TIDMAGD 
 
Report to shareholders 
 
for the quarter ended 31 March 2010 
 
 
 
Group results for the quarter.... 
 
Gold production of 1.08Moz, ahead of guidance 
 
Total cash costs of $619/oz, 6% better than guidance 
 
Adjusted headline earnings of $61m recorded for the quarter 
 
Cripple Creek & Victor improvement continues; Brasil Mineraçáo continues to 
deliver strong cost performance 
 
TauTona restarted successfully in January after shaft inspection and repair 
 
Geita continues turnaround progress with strong production performance 
 
Uranium production of 313,000lbs is above target with stock levels at 1Mlbs 
 
Hedge book commitments further reduced by 350,000oz to 3.55Moz 
 
Events post quarter-end... 
 
Achieved investment-grade international credit ratings from S&P and Moody's 
 
Further restructured the balance sheet with longer-term debt package 
 
Issued $1bn rated bonds comprising $300m 30-year notes, $700m 10-year notes 
 
Raised $1bn unsecured credit facility from a 16-bank syndicate 
 
                                     Quarter            Year      Quarter        Year 
 
                               Ended   Ended   Ended   Ended Ended ended Ended  Ended 
 
                                 Mar     Dec     Mar     Dec   Mar   Dec   Mar    Dec 
 
                                2010    2009     009    2009  2010  2009  2009   2009 
 
                                    SA rand / Metric           US dollar / Imperial 
 
Operating 
review 
 
Gold 
 
Produced     - kg / oz (000)  33,574  36,767  34,306 143,049 1,079 1,182 1,103  4,599 
 
Price 
received     - R/kg / $/oz   244,873 247,985 273,103 201,805 1,015 1,029   858    751 
 
Price 
received 
excluding 
hedge 
buy-back 
costs        - R/kg / $/oz   244,873 247,985 273,109 246,048 1,015 1,029   858    925 
 
Total cash 
costs        - R/kg / $/oz   149,431 143,596 141,552 136,595   619   598   445    514 
 
Total 
production 
costs        - R/kg / $/oz   190,374 178,739 180,751 171,795   789   743   568    646 
 
Financial 
review 
 
Adjusted 
gross profit - Rm / $m         1,638   2,521   2,764   3,686   218   337   279    412 
 
Adjusted 
gross profit 
excluding 
hedge 
buy-back 
costs        - Rm / $m         1,638   2,521   2,764  10,001   218   337   279 1,208 
 
Profit 
(loss) 
attributable 
to equity 
shareholders - Rm / $m         1,150   3,179       1 (2,762)   157   424     -  (320) 
 
             -  cents/share      313     867       -   (765)    43   116     -   (89) 
 
Adjusted 
headline 
earnings 
(loss)       - Rm / $m           463   1,706   1,482   (211)    61   228   150   (50) 
 
             -  cents/share      126     466     414    (58)    17    62    42   (14) 
 
Adjusted 
headline 
earnings 
excluding 
hedge 
buy-back 
costs        - Rm / $m           463   1,706   1,482   5,795    61   228   150    708 
 
             -  cents/share      126     466     414   1,604    17    62    42    196 
 
Cash flow 
from 
operating 
activities 
excluding 
hedge 
buy-back 
costs        - Rm / $m         1,326   3,610   2,427  10,096   179   465   243  1,299 
 
Capital 
expenditure  - Rm / $m         1,283   2,275   2,381   8,726   171   293   241  1,027 
 
 
$ represents US dollar, unless     Rounding of figures may result in 
otherwise stated.                  computational discrepancies. 
 
 
Operations at a glance 
 
for the quarter ended 31 March 2010 
 
 
                                                                                  Adjusted gross 
 
                                                 Production      Total cash costs  profit (loss) 
 
                                                          %                %               $m 
 
                                             oz (000) Variance 1  $/oz Variance 1   $m Variance 1 
 
SOUTH AFRICA                                      384       (11)   626         10   51       (67) 
 
      Great Noligwa                                29       (15)   946        (7)  (8)          - 
 
      Kopanang                                     70       (31)   585         46   11       (35) 
 
      Moab Khotsong                                63       (14)   574         17    1       (12) 
 
      Tau Lekoa                                    27       (21)   904         23    2        (8) 
 
      Mponeng                                     115        (9)   440         11   45       (25) 
 
      Savuka                                        1       (50) 6,263         54 (11)        (3) 
 
      TauTona                                      44         76   779       (46)  (4)         21 
 
      Surface Operations                           34        (6)   518         13   15        (4) 
 
 
 
CONTINENTAL AFRICA                                374       (11)   630        (6)  104       (19) 
 
   Ghana 
 
      Iduapriem                                    20       (63)   791         54    2       (24) 
 
      Obuasi                                       98          1   559        (1)   30          4 
 
   Guinea 
 
      Siguiri - Attributable 85%                   73        (5)   567       (11)   25        (5) 
 
   Mali 
 
      Morila - Attributable 40% 2                  25       (19)   619        (6)   11        (2) 
 
      Sadiola - Attributable 41% 2,3               30        (6)   569       (11)   15          3 
 
      Yatela - Attributable 40% 2                  27        (4)   474         24   16        (1) 
 
   Namibia 
 
      Navachab                                     18          6   656       (10)    4        (1) 
 
   Tanzania 
 
      Geita                                        84          4   828       (22)    1         14 
 
   Non-controlling interests, exploration 
   and other                                                                         -        (7) 
 
 
 
AUSTRALASIA                                       114          7   931          8  (3)       (11) 
 
   Australia 
 
      Sunrise Dam                                 114          7   900          8    1       (10) 
 
   Exploration and other                                                           (4)        (1) 
 
 
 
AMERICAS                                          207        (8)   398          3  103       (17) 
 
   Argentina 
 
      Cerro Vanguardia - Attributable 92.50%       47          -   390         15   19          - 
 
   Brazil 
 
      AngloGold Ashanti Brasil Mineração           82       (15)   369       (12)   39        (7) 
 
      Serra Grande - Attributable 50%              20       (26)   453         34    8        (6) 
 
   United States of America 
 
      Cripple Creek & Victor                       58          4   482         15   27        (1) 
 
   Non-controlling interests, exploration 
   and other                                                                        10        (3) 
 
 
 
OTHER                                                                                5        (6) 
 
 
 
Sub-total                                       1,079        (9)   619          4  260      (120) 
 
 
 
Less equity accounted investments                                                 (42)          1 
 
 
 
AngloGold Ashanti                                                                  218      (119) 
 
 
1    Variance March 2010 quarter on December 2009 quarter - increase 
(decrease). 
 
2    Equity accounted joint ventures. 
 
3    Effective 29 December 2009, AngloGold Ashanti increased its interest in 
Sadiola from 38%  to 41%. 
 
Rounding of figures may result in computational discrepancies. 
 
Financial and Operating Report 
 
OVERVIEW FOR THE QUARTER 
 
Production for the seasonally weak first quarter declined by 9% to 1.08Moz from 
that of the previous quarter.  This was, however, ahead of guidance of 1.07Moz. 
 
Total cash costs, which includes a $25/oz charge for deferred stripping, rose 
4% to $619/oz, resulting from lower production and inflationary increases. 
Total cash costs were, however, better than guidance of $660/oz, due to higher 
than anticipated inventory build-up, lower than expected release of deferred 
stripping charges and other efficiencies. 
 
SAFETY 
 
AngloGold Ashanti's focus on safety continued at the start of the year, with 
January's lost time injury frequency rate (LTIFR) of 4.96 injuries per million 
hours worked, having been the best achieved in the company's history. The LTIFR 
for the quarter of 7.02 was little changed from the same period in 2009 but 
decreased by 7% from the previous quarter.  The South African operations lost 
18 shifts to safety-related stoppages. 
 
Tragically, three miners were fatally injured during the quarter in separate 
incidents at Siguiri, Kopanang and Moab Khotsong. Both South African mines had 
each achieved 1 million fatality free shifts earlier in the quarter, 
underscoring the significant successes in reducing injury from falls of ground 
at these deep mines. AngloGold Ashanti's management team analysed the causes of 
these recent fatalities and is working to put in place measures to prevent any 
reoccurrence. The Safety Transformation Blueprint, an overarching strategy to 
help eliminate all workplace injuries, remains on track for implementation in 
the first half of this year and will assist in realising the next quantum 
improvement in the overall safety performance. 
 
Sadiola achieved the important milestone of 5 million shifts over a year 
without a lost time injury, while Cerro Vanguardia went without a lost time 
injury for 1 million hours worked. 
 
OPERATING REVIEW 
 
The South African operations produced 384,000oz in the first quarter of 2010, 
at a total cash cost of $626/oz, compared with 431,000oz at $569/oz in the 
previous quarter. The traditionally slow start to the year, following the 
annual December break contributed to the decline, as did safety stoppages at 
Kopanang and lower grades reported at Moab Khotsong, Great Noligwa, Kopanang 
and Mponeng. TauTona was successfully restarted and contributed 44,000oz after 
the inspection and rehabilitation of the shaft barrel at the end of last year. 
The rehabilitation work being carried out at Savuka, to repair damage to the 
underground infrastructure caused a year ago by a seismic event, continues and 
is expected to be completed by September 2010. 
 
Continental Africa's production decreased to 374,000oz in the first quarter at 
a total cash cost of $630/oz, from 418,000oz at $668/oz the previous quarter. 
Iduapriem was the chief contributor to the decline, producing only 20,000oz 
after the operation was suspended for 10 weeks to increase the overall tailings 
storage capacity. While output at Obuasi was marginally higher for the quarter, 
production will be impacted by around 20,000oz to 25,000oz in the second 
quarter as gold processing is curtailed pending the implementation of a revised 
water management strategy. Geita continued its turnaround, with the anticipated 
higher grades from the Nyankanga pit helping to boost production and lower unit 
costs. 
 
