38

Probable

573.65

1.57

903.41

29.05

Total

585.54

1.72

1,008.58

32.43

Democratic Republic of the Congo

Proved

Probable

33.44

4.21

140.69

4.52

Total

33.44

4.21

140.69

4.52

Ghana

Proved

42.73

3.08

131.77 4.24

Probable

53.94

4.43

239.06

7.69

Total

96.67

3.84

370.83

11.92

Guinea

Proved

35.72

0.61

21.90 0.70

Probable

72.18

0.69

42.97

1.61

Total

107.90

0.67

71.87

2.31

Mali

Proved

5.20

1.91

9.93 0.32

Probable

43.13

1.56

67.20

2.16

Total

48.33

1.60

77.13

2.48

Namibia

Proved

6.31

1.09

6.88 0.22

Probable

44.18

1.29

56.88

1.83

Total

50.49

1.26

63.76

2.05

Tanzania

Proved

Probable

55.81

2.64

147.11

4.73

Total

55.81

2.64

147.11

4.73

Australia

Proved

32.86

1.79

58.69 1.89

Probable

23.98

2.55

73.95

2.38

Total

61.84

2.14

132.64

4.26

Argentina

Proved

10.56

1.35

14.30 0.46

Probable

12.85

4.25

54.64

1.76

Total

23.41

2.95

68.94

2.22

Brazil

Proved

7.01

5.51

38.65 1.24

Probable

7.84

4.68

36.65

1.18

Total

14.85

5.07

75.30

2.42

United States of America

Proved

160.78

0.82

132.48 4.26

Probable

86.60

0.72

62.06

2.00

Total

247.38

0.79

194.54

6.25

Total

Proved

313.07

1.66

519.78 16.71

Probable

1,012.60

1.81

1,831.63

58.89

Total

1,325.67

1.77

2,351.40

75.60

Rounding of figures may result in computational discrepancies.

Group income statement

Quarter

Year

ended

December

September

December

2011

2010

2011

2010

SA Rand million

Notes

Unaudited

Reviewed

Unaudited

Reviewed

Audited

Revenue

15,034

13,428

11,095

50,411

40,135

Gold income

14,385

12,850

10,614

47,849

38,833

Cost of sales

(8,883)

(6,980)

(7,016)

(28,745)

(25,833)

Loss on non-hedge derivatives and other
commodity contracts

(2)

(5)

(529)

(9)

(5,136)

Gross profit

5,500

5,865

3,069

19,095

7,864

Corporate administration, marketing and other
expenses

(623)

(488)

(518)

(2,025)

(1,589)

Exploration costs

(672)

(541)

(338)

(2,039)

(1,446)

Other operating income (expenses)

(84)

(27)

(187)

(149)

Special items

1,191

(97)

(208)

1,302

(894)

Operating profit

5,434

4,655

1,978

16,146

3,786

Interest received

185

119

388

311

Exchange (loss) gain

(76)

123

Fair value adjustment on option component of
convertible bonds

(113)

(280)

563

Finance costs and unwinding of obligations

(389)

(345)

(357)

(1,417)

(1,203)

Fair value adjustment on mandatory convertible
bonds

(222)

731

(382)

Share of equity accounted investments' profit

137

175

532

467

Profit before taxation

5,262

4,837

1,394

16,961

3,036

Taxation

(1,996)

(1,465)

(878)

(5,337)

(2,018)

Profit for the period

3,266

3,372

516

11,624

1,018

Allocated as follows:

Equity shareholders

3,124

3,304

404

11,282

637

Non-controlling interests

142

112

342

381

3,266

3,372

516

11,624

1,018

Basic earnings per ordinary share (cents)

809

855

105

2,923

171

Diluted earnings per ordinary share (cents)

768

788

105

2,533

171

Calculated on the basic weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

Calculated on the diluted weighted average number of ordinary shares.

The unaudited financial statements for the quarter and year on ended 31 December 2011 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 Srinivasan Venkatakrishnan, the Group's Chief Financial Officer. The financial statements for the year ended on 31 December 2011
were reviewed, but not audited, by the Group's statutory auditors, Ernst & Young Inc. A copy of their review report is available for inspection
at the company's head office.

Group income statement

Quarter

Year

ended

December

September

December

2011

2010

2011

2010

US Dollar million

Notes

Unaudited

Reviewed

Unaudited

Reviewed

Audited

Revenue

1,859

1,873

1,613

6,925

5,514

Gold income

1,779

1,793

1,543

6,570

5,334

Cost of sales

(1,097)

(977)

(1,021)

(3,946)

(3,550)

Loss on non-hedge derivatives and other
commodity contracts

(1)

(77)

(1)

(702)

Gross profit

682

815

445

2,623

1,082

Corporate administration, marketing and other
expenses

(77)

(67)

(76)

(278)

(220)

Exploration costs

(83)

(76)

(49)

(279)

(198)

Other operating income (expenses)

(11)

(4)

(27)

(20)

Special items

146

(13)

(31)

163

(126)

Operating profit

672

648

285

2,202

518

Interest received

Exchange (loss) gain

(10)

Fair value adjustment on option component of
convertible bonds

(15)

(41)

(1)

Finance costs and unwinding of obligations

(48)

(48)

(52)

(196)

(166)

Fair value adjustment on mandatory convertible
bonds

(33)

104

(55)

Share of equity accounted investments' profit

Profit before taxation

648

669

199

2,321

405

Taxation

(246)

(204)

(127)

(723)

(276)

Profit for the period

402

465

1,598

129

Allocated as follows:

Equity shareholders

385

456

1,552

Non-controlling interests

402

465

1,598

129

Basic earnings per ordinary share (cents)

100

118

402

Diluted earnings per ordinary share (cents)

109

346

Calculated on the basic weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

Calculated on the diluted weighted average number of ordinary shares.

Group statement of comprehensive income

Quarter

Year

ended

December

September

December

2011

2010

2011

2010

SA Rand million

Unaudited

Reviewed

Unaudited

Reviewed

Audited

Profit for the period

3,266

3,372

516

11,624

1,018

Exchange differences on translation of foreign
operations

3,754

(759)

4,292

(1,766)

Share of equity accounted investments' other
comprehensive (expense) income

(1)

(6)

(1)

Net loss on cash flow hedges removed from
equity and reported in gold income

279

Realised gain on hedges of capital items

Deferred taxation thereon

(1)

(99)

183

Net (loss) gain on available-for-sale financial
assets

(71)

(319)

369

(590)

511

Release on disposal and impairment of
available-for-sale financial assets

126

(265)

162

(306)

Deferred taxation thereon

(82)

(58)

(27)

(275)

104

(486)

218

Actuarial loss recognised

(323)

(175)

(323)

(175)

Deferred taxation thereon

117

117

(206)

(128)

(206)

(128)

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

(192)

3,479

(781)

3,596

(1,494)

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

3,074

6,851

(265)

15,220

(476)

Allocated as follows:

Equity shareholders

2,932

6,783

(377)

14,878

(857)

Non-controlling interests

142

112

342

381

3,074

6,851

(265)

15,220

(476)

Rounding of figures may result in computational discrepancies.

Group statement of comprehensive income

Quarter

Year

ended

December

September

December

2011

2010

2011

2010

US Dollar million

Unaudited

Reviewed

Unaudited

Reviewed

Audited

Profit for the period

402

465

1,598

129

Exchange differences on translation of foreign
operations

(389)

123

(365)

213

Share of equity accounted investments' other
comprehensive (expense) income

(1)

Net loss on cash flow hedges removed from
equity and reported in gold income

Realised gain on hedges of capital items

Deferred taxation thereon

(13)

Net (loss) gain on available-for-sale financial
assets

(10)

(42)

(81)

Release on disposal and impairment of
available-for-sale financial assets

(36)

(42)

Deferred taxation thereon

(11)

(8)

(4)

(36)

(67)

Actuarial loss recognised

(39)

(24)

(39)

(24)

Deferred taxation thereon

(25)

(18)

(25)

(18)

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

(425)

120

(458)

250

Total comprehensive income
for the period net of tax

420

192

1,140

379

Allocated as follows:

Equity shareholders

403

176

1,094

326

Non-controlling interests

420

192

1,140

379

Rounding of figures may result in computational discrepancies.

Group statement of financial position

As at

December

September

December

2011

2010

SA Rand million

Note

Reviewed

Audited

ASSETS

Non-current assets

Tangible assets

52,462

48,991

40,600

Intangible assets

1,686

1,547

1,277

Investments in associates and equity accounted joint ventures

5,647

5,613

4,087

Other investments

1,497

1,563

1,555

Inventories

3,295

3,304

2,268

Trade and other receivables

611

942

1,000

Deferred taxation

632

557

131

Cash restricted for use

186

179

214

Other non-current assets

66,089

62,772

51,191

Current assets

Inventories

8,552

7,778

5,848

Trade and other receivables

2,823

2,257

1,625

Derivatives

Current portion of other non-current assets

Cash restricted for use

278

304

Cash and cash equivalents

8,944

8,717

3,776

20,597

19,066

11,328

Non-current assets held for sale

172

110

20,769

19,078

11,438

TOTAL ASSETS

86,858

81,850

62,629

EQUITY AND LIABILITIES

Share capital and premium

46,122

45,903

45,678

Retained earnings and other reserves

(5,690)

(8,243)

(19,470)

Non-controlling interests

1,106

1,086

815

Total equity

41,538

38,746

27,023

Non-current liabilities

Borrowings

19,750

19,778

16,877

Environmental rehabilitation and other provisions

6,288

4,845

3,873

Provision for pension and post-retirement benefits

1,565

1,326

1,258

Trade, other payables and deferred income

116

133

110

Derivatives

751

636

1,158

Deferred taxation

9,315

8,519

5,910

37,785

35,237

29,186

Current liabilities

Current portion of borrowings

256

382

886

Trade, other payables and deferred income

6,034

5,769

4,630

Taxation

1,245

1,716

882

7,535

7,867

6,398

Non-current liabilities held for sale

7,535

7,867

6,420

Total liabilities

45,320

43,104

35,606

TOTAL EQUITY AND LIABILITIES

86,858

81,850

62,629

Rounding of figures may result in computational discrepancies.

Group statement of financial position

As at

December

September

December

2011

2010

US Dollar million

Note

Reviewed

Audited

ASSETS

Non-current assets

Tangible assets

6,525

6,042

6,180

Intangible assets

210

191

194

Investments in associates and equity accounted joint ventures

702

692

622

Other investments

186

193

237

Inventories

410

407

345

Trade and other receivables

116

152

Deferred taxation

Cash restricted for use

Other non-current assets

8,220

7,741

7,792

Current assets

Inventories

1,064

959

890

Trade and other receivables

350

279

247

Derivatives

Current portion of other non-current assets

Cash restricted for use

Cash and cash equivalents

1,112

1,075

575

2,561

2,352

1,724

Non-current assets held for sale

2,582

2,353

1,740

TOTAL ASSETS

10,802

10,094

9,532

EQUITY AND LIABILITIES

Share capital and premium

6,689

6,660

6,627

Retained earnings and other reserves

(1,660)

(2,015)

(2,638)

Non-controlling interests

137

133

124

Total equity

5,166

4,778

4,113

Non-current liabilities

Borrowings

2,456

2,439

2,569

Environmental rehabilitation and other provisions

782

597

589

Provision for pension and post-retirement benefits

195

164

191

Trade, other payables and deferred income

Derivatives

176

Deferred taxation

1,158

1,051

900

4,698

4,345

4,442

Current liabilities

Current portion of borrowings

135

Trade, other payables and deferred income

751

712

705

Taxation

155

212

134

938

971

974

Non-current liabilities held for sale

938

971

977

Total liabilities

5,636

5,316

5,419

TOTAL EQUITY AND LIABILITIES

10,802

10,094

9,532

Rounding of figures may result in computational discrepancies.

Group statement of cash flows

Quarter

Year

ended

December

September

December

2011

2010

2011

2010

SA Rand million

Unaudited

Reviewed

Unaudited

Reviewed

Audited

Cash flows from operating activities

Receipts from customers

14,789

13,336

10,955

49,375

39,717

Payments to suppliers and employees

(8,163)

(6,753)

(5,944)

(27,798)

(26,682)

Cash generated from operations

6,626

6,583

5,011

21,577

13,035

Dividends received from equity accounted investments

270

333

218

899

939

Taxation refund

670

Taxation paid

(1,724)

(427)

(153)

(3,559)

(1,371)

Cash utilised for hedge buy-back costs

(7,312)

(18,333)

Net cash inflow (outflow) from operating activities

5,185

6,497

(2,236)

19,587

(5,730)

Cash flows from investing activities

Capital expenditure

(3,679)

(2,739)

(2,470)

(10,238)

(7,108)

Proceeds from disposal of tangible assets

144

500

Other investments acquired

(99)

(515)

(152)

(1,038)

(832)

Proceeds from disposal of investments

266

578

652

1,039

Investment in associates and equity accounted joint ventures

(284)

(222)

(100)

(844)

(319)

Proceeds from disposal of associate

Loans advanced to associates and equity accounted joint ventures

(95)

(78)

(189)

(22)

Proceeds from disposal of subsidiary

Cash in subsidiary disposed

(77)

Expenditure on intangible assets

(80)

(49)

(128)

Decrease (increase) in cash restricted for use

(65)

(124)

182

Interest received

280

232

Loans advanced

(8)

(41)

Repayment of loans advanced

Net cash outflow from investing activities

(3,961)

(3,281)

(2,071)

(11,473)

(6,362)

Cash flows from financing activities

Proceeds from issue of share capital

5,656

Share issue expenses

(2)

(31)

(4)

(144)

Proceeds from borrowings

681

1,880

741

16,666

Repayment of borrowings

(74)

(792)

(2,400)

(1,967)

(12,326)

Finance costs paid

(444)

(105)

(398)

(1,057)

(821)

Mandatory convertible bond transaction costs

(30)

(184)

Dividends paid

(540)

(368)

(139)

(1,286)

(846)

Net cash (outflow) inflow from financing activities

(992)

(568)

(1,087)

(3,503)

8,001

Net increase (decrease) in cash and cash equivalents

232

2,648

(5,394)

4,611

(4,091)

Translation

(5)

413

(70)

484

(236)

Cash and cash equivalents at beginning of period

8,717

5,656

9,313

3,849

8,176

Cash and cash equivalents at end of period

(1)

8,944

8,717

3,849

8,944

3,849

Cash generated from operations

Profit before taxation

5,262

4,837

1,394

16,961

3,036

Adjusted for:

Movement on non-hedge derivatives and other commodity contracts

499

2,946

Amortisation of tangible assets

1,640

1,374

1,341

5,582

5,022

Finance costs and unwinding of obligations

389

345

357

1,417

1,203

Environmental, rehabilitation and other expenditure

1,159

(38)

470

1,358

535

Special items

(1,121)

174

279

(808)

1,076

Amortisation of intangible assets

Deferred stripping

(58)

156

122

921

Fair value adjustment on option component of convertible bonds

113

(88)

280

(563)

(39)

Fair value adjustment on mandatory convertible bonds

(84)

(66)

222

(731)

382

Interest received

(185)

(75)

(119)

(388)

(311)

Share of equity accounted investments' profit

(137)

(175)

(63)

(532)

(467)

Other non-cash movements

(38)

133

138

250

Movements in working capital

(397)

324

(1,005)

(1,537)

6,626

6,583

5,011

21,577

13,035

Movements in working capital

Increase in inventories

(813)

(1,960)

(101)

(3,714)

(667)

Decrease (increase) in trade and other receivables

196

(200)

(311)

(781)

Increase (decrease) in trade and other payables

335

2,088

356

3,020

(89)

(397)

324

(1,005)

(1,537)

Rounding of figures may result in computational discrepancies.

