Edgar Filing: GOLDEN CYCLE GOLD CORP

Page 1

Filed by AngloGold Ashanti Limited
This communication is filed pursuant to Rule 425 under The Securities Act
of 1933, as amended.
Subject Company: Golden Cycle Gold Corporation
Commission File Number: 333 -149068

ANGLOGOLD ASHANTI LIMITED
REPORT FOR THE QUARTER AND YEAR ENDED 31 DECEMBER 2007
PREPARED IN ACCORDANCE WITH IFRS

FORWARD-LOOKING STATEMENTS

Certain statements made during this communication, including, without limitation, those concerning
the economic outlook for the gold mining industry, expectations regarding gold prices, production,
cash costs and other operating results, growth prospects and the outlook of AngloGold Ashanti’s
operations including the completion and commencement of commercial operations of certain of
AngloGold Ashanti’s exploration and production projects, and its liquidity and capital resources and
expenditure, contain certain forward-looking statements regarding AngloGold Ashanti’s operations,
economic performance and financial condition. Although AngloGold Ashanti believes that the
expectations reflected in such forward-looking statements are reasonable, no assurance can be given
that such expectations will prove to have been correct. Accordingly, results could differ materially from
those set out in the forward-looking statements as a result of, among other factors, changes in
economic and market conditions, success of business and operating initiatives, changes in the
regulatory environment and other government actions, fluctuations in gold prices and exchange rates,
and business and operational risk management. For a discussion of such factors, refer to AngloGold
Ashanti's annual report for the year ended 31 December 2006, which was distributed to shareholders
on 29 March 2007. AngloGold Ashanti undertakes no obligation to update publicly or release any
revisions to these forward-looking statements to reflect events or circumstances after today’s date or
to reflect the occurrence of unanticipated events.

In connection with the proposed merger transaction involving AngloGold Ashanti and Golden Cycle
Gold Corporation, AngloGold Ashanti has filed with the SEC a registration statement on Form F-4 and
GCGC will mail a proxy statement/prospectus to its stockholders, and each will be filing other
documents regarding the proposed transaction with the U.S. Securities and Exchange Commission
(“SEC”) as well. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS ARE
URGED TO READ THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED
TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
TRANSACTION. The final proxy statement/prospectus will be mailed to GCGC’s stockholders.
Stockholders will be able to obtain a free copy of the proxy statement/prospectus, as well as other
filings containing information about AngloGold Ashanti and GCGC, without charge, at the SEC’s
Internet site (http://www.sec.gov). Copies of the proxy statement/prospectus and the filings with the
SEC that will be incorporated by reference in the proxy statement/prospectus can also be obtained,
without charge, by directing a request to AngloGold Ashanti, 76 Jeppe Street, Newtown,
Johannesburg, 2001 (PO Box 62117, Marshalltown, 2107) South Africa, Attention: Investor Relations,
+27 11 637 6385, or to Golden Cycle Gold Corporation, 1515 S. Tejon, Suite 201, Colorado Springs,
CO 80906, Attention: Chief Executive Officer, (719) 471-9013.

Quarter 4 2007

Report

for the quarter and year ended 31 December 2007

Group results for the quarter ….

· Gold production decreases 5% to 1.37Moz, following safety interventions in South Africa and operational difficulties at Geita.
· Total cash costs at $404/oz, primarily as a result of lower production, local currency appreciation, and the purchase of uranium to

meet contractual obligations.

· Adjusted headline earnings similar to previous quarter at $82m, before year-end adjustments amounting to $64m. Including year-

end accounting adjustments, adjusted headline earnings at $18m.

.... and for the year

·      Gold production declines 3% to 5.48Moz.
·      Total cash costs increased by 16% to $357/oz, due to lower production, stronger local currencies and inflationary pressure.
·      Adjusted headline earnings for the year at $278m.
·      Mineral Resource increases by 34.1Moz, before depletion for the year, with 6.95Moz (attributable) from Greenfields discoveries.

Ore Reserves increases 13Moz, before depletion to 73.1Moz.

· Final dividend declared at 53 South African cents per share or 7 US cents per share, resulting in total dividend of 143 South African

cents or 20 US cents per share for the year.

Quarter

Year

Quarter

Year

ended

Dec

2007

ended

Sept

2007

ended

Dec

2007

ended

Dec

2006

ended

Dec

2007

ended

Sept

2007

ended

Dec

2007

ended

Dec

2006

SA rand / Metric

US dollar / Imperial

Operating review

Gold

Produced

- kg / oz (000)

42,556

44,611 170,365 175,253

1,368

1,434

5,477

5,635

Price received

- R/kg / $/oz

149,312

141,400 142,107 126,038

687

621

629

577

Total cash costs

- R/kg / $/oz

87,744

81,186 80,490 67,133

404

357

308

Total production costs

- R/kg / $/oz

122,344

107,239 107,415 90,345

563

471

476

414

Financial review

Gross (loss) profit

- Rm / $m

(2,354)

(879)

(524)

2,700

(355)

(159) (136) 443

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

- Rm / $m

1,309

1,761 6,590 7,207

195

249

935

1,058

Loss attributable to equity
shareholders

- Rm / $m

(3,199)

(2,003)

(4,269)

(587)

(482)

(316) (668) (44)

Headline loss ³

- Rm / $m

(3,095)

(1,972)

(4,136)

(850)

(466)

(312) (648) (82)

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

- Rm / $m

117

575 1,971

2,777

278

411

Capital expenditure

- Rm / $m

2,315

1,733 7,444

5,533

339

245

1,059

817

Loss per ordinary share

- cents/share

Basic

(1,136)

(712)

(1,516)

(215)

(171)

(112) (237) (16)

Diluted

(1,136)

(712)

(1,516)

(215)

(171)

(112) (237) (16)

Headline ³

(1,099)

(701)

(1,470)

(312)

(165)

(111) (230) (30)

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

- cents/share

204 700

1,018

151

Dividends

- cents/share

143 450

Notes:

Refer to note D Non-GAAP disclosure for the definition.

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

Refer to note 8 of Notes for the definition.

Refer to note A of Non-GAAP disclosure.

$ represents US dollar, unless otherwise stated.
Rounding of figures may result in computational discrepancies.

Operations at a glance

for the quarter ended 31 December 2007

Production

Total cash costs

Cash gross profit

(loss)

Gross profit (loss)

adjusted for the loss

on unrealised non-

hedge derivatives

and other

commodity

contracts

oz (000)

Variance

$/oz

Variance

Mponeng

136

(12)

304

(12)

(15)

Sunrise Dam

150

(2)

348

(11)

(17)

AngloGold Ashanti Mineração

251

Kopanang

104

(11)

329

(3)

(4)

Cripple Creek & Victor J.V.

277

(10)

TauTona

(17)

357

(11)

(43)

Morila

351

Great Noligwa

116

(2)

543

(41)

(67)

Cerro Vanguardia

310

(13)

(20)

Siguiri

439

(15)

100

500

Serra Grande

(9)

292

Sadiola

419

Tau Lekoa

(7)

516

Iduapriem

(13)

414

(64)

(78)

Savuka

(15)

422

100

Navachab

(5)

527

Yatela

(27)

547

(71)

(83)

Moab Khotsong

693

(6)

(500)

(22)

(214)

Geita

(47)

722

(8)

(131)

(16)

(223)

Obuasi

489

(5)

(12)

(300)

(23)

(229)

Other

141

136

AngloGold Ashanti

1,368

(5)

404

358

(11)

195

(22)

Refer to note F “Non-GAAP disclosure” for the definition.

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

Variance December 2007 quarter on September 2007 quarter – increase (decrease).

Attributable.

Rounding of figures may result in computational discrepancies.

Financial and operating review

OVERVIEW FOR THE QUARTER AND YEAR

FOURTH QUARTER

On 8 November 2007 the company launched its
“Safety is our first value” campaign in South Africa,
in collaboration with trade unions and government
representatives. Combined with the launch, safety
interventions were undertaken at each operation to
re-emphasize the company’s safety principles and
standards, with the key focus on leadership
behaviours and improving compliance to operating
standards at the shop floor.

Prior to the launch on 8 November 2007, eight
employees lost their lives at the South African
operations during the quarter, with one fatality at
Obuasi in Ghana. Following the launch, there were
no fatalities for the remaining 53 days of the
quarter and year. The South African operations
reduced their fatal injury rate by 17% year-on-year,
while there was an increase in the fatality rate at
operations outside of South Africa.

AngloGold Ashanti remains committed to a
continuing focus on raising safety standards, and
there is a commitment to use OHSAS 18001 and
OHSAS 18002 as the templates for the safety
management framework. At the end of the year,
half of the operations were certified OHSAS 18001
compliant, with the balance on schedule for
certification during 2008.

Gold production for the quarter was 5% lower at
1.37Moz, mainly as a result of the safety
interventions in South Africa and operational
difficulties at Geita. Total cash costs at $404/oz,
was 13% higher than the previous quarter, which
was impacted by lower production, appreciation of
local currencies, and the purchase of uranium to
meet contractual obligations.

Adjusted headline earnings for the quarter were
$18m, compared with $81m in the third quarter.
Adjusted headline earnings were adversely
distorted by annual accounting adjustments which
totalled $64m and included adjustments on
rehabilitation, inventory, and current and deferred
tax provisions. This was further exacerbated by
stronger local operating currencies, higher
exploration expenditure and lower production,
specifically in South Africa, Ghana and Tanzania.

In South Africa, gold production dropped 9% to
17,503kg, following safety interventions, stoppages
and the one-day NUM strike. Total cash costs
increased 14% to R87,949/kg on the back of lower
production and adverse by-products contribution,
following the decision to take advantage of weaker
uranium prices in October 2007 when 300,000
pounds of uranium were purchased. Excluding the
purchase of additional uranium, total cash costs
increased 4% quarter-on-quarter.

The other African assets had a mixed quarter, with
significant operational improvements from Siguiri
and Sadiola, which posted increased gold
production of 36% and 14% respectively. Morila
and Obuasi were on par with the previous quarter.
Iduapriem was affected by power outages, with
gold production declining 13%, while Yatela and
Navachab declined 27% and 5% respectively.
Geita was adversely affected by discharge pump
failures and the treatment of hard ore, resulting in
gold production being 47% lower.

The international operations remained steady
during the quarter, with Cerro Vanguardia and
AngloGold Ashanti Brasil Mineração improving
their gold production by 2% and 5% respectively,
while Sunrise Dam was marginally lower, as the
operation continued to mine the higher grade area.
Gold production at CC&V improved 48% quarter-
on-quarter, as delays from improved leach pad
stacking depths were rectified. Consequently, total
cash costs at CC&V reduced by 10% and adjusted
gross profit improved 87% to $28m for the quarter.

During the quarter, following a review process, a
regional operating structure was established with
Robbie Lazare (Africa), Ron Largent (Americas)
and Graham Ehm (Australasia) appointed as
Executive Vice Presidents accountable for their
respective operating regions, reporting directly to
the CEO. This restructuring is designed to further
strengthen the focus on delivering improved
operational performance and safety improvement.

Two teams have also been established in the
Africa region, with Johan Viljoen appointed
Regional Head for Southern Africa, and Christian
Rampa Luhembwe appointed Regional Head for
West Africa. Following the disappointing recent
performance from Geita, Richard Le Seur has been
appointed as the new Managing Director at Geita,
reporting directly to Robbie Lazare.

YEAR

The company’s total Mineral Resource before
depletion increased by 34.1Moz for the year.
After depletion, this represents an increase of
26.0Moz, from 181.6Moz in 2006 to 207.6Moz in
2007, of which 6.95Moz (attributable) were
delineated by AngloGold Ashanti’s greenfields
exploration teams for the year, at three key
prospects, namely Tropicana (Western Australia),
Mongbwalu (DRC) and Gramalote (Colombia).
Significant other additions include 17.1Moz at
Mponeng and 4.7Moz at CC&V, both due to
improved economics and revised methodologies.

In 2007, AngloGold Ashanti recorded an increase
in total ore reserves before depletion of 13.0Moz.
After depletion, this represents a 9% increase
year-on-year, from 66.9Moz in 2006 to 73.1Moz in
2007. Significant additions included 3.8Moz at
Moab Khotsong, due to the inclusion of Project
Zaaiplaats, a deepening of Moab Khotsong to
access deeper Vaal Reef blocks to the South
West of the current mine, and 3.4Moz at
Mponeng, due to the inclusion of the Carbon
Leader Reef project below 120 Level.

Production for 2007 declined by 3% or 158,000oz
against the previous year, with Great Noligwa and
TauTona showing production declines of
132,000oz and 65,000oz respectively, affected by
mining redesign following safety concerns at
TauTona and by lower grades at Great Noligwa, as
mining moves into the lower grade SV3 area. Both
Sunrise Dam in Australia and Siguiri in Guinea
achieved record production levels of 600,000oz
and 280,000oz (attributable), respectively, for the
year.

Total cash costs increased by 16% to $357/oz, due
to lower production, stronger local currencies,
higher by-product losses (uranium purchases),
higher royalty payments (higher gold price),
increased maintenance activities and inflationary
pressure. Combined with a higher spend on
exploration activities year-on-year to the value of
$59m, adjusted headline earnings reduced from
$411m in 2006 to $278m.

A dividend of 53 South African cents (7 US cents)
per share was declared for the six months ended
31 December 2007. This represents a similar
dividend payout level to adjusted headline
earnings, as per the interim year declaration,
resulting in a total dividend for the year of
143 South African cents (20 US cents) per share.

On 14 January 2008, AngloGold Ashanti agreed
to acquire 100% of Golden Cycle Gold
Corporation (GCGC), for an aggregate
consideration of approximately $149m. GCGC,
which is listed and trades on the NYSE Arca
Exchange, is a Colorado-based holding company
with its primary investment being its joint venture
interest in CC&V and which is majority owned by
AngloGold Ashanti. The successful completion of
the acquisition, will allow AngloGold Ashanti to
consolidate 100% interest in CC&V. Under the
terms of the CC&V joint venture agreement,
AngloGold Ashanti was entitled to 100% of the net
proceeds from the CC&V mine until GCGC has
repaid its initial loans.

On 24 January 2008, AngloGold Ashanti entered
into agreements to sell its royalty interests in
El

Chanate (Sonaro, Mexico) and Marigold

(Nevada, USA) to Royal Gold for $13.75m. The
transaction is subject to due diligence and is
expected to be completed by the end of the first
quarter.

On 25 January 2008, the South African national
power supplier, Eskom, communicated that it
could not guarantee power supply to the local
operations. Precautionary steps were immediately
taken for the safety of all employees, with no
employees transported underground to carry-out
mining activities, together with the cessation of
milling activities. Following extensive discussions
with Eskom and government, a power supply of
90% has been offered, although at the time of
writing, this was still to be attained, which means
that first quarter 2008 production from South
African operations has been severely disrupted.
The company is still reviewing a scenario in which
only 90% of power is available to its South African
operations.

Equally important is Eskom’s ability to maintain a
continuous power supply, at a 90% level, given
that since 25 January 2008, the company has
experienced daily fluctuations in available power
which in turn has further disrupted the attempt to
return to normal production levels and milling
rates.

Since 2004, Eskom and AngloGold Ashanti have
been working to improve energy efficiencies and
reduce consumption, with both organisations
committing funds and resources to the
programme. These combined efforts have
achieved a 17% improvement in energy
efficiencies by the Company during this period.

Subject to the power stability and availability at
the 90% level, the production for the 2008 year is
expected to be within the range of 4.8Moz to
5.0Moz. Total cash costs are anticipated to be
between $425/oz and $435/oz, based on the
following exchange rate assumptions: R7.35/$,
A$/$0.88, BRL1.81/$ and Argentinean peso
3.10/$. Capital expenditure for the year is
estimated to be $1,259m, and will be managed in
line with profitability and cash flow.

Production for the first quarter of 2008, based on
90% stabilising power supply and associated

operating recovery, is estimated to be 1.10Moz at
an average total cash cost of $467/oz , assuming
the following exchange rates: R7.35/$, A$/$0.89,
BRL1.81/$ and Argentinean peso 3.10/$. Capital
expenditure is estimated at $328m.

The table below provides guidance for the year in
respect of forecast ounces, total cash costs and
capital expenditure, taking into consideration the
impact of a 90% power supply in South Africa, as
well as the current operational constraints at
Geita.

Operational forecast for 2008

Operation Forecast

Production

Ounces (000)

Expected

Cash Cost

US$/oz*

Forecast Capital

Expenditure

US$m**

South Africa

1,800 - 1,900

395 - 415

383

Argentina

200 - 205

310 - 320

Australia

400 - 420

595 - 605

411

Brazil

400 - 415

290 - 300

113

Ghana

580 - 620

420 - 430

172

Guinea

260 - 270

475 - 485

Mali

400 - 420

410 - 420

Namibia

75 - 80

520 - 530

Tanzania

330 - 340

595 - 605

North America

290 - 300

310 - 320

Other

AngloGold Ashanti

4,800 - 5,000

425 - 435

1,259

* Assumes the following exchange assumptions to the US dollar: R7.35/$, A$/$0.88, BRL1.81/$ and

Argentinean peso3.10/$.

** Capital expenditure is managed in line with earnings and cash flow, and may fluctuate accordingly.

OPERATING RESULTS FOR THE QUARTER

SOUTH AFRICA

At Great Noligwa, gold production was down 2%
to 3,613kg (116,000oz), as a result of a 4% lower
yield, partially offset by a 2% higher volume.
Volume improved despite the loss of production
shifts due to safety training interventions,
stoppages and the one-day NUM safety strike.
Although overall mining costs reduced, a higher by-
product loss was incurred, following the purchase
of uranium in October 2007, when the company
took advantage of a dip in uranium prices to meet
contractual obligations, resulting in total cash costs
increasing 31% to R117,918/kg ($543/oz).
Consequently, adjusted gross profit was 70% lower
at R32m ($5m). Total cash costs was marginally
lower at R86,580/kg excluding the purchase of
uranium.

The Lost-Time Injury Frequency Rate (LTIFR) was
13.24 lost-time injuries per million hours worked
(12.72 for the previous quarter).

Gold production at Kopanang reduced 11% to
3,229kg (104,000oz), following unexpected
geological structure changes, safety training
interventions and the one-day NUM safety strike,
resulting in a 5% decrease in yield and a 7% lower
volume.

Despite the 11% lower production, total cash costs
only increased by 3% to R71,498/kg ($329/oz),
partially off-setting the adverse impact of the lower
volume and grade, with improved efficiencies. The
adjusted gross profit was 10% lower at R180m
($27m).

The LTIFR improved to 11.13 (11.30).

The build up at Moab Khotsong continues with
both volume treated and values mined increasing,
up 14% and 3% respectively, resulting in gold
production being 39% higher at 726kg (23,000oz),
while total cash costs were 4% lower at
R150,648/kg ($693/oz). The adjusted gross loss
increased to R151m ($22m) due to an adjustment in
amortisation cost and an increase in the
rehabilitation provision.

The LTIFR improved to 12.16 (15.03).

At Tau Lekoa, despite an increased yield of 7%,
volumes were down 13%, due to the safety training
intervention, mining activity stoppages following a
fatal accident due to a gravity-induced fall of ground
accident and the one- day NUM strike.

As a result, gold production was down 7% to
1,247kg (40,000oz), and consequently total cash
costs increased 2% to R112,042/kg ($516/oz).
Adjusted gross profit increased to R6m ($1m),
against the previous quarter’s breakeven position.

The LTIFR improved to 15.57 (19.88).

Gold production at Mponeng was down 12% to
4,223kg (136,000oz) following the loss of five shifts
as a result of fatal accidents, safety interventions
and the one-day NUM strike. Total cash costs
consequently increased by 14% to R66,025/kg
($304/oz) and the adjusted gross profit decreased
19% to R263m ($39m).

The LTIFR improved to 11.57 (13.45) and the mine
had four fatalities relating to fall of ground accidents.

At Savuka, despite a 7% improvement in yield due
to reduced grade dilution from lower development
and improved stoping widths, volume was down
19%, following lower face advances, safety
interventions and the one-day NUM strike. As a
result, gold production was 13% lower at 540kg
(17,000oz).

Total cash costs were marginally lower at
R91,613/kg ($422/oz), largely offsetting the adverse
impact of the lower volume, by improved cost
efficiencies and lower power charges. The adjusted
gross profit increased to R29m ($4m) from R15m
($2m) in the previous quarter, mainly due to the
lower amortisation charge and improved price,
partially offset by the lower volume impact.

The LTIFR improved significantly to 17.23 (34.15).

TauTona had a challenging quarter. Increased
geological risk from seismicity activity has required
re-planning and together with the three fatal
accidents, resulted in mining stoppages, and
combined with safety interventions and the one day
NUM strike, resulted in volume and yield being
lower. Gold production was 18% down to 3,005kg
(97,000oz) and consequently, total cash costs rose
by 7% to R77,572/kg ($357/oz), which was partially
offset by various cost interventions to counter the
lower production, as well as the lower power tarriffs.
The adjusted gross profit was 43% lower at R83m
($12m).

The LTIFR was 17.82 (14.66). The mine
experienced three fatalities during the quarter, two
incidents from a fall of ground, and the third from an
ore pass accident.

ARGENTINA

At Cerro Vanguardia (92.5% attributable), gold
production increased 2% to 51,000oz, due to the
higher feed grade. Total cash costs rose 7% to
$310/oz as a result of the lower silver by-product
sales and higher services costs. Gold sales were
31% lower due to on-going discussions with the
government of Argentina, regarding its proposed tax
changes, and consequently the adjusted gross profit
decreased 20% to $8m.

The LTIFR improved significantly to 1.79 (7.14).

AUSTRALIA

Sunrise Dam continued to perform in accordance
with the planned production schedule, producing
150,000oz for the quarter, culminating in a record
annual production of 600,000oz. Yield was 6% lower
as mining passed through the high-grade GQ lode,
but was partially offset by the 4% higher tonnage
throughput. Total cash costs, however, increased
by 19% to A$392/oz ($348/oz), owing to the
marginally lower production, higher fuel costs and
inventory and stockpile movements. As a result of
the higher costs and lower production, the adjusted
gross profit decreased by 21% to A$38m ($34m).

During the quarter, production from underground
mining continued from the Sunrise Shear, Western
Shear and Mako lodes, while mine development
focused on the Cosmo lode. A total of 729m of
underground capital development and 1,055m of
operational development were completed during the
quarter.

The LTIFR was 2.59 (2.63).

BRAZIL

AngloGold Ashanti Brasil Mineração,

production increased 5% to 91,000oz with
operating performance improvements in both
volume and grade. Total cash costs rose 14% to
$251/oz, primarily due to higher transport costs
resulting from mill plant downtime (gearbox
breakdown) and higher chemical usage, spares
and services cost. Adjusted gross profit rose 24%
to $26m mainly due to 2% higher gold sold and
11% higher received price, offsetting the higher
costs.

The LTIFR was 1.96 (2.70).

Serra Grande (50% attributable), gold

production decreased 9% to 21,000oz as planned,
due to low grade material and feed from the open-
pit and Nova mine. Total cash costs were 9%
higher at $292/oz, due to local currency
appreciation and lower grades, partially offset by
movements in stockpiles. The adjusted gross profit
rose 17% to $7m, mainly due to the higher
received price, partially reduced by the lower gold
sold and higher costs.

The LTIFR was 1.90 (0.00).

GHANA

At Iduapriem, tonnage throughput was adversely
affected by power cuts following the failure of the
main Volta River Authority (VRA) transformer, with
tonnage 16% lower and gold production declined
13% to 45,000oz.

