Edgar Filing: ANGLOGOLD ASHANTI LTD

Page 1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

Report on Form 6-K dated August 07, 2013

Commission File Number 1-14846

AngloGold Ashanti Limited

(Name of registrant)

76 Jeppe Street

Newtown, 2001

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

South Africa

(Address of principal executive offices)

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

Form 20-F X Form 40-F

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

Yes No X

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

Yes No X

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

Yes No X

Enclosure: Press release

AngloGold Ashanti Report for the quarter and six months ended

30 June 2013.

Quarter 2 2013

Report

for the quarter and six months ended 30 June 2013

Group results for the quarter….

• Solid gold production of 935koz, in-line with guidance provided for the period of 900-950k oz up 4% from the first quarter.
• Total cash costs of $898/oz, better than the adjusted guidance range for the period of $900/oz and $920/oz.
• $1.25bn bond issue provides additional liquidity in volatile operating environment; improves debt maturity profile.
• Net debt at 30 June 2013 was $2.78bn, reflecting a net debt to EBITDA ratio of 1.56 times.
• Capital expenditure for 2013 reduced by $100m to $150m, from $2.1bn to $1.95bn.
• 2014 expensed exploration target of $150m-$175m (2012:$461m).
• Corporate reorganization underway; 2014 corporate cost target of $120m to $140m. (2012: $291m, 2013: $240m forecast).
• Tropicana is ahead of schedule and remains within budget; commissioning underway.
• Kibali is progressing well and remains on budget and on schedule for production as early as October.
• No second-quarter dividend declared given volatile environment; dividend to be reviewed at year-end; reverting to
bi-annual dividend schedule.

• All Injury Frequency Rate (AIFR) in the quarter was 7.61 per million hours worked, 11% year-on-year improvement.

Quarter

Six months

ended

Jun

Mar

Jun

2013

2012

2013

2012

Restated

US dollar / Imperial

Operating review
Gold

Produced

- oz (000)

935

899

1,073

1,834

2,054

Price received

- $/oz

1,421

1,636

1,607

1,529

1,650

Total cash costs

- $/oz

898

894

773

896

769

Total production costs

- $/oz

1,141

1,147

980

1,144

979

Financial review
Adjusted gross profit

- $m

231

434

658

665

1,397

Gross profit

- $m

330

434

658

765

1,397

(Loss) profit attributable to equity shareholders

- $m

(2,165)

239

304

(1,926)

884

- cents/share

(559)

(497)

229

Headline earnings

- $m

112

259

323

372

892

- cents/share

231

Adjusted headline (loss) earnings

- $m

(135)

113

270

(23)

716

- cents/share

(35)

(6)

185

Cash flow from operating activities

- $m

140

356

506

496

1,132

Capital expenditure

- $m

556

512

495

1,069

893

Notes: 1. Restated for changes in the Accounting Policies. Refer to

note 13 of the financial statements.

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

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

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

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

Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry,
expectations regarding gold prices, production, cash costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold
Ashanti’s operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold
Ashanti’s exploration and production projects and the completion of acquisitions and dispositions, AngloGold Ashanti’s liquidity and capital resources and capital expenditures and the
outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental issues, are forward-looking statements regarding AngloGold Ashanti’s
operations, economic performance and financial condition. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause
AngloGold Ashanti’s actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied in these forward-
looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that
such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors,
changes in economic, social and political and market conditions, the success of business and operating initiatives, changes in the regulatory environment and other government actions,
including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, and business and operational risk management.
For a discussion of such risk factors, refer to the prospectus supplement to AngloGold Ashanti’s prospectus dated 17 July 2012 that was filed with the Securities and Exchange Commission
(“SEC”) on 26 July 2013. These factors are not necessarily all of the important factors that could cause AngloGold Ashanti’s actual results to differ materially from those expressed in any
forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future results. Consequently, readers are cautioned not to place undue
reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking
statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.

This communication may contain certain “Non-GAAP” financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-
GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures of performance
prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use. AngloGold Ashanti posts
information that is important to investors on the main page of its website at www.anglogoldashanti.com and under the “Investors” tab on the main page. This information is updated regularly.
Investors should visit this website to obtain important information about AngloGold Ashanti.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

Operations at a glance

for the quarter ended 30 June 2013

oz (000)

Year-on-year

% Variance

Qtr on Qtr

% Variance

$/oz

Year-on-year

% Variance

Qtr on Qtr

% Variance

Year-on-year

$m Variance

Qtr on Qtr

$m Variance

SOUTH AFRICA

307

(15)

(6)

890

(1)

(124)

(73)

Vaal River Operations

110

(17)

(4)

958

(6)

(32)

(21)

Great Noligwa

(13)

992

(12)

(10)

(3)

Kopanang

(16)

869

(7)

(15)

(7)

Moab Khotsong

(22)

(2)

1,039

(1)

(5)

(17)

(10)

West Wits Operations

136

(26)

(10)

829

(7)

(2)

(84)

(44)

Mponeng

(33)

(14)

766

(69)

(36)

TauTona

(14)

(2)

919

(14)

(15)

(9)

Total Surface Operations

(2)

903

(9)

(8)

First Uranium SA

892

Surface Operations

(20)

(8)

911

(19)

(13)

INTERNATIONAL OPERATIONS

628

(12)

901

169

(286)

(140)

CONTINENTAL AFRICA

343

(16)

883

(11)

100

(163)

(29)

Ghana

Iduapriem

911

(1)

(13)

(8)

Obuasi

(30)

1,560

(10)

(32)

(66)

(2)

Guinea

Siguiri - Attr. 85%

(7)

850

(15)

(14)

(8)

Mali

Morila - Attr. 40%

(23)

728

(16)

(6)

(4)

(1)

Sadiola - Attr. 41%

1,003

(23)

(9)

Yatela - Attr. 40%

(40)

1,451

(37)

(1)

(3)

Namibia

Navachab

(38)

(7)

976

(5)

(1)

Tanzania

Geita

113

(19)

514

(60)

(1)

Non-controlling interests,
exploration and other

(7)

(12)

(14)

AUSTRALASIA

(30)

(18)

1,829

(30)

(55)

(33)

Australia

Sunrise Dam

(30)

(18)

1,713

(24)

(55)

(31)

Exploration and other

(6)

(2)

AMERICAS

235

733

100

(67)

(77)

Argentina

Cerro Vanguardia - Attr. 92.50%

615

(9)

(7)

Brazil

AngloGold Ashanti Mineração

(22)

(17)

858

(40)

(52)

Serra Grande

147

675

(23)

(14)

(6)

United States of America

Cripple Creek & Victor

(6)

726

(19)

(11)

Non-controlling interests,
exploration and other

(8)

OTHER

(15)

Sub-total

935

(13)

898

250

(425)

(207)

Equity accounted investments included above

(20)

(4)

AngloGold Ashanti

231

(427)

(203)

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

Variance June 2013 quarter on June 2012 quarter - increase (decrease).

Variance June 2013 quarter on March 2013 quarter - increase (decrease).

As from 1 January 2013, TauTona and Savuka were mined as one operation. For presentation purposes TauTona and Savuka have been combined for the prior quarter and prior year.

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

Equity accounted joint ventures.

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

Rounding of figures may result in computational discrepancies.

Production

Total cash costs

Adjusted

gross profit (loss)

Quarterly Report June 2013 - www.AngloGoldAshanti.com

Financial and Operating Report

OVERVIEW FOR THE QUARTER AND SIX MONTHS

CEO STATEMENT

“I am exceptionally pleased to report a solid operational quarter against our guidance, with gold production of 935,000oz up 4%
on the first quarter, at a total cash cost of $898/oz,” said Chief Executive Officer Srinivasan Venkatakrishnan. “While we
recorded an adjusted headline loss over the period, this was due largely to the write-down of ore stockpiles due to the sharply
lower gold price, which has declined by some 25% this year. We have adopted a decisive, two-pronged response to this weaker
price environment focused on revenue enhancement and improving efficiencies by addressing costs at a number of levels.

“Importantly, while we remain positive on the prospects for the gold price in the long term, we’ve taken the decision to prepare
our business for a volatile gold-price environment where we believe there may be downside risk in the medium term. Graham
Ehm, Executive Vice President Group Technical and Planning, is now using a more prudent gold price of $1,100/oz as the
planning assumption, with various scenarios above and below that benchmark. This will give us flexibility in a weak market
while providing us the opportunity to benefit from widening margins if the price surprises on the upside. While this more
conservative approach to planning may have an impact on output levels, we remain steadfastly committed to prioritising cash
flow and returns over production levels. Similarly, we continue to carefully review our portfolio to identify assets that no longer
meet our investment criteria and may be sold or closed, and for others that may be amenable to partnerships.

“Our revenue enhancement efforts are focused on stripping out unprofitable production and bringing our Tropicana and Kibali
projects to production in the coming months. These two important new mines are expected to contribute approximately
550,000oz to 600,000oz of new annual production next year at below our current average cost, improving the group’s cash cost
profile.

“Our cost efficiency programme has already yielded results. In looking at improving the overall efficiency of our business, we’re
addressing expenditure on several fronts: corporate costs, exploration spending, project and sustaining capital, and direct
operating costs. At each step in this cost rationalisation process we’ve taken care to ensure we retain core skills and keep our
key long term options intact, at a reasonable cost.

“We have completed an extensive organisation redesign that started at the beginning of this year, which aimed to remove
duplication and waste, and to create a cleaner leadership structure with more direct accountabilities. We’re now implementing
the recommendations of that review, which called for us to remove about 40% of all non-mining roles from our global corporate
structure. In addition, we are attacking all areas of indirect spend outside of payroll, in order to bank savings going into next
year. We’re now targeting corporate costs of $120m to $140m next year, around half the $240m initially forecast for 2013, and
an even greater saving from the $291m spent last year.

“There will also be a narrowing of the focus for our exploration programme, which includes a global drilling programme as well
as investment in our Technology Innovation Consortium in South Africa. We will withdraw from more than a dozen countries and
will focus on our three most prospective regions – Tropicana, Colombia and the Siguiri region in Guinea – while also continuing
to aggressively advance the underground technology push in South Africa. Expensed exploration and evaluation in 2013 is now
anticipated to be $327m, from the $377m initially forecast, a saving of approximately $50m for this year. In 2014, we’re now
targeting expensed exploration and evaluation spend at between $150m to $175m.

That takes the targeted annual savings from these exploration and corporate cost initiatives together to as much as
$437m to $482m next year, as compared to 2012 levels, or more than $100/oz.

“In addition to addressing these overhead costs, we’re phasing some of our expenditure on projects in South Africa and have
reduced this year’s total capital budget by about $150m, to $1.95bn (which includes about $1bn of project capital). As we move
into next year we will aim to realise further reductions in sustaining capital by seeking out efficiencies in our planning process,
while looking to capture savings in a more benign operating cost environment. We also anticipate a drop in our project capital as
a natural consequence of the completion of our Tropicana project and the commissioning of the open-pit mine at the Kibali joint
venture.

“This improvement will be complemented by our Project 500 initiative, which aims to realise cost savings of some $500m from
across our portfolio by the end of next year. The Project 500 team, overseen by Ron Largent, chief operating officer of our
Americas and Continental African portfolio, has already visited four pilot sites – Siguiri, Geita, Cuiaba and Moab Khotsong – and
identified a range of significant opportunities that will contribute toward realising this goal.

“In keeping with our prudent approach to balance sheet management and proactively reducing risk, particularly in the prevailing
uncertain market conditions, we took advantage of a slightly firmer market in July to raise $1.25bn though a the sale of seven-
year bonds. The proceeds will be used to refinance our $732.5m convertible bond which matures in May of next year and the
surplus will provide the comfort of additional liquidity. The debt issue removes refinancing risk and improves our debt maturity
profile, while only modestly raising annual interest costs, given that we have a 6% mandatory convertible bond that matures in
September and a tender offer to redeem the 3.5% convertible notes that would otherwise mature in May.

“While this work to refocus the business continues at a strong pace and in a challenging environment, our first priority remains
to operate safely as we work to deliver value to our stakeholders. We have made great strides in recent years to improve the
culture of safety in our business, with our Continental Africa business recording the commendable achievement of logging not a
single lost time injury in June. All of our four regions, Americas, Australia, Continental Africa, South Africa (save for West Wits)
and our exploration sites, were also free of fatalities in the first half of this year. While these achievements are our most
important, we recognise that there remains much room for improvement and we will continue to look for innovative ways to
reach our ultimate goal of zero harm in the workplace.”

Quarterly Report June 2013 - www.AngloGoldAshanti.com

FINANCIAL AND CORPORATE REVIEW

Adjusted headline earnings (AHE) was a loss of $135m and 35 US cents per share in the three months to 30 June 2013,
compared with $113m or 29 US cents per share the previous quarter, and $270m or 70 US cents per share a year earlier, in the
second quarter of 2012. This figure includes a $144m loss associated with stockpile inventory write-downs, indirect tax
provisions and corporate restructuring.

Net loss attributable to equity shareholders for the second quarter of 2013 was $2,165m, compared to a profit of $239m in the
previous quarter, negatively impacted by a post-tax impairment of tangible and intangible assets and investments and inventory
write-downs aggregating $2.4bn. The impairment largely consisted of a write-down of assets in Continental Africa and the
Americas and arose primarily from using lower gold price assumptions and higher discount rates.

Operational performance for the second quarter was solid with production within market guidance provided at first quarter of
2013 results, and costs marginally better. Production was 935,000oz at an average total cash cost of $898/oz, compared to
899,000oz at $894/oz the previous quarter and benefitted from a strong ramp up at Geita following a mill replacement in the first
quarter of 2013. Total cash costs were slightly better than initial market guidance of $900-950/oz.

Cash flow from operating activities declined from $356m the previous quarter to $140m, reflecting the 13% decline in average
realised gold price in the quarter. Total capital expenditure during the second quarter was $556m (including equity accounted
joint ventures), compared with $512m the previous quarter and $495m in the second quarter of last year. Of the total capital
spent, project capital expenditure during the quarter amounted to $285m. As a result of relatively high project capital levels
associated with the advanced Tropicana and Kibali projects, and a weaker gold price in the second quarter of 2013, free cash
flow was negative at $497m.

At the end of the second quarter of 2013, net debt was $2.78bn, and the twelve month EBITDA to 30 June 2013 was $1.79bn,
resulting in a Net Debt to EBITDA ratio of 1.56 times. This is despite taking on the impact of the South African strike last year
and, more recently, a decline in the gold price. The principal factors that accounted for the increase in net debt level during the
quarter were:

• Capital expenditures on projects of $285m, the majority of which was spent on key projects at Tropicana and Kibali, and
• the expansion of CC&V, which is scheduled to contribute additional production from 2015;

Sustaining capital expenditures, including ore-reserve development expenditure, of $271m.

On 30 July 2013, AngloGold Ashanti issued a seven-year bond due 2020 for an aggregate principal amount of $1.25bn and an
annual interest rate of 8.5%.

The bond issue attracted significant interest from fixed income investors and provided the funds for AngloGold Ashanti to launch
a tender offer for the repurchase of its $732.5m, 3.5% Guaranteed Convertible Bonds due May 2014. We believe that these
transactions will significantly improve the company’s debt profile, introducing longer-term debt maturity to the balance sheet and
providing additional liquidity in what remains a volatile market and operating environment for global gold producers. Given that
the $789m, 6% mandatory convertible bond will be redeemed for shares in September, and the tender offer is currently open to
redeem the $732.5m, 3.5% convertible bond, the additional incremental annual interest payments to be incurred by the new
bond issue is modest at around $30m.

