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 November 3, 2014

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 AGA Results for the Third Quarter 2014

Report

for the quarter and nine months ended 30 September 2014

- Record safety measures across all metrics; Industry-leading 2nd consecutive fatality-free quarter
- Normalised AHE of $66m, or 16 US cents a share on strong production, despite lower gold price
- Production of 1.128Moz ahead of guidance; Up 8% year-on-year and 3% on prior quarter
- Total cash costs of $820/oz were better than guidance of $850/oz - $890/oz
- All-in-sustaining costs improve by 10% year-on-year to $1,036/oz on strong cost management
- All-in-costs improve 19% year-on-year to $1,144/oz
- AngloGold Ashanti generates modest free cash flow after strong operating quarter
- Prioritising self-help measures to deleverage balance sheet
- Net debt reduced to $2,952m; Net debt: adjusted EBITDA improves marginally to 1.64 times
- Significant maiden resource declared at Nuevo Chaquiro deposit in Colombia

Operating review
Gold
Produced
Sold
Price received

All-in sustaining costs

All-in

costs

Total

cash

Financial revieew
Gold income
Cost of sales
Total cash costs
Production cost
Adjusted gross
Gross profit
Profit (loss) attributable to equity shareholders

Headline earnings (loss)

Adjusted headline earnings (loss)

Net cash flow from operating activities Capital expenditure

Notes: 1. Re

2. Re

end

Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash costs, al -in sustaining costs, all-in costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti's operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti's exploration and production projects and the completion of acquisitions and dispositions, AngloGold Ashanti's liquidity and capital resources and capital expenditures and the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental health and safety issues, are forward-looking statements regarding AngloGold Ashanti's operations, economic performance and financial condition. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti's actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward- looking statements as a result of, among other factors, changes in economic, social and political and market conditions, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, and business and operational risk management. For a discussion of such risk factors, refer to AngloGold Ashanti's annual report on Form 20-F for the year ended 31 December 2013, which was filed with the United States Securities and Exchange Commission ("SEC") on 14 April 2014. These factors are not necessarily all of the important factors that could cause AngloGold Ashanti's actual results to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future results. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold A shanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.
This communication may contain certain "Non-GAAP" financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non- GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use. AngloGold Ashanti posts information that is important to investors on the main page of its website at www.anglogoldashanti.com and under the "Investors" tab on the main page. This information is updated regularly. Investors should visit this website to obtain important information about AngloGold Ashanti.

costs

fer to note C "Non-

fer to note D "Non-

fer to note E “Non-

fer to note 3 of note

ded 30 September

-GAAP disclosure"

GAAP disclosure” f

es for the quarter a

2014.

- oz (000)
- oz (000)
- $/oz
- $/oz
- $/oz
- $/oz

- $m
- $m
- $m
- $m
- $m
- $m
- $m
- cents/share
- $m
- cents/share
- $m
- cents/share
- $m
- $m

for the definition.

nd nine months

ended

Sep

2014

1,128
1,101
1,281
1,036
1,144

820

1,295

(1,052)

864
877
243
273

41
10
44
11

2
0

320
261

$ r

Quarter

ended

Jun

2014

1,098
1,088
1,289
1,060
1,192

836

1,321

(1,064)

874
894
257
252

(80)
(20)
(89)
(22)

(4)
(1)

336
311

Refer to note B

Refer to note A

represents US dolla

ounding of figures m

Quarter 3 2014

ended

Sep

2013

US dollar / Imperial

1,043
1,062
1,327
1,155
1,408

809

1,374

(1,064)

815
865
310
276

1
0

(18)

(5)

576
148
319
448

"Non-GAAP disclos

ar, unless otherwise

may result in compu

Nine m

ended

Sep

2014

3,280
3,286
1,287
1,030
1,150

810

3,940

(3,130)

2,516
2,578

811
820

(7)
(2)

117

1,007

846

sure" for the definiti

e stated.

utational discrepanc

onths

ended

Sep

2013

2,876
2,902
1,455
1,239
1,562

865

4,079

(3,104)

2,436
2,518

975

1,041

(1,925)

(496)

354

553
142
815

1,516

ion.

cies.

Quarterly report September 2014 - www.AngloGoldAshanti.com

Operations

at a glance

for the quarter ended 30 September 2014

oz (000)

Year-on-year

% Variance

Qtr on Qtr

% Variance

$/oz

Year-on-year

% Variance

Qtr on Qtr

% Variance

$/oz

Year-on-year

% Variance

Qtr on Qtr

% Variance

Year-on-year

$m Variance

Qtr on Qtr

$m Variance

SOUTH AFRICA

314

(5)

(2)

1,115

(2)

902

(29)

(11)

Vaal River Operations

107

(12)

(11)

1,153

(5)

940

(14)

(11)

Great Noligwa

(23)

1,343

(11)

1,276

(2)

(2)

(4)

Kopanang

(14)

(5)

1,211

(5)

993

(3)

(1)

(4)

Moab Khotsong

(13)

(12)

1,047

(3)

792

(11)

(7)

West Wits Operations

153

1,007

(11)

825

(2)

Mponeng

898

(17)

(3)

688

(9)

(4)

TauTona

1,170

(3)

1,030

(9)

(5)

Total Surface Operations

(12)

(5)

1,261

1,048

(13)

First Uranium SA

(12)

1,308

(18)

954

(9)

(2)

(5)

Surface Operations

(12)

(9)

1,223

1,123

(7)

(4)

Technology

100

INTERNATIONAL OPERATIONS

813

973

(13)

(6)

789

(4)

215

(18)

CONTINENTAL AFRICA

410

928

(19)

(7)

799

(1)

(6)

116

(14)

DRC
Kibali - Attr. 45%

100

580

100

(21)

563

100

(21)

Ghana
Iduapriem

(27)

(4)

984

(1)

866

(5)

(26)

Obuasi

1,169

(39)

(18)

966

(11)

(18)

Guinea
Siguiri - Attr. 85%

(10)

798

(23)

(13)

741

(25)

(5)

(6)

Mali
Morila - Attr. 40%

(17)

1,660

1,525

101

(6)

(13)

(5)

Sadiola - Attr. 41%

(9)

1,062

(47)

(1)

981

(44)

(1)

Yatela - Attr. 40%

(60)

1,858

(34)

1,672

(13)

(1)

Namibia
Navachab

(100)

(15)

(9)

Tanzania
Geita

116

(9)

907

(1)

715

(28)

(13)

Non-controlling interests,
exploration and other

(2)

AUSTRALASIA

152

145

(2)

980

(38)

(6)

861

(32)

Australia
Sunrise Dam

1,116

(9)

(27)

982

(17)

(25)

Tropicana - Attr. 70%

100

(10)

800

100

721

100

(21)

Exploration and other

(5)

AMERICAS

251

(7)

1,035

(4)

730

(5)

(38)

Argentina
Cerro Vanguardia - Attr. 92.50%

(2)

956

656

(4)

(14)

(3)

Brazil
AngloGold Ashanti Mineração

101

(2)

1,037

(1)

699

(3)

Serra Grande

(9)

1,097

(9)

803

(9)

(10)

United States of America
Cripple Creek & Victor

(19)

1,075

(12)

827

(8)

(11)

Non-controlling interests,
exploration and other

(1)

OTHER

Sub-total

1,128

1,036

(10)

(2)

820

(2)

262

(45)

Equity accounted investments included above

(19)

(22)

(19)

AngloGold Ashanti

243

(67)

(14)

Refer to note D under "Non-GAAP disclosure" for definition

Refer to note E under "Non-GAAP disclosure" for definition

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

Variance September 2014 quarter on September 2013 quarter - increase (decrease).

Variance September 2014 quarter on June 2014 quarter - increase (decrease).

Equity accounted joint ventures.

Rounding of figures may result in computational discrepancies.

Production

Total cash costs

Adjusted

gross profit (loss)

All-in sustaining costs

Quarterly report September 2014 - www.AngloGoldAshanti.com

Financial and Operating Report

OVERVIEW FOR THE QUARTER

AngloGold Ashanti again maintained its strong momentum in achieving its five key business objectives, namely: improving safety and
sustainability; enhancing financial flexibility; optimising overhead and operating costs and capital expenditure; improving the quality of its
portfolio; and maintaining long-term optionality in the business.

Importantly, progress made on those areas again supported the key objective of sustainably improving free cash flow. Despite a 3%
decline in the average gold price received from a year earlier to $1,281/oz, an improved production performance and lower all-in
sustaining costs, helped drive net debt marginally lower to $2,952 million, from $3,008 million a year earlier and $2,994 million the
previous quarter.

Another strong operating performance across each of the company’s operating regions helped an 8% improvement in output year-on-
year to 1.128Moz, ahead of guidance levels of 1.06Moz to 1.09Moz. This performance came despite the loss of 30,000oz related to the
earthquake on 5 August that interrupted the Vaal River Operations in South Africa for several days while the mines were idled to allow
aftershocks to subside and repairs to be affected.

All-in sustaining costs (AISC) were $1,036/oz, 10% lower than the same period last year of $1,155/oz. Total cash costs of $820/oz were
marginally higher at 1% compared to $809/oz recorded in the same quarter last year, and were better than guidance of $850/oz to
$890/oz, despite ongoing inflationary challenges in several key jurisdictions including South Africa, Continental Africa and South
America. Corporate and marketing costs of $24m were 43% lower year-on-year, while exploration and evaluation costs of $37m were
33% lower over that period. The improved performance reflected the benefit of a full quarter with Kibali and Tropicana in the operating
line-up, as well as an ongoing focus on overhead- and direct-cost management through the Project 500 programme, continued capital
discipline and the benefit of weaker currencies against the US dollar in Brazil, South Africa and Australia.

These strong fundamental improvements once again helped offset the lower gold price, helping to maintain cash flow from operating
activities compared to the same period last year. Adjusted Earnings Before Interest Depreciation and Amortisation (adjusted EBITDA)
increased to $400m from $327m in the third quarter of 2013, reflecting an improvement in the adjusted EBITDA margin from 24% a year
ago, to the current 31%. The key ratio of net debt to adjusted EBITDA improved to 1.64 times for the twelve month period ended 30
September 2014, from 2.02 times for the twelve month period ended 30 September 2013, and 1.73 times for the twelve month period
ending 30 June 2014.

Once again, this significant improvement in operating performance was made alongside another record safety performance. AngloGold
Ashanti recorded its second fatality-free quarter in succession, the first time in the company’s history that this has been achieved. In
addition, all other safety metrics reached their best levels ever, an achievement all the more noteworthy given the potential dangers
posed by the earthquake. In the event, all 3,300 employees working underground at the time were safely lifted to surface, with only a
handful of minor injuries reported.

Summary table comparing 2014 performance to date with the same periods last year:

Q3 2014

Q3 2013

Improved

Q14 vs

Q13

YTD Sep

2014

YTD Sep

2013

Improved

YTD vs

YTD

Gold price received ($/oz)

1,281

1,327

(3%)

1,287

1,455

(12%)

Gold Production (koz)

1,128

1,043

3,280

2,876

14%

Total cash costs ($/oz)

820

809

810

865

(6%)

Corporate and marketing costs* ($m)

(43%)

165

(59%)

Exploration and evaluation costs ($m)

(33%)

214

(54%)

Capital expenditure ($m)

261

448

(42%)

846

1,516

(44%)

All-in sustaining costs**($/oz)

1,036

1,155

(10%)

1,030

1,239

(17%)

All-in costs**($/oz)

1,144

1,408

(19%)

1,150

1,562

(26%)

Cash inflow from operating activities ($m)

320

319

1,007

815

24%

Adjusted EBITDA ($m)

400

327

22%

1,258

1,123

12%

Free cash flow ($m)

(222)

114%

(950)

109%

including administration and other expenses

World Gold Council Standard, excludes stockpiles written off.

Quarterly report September 2014 - www.AngloGoldAshanti.com

CORPORATE UPDATE

“Our operations are firing on all cylinders,” Chief Executive Officer Srinivasan Venkatakrishnan, said. “We’ve prioritised and have started
working on a range of self-help measures to generate cash from within current operating base to further deleverage the balance sheet
over the medium term. We will also consider the sale or partnership of an operating asset, if required.”

On 10 September 2014, AngloGold Ashanti announced, for consultation with its shareholders, a proposed corporate restructuring and
capital raising. The restructuring proposed creating a London-listed entity to house the company’s international assets with the South
African assets remaining at AngloGold Ashanti, thus creating two simpler and more focused entities. The proposed capital raising would
have reduced debt levels in order to leave the South African entity debt free (with the exception of existing guarantees by Anglogold
Ashanti of debt that would have remained outstanding) and leave the international entity with sustainable debt levels that could be
supported by its own cash flows.

This proposal was withdrawn on 15 September, after engagement with holders of the majority of the shares in the company. While there
was broad support for the strategic logic of the restructuring, a number of shareholders expressed concerns about certain aspects of the
proposed transactions, in particular the quantum of the equity capital raising needed to enable the restructuring to be implemented in
accordance with regulatory and other requirements.

The withdrawal of the restructuring proposal means there is no need for the quantum of deleveraging, required to facilitate the
separation of the company. Furthermore, maturities of AngloGold Ashanti’s major debt facilities are long-dated, with revolving credit
facilities – most of which are currently undrawn -- maturing only in 2019, and the first bond maturities a year later, in 2020. Net debt to
adjusted EBITDA at current levels of about 1.6 times is well within covenant limits of 3.5 times. In addition, the continued restructuring of
the company’s cost base and improvements in the quality of the portfolio, have helped the company deliver modest free cash generation
in each of the last three quarters, despite the lower gold price. Liquidity is currently adequate with cash available, access to commercial
paper markets and the undrawn portions of the company’s bank facilities ($1bn in US dollar RCF and roughly A$151m undrawn in our
Australian dollar RCF).

While pro-actively reducing current debt levels and improving overall balance sheet flexibility remain important objectives for
management in the medium term, AngloGold Ashanti has intensified its focus on prioritising value creation opportunities deliverable
from within its current structure. The company plans to continue to aggressively identify and implement further operational efficiencies,
reduce overhead cost structures and pursue other initiatives to improve underlying business performance.

The company also intends to explore other opportunities to strengthen its balance sheet including portfolio simplification, sale or the
entry into partnerships with respect to its Colombian portfolio and Obuasi mine in Ghana and, could potentially consider the sale or joint
venture of other operating assets for fair value. AngloGold Ashanti’s medium-term aspirational target would be to prioritise the use of
proceeds from such actions to reduce debt by about $1bn over the medium-term in order to lower its leverage ratio to less than 1.5
times net debt to adjusted EBITDA.

SAFETY

For the first time ever, AngloGold Ashanti reported two consecutive quarters without a single workplace fatality. This is a significant
achievement for a South African deep-level mining major, and shows what is possible when total commitment by a group of people
comes together with the correct culture, procedures and support. AngloGold Ashanti’s overall workplace safety continues to show strong
improvement across several metrics, with the broadest measure of progress – all injury frequency rates and lost-time injury frequency
rates – remaining at record low levels. Seven of our operating and major exploration sites have now passed nine months without a
single lost time injury, while continued improvements at several other operations have allowed new safety benchmarks to be set.

Ongoing process, management and behavioural improvements have helped more than halve the number of safety incidents since 2007.
While we are immensely proud of this achievement, which is the result of hard work over several years, we fully realise that there is no
room for complacency while injuries occur on mine sites. We recognise, however, that to the end of September 2014 our record of no
fatalities related to so-called ‘fall-of-ground’ incidents continued for more than a year as at the quarter end. In addition, nine of our
operating entities ended the quarter with no lost time injuries and six have that record intact for the first nine months of the year. We
continue to look for new ways to keep safety at the forefront of everything we do and continue to focus on managing our major hazards,
and understanding what we call ‘high potential incidents,’ which may have resulted in death or serious injury.

FINANCIAL AND CORPORATE REVIEW

Cash inflow from operating activities of $320m for the three months to 30 September 2014 was similar to the $319m of the same quarter
in 2013, despite the lower gold price received. Free cash flow of $30m after all expenditures, compared to the total outflow of $222m in
the period a year ago, highlighting significant operating and cost improvements across a broad front.

Adjusted headline earnings (AHE) were $2m in the three months to 30 September 2014, compared with $576m or 148 US cents per
share a year earlier, when AHE reflected a $567m realised fair value gain on a three-year convertible bond. The $2m AHE for the
quarter under review reflects fees related to the accelerated amortisation of the US$ and A$ RCF ($7m), operational and corporate
redundancies ($36m), operational closure and termination costs ($7m), non-cash provisions relating to stockpiles and consumable
inventories ($6m) and indirect taxes and legal provisions ($8m).

Quarterly report September 2014 - www.AngloGoldAshanti.com

By removing the impact of the above adjustments the normalised AHE for the period, therefore, would be $66m, or 16 US cents a share,
based on the weighted average number of shares of 406 million compared with $110m or 28 cents in the corresponding quarter of 2013.
This was due to a lower gold price, annual inflationary increases, higher amortisation and taxation due to more withholding taxes on
non-recurring taxation credits partially offset by weaker local currencies, savings in corporate and exploration expenditure and lower
finance costs. The normalised AHE for the September 2014 quarter is lower than June 2014 quarter at $76m or 19 cents per share,
mainly impacted by cost inflationary increases, notably the South African wage increases and winter power tariffs.

Net profit (loss) attributable to equity shareholders for the third quarter of 2014 was $41m, compared to $1m a year earlier.

Operational performance for the third quarter was strong with both production and costs coming in better than market guidance.
Production was 1.128Moz at an average total cash cost of $820/oz, compared to 1.043Moz at $809/oz a year earlier and 1.098Moz at
$836/oz the previous quarter. Guidance for the third quarter was 1.06Moz to 1.09Moz oz at a total cash cost of $850-890/oz. This
included a 30,000oz loss of production at our Vaal River Operations due to the earthquake. Costs overall benefited from higher output,
weaker currencies and continued benefits from a range of cost saving initiatives.

Production from the South African operations fell by 5% to 314,000oz in the third quarter of 2014, due to the impact of the earthquake.
During the third quarter of 2014 production from the International Operations increased 14% to 813,000oz from 714,000oz in the third
quarter of 2013, despite no contribution from Navachab following its sale in June 2014, and the continued wind-down of production from
Obuasi. Within the international portfolio, Continental Africa was 7% higher at 410,000oz for the third quarter of 2014, compared to
383,000oz in the third quarter of 2013. Year-on-year, Australia more than doubled from 62,000oz to 152,000oz following the addition of
Tropicana, while the Americas dropped marginally to 251,000oz from 270,000oz , due mainly to declines in production from the Cripple
Creek & Victor mine.