Total cash costs, increased by 15% to $414/oz,
due to the lower gold production, and consequently
the adjusted gross profit declined to $2m from $9m
in the previous quarter, combined with a higher
rehabilitation charge.

LTIFR was 0.72 (0.00)

OBUASI

In the prior quarter, tonnage throughput at Obuasi
was adversely affected by a plant shut down for
eleven-days for both maintenance and testing and
development of processes to reduce environmental
impacts of ore treatment. In the fourth quarter,
power outages reduced the ability for the operation
to recover from the production loss in the previous
quarter, and gold production remained steady at
84,000oz.

Total cash costs reduced 5% to $489/oz, following
cost savings from restructuring the operation by
approximately 200 employees. Following the re-
setting of the environmental liability and higher
retrenchment cost, the adjusted gross loss
increased to $23m from the previous quarter’s loss
of $7m.

LTIFR was 3.97 (3.51). One person died in a
machinery related accident.

REPUBLIC OF GUINEA

A significant improvement was achieved at Siguiri
(85% attributable), with a 9% increase in tonnage
throughput and a 26% increase in grade, resulting
in production increasing by 36% to 83,000oz in the
quarter.

As a result of the higher production, total cash
costs reduced by 15% to $439/oz. The adjusted
gross profit of $4m for the quarter was $5m higher
than the loss of $1m in the previous quarter, due to
the increased gold production and improved gold
price, which was partially offset by higher royalties,
and increased rehabilitation and amortisation
charges.

LTIFR was 0.50 (1.02)

MALI

Gold production at Morila (40% attributable) was
consistent with that of the previous quarter at
52,000oz. Total cash costs, however, increased by
15% to $351/oz due to increased royalty charges,
higher fuel prices, a weaker US dollar and higher
mining contractor costs. Despite the steady
production profile, gold sales for the quarter
increased by 10,000oz due to the timing of the final
gold shipments carried over from the previous
quarter, and combined with a higher gold price,
resulted in a 78% increase in adjusted gross profit
to $16m.

The LTIFR was 0.00 (2.38).

At Sadiola (38% attributable), production was 14%
higher at 40,000oz, with increases in both
recovered grade and tonnage throughput. Total
cash costs increased by 5% to $419/oz with the
impact of higher gold production being negated by
higher fuel prices, a weaker US dollar and
increased royalty charges. The adjusted gross
profit of $7m was 17% higher than the previous
quarter with the increased production and higher
gold price, being partially offset by higher total cash
costs and an increased rehabilitation charge.

The LTIFR was 1.71 (0.00).

Production at Yatela (40% attributable) decreased
by 27% to 22,000oz despite tonnage stacked being
35% higher, following the end of the wet season.
The lower gold production was due to the release
of low grade ore that had been stacked in the
previous quarter, and consequently total cash costs
were 43% higher at $547/oz, combined with a
weaker US dollar. The adjusted gross profit
decreased 83% to $1m due to the decline in
production and higher cash costs.

The LTIFR was 0.00 (0.00).

NAMIBIA

Gold production at Navachab decreased by 5% to
20,000oz as planned, due to a lower feed grade.
Total cash costs at $527/oz, were 22% higher due
to the weaker US dollar and higher stores, drilling
and fuel costs. Adjusted gross profit was 50%
higher at $3m, due primarily to the improved gold
price.

The LTIFR was 3.36 (3.44).

TANZANIA

Geita experienced a disappointing quarter with
gold production 47% lower at 58,000oz, due to an
8% decrease in tonnage throughput together with a
43% decrease in recovered grade. Tonnage
throughput was adversely affected in November by
discharge pump failures on both mills and a large
build up of mill scats due to the treatment of hard
banded iron formation (BIF) ore from the
Nyankanga pit. In early December a dramatic drop
in gold recovery occurred, and was attributed to the
refractive nature of ore from the Geita Hill pit.
Processing of Geita Hill ore was consequently
suspended and replaced with lower grade
stockpiled material, resulting in reduced production
for the quarter.

Total cash costs were 80% higher at $722/oz,
primarily due to the lower gold production. An
adjusted gross loss of $16 million was recorded for
the quarter as opposed to a profit of $13 million in
the previous quarter, due to the lower production
and an increased rehabilitation provision.

The LTIFR was 0.44 (0.00).

NORTH AMERICA

At Cripple Creek & Victor (67% ownership with
100% interest in production until initial loans are
repaid), gold production increased 48% to
89,000oz, attributable to the partial recovery of
delayed production from increased leach pad
stacking levels. Total cash costs decreased 10%
to $277/oz, due to a reduced royalty expense and
improved production.

Adjusted gross profit increased 87% to $28m as a
result of the lower total cash costs, increased
sales ounces and improved gold price.

The LTIFR was 4.93 (0.00).

Notes:

All references to price received includes realised non-hedge derivatives.

In the case of joint venture and operations with minority holdings, all production and financial results are attributable to AngloGold
Ashanti.

Adjusted gross profit is gross profit (loss) adjusted to exclude unrealised non-hedge derivatives and other commodity contracts.

Adjusted headline earnings is headline earnings before unrealised non-hedge derivatives and other commodity contracts, fair value
adjustments on the option component of the convertible bond and deferred tax thereon.

Rounding of figures may result in computational discrepancies.

Review of the gold market

Gold exhibited exceptional trading strength in the
fourth quarter, with dollar prices reaching a high of
$845/oz in early November, on the back of US
credit concerns and fears that the US economy
may stagnate or enter a recession. The first two
months of the quarter were also characterised by
highly volatile US dollar gold prices, with gold
trading in a range of $728/oz to $841/oz.

The average US dollar gold price for the quarter
was $788/oz, 16% higher than the previous
quarter’s average price of $680/oz. The rand gold
price saw record highs of some R187,000/kg and
averaged R171,334/kg for the quarter, some 10%
higher than the previous quarter’s average of
R155,005/kg.

JEWELLERY DEMAND

Having performed well in the first half of the year,
jewellery demand suffered from price volatility
exhibited in the fourth quarter, particularly in
traditional markets such as the Middle East and
India.

Gold jewellery demand in the Gulf countries was
particularly affected by this period of price volatility,
as local currencies are linked to the dollar and so
the full effect of US dollar gold price volatility was
felt by local consumers. This came at a time of
inflationary concerns and escalating rents, which
dampened gold purchases considerably, and it is
likely that the region’s consumption will show a
reduction in tonnage terms for the fourth quarter,
compared to the same period in 2006.

Both the Egyptian and Turkish markets performed
well, owing to increased economic stability as well
as good consumption from the tourist sector.
These markets were also protected against the
worst impact of US dollar price volatility, as local
currencies performed strongly against the dollar.

In India, demand was adversely impacted by price
volatility and the lack of seasonal buying
opportunities during the fourth quarter. However,
over the year as a whole, consumption is expected
to show an increase, due to record demand levels
in tonnage and value terms achieved in the first
half of the year.

Chinese consumption remained steady despite
high and volatile prices. While there was good
demand for 18 carat gold jewellery at the top end
of the US market, middle and mass market
retailers were negatively impacted by a general
downturn in retail sales.

Looking forward to 2008, a major concern is that
retailers, particularly those in price sensitive
markets, will only re-stock slowly, amidst concerns
that gold prices may continue to show the volatility
exhibited in the first part of the fourth quarter. In
China, manufacturers have reported orders at only
one third of typical levels for this time of year. High
absolute price levels will also act as a constraint on
demand, as manufacturers will have access to
reduced levels of gold working inventory finance.

CENTRAL BANK SALES

The second Central Bank Gold Agreement entered
its third period in September 2007. Sales
occurring to date in this new period of the
agreement are estimated to be approximately 135t,
and have taken place without any disruption to the
market.

INVESTMENT MARKET

The fourth quarter was an active period in the
investment sector. On the exchanges, the average
net long position during the quarter of some
24Moz.

Investment in Exchange Traded Funds (ETFs)
continued the strong performance exhibited in the
third quarter into the period under review. Total
holdings at year end stood at close to 28Moz, with
a total value of over $23bn, of which some $17bn
is held in the US-listed ETF, StreetTracks.

INDUSTRIAL DEMAND

The industrial sector accounts for 12% of physical
demand, of which the electronics industry accounts
for some 70% of demand, and continues to show
growth over the previous period.

PRODUCER HEDGING

Producer de-hedging slowed in the fourth quarter
from the exceptional levels of previous quarters,
particularly the first half of the year. No new gold
hedges of any significant proportions were
reported during the quarter.

CURRENCIES

The US dollar continued its sharp depreciation
against the Euro and reached a new low of
Euro/US$1.49 in late November. This was as a
consequence of the ongoing credit crisis and the
perceived need for further interest rate cuts in
order to stimulate the economy. US dollar woes
were further exacerbated by a rising oil price,
which was continuing to trade through its own

record highs of around US$90/bbl and peaked at
US$ 96/bbl.

In South Africa, expectations of higher interest
rates saw the Rand strengthen during the first
month of the quarter. Sentiment was further
buoyed as the single largest foreign investment in
a South African company was announced, when
the Investment and Commercial Bank of China
announced their intention to purchase a 20% stake
in Standard Bank South Africa. Risk aversion in
international markets once again caused a reversal
of the Rand’s fortunes in November, however this
was not sustained and the Rand closed the quarter
unchanged.

The Australian dollar and Brazilian Real both
strengthened marginally over the quarter, gaining
1% and 3% respectively.

Hedge position

As at 31 December 2007, the total net delta tonnage of
the hedge was 10.39Moz or 323t (at 30 September
2007: 10.58Moz or 329t). The reduction in the hedge
book from deliveries and maturing contracts was
mostly offset by an increase in the hedge delta due to
the higher gold price.

The marked-to-market value of all hedge transactions
making up the hedge positions was a negative $4.27bn
(negative R29.10bn), of which $2.4bn (R16.2bn) is on
balance sheet as at 31 December 2007 (at
30 September 2007: negative $3.52bn or R24.17bn).
This value was based on a gold price of $836.30/oz,
exchange rates of R6.84/$ and A$/$0.88 and the
prevailing market interest rates and volatilities at that
date. The increase in the negative marked-to-market
value was primarily due to the higher spot gold price.

For the quarter, the company’s received price of
$687/oz, was 13% lower than the average spot
price of $788/oz for 2008, the gap in the received
and spot prices is likely to be between 18% to 20%
going forward, provided that gold trades in a price
range of $700/oz and $900/oz.

As at 6 February 2008, the marked-to-market
value of the hedge book was a negative $4.69bn
(negative R36.02bn), based on a gold price of
$887.10/oz and exchange rates of R7.69/$ and
A$/$0.89 and the prevailing market interest rates
and volatilities at the time.

These marked-to-market valuations are not
predictive of the future value of the hedge position,
nor of future impact on the revenue of the
company. The valuation represents the cost of
buying all hedge contracts at the time of valuation,
at market prices and rates available at the time.

Year

2008

2009

2010

2011

2012

2013-2015

Total

DOLLAR

GOLD

Forward contracts Amount

(kg) 22,817 21,738 14,462 12,931 11,944 12,364 96,256

US$/oz

$314 $316 $347 $397 $404 $432 $357

Restructure Longs

Amount

(kg)

*11,304

US$/oz $647

$647

Put options sold

Amount (kg)

25,962

3,748

1,882

3,764

39,120

US$/oz

$682 $530 $410 $420 $430 $445 $607

Call options purchased

Amount (kg)

9,813

US$/oz $427

$427

Call options sold Amount (kg) 58,570 45,950 36,804 39,385 24,460 39,924 245,093

US$/oz

$521 $498 $492 $517 $622 $604 $535

RAND GOLD

Forward contracts

Amount (kg)

933

Rand per kg

R116,335

Call options sold

Amount (kg)

2,986

8,958

Rand per kg

R202,054

R216,522

R230,990

R216,522

A DOLLAR GOLD

Forward contracts

Amount (kg)

16,018

3,390

3,110

22,518

A$ per oz

A$848

A$644

A$685

A$795

Put options sold

Amount (kg)

7,465

per

A$882

Call options purchased

Amount (kg)

3,110

1,244

3,110

7,464

A$ per oz

A$680

A$694

A$712

A$696

Call

options

sold

Amount

(kg)

5,599

per

A$954

Delta (kg) (69,805) (70,154) (51,200) (51,137) (33,123) (47,702) (323,121)

** Total net gold:

Delta (oz) (2,244,280) (2,255,500) (1,646,116) (1,644,090) (1,064,928) (1,533,653) (10,388,567)

Indicates a long position resulting from forward purchase contracts. The group enters into forward purchase contracts as part of its
strategy to actively manage and reduce the size of the hedge book.

The Delta of the hedge position indicated above is the equivalent gold position that would have the same marked-to-market sensitivity for a
small change in the gold price. This is calculated using the Black-Scholes option formula with the ruling market prices, interest rates and
volatilities as at 31 December 2007.

Rounding of figures may result in computational discrepancies.

Year

2008

2009

2010

2011

2012

2013-2015

Total

DOLLAR

SILVER

Put options purchased

Amount (kg)

43,545

$ per oz $7.66

$7.66

Put options sold

Amount (kg)

43,545

$ per oz $6.19

$6.19

Call

options

sold

Amount

(kg)

43,545

$ per oz $8.64

$8.64

The following table indicates the group's currency hedge position at 31 December 2007

Year

2008

2009

2010

2011

2012

2013-2015

Total

RAND DOLLAR (000)

Forward contracts

Amount ($)

35,000

US$/R

R6.94

Put options purchased

Amount ($)

120,000

US$/R

R6.98

Put options sold

Amount ($)

120,000

US$/R

R6.65

Call options sold

Amount ($)

135,000

US$/R

R7.35

DOLLAR

(000)

Forward

contracts

Amount

($)

190,000

A$/US$ $0.84

$0.84

Put options purchased

Amount ($)

140,000

A$/US$ $0.83

$0.83

Put options sold

Amount ($)

140,000

A$/US$ $0.87

$0.87

Call

options

sold

Amount

($)

140,000

A$/US$ $0.81

$0.81

BRAZILIAN REAL (000)

Forward

contracts

Amount

($)

31,000

US$/BRL

BRL

1.99

BRL

1.99

Put options purchased

Amount ($)

24,000

US$/BRL

BRL

1.87

BRL

1.87

Call

options

sold

Amount

($)

68,000

US$/BRL

BRL

1.92

BRL

1.92

Derivative analysis by accounting designation as at 31 December 2007

Normal sale

exempted

Cash flow

hedge

accounted

Non-hedge

accounted

Total

US Dollars (millions)

Commodity option contracts

(675)

(2,030)

(2,705)

Foreign exchange option contracts

(6)

Forward sale commodity contracts

(1,230)

(336)

(50)

(1,616)

Forward foreign exchange contracts

Interest rate swaps

(26)

Total hedging contracts

(1,931)

(332)

(2,045)

(4,308)

Option component of convertible bonds

(25)

Total derivatives

(1,931)

(332)

(2,070)

(4,333)

Rounding of figures may result in computational discrepancies.

Exploration

Total exploration expenditure increased to $48m
($22m brownfields, $26m greenfields) during the
fourth quarter of 2007, compared to $46m ($21m
brownfields, $25m greenfields) in the previous
quarter. This brings the total spend on exploration
activities for the year to $167m ($75m brownfields;
$92m greenfields), the highest spend recorded in
the company’s history, against a spend in 2006 of
$103m ($52m brownfields; $51m greenfields).

In 2007, AngloGold Ashanti recorded an increase
in total ore reserves before depletion of 13.0Moz.
After depletion, this represents a 9% increase
year-on-year, from 66.9Moz in 2006 to 73.1Moz in
2007. Significant additions included 3.8Moz at
Moab Khotsong due to the inclusion of Project
Zaaiplaats, the deepening of Moab Khotsong to
access deeper Vaal Reef blocks to the South
West of the current mine, and 3.4Moz at
Mponeng, due to inclusion of the Carbon Leader
Reef project below 120 Level.

The company’s total Mineral Resource before
depletion increased by 34.1Moz for the year.
After depletion, this represents an increase of
26.0Moz, from 181.6Moz in 2006 to 207.6Moz in
2007, with 6.95Moz (attributable) delineated by
AngloGold Ashanti’s greenfields exploration
teams, at three key prospects, namely Tropicana
(Western Australia), Mongbwalu (DRC) and
Gramalote (Colombia). Other additions include
17.1Moz at Mponeng, and 4.7Moz at CC&V, both
due to improved economics and revised
methodologies.

BROWNFIELDS EXPLORATION

In South Africa, surface drilling continued in the
Project Zaaiplaats area, with borehole MZA9, a
long deflection to the east in progress, and drilling
at borehole MMB5 continued.

Surface drilling in the Moab North area has been
re-started after the structural interpretation was
updated. Borehole MCY4 has been re-opened and
a deflection to the east is in progress and borehole
MCY5 advanced 1,606m during the quarter.

At Tau Lekoa, borehole G54 was started during the
quarter and intersected poorly developed
Venterdorp Contact Reef at 1,097m and deflection
drilling continues.

At Iduapriem in Ghana, resource conversion (RC)
drilling at Blocks 7 and 8 was completed in
November 2007. An additional 19

holes were

drilled during the quarter, in an effort to convert
inferred mineral resources to indicated mineral
resources. Modelling has commenced.

In Australia, at Boddington mine, three rigs were
employed on resource conversion and near mine
extension exploration diamond drilling. During the
quarter, approximately 16,263m of drilling from
17 holes was completed, and for the year, a total
of 121,212m from 151 holes was drilled.

In Brazil, at Córrego do Sítio Sulphide Project,
drilling continued at Laranjeira and Carvoaria ore
bodies (Paraiso). At the Lamego project, surface
and underground exploration of the Carruagem
and Arco da Velha zones is progressing. At
Cuiabá Mine, the narrow-vein subsidiary
orebodies, notably Balancão, were explored with
the objective to obtain additional ore and enhance
mining flexibility.

At Siguiri in Guinea, exploration activities focused
on 25m by 25m of infill RC drilling at Kintinian
(situated 4km north of the plant), and 50m by 50m
of infill RC drilling at Sintroko South (situated 8km
south of the mine).

Reconnaissance aircore drilling commenced on
the coincident AEM and geochemical anomalies
at Kouremale in Block 4, close to the Malian
border, and in Block 3 at Kolita and Kounkoun.
These targets are located approximately 70km
and 35km, respectively north east of the current
infrastructure.

At Geita in Tanzania, exploration activities
continued to be concentrated in five areas, namely,
Matandani Pit; Area 3; Nyakabale-Prospect 30; the
Lone Cone-Nyankanga Gap and the Nyankanga
foot wall. Infill drilling was also started at the Star
and Comet projects.

At Morila in Mali, a programme of four diamond
drill holes was completed during the quarter.
These boreholes were targeted at extensions of
the mineralisation in prospective areas.

Pitting was initiated at Sokela, to the South West
of the mine and two trenches were dug in the
Domba area to the North of the mine, in order to
extract samples for further evaluation.

At Sadiola, a fence line of three diamond holes
were drilled inside the FE4 main pit. The
objectives of this programme was to establish the
potential of sulphide mineralisation in the hard
rock. The fence line of 22 diamond holes between
FE3-pit 3 and FE4 was completed and borehole
SDFE3S-022 was concluded, as well as additional
resource delineation drilling at Tambali South.

At Yatela, the final assay results for the “Deep
Sulphide” drilling were received and the results
proved to be disappointing. Infill drilling at the
North West Extension to the Yatela deposit was
started with 2,985m being drilled from
66 boreholes.

At Navachab in Namibia, drilling continued in the
Upper Schist to the north-west of the main pit, and
drilling on the west ramp of the main pit area was
completed, with further drilling planned for 2008.
The drilling programme to test vertical
mineralisation along the Upper Schist-MDM
contact in the main pit area continued, while
positive results were received from the drilling at
Gecko South and North. Drill access roads for
additional drilling in the Gecko Far North and for
Anomaly 16 are currently being developed.

At Cripple Creek & Victor in the United States,
exploration and development drilling continued on
the north side of the district near Schist Island and
Control Point.

GREENFIELDS EXPLORATION

Greenfields exploration activities continued in
seven countries (Australia, Colombia, the DRC,
China, Laos, the Philippines, and Russia) during
the fourth quarter of 2007. A total of 378,014m of
diamond drilling (DDH), reverse circulation (RC),
and aircore (AC) drilling was completed during the
year, and drill testing at existing priority targets
and delineating new targets in Australia, the DRC,
Colombia, and China was undertaken.

A total of 6.95Moz attributable (9.1Moz on a 100%
basis) of JORC-standard Inferred and Indicated
Resources were delineated by AngloGold
Ashanti’s greenfields exploration teams for the
year ended December 2007 at three key
prospects globally, namely Tropicana (Western
Australia), Mongbwalu (DRC) and Gramalote
(Colombia). This figure exceeds the market
guidance of 6Moz given for the discovery of new
gold resources by greenfields exploration by the
end of 2007. In addition, a significant drill

programme and conceptual study is concurrently
being undertaken at AngloGold Ashanti’s 100%
owned La Colosa project in Colombia, with an
additional Inferred Resources expected to be
announced for La Colosa during the first quarter
of 2008.

In Australia, drilling continued at the Tropicana
JV Project (AngloGold Ashanti 70%,
Independence Group 30%) during the fourth
quarter and the Pre-Feasibility Study (PFS)
Resource Model was completed. An initial open
pit resource (Inferred and Indicated) of 62.8Mt @
2.01g/t (using a 0.6g/t cut-off) for 4.05Moz (100%
basis) was announced on 3 December 2007. This
resource was calculated using the assay data
from nearly 141,000m of diamond and RC drilling,
at drill hole spacings of a minimum of 50m by
50m. The Tropicana PFS will focus on the
economics of the open-pit mining of gold
mineralisation currently identified over a four
kilometre strike length at Tropicana-Havana, and
will include additional mining, metallurgical, and
environmental studies. Reconnaissance
exploration is continuing, in parallel, throughout
the remainder of the Tropicana JV tenement
holding, particularly in the Beachcomber sector.

Regional exploration and target generation
activities continued in Colombia during the fourth
quarter, with DDH undertaken on five prospects. A
conceptual economic study was also completed
on the bulk-tonnage Gramalote prospect
(Antioquia Department), where an Inferred
Resource (100% basis) of 57.8Mt @ 1.14g/t
(using a 0.5g/t cut-off), for a total of 2.12Moz has
been delineated. The Inferred Resource for
Gramalote was calculated using the assay data
derived from the 13,060m of diamond drilling (in
43 drill holes), including adit sampling completed
to date. Ownership of the Gramalote project is
currently 75% AngloGold Ashanti, 25% B2Gold
Corporation, however, a non-binding
memorandum of understanding has been signed
with B2Gold in which B2Gold will have the option
to earn-in to a 51% interest in the Gramalote
project in return for taking the project through to
Feasibility.

Resource delineation drilling continued during the
fourth quarter at AngloGold Ashanti’s 100%
owned La Colosa porphyry gold prospect (Tolima
Department). To date, approximately 12,000m of
diamond drilling (from 42 drill holes) has been
completed at La Colosa. Additional drilling and
conceptual studies are both being undertaken at
La Colosa, with an Inferred Resource expected to

be announced by end of February 2008.

AngloGold Ashanti and JV partners have also
completed first-pass diamond drilling on three
other projects during the quarter, with follow-up
drilling expected to be undertaken on one of these
prospects during the first quarter of 2008.