Australia's production rose to 114,000oz at a total cash cost of A$1,030/oz 
($931/oz), from 107,000oz at A$949/oz ($863/oz) in the prior quarter. Total 
cash costs were inflated by deferred waste-stripping charges during the quarter 
of some A$357/oz ($322/oz). 
 
The Americas production fell to 207,000oz at a total cash cost of $398/oz 
during the first quarter, from 226,000oz at $385/oz in the previous quarter. 
The decline came from a planned reduction in grade from Serra Grande and 
anticipated lower tonnages from AngloGold Brasil Mineraçáo, which despite this 
remained the lowest cost producer in the group at $369/oz. Argentina further 
consolidated its recovery of the past 18 months with steady production of 
47,000oz, while Cripple Creek & Victor continued its recovery from leach pad 
issues that hampered its performance last year, with a 4% increase in 
production over the quarter to 58,000oz. 
 
FINANCIAL AND CORPORATE REVIEW 
 
Adjusted headline earnings (excluding accelerated hedge buy-back costs) for the 
quarter declined to $61m, from $228m in the prior quarter, due largely to: the 
decreased production in a seasonally weak quarter, particularly when compared 
with the traditionally strong fourth quarter; the non-recurrence of a $65m 
foreign exchange gain; higher charges for amortisation and rehabilitation; and 
higher tax charges due to non-recurring credits and certain tax-free gains 
recorded in the previous quarter. 
 
Profit attributable to equity shareholders (including fair value movements on 
the bond and the hedge book) was $157m for the quarter, compared with $424m 
during the prior period when historical asset impairments at Geita, Obuasi and 
Iduapriem were reversed. This was partly negated by the net gain on the 
unrealised non-hedge derivatives. 
 
The average realised gold price for the quarter was $1,015/oz, representing an 
8.6% discount to the average spot price of $1,110/oz. Delivery into hedge 
contracts continued with the removal of a further 350,000oz from the book 
during the first quarter, leaving total commitments of 3.55Moz at 31 March 
2010. The hedge book is expected to reduce by a further 280,000oz by the end of 
the year, resulting in an average discount to spot gold prices of between 8% 
and 10%, in line with previous guidance. This assumes a gold price range of 
$950/oz to $1,250/oz and annual production of between 4.5Moz to 4.7Moz. 
 
Subsequent to the quarter-end, AngloGold Ashanti successfully concluded two 
legs of a financing package totalling $2bn, to fulfil the company's commitment 
to refinance its debt facilities that were due to mature in the near term and 
to extend the overall tenor of its debt. The first leg comprised a four-year, 
unsecured revolving credit facility with a syndicate of 16 banks at an interest 
rate of 175 basis points above the London Interbank Offered Rate. After 
receiving investment grade ratings from Moody's Investors Service and Standard 
& Poor, AngloGold Ashanti completed a $1bn bond issue in April. The issue, 
which was more than six times oversubscribed, comprised: $700m of 10-year notes 
carrying a coupon of 5.375%, at a premium of 165 basis points above United 
States treasury bills of equivalent maturity; and $300m of 30-year notes with a 
coupon of 6.5%, or 200 basis points above the relevant treasury bills. This 
outcome is to be welcomed in that it removes refinancing risk and serves to 
match AngloGold Ashanti's debt to the long-life nature of its portfolio. 
 
The proceeds from the bond will be used to extinguish and cancel: the $500m 
term facility from Standard Chartered, of which half was drawn at the 
quarter-end; and the $1.15bn revolving credit facility which matures in 
December 2010, of which $710m was drawn at the end of the first quarter. The 
cancellation of these debt facilities will result in a once off $8m charge 
(accelerated amortisation of fees) to the income statement in the second 
quarter. 
 
EXPLORATION 
 
Total exploration expenditure during the first quarter, inclusive of 
expenditure at equity accounted joint ventures, was $48m ($17m on brownfields 
exploration, $17m on greenfields exploration and $14m on pre-feasibility 
studies), compared with $71m ($29m on brownfields, $25m on greenfields and $17m 
on pre-feasibility studies) in the previous quarter.  A total of 39,280m was 
drilled during the quarter at existing priority targets so as to delineate new 
targets across the company's property holdings. Work on the feasibility study 
for the Tropicana project continued according to schedule, while further 
drilling on the nearby Boston Shaker showed potential for an additional 
open-pit and Havana Deeps showed underground mining potential. Additional 
expenditure of A$9m was approved to accelerate drilling on both deposits, 
increasing the Tropicana JV exploration budget for 2010 to A$25m. 
 
In Colombia, where final permissions are awaited for the resumption of drilling 
at the La Colosa project, exploration was undertaken on two other prospects. 
Elsewhere in the Americas, where AngloGold Ashanti has 50,000km2 of exploration 
tenements in the most prospective gold territories and new frontiers, 
exploration efforts were focused on new targets which were identified in 
Brazil, Argentina and Canada. 
 
A 50,000m drilling campaign, expected to commence during the June quarter, is 
planned for AngloGold Ashanti's landholdings in the Democratic Republic of the 
Congo following the successful conclusion of negotiations with the state-owned 
gold company. A pre-feasibility study is currently underway at the Mongbwalu 
concession and is expected to be completed within a year. 
 
OUTLOOK 
 
AngloGold Ashanti's production and total cash cost guidance for the full year 
2010 are both unchanged at 4.5Moz to 4.7Moz at a total cash cost of $590/oz to 
$615/oz. This assumes an average exchange rate of R7.70/$ and an oil price of 
$75/barrel. 
 
Our press release dated 30 March 2010 flagged that second quarter production 
from Ghana will be 20,000 to 25,000 ounces lower, for reasons stated 
previously.  In addition, Sunrise Dam will have a planned drop in quarterly 
production in the second quarter, but remains on track for the full year's 
target.  We are therefore guiding second quarter's production at similar levels 
recorded in the first quarter, i.e. 1.079Moz at a total cash cost of $650/oz at 
a rand exchange rate of R7.40/$ for the quarter. 
 
Notes: 
 
All references to price received include realised non-hedge derivatives. 
 
All references to adjusted gross profit (loss) refers to gross profit (loss) 
adjusted for unrealised non-hedge derivatives and other commodity contracts. 
 
In the case of joint venture and operations with non-controlling interests, all 
production and financial results are attributable to AngloGold Ashanti. 
 
Rounding of figures may result in computational discrepancies. 
 
Review of the Gold Market 
 
1.   Gold price movement and investment markets 
 
Gold price data 
 
Gold traded in a relatively tight range of $90/oz during the first quarter of 
the year, compared with $218/oz the previous quarter. The price averaged 1% 
higher during the period at $1,110/oz. The price held convincingly above $1,000 
/oz, reflecting broad investor satisfaction despite lingering uncertainty on 
the prognosis for the global economy and financial markets. 
 
The inverse correlation of the gold price and the US dollar remained largely 
intact and late January saw a stronger dollar exert downward pressure on the 
gold price. The dollar rallied in response to increased reserve requirements 
announced by the Chinese, followed by the Reserve Bank of India. Both 
highlighted the fragility of any global recovery. 
 
 
 
Growing doubt over sovereign stability, most notably that of Greece, and the 
ability of certain countries to fund or refinance significant debt obligations 
approaching maturity, added impetus to the dollar's gains. Greece is not alone. 
Other European nations holding large tranches of maturing debt are also likely 
to face refinancing headwinds, placing further strain on the euro and ensured a 
stronger dollar than might have been expected. 
 
Nevertheless, the gold price has remained steady, trading comfortably above 
$1,000/oz. The picture is decidedly more bullish in Europe, where the continued 
economic turmoil has pushed bullion to historic highs in euro terms. This 
further reflects the metal's true performance as a financial asset. 
 
Gold touched a record EUR834/oz during the quarter, 3% higher than its previous 
high of EUR812/oz on 3 December 2009. The price has continued to climb since the 
end of the quarter, reaching EUR900/oz on 3 May 2010. 
 
Combined holdings of the nine major gold exchange traded funds were little 
changed, despite the stronger dollar, ending the quarter 1Moz lower at 55.3Moz. 
 
Speculative activity on COMEX division of the New York Mercantile Exchange was 
more pronounced, with the net long position rising 36% from its trough during 
the quarter to a peak of 30.4Moz. 
 
Official sector 
 
Official sector selling was once again conspicuous by its absence. There were 
no sales recorded during the quarter despite the IMF's stated intention to sell 
191 tonnes of gold on the open market.  No central bank purchases were 
announced in the first quarter. 
 
Producer de-hedging 
 
No significant activity was reported. 
 
Currencies 
 
The US dollar remained relatively weak against most other currencies, 
notwithstanding its strength relative to the euro. 
 
The rand again outperformed most emerging market currencies in the quarter 
ended 31 March. The Australian dollar remained resolute, averaging A$/$0.9045 
during the quarter and trading in a narrow range of A$/$0.8640 to A$/$0.9320. 
The strength of the Australian dollar was aided by the hawkish stance of the 
Reserve Bank of Australia, a standout amongst central banks after hiking rates 
a further 25 basis points against a global backdrop of low interest rates in 
many other countries. 
 
The Brazilian real, which for many quarters stood out among the best performing 
emerging market currencies, failed to extend its strengthening trend. During 
the quarter under review it averaged $/BRL 1.80 which is 3% weaker than its 
average of the previous quarter, closing at $/BRL 1.78 at the end of March. 
 