(1)

The cash and cash equivalents balance at 31 December 2010 includes cash and cash equivalents included on the statement of financial position as part of

non-current assets held for sale of R73m.

Group

statement of cash flows

Quarter

Year

ended

December

September

December

2011

2010

2011

2010

US Dollar million

Unaudited

Reviewed

Unaudited

Reviewed

Audited

Cash flows from operating activities

Receipts from customers

1,828

1,875

1,589

6,796

5,448

Payments to suppliers and employees

(1,009)

(988)

(925)

(3,873)

(3,734)

Cash generated from operations

819

887

664

2,923

1,714

Dividends received from equity accounted investments

111

143

Taxation refund

Taxation paid

(211)

(59)

(24)

(477)

(188)

Cash utilised for hedge buy-back costs

(1,061)

(2,611)

Net cash inflow (outflow) from operating activities

644

863

(382)

2,655

(942)

Cash flows from investing activities

Capital expenditure

(455)

(382)

(350)

(1,393)

(973)

Proceeds from disposal of tangible assets

Other investments acquired

(12)

(74)

(23)

(147)

(114)

Proceeds from disposal of investments

142

Investment in associates and equity accounted joint ventures

(34)

(31)

(15)

(115)

(44)

Proceeds from disposal of associate

Loans advanced to associates and equity accounted joint ventures

(12)

(10)

(25)

(3)

Proceeds from disposal of subsidiary

Cash in subsidiary disposed

(11)

Expenditure on intangible assets

(10)

(6)

(16)

Decrease (increase) in cash restricted for use

(9)

(19)

Interest received

Loans advanced

(1)

(6)

Repayment of loans advanced

Net cash outflow from investing activities

(490)

(458)

(297)

(1,564)

(871)

Cash flows from financing activities

Proceeds from issue of share capital

798

Share issue expenses

(4)

(1)

(20)

Proceeds from borrowings

101

276

109

2,316

Repayment of borrowings

(9)

(104)

(324)

(268)

(1,642)

Finance costs paid

(55)

(14)

(58)

(144)

(115)

Mandatory convertible bond transaction costs

(4)

(26)

Dividends paid

(66)

(50)

(20)

(169)

(117)

Net cash (outflow) inflow from financing activities

(121)

(65)

(130)

(463)

1,194

Net increase (decrease) in cash and cash equivalents

340

(809)

628

(619)

Translation

(104)

(102)

105

Cash and cash equivalents at beginning of period

1,075

839

1,338

586

1,100

Cash and cash equivalents at end of period

(1)

1,112

1,075

586

1,112

586

Cash generated from operations

Profit before taxation

648

669

199

2,321

405

Adjusted for:

Movement on non-hedge derivatives and other commodity contracts

408

Amortisation of tangible assets

203

192

195

768

690

Finance costs and unwinding of obligations

196

166

Environmental, rehabilitation and other expenditure

142

(6)

171

Special items

(137)

(93)

152

Amortisation of intangible assets

Deferred stripping

(7)

(1)

125

Fair value adjustment on option component of convertible bonds

(11)

(84)

Fair value adjustment on mandatory convertible bonds

(9)

(9)

(104)

Interest received

(23)

(10)

(17)

(52)

(43)

Share of equity accounted investments' profit

(17)

(24)

(9)

(73)

(63)

Other non-cash movements

(4)

Movements in working capital

(49)

(56)

(170)

(299)

819

887

664

2,923

1,714

Movements in working capital

Increase in inventories

(112)

(15)

(85)

(236)

Decrease (increase) in trade and other receivables

(46)

(142)

Increase (decrease) in trade and other payables

(40)

(49)

(56)

(170)

(299)

Rounding of figures may result in computational discrepancies.

(1)

The cash and cash equivalents balance at 31 December 2010 includes cash and cash equivalents included on the statement of financial position as part of non-

current assets held for sale of $11m.

Group statement of changes in equity

Share

Cash

Available

Foreign

capital

Other

flow

for

Actuarial

currency

Non-

and

capital

Retained

hedge

sale

(losses) translation

controlling

Total

SA Rand million

premium

reserves

earnings

reserve

gains

reserve

Total

interests

equity

Balance at 31 December 2009

39,834

1,194

(25,739)

(174)

414

(285)

6,314

21,558

966

22,524

Profit for the period

637

381

1,018

Other comprehensive (expense) income

(1)

183

218

(128)

(1,766)

(1,494)

Total comprehensive (expense) income

- (1) 637 183 218 (128) (1,766) (857) 381 (476)

Shares issued

5,988

Share issue expenses

(144)

Share-based payment for share awards
net of exercised

Dividends paid

(492)

Dividends of subsidiaries

(469)

Transfers to other reserves

25 (25)

Translation

(35) 157 1

(64)

(63)

Balance at 31 December 2010

45,678

1,275

(25,437)

(15)

568

(409)

4,548

26,208

815

27,023

Balance at 31 December 2010

45,678

1,275

(25,437)

(15)

568

(409)

4,548

26,208

815

27,023

Profit for the period

11,282

342

11,624

Other comprehensive (expense) income

(6)

(486)

(206)

4,292

3,596

Total comprehensive (expense) income

- (6) 11,282 2 (486) (206) 4,292 14,878 342 15,220

Shares issued

448

Share issue expenses

(4)

Share-based payment for share awards
net of exercised

Dividends paid

(996)

Dividends of subsidiaries

(204)

Translation

(263)

(2)

(8)

(153)

153

Balance at 31 December 2011

46,122

1,375

(15,414)

(15)

147

(623)

8,840

40,432

1,106

41,538

US Dollar million

Balance at 31 December 2009

5,805

161

(2,744)

(23)

(38)

(317)

2,900

130

3,030

Profit for the period

129

Other comprehensive income (expense)

(18)

213

250

Total comprehensive income (expense)

- - 76 25 30 (18) 213 326 53 379

Shares issued

842

Share issue expenses

(20)

Share-based payment for share awards
net of exercised

Dividends paid

(67)

Dividends of subsidiaries

(64)

Transfers to other reserves

3 (3)

Translation

17 (15) (1)

(6)

(5)

Balance at 31 December 2010

6,627

194

(2,750)

(2)

(62)

(104)

3,989

124

4,113

Balance at 31 December 2010

6,627

194

(2,750)

(2)

(62)

(104)

3,989

124

4,113

Profit for the period

1,552

1,598

Other comprehensive expense

(1)

(67)

(25)

(365)

(458)

Total comprehensive (expense) income

- (1) 1,552 - (67) (25) (365) 1,094 46 1,140

Shares issued

Share issue expenses

(1)

Share-based payment for share awards
net of exercised

Dividends paid

(131)

Dividends of subsidiaries

(27)

Translation

(31)

(1)

(6)

Balance at 31 December 2011

6,689

171

(1,300)

(2)

(78)

(469)

5,029

137

5,166

Rounding of figures may result in computational discrepancies.

Equity holders of the parent

Segmental reporting
for the quarter and year ended 31 December 2011

Year

Dec

Sep

Dec

Sep

Dec

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited

Reviewed

Unaudited

Reviewed

Audited

Unaudited

Reviewed

Unaudited

Reviewed

Audited

Gold income

South Africa

5,429

4,839

4,499

18,610

16,056

672

675

654

2,560

2,207

Continental Africa

5,845

4,919

3,654

18,486

13,604

722

683

532

2,530

1,868

Australasia

837

658

988

2,797

3,391

103

143

385

466

Americas

3,167

3,195

2,073

10,816

8,202

392

448

301

1,487

1,124

15,278

13,610

11,214

50,709

41,253

1,889

1,899

1,630

6,962

5,665

Equity accounted investments
included above

(893)

(760)

(600)

(2,860)

(2,420)

(110)

(106)

(87)

(392)

(331)

14,385

12,850

10,614

47,849

38,833

1,779

1,793

1,543

6,570

5,334

Year

Dec

Sep

Dec

Sep

Dec

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited

Reviewed

Unaudited

Reviewed

Audited

Unaudited

Reviewed

Unaudited

Reviewed

Audited

Gross profit (loss)

South Africa

2,586

2,092

(345)

7,934

3,180

320

290

(50)

1,083

429

Continental Africa

1,661

2,346

4,412

6,797

4,219

207

325

640

938

604

Australasia

(69)

(513)

(103)

(1,452)

(9)

(75)

(13)

(206)

Americas

1,502

1,795

(317)

5,407

2,664

186

252

(46)

744

357

Corporate and other

125

(23)

202

171

(4)

5,805

6,210

3,250

20,237

8,782

720

863

471

2,780

1,207

Equity accounted investments
included above

(305)

(345)

(180)

(1,142)

(918)

(38)

(48)

(26)

(157)

(125)

5,500

5,865

3,069

19,095

7,864

682

815

445

2,623

1,082

Year

Dec

Sep

Dec

Sep

Dec

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited

Audited

Unaudited

Audited

Adjusted gross profit (loss)
excluding hedge buy-back

costs

(1)

South Africa

2,586

2,092

1,652

7,934

4,580

320

290

239

1,083

634

Continental Africa

1,661

2,347

971

6,796

3,314

207

325

141

938

455

Australasia

(69)

279

(103)

217

(9)

(13)

Americas

1,504

1,799

863

5,418

3,563

186

253

125

745

487

Corporate and other

125

(23)

201

171

(4)

5,807

6,215

3,778

20,246

11,845

720

864

548

2,781

1,632

Equity accounted investments
included above

(305)

(345)

(180)

(1,142)

(918)

(38)

(48)

(26)

(157)

(125)

5,502

5,870

3,598

19,104

10,927

682

816

522

2,624

1,507

(1)

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

Rounding of figures may result in computational discrepancies.

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

Quarter ended

SA Rand million

US Dollar million

SA Rand million

US Dollar million

Quarter ended

SA Rand million

US Dollar million

Segmental reporting (continued)

Year

Dec

Sep

Dec

Sep

Dec

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited

Audited

Unaudited

Audited

Gold production

South Africa

12,365

12,243

14,801

50,489

55,528

398

394

476

1,624

1,785

Continental Africa

13,023

12,769

11,623

48,819

46,390

419

411

374

1,570

1,492

Australasia

1,968

1,558

3,175

7,658

12,313

102

246

396

Americas

7,294

7,401

6,105

27,733

26,187

234

238

196

891

842

34,650

33,970

35,703

134,699

140,418

1,114

1,092

1,148

4,331

4,515

Year

Dec

Sep

Dec

Sep

Dec

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited

Audited

Unaudited

Audited

Capital expenditure

South Africa

1,466

1,004

1,009

3,919

3,096

181

140

144

532

424

Continental Africa

1,230

722

685

3,101

1,708

152

101

420

234

Australasia

326

227

759

290

102

Americas

1,194

895

782

3,348

2,270

147

125

111

456

311

Corporate and other

132

4,251

2,922

2,572

11,259

7,413

525

408

365

1,527

1,015

Equity accounted investments
included above

(251)

(143)

(102)

(655)

(305)

(31)

(20)

(15)

(88)

(42)

4,000

2,780

2,470

10,604

7,108

494

388

350

1,439

973

As at

Dec

Sep

Dec

Sep

Dec

2011

2010

2011

2010

Reviewed

Audited

Reviewed

Audited

Total assets

South Africa

17,272

16,489

16,226

2,148

2,033

2,469

Continental Africa

35,402

33,687

26,060

4,403

4,154

3,966

Australasia

5,922

4,717

3,644

736

582

555

Americas

20,106

19,287

13,855

2,501

2,378

2,109

Corporate and other

9,080

8,341

3,384

1,129

1,029

515

87,782

82,521

63,169

10,917

10,176

9,614

Equity accounted investments
included above

(924)

(671)

(540)

(115)

(82)

86,858

81,850

62,629

10,802

10,094

9,532

Rounding of figures may result in computational discrepancies.

SA Rand million

US Dollar million

SA Rand million

US Dollar million

Quarter ended

oz (000)

Notes
for the quarter and year ended 31 December 2011

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. 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 2010 and revised International Financial Reporting Standards (IFRS) which are effective
1 January 2011, where applicable.

The financial statements of AngloGold Ashanti Limited have been prepared in compliance with IAS34, the 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 2011.

2. Revenue

Quarter ended

Year

Quarter ended

Year

Dec Sep Dec

Dec

Sep Dec Dec Dec

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Unaudited

Reviewed

Unaudited

Reviewed

Audited

Unaudited

Reviewed

Unaudited

Reviewed

Audited

SA Rand million

US Dollar million

Gold income

14,385

12,850

10,614

47,849

38,833

1,779

1,793

1,543

6,570

5,334

By-products (note 3)

398

406

321

1,618

935

224

129

Royalties received (note 6)

556

Interest received

185

119

388

311

15,034

13,428

11,095

50,411

40,135

1,859

1,873

1,613

6,925

5,514

3. Cost of sales

Quarter ended

Year

Quarter ended

Year

Dec Sep Dec

Dec

Sep Dec Dec Dec

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Unaudited

Reviewed

Unaudited

Reviewed

Audited

Unaudited

Reviewed

Unaudited

Reviewed

Audited

SA Rand million

US Dollar million

Cash operating costs

(6,378)

(5,542) (5,120)

(22,000)

(20,084)

(788)

(777) (745)

(3,029)

(2,756)

Insurance reimbursement

123

By-products revenue (note 2)

398

406

321

1,618

935

224

129

(5,980)

(5,136) (4,799)

(20,382)

(19,026)

(739)

(720) (698)

(2,805)

(2,611)

Royalties

(410)

(395) (313)

(1,402)

(1,030)

(51)

(55) (45)

(193)

(142)

Other cash costs

(53)

(67) (54)

(218)

(182)

(6)

(9) (8)

(30)

(25)

Total cash costs

(6,443)

(5,598) (5,166)

(22,002)

(20,238)

(796)

(784) (751)

(3,028)

(2,778)

Retrenchment costs

(35)

(26) (64)

(108)

(166)

(4)

(4) (9)

(15)

(23)

Rehabilitation and other non-cash costs

(1,281)

(80) (529)

(1,778)

(756)

(157)

(11) (78)

(229)

(109)

Production costs

(7,759)

(5,704) (5,759)

(23,888)

(21,160)

(957)

(799) (838)

(3,272)

(2,910)

Amortisation of tangible assets

(1,640)

(1,374) (1,341)

(5,582)

(5,022)

(203)

(192) (195) (768) (690)

Amortisation of intangible assets

(5)

(4) (7)

(17)

(18)

(1)

(1) (1) (2) (2)

Total production costs

(9,404)

(7,083) (7,107)

(29,487)

(26,200)

(1,161)

(992) (1,034) (4,042) (3,602)

Inventory change

521

102

742

367

(8,883)

(6,980) (7,016)

(28,745)

(25,833)

(1,097)

(977) (1,021) (3,946) (3,550)

4. Loss on non-hedge derivatives and other commodity contracts

Quarter ended

Year

Quarter ended

Year

Dec Sep Dec

Dec

Sep Dec Dec Dec

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Unaudited

Reviewed

Unaudited

Reviewed

Audited

Unaudited

Reviewed

Unaudited

Reviewed

Audited

SA Rand million

US Dollar million

Loss on realised non-hedge derivatives

(2,073)

(277)

Loss on hedge buy-back costs

(7,316)

(18,954)

(1,061)

(2,698)

(Loss) gain on unrealised non-hedge

derivatives

(2)

(5) 6,787

(9)

15,891

(1) 985

(1)

2,273

(2)

(5) (529)

(9)

(5,136)

(1) (77) (1)

(702)

Rounding of figures may result in computational discrepancies.