Exploration activities undertaken in Concession 40
(DRC) included the infill drilling of the main
mineralised mylonite zones at Mongbwalu,
together with the initial evaluation of priority targets
regionally. A conceptual economic study for the
Mongbwalu deposit was also completed during the
quarter, and confirmed an initial open pittable
Inferred Resource of 33Mt @ 2.68g/t (using a
0.5g/t cut-off) for 2.93Moz (2.52Moz attributable to
AngloGold Ashanti) at Mongbwalu. The initial
resource area lies within a polygon that covers both
the Adidi sector and the Socumoto sector (which is
located about 1km to the south-east of the past-
producing Adidi mine). The conceptual study
utilised the assay data from the 88,000m of DDH
and RC drilling that has been completed at
Mongbwalu by AngloGold Ashanti between mid-
2005 and November 2007.

In Russia, all efforts were focused on finalising the
formation of the Polymetal/AngloGold Ashanti
Strategic Alliance. The registration of Zoloto Taigi,
the Russian management company, is expected to
be completed during the first quarter of 2008.
Management of exploration activities in the four
initial project areas (Bogunay, Anenskoye, and
Veduga in the Krasnoyarsk region, and
Aprelskovskoye in the Chita region) was gradually
assumed by the Joint Venture team in late 2007.
The JV was also successful in acquiring the
390km Sovremenie Prospect (Krasnoyarsk
Region) at auction.

In China, a short (1,053m) DDH programme was
completed on the Yili-Yunlong CJV prospect in
Xinjiang Province (northwestern China). The
primary objective of the drill programme was to test
the vertical continuity of outcropping gold-copper
mineralisation, however, drilling only succeeded in
intersecting weakly anomalous mineralisation at
depth. At Red Valley (Qinghai), assay results from
the 3,300m DDH programme were also reviewed
and confirmed the presence of only low-grade gold
mineralisation within the principal targets. As a
result, AngloGold Ashanti elected to withdraw from
earning into the CJV. Registration of the Pingwu
CJV (Sichuan province) is proceeding according to
schedule, with systematic exploration expected to
commence on the property in the first quarter of
2008.

In the Philippines, the final tenement grant for
Mapawa is still awaited from the Manila Central
Mines and Geosciences Bureau. Work continued
on finalizing the Mapawa and Outer Siana JV
Agreements with Red 5 Limited.

In Laos, the Strategic Exploration Alliance between
AngloGold Ashanti and Oxiana Ltd expired on
13 December 2007 and has not been extended by
mutual agreement.

Mineral Resource and Ore Reserve

Mineral Resources and Ore Reserves are reported in accordance with the minimum standard described by
the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The
JORC Code, 2004 Edition), and also conform to the standards set out in the South African Code for the
Reporting of Mineral Resources and Mineral Reserves (the SAMREC 2000 Code). Mineral Resources are
inclusive of the Ore Reserve component unless otherwise stated.

Mineral Resources

The 2007 Mineral Resource increased by 34.1Moz before the subtraction of depletion. After a depletion of
8.1Moz, the net increase is 26.0Moz to give a total Mineral Resource of 207.6Moz. Mineral Resources were
estimated at a gold price of $700/oz in contrast to the $650/oz used in 2006. The increased gold price
resulted in 17.5Moz of added Mineral Resource while successful exploration and revised modelling resulted
in a further increase of 14.2Moz. The remaining change of 2.5 Moz is the result of various other reasons.

Moz

December 2006 Mineral Resources

181.6

Reductions

Geita

Increase in cost (1.6)Moz and revision to estimation methodology (0.6)Moz

(2.3)

TauTona

Transfer of the Shaft Pillar Mineral Resource to Mponeng

(2.3)

Great Noligwa

Transfer of the Shaft Pillar Mineral Resource to Moab Khotsong

(1.8)

Kopanang

Decrease in grade as a result of the modelling of new sampling and drilling
information

(1.6)

Sadiola

Increase in costs (0.6)Moz and revisions to methodology (0.1)Moz

(1.0)

Other

Total of non significant changes

(2.3)

Additions

Gramalote

Successful Greenfields exploration

1.6

Moab Khotsong

Transfers in from Great Noligwa and improved economics

2.3

Mongbwalu

Successful Greenfields exploration

2.5

Tropicana

Successful Greenfields exploration

2.8

Obuasi

Exploration below 50 level (1.3)Moz and completion of additional Mineral
Resource modelling above 50 level

4.0

Cripple Creek & Victor

Primarily revisions to the methodology with contribution from improved
economics and exploration

4.7

Mponeng

Improvement in economics increased the Ventersdorp Contact Reef Mineral
Resource to the West, the Carbon Leader down to 4300mbd was included
on the back of a scoping study, material was transferred in from TauTona
and revised modelling of the Carbon Leader Reef

17.1

Other

Total of non significant changes

2.3

December 2007 Mineral Resources

207.6

Ore Reserves

The 2007 Ore Reserve increased by 13.0Moz before the subtraction of depletion. After a depletion of
6.8Moz, the net increase is 6.2Moz to give a total Ore Reserve of 73.1Moz

A gold price of $600/oz was used for Ore Reserve estimates in contrast to the $550/oz used in 2006. The
change in economic assumptions made from 2006 to 2007 resulted in the Ore Reserve increasing by
6.3Moz while exploration and modelling resulted in an additional increase of 6.7Moz.

Moz

December 2006 Ore Reserves

66.9

Reductions

Geita

Introduction of reconciliation factors into planning [(0.8)Moz], Flattening of
slopes (0.5)Moz, modelling revisions (0.2)Moz and costs (0.1)Moz

(2.0)

Sadiola

Removal of Deep Sulphide project, hard sulphide stockpiles and marginal
stockpiles primarily due to economic factors

(1.3)

Kopanang

Drop in face value of 9% due to the modelling of new drilling and sampling
information

(0.5)

Other

Total of non significant changes

(1.7)

Additions

Iduapriem

Purchase of an additional 15% of the operation from the Ghanaian
Government and the IFC, to bring the ownership to 100%

0.2

Savuka

Improved economic factors increased the Life of Mine by 8 years to 2017

0.5

Navachab

Improved economics have brought in an additional push back to the west of
the main pit

0.8

Siguiri

Two new deposits (Kintinian and the spent heap) were proved up by drilling

0.8

Cripple Creek & Victor

Inclusion of the life extension project

1.0

Boddington

The upgrade of inferred Mineral Resource within the pit shell by drilling

1.0

Mponeng

The inclusion of the Carbon Leader Reef Project below 120 level

3.4

Moab Khotsong

The inclusion of Project Zaaiplaats – a deepening of Moab Khotsong to
access deeper Vaal Reef blocks to the South West of the current mine

3.8

Other

Total of non significant changes

0.3

December 2007 Ore Reserves

73.1

By-products

A number of by-products are recovered as a result of the processing of gold Ore Reserves.

These include 19.5 thousand tonnes of uranium from the South African operations, 0.23 million tonnes of
copper from Australia, 0.47 million tonnes of sulphur from Brazil and 31.0Moz of silver from Argentina.
Details of the by-product Mineral Resources and Ore Reserves are given in the supplementary statistics
document which is available on the corporate website, www.AngloGoldAshanti.com.

External audit of Mineral Resource and Ore Reserve statements

During the course of the year, the AngloGold Ashanti 2006 Mineral Resources and Ore Reserves for the
following operations were submitted for external audit:
Mponeng
Geita
Obuasi
Morila
Sadiola
Yatela
Cuiaba
Cripple Creek & Victor

The company has been informed that the audit identified no material shortcomings in the process by which
AngloGold Ashanti's Ore Reserves and Mineral Resources were evaluated.

During 2007, it was resolved to audit Mineral Resources and Ore Reserves prior to publication. As a result
the 2007 Mineral Resources and Ore Reserves for the following operations were audited late in 2007:

Sunrise Dam
Cerro Vanguardia
Great Noligwa
Kopanang
Project Zaaiplaats (Moab deepening project)

The company has been informed that these audits identified no material shortcomings in the process by
which AngloGold Ashanti's Mineral Resources and Ore Reserves were evaluated. It is the company's
intention to continue this process so that its operations will be audited every three years on average.

Competent persons

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is
based on information compiled by the competent persons listed below. They are either members of the
Australian Institute of Mining and Metallurgy (AusIMM) or recognised overseas professional organisations.
They are all full-time employees of the company.

The competent person for AngloGold Ashanti Exploration Results is:

E Roth, PhD (Economic Geology), BSc (Hons) (Geology), MAusIMM, 17 years experience.

Competent persons for AngloGold Ashanti's Mineral Resources are:

VA Chamberlain, MSc (Mining Engineering), BSc (Hons) (Geology), MAusIMM, 22 years experience.
MF O'Brien, MSc (Mining Economics), BSc (Hons) (Geology), Dip Data, Pr.Sci.Nat., MAusIMM, 28 years
experience.

Competent persons for AngloGold Ashanti's Ore Reserves are:

CE Brechtel, MSc (Mining Engineering), MAusIMM, 32 years experience.
D L Worrall, ACSM, MAusIMM, 27 years experience.
J van Zyl Visser, MSc (Mining Engineering), BSc (Mineral Resource Management), PLATO, 21 years
experience.

The competent persons' consent to the inclusion of Exploration Results, Mineral Resources and Ore
Reserves information in this report, in the form and context in which it appears.

Notes

A detailed breakdown of the Mineral Resources and Ore Reserves is provided in the report entitled,
"Supplementary Information: Mineral Resources and Ore Reserves", which is available in the annual report
section of the AngloGold Ashanti website (www.AngloGoldAshanti.com) and may be downloaded as a PDF
file using Adobe Acrobat Reader. This information is also available on request from the AngloGold Ashanti
offices at the addresses given at the back of this report.

Mineral Resources by country

Metric

Imperial

as at 31 December 2007

Tonnes

million

Grade

g/t

Contained

gold

tonnes

Tons

million

Grade

oz/t

Contained

gold

million oz

South Africa

Measured 28.0

13.98 391.9 30.6 0.408 12.601

Indicated

747.1

3.01

2,251.1

823.5

0.088

72.373

Inferred

37.7

10.92

411.8

41.6

0.319

13.239

Total

812.8

3.76

3,054.8

896.0

0.110

98.214

Argentina

Measured 11.1 1.71 18.9 12.2 0.050 0.607

Indicated

21.1

3.73

78.8

23.3

0.109

2.533

Inferred

2.9

3.85

11.2

3.2

0.112

0.359

Total

35.1

3.10

108.8

38.7

0.090

3.499

Australia

Measured 86.1 1.01 87.1 94.9 0.030 2.801

Indicated

315.9

0.87

273.4

348.3

0.025

8.789

Inferred

153.4

0.93

143.2

169.1

0.027

4.605

Total

555.5

0.91

503.7

612.3

0.026

16.194

Brazil

Measured 12.5 7.48 93.1 13.7 0.218 2.993

Indicated

13.2

6.32

83.3

14.5

0.184

2.679

Inferred

27.4

6.98

191.3

30.2

0.204

6.150

Total

53.0

6.94

367.7

58.4

0.202

11.823

Colombia

Measured 0.0

0.0 0.0

0.000

Indicated

0.0

0.000

Inferred

43.4

1.14

49.5

47.8

0.033

1.591

Total

43.4

1.14

49.5

47.8

0.033

1.591

Democratic Republic of

Measured 0.0

0.0 0.0

0.000

Congo

Indicated 0.0

0.0 0.0

0.000

Inferred

29.2

2.68

78.5

32.2

0.078

2.523

Total

29.2

2.68

78.5

32.2

0.078

2.523

Ghana

Measured 95.3 5.18 493.7 105.0 0.151 15.872

Indicated

82.4

3.91

322.4

90.8

0.114

10.366

Inferred

45.3

7.34

332.6

49.9

0.214

10.693

Total

222.9

5.15

1,148.7

245.7

0.150

36.930

Guinea

Measured 38.7 0.72 27.7 42.7 0.021 0.891

Indicated

92.7

0.78

72.5

102.1

0.023

2.330

Inferred

58.1

0.92

53.6

64.1

0.027

1.724

Total

189.5

0.81

153.8

208.9

0.024

4.945

Mali

Measured 16.5 1.66 27.4 18.2 0.048 0.882

Indicated

16.2

3.09

50.0

17.8

0.090

1.607

Inferred

6.1

2.36

14.3

6.7

0.069

0.461

Total

38.8

2.37

91.7

42.7

0.069

2.950

Namibia

Measured 11.7 0.79

9.2 12.8 0.023 0.297

Indicated

59.3

1.31

77.5

65.3

0.038

2.490

Inferred

45.2

1.12

50.9

49.9

0.033

1.636

Total

116.2

1.18

137.6

128.1

0.035

4.423

Tanzania

Measured 6.3

1.20 7.6 7.0

0.035 0.243

Indicated

84.4

3.72

314.1

93.1

0.109

10.097

Inferred

18.6

3.54

65.8

20.5

0.103

2.114

Total

109.3

3.54

387.4

120.5

0.103

12.454

Metric

Imperial

as at 31 December 2007

Tonnes

million

Grade

g/t

Contained

gold

tonnes

Tons

million

Grade

oz/t

Contained

gold

million oz

United States of America

Measured 250.1 0.81 203.3 275.7 0.024 6.537

Indicated

173.5

0.73

126.1

191.2

0.021

4.054

Inferred 70.6 0.65 45.9 77.8

0.019 1.477

Total

494.1

0.76

375.4

544.7

0.022

12.068

Total

Measured 556.3 2.44 1,360.0 613.2 0.071 43.724

Indicated

1,605.7

2.27

3,649.0

1,770.0

0.066

117.319

Inferred

537.9

2.69

1,448.6

592.9

0.079

46.573

Total

2,699.9

2.39

6,457.5

2,976.1

0.070

207.615

Ore Reserves by country (attributable)

Metric

Imperial

as at 31 December 2007

Tonnes

million

Grade

g/t

Contained

gold

tonnes

Tons

million

Grade

oz/t

Contained

gold

million oz

South Africa

Proved 21.5 7.58 162.8 23.7 0.221 5.233

Probable

216.4

4.12

891.2

238.6

0.120

28.652

Total

237.9

4.43

1,054.0

262.3

0.129

33.886

Argentina

Proved 1.0

6.08 6.3 1.2

0.177 0.204

Probable

7.9

6.58

52.1

8.7

0.192

1.674

Total

9.0

6.52

58.4

9.9

0.190

1.879

Australia

Proved 68.6 1.14 78.5 75.7 0.033 2.524

Probable

164.8

0.88

144.7

181.7

0.026

4.653

Total

233.4

0.96

223.2

257.3

0.028

7.176

Brazil

Proved 8.9

6.75 60.1 9.8

0.197 1.934

Probable

4.9

5.99

29.1

5.4

0.175

0.937

Total

13.8

6.48

89.3

15.2

0.189

2.870

Ghana

Proved 68.8 2.96 203.7 75.8 0.086 6.550

Probable

28.3

4.62

130.5

31.2

0.135

4.197

Total

97.0

3.44

334.3

107.0

0.100

10.747

Guinea

Proved 21.3 0.59 12.6 23.5 0.017 0.405

Probable

89.6

0.77

69.2

98.7

0.023

2.225

Total

110.9

0.74

81.8

122.2

0.022

2.629

Mali

Proved 9.0

2.18 19.7 10.0

0.064 0.634

Probable

7.1

2.57

18.3

7.9

0.075

0.590

Total

16.2

2.35

38.1

17.8

0.069

1.224

Namibia

Proved 5.8

1.00 5.8 6.4

0.029 0.186

Probable

27.3

1.46

39.9

30.1

0.043

1.281

Total

33.1

1.38

45.6

36.5

0.040

1.467

Tanzania

Proved 5.6

1.01 5.7 6.2

0.030 0.183

Probable

62.4

3.14

195.9

68.7

0.092

6.298

Total

68.0

2.96

201.6

74.9

0.086

6.481

United States of America

Proved 107.9 0.96 103.8 118.9 0.028 3.339

Probable 47.6 0.92 44.0 52.5 0.027 1.414

Total

155.5

0.95

147.8

171.4

0.028

4.753

Total

Proved 318.5 2.07 659.1 351.0 0.060 21.191

Probable

656.3

2.46

1,614.9

723.4

0.072

51.921

Total

974.7

2.33

2,274.0

1,074.4

0.068

73.112

Group

operating results

Dec

Sep

Dec

Sep

Dec

2007

2006

2007

2006

2007

2006

2007

2006

OPERATING RESULTS

UNDERGROUND OPERATION
Milled

- 000 tonnes

/ - 000 tons

3,236

3,384

3,296

13,112

13,489

3,567

3,730

3,633

14,454

14,870

Yield

- g / t

/ - oz / t

6.96

7.11

7.47

6.99

7.20

0.203

0.207

0.218

0.204

0.210

Gold produced

- kg

/ - oz (000)

22,505

24,066

24,611

91,684

97,112

723

774

791

2,948

3,123

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

/ - 000 tons

2,987

2,976

3,029

12,429

12,414

3,293

3,280

3,339

13,701

13,684

Yield

- g / t

/ - oz / t

0.45

0.48

0.52

0.49

0.50

0.013

0.014

0.015

0.014

0.015

Gold produced

- kg

/ - oz (000)

1,339

1,429

1,569

6,142

6,246

197

201

OPEN-PIT OPERATION
Mined

- 000 tonnes

/ - 000 tons

47,549

41,999

44,614

172,487

173,178

52,414

46,296

49,179

190,134

190,897

Treated

- 000 tonnes

/ - 000 tons

6,455

6,456

7,242

25,312

26,739

7,115

7,116

7,983

27,901

29,475

Stripping ratio

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

4.62

4.20

4.51

4.48

4.82

4.62

4.20

4.51

4.48

4.82

Yield

- g / t

/ - oz / t

2.33

2.49

2.13

2.34

2.14

0.068

0.073

0.062

0.068

0.063

Gold in ore

- kg

/ - oz (000)

13,711

15,059

9,240

55,463

39,983

441

484

297

1,783

1,285

Gold produced

- kg

/ - oz (000)

15,047

16,064

15,451

59,227

57,334

484

516

497

1,904

1,843

HEAP LEACH OPERATION
Mined

- 000 tonnes

/ - 000 tons

14,965

14,807

15,534

59,720

63,519

16,496

16,322

17,124

65,830

70,018

Placed

- 000 tonnes

/ - 000 tons

5,852

5,636

5,888

22,341

23,329

6,450

6,213

6,490

24,627

25,716

Stripping ratio

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

1.61

1.53

1.84

1.77

1.83

1.61

1.53

1.84

1.77

1.83

Yield

- g / t

/ - oz / t

0.70

0.66

0.73

0.78

0.021

0.019

0.021

0.024

Gold placed

- kg

/ - oz (000)

4,115

3,706

4,295

16,242

18,162

132

119

138

522

584

Gold produced

- kg

/ - oz (000)

3,665

3,052

4,066

13,312

14,561

118

131

428

468

TOTAL
Gold produced

- kg

/ - oz (000)

42,556

44,611

45,697

170,365

175,253

1,368

1,434

1,469

5,477

5,635

Gold sold

- kg

/ - oz (000)

42,278

45,768

45,866

170,265

173,639

1,359

1,471

1,475

5,474

5,583

Price received

- R / kg

/ - $ / oz

- sold

149,312

141,400

135,628

142,107

126,038

687

621

578

629

577

Total cash costs

- R / kg

/ - $ / oz

- produced

87,744

81,186

72,422

80,490

67,133

404

357

309

357

308

Total production costs

- R / kg

/ - $ / oz

- produced

122,344

107,239

98,145

107,415

90,345

563

471

419

476

414

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

404

409

438

396

412

12.99

13.16

14.07

12.74

13.25

Actual

- g

/ - oz

342

361

372

349

358

10.99

11.62

11.97

11.23

11.49

CAPITAL EXPENDITURE - Rm

/ - $m

2,315

1,733

1,861

7,444

5,533

339

245

260

1,059

817

Effective 1 September 2007, the minority shareholdings of the International Finance Corporation (10%) and Government of Ghana (5%) were acquired and Iduapriem is now fully owned by AngloGold Ashanti.

Tonnes (Tons) placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may result in computational discrepancies.

Quarter ended

Unaudited

Rand / Metric

Unaudited

Dollar / Imperial

Year ended

Group

income statement

Quarter

Year

ended

December

September

December

2007

2006

2007

2006

SA Rand million

Notes

Unaudited

Audited

Revenue

6,428

6,613

5,975

24,383

21,104

Gold income

5,784

6,383

5,634

23,052

20,137

Cost of sales

(5,215)

(4,924)

(4,477)

(18,495)

(15,482)

(Loss) profit on non-hedge derivatives and other commodity contracts

(2,923)

(2,338)

482

(5,081)

(1,955)

Gross (loss) profit

(2,354)

(879)

1,639

(524)

2,700

Corporate administration and other expenses

(209)

(252)

(174)

(885)

(567)

Market development costs

(40)

(26)

(32)

(115)

(108)

Exploration costs

(241)

(219)

(116)

(839)

(417)

Other operating income (expenses)

(65)

(26)

(134)

(129)

Operating special items

(288)

(98)

(139)

(130)

Operating (loss) profit

(3,110)

(1,393)

1,193

(2,636)

1,349

Dividend received from other investments

Interest received

312

218

Exchange gain (loss)

(6)

(11)

(17)

Fair value adjustment on option component of convertible bond

115

(140)

(210)

333

137

Finance costs and unwinding of obligations

(231)

(230)

(246)

(880)

(822)

Share of associates' (loss) profit

(6)

(104)

(164)

(6)

(Loss) profit before taxation

(3,120)

(1,768)

797

(3,015)

859

Taxation

(73)

(161)

(676)

(1,039)

(1,232)

(Loss) profit after taxation from continuing operations

(3,193)

(1,928)

120

(4,054)

(373)

Discontinued operations
Profit (loss) for the period from discontinued operations

(24)

(1)

(12)

(Loss) profit for the period

(3,152)

(1,952)

119

(4,047)

(385)

Allocated as follows:
Equity shareholders

(3,199)

(2,003)

(4,269)

(587)

Minority interest

222

202

(3,152)

(1,952)

119

(4,047)

(385)

Basic

and diluted

(loss) earnings per ordinary share (cents)

(Loss) profit from continuing operations

(1,151)

(703)

(1,519)

(211)

Profit (loss) from discontinued operations

(9)

(4)

(Loss) profit

(1,136)

(712)

(1,516)

(215)

Dividends

- Rm

399

1,246

- cents per Ordinary share

143

450

- cents per E Ordinary share

120

Calculated on the basic weighted average number of ordinary shares.

The current period is only indicative.

Rounding of figures may result in computational discrepancies.

Calculated on the diluted weighted average number of ordinary shares. The impact of the diluted earnings per share is anti-dilutive and therefore equal to the basic

earnings per share.