All-in sustaining costs (AISC), excluding stockpile write offs, were $1,036/oz, a 10% improvement year-on-year, and 2% lower than the
previous quarter due to lower total cash costs and an increase in gold sold. The year-on-year decline in AISC was due to the higher
ounces sold, lower corporate and exploration costs as well as lower sustaining capital expenditure. Total cash costs for the third quarter
of 2014 increased $11/oz compared to the same period in the previous year, from $809/oz to $820/oz. The higher total cash costs,
given the two new mines – Kibali and Tropicana -- include fuel and power costs and service costs, partly offset by significant
improvements from a combination of cost saving initiatives, currency weakness, removal of some marginal and loss-making production
and higher output in some areas. Total capital expenditure during the third quarter was $261m (including equity accounted joint
ventures), compared with $448m in the third quarter of 2013 and $311m the previous quarter. Of the total capital spent, project capital
expenditure during the quarter amounted to $84m. Free cash flow after all outgoing expenditures including interest and tax, improved
from negative $222m a year earlier to a positive $30m in the third quarter, reflecting declining capital expenditures, improved costs and
higher production.

At the end of the third quarter of 2014, net debt was $2,952m compared to $3,008m a year earlier, and $2,994m in the second quarter,
resulting in an improvement in net debt to adjusted EBITDA ratio to 1.64 times, compared with 1.73 times in the previous quarter and
2.02 times a year ago.

OPERATIONAL HIGHLIGHTS

The South African operations produced 314,000oz at a total cash cost of $902/oz during the third quarter of 2014 compared to
329,000oz at total cash cost of $851/oz in the third quarter of 2013. Production was adversely impacted by the 5.3 magnitude
earthquake which struck South Africa’s North West province on the 5 August 2014, and the time taken in its aftermath to allow
aftershocks to subside and then to effect repairs. Total cash costs increased due to labour inflationary increases and seasonal electricity
tariffs that were effective from the second half of the year. However, these costs were partially offset by cost savings from Project 500
initiatives.

At West Wits, production was 153,000oz at total cash cost of $825/oz during the third quarter of 2014 compared to 149,000oz at total
cash cost of $814/oz during the third quarter of 2013. The third quarter’s performance reflected an improvement on the back of seismic
related activities and safety stoppages. Mponeng delivered a 5% improvement in production compared to the same quarter of 2013 as a
result of a slight reduction in stope-widths and an increased overall grade due to lower intake of marginal ore tonnages. Despite annual
inflationary increases, total cash costs decreased by 9% year-on-year. Mponeng was the lowest cost producer for the South African
region at a total cash cost of $688/oz. The concerted effort at TauTona on value accretive energy initiatives continues to achieve
encouraging results. These initiatives include wastage elimination, rescheduling activities such as pumping to take place during non-
peak shift hours, continuous monitoring of water arrival and specific attention is given to identifying and repairing air leaks.

Production from the Vaal River operations decreased in the third quarter of 2014 to 107,000oz at total cash cost of $940/oz, compared
to 122,000oz at total cash cost of $867/oz in the third quarter of 2013. Great Noligwa and Moab Khotsong were most severely impacted
by the earthquake whilst Kopanang was impacted by safety related disruptions. Underground assessments indicated that some of the
reef silos had cracked, while other relatively minor damage occurred to surface infrastructure and buildings. Overall, operations were
impacted by between five and ten days of no or partial production, depending on the damage at each of the affected sites.

Total Surface Operations production for the third quarter of 2014 was 52,000oz at total cash cost of $1,048/oz, compared to 59,000oz
at total cash cost of $915/oz in the third quarter of 2013. Processing of marginal ore dump material at some reclamation sites was
discontinued as grades were below cut-off. In mitigating this, an extensive drilling program was started at the reclamation sites to
improve knowledge of mineralogy and grade. Current reagent dosage rates and metallurgical parameters are being optimised.
Commissioning of the uranium plant at Mine Waste Solutions has commenced and is expected to be completed by year-end.

Quarterly report September 2014 - www.AngloGoldAshanti.com

The Continental Africa region for the third quarter of 2014 produced 410,000oz at total cash cost of $799/oz compared to 382,000oz at
total cash cost of $804/oz in the third quarter of 2013; the increase in production was mainly due to the contribution from Kibali.

In Ghana, Iduapriem’s production for the third quarter of 2014, was 45,000oz at total cash costs of $866/oz compared to 62,000oz at
total cash cost of $580/oz in third quarter of 2013. Production decreased in line with production plan which is focused on treating lower
grade stockpile material. At Obuasi, production for the third quarter of 2014 was 78,000oz at total cash cost of $966/oz, compared to
68,000oz at total cash cost of $1,082/oz in third quarter of 2013. Production increased and total cash costs improved due to an increase
in tonnage throughput from both underground and surface sources.

In the Republic of Guinea, Siguiri’s production for the third quarter of 2014 was 72,000oz at total cash cost of $741/oz compared to
69,000oz at total cash costs of $987/oz in third quarter of 2013. Production improved despite depleting higher grade ore sources. Total
cash costs decreased as a result of cost management through renegotiation of fuel supply contracts and other efficiency benefits.

In Mali, Morila’s production was down at 10,000oz at total cash costs of $1,525/oz. Costs increased as a result of a non-cash gold-in-
process inventory expense as the gold locked up in the plant in the previous period was released. Sadiola’s production was 21,000oz
at total cash cost of $981/oz as a result of a decrease in recovered grade due to lower volumes of oxide material accessed from the
primary ore sources. Yatela’s production was down to 2,000oz in line with the closure plan. Total cash costs were $1,672/oz.

In Tanzania, Geita’s production for the third quarter of 2014 was 116,000oz at total cash cost of $715/oz compared to 127,000oz at
total cash cost of $549/oz in third quarter of 2013. Production was lower as a result of a 19% decrease in recovered grade, partly offset
by a 14% increase in tonnage throughput, which also negatively impacted on costs. Production was higher in the third quarter of 2013
due to higher grade ore sourced from the Star & Comet pit which has now been depleted. Going forward, production is expected to
improve as a result of increased tonnage throughput with the consistency in the mill running time and improved mill productivity from a
softer ore blend delivered to the plant. The increase in total cash costs was in line with the annual operational plan as a result of higher
mining costs incurred in the quarter. In addition, AngloGold Ashanti is investigating a move to switching Geita from an owner-operator
model to a contractor operated model in the new year, to take advantage of a relatively attractive market for mining contracts and to
improve ongoing cash flow by removing some future capital commitments.

In the Democratic Republic of the Congo, production in Kibali was 65,000oz at total cash costs of $563/oz. The 59% increase in
production over the previous quarter was due to successful efforts to overcome operational challenges encountered with the
commissioning of the Sulphide Circuit, as well as plant availability on the Oxide Circuit. Production was also assisted by a 29%
improvement in throughput and increased milled head grade.

The Americas region, for the third quarter of 2014, produced 251,000oz at total cash cost of $730/oz compared to 270,000oz at total
cash cost of $656/oz in the third quarter of 2013.

In the United States, Cripple Creek & Victor’s production for the third quarter of 2014 was 56,000oz at total cash cost of $827/oz
compared to 69,000oz at total cash cost of $744/oz in the third quarter of 2013. Production decreased partially due to a change in the
ore stacking plan. A delay in receiving certification for a section of an exposed liner led to the heap leach stacking plan being modified
resulting in deferred production as ore was placed deeper in the leach pad in the first half of the year and shallower in the second half.
In addition, production was negatively affected by lower ore-grade mined and fewer tonnes crushed due to more clay in the ore, thereby
impacting negatively on total cash costs in addition to lower gold placement.

In Argentina, Cerro Vanguardia´s gold production for the third quarter of 2014 was 62,000oz at a total cash cost of $656/oz compared
to 63,000oz at total cash cost of $614/oz in the third quarter of 2013. Production was negatively impacted by operational delays in
development causing decreased secondary development head grades and sequencing in the mine, thereby resulting in lower grade at
the underground mine compensated by higher tonnes treated. Although costs benefited from the weaker exchange rate, this was offset
by lower by-product sales and lower deferred stripping adjustment.

In Brazil, production for the third quarter of 2014 was 133,000oz at a total cash cost of $724/oz compared to 138,000oz at a total cash
cost of $629/oz in the third quarter of 2013. At AngloGold Ashanti Córrego do Sítio Mineração, production for the third quarter of
2014 was 101,000oz at total cash cost of $699/oz compared to 103,000oz at total cash cost of $602/oz in the third quarter of 2013.
Production was impacted by operational delays in high grade areas, changes in mining plan at Cuiabá Complex, and geotechnical
challenges at the new oxide pit. Work is underway to improve the mine’s rock mechanics, change the mining method from cut-and-fill to
sub-level stoping and increase the contribution of Narrow Vein Ore Bodies (NV) from 15% of the mine’s total, to 40%.

Also at Cuiaba, our exploration programme, the deep-level exploration programme confirmed the down-plunge extension of the ore
body as far as Level 24 at the MO mine (the Main Ore Body) and Level 26 at the NV mine, while high-grade quartz veins have been
intersected between Level 9 and Level 25. In addition, satellite ore bodies have been intersected close to the existing infrastructure.
These exploration successes will, potentially help add production in the both the short-term and over the life of mine.

At Serra Grande, production for the third quarter of 2014 was 32,000oz at total cash cost of $803/oz, compared to 35,000oz at total
cash cost of $709/oz in the third quarter of 2013. Production was down due to lower grades caused by differences in underground mine
sequencing, with higher grades anticipated in the latter part of the year. Costs were negatively impacted mainly by lower gold
production, local currency appreciation and ore stockpiles.

Quarterly report September 2014 - www.AngloGoldAshanti.com

In Australia production for the third quarter of 2014 was 152,000oz at total cash cost of $861/oz compared to 62,000oz at total cash cost
of $1,270/oz in the third quarter of 2013. At Sunrise Dam production for the third quarter of 2014 was 68,000oz at total cash cost of
$982/oz compared to 62,000oz at total cash costs of $1,184/oz in third quarter of 2013. The increase in production was attributable to
favourable mill throughput with a record 616,000 tonnes of underground ore mined during this quarter whilst the underground mine
grade increased to 2.74g/t from the prior year’s quarter’s 2.20g/t. Total cash costs decreased due to the higher production as well as the
drawdown of ore stockpiles. The mine successfully completed the transition to underground operations following the closure of the Open
Pit.

Tropicana production for the third quarter of 2014 was 84,000oz at total cash cost of $721/oz compared to 93,000oz at total cash cost
of $498/oz in the previous quarter. Production decreased quarter-on-quarter as a result of lower mined and milled grades in July and
significant downtime in the mill for both planned maintenance and repairs. In addition, structural failure of the CIL Tank 7 (inter-tank
screen) support tubes occurred, causing part of the tank wall to buckle. Mill throughput was constrained by reduced availability of
process water during the quarter as a result of lower-than-expected production from the bore field. A number of new bores have been
drilled and commissioned but approvals are required to enable the development of further bores that will provide redundancy through
the hot summer months. Mining was also constrained while remediation of a wall slippage in the upper oxide zone in the Havana Pit
was carried out.

TECHNOLOGY AND INNOVATION UPDATE:

The Technology Innovation Consortium continued to advance in the main projects targeting the methodology to Safely mine, All the
Gold, Only the Gold, All the Time. During the third quarter of 2014, progress on key technologies that seek to establish the base for a
safe, automated mining method intended for selective use at AngloGold Ashanti’s deep-level underground mining operations is as
follows:

1. Reef

Boring

- TauTona mine – Test site:

Eleven holes were drilled during the quarter. Due to the change in reef channel width, the holes were drilled at different
diameters ranging from 660mm up to 720mm. Improvement in the drilling theory remains a focus area and different
reamer cutter configurations were tested. Due to the reef channel increasing, more holes will be drilled with the 660mm
and 720mm reamers and further information obtained will evaluate the extent to which the reamers can be deployed at
the prototype sites.

- TauTona mine – Prototype sites

During the third quarter, the testing of three medium reef (width 40-80cm) Atlantis machines at 97 Level at the TauTona
mine commenced. Industrial and mechanical engineering support is being supplied to improve machine performance to
design expectations.

- Great Noligwa

mine

Testing started on the new HPE narrow reef (0-40cm) machine and nine holes have been drilled to date. This method
of drilling requires a double pass drilling sequence where an initial pilot or direction hole is drilled which is followed by
a larger diameter cutter that reams the initial hole to a larger dimension. Drilling of the 115mm pilot holes was
successful with regards to drilling rate and direction. Reaming with 250mm and 350mm reamers however remains a
challenge as the softer footwall conditions associated with the C-reef ground are causing the cutter head to fall out of
the direction hole and into the non-gold bearing material below the reef. Modifications are now being assessed.

- Site Equipping:

Site equipping of the 2014 prototype sites were completed. Work continues to equip future 2015 sites.

- Machine Manufacturing:

All four medium reef (width 40-80cm) machines and the two small reef (width 0-40cm) machines have been
manufactured and delivered to the relevant mines. The last of the medium reef machines (Moab Khotsong) as well as
the small reef machines (Kopanang) have been delivered to both mines. Testing on these machines has started.

2. Ore body Knowledge and Exploration

Trial 5 was completed in the third quarter. Rotary Percussion (RP) drilling was compared to Reverence Circulation (RC) drilling,
which was conducted during trials 1 to 4. A total of three holes were drilled with the average rate increasing from a previous
12.7m/hr to a new average of 13.3m/hr, with no improvement in the drilling accuracy. Trial 6 will continue in the last quarter of the
year using the RC drilling method. The new compressor will lead to an increase in the operating air pressure which will in turn
improve the drilling rate to greater depths. Additionally rod stabilisers will be tested to ensure better accuracy as this remains a
critical part of concluding a successful drilling solution.

3. Ultra High Strength Backfill (UHSB)

Alterations were made to the underground UHSB plant installed at TauTona mine to enhance the efficiency of the system. All
available reef bored holes in the prototype testing block and test site have been filled. A software data logging system was installed
and commissioned in the prototype testing site as part of the on-going process to install instrumentation. The focus will now be to
integrate and process the data from the instrumentation, which is installed in the backfilled holes to monitor the backfill and rock
mass response. Installation of an acoustic monitoring system commenced to additionally monitor the rock mass response during
drilling and will be tested during the last quarter of the year.

Quarterly report September 2014 - www.AngloGoldAshanti.com

Civil engineering preparation work for the tailings drying plant commenced on surface at TauTona mine. The work is progressing
as scheduled and the plant will be commissioned during the last quarter of the year. Surface testing to develop a pumping solution
towards a 1,000m horizontal distance target is still in progress and work will continue into the next quarter.

PROJECT UPDATE

The CC&V mine life extension project (MLE2) includes a High Grade Mill and a new Valley Leach Facility and associated gold recovery
plant. The High Grade Mill is 87% complete as of the end of the third quarter 2014 and is planned to complete construction and start
production in the fourth quarter of 2014. All major mill equipment has been set in place and the remaining work is largely piping and
electrical. The new Valley Leach facility and associated gold recovery plant are scheduled to start production in 2016.

In Kibali, the construction of the metallurgical facility was materially completed at the end of the third quarter of 2014 with only punching
against agreed lists taking place. In respect of the hydropower projects, three of the four turbines at Nzoro2 are now consistently
utilised within the operation’s power grid with hydropower utilisation improving during the quarter, although not yet at optimum
levels. Construction of the second station, Ambarau, has commenced and is expected to be completed in 2015. The construction of
the paste backfill plant is on schedule for completion and commissioning at the end of the first quarter in 2015. The development of the
decline shaft system continued well during the quarter and remains ahead of plan with focus on the ventilation infrastructure and the
completion of the main pump station.

The Resettlement Action Plan (RAP) of the Roman Catholic Church has been completed during the third quarter of 2014. A new
moratorium was entered into with the Provincial Governor during the quarter, extending the current Exclusion Zone to include the Mofu
and Gorumbwa deposits. A limited RAP will occur with affected families around the Mofu pit and is expected to be completed by the
fourth quarter of 2014 whilst the Gorumbwa RAP is planned to be completed by the end of 2015.

Capital expenditure for the quarter amounted to $76.2 million and totals $291.1 million for the year to date (at 100%). The capital
estimate for phases 1 and 2 of the project remains in line with previous guidance, with phase 1 expected to be completed by the end of
the 2014 year.

At Obuasi, the decline project advanced 968m in the third quarter of 2014 with the total project advance of 6,311m. The decline is now
at the 18Level, which equates to 1,800’ (or 600m) below surface, with a final project depth of 5,000’ (or 1,500m) below surface. Until
August 2014, the decline was being advanced from multiple locations in order to speed up advance. This has worked very effectively
and now that these headings have joined, the project has reduced to a single jumbo to focus on the development through to 26Level
which will enable decline access to two main production blocks, i.e. Sansu 3 and Block 8Level.

The transition to the Limited Operating state as defined in the APMO (Amendment to the Programme of Mining Operations) continued,
with the application submitted to Government in July and the planning is well advanced. Government requested an extension to mid-
November to submit their comments. The Workforce strength as at the end of the third quarter 2014 was 2,723 and a phased
retrenchment programme is continuing until the APMO approval is received. The Feasibility Study to support a business case for
ongoing investment into Obuasi to transform the operation into a more modern, productive and cost effective operation is well advanced
and expected to be completed early in 2015.

EXPLORATION

Total expensed exploration and evaluation costs (including technology) during the third quarter, inclusive of expenditure at equity
accounted joint ventures, were $40m ($9m on Brownfield, $13m on Greenfield and $18m on pre-feasibility studies), compared to $77m
during the same quarter the previous year.

GREENFIELDS EXPLORATION

During the third quarter of 2014, focussed Greenfields exploration activities were undertaken in Australia, Colombia and Guinea, while
minor work was also completed in Brazil. Greenfields Exploration completed 8,427m of diamond and RC drilling.

In Colombia, exploration success continued at the Nuevo Chaquiro project, a joint venture with B2Gold (AGA 88.5%). During the quarter
5,400m of diamond drilling, in six holes was carried out with two drill rigs. AGA has been successful in further definition of a higher
grade zone and is now focussed on its extensions. AGA is pleased to announce a maiden Inferred Resource estimate for Nuevo
Chaquiro of 604Mt at an average grade of 0.65% copper, 0.32g/t gold, 4.38g/t silver and 116ppm molybdenum for a contained metal
content of 3.95Mt copper, 6.13Moz gold, 85.2Moz silver and 70Kt molybdenum.