Silver 
 
Silver prices continued to display a close correlation to gold prices. The 
silver price averaged $16.93/oz for the quarter, from $17.53/oz the previous 
quarter.  The silver ETF remained static quarter on quarter at 396Moz. 
 
2.   Physical demand 
 
2.1.             Jewellery sales 
 
The world's largest gold markets of India and China performed well, while there 
was encouraging jewellery consumption data from the Middle East for the first 
time since the onset of the global financial crisis. Relative gold price 
stability aided recovery in all markets. India, the world's largest gold 
consumer, enjoyed a vastly improved first quarter amid upbeat sentiment stoked 
by signs of accelerating economic growth and a stronger rupee. Gold imports 
topped 144 tonnes, the highest first quarter tally in the past five years. Many 
retailers are restocking and also increasing the share of gold jewellery 
relative to diamond jewellery in their inventories to boost turnover over 
profit margins. It is anticipated that the first quarter's gains will be 
consolidated in the second quarter, with key buying opportunities presented by 
the Hindu New Year festivals, including the highly auspicious day of Akshaya 
Tritiya, as well as the upcoming wedding season. 
 
China's first quarter sales are traditionally marked by strong demand amid 
Chinese New Year and Valentines Day celebrations. While many retailers reported 
good trade given that the two events fell on the same day this year, demand 
would have been stronger had the two not been combined. Interestingly, Women's 
Day on 8 March registered strong sales for the first time as women marked the 
day by buying jewellery, a positive indicator for the Chinese jewellery market. 
Some Chinese manufacturers reported the first quarter as their strongest of the 
past decade. January and February orders were predictably high while a 
surprisingly robust March indicates retailer confidence in the coming months. 
 
While the US market continued its struggle, some positive data from the fourth 
quarter continued into the new year. Sterling Jewellers, the countries largest 
retailer, reported an 8% increase in sales for the full year through January. 
There were signs of retailers cautiously adding to inventories as year-on-year 
sales showed a modest increase. High-end retailers, including Tiffany, Sacks of 
Fifth Avenue and Neiman Marcus, reported strong sales. A continuation of that 
trend would confirm the popular contention that the high-end market would be 
first to recover from the slump. The luxury sector showed a similar rebound, as 
post-holiday discounting bolstered first quarter sales. 
 
The Middle East showed signs of recovery. In the United Arab Emirates an 
increase in tourists visiting before and after the Dubai Shopping Festival 
helped boost gold sales. Residents also showed signs of adjusting to a $1,090/ 
oz gold price level, which further supported sales boosted by growing consumer 
confidence. Total jewellery sales increased by as much as 20% year on year. 
Turkish jewellery exports leapt 52% to 10.4 tonnes, while local jewellery sales 
rose 33% from a year earlier. In the Kingdom of Saudi Arabia, the relative 
stability of gold prices in the first quarter, along with, increased government 
stimulus and occasions like Spring Holiday, Valentine's Day and Mothers' Day, 
all aided a 12% to 15% increase in jewellery sales. 
 
2.2.             Investment market 
 
Last year's positive trend in bar and coin sales in India continued in the 
first quarter. The Indian ETF showed low levels of redemptions, while the 
launch of three new funds was announced. Changes to income tax regulations put 
more money in the hands of consumers, further boosting the local gold market. 
Recent advertising campaigns sponsored by commercial banks, extolling gold as a 
'real' asset that can be used as collateral, are also now gaining traction. 
Scrap activity declined significantly. 
 
In the US, bar and coin sales remained steady. January saw some investors 
selling gold to rebalance portfolios, but gold ETF sales were strong since 
February. ETF demand in the first quarter dropped sharply from the same period 
in 2009, when investors sought safe haven during the darkest days of the 
financial crisis. The launch of Sprott Asset Management's physical gold 
delivery ETF, saw ten tons of gold absorbed in just four days. In another 
significant transaction, China Investment Corp bought 1.5 million units of the 
SPDR Gold Trust, the world's largest ETF. The fact that CIC chose not to buy 
physical gold from Chinese sources highlights one of the primary benefits of 
investing in ETFs: they are easier to value, book and transact. 
 
First quarter demand for China Gold Investment Bars was more than double that 
in the first quarter of last year. In fact, demand for gold bars in China 
during January and February was so strong that the Shanghai Gold Exchange 
imported 70t of bullion. Such positive data reflects a growing fear of rising 
inflation and investors diversifying away from property. 
 
Middle Eastern investment saw some improvement in the first quarter, although 
it is more muted than gains in the jewellery sector. However it should be 
remembered that in terms of sales, the Middle Eastern jewellery market is far 
more significant than the investment market. In the UAE, demand for coins and 
bars rose by more than 15%, as Asian residents adjusted to a gold price around 
$1,090/oz. The Turkish market for physical gold investment showed modest gains 
and increased both year on year and quarter on quarter. Despite stronger 
jewellery manufacture, bullion imports were virtually non-existent as Turkish 
manufacturers were served by an increased supply of scrap. In Saudi Arabia the 
level of investment demand was flat. 
 
Hedge position 
 
As at 31 March 2010, the net delta hedge position was 3.35Moz or 104t (at 
31 December 2009: 3.49Moz or 108t), representing a further reduction of 0.14Moz 
for the quarter. The total commitments of the hedge book as at 31 March 2010 
was 3.55Moz or 110t, a reduction of 0.35Moz from the position as at 31 December 
2009. 
 
The marked-to-market value of all hedge transactions making up the hedge 
positions was a negative $2.07bn (negative R15.09bn), decreasing by $0.11bn 
(R1.09bn) over the quarter. This value was based on a gold price of $1,112.50/ 
oz, exchange rates of R7.30/$ and A$/$0.9162 and the prevailing market interest 
rates and volatilities at that date. 
 
As at 5 May 2010, the marked-to-market value of the hedge book was a negative 
$2.18bn (negative R16.47bn), based on a gold price of $1,169.20/oz and exchange 
rates of R7.55/$ and A$/$0.9073 and the prevailing market interest rates and 
volatilities at the time. 
 
These marked-to-market valuations are in no way predictive of the future value 
of the hedge position, nor of future impact on the revenue of the company. The 
valuation represents the theoretical cost of buying all hedge contracts at the 
time of valuation, at market prices and rates available at the time. 
 
The following table indicates the group's commodity hedge position at 31 March 
2010 
 
          Year           2010      2011      2012      2013      2014     2015       Total 
 
US DOLLAR 
/GOLD 
 
Forward   Amount            *    60,000   122,500   119,500    91,500            *(95,427) 
contracts (oz)      (488,927) 
 
          US$/oz        *$985      $227      $418      $477      $510             *$ 3,281 
 
Put       Amount      181,895   148,000    85,500    60,500    60,500              536,395 
options   (oz) 
sold 
 
          US$/oz         $772      $623      $538      $440      $450                 $620 
 
Call      Amount      770,360   776,800   811,420   574,120   680,470   29,000   3,642,170 
options   (oz) 
sold 
 
          US$/oz         $607      $554      $635      $601      $604     $670        $601 
 
RAND/GOLD 
 
Forward   Amount    *(30,000)                                                    *(30,000) 
contracts (oz) 
 
          ZAR/oz      *R7,181                                                      *R7,181 
 
Put       Amount       30,000                                                       30,000 
options   (oz) 
sold 
 
          ZAR/oz       R7,500                                                       R7,500 
 
Call      Amount       30,000                                                       30,000 
options   (oz) 
sold 
 
          ZAR/oz       R8,267                                                       R8,267 
 
A DOLLAR/ 
GOLD 
 
Forward   Amount      100,000                                                      100,000 
contracts (oz) 
 
          A$/oz         A$643                                                        A$643 
 
Call      Amount      100,000                                                      100,000 
options   (oz) 
purchased 
 
          A$/oz         A$712                                                        A$712 
 
** Total  Delta 
net gold: (oz)      (250,090) (808,775) (880,206) (660,682) (726,215) (26,463) (3,352,431) 
 
          Committed                                                   (29,000) 
          (oz)      (281,433) (836,800) (933,920) (693,620) (771,970)          (3,546,743) 
 
 
*     Represents a net long gold position and net short US Dollars/Rands 
position resulting from both forward sales and purchases for the period. 
 
**    The Delta of the hedge position indicated above is the equivalent gold 
position that would have the same marked-to-market sensitivity for a small 
change in the gold price.  This is calculated using the Black-Scholes options 
formula with the ruling market prices, interest rates and volatilities as at 31 
March 2010. 
 
Fair value of derivative analysis by accounting designation at 31 March 2010 
 
                                                                      Non-hedge 
Figures in millions                                                   accounted 
 
                                                                          Total 
 
                                                                      US Dollar 
 
Commodity option contracts                                              (1,829) 
 
Forward sale commodity contracts                                          (237) 
 
Interest rate swaps                                                        (13) 
 
Total hedging contracts                                                 (2,079) 
 
Embedded derivatives                                                        (1) 
 
Warrants on shares                                                           3 
 
Option component of convertible bond                                      (127) 
 
Total derivatives                                                       (2,204) 
 
Credit risk adjustment                                                    (120) 
 
Total derivatives - before credit risk adjustment                       (2,324) 
 
 
Rounding of figures may result in computational discrepancies. 
 