UPDATE ON CAPITAL PROJECTS

Tropicana is ahead of schedule. The company remains committed to ensuring that its two new gold projects – Tropicana and
Kibali – commence commercial production before the end of this year. The Tropicana gold project (AngloGold Ashanti 70% and
Independence Group NL 30%) is progressing well, and is ahead of schedule to commission in the third quarter of 2013 and
ramp up during the fourth quarter of 2013. The estimated capital expenditure remains unchanged at between A$820-A$845m
on a 100% basis. As mentioned by joint venture partner and operator Randgold Resources, on 23 July 2013, Kibali may
produce gold as early as October of this year. Together, these projects are expected to add attributable production of
approximately 550,000oz to 600,000oz in 2014 at a combined average total cash cost of less than our current average total
cash costs.

By the end of June, structural steel, plate work installation, mechanical installation and tailings storage facility construction were
complete at Tropicana. The powerhouse was commissioned during the second quarter of 2013 along with the dry plant. First
ore was sent to the crushing plant on 26 July. Site activities are now focused on completion of plant sub-systems and the
crushing and screening areas to enable pre-commissioning and commissioning to begin, with the commissioning team
mobilised on site for a little over two months.

The full operating team is now in place and has been mobilised to the site. The mining department celebrated the first year of
operation in July, and mobilisation of the third mining fleet is in progress.

Cash operating cost estimates for the project remain within the previously announced range of A$590/oz to A$630/oz. Average
annual production estimates during the first three years also remains in line with previous guidance at between 470,000-
490,000oz on a 100% basis.

The Kibali project, a joint venture between state-owned Sokimo (10%), AngloGold Ashanti (45%) and operator Randgold
Resources (45%), remains on track for production by the end of the year. By the end of June 2013, AngloGold Ashanti spent
$447m towards Kibali’s development. Significant progress continues to be made towards commissioning. The Process Plant is
making progress in preparation of producing first gold in the final quarter of 2013. Completion of the Sulphide circuit is expected
in early 2014, which is in-line with the mining schedule. A revised schedule for Kibali has production from underground
commencing later mitigated by bringing forward additional open pit ore.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

The CC&V Mine Life Extension 2 (MLE2) project, an expansion of our CC&V mine in Colorado, continues to progress well. To
date, we have spent $118m. The design work on the HG Mill is complete and the facility is on track for completion in the second
half of 2014. Construction work for the re-routing of Highway 67 is underway. Construction of the water pumping facility
necessary to deliver the required water for the mill is now complete, along with temporary construction warehouses and offices
required for the project are all complete and in use. The budget and schedule continue to be well within the plans.

UPDATE ON COST OPTIMISATION AND PORTFOLIO REVIEW

Cost optimisation and portfolio review:

In order to optimise cash flow from the business, AngloGold Ashanti is working to reduce all costs (direct operating costs,
corporate and exploration costs, and capital expenditure), while enhancing revenue by removing unprofitable production from
the portfolio and improving the overall quality of its asset base by completing development of its two new projects (Tropicana
and Kibali) in the coming months.

On direct operating costs, the previously announced Project 500 initiative is currently underway to remove approximately $500m
of operating costs within an 18 month period. This approach has been piloted at four global sites (Siguiri – Guinea, Geita –
Tanzania, Moab Khotsong – South Africa and Cuiabá – Brazil), which were selected on the basis of being among the largest
long-term producers in the company. Project 500 was well received by the site management teams and potential savings of
approximately $235m have been identified. Detailed planning to realise those opportunities and ensure they are integrated into
budgets, is currently underway.

Progress has also been made in reducing corporate overhead costs by rationalising corporate structures, reducing the use of
consultants and eliminating duplication, redundant management and administrative functions. The operating support structure
has been further simplified with operations now falling under the two Chief Operating Officers and the reduction in the size of the
executive committee. The process of effecting redundancies has commenced in AngloGold Ashanti’s global corporate and
exploration structures and we expect that during the last quarter of this year, after taking into account the notice periods that
need to be provided to affected employees, approximately 35-40% of these roles will have been removed. Indirect spend, such
as travel, communication and IT costs are being rationalised with a view to further sustainable cost savings. In 2014, corporate
costs are anticipated to fall from the $240m forecast for this year, to between $120m and $140m. ERP project has also been
suspended for Continental Africa region ($113m saving over 3 years).

In light of the lower and more volatile gold price, capital expenditure is also being rationalised with a view of focusing
expenditure on higher quality assets and curtailing expenditure or suspending operations on other projects. For example,
AngloGold Ashanti announced in November 2012 that capital expenditure significantly slowed at Sadiola in Mali. In addition,
Project Zaaiplaats at the Moab Khotsong mine in South Africa has been postponed while alternative development options for
the project are being evaluated. The deepening project at Mponeng in the West Wits region of South Africa has also been
slowed to optimise expenditure. Capital expenditure for 2013 is now expected to $1.95bn-$2bn, compared to previous guidance
of $2.1bn, reflecting a savings of $100m-$150m. Given that both Kibali and Tropicana will go into production later this year, we
expect that the level of project capital expenditure in 2014 will be lower than the current year, whilst the Group will also see the
added benefit of free cash flow from these two new projects.

AngloGold Ashanti’s industry-leading exploration programme has already been significantly refocused to further optimise
expenditure, with key areas of emphasis now in Colombia, Australia and Guinea, as well as continuing the investment in the
Technology Innovation Consortium, which is developing a production system to help improve underground mining in South
Africa. In effecting this more concentrated exploration strategy, AngloGold Ashanti is withdrawing from 13 countries.
Management has already reduced this year’s residual exploration and evaluation budget by around $50m and will make
significantly greater savings next year. Total spending on expensed exploration (greenfield, brownfield, Colombia, SA
Technology and evaluation studies) for this year is now expected to total about $327m, compared to the previous guidance of
$377m. This number is expected to reduce further in 2014 to $150m - $175m, $30m of which will be allocated to the SA
Technology Project.

Although the steps which are outlined above are expected to improve the company’s cost base and focus capital expenditure,
there will likely be a time lag before some of these measures take effect. It is expected that these measures will result in an
improvement in performance which will be reflected in results for the full year 2014. In the interim, however, aggressive moves
to reduce discretionary spending and immediate changes to expenditures for the remainder of the year are expected to support
the business in the event of any unforeseen operational disruptions and/or a further sharp fall in the gold price.

WAGE NEGOTIATIONS UPDATE

AngloGold Ashanti continues to engage with its employees, through their organised labour representatives, as part of the gold
industry’s collective bargaining process overseen by the Chamber of Mines. The South African gold industry finds itself in a
challenging operating environment, given sharply lower gold prices, lower productivity levels and rising costs and has shed a
significant number of jobs over the past decade as these pressures have mounted. Against this backdrop, it is difficult to
contemplate wage increases of any kind in the current round of wage talks. Notwithstanding, the gold producers participating in
the central bargaining forum have offered a 5% adjustment to salaries as a sign of good faith in the current wage negotiations.
While these discussions with organised labour did not initially yield a positive outcome and have entered a process of third-party
mediation, through an established legal framework, AngloGold Ashanti remains committed to finding a solution to benefit all
parties and not further jeopardise the long-term viability of South Africa’s gold industry.

TECHNOLOGY AND INNOVATION UPDATE

During the second quarter of 2013, the Technology Innovation Consortium progressed significantly in prototype development
pertaining to the three key technologies that aim to establish the base for a safe, more efficient mining method intended for use
at AngloGold Ashanti’s deep-level underground mining operations. It is anticipated that this new improved mining method, if
successful, will significantly enhance productivity levels of AngloGold Ashanti’s South African mining operations:

Quarterly Report June 2013 - www.AngloGoldAshanti.com

Orebody Knowledge & Exploration (RC Drilling): A new diamond-enhanced drill bit has been tested, which has resulted in
reduced mechanical issues. Further tests have indicated that as the hole deepened, drilling efficiency decreased and declining
penetration rates were experienced. New drill rods, designed to ensure increased air flow within the tubes, and thus faster
penetration rates at depth, have now been procured and testing of the new rods will commence at the beginning of the third
quarter.

Reef Boring (Stoping): The focus in the second quarter was to further enhance drilling effectiveness by applying improved
reamer geometries. A newly-designed cutter head (reamer) of 660mm in diameter was manufactured and delivered during the
second quarter of 2013. The first 660mm double-pass hole was drilled successfully with increased drilling efficiency: this test hole
was completed within 3.9 days compared to the previous rate of 4.4 days using the double-pass method. The final test for the
new reamer will be to complete a single pass hole in the shortest possible timeframe and further improve on previous rates of 3.2
days for a 30m hole. Negotiations and processes have commenced for the design and manufacture of the first production
machines, with the intention to start manufacturing mid-range machines (40-80cm channel width reefs) as well as small diameter
machines (<40cm channel width reefs) during the third quarter. The machines are intended for deployment to the production
environment towards the end of the first quarter in 2014.

Ultra High Strength Backfill (UHSB): During the second quarter, an additional five holes were filled at the reef boring test site at
TauTona Mine. Three of the holes were fitted with instruments to monitor the performance of the UHSB, as well as the ground
conditions of holes being drilled in close proximity. Encouraging advancements in the mixing process have been achieved,
leading to reduced times and increased flexibility in the application of the product. Development of the prototype mixer will
continue in the third quarter as the Consortium seeks to transform the current system, suitable for niche small volume
applications, to a bulk application.

DIVIDEND

The Board has elected to pass on the quarterly dividend given the current market conditions and will review this decision again at
year-end. The company will also revert to a bi-annual dividend schedule.

SAFETY

The business experienced two fatalities during the quarter, both in the South Africa Region; at Mponeng and TauTona mines. The
TauTona and Mponeng fatalities were caused by a fall of ground and a tramming related incident, respectively. Year-on-year and
quarterly Fatal Injury Frequency Rate performance improved 40% and 43%, respectively. The All Injury Frequency Rate for the
quarter was at 7.61 per million hours worked, an improvement of 4% quarter-on-quarter and 7% year-on-year.

Safety continues to remain the critical focus area in South Africa through the use of regular safety meetings and the Chencha
Nqondo (where focus is placed on changing people’s mind-set regarding rules, regulations and people’s behaviour) campaign at
TauTona. Measures to mitigate the risk of trucks and tramming incidents at Mponeng are currently being implemented. A new
safety theme “Safe Gold Our Future” was launched at Mponeng to address the poor safety performance. The implementation of
this safety-related initiative will lead to a more conducive working environment that will aid the production performance.

Elsewhere in the business, there has been excellent progress on safety. The Vaal River region in South Africa, as well as
Continental Africa, Australia, Americas, Exploration – had no fatalities in the first half of the year. In addition, Continental Africa,
which comprises eight mines across five countries, recorded not a single lost time injury during June. This is a significant
achievement which shows what progress is possible as we continue to make continuous improvements to our systems and
procedures and overall safety culture.

OPERATING HIGHLIGHTS

The South African operations produced 307,000oz at a total unit cash cost of $890/oz in the three months to 30 June 2013,
compared with 362,000oz at a total cash cost of $779/oz in the same quarter last year. In the West Wits operations, TauTona
faced increased costs related to improved safety measures to curtail fall of ground incidents, these include additional steel support
in certain areas. At Mponeng, the aftermath of the lightning strike at a major Eskom regional substation towards the end of the first
quarter of 2013 further impacted production in the second quarter of 2013 as repairs and maintenance to the damaged
infrastructure were performed. Safety-related disruptions, which resulted in lost production of approximately 24,000oz coupled
with deteriorating grades, continued to hinder production levels across the region.

At the Vaal River operations, an illegal strike embarked on by employees at the Moab Khotsong mine and the subsequent
ramifications had an adverse impact on production. Five hundred and thirty nine employees who participated in the illegal strike
were dismissed subsequent to disciplinary processes. Of those dismissed, one hundred and eighty seven were machine
operators and this required stoping teams to be reconfigured to make provision for the lost skill set.

Acquisition of Mine Waste Solutions has proved beneficial to the region as planned, as tonnage ramp-up using the Business
Process Framework has helped ensure that significantly higher tonnages are now being treated than in the past. Improvements to
recoveries are evident as our team manages the process carefully, through the recently established Remote Operations Center.
Grades continue to improve as Vaal River tailings now supplement the acquired tailings. Completion of the uranium circuit is
expected to allow uranium production to commence in the fourth quarter, and is also expected to improve gold recovery rates.

In Tanzania, Geita’s production was 113,000oz in the second quarter of 2013 compared to 66,000oz in the previous quarter. This
was an increase of 71% as a result of a 90% increase in tonnage throughput following the extended planned downtime in the
previous quarter for the replacement of the SAG Mill, partly offset by a planned 10% decrease in recovered grade for the current
quarter. Total cash costs increased by 22% to $514/oz compared to the same period last year. The quarter-on-quarter
comparison reflects a 32% increase in total cash costs which is due to the fact that stockpiles were processed during the first
quarter. In addition, AngloGold Ashanti is in dialogue with Tanzanian authorities and various other groups to find a sustainable
solution to a recent increase in illegal mining activity in and around its Geita operation. This activity not only poses a threat to the
safety of AngloGold Ashanti’s staff, police officials and these illegal miners, but also creates environmental damage and may
affect production if left unchecked.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

In Ghana, production at Obuasi increased 18% quarter-on-quarter due to a 10% increase in tonnes treated and a 6% increase
in recovered grade largely as a result of the transition to owner mining. Total cash costs decreased by 10% to $1,560/oz from
$1,742/oz the previous quarter. We believe that significant potential exists in the Obuasi orebody and our strategy revolves
around the transformation of the underground mine as the key driver. In detail, this plan entails:

•

Mining of the Obuasi Deeps Decline to gain appropriate mechanised access to each mining block (except those with only
2-3 years of life remaining) and then ultimately down to the ‘Deeps’;

•

As each new mining area and each existing mining block is reached, it is taken ‘off line’ in order to allow work to be
undertaken that will allow it to be re-established as a highly mechanised and more productive block;

•

Investment in Pastefill, primary ventilation and underground infrastructure;

•

Mining of surface sources (pits and tailings) to generate further revenue;

•

Development of appropriate surface infrastructure based around the south mine, including security fencing, new Tailings
Storage Facility and a comprehensive water management system;

•

Significant reduction of overhead costs;

•

Significant organisational redesign built around a highly mechanised and productive operation; and

•

Continuing to address legacy issues associated with the mining operation.

In the medium term, Obuasi needs to self-sustain itself in order to be viable. In the short-term, the intention is to ensure the
operation has the appropriate cost structure to sustain itself. The transition to mechanisation will regrettably result in a phased
process of retrenchments over the next two years. The Board will assess the progress at Obuasi on a quarterly basis to ensure
that the mine is on track to meet its critical milestones.

In Guinea, Siguiri’s production (85% attributable) was unchanged from the previous quarter at 62,000oz as a result of a 5%
increase in tonnage throughput offset by a 6% decrease in recovered grade due to planned treatment of lower grade ore from
different ore sources. Siguiri has consistently exceeded its gold production target for the last six quarters, with throughput
sustained at record levels achieved in the previous year. Total cash costs were $850/oz, 15% lower than the previous quarter
mainly due to the reduced cost of electricity provided to the local community and lower royalty payments due to the lower
received price. The implementation of Project 500 is proceeding well with significant and sustainable cost saving opportunities
identified.

At Sunrise Dam, in Australia, the total cash costs at $1,713/oz was inclusive of additional costs of $350/oz attributable to
recommencing mining of high grade ore in the base of the existing open pit, also referred to as the “Crown Pillar” which we
expect will provide high grade mill feed for the remainder of the year. Mining in the Crown Pillar was delayed to ensure the wall
above the working area was sufficiently stabilised.