In Australia (WA), 15,309m of aircore drilling tested various Greenfields targets at the Tropicana JV (TJV). Aircore drilling at the Madras
prospect has returned encouraging results and a ground geophysics survey is planned to better delineate targets ahead of RC/DDH
drilling in Q4. In New South Wales, AGA has withdrawn from the Nyngan Earn-in and Joint Venture Project. Also in New South Wales,
at the new Mullion Project (AGA 100%), stakeholder engagement has commenced in preparation for conducting on-ground exploration
activities.

In Guinea, exploration work continued in Siguri Blocks 2 and 3 (AGA 85%) until 20 July after which work was suspended due to Ebola in
the immediate region. On the Kounkoun trend (Block 3) 2,616m of RC drilling was completed to test the continuation of mineralisation
between KK1 and KK2. All the assay results (4,443 results from 27 holes) were received and confirmed the continuity of mineralisation
between KK1 and KK2. However, the gold grade is lower and the width of mineralisation is narrower away from KK1 and towards KK2.

Quarterly report September 2014 - www.AngloGoldAshanti.com

At the Gueleni prospect (Block 2) and at Foulata North (Block 2) all outstanding assay results were received during the quarter with no significant intersections reported.

In Brazil site preparation and logistics continued for diamond drilling during the upcoming quarter at the Pe Quente Project, part of the Graben Joint Venture in Mato Grosso State. This drilling will test three priority targets generated by ground geophysics and supported by structural and geochemical evidence.

BROWNFIELDS EXPLORATION

A total of 102,440m of diamond and RC drilling was completed during the third quarter of 2014.

In South Africa, four deep surface drilling sites were in operation during the quarter, one on the Moab Khotsong and three at Mponeng (WUDLs). Diamond drilling continued at MZA10 and the hole is currently at 1,950m. This hole is targeted to provide value information in the lower reaches of the early gold portion of Project Zaaiplaats. The rehabilitation for UD51 has been completed. UD59 advanced well during the quarter and reached a depth of 3,172m in the Edenville Formation lava’s. Redrill at UD60 has advanced to 1,814m. Thediamond rig has been erected at UD58A and the hole is currently being straightened and is at a depth of 876m compared to 291m in the previous quarter. Poor ground conditions are hampering the progress of the hole.

In Tanzania at Geita Gold Mine exploration focused on infill drilling programmes at Geita Hill West (77m RC), Nyankanga Cut 8 (140m) and the Star and Comet Cut2/3 gap (1,168m). Mineral Resource extension drilling continued at Star & Comet Deeps (1,888m). Assayresults from infill drilling programmes undertaken in the previous quarter were received for Geita Hill West and Geita Hill East. In general, these intersections confirmed ore zones to be as modelled. Initial results were also obtained for the Star and Comet Cut/2/3 gap area.

In September a first pass mapping exercise was conducted around P30 area to improve the understanding of the geology and mineralisation, and assess the target for follow-up work. P30 is located along the supracrustal sequence (including BIF) to the west of Nyankanga/Kalondwa Hill. Grab samples from breccia within the folded BIF/chert ironstones and tuffaceous rocks returned significant values and the area has been subject to ASM activities.

In Guinea, at Siguiri Gold Mine, a total of 40 holes were completed with 3,327m during the third quarter of 2014, comprised of 2,385m RC infill drilling at Sokunu, and 942m AC drilled to sterilise the new return water dam site. No significant intersepts were obtained in the sterilisation drilling. Two RC drilling programmes were carrying out at Sokunu, one (540m) aimed to test below-pit continuation of mineralisation; the second (1,845m) was infill drilling focused on adding and upgrading the Mineral Resource on the south-western edge of the Sokunu Pit. Most assays have been returned and several holes from the south-western drilling returned positive results. Further drilling is required to complete the programme.

In Ghana, at Obuasi Gold Mine a total of 880m of underground drilling was completed from the above 50 Level 41S-294W site. The infill drilling program to increase confidence in portions of Block 9/Red Zone 6 currently classified as Inferred Mineral Resource has now been completed. At Iduapriem, drilling was completed in the areas to the north of Blocks 1 and 2 to test areas identified in recent field investigation and target generation work. The results from these traverses were disappointing with no conglomerates identified nor significant intercepts. A programme of 35 shallow (6m) auger holes were drilled at Block 1 for a preliminary assessment of the grade of the fill material in the pit with no assays returned to date. Block 3W mapping and grab sampling continued and defined a possible extension towards Block 4 for follow-up work. Pitting was completed on the Heap Leach Pad for size fraction analysis.

In the Democratic Republic of Congo at Kibali, an updated Mineral Resource for Gorumbwa showed 3.51Mt @ 3.54g/t for 0.4Moz (at 0.5g/t cut-off) within the $1000 pit shell, with 44% of the Mineral Resources being classified as Inferred. A Phase 3 drilling programme was initiated during the quarter and aims to convert 91% of this Inferred Mineral Resource to Indicated Mineral Resource. 9 DD and 25 RC holes were completed during the quarter. Drilling results to date show good overall correlation with models. Most of these are from holes below the old pit and up-plunge in the SW border of the old pit.

At KCD, four holes were completed on a 3000 Lode target over a 200m down-plunge gap on the NE border of the $1000 pit. This areawas identified by geological interpretation of core and both pit and underground mapping as a possible extension of the high-grade 3104 Lode. Results are pending but visual indications of intense alteration and associated sulphide mineralisation generally support the modelled ore zones. A program of 3RC holes were drilled within the $1000 pit shell for bottle roll testwork at Mofu. Results are pending but the drilling confirmed the geological model. 20RC sterilisation holes were also completed at Mofu over the proposed waste dumparea. Results are pending.

Regional work took place at several targets, comprising mapping, soil, pit and trench sampling. Trenching at Memekazi NE supports a model of two zones of mineralisation associated with moderate silica alteration. Significant intersections in trenches at Aindi Watsa indicate continuity of mineralisation over 200m strike, with a higher grade zone over 120m. Mineralisation is associated with abrecciated, locally silica altered, chert horizon with thin intercalated magnetite lenses. At Rhino-Agbarabo, trenching was completed at the Kombokolo SW and Rhino SE target with positive results. An historic Moto geotech hole close to the Kombokolo trench has beenlogged and sampled.

In the Republic of Mali at Sadiola, RC drilling commenced in August 2014 (2,524 m). This included 1,054m on oxide targets at FE4South East and Voyager East, which returned disappointing results. The remaining 1,470m was drilled as part of initial testing for sulphide potential below the FE4 and FE3 pits, both of these programmes provided positive results and will be followed up. Further drilling (1,358m) was completed on the marginal stockpile SP12 to reduce risk.

More fieldwork was conducted by the Centre for Exploration Targeting (CET), aimed at defining the structural framework for mineralisation in FE3, FE4 and Tambali Pits. This work was then used in structural modelling and development of revised and extended

Quarterly report September 2014 - www.AngloGoldAshanti.com

upside models to evaluate the potential for sulphide ore in these pits. Scoping studies are currently underway and will define potentiallyeconomic targets for further exploration.

In Colombia, drilling, Mineral Resource modelling, and infrastructure studies continued to support the Pre-Feasibility Study at the Gramalote Joint Venture. 2,295m were completed during the quarter. At La Colosa, drilling activities included 4,305m completed for Mineral Resource infill and extension. Site investigation, hydrology and geotechnical drilling programmes continued.

At Sunrise Dam in Australia, all work was focussed on Mineral Resource definition (infill) and extension for the underground mine. Diamond drilling targeted Vogue, GQ/MWS down-dip, Sunrise Shear Zone (SSZ) and Cosmo East domains. RC drilling was done in the Vogue/Dolly/Dolly Corridor/Southern Midway Shear (MWS) domains with numerous significant intercepts reported from both diamond and RC drilling. At Tropicana the planned 3D seismic survey to image the mineralised zone down dip of TGM was completed and data delivery is scheduled for the fourth quarter of the year. During the third quarter of 2014 follow-up AC along with a limited RC/diamond drilling campaign at the Tumbleweed prospect, 15km north of Tropicana Gold Mine was completed. AC drilling was also completed atthe Maple Leaf prospect. A diamond hole was drilled to test down-dip extents of mineralisation at Voodoo Child.

Detailed information on the exploration activities and studies both for brownfields and greenfields is available on the AngloGold Ashanti website (www.anglogoldashanti.com).

OUTLOOK

Fourth Quarter Production guidance is estimated to be between 1,100kozs to 1,140kozs at total cash costs of $800/oz to $820/oz, assuming averageexchange rates against the US dollar of 11.10 (Rand), 2.37 ( Brazil Real), 0.87 (Aus$) and 8.87 ( Argentina Peso), with fuel at $95/bl.

This outlook for the fourth quarter includes tapering production from Obuasi as well as completion of the retrenchment programme at the Obuasi mine, which is expected by year-end. The costs of retrenchment will impact both earnings and cash flows, but will be excludedfrom the calculation of all-in sustaining costs.

As in prior years, the fourth quarter earnings will be distorted by year-end accounting adjustments such as reassessment of useful lives and carry values of mining tangible assets, inventory stockpile and investments, reset of environmental rehabilitation provisions, redundancy provisions, direct and indirect and deferred taxation provisions.

Full-year Production guidance for the year is now between 4.35Moz to 4.45Moz, toward the top end of our initial guidance of 4.2Moz to 4.5Mozafter taking into account consistently strong production performances across the portfolio, despite the sale of the Navachab mine, the tapering of production at Obuasi and losses following the earthquake in the third quarter.

Total cash costs are now anticipated to be $775/oz to $810/oz, which factors in the average exchange rates against the US dollar that were stronger than initially anticipated at the beginning of the year, of 10.80 (Rand), 2.31 ( Brazil Real), 0.91 (Aus$) and 8.21 (Argentina Peso), with fuel at $103/bl.

For the year, AISC are still within the original guidance of $1,025/oz to $1,075/oz, taking into account reduced overheads and capitalexpenditures.

Capital expenditure for the full year is now expected to be $1.25bn - $1.30bn, initially forecast at $1.35bn - $1.45bn. Corporate costs are now forecast at approximately $100m for the year, compared with the initial guidance of $120m - $140m, and Expenses exploration and study costs are forecast at $155m to $165m, from initial guidance of $150m - $175m.

Other known or unpredictable factors could also have material adverse effects on our future results. Please refer to the Risk Factors section in AngloGold Ashanti’s Form 20-F for the year ended 31 December 2013 that was filed with the United States Securities and Exchange Commission (“SEC”) on 14 April 2014 and available on the SEC’s homepage at http://www.sec.gov.

Quarterly report September 2014 - www.AngloGoldAshanti.com

Independent auditor’s review report on the Condensed Consolidated Financial Information for the quarter and nine months ended 30 September 2014 to the Shareholders of AngloGold Ashanti Limited

We have reviewed the condensed consolidated financial statements of AngloGold Ashanti Limited (the company) contained in the accompanying quarterly report on pages 12 to 26, which comprise the accompanying condensed consolidated statement of financial position as at 30 September 2014, the condensed consolidated income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows for the quarter and nine months then ended, and selected explanatory notes.

Directors’ Responsibility for the Condensed Consolidated Financial Statements

The directors are responsible for the preparation and presentation of these condensed consolidated financial statements in accordance with the International Financial Reporting Standard, (IAS) 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB), the SAICA Financial Reporting Guides, as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council , and the requirements of the Companies Act of South Africa, and for such internal control as the directors determine is necessary toenable the preparation of condensed consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express a conclusion on these interim financial statements based on our review. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. This standard requires us to conclude whether anything has come to our attention that causes us to believe that the interim financial statements are not prepared in all material respects in accordance with the applicable financial reporting framework. This standard also requires us to comply with relevant ethical requirements.

A review of interim financial statements in accordance with ISRE 2410 is a limited assurance engagement. We perform procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, and applying analytical procedures, and evaluating the evidence obtained.

The procedures performed in a review are substantially less than and differ in nature from those performed in an audit conducted in accordance with International Standards on Auditing. Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated financial statements of the company for the quarter and nine months ended 30 September 2014 are not prepared, in all material respects, in accordance with International Financial Reporting Standard, (IAS) 34 Interim Financial Reporting as issued by the IASB, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council and the requirements of the Companies Act of South Africa.

Ernst & Young Inc. Director – Roger Hillen Registered Auditor Chartered Accountant (SA) 102 Rivonia Road, Sandton

Johannesburg, South Africa 30 October 2014

Quarterly report September 2014 - www.AngloGoldAshanti.com

Group

income statement

Quarter

Nine months

ended

September

June

September

2014

2013

2014

2013

US Dollar million

Notes

Reviewed

Revenue

1,337

1,358

1,415

4,054

4,234

Gold income

1,295

1,321

1,374

3,940

4,079

Cost of sales

(1,052)

(1,064)

(3,130)

(3,104)

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

(5)

(34)

Gross profit

273

252

276

820

1,041

Corporate administration, marketing and other
expenses

(24)

(20)

(42)

(68)

(165)

Exploration and evaluation costs

(37)

(33)

(55)

(99)

(214)

Other operating expenses

(9)

(7)

(21)

(18)

Special items

(54)

(17)

(92)

(78)

(3,319)

Operating profit (loss)

149

175

554

(2,675)

Dividends received

Interest received

Exchange gain (loss)

(8)

(11)

Finance costs and unwinding of obligations

(69)

(71)

(89)

(211)

(222)

Fair value adjustment on $1.25bn bonds

(31)

(46)

(80)

(46)

Fair value adjustment on option component of
convertible bonds

Fair value adjustment on mandatory convertible
bonds

356

Share of associates and joint ventures' profit (loss)

(85)

(47)

(166)

Profit (loss) before taxation

129

(14)

222

(2,704)

Taxation

(85)

(60)

(38)

(206)

759

Profit (loss) for the period

(74)

(6)

(1,945)

Allocated as follows:
Equity shareholders

(80)

(1,925)

Non-controlling interests

(7)

(20)

(74)

(6)

(1,945)

Basic earnings (loss) per ordinary share (cents)

(1)

(20)

(496)

Diluted earnings (loss) per ordinary share (cents)

(2)

(20)

(9)

(556)

(1)

Calculated on the basic weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

(2)

Calculated on the diluted weighted average number of ordinary shares.

The reviewed financial statements for the quarter and nine months ended 30 September 2014 have been prepared by the corporate accounting staff of AngloGold Ashanti Limited headed by Mr John Edwin Staples (BCompt (Hons); CGMA), the Group's Chief Accounting Officer. This process was supervised by Ms Kandimathie Christine Ramon (CA (SA)), the Group's Chief Financial Officer and Mr Srinivasan Venkatakrishnan (BCom; ACA (ICAI)), the Group's Chief Executive Officer. The financial statements for the quarter and nine months ended 30 September 2014 were reviewed, but not audited, by the Group's statutory auditors, Ernst & Young Inc.

Quarterly report September 2014 - www.AngloGoldAshanti.com

Group

statement of comprehensive income

Quarter

Nine months

ended

September

June

September

2014

2013

2014

2013

US Dollar million

Reviewed

Profit (loss) for the period

(74)

(6)

(1,945)

Items that will be reclassified subsequently
to profit or loss:
Exchange differences on translation of foreign
operations

(118)

(8)

(134)

(348)

Share of associates and joint ventures' other
comprehensive income

(1)

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

(10)

(1)

(23)

Release on impairment of available-for-sale
financial assets

Release on disposal of available-for-sale
financial assets

(1)

Deferred taxation thereon

(6)

Items that will not be reclassified
subsequently to profit or loss:
Actuarial (gain) loss recognised

(7)

(13)

Deferred taxation thereon

(2)

(5)

(5)

(10)

Other comprehensive loss for the
period, net of tax

(130)

(3)

(12)

(127)

(329)

Total comprehensive loss for the
period, net of tax

(86)

(77)

(18)

(111)

(2,274)

Allocated as follows:
Equity shareholders

(89)

(83)

(11)

(127)

(2,254)

Non-controlling interests

(7)

(20)

(86)

(77)

(18)

(111)

(2,274)

Rounding of figures may result in computational discrepancies.

Quarterly report September 2014 - www.AngloGoldAshanti.com

Group

statement of financial position

As at

September

June

December

September

2014

2013

US Dollar million

Notes

Reviewed

Audited

Reviewed

ASSETS

Non-current assets
Tangible assets

4,839

4,955

4,815

4,800

Intangible assets

247

270

267

288

Investments in associates and joint ventures

1,373

1,348

1,327

1,233

Other investments

127

144

131

134

Inventories

606

602

586

602

Trade and other receivables

Deferred taxation

160

187

177

541

Cash restricted for use

Other non-current assets

7,467

7,621

7,404

7,664

Current assets
Other investments

Inventories

959

1,002

1,053

1,064

Trade and other receivables

312

356

369

425

Cash restricted for use

Cash and cash equivalents

557

604

648

786

1,843

1,980

2,117

2,311

Non-current assets held for sale

153

150

1,843

1,980

2,270

2,461

TOTAL ASSETS

9,310

9,601

9,674

10,125

EQUITY AND LIABILITIES

Share capital and premium

7,036

7,032

7,006

6,988

Accumulated losses and other reserves

(4,051)

(3,969)

(3,927)

(3,555)

Shareholders' equity

2,985

3,063

3,079

3,433

Non-controlling interests

(22)

Total equity

3,010

3,101

3,107

3,411

Non-current liabilities
Borrowings

3,521

3,619

3,633

3,583

Environmental rehabilitation and other provisions

1,022

1,060

963

1,057

Provision for pension and post-retirement benefits

142

150

152

179

Trade, other payables and deferred income

Deferred taxation

597

607

579

593

5,295

5,450

5,331

5,414

Current liabilities
Borrowings

159

187

258

326

Trade, other payables and deferred income

751

777

820

835

Bank overdraft

Taxation

1,005

1,050

1,179

1,240

Non-current liabilities held for sale

1,005

1,050

1,236

1,300

Total liabilities

6,300

6,500

6,567

6,714

TOTAL EQUITY AND LIABILITIES

9,310

9,601

9,674

10,125

Rounding of figures may result in computational discrepancies.