5. Other operating income (expenses)

Quarter ended

Year

Quarter ended

Year

Dec Sep Dec

Dec

Sep Dec Dec Dec

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Unaudited

Reviewed

Unaudited

Reviewed

Audited

Unaudited

Reviewed

Unaudited

Reviewed

Audited

SA Rand million

US Dollar million

Pension and medical defined benefit

provisions

(53)

(38)

(28)

(7)

(6)

(3)

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

(29)

(31)

(72)

(149)

(121)

(4)

(4)

(11)

(21)

(17)

(84)

(27)

(187)

(149)

(11)

(4)

(27)

(20)

6. Special items

Quarter ended

Year

Quarter ended

Year

Dec Sep Dec

Dec

Sep Dec Dec Dec

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Unaudited

Reviewed

Unaudited

Reviewed

Audited

Unaudited

Reviewed

Unaudited

Reviewed

Audited

SA Rand million

US Dollar million

Net impairment of tangible assets

(note 9)

1,094

(22) (399)

999

(634)

134

(3) (59) 120

(91)

Impairment of investments (note 9)

(20)

(124) (16)

(156)

(16)

(3)

(16) (2)

(21) (2)

Reversal (impairment) of other

receivables

(1) (11)

(67)

(2)

(9)

Net loss on disposal and derecognition

of land, mineral rights, tangible assets
and exploration properties (note 9)

(54)

(21) (81)

(68)

(191)

(5)

(4) (11) (8) (25)

Profit on disposal of investments

(note 9)

269

314

Black Economic Empowerment

transaction modification costs for
Izingwe (Pty) Ltd

(44)

(7)

Royalties received

(1)

(note 2)

556

Insurance claim recovery on capital

items (note 9)

Insurance claim recovery on loss of

business

134

Indirect tax expenses and legal claims

(26) (46)

(35)

(125)

(3) (6) (6)

(17)

Mandatory convertible bonds issue

discount, underwriting and
professional fees

(396)

(56)

Contractor termination costs at Geita

Gold Mining Limited

(8)

(1)

Recovery (loss) on consignment

inventory

Profit on disposal of subsidiary ISS
International Limited (note 9)

1,191

(97)

(208)

1,302

(894)

146

(13)

(31)

163

(126)

(1) The December year includes the sale of the Ayanfuri royalty to Franco Nevada Corporation for a pre-taxation amount of R237m, $35m.

7. Finance costs and unwinding of obligations

Quarter ended

Year

Quarter ended

Year

Dec Sep Dec

Dec

Sep Dec Dec Dec

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Unaudited

Reviewed

Unaudited

Reviewed

Audited

Unaudited

Reviewed

Unaudited

Reviewed

Audited

SA Rand million

US Dollar million

Finance costs

(278)

(246) (259)

(1,021)

(834)

(34)

(34) (38)

(141)

(115)

Unwinding of obligations, accretion of

convertible bonds and other discounts

(111)

(99) (98)

(396)

(369)

(14)

(14) (14) (55) (51)

(389)

(345) (357)

(1,417)

(1,203)

(48)

(48) (52)

(196)

(166)

8. Taxation

Quarter ended

Year

Quarter ended

Year

Dec Sep Dec

Dec

Sep Dec Dec Dec

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Unaudited

Reviewed

Unaudited

Reviewed

Audited

Unaudited

Reviewed

Unaudited

Reviewed

Audited

SA Rand million

US Dollar million

South African taxation
Mining tax

(573)

(318) -

(890)

(71)

(42) -

(113) -

Non-mining tax

(60)

(53)

(88)

(112)

(7)

(8)

(12)

(13)

Over (under) prior year provision

(21)

628

(4)

Deferred taxation
Temporary differences

(340)

(373) 80

(1,586)

1,377

(42)

(53) 12

(222)

195

Unrealised non-hedge derivatives and

other commodity contracts

(461)

(2,353)

(67)

(334)

Change in estimated deferred tax rate

(77)

(77)

(9)

(9)

(1,036)

(662) (361)

(2,662)

(421)

(128)

(92) (52)

(360) (57)

Foreign taxation
Normal taxation

(517)

(769)

(617)

(2,004)

(1,628)

(64)

(107)

(90)

(275)

(226)

Over (under) prior year provision

(55)

(25)

(7)

(3)

Deferred taxation
Temporary differences

(471)

(646)

(57)

(85)

Unrealised non-hedge derivatives and

other commodity contracts

(23)

(3)

(959)

(802)

(517)

(2,675)

(1,597)

(118)

(113)

(75)

(363)

(219)

(1,996)

(1,465)

(878)

(5,337)

(2,018)

(246)

(204)

(127)

(723)

(276)

Rounding of figures may result in computational discrepancies.

9. Headline earnings

Quarter ended

Year

Quarter ended

Year

Dec Sep Dec

Dec

Sep Dec Dec Dec

2011 2011 2010

2011

2010

2011

2011 2010 2011 2010

Unaudited Reviewed Unaudited

Reviewed

Audited

Unaudited

Reviewed Unaudited

Reviewed

Audited

SA Rand million

US Dollar million

The profit attributable to equity

shareholders has been adjusted by
the following to arrive at headline
earnings:

Profit attributable to equity shareholders

3,124

3,304

404

11,282

637

385

456

1,552

Net impairment of tangible assets (note

(1,094)

399

(999)

634

(134)

(120)

Net loss on disposal and derecognition

of land, mineral rights, tangible assets
and exploration properties (note 6)

191

Impairment of investments (note 6)

124

156

Profit on disposal of subsidiary ISS

International Limited (note 6)

(14)

(2)

Insurance claim recovery on capital

items (note 6)

(26)

(26)

(3)

(3)

Profit on disposal of investments (note

(269)

(314)

(37)

(43)

Net Impairment (reversal) of investment

in associates and joint ventures

(49)

(33)

(6)

(4)

Special items of associates

(7)

(1)

Taxation on items above - current

portion

Taxation on items above - deferred

portion

313

(15)

(143)

260

(230)

(2)

(21)

(33)

2,344

3,458

561

10,702

962

289

476

1,484

122

Headline earnings per ordinary share
(cents)

(1)

607

895

146

2,773

259

123

384

Diluted headline earnings per ordinary
share (cents)

(2)

576

825

146

2,395

259

114

330

(1)

Calculated on the basic weighted average number of ordinary shares.

(2)

Calculated on the diluted weighted average number of ordinary shares.

10. Number of shares

Quarter ended

Year

Dec

Sep

Dec Dec Dec

2011

2010 2011 2010

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

382,242,343

381,850,470

381,204,080 382,242,343 381,204,080

E ordinary shares in issue

2,582,962

3,421,848

2,806,126

2,582,962

2,806,126

Total ordinary shares:

384,825,305

385,272,318

384,010,206 384,825,305 384,010,206

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

382,059,365

381,644,151

381,103,478 381,621,687 367,664,700

E ordinary shares

2,937,664

3,431,215

2,818,699 2,950,804 3,182,662

Fully vested options

1,121,745

1,305,486

797,875 1,389,122 1,023,459

Weighted average number of shares

386,118,774

386,380,852

384,720,052 385,961,613 371,870,821

Dilutive potential of share options

1,517,152

1,290,253

1,493,052

1,572,015

1,569,606

Dilutive potential of convertible bonds

(1)

18,140,000

33,524,615

Diluted number of ordinary shares

405,775,926

421,195,720

386,213,104 421,058,243 373,440,427

(1)

The dilutive effect of the convertible bonds are not the same for the quarter and the year ended December 2011 as the effect of the 3.5% convertible

bond is anti-dilutive for the quarter ended December 2011.

11. Share capital and premium

As at

Dec Sep

Dec Dec Sep Dec

2011

2010

2011 2011 2010

Reviewed

Audited

Reviewed

Audited

SA Rand million

US Dollar million

Balance at beginning of period

46,343

46,343

40,662

6,734

6,734

5,935

Ordinary shares issued

408

234

5,771

812

E ordinary shares cancelled

(63)

(15)

(90)

(9)

(2)

(13)

Sub-total

46,688

46,562

46,343

6,782

6,765

6,734

Redeemable preference shares held within the group

(313)

(313)

(53)

(53)

Ordinary shares held within the group

(103)

(148)

(139)

(17)

(22)

E ordinary shares held within the group

(150)

(198)

(213)

(23)

(30)

(32)

Balance at end of period

46,122

45,903

45,678

6,689

6,660

6,627

Rounding of figures may result in computational discrepancies.

12. Exchange rates

Dec Sep Dec

2011

2011 2010

Unaudited

Unaudited Unaudited

ZAR/USD average for the year to date

7.26

6.97 7.30

ZAR/USD average for the quarter

8.09

7.14 6.88

ZAR/USD closing

8.04

8.11 6.57

ZAR/AUD average for the year to date

7.47

7.24 6.71

ZAR/AUD average for the quarter

8.19

7.50 6.80

ZAR/AUD closing

8.27

7.81 6.70

BRL/USD average for the year to date

1.68

1.63 1.76

BRL/USD average for the quarter

1.80

1.64 1.70

BRL/USD closing

1.87

1.89 1.67

ARS/USD average for the year to date

4.13

4.08 3.91

ARS/USD average for the quarter

4.25

4.16 3.96

ARS/USD closing

4.30

4.20 3.97

13. Capital commitments

Dec

Sep

Dec

Dec Sep Dec

2011

2010

2011 2011 2010

Reviewed

Audited

Reviewed

Audited

SA Rand million

US Dollar million

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

(1)

1,626

2,317

1,156

202

286

176

(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.

14. Contingencies

AngloGold Ashanti’s material contingent liabilities and assets at 31 December 2011 are detailed below:

Contingencies and guarantees

As at

Dec

2011

Dec

2010

Dec

2011

Dec

2010

Reviewed

Audited

Reviewed

Audited

SA Rand million

US Dollar million

Contingent liabilities

Groundwater pollution

(1)

Deep groundwater pollution – South Africa

(2)

Sales tax on gold deliveries – Brazil

(3)

708

587

Other tax disputes – Brazil

(4)

304

219

Indirect taxes – Ghana

(5)

ODMWA litigation

(6)

Contingent assets

Royalty – Boddington Gold Mine

(7)

Royalty – Tau Lekoa Gold Mine

(8)

Financial Guarantees

Oro Group (Pty) Limited

(9)

100

100

1,209

976

150

149

AngloGold Ashanti is subject to contingencies pursuant to environmental laws and regulations that may in future
require the group to take corrective action as follows:

(1) Groundwater pollution – AngloGold Ashanti has identified groundwater contamination plumes at certain of its

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

(2) Deep groundwater pollution – The company has identified a flooding and future pollution risk posed by deep

groundwater in the Klerksdorp and Far West Rand gold fields. 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 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.

(3) Sales tax on gold deliveries – Mineração Serra Grande S.A. (MSG), received two tax assessments from the State

of Goiás related to payments of sales taxes on gold deliveries for export. AngloGold Ashanti C rrego do Sit o
Mineração S.A. manages the operation and its attributable share of the first assessment is approximately $54m,
R438m (December 2010: $55m, R363m). The company’s attributable share of the second assessment is
approximately $34m, R270m (December 2010: $34m, R224m). 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. The company believes both assessments are in violation of federal legislation on sales taxes.

(4) 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 company’s attributable share of the assessment is approximately
$9m, R74m (December 2010: $10m, R64m).

AngloGold Ashanti subsidiaries in Brazil are involved in various 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 $29m, R230m (December 2010: $24m, R155m).

(5) Indirect taxes – AngloGold Ashanti (Ghana) Limited received a tax assessment for $12m, R97m (December 2010:

$11m, R70m) during September 2009 in respect of 2006, 2007 and 2008 tax years, following an audit by the tax
authorities related to indirect taxes on various items. Management is of the opinion that the indirect taxes are not
payable and the company has lodged an objection.

(6) Occupational Diseases in Mines and Works Act, 1973 (ODMWA) litigation - The case of Mr Thembekile Mankayi

was heard in the High Court of South Africa in June 2008, and an appeal heard in the Supreme Court of Appeal in
2010. In both instances judgement was awarded in favour of AngloGold Ashanti Limited on the basis that an
employer is indemnified against such a claim for damages by virtue of the provisions of section 35 of the
Compensation for Occupational Injuries and Diseases Act, 1993 (COIDA). A further appeal that was lodged by Mr
Mankayi was heard in the Constitutional Court in 2010. Judgement in the Constitutional Court was handed down
on 3 March 2011. The Constitutional Court held that section 35 of COIDA does not indemnify the employer
against such claims.

Mr Mankayi passed away subsequent to the hearing in the Supreme Court of Appeal. Following the

Constitutional Court judgement, Mr Mankayi’s executor may proceed with his case in the High Court. This will
comprise, amongst others, providing evidence showing that Mr Mankayi contracted silicosis as a result of
negligent conduct on the part of AngloGold Ashanti.

The company will defend the case and any subsequent claims on their merits. Should other individuals or

groups lodge similar claims, these too will be defended by the company and adjudicated by the Courts on their
merits. In view of the limitation of current information for the accurate estimation of a possible liability, no reliable
estimate can be made of this possible obligation.

(7) 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, R781m, of which $34m, R250m (December 2010: $4m, R30m) have been
received to date. Royalties of $8m, R62m (December 2010: $2m, R17m) were received during the quarter.

(8) 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 inflation adjustment). Where the average

monthly rand price of gold does not exceed R180,000/kg (subject to 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 219,005oz produced have been received to date. Royalties of $1m, R11m
(December 2010: $3m, R21m) were received during the quarter.