Exploration 
 
BROWNFIELDS EXPLORATION 
 
In South Africa, surface drilling continued in the Project Zaaiplaats area. 
MMB5 deflection 7 advanced to a depth of 2,797m. MZA9 continued drilling 
deflection 23 and advanced 267m over the quarter. The Vaal reef intersection is 
expected in June 2010. The long deflection from MGR6 continued drilling and the 
hole is currently at a depth of 2,742m. The Vaal Reef is expected to be 
intersected in September 2010 after minor delays were caused by a jammed core 
barrel. MGR8 progressed to 40m above the reef (3,139m) when the rods broke. A 
wedge was then set at 3,010m so as to bypass the stuck rods. A reef 
intersection is anticipated in June 2010. 
 
In the Western Ultra Deep Levels area, UD51 advanced from a depth of 2,796m to 
a depth of 3,064m with a Ventersdorp Contact Reef intersection expected in 
September 2010. 
 
At Obuasi in Ghana, 1,374m of drilling was completed above 50 level. Drilling 
is scheduled to re-start on 50 level, with one hole starting in May and two in 
June as the sites are re-equipped. 
 
In Argentina, positive results have been obtained from in-fill drilling on the 
known veins.  In regional exploration, detailed mapping on four targets defined 
by radial and circular magnetic signatures at El Volcán is continuing. 
 
In Australia, at Sunrise Dam, drilling continued to infill and extend both 
surface and underground lodes. Underground targets included GQ, Cosmo, Dolly 
and extensions to all these bodies.  Surface targets included the paleochannel, 
Golden Delicious and Sunrise North including Neville. Drilling has continued at 
Wilga with a series of water bores being drilled. 
 
In Brazil, surface and underground drilling for oxide and sulphide ore at 
Córrego do Sítio, remains the primary focus.  The Fe-Quad step change 
exploration project commenced with exploration starting at the Pari prospect. 
At MSG, the down-dip extension of the Pequizão ore body is being targeted. 
Potential extensions of the Cajueiro are being targeted by a new drilling 
programme following structural reinterpretation.  Final reports on exploration 
for MSG in accordance to the Brazilian Mining regulations have been completed 
and six new applications for exploration are being considered by the 
authorities. Regional exploration work continued on the Votorantim Metais 
areas. 
 
In Colombia, at the La Colosa project, some restrictions on exploration 
activities have been lifted by the authorities. However, some water permits 
crucial for the resumption of exploration drilling remain suspended due to 
drought and consequent water restrictions. The most likely scenario is for 
drilling to resume late in the third quarter.  Meanwhile, geophysical work 
(induction potential) is continuing and results to date encourage the view that 
it can be used to develop drill target extensions to the altered early diorite 
which is the primary host of the gold mineralisation.  The development of a 
'geometallurgical model', to define local variability in gold recovery and 
other important metallurgical treatment characteristics is progressing and will 
be invaluable for planning future exploitation. 
 
At Kibali in the Democratic Republic of the Congo, Mineral Resource drilling of 
the KCD deposit continued and targeted the defining of the open pit/underground 
interface and the pit shell itself.  A total of 19 holes (8,183m) were 
drilled.  Drilling of the KCD Sessenge gap and the KCD infill programme 
commenced with 400m and 1,481m being drilled respectively.  In the case of the 
KCD infill drilling all boreholes confirmed the existing wireframe model. 
 
A review and reinterpretation of the ore zones on the project was undertaken 
during the quarter - this involved the re-logging of some 163 boreholes taking 
into consideration alteration, mineralisation and structural criteria. 
 
Surface mapping has been completed on four oxide ore potential targets with the 
result that a 5,000m RC programme has been proposed for the Memekazi - Renzi 
project area. Soil sampling started at Block 1 in January with 747 samples 
taken.  To date three anomalies have been identified in this block. 
 
For Mongbwalu, a definitive agreement was signed with joint venture partner 
OKIMO on 20 March 2010. Within one year a feasibility study (as defined in the 
joint venture agreement) must be completed and submitted. In support of this 
feasibility study operations continued throughout the quarter aimed at 
metallurgical and geotechnical test work as well as infill Mineral Resource 
drilling. 
 
A total of 15 core holes (2,563m) were completed, nine for geotechnical test 
work and the remainder for Mineral Resource definition. 
 
At Siguiri in Guinea, a total of 22,173m of RC drilling was completed within 
the Combined Pits project area. The aim being to upgrade oxide Mineral 
Resources in Bidini South and Kalamagna South areas, around the Tubani 
Extension pit and between Bidini and Sanu-Tinti pits. Drilling around Kosise 
West and Kosise South East prospects was also completed with the aim of 
generating new Mineral Resource ounces. 
 
Geological and geotechnical diamond drilling (229.6m) in the Tubani Extension 
project was carried out early in the quarter. Further drilling below Sanu 
Tinti, Sintroko and Soloni Pits brought the total of diamond drilling to 
1,368m. 
 
Reconnaissance and delineation drilling continued on a ground gravity and 
surface geochemical target north west of the Seguélén pit, and to the south 
west of the planned Sokunu pit with a total of 5,932m AC drilling. 
 
Geochemical soil sampling for the first quarter covered two main areas, being 
the exploration license to the west of the TSF and the north eastern area of 
Block 1. Data interpretation is currently ongoing to define the targets that 
require follow up. 
 
Ground geophysics IP grids were completed over a portion of Sintroko South and 
the Tubani Extension areas for orientation purposes, and over the Sokunu-Kosise 
gap for targeting purposes. The equipment has subsequently moved to the Saraya 
deposit in Block 2. 
 
At Geita in Tanzania, exploration work focused on processing data collected 
from the Nyankanga Cut 7 infill drilling programme.  A total of 14,000m new 
core was logged and together with the re-logging of 49,700m of historic core 
(which confirmed the previous interpretations), was incorporated into the 
updated Nyankanga geological model. 
 
Some 10,000 new density readings were collected across the ore body.  The 
average densities of the lithologies were confirmed but showed greater 
variability. 
 
An IP survey over the Area 3 test area has been completed and the data is 
currently being processed. Target consolidation of the first 20 regional 
exploration targets commenced in February with the collation of Prospect 5 
data.  The plan is to review all 20 targets by the end of 2010 with the aim of 
implementing follow up drilling plans for the five highest potential targets. 
 
Geological mapping on the extension area to Star and Comet commenced in March 
to assist with delineating an area for IP survey in June quarter 2010 and 
compiling revised geological models. 
 
In Mali, drilling continued at Yatela with the aim of extending the life of the 
Yatela and Alamoutala pits. Significant drill intersections were drilled at the 
KW-18 pit area.  At Yatela North, the most northern drilling, located at the 
base of the Tamboura escarpment, shows mineralisation is open northwards. 
 
The Sadiola Deeps Infill drilling is progressing well and remains on schedule. 
A review of the geological models of the Tambali and FN2 areas (north and south 
of the Sadiola open pit) has been undertaken and new wireframes are being 
created accordingly.  It is expected that this will lead to an increase in 
Mineral Resource. 
 
A detailed ground gravity survey is underway in the south of the Sadiola lease 
area over a significant gravity low anomaly identified to the south of Sekekoto 
SE prospect. 
 
At Navachab in Namibia, 86 holes, totaling 11,255m, were drilled.  Off-mine 
drilling focused on the LS/LM contact mineralisation at Anomaly 16 Valley 
target area with 27 RC holes (3,507m) and 5 diamond holes being drilled 
(669m).  This drilling is probing the down plunge extension of the higher grade 
portion of mineralisation at the Valley target. 
 
On-mine exploration drilling focused on the down plunge extension of the NP2 FW 
veins as well as the main pit FW vein down plunge extension with 12 diamond 
holes (3,270m) being completed on the NP2 vein set and 2 diamond holes (755m) 
being completed for the main pit FW vein set.  40 RC holes totaling 3,054m were 
drilled on the proposed HME waste dump extension to test the area for 
mineralisation. 
 
At Cripple Creek & Victor in the United States, drilling and studies continue 
to quantify the potential of the high grade Mineral Resource. Metallurgical 
testing of a high grade composite sample is underway as is an interim Mineral 
Resource model. Mineral resource delineation drilling commenced in the North 
Cresson area. 
 
GREENFIELD EXPLORATION 
 
Greenfield exploration activities were undertaken in Australia, the Americas, 
China, Southeast Asia, Sub-Saharan Africa and the Middle East & North Africa. A 
total of 39,280m of diamond, RC and AC drilling was completed at existing 
priority targets and used to delineate new targets in Australia and Colombia. 
 
In Australia, on the Tropicana JV, (AngloGold Ashanti 70%, Independence Group 
30%) AngloGold Ashanti is currently undertaking a feasibility study and seeking 
environmental approvals required for open pit mining. Exploration is continuing 
throughout the tenement package and prioritised on targets close to the 
proposed gold operation. 
 
The feasibility study is advancing with pit designs complete and mine 
scheduling in progress. The plant flow sheet and layout has been finalised. The 
design of infrastructure including administration and plant facilities 
buildings, tailings storage, access roads, village, water supply, and airstrip 
are nearing completion. The estimation of feasibility level capital and 
operating costs is in progress.  The company will also consider the potential 
impact of the Resource Super Profits Tax being proposed by the Government of 
Australia effective 1 July 2012. 
 
The Tropicana JV has responded to public submissions received during the eight 
week public review period for the Tropicana Gold project environmental impact 
assessment. The Environmental Protection Authority (EPA) is currently 
considering the project. It is anticipated the EPA will provide a 
recommendation on the project approval and approval conditions to the Western 
Australia Minister for the Environment. The approval and conditions are subject 
to potential public appeals. 
 