At Cerro Vanguardia, in Argentina, production (92.5% attributable) at 62,000oz was 13% higher than last quarter mainly due to
higher treated tonnes. Silver production (92.5% attributable) at 735,000oz represents a 2% increase when compared to the
previous quarter. Import restrictions continue to be a challenge within the country, particularly relating to the lead time in
obtaining spare parts, however, this did not have a significant impact on output during the quarter. Rising costs were partially
offset by a more favourable exchange rate and lower heap leach costs due to the effect of additional contracts and maintenance
expenses which impacted on the previous quarter. Regarding the operational landscape for the second half of the year, several
initiatives are being analysed to reduce operational costs and capital expenditures as well. Additionally, the use of an external
contractor to increase Cerro Vanguardia’s production profile is under consideration.

In Brazil, at AngloGold Ashanti Mineração, production was 17% lower than previous quarter at 76,000oz reflecting mine plan
changes at Cuiabá as a result of topographic and geotechnical issues and lower production from Córrego do Sítio complex due
to lower than planned feed grades at sulphide operations. Despite some relief from the Brazilian Real depreciation, total cash
cost was 25% higher at $858/oz as a consequence of lower gold produced and lower by-product credits. At Serra Grande,
production was 16% higher than previous quarter at 37,000oz as a result of higher feed grades and metallurgical recovery. Total
cash cost was 14% lower at $675/oz as a result of higher gold produced and the depreciation of the Brazilian Real.

The Project 500 team visited Cuiabá in early June. A visit to Serra Grande is planned in August.

In the United States, at Cripple Creek & Victor, gold production was 60,000oz which was 10% higher than previous quarter
due to improvements to stacking and recovery methods which helped to drawdown inventory. Cash costs increased by 13% to
$726/oz versus the previous quarter partially due to higher costs associated with longer waste hauls and more component parts,
emulsion, tyres and contract services.

EXPLORATION

Total exploration expenditure during the second quarter of 2013, inclusive of expenditure at equity accounted joint ventures,
was $107m ($52m on brownfield, $30m on greenfield and $25m on pre-feasibilty studies), compared with $118m during the
same quarter the previous year ($43m on brownfield, $38m on greenfield and $37m on pre-feasibility studies).

At Geita in Tanzania, drilling focused on the infill drilling programmes at Nyankanga (Cut 10 & Cut 7) while Mineral Resource
delineation drilling was conducted at Nyankanga Deeps, Star & Comet Deeps and Matandani. A total of 4,827m and 4,115m
were drilled in Expensed and Capitalised drilling projects. Assay results from holes drilled in the first half of the year from
Nyankanga (Cut 7 & 8 OP, Cut 10, Block 1, and Block 2 & Block 4 and Deeps), Geita Hill West, Ridge 8, Star & Comet-Ridge 8
Gap and Matandani were received. Significant intersections were reported from each of these programmes, which continued to
confirm their prospectivity.

At Siguiri in Guinea, a total of 402 holes for 34,571m of drilling were completed. Infill drilling (1,031m RC) focused mainly on
upgrading oxide Mineral Resources at Kossise SW (773m) and Sokunu L3 pits (258m) to the NW of the Sokunu main pit. As
anticipated, the drilling at Kossise SW returned some good intersections while the results from the infill programme at Sokunu
L3 pits have not yet been received.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

Reconnaissance drilling (27,035m), centred on geochemical and geophysical targets at the Kourouda SE (10,419m), Sintroko
Southwest (13,107m) and Niono (3,509m) prospects. The results reported for these projects have been generally disappointing,
with no significant intercepts reported from Niono and Kourouda SE. Sintroko Southwest returned some good values.
Reconnaissance diamond drilling of 612m was conducted at Komatiguiya into the fresh rock to check and confirm lithologic-
stratigraphic information.

Fresh rock drilling (3 DD holes & 41 RCDD holes) for 6,505m, focused on the rock beneath the current pits of Bidini (1,527m),
Seguelen (2,711m) and Kami (1,656m). This drilling was designed to test the fresh rock potential and depth extent of the ore
zones. The exploration to date below the Seguelen and Kami pits confirmed the continuation of the mineralised ore zones below
the oxide – fresh rock interface.

Geochemical soil sampling stopped at the end of the second quarter. The soil sampling was conducted on a 200m x 50m grid
on the NW of Block 1. During the period 1,377 soil samples were collected, and 832 results were received from the lab with
some high values reported. Geophysical surveys are on-going, focused on IP and resistivity gradient surveys at Kintinian Village
and Seguelen pit for water supply and dewatering.

In Colombia, greenfield exploration continued at the Nuevo Chaquiro target, Quebradona project, in joint venture with B2Gold
(AGA 70%). A total of 3,937m of diamond drilling was completed during the quarter and returned further significant results that
have extended the known mineralised envelope to the east and north-east. The latest results include 402m @ 0.26g/t Au and
0.53% Cu in CHA-032, 189m @ 0.40g/t Au and 0.48% Cu in CHA-047 and potentially indicate the presence of a higher-grade
mineralised core.

Drilling to support the Pre-feasibility study continued at the Gramalote Joint Venture. This included 14,966m completed in
programmes directed toward Mineral Resource infill drilling and opportunities for Mineral Resource addition. Drilling also
continued for facility condemnation, geotechnical and hydrology studies.

At La Colosa, drilling activities resumed with 1,210m completed for Mineral Resource extensions. Hydrology and geotechnical
drilling programmes continued.

In Australia, aircore drilling progressed solidly at the Tropicana JV (AngloGold Ashanti 70%) during the quarter with 30,675m
drilled on several prospects in the south-western end of the Tropicana JV package. Recent results from the Beetle Juice and
Madras Prospects, within 15km to 40km of the Tropicana Gold Mine have returned encouraging gold and base-metals results
and are scheduled for further work in the next quarter. At the Viking project (AngloGold Ashanti 100%) RC drilling was
completed for 2,208m and follows up significant results previously returned in diamond drilling. At the Nyngan JV (AngloGold
Ashanti earning 70%), a gravity survey commenced late in the quarter, while in South Australia, AngloGold Ashanti withdrew
from the Gawler JV.

In Guinea, exploration work continued on the Kounkoun trend in Block 3, with infill and delineation drilling at KK1, KK3 and KK6
targets with a total of 12,649m of combined aircore, RC and diamond completed. Encouragingly, mineralisation continues to remain
open down-dip and along strike with the best results for the second quarter including, but not limited to (true widths), 52.2m @
2.11g/t Au in KKRC361, 18.7m @ 4.21g/t Au in KKRC362, 29.5m @ 2.94g/t Au in KKRC363 and 57.1m @ 1.95g/t Au in KKRC370.
Within Block 2, reconnaissance RC drilling, totalling 5,498m commenced at the highly-prospective Danaya prospect, with
preliminary results returning encouraging intersections requiring further follow-up work.

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

OUTLOOK

Gold production for the third quarter of 2013 is estimated at 950koz to 1,000koz. Total cash costs are estimated at between
$860/oz-$890/oz at an average exchange rate of R9.85/$, BRL2.15/$, A$0.92/$ and AP5.39/$ and fuel at $105/barrel.

This includes the ongoing impact of annual power tariff increases and winter power tariffs in South Africa. Both cost and
production estimates may be impacted by work stoppages in South Africa.

Other unknown or unpredictable factors could also have material adverse effects on our future results and no assurance can be
given that any expectations expressed by AngloGold Ashanti will prove to have been correct. Please refer to the Risk Factors
section in AngloGold Ashanti’s prospectus supplement to its prospectus dated 17 July 2012 filed with the SEC on 26 July 2013
and available on the SEC’s homepage at http://www.sec.gov.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

Group

income statement

Quarter

Six months

ended

June

March

June

2013

2012

2013

2012

US Dollar million

Notes

Reviewed

Restated

Reviewed

Restated

Reviewed

Revenue

1,301

1,518

1,684

2,819

3,478

Gold income

1,242

1,463

1,619

2,705

3,325

Cost of sales

(1,012)

(1,029)

(961)

(2,040)

(1,928)

Gain on non-hedge derivatives and other
commodity contracts

100

100

Gross profit

330

434

658

765

1,397

Corporate administration, marketing and other
expenses

(57)

(65)

(69)

(123)

(136)

Exploration and evaluation costs

(79)

(79)

(88)

(158)

(165)

Other operating expenses

(10)

(1)

(28)

(11)

(35)

Special items

(3,203)

(25)

(3,228)

Operating (loss) profit

(3,019)

264

481

(2,755)

1,086

Dividends received

Interest received

Exchange gain (loss)

(4)

Finance costs and unwinding of obligations

(69)

(64)

(49)

(133)

(98)

Fair value adjustment on option component of
convertible bonds

Fair value adjustment on mandatory convertible
bonds

175

137

312

108

Share of equity-accounted investments' (loss)
profit

(183)

(7)

(190)

(Loss) profit before taxation

(3,081)

346

495

(2,735)

1,204

Taxation

895

(98)

(194)

797

(308)

(Loss) profit for the period

(2,186)

248

301

(1,938)

896

Allocated as follows:

Equity shareholders

(2,165)

239

304

(1,926)

884

Non-controlling interests

(21)

(3)

(12)

(2,186)

248

301

(1,938)

896

Basic (loss) earnings per ordinary share (cents)

(1)

(559)

(497)

229

Diluted (loss) earnings per ordinary share (cents)

(2)

(575)

(548)

179

(1)

Calculated on the basic weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

(2)

Calculated on the diluted weighted average number of ordinary shares.

The reviewed financial statements for the quarter and six months ended 30 June 2013 have been prepared by the corporate accounting staff of

AngloGold Ashanti Limited headed by Mr John Edwin Staples, the Group's Chief Accounting Officer. This process was supervised by Mr Srinivasan

Venkatakrishnan, the Group's Chief Executive Officer and Mr Richard Duffy, the Group's Chief Financial Officer. The financial statements for the

quarter and six months ended 30 June 2013 were reviewed, but not audited, by the Group's statutory auditors, Ernst & Young Inc. A copy of their

unmodified review report is available for inspection at the company's head office.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

Group statement of comprehensive income

Quarter

Six months

ended

June

March

June

2013

2012

2013

2012

US Dollar million

Reviewed

Restated

Reviewed

Restated

Reviewed

(Loss) profit for the period

(2,186)

248

301

(1,938)

896

Items that may be reclassified subsequently
to profit or loss:

Exchange differences on translation of foreign
operations

(191)

(149)

(128)

(340)

(32)

Net loss on available-for-sale financial assets

(12)

(14)

(12)

(26)

(11)

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

Deferred taxation thereon

(7)

(5)

Items that will not be reclassified to profit or
loss:

Actuarial loss recognised

Deferred taxation rate change thereon

(9)

Deferred taxation thereon

(8)

(8)

(9)

Other comprehensive loss for the period,
net of tax

(168)

(149)

(135)

(317)

(46)

Total comprehensive (loss) income for the
period, net of tax

(2,354)

166

(2,255)

850

Allocated as follows:

Equity shareholders

(2,333)

169

(2,243)

838

Non-controlling interests

(21)

(3)

(12)

(2,354)

166

(2,255)

850

Rounding of figures may result in computational discrepancies.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

Group statement of financial position

As at

June

March

December

June

2013

2012

US Dollar million

Note

Reviewed

Unaudited

Restated

Reviewed

ASSETS

Non-current assets

Tangible assets

4,659

7,743

7,776

6,876

Intangible assets

281

321

315

243

Investments in equity-accounted associates and joint ventures

1,127

1,172

1,047

821

Other investments

130

147

167

178

Inventories

590

647

610

454

Trade and other receivables

Deferred taxation

546

Cash restricted for use

Other non-current assets

7,403

10,207

10,127

8,747

Current assets

Inventories

1,068

1,196

1,213

1,053

Trade and other receivables

450

466

472

462

Cash restricted for use

Cash and cash equivalents

415

680

892

987

1,967

2,376

2,612

2,534

Non-current assets held for sale

137

2,104

2,376

2,612

2,536

TOTAL ASSETS

9,507

12,583

12,739

11,283

EQUITY AND LIABILITIES

Share capital and premium

6,758

6,752

6,742

6,711

Accumulated losses and other reserves

(3,552)

(1,204)

(1,269)

(1,147)

Shareholders' equity

3,206

5,548

5,473

5,564

Non-controlling interests

(14)

Total equity

3,192

5,569

5,494

5,624

Non-current liabilities

Borrowings

2,212

2,844

2,724

2,492

Environmental rehabilitation and other provisions

1,043

1,174

1,238

795

Provision for pension and post-retirement benefits

164

205

221

217

Trade, other payables and deferred income

Derivatives

Deferred taxation

583

1,063

1,084

1,153

4,004

5,289

5,287

4,697

Current liabilities

Borrowings

1,281

662

859

Trade, other payables and deferred income

868

929

979

732

Bank overdraft

Taxation

134

120

198

2,254

1,725

1,958

962

Non-current liabilities held for sale

2,311

1,725

1,958

962

Total liabilities

6,315

7,014

7,245

5,659

TOTAL EQUITY AND LIABILITIES

9,507

12,583

12,739

11,283

Rounding of figures may result in computational discrepancies.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

Group statement of cash flows

Quarter

Six months

ended

June

March

June

2013

2012

2013

2012

US Dollar million

Reviewed

Restated

Reviewed

Restated

Reviewed

Restated

Reviewed

Cash flows from operating activities

Receipts from customers

1,343

1,492

1,691

2,835

3,449

Payments to suppliers and employees

(1,147)

(1,084)

(1,062)

(2,230)

(2,102)

Cash generated from operations

196

408

629

605

1,347

Dividends received from equity-accounted joint ventures

Taxation paid

(56)

(60)

(143)

(117)

(255)

Net cash inflow from operating activities

140

356

506

496

1,132

Cash flows from investing activities

Capital expenditure

(418)

(384)

(418)

(802)

(774)

Interest capitalised and paid

(3)

(4)

(2)

(7)

(4)

Expenditure on intangible assets

(20)

(13)

(20)

(33)

(28)

Proceeds from disposal of tangible assets

Other investments acquired

(24)

(32)

(23)

(56)

(62)

Proceeds from disposal of investments

Investments in equity-accounted associates and joint ventures

(124)

(150)

(66)

(274)

(111)

Proceeds from disposal of equity-accounted associates and joint ventures

Loans advanced to equity-accounted associates and joint ventures

(22)

(48)

(23)

(63)

Loans repaid by equity-accounted associates and joint ventures

Dividends received

Proceeds from disposal of subsidiary

(Decrease) increase in cash restricted for use

(5)

(4)

Interest received

Net cash outflow from investing activities

(580)

(541)

(527)

(1,120)

(943)

Cash flows from financing activities

Proceeds from issue of share capital

(2)

Proceeds from borrowings

319

146

150

466

150

Repayment of borrowings

(72)

(95)

(4)

(168)

(8)

Finance costs paid

(62)

(37)

(57)

(100)

(72)

Acquisition of non-controlling interest

(215)

Revolving credit facility and bond transaction costs

(5)

(8)

Dividends paid

(27)

(26)

(66)

(53)

(168)

Net cash inflow (outflow) from financing activities

158

(17)

(192)

140

(320)

Net decrease in cash and cash equivalents

(282)

(202)

(213)

(484)

(131)

Translation

(15)

(10)

(16)

(25)

Cash and cash equivalents at beginning of period

680

892

1,216

892

1,112

Cash and cash equivalents at end of period

(1)

383

680

987

383

987

Cash generated from operations

(Loss) profit before taxation

(3,081)

346

495

(2,735)

1,204

Adjusted for:

Movement on non-hedge derivatives and other commodity contracts

(100)

(100)

Amortisation of tangible assets

206

213

203

419

403

Finance costs and unwinding of obligations

133

Environmental, rehabilitation and other expenditure

(15)

(8)

(22)

Special items

3,204

3,234

Amortisation of intangible assets

Fair value adjustment on option component of convertible bonds

(9)

(24)

(9)

(67)

Fair value adjustment on mandatory convertible bonds

(175)

(137)

(29)

(312)

(108)

Interest received

(10)

(6)

(9)

(17)

(21)

Share of equity-accounted investments' loss (profit)

183

190

(14)

Other non-cash movements

Movements in working capital

(101)

(98)

(111)

(199)

(223)

196

408

629

605

1,347

Movements in working capital

Increase in inventories

(58)

(39)

(92)

(98)

(122)

(Increase) decrease in trade and other receivables

(1)

(37)

(91)

(Decrease) increase in trade and other payables

(42)

(77)

(119)

(10)

(101)

(98)

(111)

(199)

(223)

Rounding of figures may result in computational discrepancies.