(9) 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, R100m (December 2010: $15m,
R100m). The suretyship agreements have a termination notice period of 90 days.

15. Borrowings

AngloGold Ashanti’s borrowings are interest bearing.

16. Announcements

On 16 November 2011, shareholders, in general meeting, authorised the directors to provide financial assistance to
related or inter-related companies or corporations in terms of sections 44 and 45 of the South African Companies
Act, 71 of 2008 (as amended).

With effect from 1 January 2012, Mr Rodney John Ruston was appointed to the board of directors of AngloGold
Ashanti Limited. This follows an announcement made on 9 December 2011.

AngloGold Ashanti delisted from the following stock exchanges:
• Euronext Paris with effect from 23 December 2011 (and from Euroclear France on 30 December 2011); and

• Euronext Brussels with effect from 29 December 2011.

17. Subsequent events

On 8 February 2012 the transaction to dispose of Amikan Holdings Limited, Imitzoloto Holdings Limited,
Yeniseiskaya Holdings Limited, AngloGold Ashanti-Polymetal Strategic Alliance Management Company Holdings
Limited and AS APK Holdings Limited to Polyholding Limited was completed. The consideration received for the
disposal was $20m. These assets were classified as held for sale at 31 December 2011.

18. Dividend

Interim Dividend No. 111 of 90 South African cents or 6.83238 UK pence or 16.659 cedis per ordinary share was
paid to registered shareholders on 9 December 2011, while a dividend of 2.1762 Australian cents per CHESS
Depositary Interest (CDI) was paid on the same day. On 12 December 2011, holders of Ghanaian Depositary
Shares (GhDS) were paid 0.16659 cedis per GhDS. Each CDI represents one-fifth of an ordinary share, and
100 GhDSs represents one ordinary share. A dividend of 10.8747 US cents per American Depositary Share (ADS)
was paid to holders of American Depositary Receipts (ADRs) on 19 December 2011. Each ADS represents one
ordinary share.

Interim Dividend No. E11 of 45 South African cents was paid to holders of E ordinary shares on 9 December 2011,
being those employees participating in the Bokamoso ESOP and Izingwe Holdings (Proprietary) Limited.

The directors declared Final Dividend No. 112 of 200 South African cents per ordinary share for the quarter and
year ended 31 December 2011. In compliance with the requirements of Strate, given the company's primary listing
on the JSE, the salient dates for payment of the dividend are as follows:

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

2012

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

Thursday, 1 March

Last date to trade ordinary shares cum dividend

Friday, 2 March

Last date to register transfers of certificated securities cum dividend

Friday, 2 March

Ordinary shares trade ex-dividend

Monday, 5 March

Record date

Friday, 9 March

Payment date

Friday, 16 March

On the payment date, dividends due to holders of certificated securities on the South African and United Kingdom
share registers will be electronically transferred to shareholders' bank accounts. Given the increasing incidences
of fraud with respect to cheque payments, the company has ceased the payment of dividends by way of cheque.
Shareholders are requested to notify the relevant share registrars with banking details to enable future dividends to
be paid via electronic funds transfer. Refer to the back cover for share registrar details.

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

To comply with further requirements of Strate, between Monday, 5 March 2012 and Friday, 9 March 2012, both
days inclusive, no transfers between the South African, United Kingdom, Australian and Ghana share registers will
be permitted and no ordinary shares pertaining to the South African share register may be dematerialised or
rematerialised.

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

2012

Ex dividend on New York Stock Exchange

Wednesday, 7 March

Record date

Friday, 9 March

Approximate date for currency conversion

Friday, 16 March

Approximate payment date of dividend

Monday, 26 March

Assuming an exchange rate of R7.7193/$, the dividend payable per ADS is equivalent to 26 US cents. However
the actual rate of payment will depend on the exchange rate on the date for currency conversion.

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

2012

Last date to trade and to register GhDSs cum dividend

Friday, 2 March

GhDSs trade ex-dividend

Monday, 5 March

Record date

Friday, 9 March

Approximate payment date of dividend

Monday, 19 March

Assuming an exchange rate of R1/¢0.22283, the dividend payable per share is equivalent to 0.4457 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. E12 of 100 South African cents per E ordinary share, payable to
employees participating in the Bokamoso ESOP and Izingwe Holdings (Proprietary) Limited. These dividends will
be paid on Friday, 16 March 2012.

By order of the Board

T T MBOWENI

M CUTIFANI

Chairman

Chief Executive Officer

14 February 2012

Non-GAAP disclosure

Dec

Sep

Dec

Sep

Dec

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited

Headline earnings (note 9)

2,344

3,458

561

10,702

962

289

476

1,484

122

Loss (gain) on unrealised non-hedge derivatives and other
commodity contracts (note 4)

(6,787)

(15,891)

(985)

(2,273)

Deferred tax on unrealised non-hedge derivatives and other
commodity contracts (note 8)

461

2,376

337

Fair value adjustment on option component of convertible bonds

113

(88)

280

(563)

(39)

(11)

(84)

Fair value adjustment on mandatory convertible bonds

(84)

(66)

222

(731)

382

(9)

(9)

(104)

Adjusted headline earnings (loss)

(1)

2,375

3,310

(5,263)

9,418

(12,210)

295

457

(764)

1,297

(1,758)

Hedge buy-back and related costs net of taxation

7,289

17,862

1,058

2,545

Adjusted headline earnings excluding hedge buy-back costs

(1)

2,375

3,310

2,026

9,418

5,652

295

457

294

1,297

787

Cents per share

(2)

Adjusted headline earnings (loss)

(1)

615

857

(1,368)

2,440

(3,283)

118

(199)

336

(473)

Adjusted headline earnings excluding hedge buy-back costs

(1)

615

857

527

2,440

1,520

118

336

212

(1)

(2)

Dec

Sep

Dec

Sep

Dec

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited

Reconciliation of gross profit to adjusted gross

profit:

(1)

Gross profit

5,500

5,865

3,069

19,095

7,864

682

815

445

2,623

1,082

Loss (gain) on unrealised non-hedge derivatives and other
commodity contracts (note 4)

(6,787)

(15,891)

(985)

(2,273)

Adjusted gross profit (loss)

(1)

5,502

5,870

(3,718)

19,104

(8,027)

682

816

(540)

2,624

(1,191)

Hedge buy-back costs (note 4)

7,316

18,954

1,061

2,698

Adjusted gross profit excluding hedge buy-back costs

(1)

5,502

5,870

3,598

19,104

10,927

682

816

522

2,624

1,507

Price received

Dec

Sep

Dec

Sep

Dec

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited

Gold income (note 2)

14,385

12,850

10,614

47,849

38,833

1,779

1,793

1,543

6,570

5,334

Adjusted for non-controlling interests

(384)

(349)

(320)

(1,290)

(1,173)

(47)

(49)

(47)

(177)

(161)

14,001

12,501

10,294

46,559

37,660

1,732

1,744

1,496

6,393

5,173

Loss on realised non-hedge derivatives (note 4)

(2,073)

(277)

Hedge buy-back costs (note 4)

(7,316)

(18,954)

(1,061)

(2,698)

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

893

760

600

2,860

2,420

110

106

392

330

Attributable gold income including realised non-hedge
derivatives

14,894

13,261

3,578

49,419

19,053

1,842

1,850

522

6,785

2,528

Attributable gold sold - kg / - oz (000)

34,013

33,590

35,900

133,908

140,240

1,094

1,080

1,154

4,305

4,509

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

437,885

394,799

99,671

369,054

135,862

1,684

1,713

452

1,576

561

Attributable gold income including realised non-hedge derivatives
as above

14,894

13,261

3,578

49,419

19,053

1,842

1,850

522

6,785

2,528

Hedge buy-back costs (note 4)

7,316

18,954

1,061

2,698

Attributable gold income including realised non-hedge derivatives
normalised for hedge buy-back costs

14,894

13,261

10,894

49,419

38,007

1,842

1,850

1,584

6,785

5,226

Attributable gold sold - kg / - oz (000)

34,013

33,590

35,900

133,908

140,240

1,094

1,080

1,154

4,305

4,509

Revenue price per unit normalised for hedge buy-back costs
- R/kg / - $/oz

437,885

394,799

303,454

369,054

271,018

1,684

1,713

1,372

1,576

1,159

Rounding of figures may result in computational discrepancies.

(1)

Adjusted gross profit excludes unrealised non-hedge derivatives and other commodity contracts.

Quarter ended

US Dollar million / Imperial

Quarter ended

Year

SA Rand million / Metric

SA Rand million

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

The unwinding of the historic marked-to-market value of the position settled in the period;

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

US Dollar million

Adjusted gross profit

Quarter ended

Year

Quarter ended

Calculated on the basic weighted average number of ordinary shares.

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
cash flow from operations or any other measure of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled
measures that other companies use.

During 2010 the Group completed the elimination of its hedge book which has resulted in full exposure to prevailing spot gold prices.

Adjusted headline earnings

Quarter ended

Year

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

SA Rand million

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

Year

US Dollar million

Quarter ended

In the September 2010 quarter the hedge book was further reduced and contracts to the value of $1.6bn were accelerated and settled. The impact on earnings after taxation was $1.5bn in the
September 2010 quarter. In the December 2010 quarter the hedge book was fully settled and hedge contracts to the value of $1.1bn were accelerated and settled. The impact on earnings after
taxation was $1.1bn in the December 2010 quarter;

The unrealised fair value change of the warrants on shares and the embedded derivative.

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

Adjusted headline earnings is intended to illustrate earnings after adjusting for:

Dec

Sep

Dec

Sep

Dec

2011

2010

2011

2010

2011

2010

2011

2010

Unaudited

Total costs

Total cash costs (note 3)

6,443

5,598

5,166

22,002

20,238

796

784

751

3,028

2,778

Adjusted for non-controlling interests and non-gold producing
companies

(102)

(259)

(226)

(706)

(642)

(13)

(36)

(33)

(99)

(90)

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

516

400

361

1,609

1,407

221

193

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

6,857

5,739

5,301

22,905

21,003

847

804

771

3,150

2,881

Retrenchment costs (note 3)

108

166

Rehabilitation and other non-cash costs (note 3)

1,281

529

1,778

756

157

229

109

Amortisation of tangible assets (note 3)

1,640

1,374

1,341

5,582

5,022

203

192

195

768

690

Amortisation of intangible assets (note 3)

Adjusted for non-controlling interests and non-gold producing
companies

(277)

(55)

(104)

(494)

(266)

(34)

(7)

(15)

(64)

(37)

Associates and equity accounted joint ventures' share of
production costs

102

105

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

9,594

7,183

7,193

29,998

26,804

1,184

1,007

1,047

4,112

3,683

Gold produced - kg / - oz (000)

34,586

33,970

35,703

134,636

140,418

1,112

1,092

1,148

4,329

4,515

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

198,267

168,935

148,474

170,129

149,577

762

737

672

728

638

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

277,397

211,460

201,465

222,811

190,889

1,065

922

912

950

816

EBITDA

Operating profit

5,434

4,655

1,978

16,146

3,786

672

648

285

2,202

518

Amortisation of tangible assets (note 3)

1,640

1,374

1,341

5,582

5,022

203

192

195

768

690

Amortisation of intangible assets (note 3)

Net impairment of tangible assets (note 6)

(1,094)

399

(999)

634

(134)

(120)

Loss (gain) on unrealised non-hedge derivatives and other
commodity contracts (note 4)

(6,787)

(15,891)

(985)

(2,273)

Hedge buy-back costs (note 4)

7,316

18,954

1,061

2,698

Mandatory convertible bond issue discount,
underwriting and professional fees (note 6)

(5)

396

(1)

Exchange effects of equity raising

Share of associates' EBITDA

260

280

182

986

936

137

128

Impairment of investment (note 6)

124

156

Net loss on disposal and abandonment of assets (note 6)

191

Profit on disposal of ISS International Limited (note 6)

(14)

(2)

Insurance claim recovery for infrastructure (note 6)

(26)

(26)

(3)

(3)

Profit on disposal of investments (note 6)

(269)

(314)

(37)

(43)

6,296

6,485

4,260

21,925

13,769

780

902

619

3,014

1,897

Interest cover

EBITDA (note E)

6,296

6,485

4,260

21,925

13,769

780

902

619

3,014

1,897

Finance costs (note 7)

278

246

259

1,021

834

141

115

Capitalised finance costs

292

253

259

1,042

834

144

115

Interest cover - times

Operating cash flow

Net cash inflow (outflow) from operating activities

5,185

6,497

(2,236)

19,587

(5,730)

644

863

(382)

2,655

(942)

Stay-in-business capital expenditure

(2,410)

(1,853)

(1,892)

(6,856)

(5,279)

(298)

(259)

(268)

(934)

(723)

Expenditure on intangible assets

(80)

(49)

(128)

(10)

(6)

(16)

2,695

4,595

(4,128)

12,603

(11,009)

336

598

(650)

1,705

(1,665)

As at

Dec

Sep

Dec

Sep

Dec

2011

2010

2011

2010

Unaudited

Net asset value - cents per share

Total equity

41,538

38,746

27,023

5,166

4,778

4,113

Mandatory convertible bonds

6,109

6,253

5,739

760

771

874

47,647

44,999

32,762

5,926

5,549

4,987

Number of ordinary shares in issue - million (note 10)

385

384

385

385

384

Net asset value - cents per share

12,381

11,680

8,532

1,540

1,440

1,299

Total equity

41,538

38,746

27,023

5,166

4,778

4,113

Mandatory convertible bonds

6,109

6,253

5,739

760

771

874

Intangible assets

(1,686)

(1,547)

(1,277)

(210)

(191)

(194)

45,961

43,452

31,485

5,716

5,358

4,793

Number of ordinary shares in issue - million (note 10)

385

384

385

385

384

Net tangible asset value - cents per share

11,943

11,278

8,199

1,485

1,391

1,248

Net debt

Borrowings - long-term portion

13,654

13,538

11,148

1,698

1,670

1,697

Borrowings - short-term portion

243

369

876

133

Total borrowings

(1)

13,897

13,907

12,024

1,728

1,715

1,830

Corporate office lease

(268)

(259)

(33)

(32)

(39)

Unamortised portion on the convertible and rated bonds

681

585

757

115

Cash restricted for use

(464)

(483)

(283)

(58)

(60)

(43)

Cash and cash equivalents

(8,944)

(8,717)

(3,776)

(1,112)

(1,075)

(575)

Net debt excluding mandatory convertible bonds

4,902

5,033

8,463

610

620

1,288

Rounding of figures may result in computational discrepancies.