Quarterly report September 2014 - www.AngloGoldAshanti.com

Group

statement of cash flows

Quarter

Nine months

ended

September

June

September

2014

2013

2014

2013

US Dollar million

Reviewed

Cash flows from operating activities
Receipts from customers

1,358

1,386

1,396

4,033

4,231

Payments to suppliers and employees

(997)

(1,016)

(1,048)

(2,919)

(3,279)

Cash generated from operations

361

370

348

1,114

952

Dividends received from joint ventures

Taxation refund

Taxation paid

(41)

(34)

(39)

(145)

(156)

Net cash inflow from operating activities

320

336

319

1,007

815

Cash flows from investing activities
Capital expenditure

(222)

(257)

(327)

(699)

(1,129)

Interest capitalised and paid

(1)

(5)

Expenditure on intangible assets

(3)

(18)

(3)

(50)

Proceeds from disposal of tangible assets

Other investments acquired

(14)

(22)

(17)

(62)

(73)

Proceeds from disposal of other investments

Investments in associates and joint ventures

(10)

(11)

(120)

(62)

(394)

Proceeds from disposal of associates and joint ventures

Loans advanced to associates and joint ventures

(2)

(3)

(6)

(26)

Loans repaid by associates and joint ventures

Dividends received

Proceeds from disposal of subsidiary

105

Cash in subsidiary disposed and transfers to held for sale

(5)

(6)

(Increase) decrease in cash restricted for use

(1)

(3)

(2)

(7)

Interest received

Net cash outflow from investing activities

(220)

(137)

(438)

(594)

(1,559)

Cash flows from financing activities
Proceeds from borrowings

338

1,640

428

2,106

Repayment of borrowings

(386)

(132)

(1,058)

(688)

(1,226)

Finance costs paid

(83)

(43)

(58)

(207)

(158)

Revolving credit facility and bond transaction costs

(9)

(29)

(9)

(34)

Dividends paid

(6)

(3)

(9)

(50)

Net cash (outflow) inflow from financing activities

(146)

(102)

498

(485)

638

Net (decrease) increase in cash and cash equivalents

(46)

379

(72)

(106)

Translation

(10)

(1)

(12)

(25)

Cash and cash equivalents at beginning of period

600

503

383

628

892

Cash and cash equivalents at end of period

(1)

544

600

761

544

761

Cash generated from operations
Profit (loss) before taxation

129

(14)

222

(2,704)

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

(29)

(8)

(66)

Amortisation of tangible assets

182

179

153

536

572

Finance costs and unwinding of obligations

211

222

Environmental, rehabilitation and other expenditure

(6)

(8)

(30)

Special items

(9)

3,311

Amortisation of intangible assets

Fair value adjustment on $1.25bn bonds

(20)

Fair value adjustment on option component of convertible bonds

(9)

Fair value adjustment on mandatory convertible bonds

(44)

(356)

Interest received

(6)

(6)

(8)

(17)

(24)

Share of associates and joint ventures' (profit) loss

(19)

(25)

166

Other non-cash movements

Movements in working capital

(15)

(11)

(62)

(210)

361

370

348

1,114

952

Movements in working capital
Decrease (increase) in inventories

(18)

(116)

Decrease in trade and other receivables

Decrease in trade, other payables and deferred income

(47)

(43)

(24)

(111)

(143)

(15)

(11)

(62)

(210)

Rounding of figures may result in computational discrepancies.

(1)

The cash and cash equivalents balance at 30 September 2014 includes a bank overdraft included in the statement of financial position as part of

current liabilities of $13m (30 June 2014 : $4m; 30 September 2013: $25m).

Quarterly report September 2014 - www.AngloGoldAshanti.com

Group statement of changes in equity

Share

Cash

Available

Foreign

capital

Other

Accumu-

flow

for

Actuarial

currency

Non-

and

capital

lated

hedge

sale

(losses)

translation

controlling

Total

US Dollar million

premium

reserves

losses

reserve

gains

reserve

Total

interests

equity

Balance at 31 December 2012

6,742

177

(806)

(2)

(89)

(562)

5,473

5,494

Loss for the period

(1,925)

(20)

(1,945)

Other comprehensive income (loss)

(348)

(329)

Total comprehensive (loss) income

- - (1,925) - 7 12 (348) (2,254) (20) (2,274)

Shares issued

246

Share-based payment for share awards
net of exercised

Dividends paid

(40)

Dividends of subsidiaries

(23)

Translation

(21) 8 1

(2)

Balance at 30 September 2013

6,988

164

(2,763)

(1)

(63)

(910)

3,433

(22)

3,411

Balance at 31 December 2013

7,006

136

(3,061)

(1)

(25)

(994)

3,079

3,107

Profit for the period

Other comprehensive income (loss)

(134)

(127)

Total comprehensive income (loss)

- - - - - 7 (134) (127) 16 (111)

Shares issued

Share-based payment for share awards
net of exercised

Dividends of subsidiaries

(19)

Translation

(5)

(1)

Balance at 30 September 2014

7,036

134

(3,056)

(1)

(17)

(1,128)

2,985

3,010

Rounding of figures may result in computational discrepancies.

Equity holders of the parent

Quarterly report September 2014 - www.AngloGoldAshanti.com

Segmental

reporting

Sep

Jun

Sep

2014

2013

2014

2013

Reviewed

Gold income
South Africa

410

390

452

1,172

1,382

Continental Africa

500

535

530

1,567

1,542

Australasia

197

189

602

249

Americas

311

305

359

926

1,091

1,419

1,419

1,424

4,267

4,264

Equity-accounted investments included above

(123)

(99)

(50)

(327)

(185)

1,295

1,321

1,374

3,940

4,079

Gross profit (loss)
South Africa

172

376

Continental Africa

116

113

130

348

359

Australasia

(11)

105

(38)

Americas

114

236

391

Corporate and other

(4)

(2)

(4)

(7)

292

252

273

856

1,081

Equity-accounted investments included above

(19)

(36)

(40)

273

252

276

820

1,041

Capital expenditure
South Africa

116

185

340

Continental Africa

121

198

335

627

Australasia

250

Americas

260

294

Corporate and other

261

311

448

846

1,516

Equity-accounted investments included above

(38)

(52)

(103)

(143)

(318)

222

260

345

703

1,198

Sep

Jun

Sep

2014

2013

2014

2013

Gold production
South Africa

314

319

329

923

964

Continental Africa

410

395

382

1,178

1,000

Australasia

152

155

462

173

Americas

251

229

270

716

739

1,128

1,098

1,043

3,280

2,876

As at

Sep

Jun

Dec

Sep

2014

2013

Reviewed

Audited

Reviewed

Total assets

(1)

South Africa

2,166

2,303

2,325

2,441

Continental Africa

3,297

3,311

3,391

3,568

Australasia

978

1,073

1,108

1,168

Americas

2,371

2,340

2,203

2,232

Corporate and other

497

573

647

716

9,310

9,601

9,674

10,125

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 Committee, collectively identified as the Chief Operating Decision Maker (CODM). Individual members of the Executive Committee
are responsible for geographic regions of the business.

(1)

During the 2013 year, pre-tax impairments, derecognition of goodwill, tangible assets and intangible assets of $3,029m were

accounted for in South Africa ($311m), Continental Africa ($1,776m) and the Americas ($942m). Impairments in the current period
amounted to $1m.

Quarter ended

US Dollar million

Quarter ended

oz (000)

Nine months ended

US Dollar million

Quarterly report September 2014 - www.AngloGoldAshanti.com

Notes

for the quarter and nine months ended 30 September 2014

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 2013
except for the adoption of new standards and interpretations effective 1 January 2014.

The financial statements of AngloGold Ashanti Limited have been prepared in compliance with IAS 34, IFRS as issued by the
International Accounting Standards Board, the South African Institute of Chartered Accountants Financial Reporting Guides as
issued by the Accounting Practices Committee, Financial Reporting Pronouncements as issued by Financial Reporting Standards
Council, JSE Listings Requirements and in the manner required by the South African Companies Act, 2008 (as amended) for the
preparation of financial information of the group for the quarter and nine months ended 30 September 2014.

2. Revenue

Quarter ended

Nine months ended

Sep

Jun

Sep Sep

Sep

2014

2013 2014

2013

Reviewed

Reviewed Reviewed

Reviewed

US Dollar million

Gold income

1,295

1,321

1,374 3,940

4,079

By-products (note 3)

32 94

109

Dividends received

Royalties received (note 5)

Interest received

1,337

1,358

1,415 4,054

4,234

Cost of sales

Quarter ended

Nine months ended

Sep

Jun

Sep Sep Sep

2014

2013 2014 2013

Reviewed

Reviewed Reviewed Reviewed

US Dollar million

Cash operating costs

857

861

805 2,481 2,416

By-products revenue (note 2)

(34)

(30)

(32) (94)

(109)

823

831

773 2,387 2,307

Royalties

30 103 97

Other cash costs

12 26 32

Total cash costs

864

874

815 2,516 2,436

Retrenchment costs

44 14 53

Rehabilitation and other non-cash costs

6 48 29

Production costs

877

894

865 2,578 2,518

Amortisation of tangible assets

182

179

153 536 572

Amortisation of intangible assets

6 27 15

Total production costs

1,068

1,082

1,025 3,141 3,106

Inventory change

(15)

(18)

39 (12) (1)

1,052

1,064

1,064 3,130 3,104

Other operating expenses

Quarter ended

Nine months ended

Sep

Jun

Sep Sep Sep

2014

2013 2014 2013

Reviewed

Reviewed Reviewed Reviewed

US Dollar million

Pension and medical defined benefit provisions

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

2 11 2

Miscellaneous

Rounding of figures may result in computational discrepancies.

Quarterly report September 2014 - www.AngloGoldAshanti.com

5. Special items

Quarter ended

Nine months ended

Sep

Jun

Sep

2014

2013

2014

2013

Reviewed

US Dollar million

Net impairment and derecognition of goodwill, tangible assets and

intangible assets (note 9)

2,992

Impairment of other investments (note 9)

Net (profit) loss on disposal and derecognition of land, mineral

rights, tangible assets and exploration properties (note 9)

(2)

(25)

(2)

Royalties received (note 2)

(1)

(1)

(3)

(17)

Indirect tax expenses and legal claims

Inventory write-off due to fire at Geita

Legal fees and other costs related to contract termination and

settlement costs

Settlement costs of a legal claim at First Uranium

Write-down of stockpiles and heap leach to net realisable value

and other stockpile adjustments

178

Corporate retrenchment costs

Retrenchment and related costs

Write-off of a loan

Costs on early settlement of convertible bonds

Transaction costs on the $1.25bn bond and standby facility

20 -

Loss on sale of Navachab (note 14)

Accelerated deferred loan fees paid on cancellation and

replacement of US and Australia revolving credit facilities

92 78

3,319

The group reviews and tests the carrying value of its mining assets (including ore-stock piles) when events or changes in circumstances
suggest that the carrying amount may not be recoverable.

For the quarter and nine months ended 30 September 2014, no significant asset impairments or reversal of impairments were recognised.

During the year ended 31 December 2013, impairment, derecognition of assets and write-down of inventories to net realisable value and
other stockpile adjustments include the following:

During June 2013, consideration was given to a range of indicators including a decline in gold price, increase in discount rates
and reduction in market capitalisation. As a result, certain cash generating units’ recoverable amounts, including Obuasi and
Geita in Continental Africa, Moab Khotsong in South Africa and CC&V and AGA Mineração in the Americas, did not support their
carrying values and impairment losses of $3,029m were recognised during 2013.

The indicators were re-assessed as at 31 December 2013 as part of the annual impairment assessment cycle and the conditions
that arose in June 2013 were largely unchanged and no further cash generating unit impairments arose.

In addition, net impairments of $162m were recognised on the entity’s investments in equity-accounted associates and joint
ventures considering quoted share prices, their respective financial positions and anticipated declines in operating results of
these entities. Impairments to net realisable value of $178m were raised at 30 June 2013 and impairments of $38m were
raised at 31 December 2013 due to stockpile abandonments and other specific adjustments.

Finance costs and unwinding of obligations

Quarter ended

Nine months ended

Sep

Jun

Sep

2014

2013

2014

2013

Reviewed

US Dollar million

Finance costs

190

179

Unwinding of obligations, accretion of convertible bonds and

other discounts

211

222

Share of associates and joint ventures’ profit (loss)

Quarter ended

Nine months ended

Sep

Jun

Sep

2014

2013

2014

2013

Reviewed

US Dollar million

Revenue

130

121

368

217

Operating costs, special items and other expenses

(107)

(197)

(68)

(403)

(203)

Net interest received

Profit (loss) before taxation

(75)

(5)

(30)

Taxation

(6)

(4)

(2)

(11)

((20)

Profit (loss) after taxation

(79)

(7)

(41)

(3)

Net impairment of investments in associates and joint
ventures (note 9)

(6)

(162)

(85)

(47)

(166)

Rounding of figures may result in computational discrepancies.

Quarterly report September 2014 - www.AngloGoldAshanti.com

In July 2014, AngloGold Ashanti and other shareholders of Rand Refinery (Pty) Limited, an associate of the company, entered into an
agreement with Rand Refinery to provide an irrevocable, subordinated loan facility to the maximum value of R1.2 billion (US$106m).
The facility allows for amounts to be advanced to Rand Refinery to compensate third parties in the event that Rand Refinery finally
determines that a shortfall of 87 000 ounces of gold actually exists when comparing the physical inventory of Rand Refinery to the
records of amounts it holds on behalf of third parties.

The facility, if drawn down, will be convertible to equity after a period of 2 years on condition that all shareholders of Rand Refinery
agree to the conversion.

Due to the uncertainty around Rand Refinery’s possible gold shortfall position and the time it is taking to resolve the matter, Rand
Refinery has been unable to complete its annual financial statements for the year ended 30 September 2013. As a result, AngloGold
Ashanti adjusted its share of equity profits accounted for as part of its investment in Rand Refinery, and which is based on the unaudited
management accounts of Rand Refinery, with an estimate of its share of the probable losses at Rand Refinery of $51m related to the
gold shortfall position during quarter 2.

8. Taxation

Quarter ended

Nine months ended

Sep

Jun

Sep

2014

2013

2014

2013

Reviewed

US Dollar million

South African taxation

Mining tax

(4)

Non-mining tax

(7)

(10)

Prior year under (over) provision

(1)

Deferred taxation

Temporary differences

(1)

(19)

(52)

Unrealised non-hedge derivatives and other commodity

contracts

(2)

(9)

(5)

(28)

Foreign taxation

Normal taxation

128

Prior year over provision

(5)

(9)

(16)

(8)

Deferred taxation

(1)

Temporary differences

(787)

196

(731)

206

(759)

(1) Included in temporary differences under Foreign taxation in 2013, is a tax credit relating to impairments, derecognition of assets of $915m and write-

down of inventories of $68m.

Headline earnings (loss)

Quarter ended

Nine months ended

Sep

Jun

Sep

2014

2013

2014

2013

Reviewed

US Dollar million

The profit (loss) attributable to equity shareholders has been

adjusted by the following to arrive at headline earnings (loss):

Profit (loss) attributable to equity shareholders

(80)

(1,925)

Net impairment and derecognition of goodwill, tangible assets

and intangible assets (note 5)

2,992

Net (profit) loss on disposal and derecognition of land, mineral

rights, tangible assets and exploration properties (note 5)

(2)

(25)

(2)

Loss on sale of Navachab (note 14)

Impairment of other investments (note 5)

Net impairment of investments in associates and joint ventures

(note 7)

(31)

162

Taxation - current portion

Taxation - deferred portion

(1)

(903)

(89)

(18)

(7)

354

Headline earnings (loss) per ordinary share (cents)

(1)

(22)

(5)

(2)

Diluted headline earnings (loss) per ordinary share (cents)

(2)

(22)

(13)

(2)

(1)

Calculated on the basic weighted average number of ordinary shares.

(2)

Calculated on the diluted weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

Quarterly report September 2014 - www.AngloGoldAshanti.com

10. Number of shares

Quarter ended

Nine months ended

Sep

Jun

Sep

2014

2013

2014

2013

Reviewed

Authorised number of shares:

Ordinary shares of 25 SA cents each

600,000,000

600,000,000

E ordinary shares of 25 SA cents each

4,280,000

4,280,000

A redeemable preference shares of 50 SA cents
each

2,000,000

2,000,000

B redeemable preference shares of 1 SA cent
Each

5,000,000

5,000,000

Issued and fully paid number of shares:

Ordinary shares in issue

403,552,085

403,364,237

402,271,116

403,552,085

402,271,116

E ordinary shares in issue

685,668

690,984

1,579,674

685,668

1,579,674

Total ordinary shares:

404,237,753

404,055,221

403,850,790

404,237,753

403,850,790

A redeemable preference shares

2,000,000

2,000,000

B redeemable preference shares

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

403,466,038

403,259,109

386,931,984

403,180,957

384,706,398

E ordinary shares

696,371

699,769

1,590,750

695,017

1,598,625

Fully vested options

2,047,889

2,030,986

1,599,773

2,531,078

1,970,906

Weighted average number of shares

406,210,298

405,989,864

390,122,507

406,407,051

388,275,928

Dilutive potential of share options

2,215,555

Dilutive potential of convertible bonds

15,747,913 -

17,339,706

Diluted number of ordinary shares

408,425,853

405,989,864

405,870,420

406,407,051

405,615,634

11. Share capital and premium

As at

Sep

Jun

Dec

Sep

2014

2013

Reviewed

Audited

Reviewed

US Dollar Million

Balance at beginning of period

7,074

7,074

6,821

Ordinary shares issued

259

246

E ordinary shares issued and cancelled

(6)

Sub-total

7,099

7,095

7,074

7,067

Redeemable preference shares held within the group

(53)

(53)

Ordinary shares held within the group

(6)

(10)

E ordinary shares held within the group

(10)

(10)

(9)

(16)

Balance at end of period

7,036

7,032

7,006

6,988

12. Exchange

rates

Sep

Jun

Dec

Sep

2014

2013

Unaudited

ZAR/USD average for the year to date

10.70

10.67

9.62

9.45

ZAR/USD average for the quarter

10.76

10.51

10.12

9.96

ZAR/USD closing

11.28

10.63

10.45

10.02

AUD/USD average for the year to date

1.09

1.09

1.03

1.02

AUD/USD average for the quarter

1.08

1.07

1.08

1.09

AUD/USD closing

1.14

1.06

1.12

1.07

BRL/USD average for the year to date

2.29

2.30

2.16

2.12

BRL/USD average for the quarter

2.27

2.23

2.27

2.29

BRL/USD closing

2.45

2.20

2.34

2.23

ARS/USD average for the year to date

7.99

7.83

5.48

5.28

ARS/USD average for the quarter

8.30

8.05

6.07

5.58

ARS/USD closing

8.43

8.13

6.52

5.79

Rounding of figures may result in computational discrepancies.