(1)

The cash and cash equivalents balance at 30 June 2013 includes a bank overdraft included in the statement of financial position as part of current liabilities of $31m.

(2)

The March 2013 quarter proceeds from issue of share capital was adjusted for the non-cash portion of share-based payments.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

Group statement of changes in equity

Share

Cash

Available

Foreign

capital

Other

Accumu-

flow

for

Actuarial

currency

Non-

and

capital

lated

hedge

sale

(losses)

translation

controlling

Total

US Dollar million

premium

reserves

losses

reserve

gains

reserve

Total

interests

equity

Balance at 31 December 2011 - as
previously reported

6,689

171

(1,300)

(2)

(78)

(469)

5,029

137

5,166

Restated for IFRIC 20 adjustments

(1)

(46)

(1)

(47)

Restated for IAS19 adjustments

(1)

(5)

Balance at 31 December 2011
- restated

6,689

171

(1,351)

(2)

(73)

(470)

4,982

137

5,119

Profit for the period

884

896

Other comprehensive loss

(5)

(9)

(32)

(46)

Total comprehensive income (loss)

- - 884 - (5) (9) (32) 838 12 850

Shares issued

Share-based payment for share awards
net of exercised

Acquisition of non-controlling interest

(144)

(71)

(215)

Dividends paid

(147)

Dividends of subsidiaries

(17)

Translation

(3) 2

(1)

Balance at 30 June 2012 - restated

6,711

180

(756)

(2)

(80)

(502)

5,564

5,624

Balance at 31 December 2012 - restated

6,742

177

(806)

(2)

(89)

(562)

5,473

5,494

Loss for the period

(1,926)

(12)

(1,938)

Other comprehensive income (loss)

(340)

(317)

Total comprehensive (loss) income

- - (1,926) - 1 22 (340) (2,243) (12) (2,255)

Shares issued

Dividends paid

(40)

Dividends of subsidiaries

(23)

Translation

(20)

(2)

Balance at 30 June 2013

6,758

157

(2,762)

(2)

(55)

(902)

3,206

(14)

3,192

(1)

Refer note 13.

Rounding of figures may result in computational discrepancies.

Equity holders of the parent

Quarterly Report June 2013 - www.AngloGoldAshanti.com

Segmental reporting

Jun

Mar

Jun

2013

2012

2013

2012

Reviewed

Restated

Reviewed

Restated

Reviewed

Gold income
South Africa

423

507

539

930

1,063

Continental Africa

477

535

653

1,012

1,376

Australasia

117

165

232

Americas

337

395

390

732

822

1,308

1,532

1,700

2,839

3,493

Equity-accounted investments included above

(65)

(69)

(81)

(134)

(168)

1,242

1,463

1,619

2,705

3,325

Gross profit (loss)

South Africa

180

154

205

334

387

Continental Africa

100

129

263

228

598

Australasia

(30)

(27)

Americas

100

177

167

277

402

Corporate and other

(5)

350

457

675

807

1,448

Equity-accounted investments included above

(20)

(23)

(16)

(43)

(51)

330

434

658

765

1,397

Capital expenditure

South Africa

123

101

130

223

236

Continental Africa

221

208

219

429

382

Australasia

100

101

201

Americas

113

211

165

Corporate and other

556

512

495

1,069

893

Equity-accounted investments included above

(117)

(97)

(54)

(215)

(89)

439

415

441

854

805

Jun

Mar

Jun

2013

2012

2013

2012

Reviewed

Gold production

South Africa

307

327

362

634

668

Continental Africa

343

276

407

619

789

Australasia

111

139

Americas

235

234

233

469

458

935

899

1,073

1,834

2,054

As at

Jun

Mar

Dec

Jun

2013

2012

Reviewed

Unaudited

Restated

Reviewed

Total assets

(1)

South Africa

2,446

2,841

3,082

2,234

Continental Africa

3,401

5,092

4,846

4,668

Australasia

1,104

1,143

1,045

803

Americas

2,169

2,880

2,878

2,658

Corporate and other

387

627

888

919

9,507

12,583

12,739

11,283

Rounding of figures may result in computational discrepancies.

(1)

During the June 2013 quarter, post tax impairments of $213m were accounted for in South Africa, $1,555m in Continental Arica, $608m in the

Americas and $9m in Corporate and other.

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

Quarter ended

US Dollar million

Quarter ended

Six months ended

US Dollar million

oz (000)

Six months ended

Quarterly Report June 2013 - www.AngloGoldAshanti.com

Notes

for the quarter and six months ended 30 June 2013

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 2012
except for the adoption of new standards and interpretations effective 1 January 2013 (Refer note 13).

The financial statements of AngloGold Ashanti Limited have been prepared in compliance with IAS 34, IFRS as issued by the
International Accounting Standards Board, The Financial Reporting Guidelines as issued by the South African Institute of
Chartered Accountants, JSE Listings Requirements and in the manner required by the South African Companies Act, 2008 (as
amended) for the preparation of financial information of the group for the quarter and six months ended 30 June 2013.

Revenue

Quarter ended

Six months ended

Jun

Mar

Jun

2013

2012

2013

2012

Reviewed

Restated

Reviewed

Restated

Reviewed

US Dollar million

Gold income

1,242

1,463

1,619

2,705

3,325

By-products (note 3)

104

Dividends received

Royalties received (note 5)

Interest received

1,301

1,518

1,684

2,819

3,478

Cost of sales

Quarter ended

Six months ended

Jun

Mar

Jun

2013

2012

2013

2012

Reviewed

Restated

Reviewed

Restated

Reviewed

US Dollar million

Cash operating costs

825

785

782

1,611

1,516

By-products revenue (note 2)

(42)

(34)

(43)

(77)

(104)

783

751

739

1,534

1,412

Royalties

Other cash costs

Total cash costs

824

797

792

1,621

1,520

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

840

814

820

1,653

1,560

Amortisation of tangible assets

206

213

203

419

403

Amortisation of intangible assets

Total production costs

1,053

1,029

1,024

2,081

1,965

Inventory change

(41)

(63)

(41)

(36)

1,012

1,029

961

2,040

1,928

Other operating expenses

Quarter ended

Six months ended

Jun

Mar

Jun

2013

2012

2013

2012

Reviewed

Restated

Reviewed

Restated

Reviewed

US Dollar million

Pension and medical defined benefit provisions

Claims filed by former employees in respect of loss of

employment, work-related accident injuries and
diseases, governmental fiscal claims and care and
maintenance of old tailings operations

(3)

Rounding of figures may result in computational discrepancies.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

Special items

Quarter ended

Six months ended

Jun

Mar

Jun

2013

2012

2013

2012

Reviewed

Restated

Reviewed

Restated

Reviewed

US Dollar million

Impairment and derecognition of goodwill, tangible and intangible

assets (note 8)

2,982

2,983

Impairment of other investments (note 8)

Impairment reversal of intangible assets (note 8)

(10)

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

rights, tangible assets and exploration properties (note 8)

(4)

(3)

Royalties received (note 2)

(6)

(10)

(12)

(16)

(28)

Indirect tax expenses and legal claims

Inventory write-off due to fire at Geita

Legal fees and other costs related to MBC contract termination

Settlement costs of a legal claim at First Uranium

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

178

178

Corporate retrenchment costs

Write-off of loans

3,203

(8)

3,228

(25)

Impairment, derecognition of assets and write-down of inventories to net realisable value includes the following:

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

Consideration was given to a range of indicators including a decline in gold price, increase in discount rates and reduction in market
capitalisation. As a result, certain cash generating units’ recoverable amounts, including Obuasi and Geita in Continental Africa,
Moab Khotsong in South Africa and CC&V and AGA Mineração in the Americas, did not support their carrying values at 30 June
2013 and impairment losses were recognised. The impairment for these cash generating units represents 80% of the total
impairment and range between $200m and $700m per cash generating unit on a post taxation basis.

Goodwill

impairment

Tangible

asset

impairment

Intangible

asset

impairment

Asset

derecognition

(1)

Investments in

equity-accounted

associates and

joint ventures

impairment

Inventory

write-

down

Pre-tax

sub total

Taxation

thereon

Post-tax

total

US Dollar million

South Africa

293

294

(81)

213

Continental Africa

1,646

103

178

177

2,104

(549)

1,555

Americas

914

940

(332)

608

Corporate and other

2,853

103

187

178

3,347

(962)

2,385

(1)

The Mongbwalu project in the Democratic Republic of the Congo discontinued.

Rounding of figures may result in computational discrepancies.

Impairment calculation assumptions – goodwill, tangible and intangible assets

Management assumptions for the value in use of tangible assets and goodwill include:

•

the gold price assumption represents management’s best estimate of the future price of gold. A long-term real gold price of $1,252/oz
(2012: $1,584/oz) is based on a range of economic and market conditions that will exist over the remaining useful life of the assets.

Annual life of mine plans take into account the following:

•

proved and probable Ore Reserve;

•

value beyond proved and probable reserves (including exploration potential) determined using the gold price assumption referred to
above;

•

the real pre-tax discount rate, per cash generating unit which ranged from 6.21% to 18.07% is derived from the group’s weighted
average cost of capital (WACC) and risk factors which was consistent with the basis used in 2012. The group WACC of 6.54% (real,
post-tax) which is 128 basis points higher than in 2012 of 5.26%, is based on the average capital structure of the group and three
major gold companies considered to be appropriate peers. In determining the WACC for each cash generating unit, sovereign and
mining risk factors are considered to determine country specific risks. Project risk has been applied to cash flows relating to certain
mines that are deep level underground mining projects in South Africa and Continental Africa region;

•

foreign currency cash flows translated at estimated forward exchange rates and then discounted using appropriate discount rates for
that currency;

•

cash flows used in impairment calculations are based on life of mine plans which range from 3 years to 47 years;

•

under International Financial Reporting Standards it is clear that in preparing interim financial reports, companies make more use of
estimation methods than they do in the process of annual financial reporting. AngloGold Ashanti’s estimates of a range of factors,
including its reserve and resource inventory and future production and cost levels, are premised on an extensive annual planning
process (the last of which was completed at the end of 2012). AngloGold Ashanti’s impairments totalling $2.4bn were calculated using
these most recent planning estimates from the end of 2012, along with adjustments to elements that are known. They do not include
information from optimised mine plans, which are currently being prepared and will include measures to mitigate the effects of the
recent decline in the gold price. Bearing in mind the assumptions made and the information used, these estimates of impairments
necessarily contain a greater element of uncertainty than those traditionally completed at year-end and will be updated in our fourth-
quarter results, scheduled for release in February of 2014; and

•

variable operating cash flows are increased at local Consumer Price Index rates.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

Impairment calculation assumptions – Investments in equity-accounted associates and joint ventures

The impairment indicators considered the quoted share price, current financial position and decline in anticipated operating results.
Included in share of equity-accounted investments’ loss of $183m is an impairment of $187m.

Net realisable value calculation assumptions – Inventory

The decline in the spot gold price to $1,200/oz resulted in a net realisable value decrease below carrying value of the stockpiles and
heap leaches at certain operations. The practice of writing down inventories to the lower of cost or net realisable value is consistent
with the view that assets should not be carried in excess of amounts expected to be realised from their sale or use.

Finance costs and unwinding of obligations

Quarter ended

Six months ended

Jun

Mar

Jun

2013

2012

2013

2012

Reviewed

Restated

Reviewed

Restated

Reviewed

US Dollar million

Finance costs

103

Unwinding of obligations, accretion of convertible bonds and

other discounts

133

Taxation

Quarter ended

Six months ended

Jun

Mar

Jun

2013

2012

2013

2012

Reviewed

Restated

Reviewed

Restated

Reviewed

US Dollar million

South African taxation

Mining tax

(7)

Non-mining tax

Under (over) prior year provision

(1)

Deferred taxation
Temporary differences

(69)

(59)

Unrealised non-hedge derivatives and other commodity

contracts

Change in statutory tax rate

(131)

(49)

(23)

(49)

Foreign taxation

Normal taxation

(15)

219

Under prior year provision

Deferred taxation
Temporary differences

(831)

(814)

Change in statutory tax rate

(846)

151

(774)

357

(895)

194

(797)

308

Headline earnings

Quarter ended

Six months ended

Jun

Mar

Jun

2013

2012

2013

2012

Reviewed

Restated

Reviewed

Restated

Reviewed

US Dollar million

The (loss) profit attributable to equity shareholders has been

adjusted by the following to arrive at headline earnings:

(Loss) profit attributable to equity shareholders

(2,165)

239

304

(1,926)

884

Impairment and derecognition of goodwill, tangible and intangible

assets (note 5)

2,982

2,983

Impairment reversal of intangible assets (note 5)

(10)

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

rights, tangible assets and exploration properties (note 5)

(4)

(3)

Impairment of other investments (note 5)

Net impairment of investment in equity-accounted associates

and joint ventures

187

194

Special items of equity-accounted associates and joint ventures

(3)

Taxation on items above - current portion

Taxation on items above - deferred portion

(902)

(1)

(903)

112

259

323

372

892

Headline earnings per ordinary share (cents)

(1)

231

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

(2)

(13)

181

(1)

Calculated on the basic weighted average number of ordinary shares.

(2)

Calculated on the diluted weighted average number of ordinary shares of 406,775,243 for the six months ended 30 June 2013 and 406,562,204 for the
quarter ended 30 June 2013.

Rounding of figures may result in computational discrepancies.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

Number of shares

Quarter ended

Six months ended

Jun

Mar

Jun

2013

2012

2013

2012

Reviewed

Restated

Reviewed

Restated

Reviewed

Authorised number of shares:

Ordinary shares of 25 SA cents each

600,000,000

600,000,000

E ordinary shares of 25 SA cents each

4,280,000

4,280,000

A redeemable preference shares of 50 SA cents
each

2,000,000

2,000,000

B redeemable preference shares of 1 SA cent
each

5,000,000

5,000,000

Issued and fully paid number of shares:

Ordinary shares in issue

383,781,042

383,626,668

382,812,185

383,781,042

382,812,185

E ordinary shares in issue

1,592,308

1,610,376

2,513,952

1,592,308

2,513,952

Total ordinary shares:

385,373,350

385,237,044

385,326,137

385,373,350

385,326,137

A redeemable preference shares

2,000,000

2,000,000

B redeemable preference shares

778,896

778,896

In calculating the basic and diluted number of ordinary shares outstanding for the period, the following were taken into consideration:

Ordinary shares

383,715,540

383,423,554

382,507,333

383,571,718

382,504,246

E ordinary shares

1,599,076

1,613,092

2,550,514

1,604,681

2,560,095

Fully vested options

1,735,734

2,038,229

1,799,218

2,059,490

1,734,133

Weighted average number of shares

387,050,350

387,074,875

386,857,065

387,235,889

386,798,474

Dilutive potential of share options

(1)

1,210,482

1,335,926

1,353,761

Dilutive potential of convertible bonds

(1)

18,140,000

18,140,000

33,524,615

18,140,000

33,524,615

Diluted number of ordinary shares

405,190,350

406,425,357

421,717,606

405,375,889

421,676,850

(1)

For the quarter and six months ended 30 June 2013, the dilutive effect of the share options and the 3.5% convertible bonds were not taken into
account as the effect was anti-dilutive.