During the quarter the Tropicana JV partners approved additional expenditure of 
A$8.7m to accelerate drilling of the Havana Deeps and Boston Shaker Zones, 
increasing the 2010 Tropicana JV exploration budget to A$25m. 
 
At Boston Shaker, mineralisation has been intersected over an approximate 600m 
strike length and is located approximately 500m northeast of the Tropicana pit. 
Exploration is targeting Boston Shaker as a possible additional open pit mining 
area with further RC and diamond drilling being carried out to determine the 
northern and down-dip extents of the mineralisation. 
 
Drilling at Havana Deeps identified the down-dip extensions of the 
mineralisation, which may have potential for underground mining. Gold 
intersections include 35m @ 5.03 g/t Au from 514m (including 22m @ 6.41 g/t Au 
from 527m) and  23m @ 3.39 g/t Au from 327m (including 21m @ 3.64 g/t Au from 
349m). 
 
At Tumbleweed, 10km north of Tropicana-Havana, aircore drilling returned gold 
results including 12m @ 0.72 g/t Au from 28m. Follow-up reverse circulation and 
diamond drilling will be completed in the June quarter. 
 
The approximately 11,400km2 Viking project, including 6,500km2 of granted 
exploration licences, is southwest of the Tropicana JV within the Albany-Fraser 
foreland tectonic setting that hosts the Tropicana deposit. Here surface 
geochemical sampling continued throughout the quarter. 
 
Greenfields exploration in the Americas in the first quarter focused on early 
stage exploration in Colombia, Canada, Brazil, Argentina and the USA. Two 
projects were drilled in Colombia, both of which will see continued evaluation 
throughout 2010. Several new targets were identified in Colombia, Brazil, 
Argentina and Canada as a result of AngloGold Ashanti's 100% greenfields 
exploration programmes as well as those with JV partners. AngloGold Ashanti 
currently has exploration tenements that cover more than 50,000km2 in some of 
the most prospective belts and new frontiers in the Americas. 
 
In China, at the Jinchanggou project, transfer of the remaining exploration 
licences into the JV is underway. Following completion of this structural 
targets identified from trenching will be drill tested. The three new 
applications in the Junggar Belt of northeast China are still pending final 
approval. Military clearance has been obtained from Provincial level, but due 
to procedural changes has been passed to Beijing for final clearance. We expect 
the licences to be granted in June quarter. 
 
In the Solomon Islands, exploration activities continued at two JV's with XDM 
Resources. Exploration activities included airborne electro-magnetic 
geophysical surveys, trenching, geological mapping and geochemical sampling. 
Spectral and petrographic studies, with remodelling of existing geophysical 
data, were also completed to improve understanding of the project areas. 
Drilling equipment was being mobilised to high-priority drill targets 
identified and prioritised during the first quarter work. 
 
In Sub-Saharan Africa, project generation work is ongoing with the development 
of new conceptual targets to guide longer term strategies. A number of specific 
exploration opportunities are currently under negotiation. 
 
In the Democratic Republic of the Congo, the protracted mining contract 
renegotiation over the former Concession 40 area was concluded in March. The 
areal extent of Exploitation Licences currently held by OKIMO is 7,443km2 and 
approximately 5,900km2 is to be transferred to the joint venture company, 
Ashanti Goldfields Kilo (AGK), of which 86.22% of the share capital is held by 
AngloGold Ashanti and the remaining 13.78% by OKIMO, a state-owned gold 
company. The Mongbwalu project is now the subject of a Pre-feasibility Study 
(PFS), which is to be completed within 12 months as per the agreement. 
Geotechnical and metallurgical drill-testing has been completed for the PFS and 
a 50,000m combined diamond and reverse circulation drilling programme is 
scheduled to commence during the second quarter. Regional greenfields 
exploration on the remaining licence area will focus primarily on regional soil 
sampling, reconnaissance mapping and drill-testing of key targets. 
 
In Gabon, encouraging results came from work on licences held by Dome Ventures 
that are the subject of an earn-in. Drilling on these licences is planned for 
the third quarter. Data from a recently released regional geophysical survey 
that was flown in 2009 as part of the Sysmin project is currently being 
acquired by AngloGold Ashanti. This will enable detailed interpretation and aid 
in target generation work over AngloGold Ashanti's 8,000km2 prospecting 
licence, as well as the exploration licences that were acquired from Swala. 
 
In the Middle East & North Africa, the strategic alliance between AngloGold 
Ashanti and Thani Investments has identified several promising projects in the 
Arabian Nubian Shield. 
 
In Russia, the Sale and Purchase Agreement for the disposal of the Zoloto Taigi 
JV property of Veduga to Alfa Gold, was concluded this quarter and Federal 
Antimonopoly Service approval was received. Completion is expected in the 
second quarter. 
 
ANGLOGOLD ASHANTI/DE BEERS JOINT VENTURE 
 
During the quarter the Launch and Recovery system was commissioned and 
integrated with the sonic drill rig. In March, drilling activities started off 
the west coast of South Island, New Zealand. A total of 249m were drilled 
during the quarter. The first assay results are expected early in the third 
quarter. 
 
Group 
operating 
results 
 
                                  Quarter ended                Year                          Year 
 
                                                               ended                        ended 
 
                                   Mar     Dec     Mar     Dec       Mar     Dec     Mar     Dec 
 
                                  2010    2009    2009    2009      2010    2009    2009    2009 
 
                                    Unaudited                         Unaudited 
 
                                  Rand / Metric                       Dollar / 
                                                                      Imperial 
 
OPERATING RESULTS 
 
UNDERGROUND 
OPERATIONS 
 
Milled      - 000  / - 000 tons    2,801   2,910   3,032  11,944     3,087   3,207   3,343  13,166 
            tonnes 
 
Yield       - g/t  / - oz/t         6.22    6.68    6.22    6.41     0.181   0.195   0.181   0.187 
 
Gold        - kg   / - oz (000)   17,414  19,435  18,857  76,532       560     625     606   2,461 
produced 
 
SURFACE AND DUMP 
RECLAMATION 
 
Treated     - 000  / - 000 tons    2,692   3,068   3,264  12,779     2,967   3,382   3,598  14,086 
            tonnes 
 
Yield       - g/t  / - oz/t         0.47    0.48    0.56    0.51     0.014   0.014   0.016   0.015 
 
Gold        - kg   / - oz (000)    1,276   1,476   1,824   6,481        41      47      59     208 
produced 
 
OPEN-PIT 
OPERATIONS 
 
Mined       - 000  / - 000 tons   39,861  40,346  45,352 167,000    43,939  44,474  49,992 184,086 
            tonnes 
 
Treated     - 000  / - 000 tons    5,919   6,645   5,737  25,582     6,525   7,325   6,324  28,199 
            tonnes 
 
Stripping   - t (mined total -      4.93    4.71    5.44    5.58      4.93    4.71    5.44    5.58 
ratio       mined ore) / t mined 
            ore 
 
Yield       - g/t  / - oz/t         2.05    1.98    1.99    1.96     0.060   0.058   0.058   0.057 
 
Gold in ore - kg   / - oz (000)    7,131  10,348   7,750  34,934       229     333     249   1,123 
 
Gold        - kg   / - oz (000)   12,161  13,128  11,406  50,041       391     422     367   1,609 
produced 
 
HEAP LEACH 
OPERATIONS 
 
Mined       - 000  / - 000 tons   16,565  14,480  13,882  57,456    18,260  15,961  15,302  63,334 
            tonnes 
 
Placed 1    - 000  / - 000 tons    5,457   4,678   5,605  19,887     6,015   5,156   6,179  21,922 
            tonnes 
 
Stripping   - t (mined total -      2.08    2.23    1.51    1.94      2.08    2.23    1.51    1.94 
ratio       mined ore) / t mined 
            ore 
 
Yield 2     - g/t  / - oz/t         0.56    0.72    0.57    0.65     0.016   0.021   0.017   0.019 
 
Gold placed - kg   / - oz (000)    3,068   3,380   3,220  12,958        99     109     104     417 
3 
 
Gold        - kg   / - oz (000)    2,723   2,728   2,219   9,995        87      88      71     321 
produced 
 
TOTAL 
 
Gold        - kg   / - oz (000)   33,574  36,767  34,306 143,049     1,079   1,182   1,103   4,599 
produced 
 
Gold sold   - kg   / - oz (000)   32,999  37,359  32,584 142,837     1,061   1,201   1,048   4,592 
 
Price       - R/kg / -$/oz sold   244,873 247,985 273,109 201,805     1,015   1,029     858     751 
received 
Price       - R/kg / -$/oz sold   244,873 247,985 273,109 246,048     1,015   1,029     858     925 
received 
excluding hedge 
buy-back 
costs 
 
Total cash  - R/kg / -$/oz        149,431 143,596  41,552 136,595       619     598     445     514 
costs                 produced 
 
Total       - R/kg / -$/oz        190,374 178,379 180,751 171,795       789     743     568     646 
production            produced 
costs 
 
PRODUCTIVITY PER 
EMPLOYEE 
 
Target      - g    / - oz            300     333     293     317      9.64   10.72    9.42   10.20 
 
 
Actual      - g    / - oz            268     292     287     292      8.61    9.40    9.23    9.40 
 
 
CAPITAL     - Rm   / - $m          1,283   2,275   2,381   8,726       171     293     241   1,027 
EXPENDITURE 
 
1 Tonnes (tons) placed on to leach pad. 
 
2 Gold placed / tonnes 
(tons) placed. 
 
3 Gold placed into 
leach pad inventory. 
 
Rounding of figures may result in computational 
discrepancies. 
 