Group

income statement

Quarter

Year

ended

December

September

December

2007

2006

2007

2006

US Dollar million

Notes

Unaudited

Audited

Revenue

951

934

818

3,472

3,106

Gold income

856

902

770

3,280

2,964

Cost of sales

(771)

(696)

(612)

(2,636)

(2,282)

Loss on non-hedge derivatives and other commodity contracts

(440)

(365)

(25)

(780)

(239)

Gross (loss) profit

(355)

(159)

133

(136)

443

Corporate administration and other expenses

(31)

(36)

(24)

(126)

(84)

Market development costs

(6)

(4)

(16)

Exploration costs

(36)

(31)

(16)

(120)

(61)

Other operating income (expenses)

(9)

(4)

(20)

(18)

Operating special items

(42)

(14)

(21)

(18)

Operating (loss) profit

(467)

(232)

(439)

246

Dividend received from other investments

Interest received

Exchange gain (loss)

(1)

(2)

Fair value adjustment on option component of convertible bond

(20)

(28)

Finance costs and unwinding of obligations

(34)

(32)

(34)

(125)

(123)

Share of associates' loss

(1)

(14)

(23)

(1)

(Loss) profit before taxation

(469)

(284)

(492)

168

Taxation

(11)

(21)

(82)

(145)

(180)

Loss after taxation from continuing operations

(481)

(306)

(65)

(637)

(12)

Discontinued operations
Profit (loss) for the period from discontinued operations

(3)

(2)

Loss for the period

(475)

(309)

(65)

(636)

(14)

Allocated as follows:
Equity shareholders

(482)

(316)

(72)

(668)

(44)

Minority interest

(475)

(309)

(65)

(636)

(14)

Basic

and diluted

(loss) earnings per ordinary share (cents)

Loss from continuing operations

(173)

(111)

(26)

(237)

(15)

Profit (loss) from discontinued operations

(1)

Loss

(171)

(112)

(26)

(237)

(16)

Dividends

- $m

171

- cents per Ordinary share

- cents per E Ordinary share

Calculated on the basic weighted average number of ordinary shares.

Dividends are translated at actual rates on date of payment. The current period is only indicative.

Rounding of figures may result in computational discrepancies.

Calculated on the diluted weighted average number of ordinary shares. The impact of the diluted earnings per share is anti-dilutive and therefore equal to the basic

earnings per share.

Group

balance sheet

As at

December

September

December

2007

2006

SA Rand million

Notes

Unaudited

Audited

ASSETS

Non-current assets
Tangible assets

45,783

44,838

42,382

Intangible assets

2,996

3,036

2,909

Investments in associates

140

141

300

Other investments

795

839

884

Inventories

2,217

2,275

2,006

Trade and other receivables

566

477

405

Derivatives

Deferred taxation

543

499

432

Other non-current assets

278

300

313

53,318

52,406

49,676

Current assets
Inventories

4,603

4,156

3,424

Trade and other receivables

1,587

1,521

1,300

Derivatives

3,516

4,078

4,546

Current portion of other non-current assets

Cash restricted for use

264

294

Cash and cash equivalents

3,381

3,447

3,467

13,353

13,500

12,817

Non-current assets held for sale

210

201

123

13,563

13,701

12,940

TOTAL ASSETS

66,881

66,107

62,616

EQUITY AND LIABILITIES

Share capital and premium

22,371

22,265

22,083

Retained earnings and other reserves

(6,167)

(2,791)

(1,188)

Shareholders' equity

16,204

19,473

20,895

Minority interests

429

401

436

Total equity

16,633

19,874

21,331

Non-current liabilities
Borrowings

10,441

7,415

9,963

Environmental rehabilitation and other provisions

3,361

3,003

2,785

Provision for pension and post-retirement benefits

1,208

1,207

1,181

Trade, other payables and deferred income

150

Derivatives

1,110

1,321

1,984

Deferred taxation

7,159

7,478

7,722

23,358

20,462

23,785

Current liabilities
Current portion of borrowings

2,309

4,358

413

Trade, other payables and deferred income

4,549

4,466

3,701

Derivatives

18,763

15,421

12,152

Taxation

1,269

1,525

1,234

26,890

25,770

17,500

Total liabilities

50,248

46,232

41,285

TOTAL EQUITY AND LIABILITIES

66,881

66,107

62,616

Net asset value - cents per share

5,907

7,073

7,607

Rounding of figures may result in computational discrepancies.

Group

balance sheet

As at

December

September

December

2007

2006

US Dollar million

Notes

Unaudited

Audited

ASSETS

Non-current assets
Tangible assets

6,722

6,527

6,054

Intangible assets

440

442

415

Investments in associates

Other investments

117

122

126

Inventories

325

331

287

Trade and other receivables

Derivatives

Deferred taxation

Other non-current assets

7,829

7,629

7,095

Current assets
Inventories

676

605

489

Trade and other receivables

233

222

185

Derivatives

516

594

649

Current portion of other non-current assets

Cash restricted for use

Cash and cash equivalents

496

502

495

1,960

1,965

1,830

Non-current assets held for sale

1,991

1,994

1,848

TOTAL ASSETS

9,820

9,623

8,943

EQUITY AND LIABILITIES

Share capital and premium

3,285

3,241

3,154

Retained earnings and other reserves

(906)

(406)

(169)

Shareholders' equity

2,379

2,835

2,985

Minority interests

Total equity

2,442

2,893

3,047

Non-current liabilities
Borrowings

1,533

1,079

1,423

Environmental rehabilitation and other provisions

494

437

398

Provision for pension and post-retirement benefits

177

176

169

Trade, other payables and deferred income

Derivatives

163

192

283

Deferred taxation

1,051

1,088

1,103

3,430

2,978

3,397

Current liabilities
Current portion of borrowings

339

634

Trade, other payables and deferred income

668

651

528

Derivatives

2,755

2,245

1,736

Taxation

186

222

176

3,948

3,752

2,499

Total liabilities

7,378

6,730

5,896

TOTAL EQUITY AND LIABILITIES

9,820

9,623

8,943

Net asset value - cents per share

867

1,030

1,087

Rounding of figures may result in computational discrepancies.

Group

cash flow statement

Quarter

Year

ended

December

September

December

2007

2006

2007

2006

SA Rand million

Unaudited

Audited

Cash flows from operating activities
Receipts from customers

6,302

6,498

5,906

24,059

21,237

Payments to suppliers and employees

(4,382)

(4,277)

(3,289)

(16,144)

(12,438)

Cash generated from operations

1,920

2,221

2,617

7,915

8,799

Cash generated (utilised) by discontinued operations

(6)

(14)

(6)

Dividends received from associates

Taxation paid

(664)

(123)

(553)

(1,664)

(968)

Net cash inflow from operating activities

1,268

2,092

2,071

6,238

7,825

Cash flows from investing activities
Capital expenditure

(2,284)

(1,733)

(1,861)

(7,198)

(5,533)

Acquisition of assets

(284)

Proceeds from disposal of tangible assets

322

197

393

Proceeds from disposal of assets of discontinued operations

Other investments acquired

(207)

(7)

(47)

(190)

(471)

Associate loans and acquisitions

(63)

Proceeds from disposal of investments

137

174

449

Dividend received from other investments

Decrease (increase) in cash restricted for use

(126)

(29)

(177)

(19)

Interest received

260

173

Loans advanced

(5)

(7)

(5)

Repayment of loans advanced

Net cash outflow from investing activities

(2,284)

(1,570)

(1,533)

(7,189)

(4,975)

Cash flows from financing activities
Proceeds from issue of share capital

247

3,068

Share issue expenses

(4)

(32)

Proceeds from borrowings

3,828

864

619

5,619

1,525

Repayment of borrowings

(2,907)

(208)

(321)

(3,440)

(3,957)

Finance costs

(25)

(241)

(82)

(511)

(586)

Dividends paid

(17)

(277)

(55)

(1,050)

(913)

Net cash inflow (outflow) from financing activities

967

158

168

861

(895)

Net (decrease) increase in cash and cash equivalents

(49)

680

706

(90)

1,955

Translation

(17)

(24)

(109)

184

Cash and cash equivalents at beginning of period

3,447

2,792

2,871

3,467

1,328

Net cash and cash equivalents at end of period

3,381

3,447

3,467

3,381

3,467

Cash generated from operations
(Loss) profit before taxation

(3,120)

(1,768)

797

(3,015)

859

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

3,719

2,725

304

7,232

4,590

Amortisation of tangible assets

1,103

1,082

1,215

4,143

4,059

Finance costs and unwinding of obligations

231

230

246

880

822

Deferred stripping

(73)

(128)

(34)

(431)

(528)

Interest receivable

(89)

(89)

(69)

(312)

(218)

Operating special items

288

(48)

139

161

Amortisation of intangible assets

Fair value adjustment on option components of convertible bond

(115)

140

210

(333)

(137)

Environmental, rehabilitation and other expenditure

271

(133)

287

(160)

Other non-cash movements

132

549

213

Movements in working capital

(388)

(103)

(120)

(1,238)

(875)

1,920

2,221

2,617

7,915

8,799

Movements in working capital
(Increase) decrease in inventories

(453)

(215)

166

(1,489)

(1,852)

(Increase) decrease in trade and other receivables

(260)

(32)

181

(501)

(27)

Increase (decrease) in trade and other payables

326

144

(467)

752

1,004

(388)

(103)

(120)

(1,238)

(875)

Rounding of figures may result in computational discrepancies.

Group

cash flow statement

Quarter

Year

ended

December

September

December

2007

2006

2007

2006

US Dollar million

Unaudited

Audited

Cash flows from operating activities
Receipts from customers

937

918

804

3,424

3,134

Payments to suppliers and employees

(655)

(605)

(450)

(2,303)

(1,853)

Cash generated from operations

282

313

354

1,121

1,281

Cash generated (utilised) by discontinued operations

(1)

(2)

(1)

Dividends received from associates

Taxation paid

(96)

(18)

(80)

(237)

(143)

Net cash inflow from operating activities

188

295

275

882

1,137

Cash flows from investing activities
Capital expenditure

(334)

(245)

(260)

(1,024)

(817)

Acquisition of assets

(40)

Proceeds from disposal of tangible assets

Proceeds from disposal of assets of discontinued operations

Other investments acquired

(30)

(1)

(8)

(27)

(71)

Associate loans and acquisitions

(9)

Proceeds from disposal of investments

Dividend received from other investments

Decrease (increase) in cash restricted for use

(18)

(5)

(25)

(3)

Interest received

Loans advanced

(1)

Repayment of loans advanced

Net cash outflow from investing activities

(334)

(222)

(216)

(1,022)

(738)

Cash flows from financing activities
Proceeds from issue of share capital

512

Share issue expenses

(5)

Proceeds from borrowings

548

122

800

226

Repayment of borrowings

(415)

(29)

(490)

(623)

Finance costs

(4)

(34)

(10)

(73)

(88)

Dividends paid

(2)

(38)

(8)

(144)

(132)

Net cash inflow (outflow) from financing activities

139

127

(110)

Net (decrease) increase in cash and cash equivalents

(7)

(13)

289

Translation

(3)

Cash and cash equivalents at beginning of period

502

398

370

495

209

Net cash and cash equivalents at end of period

496

502

495

496

495

Cash generated from operations
(Loss) profit before taxation

(469)

(284)

(492)

168

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

558

420

134

1,088

627

Amortisation of tangible assets

164

153

167

590

597

Finance costs and unwinding of obligations

125

123

Deferred stripping

(11)

(19)

(12)

(63)

(75)

Interest receivable

(13)

(13)

(10)

(45)

(32)

Operating special items

(7)

Amortisation of intangible assets

Fair value adjustment on option components of convertible bond

(17)

(47)

(16)

Environmental, rehabilitation and other expenditure

(18)

(22)

Other non-cash movements

Movements in working capital

(59)

(14)

(179)

(140)

282

313

354

1,121

1,281

Movements in working capital
Increase in inventories

(75)

(50)

(55)

(240)

(211)

(Increase) decrease in trade and other receivables

(40)

(9)

(79)

Increase in trade and other payables

140

(59)

(14)

(179)

(140)

Rounding of figures may result in computational discrepancies.

Statement of

recognised income and expense

Year

ended

December

2007

2006

SA Rand million

Unaudited

Audited

Actuarial (loss) gain on pension and post-retirement benefits

(99)

283

Acquisition of minority interest

(172)

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

1,484

1,274

Net loss on cash flow hedges

(1,173)

(1,604)

Hedge ineffectiveness

Gain on available-for-sale financial assets

Deferred taxation on items above

Net exchange translation differences

(198)

2,292

Net (loss) income recognised directly in equity

(79)

2,373

Loss for the year

(4,047)

(385)

Total recognised (expense) income for the year

(4,126)

1,988

Attributable to:
Equity shareholders

(4,250)

1,755

Minority interest

124

233

(4,126)

1,988

US Dollar million

Actuarial (loss) gain on pension and post-retirement benefits

(14)

Acquisition of minority interest

(25)

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

210

217

Net loss on cash flow hedges

(168)

(229)

Hedge ineffectiveness

Gain on available-for-sale financial assets

Deferred taxation on items above

Net exchange translation differences

281

Net income recognised directly in equity

331

Loss for the year

(636)

(14)

Total recognised (expense) income for the year

(619)

317

Attributable to:
Equity shareholders

(639)

289

Minority interest

(619)

317

Rounding of figures may result in computational discrepancies.

Notes

for the quarter and year ended 31 December 2007

1. Basis of preparation

The financial statements in this quarterly report have been prepared in accordance with the historic cost convention
except for certain financial instruments which are stated at fair value. 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 2006 and revised International Financial Reporting Standards (IFRS) which are effective
1 January 2007, where applicable.

The financial statements of AngloGold Ashanti Limited have been prepared in compliance with IAS34, JSE Listings
Requirements and in the manner required by the South African Companies Act, 1973 for the preparation of financial
information of the group for the quarter and year ended 31 December 2007.

2. Revenue

Quarter ended

Year ended

Quarter ended

Year ended

Dec

2007

Sept

2007

Dec

2006

Dec

2007

Dec

2006

Dec

2007

Sept

2007

Dec

2006

Dec

2007

Dec

2006

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Gold income

5,784

6,383

5,634

23,052

20,137

856

902

770

3,280

2,964

By-products (note 3)

555

125

272

1,003

749

145

110

Dividend received from
other investments

Interest received

312

218

6,428

6,613

5,975

24,383

21,104

951

934

818

3,472

3,106

3. Cost of sales

Quarter ended

Year ended

Quarter ended

Year ended

Dec

2007

Sept

2007

Dec

2006

Dec

2007

Dec

2006

Dec

2007

Sept
2007

Dec

2006

Dec

2007

Dec

2006

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Cash operating costs

(4,056)

(3,684) (3,403) (14,257) (11,994)

(600)

(521) (466)

(2,033) (1,770)

By-products (note 2)

555

125

272

1,003

749

145

110

(3,501)

(3,559) (3,131) (13,254) (11,245)

(518)

(503) (428)

(1,888) (1,660)

Other cash costs

(187)

(176) (172) (705) (594)

(27)

(25) (24)

(100) (86)

Total cash costs

(3,688)

(3,735) (3,303) (13,959) (11,839)

(545)

(528) (452)

(1,988) (1,746)

Retrenchment costs

(88)

(27) (114) (131) (152)

(13)

(4) (16) (19) (22)

Rehabilitation and
other non-cash costs

(321)

(85)

122

(445)

(47)

(12)

(65)

Production costs

(4,097)

(3,847) (3,295) (14,535) (11,956)

(605)

(544) (451)

(2,072) (1,765)

Amortisation of
tangible assets

(1,103)

(1,082) (1,215) (4,143) (4,059)

(164)

(153) (167) (590) (597)

Amortisation of
intangible assets

(3)

(3)

(4)

(14)

(13)

–

(2)

Total production costs

(5,203)

(4,933) (4,514) (18,692) (16,028)

(769)

(697) (618)

(2,664) (2,364)

Inventory change

(12)

197

546

(2)

(5,215)

(4,924) (4,477) (18,495) (15,482)

(771)

(696) (612)

(2,636) (2,282)

Rounding of figures may result in computational discrepancies.

4. Other operating expenses

Quarter ended

Year ended

Quarter ended

Year ended

Dec

2007

Sept

2007

Dec

2006

Dec

2007

Dec

2006

Dec

2007

Sept

2007

Dec

2006

Dec

2007

Dec

2006

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Pension and medical defined
benefit provisions

(25) 1

(23)

(57) 7

(4) –

(3) (8)

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

(30)

(40) (30) (97) (67) (4)

(5) (4)

(15) (9)

Miscellaneous

–

(14)

(5)

–

(2)

(1)

(65) (26) (134) (129) 3

(9) (4)

(20) (18)

5. Operating special items

Quarter ended

Year ended

Quarter ended

Year ended

Dec

2007

Sept

2007

Dec

2006

Dec

2007

Dec

2006

Dec

2007

Sept

2007

Dec

2006

Dec

2007

Dec

2006

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Indirect tax expenses

(177)

–

(118)

(184)

(202)

(26)

–

(16)

(26)

(28)

Performance related option
expense

–

(129)

–

(129)

–

(19)

–

(19)

Cost of E-shares issued to
Izingwe Holdings (Pty) Ltd,
a Black Economic
Empowerment company

–

(131)

–

(131)

–

(19)

–

(19)

Impairment of tangible
assets (note 8)

(5)

–

(41)

(6)

(44)

(1)

–

(6)

(1)

(6)

Impairment of goodwill
(note 8)

(7)

–

(7)

–

(1)

–

(1)

–

Recovery of loan (note 8)

–

Recovery of exploration
costs previously expensed

–

Siguiri royalty payment
calculation dispute with the
Guinean Administration

(27)

–

(27) –

(4) –

–

(4) –

(Loss) profit on disposal and
abandonment of assets
(note 8)

(78)

321

340

(12)

(288)

(98)

(139)

(130)

(42)

(14)

(21)

(18)

Rounding of figures may result in computational discrepancies.

6. Taxation

Quarter ended

Year ended

Quarter ended

Year ended

Dec

2007

Sept

2007

Dec

2006

Dec

2007

Dec

2006

Dec

2007

Sept

2007

Dec

2006

Dec

2007

Dec

2006

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Current tax

Normal taxation

(390)

(443) (261)

(1,608)

(1,370) (58)

(63) (37) (229) (201)

Disposal of tangible
assets (note 8)

(9)

(9) (2) (40) (13) (1)

(1) –

(6) (2)

(Under) over provision
prior year

(6)

(49)

(32)

(49)

(1)

(7) (4) (7)

(405)

(434) (312)

(1,680)

(1,432) (60)

(61) (44) (239) (210)

Deferred taxation

Temporary differences

(36)

(73)

(215)

(6)

(7)

(30)

Unrealised non-hedge

derivatives and other
commodity contracts

336

233

673

742

106

Disposal of tangible
assets (note 8)

(2)

(57)

(56)

–

(8)

Change in estimated
deferred tax rate

–

(271)

(57)

(271)

–

(38)

(8)

(38)

332

274

(365)

641

200

(38)

Total taxation

(73)

(161) (676)

(1,039)

(1,232) (11)

(21) (82) (145) (180)

7. Discontinued operations

The Ergo surface dump reclamation, which forms part of the South African operations, has been discontinued as the
operation has reached the end of its useful life. The results of Ergo are presented below:

Quarter ended

Year ended

Quarter ended

Year ended

Dec

2007

Sept

2007

Dec

2006

Dec

2007

Dec

2006

Dec

2007

Sept

2007

Dec

2006

Dec

2007

Dec

2006

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Gold income

–

Cost of sales

(6) (19) 15

(39) 5

(1) (3) 2

(6)

Gross profit (loss)

(5) (13) 20

(13) 5

(1) (2) 3

(2)

Other income

–

Taxation

(1)

(19)

(23)

–

(3)

(4)

–

Net profit (loss) attributable
to discontinued operations

(24) (1) 7

(12) 6

(3)

–

(2)

Rounding of figures may result in computational discrepancies.

8. Headline loss

Quarter ended

Year ended

Quarter ended

Year ended

Dec

2007

Sept

2007

Dec

2006

Dec

2007

Dec

2006

Dec

2007

Sept

2007

Dec

2006

Dec

2007

Dec

2006

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

The loss attributable
to equity shareholders has
been adjusted by the
following to arrive at
headline loss:

(Loss) profit attributable to
equity shareholders

(3,199)

(2,003) 69

(4,269) (587)

(482)

(316) (72) (668) (44)

Impairment of tangible
assets (note 5)

–

Impairment of goodwill
(note 5)

–

Loss (profit) on disposal of
assets (note 5)

(48) (321) (56) (376) 12

(7) (46) (7) (54)

Impairment of investment in
associate

101

–

154

–

Taxation on items above –
current portion (note 6)

–

Taxation on items above –
deferred portion (note 6)

(31)

(18)

–

(4)

(3)

Headline loss

(3,095)

(1,972) (151)

(4,136) (850) (466)

(312) (103) (648) (82)

Cents per share

(1)

Headline loss

(1,099)

(701) (55)

(1,470) (312)

(165)

(111) (37) (230) (30)

(1)

Calculated on the basic weighted average number of ordinary shares.

9. Shares

Quarter ended

Year ended

Dec

2007

Sept

2007

Dec

2006

Dec

2007

Dec

2006

Unaudited Unaudited Unaudited Unaudited

Audited

Authorised:

Ordinary shares of 25 SA cents each

400,000,000

400,000,000 400,000,000 400,000,000 400,000,000

E ordinary shares of 25 SA cents each

4,280,000

4,280,000 4,280,000 4,280,000 4,280,000

A redeemable preference shares of 50 SA cents each

2,000,000

2,000,000 2,000,000 2,000,000 2,000,000

B redeemable preference shares of 1 SA cent each

5,000,000

5,000,000 5,000,000 5,000,000 5,000,000

Issued and fully paid:

Ordinary shares in issue

277,457,471

276,919,836 276,236,153 277,457,471 276,236,153

E ordinary shares in issue

4,140,230

4,077,860 4,185,770 4,140,230 4,185,770

Total ordinary shares:

281,597,701

280,997,696 280,421,923 281,597,701 280,421,923

A redeemable preference shares

2,000,000

2,000,000 2,000,000 2,000,000 2,000,000

B redeemable preference shares

778,896

778,896 778,896 778,896 778,896

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

277,119,778

276,853,218 275,598,456 276,805,309 272,214,937

E ordinary shares

4,080,713

4,093,133 773,762

4,117,815 194,954

Fully vested options

457,601

455,473 304,280 533,904 398,326

Weighted average number of shares

281,658,092

281,401,824 76,676,498 281,457,028 272,808,217

Dilutive potential of share options

–

Diluted number of ordinary shares

(1)

281,658,092

281,401,824 276,676,498 281,457,028 272,808,217

(1)

The basic and diluted number of ordinary shares are the same for December 2006 quarter and the year 2006 as the effects of shares for

performance related options are anti-dilutive.

Rounding of figures may result in computational discrepancies.