10. Share capital and premium

As at

Jun

Mar

Dec

Jun

2013

2012

Reviewed

Unaudited

Restated

Reviewed

US Dollar Million

Balance at beginning of period

6,821

6,821

6,782

Ordinary shares issued

E ordinary shares issued and cancelled

(7)

(1)

Sub-total

6,837

6,832

6,821

6,803

Redeemable preference shares held within the group

(53)

(53)

Ordinary shares held within the group

(10)

(11)

(10)

(17)

E ordinary shares held within the group

(16)

(16)

(22)

Balance at end of period

6,758

6,752

6,742

6,711

11. Exchange rates

Jun

Mar

Dec

Jun

2013

2012

Unaudited

ZAR/USD average for the year to date

9.18

8.91

8.20

7.93

ZAR/USD average for the quarter

9.45

8.91

8.67

8.12

ZAR/USD closing

9.94

9.21

8.45

8.16

AUD/USD average for the year to date

0.99

0.96

0.97

AUD/USD average for the quarter

1.01

0.96

0.99

AUD/USD closing

1.08

0.96

0.98

BRL/USD average for the year to date

2.03

2.00

1.95

1.86

BRL/USD average for the quarter

2.07

2.00

2.06

1.96

BRL/USD closing

2.20

2.01

2.05

2.02

ARS/USD average for the year to date

5.12

5.01

4.55

4.39

ARS/USD average for the quarter

5.24

5.01

4.80

4.44

ARS/USD closing

5.37

5.12

4.92

4.53

12. Capital commitments

Jun

Mar

Dec

Jun

2013

2012

Reviewed

Unaudited

Restated

Reviewed

US Dollar Million

Orders placed and outstanding on capital contracts at the prevailing

rate of exchange

(1)

601

1,210

1,075

491

(1)

Includes capital commitments relating to equity-accounted joint ventures.

Rounding of figures may result in computational discrepancies.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

Liquidity and capital resources

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

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

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

13. Change in accounting policies

The following accounting standards, amendments to standards and new interpretations have been adopted with effect from
1 January 2013:

IFRS 7

Amendment – Disclosures –Offsetting Financial Assets and Financial Liabilities

IFRS 10

Consolidated Financial Statements

IFRS 11

Joint Arrangements

IFRS 12

Disclosure of Interests in Other Entities

IFRS 13

Fair Value Measurement

IFRSs

Annual Improvements 2009 - 2011

IAS 1

Amendment – Presentation of Items of Other Comprehensive Income

IAS 19

Employee Benefits (revised)

IAS 27

Separate Financial Statements (Revised 2011)

IAS 28

Investments in Associates and Joint Ventures (Revised 2011)

IFRIC 20

Stripping Costs in the Production Phase of a Surface Mine

New standards and amendments which have an impact on the interim consolidated financial statements of the group are
described below:

IAS 1 Presentation of Financial Statements. The group adopted the amendments to IAS 1 which required it to group other
comprehensive income items by those that will be reclassified and those that will not be subsequently reclassified to profit and
loss. The amendment affected presentation and had no impact on the group’s financial position or performance.

The accounting policies adopted are significantly consistent with those of the previous financial year, except for the
changes arising due to the adoption of IFRIC 20 “Stripping Costs in the Production Phase of a Surface Mine” and the
adoption of IAS 19 “Employee Benefits” (revised) (IAS 19) which became effective for annual reporting periods beginning
on or after 1 January 2013. IFRIC 20 clarifies when an entity should recognise waste removal costs that are incurred in
surface mining activity during the production phase of the mine (“production stripping costs”) as an asset. The
interpretation impacts the way in which the group accounts for production stripping costs.

IAS 19 includes a number of amendments to the accounting for defined benefit plans, including actuarial gains and losses
that are now recognised in other comprehensive income (OCI) and permanently excluded from profit and loss; expected
returns on plan assets that are no longer recognised in profit or loss, instead, there is a requirement to recognise interest on
the net defined benefit liability (asset) in profit or loss, calculated using the discount rate used to measure the defined benefit
obligation, and; unvested past service costs are now recognised in profit or loss at the earlier of when the amendment occurs
or when the related restructuring or termination costs are recognised. Other amendments include new disclosures.

In case of the group, the transition to IAS 19 had no impact on the net defined benefit plan obligations due to the difference in
accounting for interest on plan assets. The effect of the adoption of IAS 19 is explained in Note 13.2.

13.1 IFRIC 20 “Stripping Costs in the Production Phase of a Surface Mine”

Prior to the issuance of IFRIC 20, the accounting for production stripping costs have been based on general IFRS
principles and the Framework, as IFRS had no specific guidance.

Previously for group accounting purposes stripping costs incurred in open-pit operations during the production phase to
remove additional waste were either capitalised to mine development costs or charged to operating costs on the basis of
the average life of mine stripping ratio and the average life of mine costs per tonne. The cost of stripping in any period
reflected the average stripping rates for the orebody as a whole.

IFRIC 20 provides specific guidance for accounting of production stripping costs in the production phase of a surface
mine. IFRIC 20 differs from the life of mine average strip ratio approach as follows:

• The level at which production stripping costs are to be assessed, i.e. at a component level rather than a life of mine

level; and

• The way in which any stripping activity assets are to be depreciated.

In addition, specific transitional rules are provided to deal with any opening deferred stripping balances the group may
have recognised under its previous accounting policy. The impact as a consequence of moving from a life of mine strip
ratio to a strip ratio applicable to a component of an orebody is as follows:

Quarterly Report June 2013 - www.AngloGoldAshanti.com

Transition

IFRIC 20 has been applied retrospectively to production stripping costs incurred on or after the beginning of the earliest
period presented, which for the group, for the year ending 31 December 2013, is 1 January 2011. Any previously
recognised asset balance(s) that resulted from stripping activity is to be reclassified as part of an existing asset to which
the stripping activity related, to the extent that there remains an identifiable component of the orebody with which the
predecessor stripping asset can be associated.

If there is no identifiable component of the orebody to which the predecessor asset relates, the asset is written off via
opening accumulated losses at the beginning of the earliest periods presented, i.e. 1 January 2011.

Impact of IFRIC 20

For purposes of the quarterly results, the adoption of IFRIC 20 at the transition date of 1 January 2011; the adjustments
required for the financial reporting period from the transition date until the beginning of the preceding period presented, i.e.
1 January 2011 to 31 December 2011; and the adjustments required for the financial reporting period 1 January 2012 to
31 December 2012, had the following cumulative impact on accumulated losses as at 1 January 2012 and 31 December
2012:

1 January 2012

31 December 2012

US Dollar million

previously

reported

IFRIC 20

adjustments

(1)

Adjusted

balance

previously

reported

IFRIC 20

adjustments

(1)

Adjusted

balance

Accumulated losses
Opening balance

(1,300)

(823)

Derecognise deferred stripping balances not meeting

the requirements of IFRIC 20

(99)

Reversals of deferred stripping movements under

previous approach

Additional production stripping costs capitalised in

terms of IFRIC 20

159

313

Amortisation of deferred stripping assets capitalised in

terms of
IFRIC 20

(57)

(94)

Adjustment to inventory valuations as a result of

deferred stripping asset adjustments

(66)

(74)

Effect on equity accounted investments' profit (loss)

(11)

(13)

Tax effect

(16)

Non-controlling interests

Adjusted opening accumulated losses

(2)

(1,300)

(46)

(1,346)

(823)

(797)

(1)

The IFRIC 20 adjustments including transition adjustments; reversal of historical accounting for deferred stripping; and the accounting for deferred
stripping in line with the requirements of IFRIC 20.

(2)

Adjusted opening accumulated losses before the impact of IAS 19 – refer 13.2.

Impact on the comparative information

The adoption of IFRIC 20 had the following impact on the comparative information for the quarter ended 30 June 2012:

US Dollar million

previously

reported

IFRIC 20

adjustments

(1)

Adjusted

balance

Tangible assets
Opening balance – 1 January 2012

6,525

6,545

Reversals of deferred stripping movements under previous approach

(7)

Production stripping costs capitalised in terms of IFRIC 20

Amortisation of deferred stripping assets

(9)

Other movements in tangible assets

231

Adjusted closing balance - 31 March 2012

6,763

6,811

Reversals of deferred stripping movements under previous approach

(2)

Production stripping costs capitalised in terms of IFRIC 20

Amortisation of deferred stripping assets

(8)

Other movements in tangible assets

Adjusted closing balance – 30 June 2012

6,789

6,876

Reversals of deferred stripping movements under previous approach

(5)

Production stripping costs capitalised in terms of IFRIC 20

Amortisation of deferred stripping assets

(20)

Other movements in tangible assets

854

Adjusted closing balance - 31 December 2012

7,648

128

7,776

(1)

Rounding of figures may result in computational discrepancies.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

30 June 2012

31 December 2012

US Dollar million

As
previously
reported

Adjusted balance

As
previously
reported

Adjusted
balance

As
previously
reported

Adjusted
balance

As
previously
reported

I As
previously
reported

Adjusted
balance

As
previously
reported

           IFRIC
                20
         adjust-
        ments⁽¹⁾

Inventory
Closing balance

1,138

1,138 1,287

1,287

Adjustment to inventory valuation as a result of deferred stripping asset adjustments

(85)

(74)

Adjusted closing balance

1,138

(85)

1,053 1,287

(74)

1,213

(1)

The IFRIC 20 adjustments include the effect on the inventory valuation of the reversal of historical accounting for deferred stripping and the accounting
for deferred stripping in line with the requirements of IFRIC 20.

Quarter ended

30 June 2012

Six months ended

30 June 2012

Year ended

31 December 2012

US Dollar million

Profit or loss

Profit before taxation

471

1,160

1,160 1,171

1,171

Decrease (increase) in cash costs included in cost of sales

due to:

135

- Reversals of deferred stripping movements under previous

approach

(5)

(10)

- Production stripping costs capitalised in terms of IFRIC 20

154

- Adjustment to inventory valuation as a result of deferred

stripping asset adjustments

(13)

(19)

(9)

Increase in cost of sales due to amortisation of capitalised

production stripping costs in terms of IFRIC 20

(8)

(17)

(37)

Effect on equity-accounted investments' (loss) profit

(1)

(2)

(1)

Sub-total

471

495

1,160

1,204 1,171

1,268

Taxation

(186)

(8)

(194)

(297)

(11)

(308)

(322)

(26)

(348)

- Normal taxation

(136)

(134)

(292)

(288)

(413)

(1)

(414)

- Deferred taxation

(50)

(10)

(60)

(5)

(15)

(20)

(25)

Adjusted profit

285

301

863

896

849

920

(1)

The IFRIC 20 adjustments include transition adjustments; reversal of historical accounting for deferred stripping; and the accounting for deferred
stripping in line with the requirements of IFRIC 20.

Quarter ended

30 June 2012

Six months ended

30 June 2012

Year ended

31 December 2012

US Dollar million

Other comprehensive income
Profit as previously reported

285

863

849

Adjustment to profit as a result of deferred stripping asset

adjustments

Other movements in other comprehensive income

(135)

(46)

(122)

Adjusted total comprehensive income for the period, net

of tax

150

166

817

850

727

798

(1)

The IFRIC 20 adjustments including transition adjustments; reversal of historical accounting for deferred stripping; and the accounting for deferred

stripping in line with the requirements of IFRIC 20.

Rounding of figures may result in computational discrepancies.

13.2 Employee benefits

The group operates defined benefit pension plans, which require contributions to be made to separately administered
funds.

IAS 19 (revised) has been applied retrospectively from 1 January 2011. As a result, expected returns on plan assets of
defined benefit plans are not recognised in profit or loss. Instead, interest on net defined benefit obligation is recognised in
profit or loss, calculated using the discount rate used to measure the net pension obligation or asset.

Impact of transition to IAS 19:

No impact was recorded in the statement of financial position on the defined benefit plan obligations nor on total
shareholders’ equity as the impact only affected the pension cost recorded in the income statement and the consequential
effect on actuarial gains and losses recognised in OCI.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

The impact on the adjusted opening accumulated losses, the statement of comprehensive income and the statement of
changes in equity (note 13.1) are set out below:

US Dollar million

1 January 2012

31 December 2012

Total equity as previously reported

5,166

5,469

Effect of IFRIC 20 adjustments per 13.1

(46)

Adjustment to accumulated losses due to the requirements of IAS 19

(5)

(9)

Adjustment to actuarial (losses) gain due to the requirements of IAS 19

Adjusted total equity

5,119

5,494

US Dollar million

Quarter ended

30 June 2012

Six months ended

30 June 2012

Year ended

31 December 2012

Total comprehensive income
Opening balance per 13.1

166

850

798

Decrease in profit and loss due to the recognition of interest on

net defined benefit obligation instead of expected return on
plan assets in terms of IAS 19

(7)

Deferred tax thereon

Decrease in other comprehensive loss due to the decrease in

actuarial loss as a result of the recognition of interest on net
defined benefit obligation instead of expected return on plan
assets in terms of IAS 19

Deferred tax thereon

(2)

Adjusted total comprehensive income

166

850

798

There was no impact on the group’s consolidated statement of cash flows.

13.3 Effect of Accounting Policy changes on earnings per share and headline earnings per share

Quarter ended

30 June 2012

Six months ended

30 June 2012

Year ended

31 December 2012

Basic earnings per ordinary share
Previously reported basic earnings per ordinary share (cents)

220

215

Increase in basic earnings per ordinary share (cents)

Restated basic earnings per ordinary share (cents)

229

232

Diluted earnings per ordinary share
Previously reported diluted earnings per ordinary share (cents)

171

161

Increase in diluted earnings per ordinary share (cents)

Restated diluted earnings per ordinary share (cents)

179

177

Headline earnings per ordinary share
Previously reported headline earnings per ordinary share (cents)

222

296

Increase in headline earnings per ordinary share (cents)

Restated headline earnings per ordinary share (cents)

231

312

Diluted headline earnings per ordinary share
Previously reported diluted headline earnings per ordinary share

(cents)

173

236

Increase in diluted headline earnings per ordinary share (cents)

Restated diluted headline earnings per ordinary share (cents)

181

251

Rounding of figures may result in computational discrepancies.

14. Non-current assets and liabilities held for sale

Effective 30 April 2013, AngloGold Ashanti announced its plan to sell the Navachab mine in Namibia. The Navachab gold
mine is situated close to Karibib, about 170 kilometres northwest of the Namibian capital, Windhoek. It is included in the
Continental Africa reporting segment. The open-pit mine, which began operations in 1989, has a processing plant that
handles 120,000 metric tons a month. The mine produced 74,000 ounces of gold in 2012.

Management has selected a number of potential bidders who meet management’s qualifying criteria and have asked them to
submit binding bids. Navachab is not a discontinued operation but is not viewed as part of the core assets of the company.

15. Financial risk management activities

Borrowings
The mandatory convertible bonds are carried at fair value. The convertible and rated bonds are carried at amortised cost and
their fair values are their closing market values at the reporting date. The interest rate on the remaining borrowings is reset on
a short-term floating rate basis, and accordingly the carrying amount is considered to approximate fair value.

As at

Jun

2013

Reviewed

Mar

2013

Reviewed

Dec

2012

Unaudited

Jun

2012

Restated

Reviewed

Carrying amount

3,493

3,506

3,583

2,524

Fair value

3,400

3,648

3,730

2,655

Derivatives
The fair value of derivatives is estimated based on ruling market prices, volatilities, interest rates and credit risk and includes
all derivatives carried in the statement of financial position.

Embedded derivatives and the conversion features of convertible bonds are included as derivatives on the statement of
financial position.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

The following inputs were used in the valuation of the conversion features of convertible bonds:

Quarter ended

Jun 2013

Quarter ended

Mar 2013

Quarter ended

Dec 2012

Quarter ended

Jun 2012

Market quoted bond price

99.3

101.6

103.9

106.1

Fair value of bonds excluding conversion feature %

99.3

101.6

102.6

102.7

Fair value of conversion feature

1.3

3.4

Total issued bond value

732.5

732.5

The option component of the convertible bonds is calculated as the difference between the price of the bonds including the
option component (bond price) and the price excluding the option component (bond floor price).