 
Group income statement 
 
                                           Quarter   Quarter   Quarter     Year 
 
                                             ended     ended     ended    ended 
 
                                             March  December     March December 
 
                                              2010      2009      2009     2009 
 
SA Rand million                    Notes Unaudited Unaudited Unaudited  Audited 
 
Revenue                              2       8,453     9,514     6,824   31,961 
 
Gold income                                  8,222     9,234     6,518   30,745 
 
Cost of sales                        3     (6,060)   (6,219)   (5,621) 
                                                                       (23,220) 
 
Gain (loss) on non-hedge             4          59   (2,706)       205 
derivatives and other commodity                                        (11,934) 
contracts 
 
Gross profit (loss)                          2,221       309     1,102  (4,409) 
 
Corporate administration and other           (282)     (359)     (351)  (1,275) 
expenses 
 
Market development costs                      (19)      (10)      (28)     (87) 
 
Exploration costs                            (277)     (442)     (221)  (1,217) 
 
Other operating (expenses) income    5        (56)        58      (50)     (80) 
 
Operating special items              6       (174)     4,761      (60)    5,209 
 
Operating profit (loss)                      1,413     4,317       391  (1,859) 
 
Interest received                               65       133        97      444 
 
Exchange gain                                   38       527        16      852 
 
Fair value adjustment on option                356      (66)         -    (249) 
component of convertible bond 
 
Finance costs and unwinding of       7       (239)     (268)     (252)  (1,146) 
obligations 
 
Share of equity accounted                      163       227       223      785 
investments' profit 
 
Profit (loss) before taxation                1,796     4,870       476  (1,173) 
 
Taxation                             8       (558)   (1,522)     (384)  (1,172) 
 
Profit (loss) for the period                 1,238     3,348        92  (2,345) 
 
Allocated as follows: 
 
Equity shareholders                          1,150     3,179         1  (2,762) 
 
Non-controlling interests                       88       169        91      417 
 
                                             1,238     3,348        92  (2,345) 
 
Basic profit (loss) per ordinary               313       867         -    (765) 
share (cents) 1 
 
Diluted profit (loss) per ordinary             313       865         -    (765) 
share (cents) 2 
 
1 Calculated on the basic weighted average number 
of ordinary shares. 
 
2 Calculated on the diluted weighted average 
number of ordinary shares. 
 
Rounding of figures may result in 
computational discrepancies. 
 
 
Group income statement 
 
                                           Quarter   Quarter   Quarter     Year 
 
                                             ended     ended     ended    ended 
 
                                             March  December     March December 
 
                                              2010      2009      2009     2009 
 
US Dollar million                  Notes Unaudited Unaudited Unaudited  Audited 
 
Revenue                              2       1,126     1,273       689    3,916 
 
Gold income                                  1,095     1,236       658    3,768 
 
Cost of sales                        3       (807)     (833)     (568)  (2,813) 
 
Gain (loss) on non-hedge             4          13     (363)        20  (1,533) 
derivatives and other commodity 
contracts 
 
Gross profit (loss)                            301        40       111    (578) 
 
Corporate administration and other            (37)      (48)      (35)    (154) 
expenses 
 
Market development costs                       (3)       (1)       (3)     (10) 
 
Exploration costs                             (37)      (59)      (22)    (150) 
 
Other operating (expenses) income    5         (8)         8       (5)      (8) 
 
Operating special items              6        (23)       636       (6)      691 
 
Operating profit (loss)                        193       576        39    (209) 
 
Interest received                                9        18        10       54 
 
Exchange gain                                    4        71         1      112 
 
Fair value adjustment on option                 48       (9)         -     (33) 
component of convertible bond 
 
Finance costs and unwinding of       7        (32)      (36)      (25)    (139) 
obligations 
 
Share of equity accounted                       22        30        23       94 
investments' profit 
 
Profit (loss) before taxation                  244       650        48    (121) 
 
Taxation                             8        (76)     (204)      (39)    (147) 
 
Profit (loss) for the period                   168       446         9    (268) 
 
Allocated as follows: 
 
Equity shareholders                            157       424         -    (320) 
 
Non-controlling interests                       11        22         9       52 
 
                                               168       446         9    (268) 
 
Basic profit (loss) per ordinary                43       116         -     (89) 
share (cents) 1 
 
Diluted profit (loss) per ordinary              43       115         -     (89) 
share (cents) 2 
 
1 Calculated on the basic weighted average number 
of ordinary shares. 
 
2 Calculated on the diluted weighted average 
number of ordinary shares. 
 
Rounding of figures may result in 
computational discrepancies. 
 
 
Group statement of comprehensive income 
 
                                           Quarter   Quarter   Quarter     Year 
 
                                             ended     ended     ended    ended 
 
                                             March  December     March December 
 
                                              2010      2009      2009     2009 
 
                                                    Restated  Restated 
 
SA Rand million                          Unaudited Unaudited Unaudited  Audited 
 
Profit (loss) for the period                 1,238     3,348        92  (2,345) 
 
Exchange differences on translation of       (280)     (618)       166  (2,645) 
foreign operations 
 
Net loss on cash flow hedges                   (1)     (140)     (171)    (132) 
 
Net loss on cash flow hedges removed           279       181       530    1,155 
from equity and reported in gold income 
 
Hedge ineffectiveness on cash flow               -        15        36       40 
hedges 
 
Realised gains (losses) on hedges of             1         2      (15)     (12) 
capital items 
 
Deferred taxation thereon                     (98)      (13)      (91)    (263) 
 
                                               181        45       289      788 
 
Net (loss) gain on available for sale         (45)       346        83      482 
financial assets 
 
Deferred taxation thereon                        1       (5)       (3)     (13) 
 
                                              (44)       341        80      469 
 
Actuarial gain recognised                        -        88         -       88 
 
Deferred taxation thereon                        -      (28)         -     (28) 
 
                                                 -        60         -       60 
 
Other comprehensive (expense) income for     (143)     (172)       535  (1,328) 
the period net of tax 
 
Total comprehensive income (expense) for     1,095     3,176       627  (3,673) 
the period net of tax 
 
Allocated as follows: 
 
Equity shareholders                          1,007     3,008       530  (4,099) 
 
Non-controlling interests                       88       168        97      426 
 
                                             1,095     3,176       627  (3,673) 
 
Rounding of figures may result in computational 
discrepancies. 
 
 
Group statement of comprehensive income 
 
                                           Quarter   Quarter   Quarter     Year 
 
                                             ended     ended     ended    ended 
 
                                             March  December     March December 
 
                                              2010      2009      2009     2009 
 
                                                    Restated  Restated 
 
US Dollar million                        Unaudited Unaudited Unaudited  Audited 
 
Profit (loss) for the period                   168       446         9    (268) 
 
Exchange differences on translation of          22      (45)      (14)      318 
foreign operations 
 
Net loss on cash flow hedges                     -      (17)      (17)     (16) 
 
Net loss on cash flow hedges removed            37        26        54      138 
from equity and reported in gold income 
 
Hedge ineffectiveness on cash flow               -         2         3        5 
hedges 
 
Realised gains (losses) on hedges of             -         1       (2)      (1) 
capital items 
 
Deferred taxation thereon                     (13)       (3)       (9)     (35) 
 
                                                24         9        29       91 
 
Net (loss) gain on available for sale          (6)        41         8       57 
financial assets 
 
Deferred taxation thereon                        -       (1)         -      (2) 
 
                                               (6)        40         8       55 
 
Actuarial gain recognised                        -        10         -       10 
 
Deferred taxation thereon                        -       (3)         -      (3) 
 
                                                 -         7         -        7 
 
Other comprehensive income for the              40        11        23      471 
period net of tax 
 
Total comprehensive income for the             208       457        32      203 
period net of tax 
 
Allocated as follows: 
 
Equity shareholders                            197       434        22      150 
 
Non-controlling interests                       11        23        10       53 
 
                                               208       457        32      203 
 
Rounding of figures may result in computational 
discrepancies. 
 
 
Group statement of financial position 
 
                                                       As at    As at     As at 
 
                                                       March December     March 
 
                                                        2010     2009      2009 
 
SA Rand million                               Note Unaudited  Audited Unaudited 
 
ASSETS 
 
Non-current assets 
 
Tangible assets                                       42,476   43,263    41,404 
 
Intangible assets                                      1,309    1,316     1,408 
 
Investments in associates and equity accounted         4,795    4,758     2,897 
joint ventures 
 
Other investments                                      1,315    1,302       704 
 
Inventories                                            2,485    2,508     2,884 
 
Trade and other receivables                              867      788       716 
 
Derivatives                                               19       40         - 
 
Deferred taxation                                        349      451       477 
 
Cash restricted for use                                  364      394       359 
 
Other non-current assets                                  99       63        36 
 
                                                      54,078   54,883    50,884 
 
Current assets 
 
Inventories                                            5,216    5,102     5,877 
 
Trade and other receivables                            1,517    1,419     1,827 
 
Derivatives                                            1,517    2,450     4,744 
 
Current portion of other non-current assets                2        3         2 
 
Cash restricted for use                                  118       87        84 
 
Cash and cash equivalents                              5,346    8,176     5,874 
 
                                                      13,716   17,237    18,408 
 
Non-current assets held for sale                         665      650     9,104 
 
                                                      14,381   17,887    27,512 
 
TOTAL ASSETS                                          68,459   72,770    78,396 
 
EQUITY AND LIABILITIES 
 
Share capital and premium                      11     39,884   39,834    37,513 
 
Retained earnings and other reserves                (17,465)           (13,995) 
                                                             (18,276) 
 
Non-controlling interests                                956      966       893 
 
Total equity                                          23,375   22,524    24,411 
 
Non-current liabilities 
 
Borrowings                                             4,809    4,862     9,147 
 
Environmental rehabilitation and other                 3,383    3,351     3,934 
provisions 
 
Provision for pension and post-retirement              1,181    1,179     1,299 
benefits 
 
Trade, other payables and deferred income                144      108       115 
 
Derivatives                                              941    1,310         - 
 
Deferred taxation                                      5,661    5,599     6,153 
 
                                                      16,119   16,409    20,648 
 
Current liabilities 
 
Current portion of borrowings                          7,095    9,493     9,745 
 
Trade, other payables and deferred income              3,867    4,332     4,683 
 
Derivatives                                           16,674   18,770    17,376 
 
Taxation                                               1,271    1,186       803 
 
                                                      28,907   33,781    32,607 
 
Non-current liabilities held for sale                     58       56       731 
 
                                                      28,965   33,837    33,338 
 
Total liabilities                                     45,084   50,246    53,986 
 
TOTAL EQUITY AND LIABILITIES                          68,459   72,770    78,396 
 
Net asset value - cents per share                      6,386    6,153     6,818 
 
Rounding of figures may result in computational 
discrepancies. 
 