10. Ordinary share capital and premium

As at

Dec

2007

Sept

2007

Dec

2006

Dec

2007

Sept

2007

Dec

2006

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Balance at beginning of period

23,045

23,045

19,362

3,292

3,292

3,055

Ordinary shares issued

283

170

3,330

550

E ordinary shares (cancelled) issued

(6)

(14) 353

(1)

(1) 50

Translation

–

(363)

Sub-total

23,322

23,201

23,045

3,425

3,376

3,292

Redeemable preference shares held within the
group

(312)

(312)

(46)

(45)

Ordinary shares held within the group

(292)

(285) (297) (43)

(41) (43)

E ordinary shares held within the group

(347)

(339) (353) (51)

(49) (50)

Balance at end of period

22,371

22,265

22,083

3,285

3,241

3,154

11. Retained earnings and other reserves

Retained

earnings

Non-

distributable

reserves

Foreign

currency

translation

reserve

Actuarial

gains

(losses)

Other

comprehen-

sive

income

Total

SA Rand million
Balance at December 2005

1,115

138

(1,910)

(227)

(1,655)

(2,539)

Actuarial gains recognised

283

Deferred taxation thereon

(102)

Loss attributable to equity shareholders

(587)

Dividends (742)

(742)

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

1,264

Net loss on cash flow hedges

(1,592)

Deferred taxation on cash flow hedges

167

Gain on available-for-sale financial assets

Deferred taxation on available-for-sale financial
assets

(15)

Share-based payment for share awards and BEE
transaction

338

Translation

2,346

(88)

2,259

Balance at December 2006

(214)

138

436

(45)

(1,503)

(1,188)

Actuarial loss recognised

(99)

Deferred taxation thereon

Loss attributable to equity shareholders

(4,269)

Dividends (919)

(919)

Acquisition of minority interest

(81)

Transfers to foreign currency translation reserve

(41)

–

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

1,470

Net loss on cash flow hedges

(1,161)

Hedge ineffectiveness

Deferred taxation on cash flow hedges and hedge
ineffectiveness

(1)

Gain on available-for-sale financial assets

Deferred taxation on available-for-sale financial
assets

Share-based payment for share awards and BEE
transaction

190

Translation

(139)

(50)

(189)

Balance at December 2007

(5,524)

138

338

(108)

(1,011)

(6,167)

Rounding of figures may result in computational discrepancies.

11. Retained earnings and other reserves cont.

Retained

earnings

Non-

distributable

reserves

Foreign

currency

translation

reserve

Actuarial

gains

(losses)

Other

omprehen-

sive

income

Total

US Dollar million
Balance at December 2005

(58) 22

(66) (36) (261)

(399)

Actuarial gains recognised

Deferred taxation thereon

(15)

Loss attributable to equity shareholders

(44)

Dividends

(107)

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

215

Net loss on cash flow hedges

(227)

Deferred taxation on cash flow hedges

Gain on available-for-sale financial assets

Deferred taxation on available-for-sale financial
assets

(2)

Share-based payment for share awards and BEE
transaction

Translation

(2)

307

(25)

283

Balance at December 2006

(209)

241

(6)

(215)

(169)

Actuarial loss recognised

(14)

Deferred taxation thereon

Loss attributable to equity shareholders

(668)

Dividends

(125)

Acquisition of minority interest

(12)

Transfers to foreign currency translation reserve

(6)

–

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

209

Net loss on cash flow hedges

(166)

Hedge ineffectiveness

Deferred taxation on cash flow hedges and hedge
ineffectiveness

Gain on available-for-sale financial assets

Deferred taxation on available-for-sale financial
assets

Share-based payment for share awards and BEE
transaction

Translation

(1)

(10)

Balance at December 2007

(1,020)

258

(16)

(148)

(906)

12. Minority interests

As at

Dec

2007

Sept

2007

Dec

2006

Dec

2007

Sept

2007

Dec

2006

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Balance at beginning of year

436

436

374

Profit for the period

222

175

202

Dividends paid

(131)

(114) (171) (19)

(16) (25)

Acquisition of minority interest

(1)

(95)

(95) -

(13)

(13) -

Other balance sheet movements

- -

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

Net loss on cash flow hedges

(12)

(7) (12) (2)

(1) (2)

Translation

(9)

(8) 33

- (2)

Balance at end of period

429

401

436

(1) With effect 1 September 2007, AngloGold Ashanti acquired the remaining 15% minorities of Iduapriem.

Rounding of figures may result in computational discrepancies

13. Exchange rates

Dec

2007

Sept

2007

Dec

2006

Unaudited

Audited

Rand/US dollar average for the year to date

7.03

7.12 6.77

Rand/US dollar average for the quarter

6.76

7.08 7.31

Rand/US dollar closing

6.81

6.87 7.00

Rand/Australian dollar average for the year to date

5.89

5.85 5.10

Rand/Australian dollar average for the quarter

6.00

6.00 5.63

Rand/Australian dollar closing

5.98

6.04 5.53

BRL/US dollar average for the year to date

1.95

2.00 2.18

BRL/US dollar average for the quarter

1.78

1.92 2.15

BRL/US dollar closing

1.78

1.85 2.14

14. Capital commitments

Dec

2007

Sept

2007

Dec

2006

Dec

2007

Sept

2007

Dec

2006

Unaudited Unaudited

Audited Unaudited Unaudited

Audited

SA Rand million

US Dollar million

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

2,968

4,406

2,475

436

641

354

Liquidity and capital resources:

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

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

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

15. Contingent liabilities

AngloGold Ashanti’s material contingent liabilities at 31 December 2007 are detailed below:

Groundwater pollution – South Africa – AngloGold Ashanti has identified a number of groundwater pollution sites
at its current operations in South Africa, and has investigated a number of different technologies and
methodologies that could possibly be used to remediate the pollution plumes. The viability of the suggested
remediation techniques in the local geological formation in South Africa is however unknown. No sites have been
remediated and present research and development work is focused on several pilot projects to find a solution that
will in fact yield satisfactory results in South African conditions. Subject to the technology being developed as a
remediation technique, no reliable estimate can be made for the obligation.

Provision of surety – South Africa – AngloGold Ashanti has provided sureties in favour of a lender on a gold loan
facility with its affiliate Oro Africa (Pty) Ltd and one of its subsidiaries to a maximum value of R100m ($15m). The
suretyship agreements have a termination notice period of 90 days.

Sales tax on gold deliveries – Brazil – Mineração Serra Grande S.A.(MSG), the operator of the Crixas mine in
Brazil, has received two tax assessments from the State of Goiás related to payments of sales taxes on gold
deliveries for export, one for the period between February 2004 and June 2005 and the other for the period
between July 2005 and May 2006. The tax authorities maintain that whenever a taxpayer export gold mined in
the state of Goiás, through a branch located in a different Brazilian State, it must obtain an authorisation from the
Goiás State Treasury by means of a Special Regime Agreement (Termo de Acordo re Regime Especial – TARE).
The Serra Grande operation is co-owned with Kinross Gold Corporation. AngloGold Ashanti Brasil Mineração
Ltda. manages the operation and its attributable share of the first assessment is approximately $39m. Although
MSG requested the TARE in early 2004, the TARE, which authorized the remittance of gold to the company’s
branch in Minas Gerais specifically for export purposes, was only granted and executed in May 2006.

In November 2006 the administrative council’s second chamber ruled in favour of Serra Grande and fully
cancelled the tax liability related to the first period. The State of Goiás has appealed to the full board of the State
of Goiás tax administrative council. The second assessment was issued by the State of Goiás in October 2006
on the same grounds as the first one, and the attributable share of the assessment is approximately $24m. The
company believes both assessments are in violation of Federal legislation on sales taxes.

VAT Disputes – Brazil – MSG received a tax assessment in October 2003 from the State of Minas Gerais related
to sales taxes on gold allegedly returned from the branch in Minas Gerais to the company head office in the State
of Goiás. The tax administrators rejected the company’s appeal against the assessment. The company is now
dismissing the case at the judicial sphere. The company’s attributable share of the assessment is approximately
$8m.

Tax Disputes – Brazil – Morro Velho and AngloGold Ashanti Brasil Mineração are involved in disputes with tax
authorities. These disputes involve eleven federal tax assessments including income tax, social contributions and
annual property tax based on ownership of properties outside of urban perimeters (ITR). The amount involved is
approximately $8m.

16. Concentration of risk

There is a concentration of risk in respect of reimbursable value added tax and fuel duties from the Malian
government:
• Reimbursable value added tax due from the Malian government amounts to an attributable $42m at

31 December 2007 (30 September 2007: attributable $37m). The last audited value added tax return was for
the period ended 31 March 2007 and at the balance sheet date an attributable $25m was still outstanding and
$17m is still subject to audit. The accounting processes for the unaudited amount are in accordance with the
processes advised by the Malian government in terms of the previous audits.

• Reimbursable fuel duties from the Malian government amounts to an attributable $7m at 31 December 2007

(30 September 2007: attributable $8m). Fuel duty refund claims are required to be submitted before
31 January of the following year and are subject to authorisation by firstly the Department of Mining and
secondly the Custom and Excise authorities. The Customs and Excise authorities have approved an
attributable $2m, which is still outstanding, whilst an attributable $5m is still subject to authorisation. The
accounting processes for the unauthorised amount are in accordance with the processes advised by the
Malian government in terms of the previous authorisations. As from February 2006 all fuel duties have been
exonerated.

The government of Mali is a shareholder in all the Malian entities. Management is in negotiations with the
Government of Mali to agree a protocol for the repayment of the outstanding amounts. The outstanding amounts
have been discounted to their present value at a rate of 6.5%.

There is a concentration of risk in respect of reimbursable value added tax and fuel duties from the Tanzanian
government:
• Reimbursable value added tax due from the Tanzanian government amounts to $16m at 31 December 2007

(30 September 2007: $18m). The last audited value added tax return was for the period ended 30 June 2007
and at the balance sheet date $14m was still outstanding and $2m is still subject to audit. The accounting
processes for the unaudited amount are in accordance with the processes advised by the Tanzanian
government in terms of the previous audits. The outstanding amounts have been discounted to their present
value at a rate of 7.8%.

• Reimbursable fuel duties from the Tanzanian government amounts to $37m at 31 December 2007

(30 September 2007: $30m). Fuel duty claims are required to be submitted after consumption of the related
fuel and are subject to authorisation by the Customs and Excise authorities. Claims for refund of fuel duties
amounting to $21m have been lodged with the Customs and Excise authorities, which are still outstanding,
whilst claims for refund of $16m have not yet been submitted. The accounting processes for the unauthorised
amount are in accordance with the processes advised by the Tanzanian government in terms of the previous
authorisations. The outstanding amounts have been discounted to their present value at a rate of 7.8%.

17. Attributable interest

Although AngloGold Ashanti holds a 66.7% interest in Cripple Creek & Victor Gold Mining Company Limited, it is
currently entitled to receive 100% of the cash flows from the operation until the loan, extended to the joint venture by
AngloGold Ashanti USA Inc., is repaid.

18. Borrowings

AngloGold Ashanti's borrowings are interest bearing.

19. Announcements

On 12 November 2007, it was announced that due to further operational management restructure, Neville Nicolau
resigned from the board to pursue other opportunities with immediate effect.

On 12 December 2007, AngloGold Ashanti announced the successful closing of a US$1.15bn syndicated revolving
loan facility. The new 3-year facility will be used to refinance an existing US$700m revolving credit facility, an
AUD200m facility and for general corporate purposes.

On 14 January 2008, AngloGold Ashanti announced that it had agreed to acquire 100% of Golden Cycle Gold
Corporation (GCGC) through a merger transaction in which GCGC’s shareholders will receive 29 AngloGold Ashanti
ADRs for every 100 shares of GCGC common stock held. GCGC currently holds a 33% shareholding in Cripple
Creek & Victor while AngloGold Ashanti hold the remaining 67%. The merger transaction will result in Cripple Creek
& Victor being a wholly-owned AngloGold Ashanti operation. The transaction is subject to a number of regulatory
and statutory approvals, including approval by GCGC shareholders. The transaction, at the date of announcement
was valued at approximately US$149m.

On 18 January 2008, AngloGold Ashanti provided operation guidance to its fourth quarter 2007 results, in which it
was stated that its South African and Geita operations had experienced production difficulties resulting in the group’s
production for the quarter to be of the region of 1,368,000 ounces.

Following the announcement made on 25 January 2008, in which AngloGold Ashanti advised that Eskom (the South
African electricity supply body) would be interrupting power supplies to the company’s South African operations,
AngloGold Ashanti halted mining and gold recovery at these operations. Subsequently, AngloGold Ashanti
announced on 29 January 2008, that it had begun the process to restart production at its South African operations
following a meeting with Eskom and industrial electricity consumers at which, Eskom had agreed to provide
AngloGold Ashanti with 90% of its electricity demand prior to the shut down so as to return the operations to normal
production.

20. Dividend

The directors have today declared Final Dividend No. 103 of 53 (Final Dividend No. 101: 240) South African cents
per ordinary share for the year ended 31 December 2007. In compliance with the requirements of STRATE, given
the company's primary listing on the JSE Limited, the salient dates for payment of the dividend are as follows:

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

2008

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

Thursday, 21 February

Last date to trade ordinary shares cum dividend

Friday, 22 February

Last date to register transfers of certificated securities cum dividend

Friday, 22 February

Ordinary shares trade ex dividend

Monday, 25 February

Record date

Friday, 29 February

Payment date

Friday, 7 March

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

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

To comply with the further requirements of STRATE, between Monday, 25 February 2008 and Friday, 29 February
2008, both days inclusive, no transfers between the South African, United Kingdom, Australian and Ghana share
registers will be permitted and no ordinary shares pertaining to the South African share register may be
dematerialised or rematerialised.

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

2008

Ex dividend on New York Stock Exchange

Wednesday, 27 February

Record date

Friday, 29 February

Approximate date for currency conversion

Friday, 7 March

Approximate payment date of dividend

Monday, 17 March

Assuming an exchange rate of R7.4805/$1, the dividend payable on an ADS is equivalent to 7 US cents. This
compares with the final dividend of 32.384 US cents per ADS paid on 26 March 2007. However, the actual rate of
payment will depend on the exchange rate on the date for currency conversion.

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

2008

Last date to trade and to register GhDSs cum dividend

Friday, 22 February

GhDSs trade ex dividend

Monday, 25 February

Record date

Friday, 29 February

Approximate payment date of dividend

Monday, 10 March

Assuming an exchange rate of R7.6723/¢ the dividend payable per GhDS is equivalent to 0.0006908 cedis. This
compares with the final dividend of 0.00304121 cedis per GhDS paid on 19 March 2007. However, the actual rate of
payment will depend on the exchange rate on the date for currency conversion. In Ghana, the authorities have
determined that dividends payable to residents on the Ghana share register be subject to a final withholding tax at a
rate of 10%, similar to the rate applicable to dividend payments made by resident companies which is currently at
10%.

In addition, directors have today declared Dividend No. E3 of 26.50 South African cents per E ordinary share,
payable to employees participating in the Bokamoso ESOP and Izingwe Holdings (Proprietary) Limited. These
dividends are payable on 7 March 2008.

By order of the Board

R P EDEY

M CUTIFANI

Chairman

Chief

Executive

Officer

6 February 2008

Segmental reporting

for the quarter and year ended 31 December 2007

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

2006

2007

2006

Unaudited

Audited

Unaudited

Audited

Gold income
South Africa

2,292

2,805

2,390

9,843

9,151

339

397

326

1,399

1,347

Argentina

198

273

175

988

841

140

125

Australia

684

715

623

2,437

1,851

101

101

348

271

Brazil

495

546

465

2,001

1,558

285

228

Ghana

601

648

453

2,365

1,781

337

263

Guinea

492

307

331

1,483

960

211

141

Mali

535

469

574

1,951

2,146

278

317

Namibia

364

336

Tanzania

111

347

257

807

857

114

127

USA

280

185

286

813

656

116

5,784

6,383

5,634

23,052

20,137

856

902

770

3,280

2,964

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

502

802

872

2,845

3,746

113

118

403

549

Argentina

(12)

338

245

(2)

Australia

228

288

308

960

934

137

Brazil

277

232

329

987

946

141

138

Ghana

(150)

(108)

(186)

(22)

(15)

(26)

Guinea

(19)

101

(2)

Mali

165

150

287

646

986

146

Namibia

148

Tanzania

(110)

(2)

(19)

(16)

(2)

USA

190

109

167

518

167

Other

(34)

105

221

(4)

1,309

1,761

1,959

6,590

7,207

195

249

269

935

1,058

Cash gross profit (loss)

South Africa

1,023

1,261

1,382

4,628

5,366

151

178

188

657

788

Argentina

118

513

465

Australia

319

378

391

1,308

1,179

186

173

Brazil

372

323

399

1,308

1,136

186

165

Ghana

(56)

153

485

396

(8)

Guinea

117

352

282

Mali

206

192

364

809

1,274

115

188

Namibia

131

192

Tanzania

(53)

185

358

246

(8)

USA

247

168

226

742

432

106

Other

113

(16)

105

116

268

(3)

2,416

2,847

3,158

10,750

11,236

358

402

434

1,527

1,652

Rounding of figures may result in computational discrepancies.

Based on risks and returns the directors consider that the primary reporting format is by business segment. The directors consider that there is only one business
segment being mining, extraction and production of gold. Therefore the disclosures for the primary segment have already been given in the abbreviated financial
statements. The secondary reporting format is by geographical analysis by origin.

Gross profit (loss) adjusted for the loss on unrealised non-hedge derivatives and other commodity contracts plus amortisation of tangible and intangible assets, less non-cash revenues. Refer to

note F of "Non-GAAP disclosure" for the computation.

US Dollar million

SA Rand million

Segmental

reporting (continued)

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

2006

2007

2006

Unaudited

Audited

Unaudited

Audited

Gold production
South Africa

17,503

19,218

20,019

72,429

79,427

563

618

644

2,328

2,554

Argentina

1,597

1,569

1,346

6,338

6,683

204

215

Australia

4,673

4,766

4,746

18,675

14,450

150

153

600

465

Brazil

3,480

3,401

2,904

12,689

10,551

112

109

408

339

Ghana

3,998

4,217

4,411

16,388

18,399

129

136

142

527

592

Guinea

2,567

1,886

2,406

8,715

7,948

280

256

Mali

3,536

3,649

4,110

13,703

16,700

114

117

132

441

537

Namibia

624

638

617

2,496

2,690

Tanzania

1,801

3,401

2,478

10,166

9,588

109

327

308

USA

2,778

1,866

2,661

8,766

8,817

282

283

42,556

44,611

45,697

170,365

175,253

1,368

1,434

1,469

5,477

5,635

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

2006

2007

2006

Unaudited

Audited

Unaudited

Audited

Capital expenditure
South Africa

881

642

695

2,535

2,116

128

361

313

Argentina

141

129

Australia

651

439

295

1,975

584

281

Brazil

204

258

333

995

1,258

142

186

Ghana

260

152

236

836

656

119

Guinea

146

110

Mali

Namibia

Tanzania

119

187

452

USA

161

Other

364

2,315

1,733

1,861

7,444

5,533

339

245

260

1,059

817

As at

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

Unaudited

Audited

Unaudited

Audited

Total assets
South Africa

15,616

15,590

15,392

2,293

2,269

2,199

Argentina

1,659

1,647

1,876

244

240

268

Australia

8,705

8,238

6,447

1,278

1,199

921

Brazil

4,826

4,568

3,961

709

665

566

Ghana

13,301

13,031

12,456

1,953

1,897

1,779

Guinea

2,127

2,005

1,974

312

292

282

Mali

2,399

2,299

2,350

352

335

336

Namibia

536

513

424

Tanzania

9,654

9,633

9,642

1,418

1,402

1,377

USA

3,608

3,593

3,566

530

523

509

Other

4,450

4,990

4,528

652

725

645

66,881

66,107

62,616

9,820

9,623

8,943

Rounding of figures may result in computational discrepancies.

SA Rand million

US Dollar million

SA Rand million

US Dollar million

oz (000)

Non-GAAP

disclosure

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

2006

2007

2006

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

Headline loss (note 8)

(3,095)

(1,972)

(151)

(4,136)

(850)

(466)

(312)

(103)

(648)

(82)

Loss on unrealised non-hedge derivatives and other
commodity contracts

3,663

2,640

320

7,114

4,507

550

408

137

1,071

615

Deferred tax on unrealised non-hedge derivatives and other
commodity contracts (note 6)

(336)

(233)

(37)

(673)

(742)

(50)

(34)

(15)

(98)

(106)

Fair value adjustment on option component of convertible
bond

(115)

140

210

(333)

(137)

(17)

(47)

(16)

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

(1)

117

575

341

1,971

2,777

278

411

Cents per share

(2)

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

(1)

204

123

700

1,018

151

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

2006

2007

2006

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

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

(2,354)

(879)

1,639

(524)

2,700

(355)

(159)

133

(136)

443

Loss on unrealised non-hedge derivatives and other
commodity contracts

3,663

2,640

320

7,114

4,507

550

408

137

1,071

615

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

1,309

1,761

1,959

6,590

7,207

195

249

269

935

1,058

Rounding of figures may result in computational discrepancies.

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

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

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

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

Quarter ended

Year ended

SA Rand million

(1)

Loss on non-hedge derivatives and other commodity contracts in the income statement comprise the change in fair value of all non-hedge derivatives and

other commodity contracts as follows:

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

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

US Dollar million

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

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

US Dollar million

- The unrealised fair value change on the onerous uranium contracts.

Quarter ended

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

Year ended

Quarter ended

Year ended

(2)

Calculated on the basic weighted average number of ordinary shares.

SA Rand million

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

2006

2007

2006

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

Non-hedge derivative (loss) gain is summarised as:

Gain on realised non-hedge derivatives (note D)

740

302

802

2,033

2,552

110

112

291

376

Loss on unrealised non-hedge derivatives

(3,829)

(2,574)

(125)

(7,305)

(4,343)

(575)

(398)

(108)

(1,099)

(591)

Unrealised (loss) gain on other commodity physical
borrowings

(1)

(19)

(9)

(3)

(1)

Provision for gain (loss) on future deliveries of other
commodities

167

(144)

(176)

142

(155)

(21)

(26)

(23)

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

(2,923)

(2,338)

482

(5,081)

(1,955)

(440)

(365)

(25)

(780)

(239)

Price received

Gold income (note 2)

5,784

6,383

5,634

23,052

20,137

856

902

770

3,280

2,964

Adjusted for minority interests

(211)

(213)

(215)

(889)

(804)

(32)

(31)

(29)

(127)

(119)

5,573

6,169

5,419

22,163

19,333

824

871

741

3,153

2,845

Gain on realised non-hedge derivatives (note C)

740

302

802

2,033

2,552

110

112

291

376

6,313

6,472

6,221

24,196

21,885

934

914

853

3,444

3,221

Attributable gold sold - kg / - oz (000)

42,278

45,768

45,866

170,265

173,639

1,359

1,471

1,475

5,474

5,583

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

149,312

141,400

135,628

142,107

126,038

687

621

578

629

577

Total costs

Total cash costs (note 3)

3,688

3,735

3,303

13,959

11,839

545

528

452

1,988

1,746

Adjusted for minority interests and non-gold producing
companies

(113)

(246)

(73)

(16)

(34)

(11)

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

3,734

3,622

3,309

13,713

11,766

552

512

453

1,954

1,735

Retrenchment costs (note 3)

114

131

152

Rehabilitation and other non-cash costs (note 3)

321

(122)

445

(35)

(17)

(3)

Amortisation of tangible assets (note 3)

1,103

1,082

1,215

4,143

4,059

164

153

167

590

597

Amortisation of intangible assets (note 3)

Adjusted for minority interests and non-gold producing
companies

(42)

(35)

(146)

(122)

(6)

(5)

(4)

(21)

(18)

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

5,207

4,784

4,485

18,300

15,833

770

676

615

2,609

2,335

Gold produced - kg / - oz (000)

42,556

44,611

45,697

170,365

175,253

1,368

1,434

1,469

5,477

5,635

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

87,744

81,186

72,422

80,490

67,133

404

357

309

357

308

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

122,344

107,239

98,145

107,415

90,345

563

471

419

476

414

Cash gross profit

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

1,309

1,761

1,959

6,590

7,207

195

249

269

935

1,058

Amortisation of tangible assets (note 3)

1,103

1,082

1,215

4,143

4,059

164

153

167

590

597

Amortisation of intangible assets (note 3)

Non-cash revenues

(20)

(43)

(3)

(5)

2,416

2,847

3,158

10,750

11,236

358

402

434

1,527

1,652

EBITDA

Operating (loss) profit

(3,110)

(1,393)

1,193

(2,636)

1,349

(467)

(232)

(439)

246

Amortisation of tangible assets (note 3)

1,103

1,082

1,215

4,143

4,059

164

153

167

590

597

Amortisation of intangible assets (note 3)

Impairment of tangible assets (note 5)

Impairment of intangible assets (note 5)

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

3,663

2,640

320

7,114

4,507

550

408

137

1,071

615

Share of associates' EBITDA

(2)

(3)

(2)

(1)

Discontinued operations EBITDA

(5)

(13)

(1)

(2)

Profit on disposal of assets

(48)

(321)

(56)

(378)

(7)

(46)

(7)

(54)

1,795

2,278

2,442

8,619

9,579

266

322

334

1,224

1,409

Rounding of figures may result in computational discrepancies.