Derivative assets (liabilities) comprise the following:

Assets

non-

hedge

accounted

Liabilities

non-

hedge

accounted

Assets

non-

hedge

accounted

Liabilities

non-

hedge

accounted

Assets

non-

hedge

accounted

Liabilities

non-

hedge

accounted

Assets

non-

hedge

accounted

Liabilities

non-

hedge

accounted

US Dollar million

June 2013

March 2013

December 2012

June 2012

Embedded derivatives

(1)

Option component of

convertible bonds

(9)

(25)

Total derivatives

(1)

(10)

(26)

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

Level 1:

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

Level 2:

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

Level 3:

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

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

Type of instrument

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

US Dollar million

June 2013

March 2013

December 2012

June 2012

Assets measured at fair value

Available-for-sale financial

assets

Equity securities

Liabilities measured at fair

value

Financial liabilities at fair value

through profit or loss

Option component of convertible

bonds

Embedded derivatives

Mandatory convertible bonds

270

270 448

- 448 588

- 588 647

647

Rounding of figures may result in computational discrepancies.

16. Contingencies

AngloGold Ashanti’s material contingent liabilities and assets at 30 June are detailed below:

Contingencies and guarantees

Jun 2013

Dec 2012

Reviewed

Unaudited

US Dollar million

Contingent liabilities
Groundwater pollution

(1)

Deep groundwater pollution – Africa

(2)

Indirect taxes – Ghana

(3)

Litigation – Ghana

(4) (5)

ODMWA litigation

(6)

Other tax disputes – AngloGold Ashanti Brasil Mineração Ltda

(7)

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

(8)

102

156

Other tax disputes – Mineração Serra Grande S.A.

(9)

Tax dispute - AngloGold Ashanti Colombia S.A.

(10)

174

161

Tax dispute - Cerro Vanguardia S.A.

(11)

Contingent assets
Indemnity – Kinross Gold Corporation

(12)

(62)

(90)

Royalty – Boddington Gold Mine

(13)

Royalty – Tau Lekoa Gold Mine

(14)

Financial Guarantees
Oro Group (Pty) Limited

(15)

474

319

Quarterly Report June 2013 - www.AngloGoldAshanti.com

(1)

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

(2)

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

(3)

Indirect taxes – AngloGold Ashanti (Ghana) Limited received a tax assessment for the 2006 to 2008 and for the 2009 to 2011 tax
years following audits by the tax authorities which related to various indirect taxes amounting to $25m (2012: $23m). Management is
of the opinion that the indirect taxes are not payable and the company has lodged an objection.

(4)

Litigation - On 11 October 2011, AngloGold Ashanti (Ghana) Limited (AGAG) terminated its commercial arrangements with Mining
and Building Contractors Limited (MBC) relating to certain underground development, construction on bulkheads and diamond drilling
services provided by MBC in respect of the Obuasi mine. On 8 November 2012, as a result of this termination, AGAG and MBC
concluded a separation agreement that specified the terms on which the parties agreed to sever their commercial relationship. On
23 July 2013, MBC commenced proceedings against AGAG in the High Court of Justice (Commercial Division) in Accra, Ghana, and
served a writ of summons that claimed a total of approximately $97m in damages. MBC asserts various claims for damages,
including, among others, as a result of the breach of contract, non-payment of outstanding historical indebtedness by AGAG and the
demobilisation of equipment, spare parts and material acquired by MBC for the benefit of AGAG in connection with operations at the
Obuasi mine in Ghana. MBC has also asserted various labour claims on behalf of itself and certain of its former contractors and
employees at the Obuasi mine. AGAG intends to vigorously defend this claim.

(5)

Litigation – AGAG received a summons on 2 April 2013 from Abdul Waliyu and 152 others in which the plaintiffs allege that they were
or are residents of the Obuasi municipality or its suburbs and that their health has been adversely affected by emission and/or other
environmental impacts arising in connection with the current and/or historical operations of the Pompora Treatment Plant (PTP) which
was decommissioned in 2000. The claim is to award general damages, special damages for medical treatment and punitive
damages, as well as several orders relating to the operation of the PTP. AGAG has filed a notice of intention to defend. In view of the
limitation of current information for the accurate estimation of a liability, no reasonable estimate can be made for the obligation.

(6)

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

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

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

In October 2012, a further 31 individual summonses and particulars of claim have been received relating to silicosis and/or other OLD.
The total amount being claimed in the 31 summonses is approximately $8m. On 22 October 2012, AngloGold Ashanti filed a notice of
intention to oppose these claims. AngloGold Ashanti has also served a notice of exception to the summonses which, if successful, is
expected to require the plaintiffs to redraft the particulars of claim to correct certain errors.

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

(7)

Other tax disputes - In November 2007, the Departamento Nacional de Produção Mineral (DNPM), a Brazilian federal mining authority,
issued a tax assessment against AngloGold Ashanti Brazil Mineração (AABM) in the amount of $20m (2012: $21m) relating to the
calculation and payment by AABM of the financial contribution on mining exploitation (CFEM) in the period from 1991 to 2006. AngloGold
Ashanti Limited’s subsidiaries in Brazil are involved in various other disputes with tax authorities. These disputes involve federal tax
assessments including income tax, royalties, social contributions and annual property tax. The amount involved is approximately $18m
(2012: $17m). Management is of the opinion that these taxes are not payable.

(8)

Sales tax on gold deliveries – In 2006, Mineração Serra Grande S.A. (MSG), received two tax assessments from the State of Goiás
related to payments of state sales taxes at the rate of 12% on gold deliveries for export from one Brazilian state to another during the
period from February 2004 to the end of May 2006. The first and second assessments are approximately $63m (2012: $96m) and $39m
(2012: $60m) respectively. In November 2006, the administrative council’s second chamber ruled in favour of MSG and fully cancelled the
tax liability related to the first period. In July 2011, the administrative council’s second chamber ruled in favour of MSG and fully cancelled
the tax liability related to the second period. The State of Goiás has appealed to the full board of the State of Goiás tax administrative

Quarterly Report June 2013 - www.AngloGoldAshanti.com

council. In November 2011 (first case) and June 2012 (second case), the administrative council’s full board approved the suspension of
proceedings and the remittance of the matter to the Department of Supervision of Foreign Trade (COMEX) for review and verification. On
28 May 2013, the Full Board of the State of Goiás Tax Administrative Council ruled in favour of the State of Goiás, however reduced the
penalties of the two tax assessments from 200% to 80%. The company is considering legal options available in this matter, since it
believes that both assessments are in violation of federal legislation on sales taxes. MSG will be required to provide a bank guarantee to
the tax authorities for the possible taxes payable. The company believes both assessments are in violation of federal legislation on sales
taxes.

(9)

Other tax disputes - MSG received a tax assessment in October 2003 from the State of Minas Gerais related to sales taxes on gold. The
tax administrators rejected the company’s appeal against the assessment. The company is now appealing the dismissal of the case. The
assessment is approximately $18m (2012: $19m).

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

company’s tax treatment of certain items in the 2011 and 2010 income tax returns. The company believes that it has applied the tax
legislation correctly. The company is considering defending AGAC’s position. An estimated additional tax of $24m will be payable if the
tax returns are amended. Penalties and interest for the additional tax are expected to be $150m, based on Colombian tax law.

(11) Tax dispute - On 12 July 2013, Cerro Vanguardia S.A. received a notification from the Argentina Tax Authority requesting corrections to

the 2007, 2008 and 2009 income tax returns of about $22m relating to the non-deduction of tax losses previously claimed on hedge
contracts. Penalties and interest on the disputed amounts are estimated at a further $50m. Management is of the opinion that the taxes
are not payable and is preparing a response.

(12) Indemnity - As part of the acquisition by AngloGold Ashanti of the remaining 50% interest in MSG during June 2012, Kinross Gold

Corporation (Kinross) has provided an indemnity to a maximum amount of BRL255m ($116m at 30 June 2013 exchange rates) against
the specific exposures discussed in items 7 and 8 above. At 30 June 2013, the company has estimated that the maximum contingent
asset is $62m (2012: $90m).

(13) Royalty – As a result of the sale of the interest in the Boddington Gold Mine during 2009, the group is entitled to receive a royalty on any

gold recovered or produced by the Boddington Gold Mine, where the gold price is in excess of Boddington Gold Mine's cash cost plus
$600/oz. The royalty commenced on 1 July 2010 and is capped at a total amount of $100m, of which $73m (2012: $60m) have been
recorded to date.

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

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

The royalty will be determined at 3% of the net revenue (being gross revenue less state royalties) generated by the Tau Lekoa assets.
Royalties on 352,214oz produced have been received to date.

(15) Provision of surety – The company has provided surety in favour of a lender on a gold loan facility with its associate Oro Group (Pty)

Limited and one of its subsidiaries to a maximum value of $10m (2012: $12m). The probability of the non-performance under the
suretyships is considered minimal. The suretyship agreements have a termination notice period of 90 days.

17. Concentration of risk

There is a concentration of risk in respect of recoverable value added tax, fuel duties and appeal deposits from the
Tanzanian government. The outstanding amounts have been discounted to their present value at a rate of 7.82%.

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

2013

US Dollar million

Recoverable value added tax

Recoverable fuel duties

(1)

Appeal deposits

(1)

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

18. Borrowings

AngloGold Ashanti’s borrowings are interest bearing.

19. Announcements

On 8 May 2013, AngloGold Ashanti announced the appointment of Mr Srinivasan Venkatakrishnan as Chief Executive
Officer (CEO) to replace the former CEO, Mr Mark Cutifani, who left the Company at the end of March 2013.

On 21 May 2013, AngloGold Ashanti announced the appointment of Mr Richard Duffy as the Chief Financial Officer (CFO)
with effect from 15 June 2013 to replace Mr Srinivasan Venkatakrishnan, the former CFO. On the same day, the Company
announced changes to its executive leadership team.

On 1 August 2013, AngloGold Ashanti announced that the Tropicana gold project has commenced its commissioning
phase and it expected to produce its first gold in the September quarter.

20. Subsequent events

On 12 July 2013, Moody’s Investors Service downgraded AngloGold Ashanti’s credit rating to Baa3 from Baa2. Moody’s
also downgraded the company’s senior unsecured debt.

On 15 July 2013, AngloGold Ashanti notified shareholders of the resignation of Mr Anthony Martin O’Neill as an executive
director from the Board of Directors with effect from 19 July 2013. In addition the company announced that Mr O’Neill had
decided to take early retirement and will be relinquishing his position as Executive Vice President: Business and Technical
Development of the company with his last day of work being 19 July 2013.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

On 17 July 2013, Standard & Poor’s (S&P) cut its long-term corporate credit rating on AngloGold Ashanti to BB+ from
BBB- and its long and short-term South Africa national-scale ratings on AngloGold Ashanti to zaA/zaA-2 from zaAA-/zaA-
1. It also lowered its issue rating on AngloGold’s senior unsecured notes to BB+ from BBB-.

On 25 July 2013, AngloGold Ashanti Holdings plc commenced a cash tender offer to purchase any and all of the
outstanding 3.5% Guaranteed Convertible Bonds due May 2014 of AngloGold Ashanti Holdings Finance plc at a purchase
price of $1,015 for each $1,000 principal amount of Bonds validly tendered. In addition, holders will receive, in respect of
their Bonds that are accepted for purchase, accrued and unpaid interest on such Bonds up to, but excluding, the
settlement date of the tender offer. Completion of the tender offer will be conditioned upon, among other things, the
completion of one or more financing transactions. As of 24 July 2013, there was $732.5m aggregate principal amount of
Bonds outstanding.

On 30 July 2013, AngloGold Ashanti raised a corporate bond of $1,250m at 8.5% interest per annum to replace the 3.5%
Guaranteed Convertible Bond due May 2014. The funds raised over and above the settlement of the convertible bond will
be used for capital purposes and to provide flexibility for an expiring revolving credit facility.

21. Dividends

The salient details of Dividend No. 117 for the quarter ended 31 March 2013 paid by AngloGold Ashanti Limited
(Registration Number 1944/017354/06) is shown below:

Rate

Exchange

Gross

dividend
declared

Withholding

tax at 15%

Net

dividend

paid

Date of

Payment

2013

South African cents per ordinary share

7.5

42.5

14 June 2013

UK pence per ordinary share

R14.46094/£1

3.458

0.519

2.939

14 June 2013

Australian cents per CHESS Depositary Interest
(CDI)

R1/A$0.1075

1.075

0.161

0.914

14 June 2013

Ghana cedi per ordinary share

R1/¢0.2056

0.10280

0.01542

0.08738

17 June 2013

Ghana cedi per Ghanaian Depositary Share
(GhDS)

R1/¢0.2056

0.001028

0.000154

0.000874

17 June 2013

US cents per American Depositary Share (ADS)

R9.960761/$1

5.0197

0.753

4.266

24 June 2013

Each CDI represents one-fifth of an ordinary share, and 100 GhDSs represents one ordinary share. Each ADS represents
one ordinary share.

The quarter ended 31 March 2013 Dividend No. E17 of 25 South African cents (gross), or 21.25 South African cents (net)
was paid to holders of E ordinary shares on 14 June 2013, being those employees participating in the Bokamoso ESOP
and 25 South African cents (gross) was paid to Izingwe Holdings (Proprietary) Limited on the same day.

By order of the Board

T T MBOWENI

S VENKATAKRISHNAN

Chairman

Chief Executive Officer

5 August 2013

Quarterly Report June 2013 - www.AngloGoldAshanti.com

Non-GAAP disclosure

Jun

Mar

Jun

2013

2012

2013

2012

Unaudited

Restated

Unaudited

Restated

Unaudited

Headline earnings (note 8)

112

259

323

372

892

Gain on unrealised non-hedge derivatives and
other commodity contracts

(100)

(100)

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

Fair value adjustment on option component of convertible bonds

(9)

(24)

(9)

(67)

Fair value adjustment on mandatory convertible bonds

(175)

(137)

(29)

(312)

(108)

Adjusted headline (loss) earnings

(135)

113

270

(23)

716

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

(1)

(35)

(6)

185

(1)

Calculated on the basic weighted average number of ordinary shares.

Jun

Mar

Jun

2013

2012

2013

2012

Unaudited

Restated

Unaudited

Restated

Unaudited

Reconciliation of gross profit to adjusted gross profit:

Gross profit

330

434

658

765

1,397

Gain on unrealised non-hedge derivatives and other
commodity contracts

(100)

(100)

Adjusted gross profit

231

434

658

665

1,397

Price received

Jun

Mar

Jun

2013

2012

2013

2012

Unaudited

Restated

Unaudited

Restated

Unaudited

Gold income (note 2)

1,242

1,463

1,619

2,705

3,325

Adjusted for non-controlling interests

(17)

(22)

(45)

(40)

(97)

1,225

1,441

1,574

2,665

3,228

Realised loss on other commodity contracts

Equity-accounted associates and joint ventures' share of gold
income including realised non-hedge derivatives

134

169

Attributable gold income including realised non-hedge
derivatives

1,297

1,517

1,655

2,814

3,397

Attributable gold sold - oz (000)

912

927

1,030

1,840

2,059

Revenue price per unit - $/oz

1,421

1,636

1,607

1,529

1,650

Rounding of figures may result in computational discrepancies.