 
Group statement of financial position 
 
                                                       As at    As at     As at 
 
                                                       March December     March 
 
                                                        2010     2009      2009 
 
US Dollar million                             Note Unaudited  Audited Unaudited 
 
ASSETS 
 
Non-current assets 
 
Tangible assets                                        5,823    5,819     4,320 
 
Intangible assets                                        180      177       147 
 
Investments in associates and equity accounted           657      640       302 
joint ventures 
 
Other investments                                        180      175        73 
 
Inventories                                              340      337       301 
 
Trade and other receivables                              119      106        75 
 
Derivatives                                                3        5         - 
 
Deferred taxation                                         48       61        50 
 
Cash restricted for use                                   50       53        37 
 
Other non-current assets                                  14        8         4 
 
                                                       7,414    7,381     5,308 
 
Current assets 
 
Inventories                                              715      686       613 
 
Trade and other receivables                              208      191       190 
 
Derivatives                                              208      330       495 
 
Current portion of other non-current assets                -        -         - 
 
Cash restricted for use                                   16       12         9 
 
Cash and cash equivalents                                733    1,100       613 
 
                                                       1,880    2,319     1,920 
 
Non-current assets held for sale                          91       87       950 
 
                                                       1,971    2,406     2,870 
 
TOTAL ASSETS                                           9,385    9,787     8,178 
 
EQUITY AND LIABILITIES 
 
Share capital and premium                      11      5,811    5,805     5,503 
 
Retained earnings and other reserves                 (2,738)  (2,905)   (3,049) 
 
Non-controlling interests                                131      130        93 
 
Total equity                                           3,204    3,030     2,547 
 
Non-current liabilities 
 
Borrowings                                               659      654       954 
 
Environmental rehabilitation and other                   464      451       410 
provisions 
 
Provision for pension and post-retirement                162      159       135 
benefits 
 
Trade, other payables and deferred income                 20       14        12 
 
Derivatives                                              129      176         - 
 
Deferred taxation                                        776      753       642 
 
                                                       2,210    2,207     2,153 
 
Current liabilities 
 
Current portion of borrowings                            973    1,277     1,017 
 
Trade, other payables and deferred income                530      582       489 
 
Derivatives                                            2,286    2,525     1,813 
 
Taxation                                                 174      159        84 
 
                                                       3,963    4,543     3,402 
 
Non-current liabilities held for sale                      8        7        76 
 
                                                       3,971    4,550     3,478 
 
Total liabilities                                      6,181    6,757     5,631 
 
TOTAL EQUITY AND LIABILITIES                           9,385    9,787     8,178 
 
Net asset value - cents per share                        875      828       711 
 
Rounding of figures may result in computational 
discrepancies. 
 
 
Group statement of cashflows 
 
                                           Quarter   Quarter   Quarter     Year 
 
                                             ended     ended     ended    ended 
 
                                             March  December     March December 
 
                                              2010      2009      2009     2009 
 
SA Rand million                          Unaudited Unaudited Unaudited  Audited 
 
Cash flows from operating activities 
 
Receipts from customers                      8,166     9,596     6,404   31,473 
 
Payments to suppliers and employees        (6,640)   (5,889)   (3,726) 
                                                                       (20,896) 
 
Cash generated from operations               1,526     3,707     2,678   10,577 
 
Dividends received from equity accounted       117       136       173      751 
investments 
 
Taxation paid                                (317)     (233)     (423)  (1,232) 
 
Cash utilised for hedge buy-back costs           -         -         -  (6,315) 
 
Net cash inflow from operating               1,326     3,610     2,427    3,781 
activities 
 
Cash flows from investing activities 
 
Capital expenditure                        (1,267)   (2,243)   (2,387)  (8,656) 
 
Proceeds from disposal of tangible              16     1,814        17    9,029 
assets 
 
Other investments acquired                   (120)     (229)     (160)    (750) 
 
Acquisition of associates and equity          (72)   (2,638)         -  (2,646) 
accounted joint ventures 
 
Proceeds on disposal of associate                4         -         -        - 
 
Associates' loans advanced                    (17)      (17)         -     (17) 
 
Associates' loans repaid                         -         -         1        3 
 
Proceeds from disposal of investments           54       196       165      680 
 
(Increase) decrease in cash restricted         (3)        19     (104)     (91) 
for use 
 
Interest received                               59       129        98      445 
 
Loans advanced                                (37)         -         -      (1) 
 
Repayment of loans advanced                      1         2         1        4 
 
Net cash outflow from investing            (1,382)   (2,967)   (2,370)  (2,000) 
activities 
 
Cash flows from financing activities 
 
Proceeds from issue of share capital             3        39       114    2,384 
 
Share issue expenses                             -      (39)       (4)     (84) 
 
Proceeds from borrowings                       264       162    10,938   24,901 
 
Repayment of borrowings                    (2,642)      (57)  (10,135) 
                                                                       (24,152) 
 
Finance costs paid                            (76)     (180)     (410)    (946) 
 
Dividends paid                               (260)      (43)     (178)    (474) 
 
Net cash (outflow) inflow from financing   (2,711)     (118)       325    1,629 
activities 
 
Net (decrease) increase in cash and cash   (2,767)       525       382    3,410 
equivalents 
 
Translation                                   (63)     (677)        54    (672) 
 
Cash and cash equivalents at beginning       8,176     8,328     5,438    5,438 
of period 
 
Cash and cash equivalents at end of          5,346     8,176     5,874    8,176 
period 
 
Cash generated from operations 
 
Profit (loss) before taxation                1,796     4,870       476  (1,173) 
 
Adjusted for: 
 
Movement on non-hedge derivatives and        (672)     2,281     1,621   14,417 
other commodity contracts 
 
Amortisation of tangible assets              1,267     1,152     1,261    4,615 
 
Finance costs and unwinding of                 239       268       252    1,146 
obligations 
 
Environmental, rehabilitation and other         30      (70)        16     (47) 
expenditure 
 
Operating special items                        169   (4,708)        60  (5,148) 
 
Amortisation of intangible assets                4         4         6       18 
 
Deferred stripping                             204       205     (313)    (467) 
 
Fair value adjustment on option              (356)        66         -      249 
component of convertible bonds 
 
Interest received                             (65)     (133)      (97)    (444) 
 
Share of equity accounted investments'       (163)     (227)     (223)    (785) 
profit 
 
Other non-cash movements                        21     (675)        84    (853) 
 
Movements in working capital                 (948)       674     (464)    (951) 
 
                                             1,526     3,707     2,678   10,577 
 
Movements in working capital 
 
(Increase) decrease in inventories            (97)     (183)     (440)      634 
 
(Increase) decrease in trade and other       (302)       438     (337)      106 
receivables 
 
(Decrease) increase in trade and other       (549)       419       313  (1,691) 
payables 
 
                                             (948)       674     (464)    (951) 
 
Rounding of figures may result in computational 
discrepancies. 
 
 
Group statement of cashflows 
 
                                           Quarter   Quarter   Quarter     Year 
 
                                             ended     ended     ended    ended 
 
                                             March  December     March December 
 
                                              2010      2009      2009     2009 
 
US Dollar million                        Unaudited Unaudited Unaudited  Audited 
 
Cash flows from operating activities 
 
Receipts from customers                      1,086     1,283       646    3,845 
 
Payments to suppliers and employees          (881)     (805)     (378)  (2,500) 
 
Cash generated from operations                 205       478       268    1,345 
 
Dividends received from equity accounted        16        19        18      101 
investments 
 
Taxation paid                                 (42)      (32)      (43)    (147) 
 
Cash utilised for hedge buy-back costs           -         -         -    (797) 
 
Net cash inflow from operating                 179       465       243      502 
activities 
 
Cash flows from investing activities 
 
Capital expenditure                          (169)     (281)     (241)  (1,019) 
 
Proceeds from disposal of tangible               2       242         2    1,142 
assets 
 
Other investments acquired                    (16)      (29)      (16)     (89) 
 
Acquisition of associates and equity          (10)     (353)         -    (354) 
accounted joint ventures 
 
Proceeds on disposal of associate                1         -         -        - 
 
Associates' loans advanced                     (2)       (2)         -      (2) 
 
Associates' loans repaid                         -         -         -        - 
 
Proceeds from disposal of investments            7        25        17       81 
 
Decrease (increase) in cash restricted           -         2      (10)     (10) 
for use 
 