Quarter ended

Year ended

US Dollar million / Imperial

SA Rand million / Metric

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

2006

2007

2006

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

Interest cover

EBITDA (note G)

1,795

2,278

2,442

8,619

9,579

266

322

334

1,224

1,409

Finance costs

231

230

246

880

822

125

123

Capitalised finance costs

256

248

270

948

893

135

133

Interest cover - times

Free cash flow

Net cash inflow from operating activities

1,268

2,092

2,071

6,238

7,825

188

295

275

882

1,137

Stay-in-business capital expenditure

(1,222)

(868)

(1,144)

(3,758)

(3,416)

(179)

(123)

(160)

(535)

(504)

1,224

927

2,480

4,409

172

115

347

633

As at

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

Net asset value - cents per share

Total equity

16,633

19,874

21,331

2,442

2,893

3,047

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

282

281

280

282

281

280

Net asset value - cents per share

5,907

7,073

7,607

867

1,030

1,087

Total equity

16,633

19,874

21,331

2,442

2,893

3,047

Intangible assets

(2,996)

(3,036)

(2,909)

(440)

(442)

(415)

13,637

16,838

18,422

2,002

2,451

2,632

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

282

281

280

282

281

280

Net tangible asset value - cents per share

4,843

5,992

6,569

711

872

939

Net debt

Borrowings - long-term portion

10,441

7,415

9,963

1,533

1,079

1,423

Borrowings - short-term portion

2,309

4,358

413

339

634

Total borrowings

12,750

11,773

10,376

1,872

1,713

1,482

Cash and cash equivalents

(3,381)

(3,447)

(3,467)

(496)

(502)

(495)

Net debt

9,369

8,326

6,909

1,376

1,211

987

Rounding of figures may result in computational discrepancies.

SA Rand million

US Dollar million

SA Rand million

Year ended

Quarter ended

Year ended

Development

for the quarter ended 31 December 2007

Statistics are shown in metric units

Advanced

metres

Sampled

Ave. channel

(total)

metres

width (cm)

Ave. g/t

Ave. cm.g/t

Ave. kg/t

Ave. cm.kg/t

VAAL RIVER
Great Noligwa Mine
Vaal reef

2,139

254

94.0

29.06

2,735

1.37

128.00

Kopanang Mine
Vaal reef

7,387

558

14.0

107.63

1,496

8.19

123.00

Tau Lekoa Mine
Ventersdorp Contact reef

2,306

468

65.0

11.03

717

0.04

4.00

Moab Khotsong Mine
Vaal reef

4,400

570

125.0

25.04

3,138

1.16

136.00

WEST WITS
TauTona Mine
Ventersdorp Contact reef

184

Carbon Leader reef

2,311

112

18.0

164.29

2,875

2.11

37.00

Savuka Mine
Carbon Leader reef

565

Mponeng Mine
Ventersdorp Contact reef

3,656

814

87.0

34.46

3,012

AUSTRALIA
Sunrise Dam

768

3.19

BRAZIL
AngloGold Ashanti Mineração
Mina de Cuiabá

1,940

137

260.0

6.56

Córrego do Sitio

1,044

548

2.61

Lamego

942

344

60.0

3.01

Serra Grande
Mina III

1,159

204

100.0

2.87

Mina Nova

137

GHANA
Obuasi

5,102

1,904

430.0 *

8.67

3,728

Statistics are shown in imperial units

Advanced

feet

Sampled

Ave. channel

(total)

feet

width (inches)

Ave. oz/t

Ave. ft.oz/t

Ave. lb/t

Ave. ft.lb/t

VAAL RIVER
Great Noligwa Mine
Vaal reef

7,018

833

37.0

0.85

2.61

2.74

8.45

Kopanang Mine
Vaal reef

24,236

1,831

5.5

3.14

1.44

16.38

7.52

Tau Lekoa Mine
Ventersdorp Contact reef

7,566

1,535

25.6

0.32

0.69

0.08

0.17

Moab Khotsong Mine
Vaal reef

14,436

1,870

49.2

0.73

3.00

2.32

9.51

WEST WITS
TauTona Mine
Ventersdorp Contact reef

604

Carbon Leader reef

7,582

367

7.1

4.79

2.83

4.22

2.49

Savuka Mine
Carbon Leader reef

1,854

Mponeng Mine
Ventersdorp Contact reef

11,995

2,671

34.3

1.01

2.87

AUSTRALIA

Sunrise Dam

2,520

0.09

BRAZIL
AngloGold Ashanti Mineração
Mina de Cuiabá

6,363

449

102.4

0.19

Córrego do Sitio

3,426

1,798

0.08

Lamego

3,091

1,129

23.6

0.09

Serra Grande
Mina III

3,802

668

39.4

0.08

Mina Nova

451

GHANA
Obuasi

16,738

6,247

169.3 *

0.25

3.57

* Average ore body width.

Sampled

gold

uranium

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

Sampled

gold

uranium

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2007

2006

2007

2006

2007

SA Rand / US Dollar

SOUTH AFRICA

881

642

695

2,535

128

361

Vaal River
Great Noligwa

136

261

Kopanang

111

101

362

Moab Khotsong

195

179

169

628

Tau Lekoa

113

Surface Operations

(1)

West Wits
Mponeng

234

163

111

604

Savuka

TauTona

178

114

142

500

ARGENTINA

141

Cerro Vanguardia - Attributable 92.50%

130

Minorities and exploration

AUSTRALIA

651

439

295

1,975

281

Sunrise Dam

207

Boddington

580

383

258

1,752

249

Exploration

BRAZIL

204

258

333

995

142

AngloGold Ashanti Brasil Mineração

158

210

300

820

117

Serra Grande - Attributable 50%

Minorities, exploration and other

GHANA

260

152

236

836

119

Bibiani

Iduapriem

105

162

Obuasi

153

130

216

663

Minorities and exploration

GUINEA

146

Siguiri - Attributable 85%

124

Minorities and exploration

MALI

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

Navachab

TANZANIA

119

187

Geita

119

187

USA

161

Cripple Creek & Victor J.V.

160

OTHER

364

ANGLOGOLD ASHANTI

2,315

1,733

1,861

7,444

339

245

260

1,059

Rounding of figures may result in computational discrepancies.

Capital expenditure - Rm

Capital expenditure - $m

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2007

2006

2007

2006

2007

Metric

SOUTH AFRICA

17,503

19,218

20,019

72,429

Vaal River
Great Noligwa

6.94

7.23

7.95

7.54

3,613

3,684

4,640

15,036

Kopanang

7.70

8.11

7.40

7.24

3,229

3,639

3,657

13,013

Moab Khotsong

9.12

7.50

6.36

7.94

726

523

411

2,081

Tau Lekoa

3.97

3.71

4.34

3.62

1,247

1,342

1,387

5,137

Surface Operations

0.46

0.47

0.57

0.49

920

931

1,072

3,903

West Wits
Mponeng

9.26

9.51

9.69

9.50

4,223

4,824

4,595

18,260

Savuka

6.73

6.29

7.31

6.69

540

620

654

2,284

TauTona

9.37

9.93

11.46

9.67

3,005

3,654

3,604

12,714

ARGENTINA

1,597

1,569

1,346

6,338

Cerro Vanguardia - Attributable 92.50%

6.88

6.79

5.51

6.88

1,597

1,569

1,346

6,338

AUSTRALIA

4,673

4,766

4,746

18,675

Sunrise Dam

4.84

5.15

4.20

4.86

4,673

4,766

4,746

18,675

BRAZIL

3,480

3,401

2,904

12,689

AngloGold Ashanti Brasil Mineração

7.84

7.53

7.97

7.48

2,826

2,698

2,156

9,851

Serra Grande

- Attributable 50%

6.65

7.67

7.69

7.21

654

704

747

2,838

GHANA

3,998

4,217

4,411

16,388

Bibiani

0.43

150

Iduapriem

1.90

1.86

1.70

1.85

1,387

1,610

1,219

5,192

Obuasi

4.34

4.41

4.61

4.43

2,611

2,607

3,041

11,196

GUINEA

2,567

1,886

2,406

8,715

Siguiri

- Attributable 85%

1.18

0.94

1.08

1.05

2,567

1,886

2,406

8,715

MALI

3,536

3,649

4,110

13,703

Morila - Attributable 40%

3.91

3.94

3.46

3.36

1,607

1,624

1,503

5,596

Sadiola - Attributable 38%

3.00

2.92

3.44

2.76

1,252

1,089

1,546

4,366

Yatela

- Attributable 40%

2.60

2.66

3.88

3.46

677

936

1,061

3,742

NAMIBIA

624

638

617

2,496

Navachab

1.61

1.64

1.63

1.56

624

638

617

2,496

TANZANIA

1,801

3,401

2,478

10,166

Geita

1.46

2.54

1.73

2.01

1,801

3,401

2,478

10,166

USA

2,778

1,866

2,661

8,766

Cripple Creek & Victor J.V.

0.55

0.52

0.48

0.53

2,778

1,866

2,661

8,766

ANGLOGOLD ASHANTI

42,556

44,611

45,697

170,365

Underground Operations

6.96

7.11

7.47

6.99

22,505

24,066

24,611

91,684

Surface and Dump Reclamation

0.45

0.48

0.52

0.49

1,339

1,429

1,569

6,142

Open-pit Operations

2.33

2.49

2.13

2.34

15,047

16,064

15,451

59,227

Heap Leach Operations

0.70

0.66

0.73

3,665

3,052

4,066

13,312

42,556

44,611

45,697

170,365

Yatela and Cripple Creek & Victor Joint Venture operations yield

reflects gold placed/tonnes placed.

Rounding of figures may result in computational discrepancies.

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

operations.

The yield of Sunrise Dam and Siguiri represents open-pit operations.

The yield is calculated on gold placed into leach pad inventory /

tonnes placed on to leach pad.

Yield - g/t

Gold produced - kg

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2007

2006

2007

2006

2007

Metric

SOUTH AFRICA

216

237

262

227

17,432

20,020

20,307

72,823

Vaal River
Great Noligwa

177

180

234

185

3,616

3,828

4,642

15,146

Kopanang

215

239

241

215

3,230

3,756

3,655

13,099

Moab Khotsong

145

123

146

131

726

536

411

2,089

Tau Lekoa

147

156

167

153

1,248

1,389

1,390

5,168

Surface Operations

1,399

1,421

1,561

1,463

920

964

1,066

3,930

West Wits
Mponeng

267

307

330

297

4,181

5,060

4,746

18,327

Savuka

166

188

208

176

534

650

667

2,293

TauTona

243

283

290

252

2,976

3,836

3,729

12,771

ARGENTINA

800

781

723

795

1,092

1,597

1,325

5,827

Cerro Vanguardia - Attributable 92.50%

800

781

723

795

1,092

1,597

1,325

5,827

AUSTRALIA

3,994

3,968

2,443

3,977

4,796

5,036

4,899

18,581

Sunrise Dam

4,359

4,356

4,354

4,356

4,796

5,036

4,899

18,581

BRAZIL

671

656

626

628

3,364

3,370

2,775

12,657

AngloGold Ashanti Brasil Mineração

660

625

568

587

2,706

2,656

2,095

9,679

Serra Grande - Attributable 50%

722

807

887

830

658

714

681

2,978

GHANA

224

242

229

232

3,869

4,517

4,334

16,361

Bibiani

390

139

Iduapriem

525

686

568

555

1,384

1,576

1,112

5,115

Obuasi

171

173

181

182

2,485

2,941

3,082

11,246

GUINEA

626

451

619

529

2,661

1,883

2,402

8,769

Siguiri - Attributable 85%

626

451

619

529

2,661

1,883

2,402

8,769

MALI

893

965

1,286

907

3,597

3,319

3,972

13,769

Morila - Attributable 40%

1,041

1,084

1,132

924

1,729

1,432

1,554

5,551

Sadiola - Attributable 38%

808

763

1,350

751

1,166

991

1,369

4,423

Yatela - Attributable 40%

781

1,091

1,470

1,155

701

896

1,048

3,794

NAMIBIA

415

446

654

509

644

621

544

2,581

Navachab

415

446

654

509

644

621

544

2,581

TANZANIA

269

555

385

404

2,059

3,384

2,617

10,205

Geita

269

555

385

404

2,059

3,384

2,617

10,205

USA

2,721

1,796

2,740

2,160

2,764

2,022

2,692

8,692

Cripple Creek & Victor J.V.

2,721

1,796

2,740

2,160

2,764

2,022

2,692

8,692

ANGLOGOLD ASHANTI

342

361

372

349

42,278

45,768

45,866

170,265

Rounding of figures may result in computational discrepancies.

Productivity per employee - g

Gold sold - kg

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2007

2006

2007

2006

2007

SA Rand / Metric

SOUTH AFRICA

87,949

77,247

62,888

77,372

120,358

101,922

88,764

103,224

Vaal River
Great Noligwa

117,918

90,339

54,393

90,817

141,474

115,763

76,424

114,220

Kopanang

71,498

69,335

61,570

69,201

94,086

87,041

76,264

88,679

Moab Khotsong

150,648

156,931

116,485

150,135

358,141

235,687

234,471

276,421

Tau Lekoa

112,042

109,485

87,829

107,016

143,944

141,342

149,979

140,507

Surface Operations

77,719

72,369

55,607

68,745

83,260

79,119

60,852

75,241

West Wits
Mponeng

66,025

57,704

57,887

59,596

85,608

78,646

84,563

78,622

Savuka

91,613

92,349

79,339

91,089

95,552

117,212

76,223

107,676

TauTona

77,572

72,802

65,013

71,523

120,443

102,743

93,108

104,676

ARGENTINA

67,924

67,033

80,559

59,533

93,954

105,906

129,468

89,617

Cerro Vanguardia - Attributable 92.50%

67,404

66,360

79,547

58,807

93,307

105,073

128,229

88,746

AUSTRALIA

77,570

64,819

68,984

70,743

95,297

85,166

89,091

89,709

Sunrise Dam

75,697

63,541

68,640

68,951

90,855

83,003

86,512

86,866

BRAZIL

59,734

56,533

51,246

58,584

83,294

90,051

74,790

82,418

AngloGold Ashanti Brasil Mineração

54,489

50,088

45,050

52,472

79,432

86,085

68,934

77,442

Serra Grande - Attributable 50%

63,381

61,086

48,667

59,428

80,962

85,103

71,232

79,317

GHANA

100,758

103,333

98,675

97,635

187,314

138,595

141,474

142,810

Bibiani

121,324

(70,202)

Iduapriem

90,069

81,680

85,886

84,058

142,865

100,731

104,967

111,340

Obuasi

106,434

116,705

102,684

103,931

210,918

161,978

166,564

157,404

GUINEA

95,414

117,785

89,572

104,741

137,446

144,592

136,464

135,063

Siguiri - Attributable 85%

95,414

117,785

89,572

104,741

137,446

144,592

136,464

135,063

MALI

86,769

78,738

63,526

78,946

103,609

90,504

70,492

92,579

Morila - Attributable 40%

76,254

69,420

74,482

79,071

90,194

85,814

84,940

95,080

Sadiola - Attributable 38%

91,160

91,138

65,107

93,454

109,626

98,965

77,704

104,270

Yatela - Attributable 40%

119,091

87,055

51,776

72,570

139,672

95,212

45,489

85,794

NAMIBIA

114,627

97,908

70,764

94,430

120,359

114,364

96,078

108,140

Navachab

114,627

97,908

70,764

94,430

120,359

114,364

96,078

108,140

TANZANIA

156,518

91,263

138,524

101,930

207,723

117,895

143,291

135,538

Geita

156,518

91,263

138,524

101,930

207,723

117,895

143,291

135,538

USA

63,481

72,627

64,863

63,403

86,701

97,560

89,868

86,639

Cripple Creek & Victor J.V.

60,401

70,059

60,891

60,589

83,611

94,979

85,892

83,815

ANGLOGOLD ASHANTI

87,744

81,186

72,422

80,490

122,344

107,239

98,145

107,415

Rounding of figures may result in computational discrepancies.

Total cash costs - R/kg

Total production costs - R/kg

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2007

2006

2007

2006

2007

SOUTH AFRICA

1,023

1,261

1,382

4,628

502

802

872

2,845

Vaal River
Great Noligwa

107

193

356

762

105

256

434

Kopanang

246

262

255

937

180

201

699

Moab Khotsong

(40)

(7)

(52)

(151)

(48)

(43)

(274)

Tau Lekoa

177

(25)

Surface Operations

287

262

West Wits
Mponeng

351

421

354

1,502

263

323

224

1,159

Savuka

117

TauTona

218

253

236

897

145

147

476

ARGENTINA

118

513

(12)

338

Cerro Vanguardia - Attributable 92.50%

110

479

(10)

318

Minorities and exploration

(2)

AUSTRALIA

319

378

391

1,308

228

288

308

960

Sunrise Dam

319

378

391

1,308

228

288

308

960

BRAZIL

372

323

399

1,308

277

232

329

987

AngloGold Ashanti Brasil Mineração

252

218

265

835

178

152

231

617

Serra Grande - Attributable 50%

244

192

Minorities and exploration

229

178

GHANA

(56)

153

485

(150)

(108)

Bibiani

Iduapriem

249

161

Obuasi

(86)

(55)

201

(160)

(52)

(159)

(165)

Minorities and exploration

(1)

GUINEA

117

352

(19)

101

Siguiri - Attributable 85%

280

(4)

(25)

Minorities and exploration

MALI

206

192

364

809

165

150

287

646

Morila - Attributable 40%

137

122

355

111

263

Sadiola - Attributable 38%

116

202

170

Yatela - Attributable 40%

127

252

103

213

NAMIBIA

131

Navachab

131

TANZANIA

(53)

185

358

(110)

(2)

Geita

(53)

185

358

(110)

(2)

USA

247

168

226

742

190

109

167

518

Cripple Creek & Victor J.V.

247

168

226

742

190

109

167

518

OTHER

113

(16)

105

116

(34)

105

ANGLOGOLD ASHANTI

2,416

2,847

3,158

10,750

1,309

1,761

1,959

6,590

Rounding of figures may result in computational discrepancies.

SA Rand

Cash gross profit (loss) - Rm

Gross profit (loss) adjusted for the loss on unrealised non

-hedge derivatives and other commodity contracts - Rm

Gross profit (loss) adjusted for the loss on unrealised non-hedge derivatives and other commodity contracts plus amortisation of tangible and intangible assets, less non-cash revenues.

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2007

2006

2007

2006

2007

Imperial

SOUTH AFRICA

563

618

644

2,328

Vaal River
Great Noligwa

0.202

0.211

0.232

0.220

116

118

149

483

Kopanang

0.225

0.236

0.216

0.211

104

117

118

418

Moab Khotsong

0.266

0.219

0.185

0.232

Tau Lekoa

0.116

0.108

0.127

0.106

165

Surface Operations

0.013

0.014

0.016

0.014

125

West Wits
Mponeng

0.270

0.278

0.283

0.277

136

155

148

587

Savuka

0.196

0.184

0.213

0.195

TauTona

0.273

0.290

0.334

0.282

117

116

409

ARGENTINA

204

Cerro Vanguardia - Attributable 92.50%

0.201

0.198

0.161

0.201

204

AUSTRALIA

150

153

600

Sunrise Dam

0.141

0.150

0.123

0.142

150

153

600

BRAZIL

112

109

408

AngloGold Ashanti Brasil Mineração

0.229

0.220

0.232

0.218

317

Serra Grande

- Attributable 50%

0.194

0.224

0.210

GHANA

129

136

142

527

Bibiani

0.013

Iduapriem

0.055

0.054

0.049

0.054

167

Obuasi

0.126

0.129

0.134

0.129

360

GUINEA

280

Siguiri

- Attributable 85%

0.034

0.027

0.032

0.031

280

MALI

114

117

132

441

Morila - Attributable 40%

0.114

0.115

0.101

0.098

180

Sadiola - Attributable 38%

0.087

0.085

0.100

0.081

140

Yatela

- Attributable 40%

0.076

0.078

0.113

0.101

120

NAMIBIA

Navachab

0.047

0.048

0.046

TANZANIA

109

327

Geita

0.043

0.074

0.050

0.059

109

327

USA

282

Cripple Creek & Victor J.V.

0.016

0.015

0.014

0.016

282

ANGLOGOLD ASHANTI

1,368

1,434

1,469

5,477

Undergound Operations

0.203

0.207

0.218

0.204

723

774

791

2,948

Surface and Dump Reclamation

0.013

0.014

0.015

0.014

197

Open-pit Operations

0.068

0.073

0.062

0.068

484

516

497

1,904

Heap leach Operations

0.021

0.019

0.021

118

131

428

1,368

1,434

1,469

5,477

Yatela and Cripple Creek & Victor Joint Venture operations yield

reflects gold placed/tonnes placed.

Rounding of figures may result in computational discrepancies.

Yield - oz/t

Gold produced - oz (000)

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

represents underground operations.

The yield of Sunrise Dam and Siguiri represents open-pit operations.

The yield is calculated on gold placed into leach pad inventory /

tonnes placed on to leach pad.

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2007

2006

2007

2006

2007

Imperial

SOUTH AFRICA

6.95

7.62

8.43

7.31

560

644

653

2,341

Vaal River
Great Noligwa

5.70

5.79

7.53

5.95

116

123

149

487

Kopanang

6.92

7.69

7.74

6.93

104

121

118

421

Moab Khotsong

4.66

3.95

4.68

4.22

Tau Lekoa

4.72

5.03

5.36

4.93

166

Surface Operations

44.98

45.67

50.20

47.05

126

West Wits
Mponeng

8.58

9.88

10.62

9.56

134

163

153

589

Savuka

5.33

6.03

6.68

5.65

TauTona

7.80

9.11

9.31

8.11

123

120

411

ARGENTINA

25.71

25.12

23.24

25.57

187

Cerro Vanguardia - Attributable 92.50%

25.71

25.12

23.24

25.57

187

AUSTRALIA

128.41

127.58

78.54

127.85

154

162

158

597

Sunrise Dam

140.15

140.06

140.00

140.05

154

162

158

597

BRAZIL

21.57

21.08

20.11

20.20

108

407

AngloGold Ashanti Brasil Mineração

21.23

20.10

18.25

18.88

311

Serra Grande - Attributable 50%

23.21

25.95

28.50

26.67

GHANA

7.19

7.77

7.35

7.44

124

145

139

526

Bibiani

12.54

Iduapriem

16.87

22.04

18.27

17.85

164

Obuasi

5.51

5.55

5.83

5.86

362

GUINEA

20.13

14.49

19.89

17.01

282

Siguiri - Attributable 85%

20.13

14.49

19.89

17.01

282

MALI

28.71

31.02

41.35

29.17

116

107

128

443

Morila - Attributable 40%

33.47

34.87

36.39

29.71

178

Sadiola - Attributable 38%

25.98

24.54

43.40

24.15

142

Yatela - Attributable 40%

25.10

35.07

47.25

37.14

122

NAMIBIA

13.34

14.34

21.04

16.35

Navachab

13.34

14.34

21.04

16.35

TANZANIA

8.66

17.84

12.38

12.98

109

328

Geita

8.66

17.84

12.38

12.98

109

328

USA

87.48

57.74

88.10

69.45

279

Cripple Creek & Victor J.V.