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

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

Adjusted headline (loss) earnings

Quarter ended

US Dollar million

Quarter ended

US Dollar million / Imperial

Six months ended

Quarter ended

Six months ended

Adjusted gross profit

US Dollar million

Quarterly Report June 2013 - www.AngloGoldAshanti.com

Jun

Mar

Jun

2013

2012

2013

2012

Unaudited

Restated

Unaudited

Restated

Unaudited

Total costs

Total cash costs (note 3)

824

797

792

1,621

1,520

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

(28)

(39)

(24)

(67)

(55)

Equity-accounted associates and joint ventures' share of total cash costs

114

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

840

804

829

1,644

1,579

Retrenchment costs (note 3)

Rehabilitation and other non-cash costs (note 3)

Amortisation of tangible assets (note 3)

206

213

203

419

403

Amortisation of intangible assets (note 3)

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

(4)

(6)

(11)

(10)

(17)

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

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

1,066

1,031

1,052

2,098

2,011

Gold produced - oz (000)

935

899

1,073

1,834

2,054

Total cash cost per unit - $/oz

898

894

773

896

769

Total production cost per unit - $/oz

1,141

1,147

980

1,144

979

EBITDA

Operating (loss) profit

(3,019)

264

481

(2,755)

1,086

Retrenchment costs (note 3)

Amortisation of tangible assets (note 3)

206

213

203

419

403

Amortisation of intangible assets (note 3)

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

2,982

2,983

Impairment reversal of intangible assets (note 5)

(10)

Gain on unrealised non-hedge derivatives and other commodity contracts

(100)

(100)

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

178

178

Write-off of loans (note 5)

Share of equity-accounted associates and joint ventures' EBITDA

Impairment of other investments (note 5)

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

(4)

(3)

288

509

701

796

1,534

Interest cover

EBITDA (note E)

288

509

701

796

1,534

Finance costs (note 6)

103

Capitalised finance costs

110

Interest cover - times

As at

Jun

Mar

Dec

Jun

2013

2012

Unaudited

Restated

Unaudited

Net asset value - cents per share

Total equity

3,192

5,569

5,494

5,624

Mandatory convertible bonds

270

448

588

647

3,462

6,017

6,082

6,271

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

385

385

Net asset value - cents per share

898

1,562

1,580

1,627

Total equity

3,192

5,569

5,494

5,624

Mandatory convertible bonds

270

448

588

647

Intangible assets

(281)

(321)

(315)

(243)

3,181

5,696

5,767

6,028

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

385

385

Net tangible asset value - cents per share

825

1,479

1,498

1,564

Net debt

Borrowings - long-term portion

2,212

2,844

2,724

1,847

Borrowings - short-term portion

1,011

214

271

Bank overdraft

Total borrowings

(1)

3,254

3,058

2,995

1,877

Corporate office lease

(26)

(29)

(31)

(33)

Unamortised portion of the convertible and rated bonds

Cash restricted for use

(63)

(63)

(64)

(56)

Cash and cash equivalents

(415)

(680)

(892)

(987)

Net debt excluding mandatory convertible bonds

2,784

2,319

2,061

879

Rounding of figures may result in computational discrepancies.

(1)

Borrowings exclude the mandatory convertible bonds (note G).

Quarter ended

US Dollar million / Imperial

Six months ended

US Dollar million

Quarterly Report June 2013 - www.AngloGoldAshanti.com

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

193

Mined

- 000 tonnes

1,184

351

509

767

2,811

Milled / Treated

- 000 tonnes

1,113

341

447

812

2,712

Recovered grade

- oz/ton

0.200

0.133

0.063

0.125

0.146

- g/tonne

6.86

4.56

2.16

4.27

5.02

Gold produced

- oz (000)

245

112

438

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

8,817

8,898

Recovered grade

- oz/ton

0.006

0.086

0.007

- g/tonne

0.22

2.94

0.24

Gold produced

- oz (000)

OPEN-PIT OPERATION
Volume mined

- 000 bcm

13,683

2,691

16,374

Mined

- 000 tonnes

32,677

10,450

6,542

49,669

Treated

- 000 tonnes

6,008

467

256

6,731

Stripping ratio

- ratio

5.04

14.71

19.77

6.77

Recovered grade

- oz/ton

0.042

0.038

0.173

0.047

- g/tonne

1.44

1.29

5.95

1.60

Gold produced

- oz (000)

279

347

HEAP LEACH OPERATION

Mined

- 000 tonnes

1,285

16,603

17,889

Placed

- 000 tonnes

295

5,621

5,916

Stripping ratio

- ratio

32.45

2.17

2.39

Recovered grade

- oz/ton

0.019

0.010

- g/tonne

0.67

0.34

0.36

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz/TEC

4.18

9.20

37.10

15.23

7.33

TOTAL

Subsidiaries' gold produced

- oz (000)

307

297

235

889

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

307

343

235

935

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

303

277

236

866

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

303

323

236

912

Minority gold sold

- oz (000)

Spot price

- $/oz

1,416

Price received

- $/oz sold

1,417

1,430

1,416

1,415

1,421

Total cash costs

- $/oz produced

890

883

1,829

733

898

Total production costs

- $/oz produced

1,127

1,119

2,051

988

1,141

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

OPERATING RESULTS
QUARTER ENDED JUNE 2013

Quarterly Report June 2013 - www.AngloGoldAshanti.com

FINANCIAL RESULTS
QUARTER ENDED JUNE 2013 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

423

477

337

1,308

(65)

1,242

Cash costs

(292)

(312)

(92)

(216)

(910)

(866)

By-products revenue

Total cash costs

(273)

(311)

(92)

(193)

(868)

(824)

Retrenchment costs

(3)

(1)

(4)

Rehabilitation and other non-cash costs

(9)

(3)

(1)

(12)

Amortisation of assets

(60)

(79)

(13)

(60)

(2)

(215)

(213)

Total production costs

(346)

(393)

(103)

(256)

(1,098)

(1,053)

Inventory change

Cost of sales

(342)

(377)

(101)

(236)

(1,057)

(1,012)

Adjusted gross profit (loss)

100

(30)

100

250

(20)

231

Unrealised non-hedge derivatives and other
commodity contracts

100

Gross profit (loss)

180

100

(30)

100

350

(20)

330

Corporate and other costs

(1)

(2)

(10)

(54)

(67)

Exploration and evaluation costs

(2)

(23)

(10)

(49)

(5)

(90)

(79)

Intercompany transactions

(28)

(2)

(1)

Special items

(293)

(1,873)

(954)

(88)

(3,204)

(3,203)

Operating profit (loss)

(116)

(1,826)

(38)

(914)

(117)

(3,011)

(8)

(3,019)

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

(5)

120

118

(2)

116

Exchange gain (loss)

Share of equity accounted investments profit

(178)

(1)

(7)

(186)

(183)

Profit (loss) before taxation

(116)

(2,001)

(43)

(913)

(3,074)

(7)

(3,081)

Taxation

541

287

(2)

887

895

Profit (loss) for the period

(67)

(1,460)

(31)

(626)

(2)

(2,186)

Equity shareholders

(67)

(1,444)

(31)

(622)

(2)

(2,165)

Non-controlling interests

(16)

(5)

(21)

Operating profit (loss)

(116)

(1,826)

(38)

(914)

(117)

(3,011)

(8)

(3,019)

Retrenchment costs

Unrealised non-hedge derivatives and other
commodity contracts

(99)

(100)

Loss on realised other commodity contracts

Intercompany transactions

(31)

Special items

294

1,846

953

3,177

Share of associates' EBIT

(1)

EBIT

(36)

(60)

Amortisation of assets

215

(2)

213

Share of associates' amortisation

EBITDA

142

126

(23)

100

(58)

288

Profit (loss) attributable to equity shareholders

(67)

(1,444)

(31)

(622)

(2)

(2,165)

Special items

293

1,662

953

2,992

Share of associates' special items

178

187

Taxation on items above

(81)

(493)

(327)

(902)

(901)

Headline earnings (loss)

145

(97)

(31)

112

Unrealised non-hedge derivatives and other
commodity contracts

(99)

(100)

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

Fair value adjustment on option component
of convertible bonds

Fair value adjustment on mandatory
convertible bonds

(175)

Adjusted headline earnings (loss)

(97)

(31)

(83)

(135)

Ore reserve development capital

Stay-in-business capital

176

(10)

166

Project capital

137

285

(108)

177

Total capital expenditure

123

221

100

113

556

(117)

439

Capitalised leased assets

(1)

Expenditures on intangible assets

(20)

Capital expenditure per statement of cash flows

418

Rounding of figures may result in computational discrepancies.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

188

Mined

- 000 tonnes

1,176

397

456

766

2,794

Milled / Treated

- 000 tonnes

1,163

324

436

810

2,732

Recovered grade

- oz/ton

0.207

0.135

0.097

0.146

0.163

- g/tonne

7.08

4.63

3.34

5.01

5.58

Gold produced

- oz (000)

265

130

490

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

8,702

8,761

Recovered grade

- oz/ton

0.007

0.019

0.007

- g/tonne

0.22

0.67

0.23

Gold produced

- oz (000)

OPEN-PIT OPERATION
Volume mined

- 000 bcm

15,027

1,541

16,568

Mined

- 000 tonnes

35,518

3,567

5,498

44,582

Treated

- 000 tonnes

5,161

315

239

5,715

Stripping ratio

- ratio

4.58

40.70

19.07

5.63

Recovered grade

- oz/ton

0.038

0.040

0.151

0.043

- g/tonne

1.31

1.38

5.17

1.47

Gold produced

- oz (000)

217

271

HEAP LEACH OPERATION

Mined

- 000 tonnes

1,206

15,937

17,142

Placed

- 000 tonnes

256

5,467

5,723

Stripping ratio

- ratio

27.75

2.08

2.29

Recovered grade

- oz/ton

0.034

0.012

0.013

- g/tonne

1.17

0.40

0.44

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz/TEC

4.23

7.48

41.72

15.75

6.88

TOTAL

Subsidiaries' gold produced

- oz (000)

327

231

234

854

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

327

276

234

899

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

314

273

241

885

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

314

315

241

927

Minority gold sold

- oz (000)

Spot price

- $/oz

1,632

Price received

- $/oz sold

1,638

1,635

1,629

1,634

1,636

Total cash costs

- $/oz produced

896

994

1,302

668

894

Total production costs

- $/oz produced

1,123

1,278

1,525

926

1,147

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

OPERATING RESULTS
QUARTER ENDED MARCH 2013

Quarterly Report June 2013 - www.AngloGoldAshanti.com

FINANCIAL RESULTS
QUARTER ENDED MARCH 2013 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

507

535

395

1,532

(69)

1,463

Cash costs

(303)

(286)

(79)

(206)

(4)

(878)

(831)

By-products revenue

Total cash costs

(293)

(286)

(79)

(182)

(4)

(843)

(797)

Retrenchment costs

(2)

(3)

(1)

(5)

(6)

Rehabilitation and other non-cash costs

(4)

(5)

(3)

(12)

(11)

Amortisation of assets

(69)

(72)

(14)

(61)

(1)

(216)

(215)

Total production costs

(368)

(365)

(93)

(247)

(5)

(1,077)

(1,029)

Inventory change

(41)

(2)

Cost of sales

(354)

(407)

(91)

(219)

(5)

(1,075)

(1,029)

Adjusted gross profit (loss)

154

129

177

(5)

457

(23)

434

Unrealised non-hedge derivatives and other
commodity contracts

Gross profit (loss)

154

129

177

(5)

457

(23)

434

Corporate and other costs

(1)

(4)

(2)

(61)

(68)

(66)

Exploration and evaluation costs

(3)

(29)

(12)

(42)

(3)

(90)

(79)

Intercompany transactions

(24)

(3)

(1)

Special items

(2)

(19)

(10)

(1)

(25)

Operating profit (loss)

148

(4)

122

(44)

274

(10)

264

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

(2)

(1)

Exchange (loss) gain

(1)

(5)

(4)

Share of equity-accounted investments profit

(1)

(7)

(9)

(7)

Profit (loss) before taxation

146

(6)

117

354

(9)

346

Taxation

(27)

(36)

(44)

(106)

(98)

Profit (loss) for the period

119

(5)

248

Equity shareholders

119

(5)

239

Non-controlling interests

Operating profit (loss)

148

(4)

122

(44)

274

(10)

264

Retrenchment costs

(1)

Unrealised non-hedge derivatives and other
commodity contracts

Loss on realised other commodity contracts

Intercompany transactions

(27)

Special items

Share of associates' EBIT

(1)

EBIT

152

(1)

133

(70)

292

(1)

291

Amortisation of assets

216

(2)

215

Share of associates' amortisation

EBITDA

220

151

194

(69)

509

Profit (loss) attributable to equity shareholders

119

(5)

239

Special items

Share of associates' special items

Taxation on items above

(1)

Headline earnings (loss)

120

(4)

259

Unrealised non-hedge derivatives and other
commodity contracts

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

Fair value adjustment on option component of
convertible bonds

(9)

Fair value adjustment on mandatory
convertible bonds

(137)

Adjusted headline earnings (loss)

120

(4)

(89)

113

Ore reserve development capital

Stay-in-business capital

151

(10)

141

Project capital

110

269

(87)

182

Total capital expenditure

101

208

101

512

(97)

415

Capitalised leased assets

(18)

Expenditures on intangible assets

(13)

Capital expenditure per statement of cash flows

384

Rounding of figures may result in computational discrepancies.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

230

Mined

- 000 tonnes

1,493

387

318

543

2,742

Milled / Treated

- 000 tonnes

1,299

462

217

641

2,620

Recovered grade

- oz/ton

0.222

0.163

0.086

0.161

0.185

- g/tonne

7.61

5.58

2.94

5.51

6.35

Gold produced

- oz (000)

318

114

535

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

3,010

Recovered grade

- oz/ton

0.013

- g/tonne

0.46

Gold produced

- oz (000)

OPEN-PIT OPERATION
Volume mined

- 000 bcm

15,106

559

15,665

Mined

- 000 tonnes

35,355

1,588

5,766

42,709

Treated

- 000 tonnes

6,217

623

238

7,078

Stripping ratio

- ratio

4.19

2.29

22.25

4.66

Recovered grade

- oz/ton

0.047

0.073

0.174

0.053

- g/tonne

1.59

2.52

5.96

1.82

Gold produced

- oz (000)

319

415

HEAP LEACH OPERATION

Mined

- 000 tonnes

2,182

16,555

18,737

Placed

- 000 tonnes

252

5,498

5,750

Stripping ratio

- ratio

20.19

1.97

2.30

Recovered grade

- oz/ton

0.021

0.013

- g/tonne

0.72

0.44

0.45

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz/TEC

5.04

11.89

46.64

18.86

8.95

TOTAL

Subsidiaries' gold produced

- oz (000)

362

358

233

1,024

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

362

407

233

1,073

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

336

345

225

980

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

336

395

225

1,030

Minority gold sold

- oz (000)

Spot price

- $/oz

1,611

Price received

- $/oz sold

1,604

1,606

1,608

1,611

1,607

Total cash costs

- $/oz produced

779

761

1,187

657

773

Total production costs

- $/oz produced

998

939

1,286

927

980

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

OPERATING RESULTS
QUARTER ENDED JUNE 2012

Quarterly Report June 2013 - www.AngloGoldAshanti.com

FINANCIAL RESULTS
QUARTER ENDED JUNE 2012 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

539

653

117

390

1,700

(81)

1,619

Cash costs

(304)

(320)

(84)

(206)

(896)

(835)

By-products revenue

Total cash costs

(282)

(319)

(84)

(186)

(853)

(792)

Retrenchment costs

(2)

(1)

(3)

Rehabilitation and other non-cash costs

(3)

(8)

(14)

(25)

Amortisation of assets

(74)

(66)

(7)

(56)

(3)

(206)

(204)

Total production costs

(361)

(393)

(91)

(257)

(1,087)

(1,024)

Inventory change

(1)

Cost of sales

(334)

(390)

(92)

(224)

(1,025)

(961)

Adjusted gross profit (loss)

205

263

167

675

(16)

658

Unrealised non-hedge derivatives and other
commodity contracts

Gross profit (loss)