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

US Dollar million

Quarter ended

Year

Quarter ended

Year

SA Rand million / Metric

US Dollar million / Imperial

SA Rand million

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 ft

2,672

Mined

- 000 tons

1,714

528

354

567

3,162

Milled / Treated

- 000 tons

1,537

548

393

573

3,051

Yield

- oz/t

0.235

0.146

0.129

0.195

0.198

Gold produced

- oz (000)

361

112

603

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

3,028

3,060

Yield

- oz/t

0.012

0.031

0.012

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcy

18,147

904

19,052

Mined

- 000 tons

35,528

1,609

7,295

44,431

Treated

- 000 tons

6,748

616

267

7,631

Stripping ratio

- ratio

5.98

4.91

23.00

6.84

Yield

- oz/t

0.049

0.020

0.167

0.051

Gold produced

- oz (000)

330

387

HEAP LEACH OPERATION

Mined

- 000 tons

2,348

16,509

18,857

Placed

- 000 tons

335

5,055

5,389

Stripping ratio

- ratio

10.86

2.51

2.84

Yield

- oz/t

0.030

0.013

0.014

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

5.71

12.00

42.52

20.09

9.46

TOTAL

Subsidiaries' gold produced

- oz (000)

398

356

234

1,051

IMPERIAL OPERATING RESULTS
QUARTER ENDED DECEMBER 2011

Joint ventures' gold produced - oz (000)

Attributable gold produced

- oz (000)

398

419

234

1,114

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

398

353

217

1,030

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

398

419

217

1,096

Minority gold sold

- oz (000)

Spot price

- $/oz

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

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED DECEMBER 2011 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

672

723

103

392

1,889

(110)

1,779

Cash costs

(299)

(349)

(94)

(185)

(909)

(845)

By-products revenue

Total cash costs

(277)

(346)

(94)

(161)

(860)

(796)

Retrenchment costs

(2)

(1)

(4)

Rehabilitation and other non-cash costs

(110)

(4)

(48)

(161)

(157)

Amortisation of assets

(75)

(67)

(15)

(47)

(2)

(206)

(204)

Total production costs

(351)

(525)

(112)

(258)

(1,231)

(1,161)

Inventory change

Cost of sales

(351)

(516)

(112)

(205)

(1,169)

(1,097)

Adjusted gross profit (loss)

320

207

(9)

186

720

(38)

682

Unrealised non-hedge derivatives and other
commodity contracts

Gross profit (loss)

320

207

(9)

186

720

(38)

682

Corporate and other costs

(3)

(2)

(1)

(10)

(57)

(72)

(73)

Exploration

(1)

(18)

(17)

(31)

(16)

(84)

(83)

Intercompany transactions

(17)

(3)

Special items

(8)

148

(2)

146

Operating profit (loss)

308

317

(24)

146

(39)

709

(37)

672

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(1)

(2)

(41)

(34)

(31)

Exchange gain (loss)

(7)

(4)

(11)

(10)

Share of equity accounted investments profit

(11)

(6)

(2)

Profit (loss) before taxation

307

306

(21)

134

(64)

662

(14)

648

Taxation

(122)

(107)

(29)

(7)

(259)

(246)

Profit (loss) for the period

185

199

(16)

106

(71)

402

Equity shareholders

185

197

(16)

(77)

385

Non-controlling interests

Operating profit (loss)

308

317

(24)

146

(39)

709

(37)

672

Unrealised non-hedge derivatives and other
commodity contracts

Intercompany transactions

(21)

Special items

(138)

(2)

(128)

Share of associates' EBIT

(6)

(1)

(7)

EBIT

318

196

(20)

138

(58)

574

Amortisation of assets

206

(2)

204

Share of associates' amortisation

EBITDA

393

263

(5)

186

(56)

780

Profit (loss) attributable to equity shareholders

185

197

(16)

(77)

385

Special items

(138)

(2)

(128)

Share of associates' special items

(17)

(6)

Taxation on items above

(4)

Headline earnings (loss)

191

111

(16)

(91)

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 component
of convertible bonds

Fair value adjustment on mandatory
convertible bonds

(9)

Adjusted headline earnings (loss)

191

111

(16)

(85)

295

Ore reserve development capital

Stay-in-business capital

108

254

(7)

247

Project capital

179

(24)

155

Total capital expenditure

181

152

147

525

(31)

494

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 ft

2,625

Mined

- 000 tons

1,691

526

312

558

3,088

Milled / Treated

- 000 tons

1,575

547

294

616

3,032

Yield

- oz/t

0.230

0.137

0.062

0.194

0.189

Gold produced

- oz (000)

362

119

574

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

2,725

Yield

- oz/t

0.012

0.013

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcy

16,982

225

17,207

Mined

- 000 tons

34,541

240

7,459

42,240

Treated

- 000 tons

6,684

725

254

7,663

Stripping ratio

- ratio

5.43

35.22

22.71

6.42

Yield

- oz/t

0.049

0.044

0.176

0.052

Gold produced

- oz (000)

325

402

HEAP LEACH OPERATION

Mined

- 000 tons

1,578

19,132

20,710

Placed

- 000 tons

288

5,920

6,209

Stripping ratio

- ratio

9.09

2.40

2.58

Yield

- oz/t

0.031

0.012

0.013

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

5.67

11.77

32.05

21.94

9.36

TOTAL

Subsidiaries' gold produced

- oz (000)

394

348

238

1,029

IMPERIAL OPERATING RESULTS
QUARTER ENDED SEPTEMBER 2011

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

394

411

238

1,092

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

393

324

246

1,018

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

393

386

246

1,080

Minority gold sold

- oz (000)

Spot price

- $/oz

1,705

Price received

- $/oz sold

1,718

1,724

1,683

1,697

1,713

Total cash costs

- $/oz produced

757

739

1,570

524

737

Total production costs

- $/oz produced

981

884

1,743

710

922

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED SEPTEMBER 2011 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

675

684

448

1,899

(106)

1,793

Cash costs

(320)

(315)

(79)

(183)

(897)

(841)

By-products revenue

Total cash costs

(298)

(313)

(79)

(151)

(840)

(784)

Retrenchment costs

(2)

(1)

(4)

Rehabilitation and other non-cash costs

(2)

(5)

(11)

Amortisation of assets

(84)

(55)

(9)

(44)

(3)

(195)

(193)

Total production costs

(386)

(373)

(87)

(201)

(3)

(1,050)

(992)

Inventory change

(5)

Cost of sales

(386)

(359)

(92)

(195)

(3)

(1,035)

(977)

Adjusted gross profit (loss)

290

325

253

(4)

864

(48)

816

Unrealised non-hedge derivatives and other
commodity contracts

(1)

Gross profit (loss)

290

325

252

(4)

863

(48)

815

Corporate and other costs

(3)

(9)

(66)

(78)

Exploration

(18)

(16)

(32)

(11)

(78)

(76)

Intercompany transactions

(11)

(1)

Special items

(4)

(13)

(8)

(13)

Operating profit (loss)

282

(6)

211

(75)

694

(47)

648

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(1)

(2)

(17)

(15)

(3)

(18)

Exchange (loss) gain

(1)

Share of equity accounted investments profit

(8)

(2)

(10)

Profit (loss) before taxation

280

283

(4)

213

(88)

685

(16)

669

Taxation

(96)

(102)

(27)

(220)

(204)

Profit (loss) for the period

184

182

(3)

187

(84)

465

Equity shareholders

184

178

(3)

180

(83)

456

Non-controlling interests

(1)

Operating profit (loss)

282

(6)

211

(75)

694

(47)

648

Unrealised non-hedge derivatives and other
commodity contracts

Intercompany transactions

(13)

Special items

Share of associates' EBIT

(8)

(2)

(10)

EBIT

287

303

(5)

204

(82)

707

Amortisation of assets

195

(2)

193

Share of associates' amortisation

EBITDA

371

358

248

(79)

902

Profit (loss) attributable to equity shareholders

184

178

(3)

180

(83)

456

Special items

Share of associates' special items

Taxation on items above

(2)

Headline earnings (loss)

187

(3)

180

(75)

476

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

(11)

Fair value loss on mandatory convertible
bonds

(9)

Adjusted headline earnings (loss)

187

(3)

181

(95)

457

Ore reserve development capital

106

Stay-in-business capital

161

(2)

159

Project capital

141

(18)

123

Total capital expenditure

140

101

125

408

(20)

388

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 ft

3,147

Mined

- 000 tons

1,573

465

288

514

2,839

Milled / Treated

- 000 tons

1,845

463

174

539

3,020

Yield

- oz/t

0.230

0.141

0.159

0.188

0.205

Gold produced

- oz (000)

424

101

618

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

2,986

3,040

Yield

- oz/t

0.017

0.018

1.000

0.017

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcy

17,919

1,771

19,689

Mined

- 000 tons

34,046

4,183

8,500

46,729

Treated

- 000 tons

6,550

820

286

7,656

Stripping ratio

- ratio

4.07

5.12

25.80

5.05

Yield

- oz/t

0.046

0.091

0.164

0.055

Gold produced

- oz (000)

299

420

HEAP LEACH OPERATION

Mined

- 000 tons

1,525

17,759

19,284

Placed

- 000 tons

340

5,608

5,948

Stripping ratio

- ratio

5.55

2.19

2.33

Yield

- oz/t

0.028

0.012

0.013

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

6.07

11.10

67.29

19.88

9.30

TOTAL

Subsidiaries' gold produced

- oz (000)

476

313

102

196

1,087

IMPERIAL OPERATING RESULTS
QUARTER ENDED DECEMBER 2010

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

476

374

102

196

1,148

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

476

312

105

198

1,090

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

476

376

105

198

1,154

Minority gold sold

- oz (000)

Spot price

- $/oz

1,370

Price received

- $/oz sold

368

582

273

504

452

Price received excluding hedge
buy-back costs

- $/oz sold

1,373

1,370

1,368

1,374

1,372

Total cash costs

- $/oz produced

616

790

894

465

672

Total production costs

- $/oz produced

870

997

992

798

912

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED DECEMBER 2010 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

654

532

143

301

1,630

(87)

1,543

Cash costs

(318)

(305)

(91)

(142)

(851)

(798)

By-products revenue

Total cash costs

(293)

(304)

(91)

(121)

(804)

(751)

Retrenchment costs

(7)

(1)

(9)

Rehabilitation and other non-cash costs

(22)

(30)

(32)

(83)

(78)

Amortisation of assets

(92)

(47)

(11)

(46)

(3)

(199)

(196)

Total production costs

(414)

(381)

(101)

(200)

(1,095)

(1,034)

Inventory change

(10)

(2)

Cost of sales

(414)

(391)

(103)

(176)

(1,082)

(1,021)

Adjusted gross profit (loss) excluding
hedge buy-back costs

239

141

125

548

(26)

522

Hedge buy-back costs

(478)

(296)

(115)

(172)

(1,061)

Adjusted gross (loss) profit

(239)

(155)

(75)

(47)

(513)

(26)

(540)

Unrealised non-hedge derivatives and other
commodity contracts

189

795

985

Gross profit (loss)

(50)

640

(75)

(46)

471

(26)

445

Corporate and other costs

(3)

(6)

(1)

(18)

(51)

(79)

(80)

Exploration

(1)

(13)

(11)

(12)

(50)

(49)

Intercompany transactions

(12)

(1)

Special items

(60)

(7)

(2)

(31)

Operating profit (loss)

(114)

602

(86)

(40)

(51)

311

(26)

285

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(1)

(3)

(1)

(106)

(109)

Exchange gain (loss)

(1)

Share of equity accounted investments profit

(1)

(11)

(12)

Profit (loss) before taxation

(115)

604

(86)

(29)

(169)

204

(5)

199

Taxation

(51)

(40)

(12)

(28)

(1)

(132)

(127)

Profit (loss) for the period

(166)

564

(98)

(57)

(170)

Equity shareholders

(166)

559

(98)

(68)

(171)

Non-controlling interests

Operating profit (loss)

(114)

602

(86)

(40)

(51)

311

(26)

285

Unrealised non-hedge derivatives and other
commodity contracts

(189)

(795)

(1)

(985)

Hedge buy-back costs

478

296

115

172

1,061

Intercompany transactions

(13)

Special items

(36)

Share of associates' EBIT

(1)

(2)

EBIT

243

117

(63)

420

Amortisation of assets

199

(3)

196

Share of associates' amortisation

EBITDA

335

163

141

(60)

619

Profit (loss) attributable to equity shareholders

(166)

559

(98)

(68)

(171)

Special items

(36)

Share of associates' special items

Taxation on items above

(20)

(1)

(21)

Headline earnings (loss)

(119)

560

(98)

(104)

(160)

Unrealised non-hedge derivatives and other
commodity contracts

(189)

(795)

(1)

(985)

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

Fair value adjustment on option component
of convertible bonds

Fair value loss on mandatory convertible
bonds

Hedge buy-back and related costs
net of taxation

475

296

115

172

1,058

Adjusted headline earnings (loss) excluding
hedge buy-back costs

234

(86)

294

Ore reserve development capital

Stay-in-business capital

177

(2)

175

Project capital

(12)

Total capital expenditure

144

111

365

(15)

350

(1) Gold income received is gold income per income statement and loss on realised non-hedge derivatives (note 4).