Quarterly report September 2014 - www.AngloGoldAshanti.com

13. Capital

commitments

Sep

Jun

Dec

Sep

2014

2013

Reviewed

Audited

Reviewed

US Dollar Million

Orders placed and outstanding on capital contracts at the prevailing

rate of exchange

(1)

290

325

437

640

(1)

Includes capital commitments relating to associates and joint ventures.

Liquidity and capital resources

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

Cash generated from operations is subject to operational, market and other risks. Distributions from operations may be subject to
foreign investment, exchange control laws and regulations and the quantity of foreign exchange available in offshore countries. In
addition, distributions from joint ventures are subject to the relevant board approval.

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

14. Non-current assets and liabilities held for sale

Effective 30 April 2013, Navachab mine located in Namibia was classified as held for sale. Navachab gold mine was previously
recognised as a combination of tangible assets, goodwill, current assets, current and long-term liabilities. On 10 February 2014,
AngloGold Ashanti announced that it signed a binding agreement to sell Navachab to a wholly-owned subsidiary of QKR Corporation
Ltd (QKR). The purchase consideration consists of two components: an initial cash payment and a deferred consideration in the form
of a net smelter return (NSR).

On 30 June 2014, AngloGold Ashanti Limited announced that the sale had been completed in accordance with the sales agreement
with all conditions precedent being met. A loss on disposal of $2m (note 5) was realised on the sale on Navachab.

15.

Financial risk management activities

Borrowings

The $1.25bn bonds and the mandatory convertible bonds settled in September 2013, are carried at fair value. The convertible bonds,
settled 99.1% in August 2013 and in full in November 2013, and rated bonds are carried at amortised cost and their fair values are
their closing market values at the reporting date. The interest rate on the remaining borrowings is reset on a short-term floating rate
basis, and accordingly the carrying amount is considered to approximate fair value.

As at

Sep

2014

Reviewed

Jun

2014

Reviewed

Dec

2013

Audited

Sep

2013

Reviewed

Carrying amount

3,680

3,806

3,891

3,909

Fair value

3,684

3,822

3,704

3,690

Derivatives
The fair value of derivatives is estimated based on ruling market prices, volatilities, interest rates and credit risk and includes all
derivatives carried in the statement of financial position.
Embedded derivatives and the conversion features of convertible bonds are included as derivatives on the statement of financial
position.

The group uses the following hierarchy for determining and disclosing the fair value of financial instruments:
Level 1:

quote prices (unadjusted) in active markets for identical assets or liabilities;

Level 2:

inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly
(as prices) or indirectly (derived from prices); and

Level 3:

inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The following tables set out the group’s financial assets and liabilities measured at fair value by level within the fair value
hierarchy:

Type of instrument

Level
1

Level
2

Level
3

To
tal

Level
1

Level
2

Level
3

To
tal

Level
1

Level
2

Level
3

To
tal

Level
1

Level
2

Level
3

Total

US Dollar million

Sep 2014

Jun 2014

Dec 2013

Sep 2013

Assets measured at fair value

Available-for-sale financial assets

Equity securities

Liabilities measured at fair value

Financial liabilities at fair value through profit or loss

$1.25bn bonds

1,410

1,410

1,457

1,353

1,315

Rounding of figures may result in computational discrepancies.

Quarterly report September 2014 - www.AngloGoldAshanti.com

16. Contingencies

AngloGold Ashanti’s material contingent liabilities and assets at 30 September 2014 and 31 December 2013 are detailed
below:

Contingencies and guarantees

September

2014

December

2013

Reviewed

Audited

US Dollar million

Contingent liabilities
Groundwater pollution

(1)

Deep groundwater pollution – Africa

(2)

Withholding taxes – Ghana

(3)

Litigation – Ghana

(4) (5) (6)

ODMWA litigation

(7)

197

Other tax disputes – AngloGold Ashanti Brasil Mineração Ltda

(8)

VAT disputes – Mineração Serra Grande S.A.

(9)

Tax dispute - AngloGold Ashanti Colombia S.A.

(10)

187

188

Tax dispute - Cerro Vanguardia S.A.

(11)

Sales tax on gold deliveries – Mineração Serra Grande S.A.

(12)

101

Contingent assets
Indemnity – Kinross Gold Corporation

(13)

(10)

(60)

Royalty – Tau Lekoa Gold Mine

(14)

Royalty – Navachab

(15)

Financial Guarantees
Oro Group (Pty) Limited

(16)

614

481

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

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

(2) Deep groundwater pollution - The group has identified a flooding and future pollution risk posed by deep groundwater in

certain underground mines in Africa. Various studies have been undertaken by AngloGold Ashanti Limited since 1999. Due
to the interconnected nature of mining operations, any proposed solution needs to be a combined one supported by all the
mines located in these gold fields. As a result, in South Africa, the Mineral and Petroleum Resources Development Act
(MPRDA) requires that the affected mining companies develop a Regional Mine Closure Strategy to be approved by the
Department of Mineral Resources. In view of the limitation of current information for the accurate estimation of a liability, no
reliable estimate can be made for the obligation.

(3)

Withholding taxes - AngloGold Ashanti (Ghana) Limited (AGAG) received a tax assessment for the 2006 to 2008 and for the
2009 to 2011 tax years following audits by the tax authorities which related to various withholding taxes amounting to $30m
(2013: $28m). Management is of the opinion that the withholding taxes were not properly assessed and the company has
lodged an objection.

(4) Litigation - On 11 October 2011, AGAG terminated its commercial arrangements with Mining and Building Contractors

Limited (MBC) relating to certain underground development, construction on bulkheads and diamond drilling services
provided by MBC in respect of the Obuasi mine. On 8 November 2012, AGAG and MBC concluded a separation agreement
that specified the terms on which the parties agreed to sever their commercial relationship. On 23 July 2013, MBC
commenced proceedings against AGAG in the High Court of Justice (Commercial Division) in Accra, Ghana, and served a
writ of summons that claimed a total of approximately $97m in damages. MBC asserts various claims for damages, including,
among others, as a result of the breach of contract, non-payment of outstanding historical indebtedness by AGAG and the
demobilisation of equipment, spare parts and material acquired by MBC for the benefit of AGAG in connection with
operations at the Obuasi mine in Ghana. MBC has also asserted various labour claims on behalf of itself and certain of its
former contractors and employees at the Obuasi mine. On 9 October 2013, AGAG filed a motion in court to refer the action or
a part thereof to arbitration. This motion was set to be heard on 25 October 2013, however, on 24 October 2013, MBC filed a
motion to discontinue the action with liberty to reapply. On 20 February 2014, AGAG was served with a new writ for
approximately $97m, as previously claimed. On 5 May 2014, the court dismissed AGAG’s application for stay of proceedings
pending arbitration and ordered AGAG to file its statement of defence within 14 days. On 20 May 2014, AGAG filed a Notice
of Appeal at the Court of Appeal. AGAG further filed a Stay of Proceedings Pending Appeal at the High Court. On 11 June
2014, the High Court granted AGAG’s application for Stay of Proceedings pending appeal. On 2 October 2014, AGAG was
served with the Civil Form 6 indicating that the records have been transmitted to the Court of Appeal. However, as the
transmitted records were incomplete, AGAG timely filed an application for the record to be amended prior to filing its
statement of case.
Litigation – AGAG received a summons on 2 April 2013 from Abdul Waliyu and 152 others in which the plaintiffs allege that
they were or are residents of the Obuasi municipality or its suburbs and that their health has been adversely affected by
emission and/or other environmental impacts arising in connection with the current and/or historical operations of the
Pompora Treatment Plant (PTP) which was decommissioned in 2000. The claim is to award general damages, special
damages for medical treatment and punitive damages, as well as several orders relating to the operation of the PTP. The
plaintiffs have not filed their application for directions which was due by 31 October 2013. AGAG intends to allow some time

(5)

Quarterly report September 2014 - www.AngloGoldAshanti.com

to pass prior to applying to have the matter struck out for want of prosecution. In view of the limitation of current information
for the accurate estimation of a liability, no reliable estimate can be made for the obligation.

(6)

Litigation – Frank Adjei Danso & 4 others (executive members of the PTP (AGA) Smoke Effect Association (PASEA)), sued
AGAG on 24 February 2014 in their personal capacity and on behalf of the members of PASEA. The plaintiffs claim that they
were residents of Tutuka, Sampsonkrom, Anyimadukrom, Kortkortesua, Abomperkrom, and PTP Residential Quarters, all
suburbs of Obuasi, in close proximity to the now decommissioned Pompara Treatment Plant (PTP). The plaintiffs claim they
have been adversely affected by the operations of the PTP. On 24 June 2014, AGAG was served with an application for a
default judgement. On 2 July 2014, AGAG filed an affidavit in opposition on the basis that the plaintiffs had failed to amend
and file their statement of claim. Plaintiffs admitted their error in filing the default judgement, but the Court granted Plaintiffs’
request for leave to amend the writ of summons and statement of claim. AGAG has yet to be served with the amended writ
and statement of claim. In view of the limitation of current information for the accurate estimation of a liability, no reliable
estimate can be made for the obligation.

(7)

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

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

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

On 21 August 2013, an application was served on AngloGold Ashanti for the consolidation of the Balakazi Action and the
Nkala Action, as well as a request for an amendment to change the scope of the classes the court was requested to certify in
the previous applications that were initiated. The applicants now request certification of two classes (the "silicosis class” and
the "tuberculosis class"). The silicosis class would consist of certain current and former underground mineworkers who have
contracted silicosis, and the dependants of certain deceased mineworkers who have died of silicosis (whether or not
accompanied by any other disease). The tuberculosis class would consist of certain current and former mineworkers who
have or had contracted pulmonary tuberculosis and the dependants of certain deceased mineworkers who died of pulmonary
tuberculosis (but excluding silico-tuberculosis). On 30 May 2014 AngloGold Ashanti submitted its answering affidavit. The
plaintiffs filed their affidavits in reply on 15 September 2014.

In October 2012, AngloGold Ashanti received a further 31 individual summonses and particulars of claim relating to silicosis
and/or other OLD. The total amount claimed in the 31 summonses is approximately $7 million as at the 30 September 2014
closing rate. On 22 October 2012, AngloGold Ashanti filed a notice of intention to oppose these claims and took legal
exception to the summonses on the ground that certain particulars of claim were unclear. On 4 April 2014, the High Court of
South Africa dismissed these exceptions and on 25 April 2014, AngloGold Ashanti filed its pleas in this matter.

On or about 3 March 2014, AngloGold Ashanti received an additional 21 individual summonses and particulars of claim
relating to silicosis and/or other OLD. The total amount claimed in the 21 summonses is approximately $4 million as at the 30
September 2014 closing rate. AngloGold Ashanti has filed a notice of intention to oppose these claims. On 2 May 2014
AngloGold Ashanti filed a notice taking legal exception to the summonses on the ground that certain particulars of claim were
unclear.

On or about 24 March 2014, AngloGold Ashanti received a further 686 individual summonses and particulars of claim relating
to silicosis and/or other OLD. The total amount claimed in the 686 summonses is approximately $102 million as at the 30
September 2014 closing rate. AngloGold Ashanti has filed a notice of intention to oppose these claims. On 15 May 2014
AngloGold Ashanti filed a notice taking legal exception to the summonses on the ground that certain particulars of claim were
unclear.

On or about 1 April 2014, AngloGold Ashanti received a further 518 individual summonses and particulars of claim relating to
silicosis and/or other OLD. The total amount claimed in the 518 summonses is approximately $84 million as at the 30

Quarterly report September 2014 - www.AngloGoldAshanti.com

September 2014 closing rate. AngloGold Ashanti has filed a notice of intention to oppose these claims. On 15 May 2014
AngloGold Ashanti filed a notice taking legal exception to the summonses on the ground that certain particulars of claim were
unclear.

On 9 October 2014, AngloGold Ashanti and the plaintiffs’ attorneys agreed to refer all of the individual claims to arbitration.
The court proceedings have been suspended as a result of entering into the arbitration agreement.

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

(8)

Other tax disputes - In November 2007, the Departamento Nacional de Produção Mineral (DNPM), a Brazilian federal mining
authority, issued a tax assessment against AngloGold Ashanti Brazil Mineração Ltda (AABM) in the amount of $19m (2013:
$19m) relating to the calculation and payment by AABM of the financial contribution on mining exploitation (CFEM) in the
period from 1991 to 2006. AngloGold Ashanti Limited’s subsidiaries in Brazil are involved in various other disputes with tax
authorities. These disputes involve federal tax assessments including income tax, royalties, social contributions and annual
property tax. The amount involved is approximately $17m (2013: $19m). Management is of the opinion that these taxes are
not payable.

(9) VAT disputes - MSG received a tax assessment in October 2003 from the State of Minas Gerais related to VAT on gold

bullion transfers. The tax administrators rejected the company’s appeal against the assessment. The company is now
appealing the dismissal of the case. The assessment is approximately $16m (2013: $16m).

(10) Tax dispute – AngloGold Ashanti Colombia S.A. (AGAC) received notice from the Colombian Tax Office (DIAN) that it

disagreed with the company’s tax treatment of certain items in the 2011 and 2010 income tax returns. On 23 October 2013
AGAC received the official assessments from the DIAN which established that an estimated additional tax of $32m (2013:
$35m) will be payable if the tax returns are amended. Penalties and interest for the additional taxes are expected to be
$155m (2013: $153m), based on Colombian tax law. The company believes that it has applied the tax legislation correctly.
AGAC requested in December 2013 that DIAN reconsider its decision and the company has been officially notified that DIAN
will review its earlier ruling. This review is anticipated to take twelve months, at the end of which AGAC may file suit if the
ruling is not reversed.

(11)

Tax dispute - On 12 July 2013, Cerro Vanguardia S.A. received a notification from the Argentina Tax Authority requesting
corrections to the 2007, 2008 and 2009 income tax returns of about $15m (2013: $18m) relating to the non-deduction of tax
losses previously claimed on hedge contracts. Penalties and interest on the disputed amounts are estimated at a further
$37m (2013: $45m). A new notification was received on 16 July 2014 from the tax authorities that disallowed arguments from
CVSA’s initial response. CVSA prepared defence arguments and evidence which was filed on 8 September 2014.
Management is of the opinion that the taxes are not payable.

(12)

Sales tax on gold deliveries – In 2006, Mineração Serra Grande S.A. (MSG), received two tax assessments from the State of
Goiás related to the payments of state sales taxes at the rate of 12% on gold deliveries for export from one Brazilian state to
another during the period from February 2004 to the end of May 2006. The first and second assessments were
approximately $62m and $39m as at 31 December 2013, respectively. Various legal proceedings have taken place over the
years with respect to this matter, as previously disclosed. On 5 May 2014, the State of Goiás published a law which enables
companies to settle outstanding tax assessments of this nature. Under this law, MSG settled the two assessments in May
2014 by paying $14m in cash and by utilising $29m of existing VAT credits. The utilisation of the VAT credits is subject to
legal confirmation from the State of Goiás within 180 days from the settlement agreement date. Management has concluded
that the likelihood of the State of Goiás declining the utilisation of the VAT credits or part thereof is remote. The cash
settlement, which occurred on 25 July 2014, was further set off by an indemnity from Kinross of $6m.

(13) Indemnity - As part of the acquisition by AngloGold Ashanti Limited of the remaining 50% interest in MSG during June

2012, Kinross Gold Corporation (Kinross) has provided an indemnity to a maximum amount of BRL255m against the
specific exposures discussed in items 9 and 12 above. In light of the settlements described in item 12 at 30 September
2014, the company has estimated that the maximum contingent asset is $10m (2013: $60m).

(14) Royalty - As a result of the sale of the interest in the Tau Lekoa Gold Mine during 2010, the group is entitled to receive a

royalty on the production of a total of 1.5Moz by the Tau Lekoa Gold Mine and in the event that the average
monthly rand price of gold exceeds R180,000/kg (subject to an inflation adjustment). Where the average monthly
rand price of gold does not exceed R180,000/kg (subject to an inflation adjustment), the ounces produced in that
quarter do not count towards the total 1.5Moz upon which the royalty is payable. The royalty is determined a t 3% of
the net revenue (being gross revenue less state royalties) generated by the Tau Lekoa assets. Royalties on 482,875oz
(2013: 413,246oz) produced have been received to date.

(15) Royalty – As a result of the sale of Navachab, AngloGold Ashanti will receive a net smelter to return paid quarterly for

seven years from 1 July 2016, determined at 2% of ounces sold during the relevant quarter subject to a minimum average
gold price of $1,350 and capped at a maximum of 18,750 ounces sold per quarter.

(16)

Provision of surety - The company has provided surety in favour of a lender on a gold loan facility with its associate
Oro Group (Pty) Limited and one of its subsidiaries to a maximum value of $9m (2013: $10m). The probability of the
non-performance under the suretyships is considered minimal. The suretyship agreements have a termination notice
period of 90 days.

Quarterly report September 2014 - www.AngloGoldAshanti.com

17. Concentration of tax risk

There is a concentration of tax risk in respect of recoverable value added tax, fuel duties and appeal deposits from the Tanzanian
government.

The recoverable value added tax, fuel duties and appeal deposits are summarised as follows

Sep 2014

US Dollar million

Recoverable fuel duties

(1)

Recoverable value added tax

Appeal deposits

(1) Fuel duty claims are required to be submitted after consumption of the related fuel and are subject to authorisation by the Customs and Excise

authorities.

18. Borrowings

AngloGold Ashanti’s borrowings are interest bearing.

19. Announcements

Appointment of new Chief Financial Officer: On 7 July 2014, AngloGold Ashanti announced the appointment of Christine
Ramon as Chief Financial Officer and Executive Director from 1 October 2014, replacing Mr Richard Duffy, who would step down
from both the Board and the Executive Committee.

Intended Delisting and Cancellation of Securities from the London Stock Exchange: On 18 August 2014 AngloGold Ashanti
announced that its board of directors had resolved to request the cancellation of the listing of the Company’s ordinary shares and
depositary interests on the Official List of the UK Listing Authority and the cancellation of the admission to trading of the
Securities on the Main Market of the London Stock Exchange plc.