205

263

167

675

(16)

658

Corporate and other costs

(3)

(2)

(1)

(10)

(82)

(97)

Exploration and evaluation costs

(2)

(19)

(21)

(40)

(7)

(90)

(88)

Intercompany transactions

(19)

(3)

(1)

Special items

(1)

(3)

Operating profit (loss)

200

219

117

(51)

497

(15)

481

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

(1)

(2)

Exchange gain (loss)

(1)

Share of equity accounted investments profit

(5)

(17)

(22)

(7)

Profit (loss) before taxation

199

219

116

(48)

497

(2)

495

Taxation

(43)

(82)

(4)

(65)

(1)

(196)

(194)

Profit (loss) for the period

156

136

(49)

301

Equity shareholders

156

151

(56)

304

Non-controlling interests

(15)

(3)

Operating profit (loss)

200

219

117

(51)

497

(15)

481

Retrenchment costs

Unrealised non-hedge derivatives and other
commodity contracts

Intercompany transactions

(23)

Special items

Share of associates' EBIT

(5)

(3)

(9)

EBIT

204

240

114

(77)

495

Amortisation of assets

206

(2)

204

Share of associates' amortisation

EBITDA

278

305

170

(74)

701

Profit (loss) attributable to equity shareholders

156

151

(56)

304

Special items

Share of associates' special items

Taxation on items above

(1)

Headline earnings (loss)

157

155

(42)

323

Unrealised non-hedge derivatives and other
commodity contracts

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

Fair value adjustment on option component
of convertible bonds

(24)

Fair value adjustment on mandatory
convertible bonds

(29)

Adjusted headline earnings (loss)

157

155

(95)

270

Ore reserve development capital

Stay-in-business capital

126

207

(2)

205

Project capital

193

(53)

141

Total capital expenditure

130

219

495

(54)

441

Capitalised leased assets

(3)

Expenditures on intangible assets

(20)

Capital expenditure per statement of cash flows

418

Rounding of figures may result in computational discrepancies.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

382

Mined

- 000 tonnes

2,360

748

965

1,532

5,605

Milled / Treated

- 000 tonnes

2,276

664

882

1,622

5,444

Recovered grade

- oz/ton

0.203

0.134

0.080

0.135

0.155

- g/tonne

6.97

4.60

2.74

4.64

5.30

Gold produced

- oz (000)

510

242

928

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

17,519

140

17,659

Recovered grade

- oz/ton

0.006

0.058

0.007

- g/tonne

0.22

1.98

0.23

Gold produced

- oz (000)

124

133

OPEN-PIT OPERATION
Volume mined

- 000 bcm

28,710

4,233

32,942

Mined

- 000 tonnes

68,194

14,017

12,040

94,251

Treated

- 000 tonnes

11,169

783

495

12,447

Stripping ratio

- ratio

4.79

17.67

19.44

6.18

Recovered grade

- oz/ton

0.040

0.039

0.162

0.045

- g/tonne

1.38

1.33

5.57

1.54

Gold produced

- oz (000)

496

618

HEAP LEACH OPERATION

Mined

- 000 tonnes

2,491

32,540

35,031

Placed

- 000 tonnes

551

11,088

11,639

Stripping ratio

- ratio

29.99

2.13

2.34

Recovered grade

- oz/ton

0.026

0.011

0.012

- g/tonne

0.90

0.37

0.40

Gold placed

- oz (000)

133

149

Gold produced

- oz (000)

139

154

PRODUCTIVITY PER EMPLOYEE

Actual

- oz/TEC

4.20

8.34

39.49

15.49

7.10

TOTAL

Subsidiaries' gold produced

- oz (000)

634

529

111

469

1,744

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

634

619

111

469

1,834

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

617

550

108

477

1,752

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

617

638

108

477

1,840

Minority gold sold

- oz (000)

Spot price

- $/oz

1,523

Price received

- $/oz sold

1,529

1,531

1,530

1,526

1,529

Total cash costs

- $/oz produced

893

932

1,541

701

896

Total production costs

- $/oz produced

1,125

1,190

1,764

957

1,144

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

OPERATING RESULTS
SIX MONTHS ENDED JUNE 2013

Quarterly Report June 2013 - www.AngloGoldAshanti.com

FINANCIAL RESULTS - SIX MONTHS
ENDED JUNE 2013 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

930

1,012

165

732

2,840

(134)

2,705

Cash costs

(595)

(598)

(172)

(421)

(1)

(1,788)

(1,698)

By-products revenue

Total cash costs

(567)

(597)

(171)

(375)

(1)

(1,711)

(1,621)

Retrenchment costs

(5)

(3)

(2)

(9)

(8)

Rehabilitation and other non-cash costs

(13)

(8)

(5)

(24)

Amortisation of assets

(129)

(151)

(27)

(121)

(3)

(431)

(428)

Total production costs

(714)

(758)

(196)

(502)

(5)

(2,175)

(2,081)

Inventory change

(26)

(2)

Cost of sales

(696)

(784)

(192)

(455)

(5)

(2,132)

(2,040)

Adjusted gross profit (loss)

234

228

(27)

277

(5)

708

(43)

665

Unrealised non-hedge derivatives and
other commodity contracts

100

Gross profit (loss)

334

228

(27)

277

(5)

807

(43)

765

Corporate and other costs

(2)

(6)

(1)

(12)

(116)

(136)

(134)

Exploration and evaluation costs

(5)

(53)

(23)

(91)

(9)

(180)

(158)

Intercompany transactions

(52)

(5)

(1)

Special items

(295)

(1,892)

(965)

(90)

(3,229)

(3,228)

Operating profit (loss)

(1,774)

(42)

(791)

(160)

(2,737)

(18)

(2,755)

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

(1)

(7)

219

212

(3)

209

Exchange (loss) gain

(5)

Share of equity accounted investments profit

(178)

(2)

(14)

(194)

(190)

Profit (loss) before taxation

(1,953)

(49)

(796)

(2,719)

(16)

(2,735)

Taxation

505

242

(1)

781

797

Profit (loss) for the period

(1,448)

(36)

(554)

(1,938)

Equity shareholders

(1,438)

(36)

(552)

(1,926)

Non-controlling interests

(10)

(2)

(12)

Operating profit (loss)

(1,774)

(42)

(791)

(160)

(2,737)

(18)

(2,755)

Retrenchment costs

(1)

Unrealised non-hedge derivatives and
other commodity contracts

(99)

(100)

Intercompany transactions

(58)

Special items

296

1,846

964

3,191

Share of associates' EBIT

(2)

EBIT

233

126

(37)

173

(130)

365

Amortisation of assets

129

151

121

431

(3)

428

Share of associates' amortisation

EBITDA

362

277

(10)

294

(126)

796

Profit (loss) attributable to equity shareholders

(1,438)

(36)

(552)

(1,926)

Special items

295

1,662

964

3,006

Share of associates' special items

178

194

Taxation on items above

(82)

(494)

(327)

(902)

Headline earnings (loss)

265

(91)

(36)

149

372

Unrealised non-hedge derivatives and other
commodity contracts

(99)

(100)

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

Fair value adjustment on option component
of convertible bonds

(9)

Fair value adjustment on mandatory
convertible bonds

(312)

Adjusted headline earnings (loss)

192

(91)

(36)

(173)

(23)

Ore reserve development capital

114

188

Stay-in-business capital

164

327

(19)

308

Project capital

247

157

554

(195)

359

Total capital expenditure

223

429

201

211

1,069

(215)

854

Capitalised leased assets

(19)

Expenditures on intangible assets

(33)

Capital expenditure per statement of cash flows

802

Rounding of figures may result in computational discrepancies.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

393

Mined

- 000 tonnes

2,598

803

560

1,072

5,033

Milled / Treated

- 000 tonnes

2,293

906

470

1,236

4,904

Recovered grade

- oz/ton

0.231

0.143

0.093

0.163

0.185

- g/tonne

7.92

4.92

3.20

5.59

6.33

Gold produced

- oz (000)

584

143

222

997

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

5,860

229

6,090

Recovered grade

- oz/ton

0.013

0.004

0.013

- g/tonne

0.45

0.14

0.43

Gold produced

- oz (000)

OPEN-PIT OPERATION
Volume mined

- 000 bcm

29,732

1,293

31,025

Mined

- 000 tonnes

69,996

3,668

11,306

84,970

Treated

- 000 tonnes

12,079

1,271

447

13,797

Stripping ratio

- ratio

4.72

2.65

22.49

5.19

Recovered grade

- oz/ton

0.048

0.065

0.180

0.053

- g/tonne

1.63

2.22

6.17

1.83

Gold produced

- oz (000)

633

812

HEAP LEACH OPERATION

Mined

- 000 tonnes

4,357

32,650

37,007

Placed

- 000 tonnes

498

10,689

11,187

Stripping ratio

- ratio

18.31

2.12

2.46

Recovered grade

- oz/ton

0.022

0.012

0.013

- g/tonne

0.75

0.42

0.43

Gold placed

- oz (000)

143

155

Gold produced

- oz (000)

147

160

PRODUCTIVITY PER EMPLOYEE

Actual

- oz/TEC

4.71

11.46

44.79

18.84

8.61

TOTAL

Subsidiaries' gold produced

- oz (000)

668

686

139

458

1,951

Joint ventures' gold produced

- oz (000)

103

Attributable gold produced

- oz (000)

668

789

139

458

2,054

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

642

711

141

462

1,957

Joint ventures' gold sold

- oz (000)

102

Attributable gold sold

- oz (000)

642

813

141

462

2,059

Minority gold sold

- oz (000)

Spot price

- $/oz

1,651

Price received

- $/oz sold

1,656

1,647

1,648

1,645

1,650

Total cash costs

- $/oz produced

811

753

1,237

591

769

Total production costs

- $/oz produced

1,050

936

1,348

834

979

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

OPERATING RESULTS
SIX MONTHS ENDED JUNE 2012

Quarterly Report June 2013 - www.AngloGoldAshanti.com

FINANCIAL RESULTS - SIX MONTHS
ENDED JUNE 2012 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

1,063

1,376

232

822

3,493

(168)

3,325

Cash costs

(581)

(616)

(172)

(392)

(1,738)

114

(1,624)

By-products revenue

104

Total cash costs

(542)

(613)

(172)

(331)

(1,634)

114

(1,520)

Retrenchment costs

(4)

(1)

(2)

(6)

Rehabilitation and other non-cash costs

(5)

(14)

(15)

(35)

(34)

Amortisation of assets

(151)

(132)

(15)

(106)

(5)

(409)

(405)

Total production costs

(702)

(759)

(187)

(454)

(2,083)

119

(1,965)

Inventory change

(19)

(3)

(2)

Cost of sales

(676)

(778)

(190)

(419)

(2,045)

117

(1,928)

Adjusted gross profit (loss)

387

598

402

1,448

(51)

1,397

Unrealised non-hedge derivatives and other
commodity contracts

Gross profit (loss)

387

598

402

1,448

(51)

1,397

Corporate and other costs

(4)

(5)

(1)

(19)

(143)

(172)

(171)

Exploration and evaluation costs

(3)

(42)

(38)

(65)

(17)

(166)

(165)

Intercompany transactions

(37)

(6)

(1)

Special items

(1)

(3)

Operating profit (loss)

379

516

319

(101)

1,135

(49)

1,086

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

(3)

(1)

103

Exchange gain (loss)

Share of equity accounted investments
profit (loss)

(9)

(13)

(22)

Profit (loss) before taxation

376

517

311

(9)

1,217

(13)

1,204

Taxation

(224)

(9)

(135)

(321)

(308)

Profit (loss) for the period

423

293

175

(8)

896

Equity shareholders

423

303

159

(15)

884

Non-controlling interests

(10)

Operating profit (loss)

379

516

319

(101)

1,135

(49)

1,086

Retrenchment costs

Unrealised non-hedge derivatives and other
commodity contracts

Intercompany transactions

(44)

Special items

(9)

(3)

Share of associates' EBIT

(9)

(4)

(13)

EBIT

386

545

314

(148)

1,125

Amortisation of assets

151

132

106

409

(4)

405

Share of associates' amortisation

EBITDA

537

677

420

(143)

1,534

Profit (loss) attributable to equity shareholders

423

303

159

(15)

884

Special items

(9)

(3)

Share of associates' special items

Taxation on items above

(1)

Headline earnings (loss)

425

297

160

(5)

892

Unrealised non-hedge derivatives and
other commodity contracts

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

Fair value adjustment on option component
of convertible bond

(67)

Fair value adjustment on mandatory
convertible bond

(108)

Adjusted headline earnings (loss)

425

297

160

(181)

716

Ore reserve development capital

120

185

Stay-in-business capital

230

353

(4)

349

Project capital

128

355

(85)

270

Total capital expenditure

236

382

165

893

(89)

805

Capitalised leased assets

(3)

Expenditures on intangible assets

(28)

Capital expenditure per statement of cash flows

774

Rounding of figures may result in computational discrepancies.

Quarterly Report June 2013 - www.AngloGoldAshanti.com

Administrative information

ANGLOGOLD ASHANTI LIMITED

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

Share codes:

ISIN:

ZAE000043485

JSE:

ANG

LSE: (Shares)

AGD

LES : (Dis)

AGD

NYSE:

ASX:

AGG

GhSE: (Shares)

AGA

GhSE: (GhDS)

AAD

JSE Sponsor:

UBS (South Africa) (Pty) Ltd

Auditors: Ernst & Young Inc.

Offices

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

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

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

United Kingdom Secretaries
St James’s Corporate Services Limited
Suite 31, Second Floor
107 Cheapside
London
EC2V 6DN
Telephone: 020 7796 8644
Fax: 020 7796 8645
E-mail: jane.kirton@corpserv.co.uk

Directors

Executive
AM O’Neill ~ (Executive Director: Business and
Technical Development) (Resigned from Board -
19 July 2013)
RN Duffy

(Chief Financial Officer)

S Venkatakrishnan*

(Chief Executive Officer)

Non-Executive
T T Mboweni

(Chairman)

R Gasant

Ms N P January-Bardill

M J Kirkwood

Prof L W Nkuhlu

S M Pityana

R J Ruston~

* British

South African

~ Australian

Indian

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

Investor Relations Contacts

South Africa
Fundisa Mgidi
Telephone: +27 637 6763
Mobile: +27 82 374 8820
E-mail: fmgidi@AngloGoldAshanti.com

United Kingdom
Michael Bedford
Telephone: +44 (0) 1225 93 8483
Mobile: +44 (0) 779 497 7881
E-mail: mbedford@AngloGoldAshanti.com

United States
Stewart Bailey
Telephone: +1 212 858 7701
Mobile: +1 646 338 4337
E-mail: sbailey@AngloGoldAshanti.com

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

General E-mail enquiries
investors@AngloGoldAshanti.com

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

Company secretarial E-mail
Companysecretary@AngloGoldAshanti.com

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

PUBLISHED BY ANGLOGOLD ASHANTI

Share Registrars

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

United Kingdom
Shares
Jersey
Computershare Investor Services (Jersey) Ltd
Queensway House
Hilgrove Street
St Helier
Jersey JE1 1ES
Telephone: +44 870 889 3177
Fax: +44 (0) 870 873 5851
Depositary Interests
Computershare Investor Services PLC
The Pavillions
Bridgwater Road
Bristol BS99 6ZY
England
Telephone: +44 (0) 870 702 0000
Fax: +44 (0) 870 703 6119

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

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

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

Global BuyDIRECT

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

SHANTI

Telephone: +1-888-BNY-ADRS

Quarterly Report June 2013 - www.AngloGoldAshanti.com

SIGNATURES

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

AngloGold Ashanti Limited

Date: August 07, 2013

By: /s/ M E SANZ PEREZ

Name: M E Sanz Perez
Title: Group General Counsel and Company
Secretary