87.48

57.74

88.10

69.45

279

ANGLOGOLD ASHANTI

10.99

11.62

11.97

11.23

1,359

1,471

1,475

5,474

Rounding of figures may result in computational discrepancies.

Productivity per employee - oz

Gold sold - oz (000)

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2007

2006

2007

2006

2007

US Dollar / Imperial

SOUTH AFRICA

405

340

268

343

554

448

379

458

Vaal River
Great Noligwa

543

397

232

403

651

509

326

507

Kopanang

329

305

262

307

433

383

325

393

Moab Khotsong

693

691

498

668

1,640

1,037

1,006

1,234

Tau Lekoa

516

482

373

474

663

622

640

622

Surface Operations

357

318

237

305

383

348

259

333

West Wits
Mponeng

304

254

247

264

394

346

361

348

Savuka

422

406

339

403

441

516

324

476

TauTona

357

320

277

317

554

452

397

464

ARGENTINA

312

294

344

264

432

465

554

397

Cerro Vanguardia - Attributable 92.50%

310

291

340

261

429

462

549

394

AUSTRALIA

357

285

295

313

438

374

380

397

Sunrise Dam

348

279

293

306

418

365

369

385

BRAZIL

275

248

218

260

383

396

318

365

AngloGold Ashanti Brasil Mineração

251

220

192

233

366

378

293

344

Serra Grande - Attributable 50%

292

268

207

263

372

374

304

351

GHANA

463

454

420

432

859

609

604

634

Bibiani

508

(315)

Iduapriem

414

359

366

373

655

443

446

495

Obuasi

489

513

437

459

967

712

713

698

GUINEA

439

518

383

464

632

636

584

599

Siguiri - Attributable 85%

439

518

383

464

632

636

584

599

MALI

399

346

271

350

476

398

300

410

Morila - Attributable 40%

351

305

317

350

415

377

361

421

Sadiola - Attributable 38%

419

400

277

414

504

435

331

462

Yatela - Attributable 40%

547

383

222

322

642

419

195

381

NAMIBIA

527

431

303

419

554

503

412

479

Navachab

527

431

303

419

554

503

412

479

TANZANIA

722

401

586

452

956

518

605

601

Geita

722

401

586

452

956

518

605

601

USA

291

320

276

282

398

430

383

385

Cripple Creek & Victor J.V.

277

308

259

269

384

418

366

372

ANGLOGOLD ASHANTI

404

357

309

357

563

471

419

476

Rounding of figures may result in computational discrepancies.

Total cash costs - $/oz

Total production costs - $/oz

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2007

2006

2007

2006

2007

SOUTH AFRICA

151

178

188

657

113

118

403

Vaal River
Great Noligwa

108

Kopanang

133

Moab Khotsong

(6)

(1)

(8)

(22)

(7)

(6)

(40)

Tau Lekoa

(3)

Surface Operations

West Wits
Mponeng

214

165

Savuka

TauTona 32

128

ARGENTINA

(2)

Cerro Vanguardia - Attributable 92.50%

(1)

Minorities and exploration

(1)

AUSTRALIA

186

137

Sunrise Dam

186

137

BRAZIL

186

141

AngloGold Ashanti Brasil Mineração

119

Serra Grande - Attributable 50%

Minorities and exploration

GHANA

(8)

(22)

(15)

Bibiani

Iduapriem

Obuasi

(12)

(8)

(23)

(7)

(22)

(24)

Minorities and exploration

(1)

GUINEA

(2)

Siguiri - Attributable 85%

(1)

(3)

Minorities and exploration

MALI

115

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

Navachab

TANZANIA

(8)

(16)

Geita

(8)

(16)

USA

106

Cripple Creek & Victor J.V.

106

OTHER

(3)

(4)

ANGLOGOLD ASHANTI

358

402

434

1,527

195

249

269

935

Rounding of figures may result in computational discrepancies.

US Dollar

Cash gross profit (loss) - $m

Gross profit (loss) adjusted for the loss on unrealised

non-hedge derivatives and other commodity contracts - $m

Gross profit (loss) adjusted for the loss on unrealised non-hedge derivatives and other commodity contracts plus amortisation of tangible and intangible assets, less non-cash

revenues.

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

GREAT NOLIGWA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

359

982

1,029

1,062

3,861

Milled

- 000 tonnes / - 000 tons

521

509

584

1,995

574

561

644

2,199

Yield

- g/t

/ - oz/t

6.94

7.23

7.95

7.54

0.202

0.211

0.232

0.220

Gold produced

- kg

/ - oz (000)

3,613

3,684

4,640

15,036

116

118

149

483

Gold sold

- kg

/ oz (000)

3,616

3,828

4,642

15,146

116

123

149

487

Price received

- R/kg

/ - $/oz

- sold

150,200

142,200

131,409

142,595

691

625

559

631

Total cash costs

- R

/ - $

- ton milled

818

653

432

685

110

- R/kg

/ - $/oz

- produced

117,918

90,339

54,393

90,817

543

397

232

403

Total production costs

- R/kg

/ - $/oz

- produced

141,474

115,763

76,424

114,220

651

509

326

507

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

238

236

280

232

7.64

7.58

9.01

7.45

Actual

- g

/ - oz

177

180

234

185

5.70

5.79

7.53

5.95

Target

- m

/ - ft

5.25

5.21

5.70

5.09

56.47

56.04

61.35

54.74

Actual

- m

/ - ft

4.48

4.68

4.98

4.41

48.19

50.34

53.61

47.52

FINANCIAL RESULTS (MILLION)
Gold income

467

530

546

2,034

289

Cost of sales

512

440

354

1,726

246

Cash operating costs

424

331

251

1,359

194

Other cash costs

Total cash costs

426

333

252

1,366

195

Retrenchment costs

Rehabilitation and other non-cash costs

(2)

Production costs

436

338

254

1,389

198

Amortisation of tangible assets

100

328

Inventory change

(45)

192

309

(7)

Realised non-hedge derivatives

125

105

256

434

Capital expenditure

136

261

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

KOPANANG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

114

129

456

1,224

1,391

4,912

Milled

- 000 tonnes / - 000 tons

419

449

494

1,797

462

495

545

1,981

Yield

- g/t

/ - oz/t

7.70

8.11

7.40

7.24

0.225

0.236

0.216

0.211

Gold produced

- kg

/ - oz (000)

3,229

3,639

3,657

13,013

104

117

118

418

Gold sold

- kg

/ oz (000)

3,230

3,756

3,655

13,099

104

121

118

421

Price received

- R/kg

/ - $/oz

- sold

149,746

140,599

131,218

141,917

689

617

558

629

Total cash costs

- R

/ - $

- ton milled

550

562

455

501

- R/kg

/ - $/oz

- produced

71,498

69,335

61,570

69,201

329

305

262

307

Total production costs

- R/kg

/ - $/oz

- produced

94,086

87,041

76,264

88,679

433

383

325

393

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

238

239

240

239

7.65

7.69

7.71

7.68

Actual

- g

/ - oz

215

239

241

215

6.92

7.69

7.74

6.93

Target

- m

/ - ft

7.70

7.63

7.75

7.68

82.83

82.08

83.40

82.62

Actual

- m

/ - ft

7.58

7.47

8.50

7.55

81.64

80.44

91.53

81.31

FINANCIAL RESULTS (MILLION)
Gold income

416

523

430

1,759

250

Cost of sales

304

327

279

1,160

165

Cash operating costs

229

251

224

895

127

Other cash costs

Total cash costs

231

252

225

901

128

Retrenchment costs

Rehabilitation and other non-cash costs

(3)

Production costs

238

256

224

916

130

Amortisation of tangible assets

238

Inventory change

113

196

151

599

Realised non-hedge derivatives

100

180

201

699

Capital expenditure

111

101

362

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

MOAB KHOTSONG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

119

116

383

Milled

- 000 tonnes / - 000 tons

262

289

Yield

- g/t

/ - oz/t

9.12

7.50

6.36

7.94

0.266

0.219

0.185

0.232

Gold produced

- kg

/ - oz (000)

726

523

411

2,081

Gold sold

- kg

/ - oz (000)

726

536

411

2,089

Price received

- R/kg

/ - $/oz

- sold

150,043

144,267

131,193

144,503

690

633

558

643

Total cash costs

- R

/ - $

- ton milled

1,373

1,177

740

1,193

184

151

155

- R/kg

/ - $/oz

- produced

150,648

156,931

116,485

150,135

693

691

498

668

Total production costs

- R/kg

/ - $/oz

- produced

358,141

235,687

234,471

276,421

1,640

1,037

1,006

1,234

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

190

182

162

157

6.10

5.86

5.21

5.04

Actual

- g

/ - oz

145

123

146

131

4.66

3.95

4.68

4.22

Target

- m

/ - ft

3.59

3.39

3.20

3.15

38.64

36.44

34.44

33.93

Actual

- m

/ - ft

2.21

2.53

3.13

2.24

23.83

27.24

33.71

24.15

FINANCIAL RESULTS (MILLION)
Gold income

278

Cost of sales

260

125

576

Cash operating costs

109

311

Other cash costs

Total cash costs

109

312

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

148

353

Amortisation of tangible assets

112

223

Inventory change

(166)

(51)

(48)

(298)

(24)

(7)

(43)

Realised non-hedge derivatives

(151)

(48)

(43)

(274)

(22)

(7)

(6)

(40)

Capital expenditure

195

179

169

628

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

TAU LEKOA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

272

669

765

706

2,929

Milled

- 000 tonnes / - 000 tons

314

361

319

1,417

347

398

352

1,562

Yield

- g/t

/ - oz/t

3.97

3.71

4.34

3.62

0.116

0.108

0.127

0.106

Gold produced

- kg

/ - oz (000)

1,247

1,342

1,387

5,137

165

Gold sold

- kg

/ oz (000)

1,248

1,389

1,390

5,168

166

Price received

- R/kg

/ - $/oz

- sold

149,084

141,524

132,090

142,391

686

622

561

630

Total cash costs

- R

/ - $

- ton milled

444

407

382

388

- R/kg

/ - $/oz

- produced

112,042

109,485

87,829

107,016

516

482

373

474

Total production costs

- R/kg

/ - $/oz

- produced

143,944

141,342

149,979

140,507

663

622

640

622

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

168

163

117

164

5.42

5.24

3.76

5.26

Actual

- g

/ - oz

147

156

167

153

4.72

5.03

5.36

4.93

Target

- m

/ - ft

8.69

8.67

5.44

8.69

93.59

93.35

58.60

93.53

Actual

- m

/ - ft

7.32

8.28

7.88

8.12

78.83

89.13

84.84

87.38

FINANCIAL RESULTS (MILLION)
Gold income

161

193

164

693

Cost of sales

180

196

208

725

103

Cash operating costs

139

146

121

547

Other cash costs

Total cash costs

140

147

122

550

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

142

148

125

555

Amortisation of tangible assets

167

Inventory change

(19)

(4)

(44)

(32)

(3)

(1)

(6)

(5)

Realised non-hedge derivatives

(25)

(3)

Capital expenditure

113

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

SURFACE OPERATIONS
OPERATING RESULTS
Milled

- 000 tonnes / - 000 tons

2,005

1,975

1,895

7,994

2,210

2,177

2,089

8,811

Yield

- g/t

/ - oz/t

0.46

0.47

0.57

0.49

0.013

0.014

0.016

0.014

Gold produced

- kg

/ - oz (000)

920

931

1,072

3,903

125

Gold sold

- kg

/ - oz (000)

920

964

1,066

3,930

126

Price received

- R/kg

/ - $/oz

- sold

149,188

140,890

130,842

141,701

686

619

557

627

Total cash costs

- R

/ - $

- ton milled

- R/kg

/ - $/oz

- produced

77,719

72,369

55,607

68,745

357

318

237

305

Total production costs

- R/kg

/ - $/oz

- produced

83,260

79,119

60,852

75,241

383

348

259

333

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,282

1,243

1,166

1,283

41.23

39.96

37.48

41.27

Actual

- g

/ - oz

1,399

1,421

1,561

1,463

44.98

45.67

50.20

47.05

FINANCIAL RESULTS (MILLION)
Gold income

119

134

125

523

Cost of sales

295

Cash operating costs

268

Other cash costs

Total cash costs

268

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

268

Amortisation of tangible assets

Inventory change

228

Realised non-hedge derivatives

262

Capital expenditure

(1)

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

MPONENG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

354

816

1,054

1,003

3,810

Milled

- 000 tonnes / - 000 tons

456

507

474

1,922

503

559

523

2,118

Yield

- g/t

/ - oz/t

9.26

9.51

9.69

9.50

0.270

0.278

0.283

0.277

Gold produced

- kg

/ - oz (000)

4,223

4,824

4,595

18,260

136

155

148

587

Gold sold

- kg

/ - oz (000)

4,181

5,060

4,746

18,327

134

163

153

589

Price received

- R/kg

/ - $/oz

- sold

148,341

142,393

131,041

141,855

682

626

556

628

Total cash costs

- R

/ - $

- ton milled

611

549

561

566

- R/kg

/ - $/oz

- produced

66,025

57,704

57,887

59,596

304

254

247

264

Total production costs

- R/kg

/ - $/oz

- produced

85,608

78,646

84,563

78,622

394

346

361

348

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

295

277

299

277

9.49

8.90

9.61

8.89

Actual

- g

/ - oz

267

307

330

297

8.58

9.88

10.62

9.56

Target

- m

/ - ft

5.81

5.77

6.36

5.64

62.53

62.07

68.41

60.73

Actual

- m

/ - ft

4.79

6.24

6.70

5.76

51.58

67.17

72.10

62.04

FINANCIAL RESULTS (MILLION)
Gold income

564

714

558

2,497

101

355

Cost of sales

357

397

398

1,440

205

Cash operating costs

277

264

1,082

154

Other cash costs

Total cash costs

279

278

266

1,088

155

Retrenchment costs

Rehabilitation costs

(6)

(8)

(2)

(1)

Production costs

274

282

259

1,093

156

Amortisation of tangible assets

129

343

Inventory change

(4)

(1)

207

317

161

1,056

150

Realised non-hedge derivatives

103

263

323

224

1,159

165

Capital expenditure

234

163

111

604

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

SAVUKA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

179

227

206

759

Milled

- 000 tonnes / - 000 tons

341

109

376

Yield

- g/t

/ - oz/t

6.73

6.29

7.31

6.69

0.196

0.184

0.213

0.195

Gold produced

- kg

/ - oz (000)

540

620

654

2,284

Gold sold

- kg

/ - oz (000)

534

650

667

2,293

Price received

- R/kg

/ - $/oz

- sold

149,550

140,823

133,464

141,984

688

619

568

628

Total cash costs

- R

/ - $

- ton milled

616

581

580

609

- R/kg

/ - $/oz

- produced

91,613

92,349

79,339

91,089

422

406

339

403

Total production costs

- R/kg

/ - $/oz

- produced

95,552

117,212

76,223

107,676

441

516

324

476

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

127

129

155

4.09

4.15

4.98

Actual

- g

/ - oz

166

188

208

176

5.33

6.03

6.68

5.65

Target

- m

/ - ft

5.89

5.90

5.82

63.43

63.55

62.64

Actual

- m

/ - ft

5.09

6.38

6.10

5.42

54.84

68.65

65.62

58.39

FINANCIAL RESULTS (MILLION)
Gold income

313

Cost of sales

246

Cash operating costs

207

Other cash costs

Total cash costs

208

Retrenchment costs

Rehabilitation and other non-cash costs

(1)

(7)

(1)

Production costs

208

Amortisation of tangible assets

Inventory change

(1)

Realised non-hedge derivatives

(1)

Capital expenditure

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

TAUTONA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

205

438

657

618

2,208

Milled

- 000 tonnes / - 000 tons

315

363

308

1,290

347

400

339

1,422

Yield

- g/t

/ - oz/t

9.37

9.93

11.46

9.67

0.273

0.290

0.334

0.282

Gold produced

- kg

/ - oz (000)

2,946

3,604

3,526

12,473

116

113

401

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes / - 000 tons

148

120

172

555

163

132

189

612

Yield

- g/t

/ - oz/t

0.40

0.41

0.45

0.43

0.012

0.013

Gold produced

- kg

/ - oz (000)

241

TOTAL

Yield

- g/t

/ - oz/t

9.37

9.93

11.46

9.67

0.273

0.290

0.334

0.282

Gold produced

- kg

/ - oz (000)

3,005

3,654

3,604

12,714

117

116

409

Gold sold

- kg

/ - oz (000)

2,976

3,836

3,729

12,771

123

120

411

Price received

- R/kg

/ - $/oz

- sold

148,121

140,794

131,779

141,775

682

619

559

627

Total cash costs

- R

/ - $

- ton milled

504

551

489

493

- R/kg

/ - $/oz

- produced

77,572

72,802

65,013

71,523

357

320

277

317

Total production costs

- R/kg

/ - $/oz

- produced

120,443

102,743

93,108

104,676

554

452

397

464

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

316

320

356

328

10.17

10.28

11.45

10.54

Actual

- g

/ - oz

243

283

290

252

7.80

9.11

9.31

8.11

Target

- m

/ - ft

5.36

5.44

5.71

5.45

57.65

58.55

61.43

58.64

Actual

- m

/ - ft

3.28

4.73

4.61

4.07

35.35

50.91

49.64

43.81

FINANCIAL RESULTS (MILLION)
Gold income

399

545

440

1,746

248

Cost of sales

358

395

345

1,335

190

Cash operating costs

231

265

233

904

129

Other cash costs

Total cash costs

233

266

234

909

130

Retrenchment costs

Rehabilitation and other non-cash costs

(7)

(4)

(1)

Production costs

227

268

246

910

130

Amortisation of tangible assets

135

107

421

Inventory change

(4)

(1)

150

411

Realised non-hedge derivatives

(5)

(1)

145

147

476

Capital expenditure

178

114

142

500

Total yield excludes the surface and dump reclamation.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Argentina

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

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

- 000 tonnes / - 000 tons

6,222

5,893

6,341

22,723

6,859

6,496

6,990

25,048

Treated

- 000 tonnes / - 000 tons

232

231

244

922

256

255

269

1,016

Stripping ratio

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

25.14

24.81

26.88

23.08

25.14

24.81

26.88

23.08

Yield

- g/t

/ - oz/t

6.88

6.79

5.51

6.88

0.201

0.198

0.161

0.201

Gold in ore

- kg

/ - oz (000)

1,675

1,672

1,423

6,677

215

Gold produced

- kg

/ - oz (000)

1,597

1,569

1,346

6,338

204

Gold sold

- kg

/ - oz (000)

1,092

1,597

1,325

5,827

187

Price received

- R/kg

/ - $/oz

- sold

142,712

142,452

105,682

140,720

660

626

450

621

Total cash costs

- R/kg

/ - $/oz

- produced

67,404

66,360

79,547

58,807

310

291

340

261

Total production costs

- R/kg

/ - $/oz

- produced

93,307

105,073

128,229

88,746

429

462

549

394

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

810

781

918

785

26.03

25.10

29.51

25.24

Actual

- g

/ - oz

800

781

723

795

25.71

25.12

23.24

25.57

FINANCIAL RESULTS (MILLION)
Gold income

184

252

162

914

130

Cost of sales

105

160

159

524

Cash operating costs

293

Other cash costs

Total cash costs

108

104

107

373

Rehabilitation and other non-cash costs

(4)

(1)

Production costs

112

127

103

402

Amortisation of tangible assets

161

Inventory change

(44)

(5)

(14)

(38)

(6)

(1)

(2)

(6)

390

Realised non-hedge derivatives

(23)

(19)

(13)

(72)

(3)

(2)

(10)

318

(1)

Capital expenditure

130

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Australia

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

SUNRISE DAM
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

/ - ooo tons

104

381

114

110

108

420

Treated

- 000 tonnes

/ - 000 tons

116

126

431

128

139

475

Yield

- g/t

/ - oz/t

4.92

4.46

7.74

5.74

0.143

0.130

0.226

0.167

Gold produced

- kg

/ - oz (000)

572

563

557

2,472

OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

2,242

1,501

2,018

6,825

2,933

1,963

2,639

8,927

Treated

- 000 tonnes

/ - 000 tons

847

816

997

3,332

934

900

1,099

3,673

Stripping ratio

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

4.05

1.11

3.36

2.07

4.05

1.11

3.36

2.07

Yield

- g/t

/ - oz/t

4.84

5.15

4.20

4.86

0.141

0.150

0.123

0.142

Gold produced

- kg

/ - oz (000)

4,101

4,203

4,189

16,203

132

135

521

TOTAL

Yield

- g/t

/ - oz/t

4.84

5.15

4.20

4.86

0.141

0.150

0.123

0.142

Gold produced

- kg

/ - oz (000)

4,673

4,766

4,746

18,675

150

153

600

Gold sold

- kg

/ - oz (000)

4,796

5,036

4,899

18,581

154

162

158

597

Price received

- R/kg

/ - $/oz

- sold

150,439

140,681

144,920

142,785

693

619

625

633

Total cash costs

- R/kg

/ - $/oz

- produced

75,697

63,541

68,640

68,951

348

279

293

306

Total production costs

- R/kg

/ - $/oz

- produced

90,855

83,003

86,512

86,866

418

365

369

385

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

4,715

4,753

3,786

4,671

151.58

152.80

121.72

150.17

Actual

- g

/ - oz

4,359

4,356

4,354

4,356

140.15

140.06

140.00

140.05

FINANCIAL RESULTS (MILLION)
Gold income

684

715

620

2,441

101

348

Cost of sales

494

421

402

1,693

241

Cash operating costs

333

283

308

1,214

173

Other cash costs

Total cash costs

354

303

326

1,288

183

Rehabilitation and other non-cash costs

(20)

(14)

(3)

(2)

Production costs

334

305

327

1,274

181

Amortisation of tangible assets

348

Inventory change

(8)

(1)

191

294

218

748

107

Realised non-hedge derivatives

(6)

212

(1)

228

288

308

960

137

Capital expenditure

207

Total yield excludes the underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Brazil

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

ANGLOGOLD ASHANTI BRASIL MINERAÇÃO
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

332

331

251

1,192

366

364

276

1,314

Treated

- 000 tonnes / - 000 tons

334

325

233

1,210

368

358

257

1,334

Yield

- g/t

/ - oz/t

7.84

7.53

7.97

7.48

0.229

0.220

0.232

0.218

Gold produced

- kg

/ - oz (000)

2,616

2,447

1,855

9,047

291

HEAP LEACH OPERATION
Mined

- 000 tonnes / - 000 tons

1,253

1,514

873

5,148

1,382

1,669

963

5,674

Placed

- 000 tonnes / - 000 tons

203

223

Stripping ratio

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

24.11

21.95

14.25

24.44

24.11

21.95

14.25

24.44

Yield

- g/t

/ - oz/t

4.28

3.67

4.73

4.15

0.125

0.107

0.138

0.121

Gold placed

- kg

/ - oz (000)

217

242

270

840

Gold produced

- kg

/ - oz (000)

210

250

302

804

TOTAL

Yield

- g/t

/ - oz/t

7.84

7.53

7.97

7.48

0.229

0.220

0.232

0.218

Gold produced

- kg

/ - oz (000)

2,826

2,698

2,156

9,851

317

Gold sold

- kg

/ - oz (000)

2,706

2,656

2,095

9,679

311

Price received

- R/kg

/ - $/oz

- sold

149,078

141,046

174,394

142,718

686

620

746

633

Total cash costs

- R/kg

/ - $/oz

- produced

54,489

50,088

45,050

52,472

251

220

192

233

Total production costs

- R/kg

/ - $/oz

- produced

79,432

86,085

68,934

77,442

366

378

293

344

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

719

727

620

607

23.10

23.36

19.94

19.52

Actual

- g

/ - oz

660

625

568

587

21.23

20.10

18.25

18.88

FINANCIAL RESULTS (MILLION)
Gold income

303

339

281

1,165

166

Cost of sales

225

223

134

765

109

Cash operating costs

149

131

501

Other cash costs

Total cash costs

154

135

517

Rehabilitation and other non-cash costs

(3)

Production costs

151

166

115

545

Amortisation of tangible assets

218

Inventory change

(9)

(14)

(1)

(2)

116

147

401

Realised non-hedge derivatives

100

216

178

152

231

617

Capital expenditure

158

210

300

820

117

Tonnes / Tons placed onto leach pad.