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 ft

10,958

Mined

- 000 tons

6,957

2,031

1,154

2,208

12,350

Milled / Treated

- 000 tons

6,295

2,179

1,195

2,278

11,947

Yield

- oz/t

0.232

0.141

0.111

0.191

0.195

Gold produced

- oz (000)

1,459

306

132

436

2,334

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

11,802

11,834

Yield

- oz/t

0.014

0.193

0.014

Gold produced

- oz (000)

164

171

OPEN-PIT OPERATION

Volume mined

- 000 bcy

70,026

2,747

72,773

Mined

- 000 tons

139,690

5,633

29,597

174,921

Treated

- 000 tons

25,483

2,722

1,025

29,231

Stripping ratio

- ratio

4.76

6.04

23.34

5.66

Yield

- oz/t

0.048

0.042

0.167

0.052

Gold produced

- oz (000)

1,228

114

171

1,513

HEAP LEACH OPERATION

Mined

- 000 tons

7,492

70,868

78,360

Placed

- 000 tons

1,244

22,704

23,948

Stripping ratio

- ratio

7.84

2.25

2.46

Yield

- oz/t

0.030

0.012

0.013

Gold placed

- oz (000)

270

308

Gold produced

- oz (000)

284

313

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

5.85

11.41

38.93

20.70

9.32

TOTAL

Subsidiaries' gold produced

- oz (000)

1,624

1,321

246

891

4,082

249

IMPERIAL OPERATING RESULTS
YEAR ENDED DECEMBER 2011

Joint ventures' gold produced

- oz (000)

249

Attributable gold produced

- oz (000)

1,624

1,570

246

891

4,331

Minority gold produced

- oz (000)

127

Subsidiaries' gold sold

- oz (000)

1,623

1,309

248

878

4,058

Joint ventures' gold sold

- oz (000)

249

Attributable gold sold

- oz (000)

1,623

1,558

248

878

4,307

Minority gold sold

- oz (000)

125

Spot price

- $/oz

1,572

Price received

- $/oz sold

1,578

1,551

1,576

Total cash costs

- $/oz produced

694

765

1,431

528

728

Total production costs

- $/oz produced

910

987

1,622

765

950

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - YEAR
ENDED DECEMBER 2011 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

2,561

2,530

385

1,487

6,962

(392)

6,570

Cash costs

(1,232)

(1,247)

(353)

(678)

(3,473)

222

(3,252)

By-products revenue

105

109

225

(1)

224

Total cash costs

(1,127)

(1,239)

(352)

(569)

(3,248)

221

(3,028)

Retrenchment costs

(9)

(3)

(15)

Rehabilitation and other non-cash costs

(4)

(131)

(5)

(94)

(233)

(229)

Amortisation of assets

(338)

(219)

(42)

(169)

(11)

(779)

(770)

Total production costs

(1,477)

(1,592)

(399)

(835)

(4,276)

234

(4,042)

Inventory change

Cost of sales

(1,477)

(1,592)

(399)

(741)

(4,181)

234

(3,946)

Adjusted gross profit (loss)

1,083

938

(13)

745

2,781

(157)

2,624

Unrealised non-hedge derivatives and other
commodity contracts

(2)

(1)

Gross profit (loss)

1,083

938

(13)

744

2,780

(157)

2,623

Corporate and other costs

(11)

(9)

(3)

(43)

(238)

(304)

(1)

(305)

Exploration

(2)

(69)

(55)

(112)

(45)

(284)

(279)

Intercompany transactions

(51)

(4)

(2)

Special items

(20)

709

(570)

163

Operating profit (loss)

1,051

1,518

(35)

590

(768)

2,355

(153)

2,202

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(5)

Exchange (loss) gain

(15)

(3)

Share of equity accounted investments profit

(11)

(20)

(23)

Profit (loss) before taxation

1,046

1,498

(31)

573

(713)

2,373

(51)

2,321

Taxation

(352)

(321)

(97)

(11)

(775)

(723)

Profit (loss) for the period

694

1,177

(25)

476

(724)

1,598

Equity shareholders

694

1,161

(25)

454

(732)

1,552

Non-controlling interests

Operating profit (loss)

1,051

1,518

(35)

590

(768)

2,355

(153)

2,202

Unrealised non-hedge derivatives and other
commodity contracts

Intercompany transactions

(58)

Special items

(677)

(3)

564

(96)

Share of associates' EBIT

(20)

(6)

(26)

153

127

EBIT

1,074

892

(34)

570

(268)

2,234

Amortisation of assets

338

219

169

779

(9)

770

Share of associates' amortisation

EBITDA

1,412

1,111

739

(257)

3,014

Profit (loss) attributable to equity shareholders

694

1,161

(25)

454

(732)

1,552

Special items

(677)

(3)

564

(96)

Share of associates' special items

(14)

(4)

Taxation on items above

(11)

Headline earnings (loss)

706

536

(27)

451

(183)

1,484

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

(84)

Fair value loss on mandatory convertible
bonds

(104)

Adjusted headline earnings (loss)

706

535

(27)

453

(371)

1,297

Ore reserve development capital

262

390

Stay-in-business capital

160

270

140

603

(11)

592

Project capital

110

101

250

534

(78)

456

Total capital expenditure

532

420

102

456

1,527

(88)

1,439

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 ft

13,182

Mined

- 000 tons

7,723

2,015

756

2,021

12,516

Milled / Treated

- 000 tons

7,564

1,987

571

2,105

12,227

Yield

- oz/t

0.212

0.150

0.131

0.187

0.194

Gold produced

- oz (000)

1,607

299

394

2,374

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

11,297

917

12,214

Yield

- oz/t

0.016

0.019

1.000

0.016

Gold produced

- oz (000)

179

196

OPEN-PIT OPERATION

Volume mined

- 000 bcy

64,978

6,780

71,758

Mined

- 000 tons

127,402

15,949

32,305

175,656

Treated

- 000 tons

24,129

3,416

1,146

28,691

Stripping ratio

- ratio

4.04

4.94

25.51

5.02

Yield

- oz/t

0.046

0.094

0.170

0.057

Gold produced

- oz (000)

1,115

321

195

1,631

HEAP LEACH OPERATION

Mined

- 000 tons

5,467

68,601

74,068

Placed

- 000 tons

1,293

22,917

24,210

Stripping ratio

- ratio

6.50

2.03

2.17

Yield

- oz/t

0.036

0.013

0.015

Gold placed

- oz (000)

306

352

Gold produced

- oz (000)

253

314

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

5.63

11.24

66.77

22.44

9.15

TOTAL

Subsidiaries' gold produced

- oz (000)

1,785

1,219

396

842

4,242

273

IMPERIAL OPERATING RESULTS
YEAR ENDED DECEMBER 2010

Joint ventures' gold produced

- oz (000)

273

Attributable gold produced

- oz (000)

1,785

1,492

396

842

4,515

Minority gold produced

- oz (000)

141

Subsidiaries' gold sold

- oz (000)

1,791

1,206

396

844

4,237

Joint ventures' gold sold

- oz (000)

272

Attributable gold sold

- oz (000)

1,791

1,478

396

844

4,509

Minority gold sold

- oz (000)

143

Spot price

- $/oz

1,227

Price received

- $/oz sold

488

663

519

555

561

Price received excluding hedge
buy-back costs

- $/oz sold

1,162

1,165

1,148

1,159

Total cash costs

- $/oz produced

598

712

982

432

638

Total production costs

- $/oz produced

809

867

1,065

615

816

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - YEAR
ENDED DECEMBER 2010 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

2,082

1,780

454

1,071

5,388

(330)

5,056

Cash costs

(1,118)

(1,097)

(389)

(527)

(3,100)

194

(2,906)

By-products revenue

130

(1)

129

Total cash costs

(1,068)

(1,093)

(389)

(454)

(2,970)

193

(2,778)

Retrenchment costs

(19)

(1)

(3)

(23)

Rehabilitation and other non-cash costs

(26)

(56)

(33)

(114)

(109)

Amortisation of assets

(331)

(176)

(34)

(150)

(10)

(701)

(692)

Total production costs

(1,444)

(1,326)

(422)

(640)

(3,809)

208

(3,602)

Inventory change

(4)

(2)

Cost of sales

(1,448)

(1,325)

(422)

(584)

(3,756)

206

(3,550)

Adjusted gross profit (loss) excluding
hedge buy-back costs

634

455

487

1,632

(125)

1,507

Hedge buy-back costs

(1,207)

(742)

(249)

(500)

(2,698)

Adjusted gross profit (loss)

(574)

(287)

(216)

(13)

(1,066)

(125)

(1,191)

Unrealised non-hedge derivatives and other
commodity contracts

1,003

890

370

2,273

Gross profit (loss)

429

604

(206)

357

1,207

(125)

1,082

Corporate and other costs

(10)

(11)

(2)

(38)

(178)

(240)

Exploration

(2)

(47)

(45)

(72)

(35)

(201)

(198)

Intercompany transactions

(37)

(1)

(2)

Special items

(84)

(31)

(55)

(125)

(1)

(126)

Operating profit (loss)

334

477

(244)

280

(205)

642

(124)

518

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(2)

(8)

(1)

(172)

(178)

Exchange gain (loss)

(6)

Share of equity accounted investments
profit (loss)

(1)

(8)

(10)

Profit (loss) before taxation

332

462

(245)

285

(378)

456

(51)

405

Taxation

(46)

(152)

(8)

(111)

(11)

(327)

(276)

Profit (loss) for the period

286

311

(253)

174

(389)

129

Equity shareholders

286

297

(253)

143

(396)

Non-controlling interests

Operating profit (loss)

334

477

(244)

280

(205)

642

(124)

518

Unrealised non-hedge derivatives and other
commodity contracts

(1,003)

(890)

(10)

(370)

(2,273)

Hedge buy-back costs

1,207

742

249

500

2,757

Intercompany transactions

(40)

Special items

100

(6)

(35)

Share of associates' EBIT

(1)

(4)

(5)

123

118

EBIT

638

378

(10)

376

(189)

1,196

Amortisation of assets

331

176

150

701

(9)

692

Share of associates' amortisation

EBITDA

969

555

526

(177)

1,897

Profit (loss) attributable to equity shareholders

286

297

(253)

143

(396)

Special items

100

(6)

(35)

Share of associates' special items

(1)

Taxation on items above

(28)

(4)

(1)

(33)

Headline earnings (loss)

358

305

(259)

107

(389)

122

Unrealised non-hedge derivatives and
other commodity contracts

(1,003)

(890)

(10)

(370)

(2,273)

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

334

337

Fair value adjustment on option component
of convertible bond

Fair value loss on mandatory convertible bond

Hedge buy-back and related costs
net of taxation

998

739

249

500

2,545

Adjusted headline earnings (loss)
excluding hedge buy-back costs

686

154

(17)

237

(273)

787

Ore reserve development capital

247

352

Stay-in-business capital

121

135

100

376

(5)

371

Project capital

157

287

(37)

250

Total capital expenditure

424

234

311

1,015

(42)

973

(1) Gold income received is gold income per income statement, (loss) gain on realised non-hedge derivatives (note 4).

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

248

Mined

- 000 tonnes

1,555

479

321

512

2,867

Milled / Treated

- 000 tonnes

1,394

497

356

520

2,768

Yield

- g/t

8.05

5.01

4.44

6.68

6.78

Gold produced

- kg

11,218

2,494

1,582

3,534

18,827

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

2,747

2,776

Yield

- g/t

0.42

1.06

0.42

Gold produced

- kg

1,147

1,178

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

Yield

- g/t

1.68

0.69

5.73

1.74

Gold produced

- kg

10,267

386

1,388

12,041

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

Yield

- g/t

1.04

0.44

0.47

Gold placed

- kg

315

2,007

2,322

Gold produced

- kg

232

2,372

2,604

PRODUCTIVITY PER EMPLOYEE

Actual

- g

178

373

1,323

625

294

TOTAL

Subsidiaries' gold produced

- kg

12,365

11,065

1,968

7,294

32,692

1 958

METRIC OPERATING RESULTS
QUARTER ENDED DECEMBER 2011

Joint ventures' gold produced

- kg

1,958

Attributable gold produced

(1)

- kg

12,365

13,023

1,968

7,294

34,650

Minority gold produced

- kg

338

793

1,131

Subsidiaries' gold sold

- kg

12,367

10,983

1,916

6,763

32,029

Joint ventures' gold sold

- kg

2,048

Attributable gold sold

(1)

- kg

12,367

13,031

1,916

6,763

34,077

Minority gold sold

- kg

351

645

995

Spot price

- R/kg

437,470

Price received

- R/kg sold

439,006

436,780

383,249

438,338

437,885

Total cash costs

- R/kg produced

181,159

207,938

358,172

159,166

198,267

Total production costs

- R/kg produced

229,933

318,125

397,953

233,074

277,397

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - QUARTER ENDED
DECEMBER 2011 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

5,429

5,845

836

3,167

15,278

(893)

14,385

Cash costs

(2,423)

(2,821)

(759)

(1,493)

138

(7,359)

518

(6,841)

By-products revenue

183

187

399

(2)

398

Total cash costs

(2,240)

(2,800)

(758)

(1,306)

144

(6,960)

516

(6,443)

Retrenchment costs

(15)

(12)

(7)

(35)

Rehabilitation and other non-cash costs

(902)

(33)

(396)

(1,314)

(1,281)

Amortisation of assets

(605)

(542)

(118)

(381)

(19)

(1,665)

(1,645)

Total production costs

(2,843)

(4,257)

(908)

(2,090)

125

(9,973)

569

(9,404)

Inventory change

426

503

521

Cost of sales

(2,843)

(4,183)

(905)

(1,664)

125

(9,470)

587

(8,883)

Adjusted gross profit (loss)

2,586

1,661

(69)

1,504

125

5,807

(305)

5,502

Unrealised non-hedge derivatives and other
commodity contracts

(2)

Gross profit (loss)

2,586

1,661

(69)

1,502

125

5,805

(305)

5,500

Corporate and other costs

(22)

(17)

(5)

(81)

(458)

(583)

(2)

(585)

Exploration

(7)

(148)

(140)

(254)

(132)

(681)

(672)

Intercompany transactions

(139)

(25)

(2)

167

Special items

(66)

1,211

(14)

1,191

Operating profit (loss)

2,491

2,568

(191)

1,176

(313)

5,732

(299)

5,434

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(11)

(13)

(311)

(259)

(233)

Exchange gain (loss)

(59)

(32)

(90)

(76)

Share of equity accounted investments
profit (loss)

(88)

(47)

122

(12)

149

137

Profit (loss) before taxation

2,481

2,477

(170)

1,085

(500)

5,372

(110)

5,262

Taxation

(988)

(865)

(237)

(57)

(2,105)

110

(1,996)

Profit (loss) for the period

1,492

1,612

(129)

848

(557)

3,266

Equity shareholders

1,492

1,598

(129)

763

(601)

3,124

Non-controlling interests

142

Operating profit (loss)

2,491

2,568

(191)

1,176

(313)

5,732

(299)

5,434

Unrealised non-hedge derivatives and other
commodity contracts

Intercompany transactions

139

(167)

Special items

(1,129)

(17)

(1,045)

Share of associates' EBIT

(47)

(11)

(58)

299

240

EBIT

2,567

1,578

(161)

1,117

(471)

4,631

Amortisation of assets

605

542

118

381

1,665

(20)

1,645

Share of associates' amortisation

EBITDA

3,172

2,121

(43)

1,498

(451)

6,296

Profit (loss) attributable to equity shareholders

1,492

1,598

(129)

763

(601)

3,124

Special items

(1,129)

(17)

(1,045)

Share of associates' special items

(137)

(49)

Taxation on items above

(30)

338

(1)

314

Headline earnings (loss)

1,538

895

(125)

753

(718)

2,344

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

113

Fair value loss on mandatory convertible
bonds

(84)

Adjusted headline earnings (loss)

1,538

896

(125)

755

(688)

2,375

Ore reserve development capital

470

138

742

Stay-in-business capital

602

871

480

2,060

(58)

2,002

Project capital

393

260

220

576

1,449

(194)

1,255

Total capital expenditure

1,466

1,230

326

1,194

4,251

(251)