Proposed Corporate Restructure and Capital Raising, and Cautionary announcement: On 10 September AngloGold Ashanti
announced that the Company had applied for and received approval from the South African Reserve Bank to restructure its
international mining operations under a new UK holding company while the current company would continue to be a South African
domiciled company and would house the South African assets. The Company also announced that it will consult with its
shareholders regarding plans to raise about US$2.1bn through a rights issue to support the proposed restructuring.

Update on Proposed Restructuring and Withdrawal of Cautionary announcement: On 15 September 2014, following the
aforementioned consultations with shareolders, AngloGold Ashanti announced that the Company would not proceed with the
corporate restructuring and capital raising as proposed due to concerns raised by shareholders on certain aspects of the
transactions.

Delisting and Cancellation of Securities from the London Stock Exchange: On 26 September 2014 AngloGold Ashanti
announced that listing of the Company’s ordinary shares and depository interests on the Official List of the UK Listing Authority
was cancelled with effect from 8.00 am on 22 September 2014. The Securities ceased to be admitted to trading on the Main
Market of the London Stock Exchange plc with effect from the same time and date

By order of the Board

S M PITYANA

S VENKATAKRISHNAN

Chairman

Chief Executive Officer

30 October 2014

Quarterly report September 2014 - www.AngloGoldAshanti.com

Non-GAAP disclosure

Sep

Jun

Sep

2014

2013

2014

2013

Unaudited

Headline earnings (loss) (note 9)

(89)

(18)

(7)

354

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

(30)

(10)

(66)

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

(2)

(9)

Fair value adjustment on $1.25bn bonds

(20)

Fair value adjustment on option component of convertible bonds

(9)

Fair value adjustment on mandatory convertible bonds

523

211

Provision for losses in associate

Adjusted headline earnings (loss)

(4)

576

117

553

Adjusted headline earnings (loss) per ordinary share (cents)

(1)

148

142

(1)

Calculated on the basic weighted average number of ordinary shares.

Sep

Jun

Sep

2014

2013

2014

2013

Unaudited

Reconciliation of gross profit to adjusted gross profit:
Gross profit

273

252

276

820

1,041

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

(30)

(10)

(66)

Adjusted gross profit

243

257

310

811

975

Price received

Sep

Jun

Sep

Se p

2014

2013

2014

2013

Unaudited

Gold income (note 2)

1,295

1,321

1,374

3,940

4,079

Adjusted for non-controlling interests

(16)

(22)

(21)

(57)

(61)

1,279

1,299

1,353

3,883

4,018

Realised loss on other commodity contracts

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

123

327

185

Attributable gold income including realised non-hedge
derivatives

1,409

1,402

1,409

4,225

4,223

Attributable gold sold - oz (000)

1,099

1,087

1,062

3,284

2,902

Price received per unit - $/oz

1,281

1,289

1,327

1,287

1,455

Rounding of figures may result in computational discrepancies.

Adjusted gross profit

US Dollar million

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

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

Adjusted headline earnings (loss)

Quarter ended

US Dollar million / Imperial

Quarter ended

US Dollar million

Nine months ended

Quarter ended

Quarterly report September 2014 - www.AngloGoldAshanti.com

All-in sustaining costs and All-in costs

Sep

Jun

Sep

2014

2013

2014

2013

Unaudited

Cost of sales (note 3)

1,052

1,064

3,130

3,104

Amortisation of tangible and intangible assets (note 3)

(191)

(188)

(159)

(563)

(587)

Adjusted for decommissioning amortisation

Inventory writedown to net realisable value and other stockpile
adjustments (note 5)

178

Corporate administration and marketing related to current operations

163

Associates and joint ventures' share of costs

218

142

Sustaining exploration and study costs

Total sustaining capex

177

205

232

555

746

All-in sustaining costs

1,156

1,183

1,245

3,446

3,829

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

(14)

(21)

(19)

(52)

(55)

All-in sustaining costs adjusted for non-controlling interests and
non-gold producing companies

1,142

1,162

1,226

3,394

3,774

Adjusted for stockpile write-offs

(3)

(9)

(12)

(178)

All-in sustaining costs adjusted for non-controlling interests, non-gold
producing companies and stockpile write-offs

1,139

1,153

1,226

3,382

3,596

All-in sustaining costs

1,156

1,183

1,245

3,446

3,829

Non-sustaining project capital expenditure

107

216

291

770

Technology improvements

Non-sustaining exploration and study costs

147

Corporate and social responsibility costs not related to current operations

All-in costs

1,271

1,324

1,516

3,832

4,774

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

(11)

(19)

(20)

(44)

(64)

All-in costs adjusted for non-controlling interests and
non-gold producing companies

1,260

1,305

1,495

3,788

4,710

Adjusted for stockpile write-offs

(3)

(9)

(12)

(178)

All-in costs adjusted for non-controlling interests, non-gold producing
companies and stockpile write-offs

1,257

1,296

1,495

3,776

4,532

Gold sold - oz (000)

1,099

1,087

1,062

3,284

2,902

All-in sustaining cost (excluding stockpile write-offs) per unit - $/oz

1,036

1,060

1,155

1,030

1,239

All-in cost per unit (excluding stockpile write-offs) - $/oz

1,144

1,192

1,408

1,150

1,562

Refer to note J for Summary of Operations by Mine

Total costs

Total cash costs (note 3)

864

874

815

2,516

2,436

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

(16)

(24)

(22)

(75)

(90)

Associates and joint ventures' share of total cash costs

213

141

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

924

918

843

2,654

2,487

Retrenchment costs (note 3)

Rehabilitation and other non-cash costs (note 3)

Amortisation of tangible assets (note 3)

182

179

153

536

572

Amortisation of intangible assets (note 3)

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

(3)

Equity-accounted associates and joint ventures' share of production costs

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

1,158

1,165

1,061

3,365

3,158

Gold produced - oz (000)

1,126

1,097

1,043

3,278

2,876

Total cash cost per unit - $/oz

820

836

809

810

865

Total production cost per unit - $/oz

1,029

1,061

1,017

1,027

1,098

Refer to note J for Summary of Operations by mine

Rounding of figures may result in computational discrepancies.

Quarter ended

US Dollar million / Imperial

Nine months ended

Quarterly report September 2014 - www.AngloGoldAshanti.com

Adjusted EBITDA

(1)

Sep

Jun

Sep

2014

2013

2014

2013

Unaudited

Profit (loss) on ordinary activities before taxation

129

(14)

222

(2,704)

Add back :
Finance costs and unwinding of obligation

211

222

Interest received

(6)

(6)

(8)

(17)

(24)

Amortisation of tangible and intangible assets (note 3)

191

188

159

563

587

Adjustments :
Dividend received (note 2)

(5)

Exchange (loss) gain

(4)

(10)

(11)

Fair value adjustment on the mandatory convertible bonds

(44)

(356)

Fair value adjustment on option component of convertible bonds

(9)

Fair value adjustment on $1.25bn bonds

(20)

Net impairment and derecognition of goodwill, tangible and intangible
assets (note 5)

2,992

Impairment of other investments (note 5)

Write-down of stockpiles and heap leach to net realisable value and other
stockpile adjustments (note 5)

178

Write-off of loan (note 5)

Retrenchments at mining operations (note 3)

Retrenchments at Obuasi

Net (profit) loss on disposal and derecognition of assets (note 5)

(2)

(25)

(2)

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

(30)

(10)

(66)

Associates and joint ventures' exceptional expense

(31)

162

Associates and joint ventures' - adjustments for amortisation, interest,
taxation and other.

134

Adjusted EBITDA

400

382

327

1,258

1,123

(1)

EBITDA (as adjusted) and prepared in terms of the formula set out in the Revolving Credit Agreements.

Interest cover

Adjusted EBITDA (note F)

400

382

327

1,258

1,123

Finance costs (note 6)

190

179

Capitalised finance costs

(2)

191

184

Interest cover - times

Net asset value - cents per share

As at

Sep

Jun

Dec

Sep

2014

2013

Unaudited

Total equity

3,010

3,101

3,107

3,411

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

404

404

403

404

Net asset value - cents per share

745

767

770

845

Total equity

3,010

3,101

3,107

3,411

Intangible assets

(247)

(270)

(267)

(288)

2,763

2,831

2,840

3,123

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

404

404

403

404

Net tangible asset value - cents per share

684

701

704

773

Net debt
Borrowings - long-term portion

3,521

3,619

3,633

3,583

Borrowings - short-term portion

159

187

258

326

Bank overdraft

Total borrowings

3,693

3,810

3,911

3,934

Corporate office lease

(22)

(24)

(25)

(26)

Unamortised portion of the convertible and rated bonds

(2)

Fair value adjustment on $1.25bn bonds

(138)

(159)

(58)

(46)

Cash restricted for use

(53)

(54)

(77)

(66)

Cash and cash equivalents

(557)

(604)

(648)

(786)

Net debt excluding mandatory convertible bonds

2,952

2,994

3,105

3,008

Rounding of figures may result in computational discrepancies.

US Dollar million

Quarter ended

Nine months ended

Quarterly report September 2014 - www.AngloGoldAshanti.com

J Summary of Operations by mine
For the three months ended 30 September 2014

Operations in South Africa
(in $ millions, except as otherwise noted)

Great
Nolig
wa

Kopa
nang

Moab
Khots
ong

Vaal
River
Opera
tions

Mpon
eng

Tau
Tona

West
Wits
Oper
tions

Surf
ace
oper
tions

South
Africa
other

Total
South
Africa
(Opera
tions)

Corp
orate

All-in sustaining costs
Cost of sales per financial statements

133

169

(1)

363

Amortisation of tangible and intangible assets

(2)

(10)

(12)

(24)

(19)

(14)

(33)

(4)

(61)

(2)

Corporate administration and marketing
related to current operations

Sustaining exploration and study costs

(1)

Total sustaining capital expenditure

All-in sustaining costs

129

160

361

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

(1)

All-in sustaining costs adjusted for non-
controlling interests and non-gold producing
companies

129

160

361

Adjusted for stockpile write-offs

(1)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

129

160

361

All-in sustaining costs

129

160

361

Non-sustaining Project capex

Technology improvements

Non-sustaining exploration and study costs

Corporate and social responsibility costs not
related to current operations

All-in costs

129

167

372

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

(1)

All-in sustaining costs adjusted for non-
controlling interests and non-gold producing
companies

129

167

372

Adjusted for stockpile write-offs

(1)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

129

167

372

Gold sold - oz (000)

(3)

111

159

326

All-in sustaining cost (excluding stockpile
write-offs) per unit - $/oz

(4)

1,343

1,2 11

1,047

1,153

898

1,170

1,007

1,261

1,115

All-in cost per unit (excluding stockpile write-
offs) - $/oz

(4)

1,343

1,211

1,054

1,156

974

1,170

1,053

1,261

1,147

(1)

Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap
leach inventory.

(2)

Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash
costs per ounce and total production costs per ounce.

(3)

Attributable portion.

(4)

In addition to the operational performances of the mines, all-in sustaining cost per ounce, all-in cost per ounce, total cash costs per
ounce and total production costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-
in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US dollar amount and gold sold in ounces. AngloGold
Ashanti reports total cash costs per ounce and total production costs per ounce calculated to the nearest US dollar amount and gold
produced in ounces.

(5)

Corporate includes non-gold producing subsidiaries.

(6)

Total cash costs per ounce calculation includes heap-leach inventory change.

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the three months ended 30 September 2014

Operations in South Africa
(in $ millions, except as otherwise noted)

Great
Nolig
wa

Kopa
nang

Moab
Khots
ong

Vaal
River
Opera
tions

Mpon
eng

Tau
Tona

West
Wits
Oper
tions

Surf
ace
oper
tions

South
Africa
other

Total
South
Africa
(Opera
tions)

(5)

Total cash costs
Total cash costs per financial statements

100

126

282

(3)

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

(1)

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

(2)

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

100

126

282

(1)

Retrenchment costs

Rehabilitation and other non-cash costs

Amortisation of tangible assets

Amortisation of intangible assets

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

(2)

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

127

161

351

Gold produced - oz (000)

(3)

107

153

314

Total cash costs per unit - $/oz

(4)

1,276

993

792

940

688

1,030

825

1,048

901

Total production costs per unit - $/oz

(4)

1,429

1,297

1,052

1,199

912

1,284

1,06

1,146

1,123

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the three months ended 30 September 2014

Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in $ millions, except as otherwise noted)

DRC

GHANA

GUI
NEA

MALI

NAMI
BIA

TANZ
ANIA

conti
nental Africa other

TOTAL

CONTI
NEN
TAL

AFR
ICA

Kibali

Idua
priem

Obu
asi

Sig
uiri

Mori
la

Sadi
ola

Yat
ela

Nav
achab

Geita

All-in sustaining costs
Cost of sales per financial statements

280

Amortisation of tangible and intangible
assets

(7)

(5)

(8)

(22)

(42)

Adjusted for decommissioning amortisation

Associates and equity accounted joint
ventures' share of costs

(2)

Sustaining exploration and study costs

Total sustaining capital expenditure

All-in sustaining costs

363

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

(1)

(9)

(0)

(9)

All-in sustaining costs adjusted for non-
controlling interests and non-gold producing
companies

354

Adjusted for stockpile write-offs

(2)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

352

All-in sustaining costs

363

Non-sustaining Project capex

Non-sustaining exploration and study costs

All-in costs

410

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

(1)

(9)

(0)

(9)

All-in sustaining costs adjusted for non-
controlling interests and non-gold producing
companies

401

Adjusted for stockpile write-offs

(2)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

399

Gold sold - oz (000)

(3)

107

379

All-in sustaining cost (excluding stockpile
write-offs) per unit - $/oz

(4)

580

984

1,169

798

1,660

1,062

1,858

907

928

All-in cost per unit (excluding stockpile
write-offs) - $/oz

(4)

1,159

984

1,295

818

1,660

1,062

1,858

907

- 1,052

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the three months ended 30 September 2014

Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in $ millions, except as otherwise noted)

DRC

GHANA

GUI
NEA

MALI

NAMI
BIA

TANZ
ANIA

conti
nental Africa other

TOTAL

CONTI
NEN
TAL

AFR
ICA

Kibali

Idua
priem

Obu
asi

Sig
uiri

Mori
la

Sadi
ola

Yat
ela

Nav
achab

Geita

Total cash costs
Total cash costs per financial statements

260

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

(1)

(9)

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

(2)

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

327

Rehabilitation and other non-cash costs

(1)

Amortisation of tangible assets

(1)

Amortisation of intangible assets

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

(1)

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

(2)

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

106

396

Gold produced - oz (000)

(3)

116

410

Total cash costs per unit - $/oz

(4)

563

866

966

741

1,525

981

1,672

715

799

Total production costs per unit - $/oz

(4)

846

1,033

1,031

816

1,849

1,309

1,762

907

970

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the three months ended 30 September 2014

Operations in Australia, United States of America, Argentina and Brazil
(in $ millions, except as otherwise noted)

Australia

TOTAL
AUSTR
ALIA

UNITED STATES
OF
AME
RICA

ARGE
NTINA

BRAZIL

Ame
ricas
other

TOTAL
AMER
ICAS

Sun
rise
Dam

Tropi
cana

Austr
alia
other

Cripple
Creek
&
Victor

Cerro
Vang
uardia

Anglo
Gold
Ashanti
Miner
acao

Serra
Grande

All-in sustaining costs
Cost of sales per financial statements

173

236

Amortisation of tangible and intangible assets

(14)

(24)

(1)

(39)

(1)

(8)

(26)

(12)

(47)

Adjusted for decommissioning amortisation

Sustaining exploration and study costs

Total sustaining capital expenditure

All-in sustaining costs

151

105

258

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

(1)

(4)

(8)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

151

105

250

All-in sustaining costs

151

105

258

Non-sustaining Project capex

Non-sustaining exploration and study costs

Corporate and social responsibility costs not
related to current operations

All-in costs

153

109

311

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

(1)

(4)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

153

109

307

Gold sold - oz (000)

(3)

154

100

242

All-in sustaining cost (excluding stockpile
write-offs) per unit - $/oz

(4)

1,116

800

980

1,075

956

1,037

1,097

1,035

All-in cost per unit (excluding stockpile write-
offs) - $/oz

(4)

1,116

800

993

1,647

957

1,076

1,110

1,270

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the three months ended 30 September 2014

Operations in Australia, United States of America, Argentina and Brazil
(in $ millions, except as otherwise noted)

Australia

TOTAL
AUSTR
ALIA

UNITED STATES
OF
AME
RICA

ARGE
NTINA

BRAZIL

Ame
ricas
other

TOTAL
AMER
ICAS

Sun
rise
Dam

Tropi
cana

Austr
alia
other

Cripple
Creek
&
Victor

Cerro
Vang
uardia

Anglo
Gold
Ashanti
Miner
acao

Serra
Grande

Total cash costs
Total cash costs per financial statements

131

194

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

(1)

(7)

(3)

(10)

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

131

184

Retrenchment costs

Rehabilitation and other non-cash costs

(4)

(1)

Amortisation of tangible assets

Amortisation of intangible assets

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

(1)

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

170

237

Gold produced - oz (000)

(3)

152

101

251

Total cash costs per unit - $/oz

(4)

982

721

861

827

(6)

656

699

803

730

Total production costs per unit - $/oz

(4)

1,187

1,005

1,121

951

819

943

1,173

943

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the three months ended 30 June 2014

Operations in South Africa
(in $ millions, except as otherwise noted)

Great
Nolig
wa

Kopa
nang

Moab
Khots
ong

Vaal
River
Opera
tions

Mpon
eng

Tau
Tona

West
Wits
Oper
tions

Surf
ace
oper
tions

South
Africa
other

Total
South
Africa
(Opera
tions)

Corp
orate

All-in sustaining costs
Cost of sales per financial statements

129

143

333

Amortisation of tangible and intangible assets

(2)

(12)

(13)

(27)

(19)

(14)

(33)

(8)

(67)

(2)

Corporate administration and marketing
related to current operations

Total sustaining capital expenditure

(1)

All-in sustaining costs

121

139

325

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

121

139

325

All-in sustaining costs

121

139

325

Non-sustaining Project capex

Technology improvements

Non-sustaining exploration and study costs

Corporate and social responsibility costs not
related to current operations

All-in costs

122

147

339

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

(1)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

122

147

339

Gold sold - oz (000)

(3)

116

138

306

All-in sustaining cost (excluding stockpile
write-offs) per unit - $/oz

(4)

1,206

1,193

880

1,042

927

1,135

1,007

1,258

1,064

All-in cost per unit (excluding stockpile write-
offs) - $/oz

(4)

1,206

1,193

892

1,048

1,020

1,135

1,064

1,258

1,109

(1)

Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap leach inventory.