Total yield represents underground operations.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Brazil

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

SERRA GRANDE - Attributable 50%
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

367

103

104

110

405

Treated

- 000 tonnes / - 000 tons

372

107

410

Yield

- g/t

/ - oz/t

6.65

7.67

7.69

7.21

0.194

0.224

0.210

Gold produced

- kg

/ - oz (000)

542

660

747

2,682

OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

139

165

304

153

182

335

Treated

- 000 tonnes / - 000 tons

Stripping ratio

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

7.44

7.63

7.54

7.44

7.63

7.54

Yield

- g/t

/ - oz/t

6.02

2.36

4.19

0.176

0.069

0.122

Gold in ore

- kg

/ - oz (000)

120

168

Gold produced

- kg

/ - oz (000)

112

156

TOTAL

Yield

- g/t

/ - oz/t

6.65

7.67

7.69

7.21

0.194

0.224

0.210

Gold produced

- kg

/ - oz (000)

654

704

747

2,838

Gold sold

- kg

/ - oz (000)

658

714

681

2,978

Price received

- R/kg

/ - $/oz

- sold

149,562

141,431

157,880

141,826

688

622

670

626

Total cash costs

- R/kg

/ - $/oz

- produced

63,381

61,086

48,667

59,428

292

268

207

263

Total production costs

- R/kg

/ - $/oz

- produced

80,962

85,103

71,232

79,317

372

374

304

351

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

685

783

919

807

22.03

25.16

29.56

25.96

Actual

- g

/ - oz

722

807

887

830

23.21

25.95

28.50

26.67

FINANCIAL RESULTS (MILLION)
Gold income

370

Cost of sales

230

Cash operating costs

157

Other cash costs

Total cash costs

169

Rehabilitation and other non-cash costs

(1)

Production costs

174

Amortisation of tangible assets

Inventory change

(3)

(1)

(7)

(1)

140

Realised non-hedge derivatives

192

Capital expenditure

Total yield represents underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Ghana

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

IDUAPRIEM

OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes

/ - 000 tons

5,285

4,745

5,421

20,385

5,825

5,231

5,975

22,471

Treated

- 000 tonnes

/ - 000 tons

729

866

719

2,807

804

954

792

3,094

Stripping ratio

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

4.72

5.32

5.69

5.95

4.72

5.32

5.69

5.95

Yield

- g/t

/ - oz/t

1.90

1.86

1.70

1.85

0.055

0.054

0.049

0.054

Gold in ore

- kg

/ - oz (000)

1,491

1,589

1,339

5,956

191

Gold produced

- kg

/ - oz (000)

1,387

1,610

1,219

5,192

167

Gold sold

- kg

/ - oz (000)

1,384

1,576

1,112

5,115

164

Price received

- R/kg

/ - $/oz

- sold

148,744

142,299

115,606

141,950

684

626

495

631

Total cash costs

- R/kg

/ - $/oz

- produced

90,069

81,680

85,886

84,058

414

359

366

373

Total produced costs

- R/kg

/ - $/oz

- produced

142,865

100,731

104,967

111,340

655

443

446

495

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

679

651

583

640

21.83

20.93

18.74

20.57

Actual

- g

/ - oz

525

686

568

555

16.87

22.04

18.27

17.85

FINANCIAL RESULTS (MILLION)
Gold income

213

219

106

715

102

Cost of sales

195

157

120

565

Cash operating costs

116

122

407

Other cash costs

Total cash costs

125

132

105

436

Rehabilitation and other non-cash costs

(9)

(1)

Production costs

179

132

490

Amortisation of tangible assets

Inventory change

(3)

(5)

(8)

(13)

(1)

(2)

(14)

150

(2)

Realised non-hedge derivatives

(7)

(1)

161

Capital expenditure

105

162

Effective 1 September 2007, the minority shareholdings of the International Finance Corporation (10%) and Government of Ghana (5%) were acquired and Iduapriem is now fully owned by AngloGold Ashanti.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Ghana

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

OBUASI
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

/ - 000 tons

451

514

584

1,901

497

566

643

2,096

Treated

- 000 tonnes

/ - 000 tons

519

489

560

2,075

572

539

618

2,288

Yield

- g/t

/ - oz/t

4.34

4.41

4.61

4.43

0.126

0.129

0.134

0.129

Gold produced

- kg

/ - oz (000)

2,250

2,158

2,583

9,198

296

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

/ - 000 tons

834

881

615

3,880

919

971

677

4,277

Yield

- g/t

/ - oz/t

0.43

0.51

0.44

0.51

0.013

0.015

0.013

0.015

Gold produced

- kg

/ - oz (000)

361

449

270

1,998

OPEN-PIT OPERATION
Mined

- 000 tonnes

/ - 000 tons

402

443

Treated

- 000 tonnes

/ - 000 tons

402

443

Stripping ratio

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

Yield

- g/t

/ - oz/t

0.47

0.014

Gold in ore

- kg

/ - oz (000)

189

Gold produced

- kg

/ - oz (000)

189

TOTAL

Yield

- g/t

/ - oz/t

4.34

4.41

4.61

4.43

0.126

0.129

0.134

0.129

Gold produced

- kg

/ - oz (000)

2,611

2,607

3,041

11,196

360

Gold sold

- kg

/ - oz (000)

2,485

2,941

3,082

11,246

362

Price received

- R/kg

/ - $/oz

- sold

150,169

141,230

116,635

141,466

691

620

501

626

Total cash costs

- R/kg

/ - $/oz

- produced

106,434

116,705

102,684

103,931

489

513

437

459

Total production costs

- R/kg

/ - $/oz

- produced

210,918

161,978

166,564

157,404

967

712

713

698

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

336

345

216

335

10.79

11.09

6.93

10.78

Actual

- g

/ - oz

171

173

181

182

5.51

5.55

5.83

5.86

FINANCIAL RESULTS (MILLION)
Gold income

388

403

299

1,567

223

Cost of sales

534

468

518

1,756

250

Cash operating costs

262

290

295

1,101

156

Other cash costs

Total cash costs

278

304

312

1,164

165

Retrenchment costs

104

Rehabilitation and other non-cash costs

120

(22)

136

(3)

Production costs

476

328

394

1,397

199

Amortisation of tangible assets

112

365

Inventory change

(17)

(7)

(3)

(1)

(145)

(64)

(219)

(189)

(21)

(9)

(30)

(27)

Realised non-hedge derivatives

(15)

(2)

(160)

(52)

(159)

(165)

(23)

(7)

(22)

(24)

Capital expenditure

153

130

216

663

Total yield represents underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Guinea

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

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

- 000 tonnes

/ - 000 tons

5,887

4,134

4,765

19,281

6,489

4,557

5,252

21,254

Treated

- 000 tonnes

/ - 000 tons

2,181

2,008

2,182

8,306

2,404

2,213

2,405

9,156

Stripping ratio

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

1.20

0.66

1.01

0.89

1.20

0.66

1.01

0.89

Yield

- g/t

/ - oz/t

1.18

0.94

1.08

1.05

0.034

0.027

0.032

0.031

Gold produced

- kg

/ - oz (000)

2,567

1,886

2,364

8,715

280

HEAP LEACH OPERATION
Gold produced

- kg

/ - oz (000)

TOTAL

Yield

- g/t

/ - oz/t

1.18

0.94

1.08

1.05

0.034

0.027

0.032

0.031

Gold produced

- kg

/ - oz (000)

2,567

1,886

2,406

8,715

280

Gold sold

- kg

/ - oz (000)

2,661

1,883

2,402

8,769

282

Price received

- R/kg

/ - $/oz

- sold

150,901

140,365

125,385

142,982

694

616

539

634

Total cash costs

- R/kg

/ - $/oz

- produced

95,414

117,785

89,572

104,741

439

518

383

464

Total production costs

- R/kg

/ - $/oz

- produced

137,446

144,592

136,464

135,063

632

636

584

599

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

313

298

522

297

10.05

9.57

16.78

9.56

Actual

- g

/ - oz

626

451

619

529

20.13

14.49

19.89

17.01

FINANCIAL RESULTS (MILLION)
Gold income

411

256

270

1,238

177

Cost of sales

374

268

326

1,193

170

Cash operating costs

189

186

175

736

105

Other cash costs

176

Total cash costs

245

222

216

913

130

Rehabilitation and other non-cash costs

Production costs

289

222

239

958

137

Amortisation of tangible assets

219

Inventory change

(4)

(2)

(1)

(12)

(56)

(2)

(8)

Realised non-hedge derivatives

(10)

(1)

(4)

(25)

(1)

(3)

Capital expenditure

124

Total yield excludes the heap leach operation.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Mali

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

MORILA - Attributable 40%
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

1,053

1,020

661

3,630

1,377

1,334

864

4,748

Mined

- 000 tonnes

/ - 000 tons

2,680

2,706

1,834

9,544

2,954

2,983

2,022

10,520

Treated

- 000 tonnes

/ - 000 tons

411

412

434

1,665

453

454

479

1,836

Stripping ratio

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

2.98

3.20

4.03

3.76

2.98

3.20

4.03

3.76

Yield

- g/t

/ - oz/t

3.91

3.94

3.46

3.36

0.114

0.115

0.101

0.098

Gold produced

- kg

/ - oz (000)

1,607

1,624

1,503

5,596

180

Gold sold

- kg

/ - oz (000)

1,729

1,432

1,554

5,551

178

Price received

- R/kg

/ - $/oz

- sold

148,220

141,792

145,100

142,160

682

622

616

631

Total cash costs

- R/kg

/ - $/oz

- produced

76,254

69,420

74,482

79,071

351

305

317

350

Total production costs

- R/kg

/ - $/oz

- produced

90,194

85,814

84,940

95,080

415

377

361

421

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,383

1,449

2,715

1,229

44.45

46.60

87.28

39.51

Actual

- g

/ - oz

1,041

1,084

1,132

924

33.47

34.87

36.39

29.71

FINANCIAL RESULTS (MILLION)
Gold income

256

203

226

789

113

Cost of sales

145

136

131

526

Cash operating costs

102

378

Other cash costs

Total cash costs

123

113

112

443

Rehabilitation and other non-cash costs

(3)

(11)

(2)

Production costs

120

113

101

441

Amortisation of tangible assets

Inventory change

(4)

(6)

(1)

111

263

Realised non-hedge derivatives

111

263

Capital expenditure

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Mali

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

SADIOLA - Attributable 38%
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

1,487

937

1,343

5,374

1,945

1,226

1,756

7,029

Mined

- 000 tonnes

/ - 000 tons

2,834

1,892

2,772

10,458

3,124

2,086

3,056

11,528

Treated

- 000 tonnes

/ - 000 tons

418

373

449

1,580

460

411

495

1,741

Stripping ratio

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

3.45

4.38

3.61

3.70

3.45

4.38

3.61

3.70

Yield

- g/t

/ - oz/t

3.00

2.92

3.44

2.76

0.087

0.085

0.100

0.081

Gold produced

- kg

/ - oz (000)

1,252

1,089

1,546

4,366

140

Gold sold

- kg

/ - oz (000)

1,166

991

1,369

4,423

142

Price received

- R/kg

/ - $/oz

- sold

149,708

141,708

143,908

141,765

689

622

612

628

Total cash costs

- R/kg

/ - $/oz

- produced

91,160

91,138

65,107

93,454

419

400

277

414

Total production costs

- R/kg

/ - $/oz

- produced

109,626

98,965

77,704

104,270

504

435

331

462

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,185

1,108

1,839

1,161

38.09

35.63

59.12

37.32

Actual

- g

/ - oz

808

763

1,350

751

25.98

24.54

43.40

24.15

FINANCIAL RESULTS (MILLION)
Gold income

175

140

197

627

Cost of sales

130

107

458

Cash operating costs

357

Other cash costs

Total cash costs

114

101

408

Rehabilitation and other non-cash costs

(6)

(1)

Production costs

128

100

423

Amortisation of tangible assets

Inventory change

(7)

(9)

(13)

(1)

(2)

170

Realised non-hedge derivatives

170

Capital expenditure

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Mali

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

YATELA - Attributable 40%
OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes

/ - 000 tons

1,374

1,251

1,821

6,019

1,515

1,379

2,007

6,634

Placed

- 000 tonnes

/ - 000 tons

349

259

363

1,232

385

286

400

1,358

Stripping ratio

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

9.21

7.44

8.66

8.11

9.21

7.44

8.66

8.11

Yield

- g/t

/ - oz/t

2.60

2.66

3.88

3.46

0.076

0.078

0.113

0.101

Gold placed

- kg

/ - oz (000)

905

690

1,408

4,259

137

Gold produced

- kg

/ - oz (000)

677

936

1,061

3,742

120

Gold sold

- kg

/ - oz (000)

701

896

1,048

3,794

122

Price received

- R/kg

/ - $/oz

- sold

149,022

140,352

144,129

140,927

685

617

615

621

Total cash costs

- R/kg

/ - $/oz

- produced

119,091

87,055

51,776

72,570

547

383

222

322

Total production costs

- R/kg

/ - $/oz

- produced

139,672

95,212

45,489

85,794

642

419

195

381

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

776

1,151

1,236

1,082

24.94

37.00

39.75

34.80

Actual

- g

/ - oz

781

1,091

1,470

1,155

25.10

35.07

47.25

37.14

FINANCIAL RESULTS (MILLION)
Gold income

104

126

151

535

Cost of sales

322

Cash operating costs

230

Other cash costs

Total cash costs

272

Rehabilitation and other non-cash costs

(31)

(4)

Production costs

282

Amortisation of tangible assets

Inventory change

(5)

(1)

103

213

Realised non-hedge derivatives

103

213

Capital expenditure

Tonnes / Tons placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Namibia

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

NAVACHAB
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

661

698

856

2,856

864

913

1,120

3,735

Mined

- 000 tonnes

/ - 000 tons

1,768

1,757

2,133

7,276

1,949

1,937

2,351

8,020

Treated

- 000 tonnes

/ - 000 tons

388

390

379

1,597

428

430

418

1,760

Stripping ratio

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

3.97

4.27

5.83

4.43

3.97

4.27

5.83

4.43

Yield

- g/t

/ - oz/t

1.61

1.64

1.63

1.56

0.047

0.048

0.046

Gold produced

- kg

/ - oz (000)

624

638

617

2,496

Gold sold

- kg

/ - oz (000)

644

621

544

2,581

Price received

- R/kg

/ - $/oz

- sold

149,169

139,562

146,335

141,218

686

613

619

625

Total cash costs

- R/kg

/ - $/oz

- produced

114,627

97,908

70,764

94,430

527

431

303

419

Total production costs

- R/kg

/ - $/oz

- produced

120,359

114,364

96,078

108,140

554

503

412

479

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

458

503

756

485

14.73

16.19

24.32

15.59

Actual

- g

/ - oz

415

446

654

509

13.34

14.34

21.04

16.35

FINANCIAL RESULTS (MILLION)
Gold income

364

Cost of sales

275

Cash operating costs

222

Other cash costs

Total cash costs

236

Rehabilitation and other non-cash costs

(8)

(1)

Production costs

228

Amortisation of tangible assets

Inventory change

(2)

(12)

(2)

Realised non-hedge derivatives

Capital expenditure

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Tanzania

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

GEITA

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

6,307

6,241

5,836

24,031

8,249

8,164

7,633

31,432

Mined

- 000 tonnes

/ - 000 tons

16,460

16,420

15,271

63,206

18,144

18,100

16,833

69,673

Treated

- 000 tonnes

/ - 000 tons

1,230

1,341

1,437

5,066

1,356

1,479

1,583

5,584

Stripping ratio

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

8.65

12.29

8.00

10.55

8.65

12.29

8.00

10.55

Yield

- g/t

/ - oz/t

1.46

2.54

1.73

2.01

0.043

0.074

0.050

0.059

Gold produced

- kg

/ - oz (000)

1,801

3,401

2,478

10,166

109

327

Gold sold

- kg

/ - oz (000)

2,059

3,384

2,617

10,205

109

328

Price received

- R/kg

/ - $/oz

- sold

145,675

141,973

143,260

141,097

671

623

608

623

Total cash costs

- R/kg

/ - $/oz

- produced

156,518

91,263

138,524

101,930

722

401

586

452

Total production costs

- R/kg

/ - $/oz

- produced

207,723

117,895

143,291

135,538

956

518

605

601

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

819

884

1,489

795

26.32

28.41

47.87

25.56

Actual

- g

/ - oz

269

555

385

404

8.66

17.84

12.38

12.98

FINANCIAL RESULTS (MILLION)
Gold income

111

334

257

807

114

Cost of sales

410

386

377

1,388

198

Cash operating costs

265

289

320

967

138

Other cash costs

Total cash costs

276

305

335

1,015

145

Rehabilitation and other non-cash costs

(68)

(9)

Production costs

311

305

267

1,050

150

Amortisation of tangible assets

307

Inventory change

(9)

(1)

(299)

(52)

(121)

(581)

(44)

(7)

(16)

(84)

Realised non-hedge derivatives

189

146

118

633

(110)

(2)

(16)

Capital expenditure

119

187

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

USA

Quarter

Year

Quarter

Year

ended

Dec

Sept

Dec

Sept

Dec

2007

2006

2007

2006

2007

CRIPPLE CREEK & VICTOR J.V.

OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes

/ - 000 tons

12,337

12,042

12,840

48,554

13,599

13,274

14,153

53,522

Placed

- 000 tonnes

/ - 000 tons

5,452

5,311

5,468

20,907

6,010

5,854

6,027

23,046

Stripping ratio

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

1.22

1.13

1.46

1.35

1.22

1.13

1.46

1.35

Yield

- g/t

/ - oz/t

0.55

0.52

0.48

0.53

0.016

0.015

0.014

0.016

Gold placed

- kg

/ - oz (000)

2,993

2,774

2,617

11,143

358

Gold produced

- kg

/ - oz (000)

2,778

1,866

2,661

8,766

282

Gold sold

- kg

/ - oz (000)

2,764

2,022

2,692

8,692

279

Price received

- R/kg

/ - $/oz

- sold

152,843

141,641

146,846

144,073

702

624

626

640

Total cash costs

- R/kg

/ - $/oz

- produced

60,401

70,059

60,891

60,589

277

308

259

269

Total production costs

- R/kg

/ - $/oz

- produced

83,611

94,979

85,892

83,815

384

418

366

372

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

2,467

2,529

2,675

2,405

79.32

81.33

86.00

77.31

Actual

- g

/ - oz

2,721

1,796

2,740

2,160

87.48

57.74

88.10

69.45

FINANCIAL RESULTS (MILLION)
Gold income

280

185

286

813

116

Cost of sales

232

177

229

735

105

Cash operating costs

200

206

170

766

109

Other cash costs

(4)

(1)

Total cash costs

196

214

177

781

111

Rehabilitation and other non-cash costs

Production costs

215

217

181

810

115

Amortisation of tangible assets

224

Inventory change

(39)

(98)

(12)

(299)

(6)

(14)

(1)

(42)

Realised non-hedge derivatives

143

102

109

440

190

109

167

518

Capital expenditure

160

Tonnes / Tons placed onto leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Total cash cost calculation includes inventory change.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Shareholders’ notice board

Diary:

Financial year-end

31 December

Annual financial statements

posting on or about

19 March 2008

Annual general meeting

11:00 SA time

2 May 2008

Quarterly reports released:

Quarter ended 31 March 2008

2 May 2008

Quarter ended 30 June 2008

31 July 2008

Quarter ended 30 September 2008

30 October 2008

Quarter ended 31 December 2008

*2 February 2009

Dividends /

Dividend Number

Declared

Last date to trade

ordinary shares

cum dividend

Payment date to

shareholders

Payment date to ADS

holders

Final – No. 103

6 February 2008

22 February 2008

7 March 2008

17 March 2008

Interim – No. 104

30 July 2008*

15 August 2008*

29 August 2008*

8 September 2008*

Final – No. 105

4 February 2009*

20 February 2009*

6 March 2009*

16 March 2009*

* Approximate dates.

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

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

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

Certain statements contained in this document, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations
regarding gold prices and production, the completion and commencement of commercial operations of certain of AngloGold Ashanti’s exploration and production
projects, and its liquidity and capital resources and expenditure, contain certain forward-looking statements regarding AngloGold Ashanti’s operations, economic
performance and financial condition. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking
statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory
environment and other government actions, fluctuations in gold prices and exchange rates, and business and operational risk management. AngloGold Ashanti
undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of the annual
report on Form 20-F or to reflect the occurrence of unanticipated events. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or
any person acting on its behalf are qualified by the cautionary statements herein. For a discussion on such risk factors, refer to AngloGold Ashanti's annual report on
Form 20-F for the year ended 31 December 2006 dated 06 July 2007, which was filed with the Securities and Exchange Commission (SEC) on 09 July 2007.

Administrative information

ANGLOGOLD ASHANTI LIMITED

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

Share codes:

ISIN: ZAE000043485
JSE:

ANG

LSE:

AGD

NYSE:

ASX:

AGG

GhSE (Shares):

AGA

GhSE (GhDS):

AAD

Euronext Paris:

Euronext Brussels:

ANG

JSE Sponsor:

UBS

Auditors:

Ernst & Young Inc

Offices

Registered and Corporate

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

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

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

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

Directors

Executive
M Cutifani

(Chief Executive Officer)

S Venkatakrishnan *

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

R E Bannerman
Mrs E le R Bradley
J H Mensah
W A Nairn
Prof W L Nkuhlu
S M Pityana
S R Thompson *

* British

American

Ghanaian

~ Australian

Officers
Managing Secretary: Ms Y Z Simelane
Company Secretary: Ms L Eatwell

Contacts

Charles Carter
Telephone: +27 11 637 6385
Fax: +27 11 637 6400
E-mail: cecarter@AngloGoldAshanti.com

Himesh Persotam
Telephone: +27 11 637 6647
Fax: +27 11 637 6400
E-mail:
hpersotam@AngloGoldAshanti.com

General E-mail enquiries
investors@AngloGoldAshanti.com

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

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Accra
Ghana
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