4,000

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

244

Mined

- 000 tonnes

1,534

478

283

506

2,802

Milled / Treated

- 000 tonnes

1,429

496

267

559

2,751

Yield

- g/t

7.87

4.71

2.13

6.64

6.49

Gold produced

- kg

11,246

2,336

569

3,713

17,863

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

2,472

Yield

- g/t

0.40

0.44

Gold produced

- kg

997

1,088

OPEN-PIT OPERATION

Volume mined

- 000 bcm

12,983

172

13,155

Mined

- 000 tonnes

31,335

218

6,766

38,319

Treated

- 000 tonnes

6,063

658

230

6,952

Stripping ratio

- ratio

5.43

35.22

22.71

6.42

Yield

- g/t

1.67

1.50

6.05

1.80

Gold produced

- kg

10,104

989

1,395

12,488

HEAP LEACH OPERATION

Mined

- 000 tonnes

1,431

17,356

18,788

Placed

- 000 tonnes

261

5,371

5,632

Stripping ratio

- ratio

9.09

2.40

2.58

Yield

- g/t

1.05

0.43

0.46

Gold placed

- kg

275

2,297

2,573

Gold produced

- kg

238

2,293

2,531

PRODUCTIVITY PER EMPLOYEE

Actual

- g

176

366

997

682

291

TOTAL

Subsidiaries' gold produced

- kg

12,243

10,822

1,558

7,401

32,023

1 947

METRIC OPERATING RESULTS
QUARTER ENDED SEPTEMBER 2011

Joint ventures' gold produced

- kg

1,947

Attributable gold produced

- kg

12,243

12,769

1,558

7,401

33,970

Minority gold produced

- kg

310

603

913

Subsidiaries' gold sold

- kg

12,232

10,059

1,711

7,646

31,647

Joint ventures' gold sold

- kg

1,943

Attributable gold sold

- kg

12,232

12,002

1,711

7,646

33,590

Minority gold sold

- kg

332

653

985

Spot price

- R/kg

391,507

Price received

- R/kg sold

395,628

398,860

384,427

389,420

394,799

Total cash costs

- R/kg produced

173,263

169,453

359,740

120,879

168,935

Total production costs

- R/kg produced

224,553

202,915

399,434

163,708

211,460

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED SEPTEMBER 2011
ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

4,839

4,919

658

3,195

13,610

(760)

12,850

Cash costs

(2,287)

(2,246)

(563)

(1,309)

(2)

(6,407)

402

(6,005)

By-products revenue

165

225

409

(3)

406

Total cash costs

(2,121)

(2,231)

(561)

(1,084)

(1)

(5,998)

400

(5,598)

Retrenchment costs

(13)

(8)

(5)

(26)

Rehabilitation and other non-cash costs

(14)

(33)

(34)

(81)

(80)

Amortisation of assets

(601)

(391)

(62)

(317)

(21)

(1,392)

(1,378)

Total production costs

(2,749)

(2,663)

(622)

(1,440)

(23)

(7,498)

415

(7,083)

Inventory change

(35)

103

(1)

102

Cost of sales

(2,747)

(2,572)

(658)

(1,396)

(23)

(7,395)

415

(6,980)

Adjusted gross profit (loss)

2,092

2,347

1,799

(23)

6,215

(345)

5,870

Unrealised non-hedge derivatives and other
commodity contracts

(4)

(5)

Gross profit (loss)

2,092

2,346

1,795

(23)

6,210

(345)

5,865

Corporate and other costs

(25)

(3)

(68)

(476)

(571)

(1)

(572)

Exploration

(3)

(127)

(111)

(231)

(81)

(552)

(541)

Intercompany transactions

(80)

(9)

(4)

Special items

(32)

(95)

(64)

(97)

Operating profit (loss)

2,033

2,046

(37)

1,501

(552)

4,990

(335)

4,655

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(9)

(11)

(104)

(93)

(25)

(116)

Exchange gain (loss)

(6)

(2)

124

123

Share of equity accounted investments
profit (loss)

(58)

(13)

(71)

247

175

Profit (loss) before taxation

2,024

2,057

(26)

1,525

(630)

4,950

(113)

4,837

Taxation

(694)

(741)

(176)

(1,578)

113

(1,465)

Profit (loss) for the period

1,331

1,317

(19)

1,349

(605)

3,372

Equity shareholders

1,331

1,285

(19)

1,302

(595)

3,304

Non-controlling interests

(11)

Operating profit (loss)

2,033

2,046

(37)

1,501

(552)

4,990

(335)

4,655

Unrealised non-hedge derivatives and other
commodity contracts

Intercompany transactions

(92)

Special items

(1)

167

Share of associates' EBIT

(58)

(12)

(70)

335

265

EBIT

2,072

2,191

(30)

1,451

(592)

5,092

Amortisation of assets

601

391

317

1,392

(14)

1,378

Share of associates' amortisation

EBITDA

2,673

2,582

1,768

(570)

6,485

Profit (loss) attributable to equity shareholders

1,331

1,285

(19)

1,302

(595)

3,304

Special items

(1)

167

Share of associates' special items

Taxation on items above

(14)

(1)

(14)

Headline earnings (loss)

1,355

1,350

(19)

1,302

(529)

3,458

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

(88)

Fair value loss on mandatory convertible
bonds

(66)

Adjusted headline earnings (loss)

1,355

1,350

(19)

1,306

(682)

3,310

Ore reserve development capital

505

123

752

Stay-in-business capital

311

477

283

1,163

(13)

1,149

Project capital

187

155

176

489

1,007

(129)

878

Total capital expenditure

1,004

722

227

895

2,922

(143)

2,780

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

292

Mined

- 000 tonnes

1,427

422

261

466

2,576

Milled / Treated

- 000 tonnes

1,673

420

158

489

2,739

Yield

- g/t

7.88

4.84

5.47

6.44

7.02

Gold produced

- kg

13,190

2,030

862

3,149

19,232

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

2,709

2,758

Yield

- g/t

0.59

0.60

34.29

0.59

Gold produced

- kg

1,611

1,640

OPEN-PIT OPERATION

Volume mined

- 000 bcm

13,699

1,354

15,053

Mined

- 000 tonnes

30,886

3,795

7,712

42,392

Treated

- 000 tonnes

5,942

744

259

6,945

Stripping ratio

- ratio

4.07

5.12

25.80

5.05

Yield

- g/t

1.56

3.11

5.63

1.88

Gold produced

- kg

9,291

2,313

1,459

13,063

HEAP LEACH OPERATION

Mined

- 000 tonnes

1,384

16,110

17,494

Placed

- 000 tonnes

308

5,088

5,396

Stripping ratio

- ratio

5.55

2.19

2.33

Yield

- g/t

0.97

0.40

0.43

Gold placed

- kg

298

2,019

2,317

Gold produced

- kg

272

1,496

1,768

PRODUCTIVITY PER EMPLOYEE

Actual

- g

189

345

2,093

618

289

TOTAL

Subsidiaries' gold produced

- kg

14,801

9,723

3,175

6,105

33,803

1 900

METRIC OPERATING RESULTS
QUARTER ENDED DECEMBER 2010

Joint ventures' gold produced

- kg

Attributable gold produced

- kg

14,801

11,623

3,175

6,105

35,703

Minority gold produced

- kg

388

722

1,110

Subsidiaries' gold sold

- kg

14,805

9,712

3,263

6,143

33,924

Joint ventures' gold sold

- kg

1,976

Attributable gold sold

- kg

14,805

11,688

3,263

6,143

35,900

Minority gold sold

- kg

381

756

1,136

Spot price

- R/kg

303,106

Price received

- R/kg sold

81,074

128,171

60,117

111,273

99,671

Price received excluding hedge
buy-back costs

- R/kg sold

303,857

302,768

302,843

304,114

303,454

Total cash costs

- R/kg produced

136,217

174,621

197,828

102,746

148,474

Total production costs

- R/kg produced

192,292

220,079

219,476

176,022

201,465

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - QUARTER ENDED
DECEMBER 2010 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

4,499

3,654

988

2,073

11,214

(600)

10,614

Cash costs

(2,186)

(2,098)

(629)

(973)

(5,850)

363

(5,487)

By-products revenue

169

144

(2)

323

(1)

321

Total cash costs

(2,016)

(2,088)

(628)

(829)

(5,527)

361

(5,166)

Retrenchment costs

(50)

(5)

(10)

(65)

(64)

Rehabilitation and other non-cash costs

(150)

(204)

(218)

(564)

(529)

Amortisation of assets

(630)

(320)

(76)

(318)

(22)

(1,366)

(1,348)

Total production costs

(2,846)

(2,617)

(697)

(1,375)

(7,523)

416

(7,107)

Inventory change

(1)

(65)

(12)

166

Cost of sales

(2,847)

(2,683)

(709)

(1,209)

(7,435)

420

(7,016)

Adjusted gross profit (loss)

1,652

971

279

863

3,778

(180)

3,598

Hedge buy-back costs

(3,298)

(2,041)

(792)

(1,185)

(7,316)

Adjusted gross (loss) profit

(1,647)

(1,069)

(513)

(321)

(3,537)

(180)

(3,718)

Unrealised non-hedge derivatives and other
commodity contracts

1,301

5,481

6,787

Gross (loss) profit

(345)

4,412

(513)

(317)

3,250

(180)

3,069

Corporate and other costs

(22)

(41)

(6)

(122)

(355)

(545)

Exploration

(9)

(87)

(91)

(75)

(80)

(342)

(338)

Intercompany transactions

(84)

(4)

Special items

(406)

(49)

244

(15)

(208)

Operating profit (loss)

(782)

4,150

(591)

(275)

(349)

2,154

(176)

1,978

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(4)

(18)

(5)

(724)

(740)

Exchange gain (loss)

(7)

(5)

Share of equity accounted investments profit

(8)

(75)

(83)

146

Profit (loss) before taxation

(786)

4,163

(595)

(198)

(1,155)

1,429

(35)

1,394

Taxation

(355)

(275)

(82)

(192)

(9)

(913)

(878)

Profit (loss) for the period

(1,141)

3,888

(678)

(390)

(1,164)

516

Equity shareholders

(1,141)

3,858

(678)

(465)

(1,170)

404

Non-controlling interests

112

Operating profit (loss)

(782)

4,150

(591)

(275)

(349)

2,154

(176)

1,978

Unrealised non-hedge derivatives and
other commodity contracts

(1,301)

(5,481)

(4)

(6,787)

Hedge buy-back costs

3,298

2,041

792

1,185

(5)

7,311

Intercompany transactions

(88)

Special items

460

(248)

228

Share of associates' EBIT

(8)

(4)

(12)

176

164

EBIT

1,675

804

201

653

(441)

2,894

Amortisation of assets

630

320

318

1,366

(18)

1,348

Share of associates' amortisation

EBITDA

2,306

1,125

277

971

(419)

4,260

Profit (loss) attributable to equity shareholders

(1,141)

3,858

(678)

(465)

(1,170)

404

Special items

460

(248)

228

Share of associates' special items

Taxation on items above

(138)

(5)

(143)

Headline earnings (loss)

(819)

3,864

(678)

(713)

(1,093)

561

Unrealised non-hedge derivatives and
other commodity contracts

(1,301)

(5,481)

(4)

(6,787)

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

461

Fair value adjustment on option component
of convertible bonds

280

Fair value loss on mandatory convertible
bonds

222

Hedge buy-back and related costs
net of taxation

3,276

2,041

792

1,185

(5)

7,289

Adjusted headline earnings (loss)

1,617

424

114

467

(596)

2,026

Ore reserve development capital

453

109

644

Stay-in-business capital

390

527

290

1,264

(15)

1,248

Project capital

166

383

665

(88)

578

Total capital expenditure

1,009

685

782

2,572

(102)

2,470

(1) Gold income received is gold income per income statement and loss on realised non-hedge derivatives (note 4).

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

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

Yield

- g/t

7.95

4.82

3.80

6.54

6.69

Gold produced

- kg

45,375

9,530

4,114

13,569

72,588

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

10,707

10,736

Yield

- g/t

0.48

6.62

0.49

Gold produced

- kg

5,114

193

5,307

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

Yield

- g/t

1.65

1.44

5.72

1.77

Gold produced

- kg

38,200

3,544

5,323

47,068

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

Yield

- g/t

1.05

0.41

0.44

Gold placed

- kg

1,179

8,406

9,585

Gold produced

- kg

896

8,841

9,736

PRODUCTIVITY PER EMPLOYEE

Actual

- g

182

355

1,211

644

290

TOTAL

Subsidiaries' gold produced

- kg

50,489

41,074

7,658

27,733

126,954

Joint ventures' gold produced

7 745

METRIC OPERATING RESULTS
YEAR ENDED DECEMBER 2011

7,745

Attributable gold produced

(1)

- kg

50,489

48,819

7,658

27,733

134,699

Minority gold produced

- kg

1,366

2,593

3,958

Subsidiaries' gold sold

- kg

50,483

40,692

7,720

27,320

126,215

Joint ventures' gold sold

- kg

7,757

Attributable gold sold

(1)

- kg

50,483

48,449

7,720

27,320

133,972

Minority gold sold

- kg

1,427

2,450

3,877

Spot price

- R/kg

366,801

Price received

- R/kg sold

368,646

370,764

364,368

368,688

369,054

Total cash costs

- R/kg produced

161,550

179,273

329,239

124,334

170,129

Total production costs

- R/kg produced

211,500

233,210

372,099

180,136

222,811

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - YEAR
ENDED DECEMBER 2011 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

18,610

18,486

2,797

10,816

50,709

(2,860)

47,849

Cash costs

(8,917)

(9,088)

(2,562)

(4,938)

269

(25,236)

1,617

(23,620)

By-products revenue

760

784

1,625

(7)

1,618

Total cash costs

(8,157)

(9,028)

(2,555)

(4,155)

283

(23,611)

1,609

(22,002)

Retrenchment costs

(65)

(21)

(23)

(109)

(108)

Rehabilitation and other non-cash costs

(23)

(1,045)

(38)

(710)

(1,815)

(1,778)

Amortisation of assets

(2,435)

(1,605)

(311)

(1,230)

(81)

(5,663)

(5,599)

Total production costs

(10,678)

(11,700)

(2,904)

(6,117)

201

(31,198)

1,711

(29,487)

Inventory change

719

735

742

Cost of sales

(10,676)

(11,690)

(2,900)

(5,398)

201

(30,463)

1,718

(28,745)

Adjusted gross profit (loss)

7,934

6,796

(103)

5,418

201

20,246

(1,142)

19,104

Unrealised non-hedge derivatives and other
commodity contracts

(11)

(9)

Gross profit (loss)

7,934

6,797

(103)

5,407

202

20,237

(1,142)

19,095

Corporate and other costs

(81)

(66)

(20)

(310)

(1,727)

(2,205)

(6)

(2,212)

Exploration

(13)

(500)

(407)

(819)

(335)

(2,073)

(2,039)

Intercompany transactions

(377)

(34)

(15)

426

Special items

(150)

5,045

295

(3,915)

1,302

Operating profit (loss)

7,690

10,899

(269)

4,289

(5,350)

17,260

(1,114)

16,146

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(37)

(34)

242

260

265

Exchange gain (loss)

(112)

(3)

(20)

Share of equity accounted investments
profit (loss)

(88)

(151)

(164)

696

532

Profit (loss) before taxation

7,653

10,751

(234)

4,162

(4,996)

17,337

(376)

16,961

Taxation

(2,597)

(2,377)

(698)

(87)

(5,713)

376

(5,337)

Profit (loss) for the period

5,056

8,374

(188)

3,464

(5,083)

11,624

Equity shareholders

5,056

8,263

(188)

3,297

(5,147)

11,282

Non-controlling interests

111

167

342

Operating profit (loss)