(2)

Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash costs per ounce and total production costs per ounce.

(3)

Attributable portion.

(4)

In addition to the operational performances of the mines, all-in sustaining cost per ounce, all-in cost per ounce, total cash costs per ounce and total production costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports total cash costs per ounce and total production costs per ounce calculated to the nearest US dollar amount and gold produced in ounces.

(5)

Corporate includes non-gold producing subsidiaries.

(6)

Total cash costs per ounce calculation includes heap-leach inventory change.

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the three months ended 30 June 2014

Operations in South Africa
(in $ millions, except as otherwise noted)

Great

Noli
gwa

Kopa

nang

Moab

Khots
ong

Vaal
River

Opera
tions

Mpo
neng

Tau
Tona

West
Wits

Opera
tions

Sur
face

opera
tions

South
Africa

other

Total

South
Africa

(Opera
tions)

Corpo
rate

Total cash costs
Total cash costs per financial statements

106

114

(1)

275

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

(1)

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

(2)

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

106

114

(1)

275

Retrenchment costs

Rehabilitation and other non-cash costs

(1)

Amortisation of tangible assets

(1)

Amortisation of intangible assets

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

(1)

(12)

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

(2)

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

133

149

347

(9)

Gold produced - oz (000)

(3)

120

144

319

Total cash costs per unit - $/oz

(4)

1,060

1,021

707

875

714

923

794

1,016

863

Total production costs per unit - $/oz

(4)

1,186

1,331

937

1,113

941

1,195

1,039

1,171

1,089

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the three months ended 30 June 2014

Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in $ millions, except as otherwise noted)

DRC

GHANA

GUI
NEA

MALI

NAMI
BIA

TANZA
NIA

Conti
nental
Africa

other

TOTAL
CONTI
NEN
TAL
AFRICA

Kibali

Idua
priem

Obuasi

Siguiri

Morila

Sadi
ola

Yatela

Nava
chab

Geita

All-in sustaining costs
Cost of sales per financial statements

324

Amortisation of tangible and intangible assets

(7)

(4)

(8)

(16)

(1)

(36)

Adjusted for decommissioning amortisation

Associates and equity accounted joint
ventures' share of costs

(2)

(1)

Sustaining exploration and study costs

Total sustaining capital expenditure

All-in sustaining costs

102

422

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

(1)

(14)

All-in sustaining costs adjusted for non-
controlling interests and non-gold producing
companies

102

408

Adjusted for stockpile write-offs

(2)

(7)

(9)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

399

All-in sustaining costs

102

422

Non-sustaining Project capex

Non-sustaining exploration and study costs

All-in costs

105

102

486

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

(1)

(14)

All-in sustaining costs adjusted for non-
controlling interests and non-gold producing
companies

105

102

472

Adjusted for stockpile write-offs

(2)

(7)

(9)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

105

463

Gold sold - oz (000)

(3)

110

401

All-in sustaining cost (excluding stockpile
write-offs) per unit - $/oz

(4)

738

998 1,420

916 1,173 1,078 2,836

651

878

998

All-in cost per unit (excluding stockpile write-
offs) - $/oz

(4)

2,047

998 1,605

935 1,173 1,078 2,836

651

878

- 1,157

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the three months ended 30 June 2014

Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in $ millions, except as otherwise noted)

DRC

GHANA

GUI
NEA

MALI

NAMI
BIA

TANZA
NIA

Conti
nental
Africa

other

TOTAL
CONTI
NEN
TAL
AFRICA

Kibali

Idua
priem

Obuasi

Siguiri

Morila

Sadi
ola

Yatela

Nava
chab

Geita

Total cash costs
Total cash costs per financial statements

277

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

(1)

(11)

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

(2)

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

334

Retrenchment costs

Rehabilitation and other non-cash costs

Amortisation of tangible assets

Amortisation of intangible assets

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

(1)

(2)

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

(2)

(1)

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

405

Gold produced - oz (000)

(3)

110

395

Total cash costs per unit - $/oz

(4)

717

911 1,175

777 1,137

957 1,931

733

667

846

Total production costs per unit - $/oz

(4)

1,149 1,077 1,250

898 1,427 1,246 3,027

733

823

- 1,024

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the three months ended 30 June 2014

Operations in Australia, United States of America, Argentina and Brazil
(in $ millions, except as otherwise noted)

Australia

TOTAL
AUST
RALIA

UNITED
STATES
OF
AME
RICA

ARGE
NTINA

BRAZIL

Ameri
cas
other

TOTAL
AME
RICAS

Sun
rise
Dam

Tropi
cana

Aust
ralia
other

Cripple
Creek &
Victor

Cerro
Vangu
ardia

Anglo
Gold
Ashanti
Miner
acao

Serra
Grande

All-in sustaining costs
Cost of sales per financial statements

167

(1)

237

Amortisation of tangible and intangible assets

(12)

(25)

(2)

(39)

(8)

(25)

(11)

(44)

Adjusted for decommissioning amortisation

Corporate administration and marketing related
to current operations

(1)

Sustaining exploration and study costs

Total sustaining capital expenditure

All-in sustaining costs

154

259

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

(1)

(4)

(3)

(7)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

154

(1)

252

All-in sustaining costs

154

259

Non-sustaining Project capex

Non-sustaining exploration and study costs

Corporate and social responsibility costs not
related to current operations

All-in costs

156

102

101

317

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

(1)

(4)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

156

102

101

313

Gold sold - oz (000)

(3)

147

234

All-in sustaining cost (excluding stockpile
write-offs) per unit - $/oz

(4)

1,527

689

- 1,048 1,221

935 1,043 1,212

- 1,077

All-in cost per unit (excluding stockpile write-
offs) - $/oz

(4)

1,527

689

- 1,063 1,913

936 1,088 1,212

- 1,335

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the three months ended 30 June 2014

Operations in Australia, United States of America, Argentina and Brazil
(in $ millions, except as otherwise noted)

Australia

TOTAL
AUST
RALIA

UNITED
STATES
OF
AME
RICA

ARGE
NTINA

BRAZIL

Ameri
cas
other

TOTAL
AME
RICAS

Sun
rise
Dam

Tropi
cana

Aust
ralia
other

Cripple
Creek &
Victor

Cerro
Vangu
ardia

Serra
Grande

Anglo
Gold
Ashanti
Miner
acao

Total cash costs
Total cash costs per financial statements

132

(1)

189

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

(1)

(10)

(3)

(13)

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

132

(1)

176

Rehabilitation and other non-cash costs

(2)

Amortisation of tangible assets

Amortisation of intangible assets

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

(1)

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

177

245

Gold produced - oz (000)

(3)

155

229

Total cash costs per unit - $/oz

(4)

1,308

498

850 899

(6)

682

717

879

765

Total production costs per unit - $/oz

(4)

1,523

819

- 1,137 1,205

822

984 1,238

- 1,018

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the three months ended 30 September 2013

Operations in South Africa
(in $ millions, except as otherwise noted)

Great

Noli
gwa

Kopa

nang

Moab

Khots
ong

Vaal
River

Opera
tions

Mpo
neng

Tau
Tona

West
Wits

Opera
tions

Sur
face

opera
tions

South
Africa

other

Total

South
Africa

(Opera
tions)

Corpo
rate

(5)

All-in sustaining costs
Cost of sales per financial statements

147

170

(1)

376

Amortisation of tangible and intangible assets

(2)

(11)

(12)

(25)

(20)

(14)

(34)

(4)

(62)

Corporate administration and marketing
related to current operations

Associates and equity accounted joint
ventures' share of costs

(2)

Total sustaining capital expenditure

All-in sustaining costs

156

100

176

393

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

(1)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

156

100

176

393

All-in sustaining costs

156

100

176

393

Non-sustaining Project capex

(1)

Technology improvements

Non-sustaining exploration and study costs

Corporate and social responsibility costs not
related to current operations

All-in costs

167

119

195

435

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

(1)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

167

119

195

435

Gold sold - oz (000)

(3)

128

155

344

All-in sustaining cost (excluding stockpile
write-offs) per unit - $/oz

(4)

1,516 1,273 1,082 1,216 1,085 1,207 1,135

993

- 1,143

All-in cost per unit (excluding stockpile write-
offs) - $/oz

(4)

1,517 1,272 1,256 1,300 1,289 1,210 1,257 1,135

- 1,266

(1)

Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap
leach inventory.

(2)

Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash
costs per ounce and total production costs per ounce.

(3)

Attributable portion.

(4)

(5)

Corporate includes non-gold producing subsidiaries.

(6)

Total cash costs per ounce calculation includes heap-leach inventory change.

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the three months ended 30 September 2013

Operations in South Africa
(in $ millions, except as otherwise noted)

Great

Noli
gwa

Kopa

nang

Moab

Khots
ong

Vaal
River

Opera
tions

Mpo
neng

Tau
Tona

West
Wits

Opera
tions

Sur
face

opera
tions

South
Africa

other

Total

South
Africa

(Opera
tions)

Corpo
rate

(5)

Total cash costs
Total cash costs per financial statements

106

121

(1)

280

(1)

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

(1)

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

106

121

(1)

280

Retrenchment costs

(1)

Rehabilitation and other non-cash costs

(1)

Amortisation of tangible assets

(2)

Amortisation of intangible assets

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

(2)

(1)

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

140

163

(3)

359

Gold produced - oz (000)

(3)

122

149

329

Total cash costs per unit - $/oz

(4)

1,298

960

671

867

757

897

814

915

851

Total production costs per unit - $/oz

(4)

1,503 1,267

937 1,138 1,020 1,203 1,095

990

- 1,092

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the three months ended 30 September 2013

Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in $ millions, except as otherwise noted)

DRC

GHANA

GUI
NEA

MALI

NAMI
BIA

TANZA
NIA

Conti
nental
Africa

other

TOTAL
CONTI
NEN
TAL
AFRICA

Kibali

Idua
priem

Obuasi

Siguiri

Morila

Sadi
ola

Yatela

Nava
chab

Geita

All-in sustaining costs
Cost of sales per financial statements

100

347

Amortisation of tangible and intangible assets

(7)

(1)

(7)

(24)

(4)

(43)

Adjusted for decommissioning amortisation

Corporate administration and marketing
related to current operations

Associates and equity accounted joint
ventures' share of costs

(2)

Sustaining exploration and study costs

(1)

Total sustaining capital expenditure

(1)

All-in sustaining costs

132

114

456

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

(1)

(14)

(0)

(14)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

132

114

442

All-in sustaining costs

132

114

456

Non-sustaining Project capex

110

Non-sustaining exploration and study costs

All-in costs

143

115

574

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

(1)

(14)

(2)

(16)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

143

115

558

Gold sold - oz (000)

(3)

126

387

All-in sustaining cost (excluding stockpile
write-offs) per unit - $/oz

(4)

633 1,910 1,036 1,152 1,988 1,483

653

914

- 1,141

All-in cost per unit (excluding stockpile write-
offs) - $/oz

(4)

651 2,072 1,061 1,152 2,035 1,582

653

924

- 1,440

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the three months ended 30 September 2013

Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in $ millions, except as otherwise noted)

DRC

GHANA

GUI
NEA

MALI

NAMI
BIA

TANZA
NIA

Conti
nental
Africa

other

TOTAL
CONTI
NEN
TAL
AFRICA

Kibali

Idua
priem

Obuasi

Siguiri

Morila

Sadi
ola

Yatela

Nava
chab

Geita

Total cash costs
Total cash costs per financial statements

(1)

269

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

(1)

(12)

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

(2)

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

(1)

307

Retrenchment costs

Rehabilitation and other non-cash costs

(2)

(1)

Amortisation of tangible assets

Amortisation of intangible assets

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

(1)

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

(2)

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

100

375

Gold produced - oz (000)

(3)

127

383

Total cash costs per unit - $/oz

(4)

580 1,082

987

757 1,738 1,422

502

549

804

Total production costs per unit - $/oz

(4)

664 1,465 1,079

808 1,758 1,547

501

624

979

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the three months ended 30 September 2013

Operations in Australia, United States of America, Argentina and Brazil
(in $ millions, except as otherwise noted)

Australia

TOTAL
AUS
TRALIA

UNITED
STATES
OF
AME
RICA

ARGEN
TINA

BRAZIL

Ameri
cas
other

TOTAL
AMERI
CAS

Sunrise
Dam

Tropi
cana

Aus
tralia
other

Cripple
Creek
&
Victor

Cerro
Van
guardia

Anglo
Gold
Ashanti
Mine
racao

Serra
Grande

All-in sustaining costs
Cost of sales per financial statements

244

Amortisation of tangible and intangible assets

(15)

(6)

(21)

(12)

(1)

(40)

Adjusted for decommissioning amortisation

(1)

Corporate administration and marketing
related to current operations

Sustaining exploration and study costs

Total sustaining capital expenditure

All-in sustaining costs

100

259

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

(1)

(4)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

100

255

All-in sustaining costs

100

259

Non-sustaining Project capex

Non-sustaining exploration and study costs

Corporate and social responsibility costs not
related to current operations

All-in costs

134

101

328

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

(1)

(5)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

134

101

323

Gold sold - oz (000)

(3)

268

All-in sustaining cost (excluding stockpile
write-offs) per unit - $/oz

(4)

1,229

- 1,582 1,006

823

996

979

957

All-in cost per unit (excluding stockpile write-
offs) - $/oz

(4)

1,229

- 2,115 1,488

847 1,040

999

- 1,214

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the three months ended 30 September 2013

Operations in Australia, United States of America, Argentina and Brazil
(in $ millions, except as otherwise noted)

Australia

TOTAL
AUS
TRALIA

UNITED
STATES
OF
AME
RICA

ARGEN
TINA

BRAZIL

Ameri
cas
other

TOTAL
AMERI
CAS

Sunrise
Dam

Tropi
cana

Aus
tralia
other

Cripple
Creek
&
Victor

Cerro
Van
guardia

Anglo
Gold
Ashanti
Mine
racao

Serra
Grande

Total cash costs
Total cash costs per financial statements

188

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

(1)

(8)

(3)

(11)

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

177

Retrenchment costs

Rehabilitation and other non-cash costs

(1)

Amortisation of tangible assets

Amortisation of intangible assets

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

(1)

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

232

Gold produced - oz (000)

(3)

103

270

Total cash costs per unit - $/oz

(4)

1,184

- 1,270 744

(6)

614

602

709

656

Total production costs per unit - $/oz

(4)

1,403

- 1,510

886

694

881 1,025

858

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the nine months 30 September 2014

Operations in South Africa
(in $ millions, except as otherwise noted)

Great
Noli
gwa

Kopa
nang

Moab
Khot
song

Vaal
River
Operat
ions

Mpo
neng

Tau
Tona

West
Wits
Opera
tions

Surface
opera
tions

South
Africa
other

Total
South
Africa
(Opera
tions)

Cor
porate

All-in sustaining costs
Cost of sales per financial statements

154

158

384

241

203

444

179

1 1,008

Amortisation of tangible and intangible assets

(6)

(41)

(36)

(83)

(55)

(45) (100)

(17)

- (200)

(6)

Adjusted for decommissioning amortisation

(1)

Inventory writedown to net realisable value
and other stockpile adjustments

(1)

Corporate administration and marketing
related to current operations

Total sustaining capital expenditure

160

All-in sustaining costs

132

150

352

235

182

417

194

970

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

(1)

All-in sustaining costs adjusted for non-
controlling interests and non-gold producing
companies

132

150

352

235

182

417

194

970

Adjusted for stockpile write-offs

(1)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

132

150

352

235

182

417

194

969

All-in sustaining costs

132

150

352

235

182

417

194

970

Non-sustaining Project capex

Technology improvements

Non-sustaining exploration and study costs

Corporate and social responsibility costs not
related to current operations

All-in costs

132

151

353

258

182

440

194

20 1,007

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

(1)

All-in sustaining costs adjusted for non-
controlling interests and non-gold producing
companies

132

151

353

258

182

440

194

20 1,007

Adjusted for stockpile write-offs

(1)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

132

151

353

258

182

440

194

19 1,006

Gold sold - oz (000)

(3)

107

166

329

257

169

425

166

922

All-in sustaining cost (excluding stockpile
write-offs) per unit - $/oz

(4)

1,248 1,234

909 1,072

917 1,081

982 1,165

- 1,054

All-in cost per unit (excluding stockpile write-
offs) - $/oz

(4)

1,248 1,234

916 1,076 1,009 1,081 1,037 1,165

- 1,093

(1)

Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap
leach inventory.

(2)

Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash
costs per ounce and total production costs per ounce.

(3)

Attributable portion.

(4)

(5)

Corporate includes non-gold producing subsidiaries.

(6)

Total cash costs per ounce calculation includes heap-leach inventory change.

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the nine months ended 30 September 2014

Operations in South Africa
(in $ millions, except as otherwise noted)

Great
Noli
gwa

Kopa
nang

Moab
Khot
song

Vaal
River
Opera
tions

Mpo
neng

Tau
Tona

West
Wits
Opera
tions

Surface
opera
tions

South
Africa
other

Total
South
Africa
(Opera
tions)

Cor
porate

Total cash costs
Total cash costs per financial statements

110

118

292

180

155

335

160

787

(1)

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

(1)

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

110

118

292

180

155

335

160

787

Retrenchment costs

Rehabilitation and other non-cash costs

Amortisation of tangible assets

186

Amortisation of intangible assets

(1)

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

(1)

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

155

159

386

240

204

444

180

(1) 1,009

Gold produced - oz (000)

(3)

107

166

329

257

169

425

167

923

Total cash costs per unit - $/oz

(4)

1,146 1,026

714

889

703

916

788

961

855

Total production costs per unit - $/oz

(4)

1,283 1,448

957 1,172

940 1,206 1,046 1,078

- 1,097

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the nine months ended 30 September 2014

Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in $ millions, except as otherwise noted)

DRC

CHANA

GUINEA

MALI

NAM
IBIA

TAN
ZANIA

Conti
nental
Africa
Other

TOTAL
CONTI
NENTAL
AFRICA

Kibali

Iduap
riem

Ob
uasi

Siguiri

Morila

Sadiola

Yatela

Nava
chab

Geita

All-in sustaining costs
Cost of sales per financial statements

144

230

229

297

929

Amortisation of tangible and intangible assets

(18)

(13)

(23)

(56)

(3) (113)

Adjusted for decommissioning amortisation

Associates and equity accounted joint
ventures' share of costs

(2)

218

Sustaining exploration and study costs

Total sustaining capital expenditure

171

All-in sustaining costs

138

258

232

330

1 1,215

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

(1)

(35)

(0)

(35)

All-in sustaining costs adjusted for non-
controlling interests and non-gold producing
companies

138

258

197

330

1 1,180

Adjusted for stockpile write-offs

(2)

(9)

(11)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

138

258

197

321

1 1,169

All-in sustaining costs

138

258

232

330

1 1,215

Non-sustaining Project capex

132

164

Non-sustaining exploration and study costs

(1)

All-in costs

228

138

290

237

330

- 1,385

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

(1)

(35)

All-in sustaining costs adjusted for non-
controlling interests and non-gold producing
companies

228

138

290

202

330

- 1,350

Adjusted for stockpile write-offs

(2)

(9)

(11)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

228

138

290

202

321

- 1,339

Gold sold - oz (000)

(3)

152

144

191

219

339

- 1,181

All-in sustaining cost (excluding stockpile
write-offs) per unit - $/oz

(4)

617

954 1,355

898 1,476 1,161 2,242

719

948

990

All-in cost per unit (excluding stockpile write-
offs) - $/oz

(4)

1,494

954 1,524

917 1,476 1,161 2,242

719

948

- 1,134

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the nine months ended 30 September 2014

Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in $ millions, except as otherwise noted)

DRC

CHANA

GUINEA

MALI

NAM
IBIA

TAN
ZANIA

Conti
nental
Africa
Other

TOTAL
CONTI
NENTAL
AFRICA

Kibali

Iduap
riem

Ob
uasi

Siguiri

Morila

Sadiola

Yatela

Nava
chab

Geita

Total cash costs
Total cash costs per financial statements

114

217

202

224

(2)

780

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

(1)

(30)

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

(2)

213

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

114

217

172

224

(1)

963

Retrenchment costs

Rehabilitation and other non-cash costs

Amortisation of tangible assets

110

Amortisation of intangible assets

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

(1)

(4)

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

(2)

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

143

135

233

194

285

1,167

Gold produced - oz (000)

(3)

157

137

195

222

332

1,178

Total cash costs per unit - $/oz

(4)

595

832 1,108

773 1,254 1,057 1,804

752

672

817

Total production costs per unit - $/oz

(4)

912

990 1,189

875 1,498 1,371 2,190

756

855

990

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the nine months ended 30 September 2014

Operations in Australia, United States of America, Argentina and Brazil
(in $ millions, except as otherwise noted)

Australia

TOTAL
AUS
TRALIA

UNITED
STATES
OF
AME
RICA

ARGEN
TINA

BRAZIL

Ameri
cas
other

TOTAL
AMERI
CAS

Sunrise
Dam

Tropi
cana

Aus
tralia
other

Cripple
Creek
&
Victor

Cerro
Van
guardia

Anglo
Gold
Ashanti
Mine
racao

Serra
Grande

All-in sustaining costs
Cost of sales per financial statements

264

217

497

155

156

264

115

691

Amortisation of tangible and intangible assets

(33)

(71)

(4)

(108)

(2)

(23)

(77)

(34)

(136)

Adjusted for decommissioning amortisation

Corporate administration and marketing related
to current operations

Sustaining exploration and study costs

Total sustaining capital expenditure

158

All-in sustaining costs

257

187

462

170

169

274

108

734

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

(1)

(13)

(9)

(22)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

257

187

462

170

156

274

108

712

All-in sustaining costs

257

187

462

170

169

274

108

734

Non-sustaining Project capex

103

(1)

102

Non-sustaining exploration and study costs

Corporate and social responsibility costs not
related to current operations

All-in costs

257

187

468

273

169

285

109

899

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

(1)

(13)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

257

187

468

273

156

285

109

886

Gold sold - oz (000)

(3)

211

259

470

155

175

285

713

All-in sustaining cost (excluding stockpile
write-offs) per unit - $/oz

(4)

1,220

726

983 1,106

892

964 1,110

997

All-in cost per unit (excluding stockpile write-
offs) - $/oz

(4)

1,220

726

995 1,768

893 1,002 1,121

- 1,241

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the nine months ended 30 September 2014

Operations in Australia, United States of America, Argentina and Brazil
(in $ millions, except as otherwise noted)

Australia

TOTAL
AUS
TRALIA

UNITED
STATES
OF
AME
RICA

ARGEN
TINA

BRAZIL

Ameri
cas
other

TOTAL
AMERI
CAS

Sunrise
Dam

Tropi
cana

Aus
tralia
other

Cripple
Creek
&
Victor

Cerro
Van
guardia

Anglo
Gold
Ashanti
Mine
racao

Serra
Grande

Total cash costs
Total cash costs per financial statements

224

149

384

167

130

191

566

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

(1)

(40)

(10)

(50)

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

224

149

384

127

120

191

516

Retrenchment costs

Rehabilitation and other non-cash costs

(1)

(5)

(1)

Amortisation of tangible assets

107

129

Amortisation of intangible assets

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

(1)

(2)

(1)

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

259

225

498

155

148

265

112

(2)

679

Gold produced - oz (000)

(3)

201

261

462

157

182

282

716

Total cash costs per unit - $/oz

(4)

1,112

568

830 807

(6)

661

678

826

721

Total production costs per unit - $/oz

(4)

1,288

857

- 1,079

988

815

940 1,181

950

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the nine months ended 30 September 2013

Operations in South Africa
(in $ millions, except as otherwise noted)

Great
Noli
gwa

Kopa
nang

Moab
Khot
song

Vaal
River
Operat
ions

Mpo
neng

Tau
Tona

West
Wits
Opera
tions

Surface
opera
tions

South
Africa
other

Total
South
Africa
(Opera
tions)

Cor
porate

All-in sustaining costs
Cost of sales per financial statements

166

184

429

264

212

476

164

2 1,071

Amortisation of tangible and intangible assets

(6)

(33)

(48)

(87)

(63)

(38) (101)

(3)

- (191)

(5)

Adjusted for decommissioning amortisation

(1)

Inventory writedown to net realisable value
and other stockpile adjustments

Corporate administration and marketing
related to current operations

138

Associates and equity accounted joint
ventures' share of costs

(2)

Total sustaining capital expenditure

111

112

232

All-in sustaining costs

173

199

454

270

217

487

170

5 1,116

143

All-in sustaining costs adjusted for non-
controlling interests and non-gold producing
companies

173

199

454

270

217

487

170

5 1,116

143

Adjusted for stockpile write-offs

(1)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

173

199

454

270

217

487

170

4 1,115

143

All-in sustaining costs

173

199

454

270

217

487

170

5 1,116

143

Non-sustaining Project capex

108

(1)

Technology improvements

Non-sustaining exploration and study costs

Corporate and social responsibility costs not
related to current operations

All-in costs

173

236

491

329

218

547

181

13 1,232

169

All-in sustaining costs adjusted for non-
controlling interests and non-gold producing
companies

173

236

491

329

218

547

181

13 1,232

169

Adjusted for stockpile write-offs

(1)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

173

236

491

329

218

547

181

12 1,231

169

Gold sold - oz (000)

(3)

139

144

346

261

173

435

181

961

All-in sustaining cost (excluding stockpile
write-offs) per unit - $/oz

(4)

1,308 1,243 1,379

1,312 1,034 1,255 1,123

940

- 1,161

All-in cost per unit (excluding stockpile write-
offs) - $/oz

(4)

1,308 1,245 1,636

1,420 1,259 1,259

1,259 1,002

- 1,281

(1)

Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap
leach inventory.

(2)

Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash
costs per ounce and total production costs per ounce.

(3)

Attributable portion.

(4)

(5)

Corporate includes non-gold producing subsidiaries.

(6)

Total cash costs per ounce calculation includes heap-leach inventory change.

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the nine months ended 30 September 2013

Operations in South Africa
(in $ millions, except as otherwise noted)

Great
Noli
gwa

Kopa
nang

Moab
Khot
song

Vaal
River
Operat
ions

Mpo
neng

Tau
Tona

West
Wits
Opera
tions

Surface
opera
tions

South
Africa
other

Total
South
Africa
(Opera
tions)

Cor
porate

Total cash costs
Total cash costs per financial statements

128

129

327

194

167

361

160

(1)

847

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

(1)

(2)

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

(2)

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

128

129

327

194

167

361

160

(1)

847

Retrenchment costs

(1)

Rehabilitation and other non-cash costs

(1)

Amortisation of tangible assets

(1)

180

Amortisation of intangible assets

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

(1)

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

167

186

433

265

214

479

164

(3) 1,073

Gold produced - oz (000)

(3)

139

144

346

261

173

435

183

964

Total cash costs per unit - $/oz

(4)

1,122

920

890

944

742

960

829

873

879

Total production costs per unit - $/oz

(4)

1,269 1,202 1,280

1,247 1,011

1,226 1,098

900

- 1,114

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the nine months ended 30 September 2013

Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in $ millions, except as otherwise noted)

All-in sustaining costs
Cost of sales per financial statements

DRC

CHANA

GUINEA

MALI

NAM
IBIA

TAN
ZANIA

Conti
nental
Africa
Other

TOTAL
CONTI
NENTAL
AFRICA

Kibali

Iduap
riem

Ob
uasi

Siguiri

Morila

Sadiola

Yatela

Nava
chab

Geita

153

331

248

249

18 1,040

Amortisation of tangible and intangible assets

(22)

(48)

(20)

(6)

(87)

(5) (188)

Adjusted for decommissioning amortisation

Inventory writedown to net realisable value
and other stockpile adjustments

177

Corporate administration and marketing
related to current operations

Associates and equity accounted joint
ventures' share of costs

(2)

(1)

141

Sustaining exploration and study costs

Total sustaining capital expenditure

117

271

All-in sustaining costs

232

410

260

335

21 1,483

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

(1)

(39)

(2)

(41)

All-in sustaining costs adjusted for non-
controlling interests and non-gold producing
companies

232

410

221

335

19 1,442

Adjusted for stockpile write-offs

(83)

(4)

(24)

(66)

- (177)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

149

406

221

269

19 1,265

All-in sustaining costs

232

410

260

335

21 1,483

Non-sustaining Project capex

275

357

Non-sustaining exploration and study costs

All-in costs

278

236

434

270

344

78 1,875

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

(1)

(41)

(9)

(50)

All-in sustaining costs adjusted for non-
controlling interests and non-gold producing
companies

278

236

434

229

344

69 1,825

Adjusted for stockpile write-offs

(83)

(4)

(24)

(66)

- (177)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

278

153

430

229

278

69 1,648

Gold sold - oz (000)

(3)

153

180

209

313

- 1,025

All-in sustaining cost (excluding stockpile
write-offs) per unit - $/oz

(4)

973 2,264 1,075

946 1,460 1,434

875

856

- 1,233

All-in cost per unit (excluding stockpile write-
offs) - $/oz

(4)

- 1,001 2,402 1,115

946 1,618 1,530

875

884

- 1,607

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the nine months ended 30 September 2013

Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in $ millions, except as otherwise noted)

DRC

CHANA

GUINEA

MALI

NAM
IBIA

TAN
ZANIA

Conti
nental
Africa
Other

TOTAL
CONTI
NENTAL
AFRICA

Kibali

Iduap
riem

Ob
uasi

Siguiri

Morila

Sadiola

Yatela

Nava
chab

Geita

Total cash costs
Total cash costs per financial statements

125

250

215

153

(2)

776

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

(1)

(32)

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

(2)

140

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

125

250

183

153

(2)

884

Retrenchment costs

Rehabilitation and other non-cash costs

(1)

Amortisation of tangible assets

186

Amortisation of intangible assets

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

(1)

(3)

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

(2)

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

147

326

201

241

9 1,110

Gold produced - oz (000)

(3)

153

176

193

306

- 1,000

Total cash costs per unit - $/oz

(4)

815 1,425

947

751 1,268 1,378

755

502

883

Total production costs per unit - $/oz

(4)

963 1,854 1,037

800 1,281 1,487

880

740

- 1,109

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the nine months ended 30 September 2013

Operations in Australia, United States of America, Argentina and Brazil
(in $ millions, except as otherwise noted)

Australia

TOTAL
AUS
TRALIA

UNITED
STATES
OF
AME
RICA

ARGEN
TINA

BRAZIL

Ameri
cas
other

TOTAL
AMERI
CAS

Sunrise
Dam

Tropi
cana

Aus
tralia
other

Cripple
Creek
&
Victor

Cerro
Van
guardia

Anglo
Gold
Ashanti
Mine
racao

Serra
Grande

All-in sustaining costs
Cost of sales per financial statements

270

288

161

154

282

102

700

Amortisation of tangible and intangible assets

(40)

(2)

(42)

(21)

(28)

(81)

(30)

(1)

(161)

Adjusted for decommissioning amortisation

(1)

Corporate administration and marketing related
to current operations

Sustaining exploration and study costs

Total sustaining capital expenditure

176

All-in sustaining costs

275

330

163

182

296

104

757

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

(1)

(14)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

275

330

163

168

296

104

743

All-in sustaining costs

275

330

163

182

296

104

757

Non-sustaining Project capex

188

100

118

Non-sustaining exploration and study costs

Corporate and social responsibility costs not
related to current operations

(4)

All-in costs

275

215

525

263

190

311

103

106

973

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

(1)

(14)

All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs

275

215

525

263

176

311

103

106

959

Gold sold - oz (000)

(3)

171

183

182

273

107

745

All-in sustaining cost (excluding stockpile
write-offs) per unit - $/oz

(4)

1,605

- 1,922

888

930 1,083

975

999

All-in cost per unit (excluding stockpile write-
offs) - $/oz

(4)

1,605

- 3,063 1,433

971 1,140

966

- 1,287

Quarterly report September 2014 - www.AngloGoldAshanti.com

For the nine months ended 30 September 2013

Operations in Australia, United States of America, Argentina and Brazil
(in $ millions, except as otherwise noted)

Australia

TOTAL
AUS
TRALIA

UNITED
STATES
OF
AME
RICA

ARGEN
TINA

BRAZIL

Ameri
cas
other

TOTAL
AMERI
CAS

Sunrise
Dam

Tropi
cana

Aus
tralia
other

Cripple
Creek
&
Victor

Cerro
Van
guardia

Anglo
Gold
Ashanti
Mine
racao

Serra
Grande

Total cash costs
Total cash costs per financial statements

236

250

178

118

191

562

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

(1)

(48)

(9)

(56)

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

236

250

130

109

191

506

Retrenchment costs

Rehabilitation and other non-cash costs

(3)

(1)

Amortisation of tangible assets

159

Amortisation of intangible assets

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

(1)

(2)

(1)

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

273

290 159

138

278

104

680

Gold produced - oz (000)

(3)

173

184

180

271

104

739

Total cash costs per unit - $/oz

(4)

1,360

- 1,444 708

(6)

605

704

722

684

Total production costs per unit - $/oz

(4)

1,575

- 1,673

868

761 1,025 1,011

921

Quarterly report September 2014 - www.AngloGoldAshanti.com

Administrative

information

NGLO

OLD

SHANTI

IMITED

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

Share codes:

ISIN:

ZAE000043485

ANG
AU
AGG

JSE:
NYSE:
ASX:
GhSE: (Shares)

AGA

GhSE: (GhDS)

AAD

The company’s securities were delisted from
the London Stock Exhange from 22
September 2014. The UK register will
remain open for a year from the date of
delisting.

JSE Sponsor:
Deutsche Securities (SA) Proprietary Ltd

Auditors: Ernst & Young Inc.

Offices

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

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

Ghana
Gold House
Patrice Lumumba Road
(PO Box 2665)
Accra
Ghana
Telephone: +233 303 772190
Fax: +233 303 778155

United Kingdom Secretaries
St James’s Corporate Services Limited
Suite 31, Second Floor
107 Cheapside
London
EC2V 6DN
Telephone: +44 20 7796 8644
Fax: +44 20 7796 8645
E-mail:

jane.kirton@corpserv.co.uk

Directors

Executive
KC Ramon

(Chief Financial Officer)

S Venkatakrishnan*

(Chief Executive Officer)

Non-Executive
SM Pityana

(Chairman)

R Gasant

DL Hogdson

NP January-Bardill

MJ Kirkwood

Prof LW Nkuhlu

R J Ruston~

* British

South African

~ Australian

Indian

Officers
Group General Counsel and
Company Secretary: Ms M E Sanz Perez

Investor Relations Contacts

South Africa
Stewart Bailey
Telephone: +27 11 637 6031
Mobile: +27 81 032 2563
E-mail: sbailey@AngloGoldAshanti.com

Fundisa Mgidi
Telephone: +27 11 637 6763
Mobile: +27 82 821 5322
E-mail: fmgidi@AngloGoldAshanti.com

United States
Sabrina Brockman
Telephone: +1 212 858 7702
Mobile: +1 646 379 2555
E-mail: sbrockman@AngloGoldAshantiNA.com

General E-mail enquiries
investors@AngloGoldAshanti.com

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

Company secretarial E-mail
Companysecretary@AngloGoldAshanti.com

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

PUBLISHED BY ANGLOGOLD ASHANTI

Share Registrars

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

United Kingdom
Shares
Jersey
Computershare Investor Services (Jersey) Ltd
Queensway House
Hilgrove Street
St Helier
Jersey JE1 1ES
Telephone: +44 870 889 3177
Fax: +44 (0) 870 873 5851

Australia
Computershare Investor Services Pty Limited
Level 2, 45 St George's Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: (Australia only) 1300 55 2949
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
BNY Mellon
BNY Shareowner Services
PO Box 358016
Pittsburgh, PA 15252-8016
United States of America
Telephone: +1 800 522 6645 (Toll free in USA)
or +1 201 680 6578 (outside USA)
E-mail: shrrelations@mellon.com
Website: www.bnymellon.com.com\shareowner

Global BuyDIRECT

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

NGLO

OLD

SHANTI

Telephone: +1-888-BNY-ADRS

Quarterly report September 2014 - www.AngloGoldAshanti.com

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: November 3, 2014

By:

/s/ M E SANZ PEREZ________

Name:

M E Sanz Perez

Title:

EVP: Group Legal, Commercial & Governance