7,690

10,899

(269)

4,289

(5,350)

17,260

(1,114)

16,146

Unrealised non-hedge derivatives and
other commodity contracts

(2)

Intercompany transactions

377

(426)

Special items

176

(4,820)

(16)

(27)

3,873

(815)

Share of associates' EBIT

(151)

(41)

(192)

1,114

922

EBIT

7,866

6,455

(251)

4,137

(1,942)

16,262

Amortisation of assets

2,435

1,605

311

1,230

5,663

(63)

5,599

Share of associates' amortisation

EBITDA

10,301

8,060

5,368

(1,861)

21,925

Profit (loss) attributable to equity shareholders

5,056

8,263

(188)

3,297

(5,147)

11,282

Special items

176

(4,820)

(16)

(27)

3,873

(815)

Share of associates' special items

(120)

(33)

Taxation on items above

(81)

336

268

Headline earnings (loss)

5,152

3,867

(199)

3,278

(1,394)

10,702

Unrealised non-hedge derivatives and
other commodity contracts

(2)

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

Fair value adjustment on option component
of convertible bonds

(563)

Fair value loss on mandatory convertible
bonds

(731)

Adjusted headline earnings (loss)

5,152

3,865

(199)

3,289

(2,688)

9,418

Ore reserve development capital

1,889

356

102

476

2,823

Stay-in-business capital

1,207

2,004

114

1,048

132

4,505

(85)

4,420

Project capital

822

741

543

1,825

3,931

(570)

3,361

Total capital expenditure

3,919

3,101

759

3,348

132

11,259

(655)

10,604

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

1,225

Mined

- 000 tonnes

7,007

1,828

686

1,834

11,354

Milled / Treated

- 000 tonnes

6,862

1,803

518

1,910

11,092

Yield

- g/t

7.28

5.16

4.50

6.41

6.66

Gold produced

- kg

49,970

9,300

2,330

12,248

73,847

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

10,248

832

11,081

Yield

- g/t

0.54

0.66

34.29

0.55

Gold produced

- kg

5,558

548

6,106

OPEN-PIT OPERATION

Volume mined

- 000 bcm

49,678

5,183

54,861

Mined

- 000 tonnes

115,577

14,469

29,306

159,352

Treated

- 000 tonnes

21,889

3,099

1,040

26,028

Stripping ratio

- ratio

4.04

4.94

25.51

5.02

Yield

- g/t

1.58

3.22

5.83

1.95

Gold produced

- kg

34,676

9,983

6,057

50,716

HEAP LEACH OPERATION

Mined

- 000 tonnes

4,960

62,234

67,194

Placed

- 000 tonnes

1,173

20,790

21,963

Stripping ratio

- ratio

6.50

2.03

2.17

Yield

- g/t

1.23

0.46

0.50

Gold placed

- kg

1,445

9,504

10,949

Gold produced

- kg

1,867

7,882

9,749

PRODUCTIVITY PER EMPLOYEE

Actual

- g

175

350

2,077

698

285

TOTAL

Subsidiaries' gold produced

- kg

55,528

37,892

12,313

26,187

131,920

Joint ventures' gold produced

8 498

METRIC OPERATING RESULTS
YEAR ENDED DECEMBER 2010

Attributable gold produced

- kg

55,528

46,390

12,313

26,187

140,418

Minority gold produced

- kg

1,499

2,897

4,396

Subsidiaries' gold sold

- kg

55,717

37,518

12,311

26,241

131,786

Joint ventures' gold sold

- kg

8,454

Attributable gold sold

- kg

55,717

45,972

12,311

26,241

140,240

Minority gold sold

- kg

1,480

2,961

4,441

Spot price

- R/kg

288,148

Price received

- R/kg sold

119,239

159,203

126,167

134,816

135,862

Price received excluding hedge
buy-back costs

- R/kg sold

271,453

272,523

267,875

268,931

271,018

Total cash costs

- R/kg produced

140,077

166,693

230,777

101,296

149,577

Total production costs

- R/kg produced

189,319

202,674

250,322

143,788

190,889

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - YEAR
ENDED DECEMBER 2010 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

15,125

12,952

3,298

7,806

39,180

(2,420)

36,761

Cash costs

(8,133)

(7,990)

(2,847)

(3,841)

226

(22,585)

1,412

(21,173)

By-products revenue

355

532

940

(5)

935

Total cash costs

(7,778)

(7,959)

(2,841)

(3,309)

242

(21,645)

1,407

(20,238)

Retrenchment costs

(138)

(8)

(23)

(169)

(166)

Rehabilitation and other non-cash costs

(182)

(393)

(224)

(791)

(756)

Amortisation of assets

(2,415)

(1,287)

(248)

(1,086)

(71)

(5,106)

(5,040)

Total production costs

(10,512)

(9,646)

(3,082)

(4,642)

171

(27,712)

1,512

(26,200)

Inventory change

(31)

399

377

(11)

367

Cost of sales

(10,544)

(9,638)

(3,081)

(4,243)

171

(27,335)

1,501

(25,833)

Adjusted gross profit (loss) excluding
hedge buy-back costs

4,580

3,314

217

3,563

171

11,845

(918)

10,927

Hedge buy-back costs

(8,481)

(5,210)

(1,745)

(3,519)

(18,954)

Adjusted gross profit (loss)

(3,900)

(1,896)

(1,528)

171

(7,109)

(918)

(8,027)

Unrealised non-hedge derivatives and other
commodity contracts

7,080

6,115

2,621

15,891

Gross profit (loss)

3,180

4,219

(1,452)

2,664

171

8,782

(918)

7,864

Corporate and other costs

(72)

(77)

(14)

(273)

(1,300)

(1,737)

(1)

(1,738)

Exploration

(14)

(344)

(327)

(527)

(252)

(1,464)

(1,446)

Intercompany transactions

(270)

(8)

(14)

293

Special items

(586)

(229)

242

(391)

(886)

(8)

(894)

Operating profit (loss)

2,508

3,299

(1,725)

2,092

(1,479)

4,696

(910)

3,786

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(13)

(59)

(5)

(1,183)

(1,236)

(1,235)

Exchange gain (loss)

(50)

(2)

Share of equity accounted investments
profit (loss)

(8)

(59)

(67)

534

467

Profit (loss) before taxation

2,495

3,190

(1,730)

2,123

(2,665)

3,413

(377)

3,036

Taxation

(342)

(1,108)

(54)

(816)

(76)

(2,396)

377

(2,018)

Profit (loss) for the period

2,153

2,083

(1,784)

1,307

(2,741)

1,018

Equity shareholders

2,153

1,981

(1,784)

1,084

(2,796)

637

Non-controlling interests

101

223

381

Operating profit (loss)

2,508

3,299

(1,725)

2,092

(1,479)

4,696

(910)

3,786

Unrealised non-hedge derivatives and
other commodity contracts

(7,080)

(6,115)

(75)

(2,621)

(15,891)

Hedge buy-back costs

8,481

5,210

1,745

3,519

417

19,371

Intercompany transactions

270

(293)

Special items

697

(45)

(242)

519

527

Share of associates' EBIT

(8)

(24)

(33)

902

869

EBIT

4,606

2,755

(93)

2,754

(1,359)

8,663

Amortisation of assets

2,415

1,287

248

1,086

5,106

(67)

5,040

Share of associates' amortisation

EBITDA

7,021

4,042

155

3,841

(1,288)

13,769

Profit (loss) attributable to equity shareholders

2,153

1,981

(1,784)

1,084

(2,796)

637

Special items

697

(45)

(242)

519

527

Share of associates' special items

(8)

Taxation on items above

(193)

(27)

(8)

(226)

Headline earnings (loss)

2,657

2,045

(1,827)

833

(2,746)

962

Unrealised non-hedge derivatives and
other commodity contracts

(7,080)

(6,115)

(75)

(2,621)

(15,891)

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

2,353

2,376

Fair value adjustment on option component
of convertible bond

(39)

Fair value loss on mandatory convertible
bond

382

Hedge buy-back and related costs
net of taxation

6,993

5,188

1,745

3,519

417

17,862

Adjusted headline earnings (loss)

4,923

1,118

(135)

1,731

(1,986)

5,652

Ore reserve development capital

1,806

259

114

391

2,570

Stay-in-business capital

881

987

729

2,744

(35)

2,709

Project capital

409

461

1,150

2,099

(271)

1,828

Total capital expenditure

3,096

1,708

290

2,270

7,413

(305)

7,108

(1) Gold income received is gold income per income statement, (loss) gain on realised non-hedge derivatives (note 4).

Rounding of figures may result in computational discrepancies.

Notes

Shareholders’ notice board

Shareholders’ diary:

Financial year-end

31 December

Annual financial statements

posting on or about

31 March 2012

Annual general meeting

11:00 SA time

10 May 2012

Quarterly reports

Released on or about

– Quarter ended 31 March 2012

10 May 2012

– Quarter ended 30 June 2012

7 August 2012

– Quarter ended 30 September 2012

8 November 2012

– Quarter ended 31 December 2012

*14 February 2013

* Approximate dates

Dividends:

Dividend Number

Declared

Last date to trade

ordinary shares

cum dividend

Payment date to

shareholders

Payment date to

ADS holders

2011 Final – number 112

14 February 2012

2 March 2012

9 March 2012

26 March 2012

2012 Q1 Interim – number 113*

*8 May 2012

*25 May 2012

*1 June 2012

*18 June 2012

2012 Q2 Interim – number 114*

*3 August 2012

*24 August 2012

*31 August 2012 *17 September 2012

2012 Q3 Interim – number 115*

*6 November 2012 *23 November 2012 *30 November 2012 *17 December 2012

* Proposed, subject to board approval.

Dividend policy: Dividends are proposed, and approved by the board of directors of AngloGold Ashanti, based on the
financial results for the quarter. Dividends are recognised when declared by the board of directors of AngloGold Ashanti.
AngloGold Ashanti expects to continue to pay dividends, although there can be no assurance that dividends will be paid
in the future or as to the particular amounts that will be paid from year to year. The payments of future dividends will
depend upon the Board’s ongoing assessment of AngloGold Ashanti’s earnings, after providing for long term growth and
cash/debt resources, the amount of reserves available for dividend using going concern assessment and restrictions
placed by the conditions of the convertible bonds and other debt facilities and other factors.

Withholding tax: On 1 April 2012, a 10% withholding tax on dividends and other distributions payable to shareholders
will come into effect. This withholding tax, which was announced by the South African Government on 21 February
2007, replaces the Secondary Tax on Companies. Although this may reduce the tax payable by the South African
operations of the group, thereby increasing distributable earnings, the withholding tax will generally reduce the amount of
dividends or other distributions received by AngloGold Ashanti shareholders.

Annual general meeting: Shareholders on the South African register who have dematerialised their shares in the
company (other than those shareholders whose shareholding is recorded in their own names in the sub-register
maintained by their CSDP) and who wish to attend the annual general meeting to be held on 10 May 2012 in person, will
need to request their CSDP or broker to provide them with the necessary authority in terms of the custody agreement
entered into between them and the CSDP or broker.

Voting rights: The South African Companies Act 71 of 2008 (as amended) provides that if voting is by a show of hands,
any person present and entitled to exercise voting rights has one vote, irrespective of the number of voting rights that
person would otherwise be entitled to. If voting is taken by way of poll, any shareholder who is present at the meeting,
whether in person or by duly appointed proxy, shall have one vote for every share held. There are no limitations on the
right of non-South African shareholders to hold or exercise voting rights attaching to any shares of the company. CDI
holders are not entitled to vote in person at meetings, but may vote by way of proxy. Options granted in terms of the
share incentive scheme do not carry rights to vote.

Change of details: Shareholders are reminded that the onus is on them to keep the company, through its nominated
share registrars, apprised of any change in their postal address and personal particulars. Similarly, where shareholders
received dividend payments electronically (EFT), they should ensure that the banking details which the share registrars
and/or CSDPs have on file are correct.

Annual reports: Should you wish to receive a printed copy of our 2011 integrated report or any other report from our
2011 suite of reports, please request same from the contact persons listed at the end of this report or on the company’s
website.

Certain statements made in this communication, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash
costs and other operating results, growth prospects and outlook of AngloGold Ashanti’s operations, individually or in the aggregate, including the completion and commencement of commercial
operations of certain of AngloGold Ashanti’s exploration and production projects and the completion of announced mergers and acquisitions transactions, AngloGold Ashanti’s liquidity, capital
resources and capital expenditure and the outcome and consequences of any litigation or regulatory proceedings or environmental issues, contain certain forward-looking statements regarding
AngloGold Ashanti’s operations, economic performance and financial condition. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a
result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions
including environmental approvals and actions, fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion of certain of these and other factors,
refer to AngloGold Ashanti's annual report for the year ended 31 December 2010, which was distributed to shareholders on 29 March 2011 and the company’s 2010 annual report on Form 20-
F, which was filed with the Securities and Exchange Commission in the United States on 31 May 2011. 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. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today’s date or to reflect
the occurrence of unanticipated events. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary
statements herein.

This communication contains 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.

Administrative information

ANGLOGOLD ASHANTI L

IMITED

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

Share codes:

ISIN: ZAE000043485
JSE:

ANG

LSE:

AGD

NYSE:

ASX:

AGG

GhSE (Shares):

AGA

GhSE (GhDS):

AAD

JSE Sponsor:

UBS

Auditors:

Ernst & Young Inc.

Offices

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

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

Ghana
Gold House
Patrice Lumumba Road
(PO Box 2665)
Accra
Ghana
Telephone: +233 303 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

W A Nairn

Prof L W Nkuhlu

F Ohene-Kena

S M Pityana

R J Ruston ~

(effective 1 January 2012)

* British

American

~ Australian

South African

+ Ghanaian

Indian

Officers
Company Secretary: Ms L Eatwell

Investor Relations Contacts

South Africa
Michael Bedford
Telephone: +27 11 637 6273
Mobile: +27 82 374 8820
E-mail: mbedford@AngloGoldAshanti.com

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

General E-mail enquiries
investors@AngloGoldAshanti.com

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

Company secretarial E-mail
Companysecretary@AngloGoldAshanti.com

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

PUBLISHED BY ANGLOGOLD ASHANTI

PRINTED BY INCE (PTY) LIMITED

Share Registrars

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

United Kingdom
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS13 8AE
England
Telephone: +44 870 702 0000
Fax: +44 870 703 6119

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

Ghana
NTHC Limited
Martco House
Off Kwame Nkrumah Avenue
PO Box K1A 9563 Airport
Accra
Ghana
Telephone: +233 302 229664
Fax: +233 302 229975

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

Global BuyDIRECT

BoNY maintains a direct share purchase
and dividend reinvestment plan for
ANGLOGOLD ASHANTI

Telephone: +1-888-BNY-ADRS

SIGNATURES

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

AngloGold Ashanti Limited

Date: February 15, 2012

By:

/s/ L Eatwell

Name: L EATWELL
Title: Company Secretary