Interest received                                8        17        10       55 
 
Loans advanced                                 (5)         -         -        - 
 
Repayment of loans advanced                      -         -         -        1 
 
Net cash outflow from investing              (184)     (379)     (239)    (195) 
activities 
 
Cash flows from financing activities 
 
Proceeds from issue of share capital             -         5        12      306 
 
Share issue expenses                             -       (5)         -     (11) 
 
Proceeds from borrowings                        35        29     1,105    2,774 
 
Repayment of borrowings                      (352)      (22)   (1,024)  (2,731) 
 
Finance costs paid                            (10)      (23)      (41)    (111) 
 
Dividends paid                                (35)       (6)      (18)     (56) 
 
Net cash (outflow) inflow from financing     (362)      (22)        33      171 
activities 
 
Net (decrease) increase in cash and cash     (367)        64        37      478 
equivalents 
 
Translation                                      -      (72)         1       47 
 
Cash and cash equivalents at beginning       1,100     1,108       575      575 
of period 
 
Cash and cash equivalents at end of            733     1,100       613    1,100 
period 
 
Cash generated from operations 
 
Profit (loss) before taxation                  244       650        48    (121) 
 
Adjusted for: 
 
Movement on non-hedge derivatives and         (94)       306       164    1,787 
other commodity contracts 
 
Amortisation of tangible assets                169       154       127      555 
 
Finance costs and unwinding of                  32        36        25      139 
obligations 
 
Environmental, rehabilitation and other          4       (9)         2      (6) 
expenditure 
 
Operating special items                         23     (629)         6    (683) 
 
Amortisation of intangible assets                -         -         1        2 
 
Deferred stripping                              27        27      (32)     (48) 
 
Fair value adjustment on option               (48)         9         -       33 
component of convertible bonds 
 
Interest received                              (9)      (18)      (10)     (54) 
 
Share of equity accounted investments'        (22)      (30)      (23)     (94) 
profit 
 
Other non-cash movements                         3      (90)         8    (115) 
 
Movements in working capital                 (124)        72      (49)     (50) 
 
                                               205       478       268    1,345 
 
Movements in working capital 
 
Increase in inventories                       (33)      (35)      (34)    (155) 
 
(Increase) decrease in trade and other        (45)        55      (32)     (45) 
receivables 
 
(Decrease) increase in trade and other        (46)        52        17      150 
payables 
 
                                             (124)        72      (49)     (50) 
 
Rounding of figures may result in computational 
discrepancies. 
 
 
Group 
statement of 
changes in 
equity 
 
                                           Cash Available            Foreign 
 
                Share    Other             flow       for Actuarial currency               Non- 
 
              capital  capital Retained   hedge      sale  (losses)      translation controlling   Total 
                    & 
 
SA Rand       premium reserves earnings reserve   reserve     gains  reserve   Total   interests  equity 
million 
 
Balance at     37,336      799                       (18)     (347)    8,959  22,956         790  23,746 
December 2008                  (22,765) (1,008) 
 
Profit for                            1                                            1          91      92 
the period 
 
Comprehensive                               283        80                166     529           6     535 
income 
 
Total               -        -        1     283        80         -      166     530          97     627 
comprehensive 
income 
 
Shares issued     177                                                            177                 177 
 
Share-based                 39                                                    39                  39 
payment for 
share awards 
 
Dividends                         (178)                                        (178)               (178) 
paid 
 
Translation                (6)       10     (7)       (3)                        (6)           6       - 
 
Balance at     37,513      832            (732)        59     (347)    9,125  23,518         893  24,411 
March 2009                     (22,932) 
 
Balance at     39,834    1,194            (174)       414     (285)    6,314  21,558         966  22,524 
December 2009                  (25,739) 
 
Profit for                        1,150                                        1,150          88   1,238 
the period 
 
Comprehensive                               181      (44)              (280)   (143)               (143) 
income 
(expense) 
 
Total               -        -    1,150     181      (44)         -    (280)   1,007          88   1,095 
comprehensive 
income 
(expense) 
 
Shares issued      50                                                             50                  50 
 
Share-based                 45                                                    45                  45 
payment for 
share awards 
 
Dividends                         (255)                                        (255)               (255) 
paid 
 
Dividends of                                                                       -        (84)    (84) 
subsidiaries 
 
Translation                (2)       22               (6)                         14        (14)       - 
 
Balance at     39,884    1,237                7       364     (285)    6,034  22,419         956  23,375 
March 2010                     (24,822) 
 
US Dollar 
million 
 
Balance at      5,485       85  (2,361)   (107)       (2)      (37)    (635)   2,428          83   2,511 
December 2008 
 
Profit for                                                                         -           9       9 
the Period 
 
Comprehensive                                28         8               (14)      22           1      23 
income 
(expense) 
 
Total               -        -        -      28         8         -     (14)      22          10      32 
comprehensive 
income 
(expense) 
 
Shares issued      18                                                             18                  18 
 
Share-based                  4                                                     4                   4 
payment for 
share awards 
 
Dividends                          (18)                                         (18)                (18) 
paid 
 
Translation                (2)      (2)       3                   1                -                   - 
 
Balance at      5,503       87  (2,381)    (76)         6      (36)    (649)   2,454          93   2,547 
March 2009 
 
Balance at      5,805      161  (2,744)    (23)        56      (38)    (317)   2,900         130   3,030 
December 2009 
 
Profit for                          157                                          157          11     168 
the period 
 
Comprehensive                                24       (6)                 22      40                  40 
income 
(expense) 
 
Total               -        -      157      24       (6)         -       22     197          11     208 
comprehensive 
income 
(expense) 
 
Shares issued       6                                                              6                   6 
 
Share-based                  6                                                     6                   6 
payment for 
share awards 
 
Dividends                          (35)                                         (35)                (35) 
paid 
 
Dividends of                                                                       -        (11)    (11) 
subsidiaries 
 
Translation                  3      (3)                 -       (1)              (1)           1       - 
 
Balance at      5,811      170  (2,625)       1        50      (39)    (295)   3,073         131   3,204 
March 2010 
 
Rounding of figures may result in computational 
discrepancies. 
 
 
Notes 
 
for the quarter ended 31 March 2010 
 
1.      Basis of preparation 
 
 
 
         The financial statements in this quarterly report have been prepared 
in accordance with the historic cost convention except for certain financial 
instruments which are stated at fair value. The group's accounting policies 
used in the preparation of these financial statements are consistent with those 
used in the annual financial statements for the year ended 31 December 2009 and 
revised International Financial Reporting Standards (IFRS) which are effective 
1 January 2010, where applicable. Effective 1 January 2010 the Chief Operating 
Decision Maker changed the reportable segments. Details are included in 
Segmental reporting. 
 
 
 
         The financial statements of AngloGold Ashanti Limited have been 
prepared in compliance with IAS34, JSE Listings Requirements and in the manner 
required by the South African Companies Act, 1973 for the preparation of 
financial information of the group for the quarter ended 31 March 2010. 
 
2.      Revenue 
 
                                             Year                                  Year 
                    Quarter ended           ended         Quarter ended           ended 
 
                  Mar       Dec       Mar     Dec       Mar       Dec       Mar     Dec 
 
                 2010      2009      2009    2009      2010      2009      2009    2009 
 
            Unaudited Unaudited Unaudited Audited Unaudited Unaudited Unaudited Audited 
 
                       SA Rand million                      US Dollar million 
 
Gold income     8,222     9,234     6,518  30,745     1,095     1,236       658   3,768 
 
By-products 
(note 3)          166       147       208     772        22        20        21      94 
 
Interest 
received           65       133        97     444         9        18        10      54 
 
                8,453     9,514     6,824  31,961     1,126     1,273       689   3,916 
 
 
3.      Cost of sales 
 
                                                 Year                                  Year 
                       Quarter ended            ended         Quarter ended           ended 
 
                     Mar       Dec       Mar      Dec       Mar       Dec       Mar     Dec 
 
                    2010      2009      2009     2009      2010      2009      2009    2009 
 
               Unaudited Unaudited Unaudited  Audited Unaudited Unaudited Unaudited Audited 
 
                          SA Rand million                       US Dollar million 
 
Cash operating 
costs            (4,713)   (4,865)   (4,628) (18,493)     (628)     (652)     (467) (2,234) 
 
By-products 
revenue (note 
2)                   166       147       208      772        22        20        21      94 
 
By-products 
cash operating 
costs               (60)      (77)      (96)    (351)       (8)      (10)      (10)    (43) 
 
                 (4,607)   (4,795)   (4,516) (18,072)     (614)     (642)     (456) (2,183) 
 
Royalties          (189)     (179)     (178)    (699)      (25)      (24)      (18)    (84) 
 
Other cash 
costs               (37)      (43)      (29)    (134)       (5)       (6)       (3)    (16) 
 
Total cash 
costs            (4,832)   (5,017)   (4,723) (18,905)     (644)     (671)     (477) (2,283) 
 
Retrenchment 
costs               (52)      (39)      (14)    (110)       (7)       (5)       (1)    (14) 
 
Rehabilitation 
and other 
non-cash costs      (86)         5      (59)    (182)      (12)         1       (6)    (22) 
 
Production 
costs            (4,971)   (5,050)   (4,796) (19,197)     (663)     (676)     (484) (2,319) 
 
Amortisation 
of tangible 
assets           (1,267)   (1,152)   (1,261)  (4,615)     (169)     (154)     (127)   (555) 
 
Amortisation 
of intangible 
assets               (4)       (4)       (6)     (18)         -         -       (1)     (2) 
 
Total 
production 
costs            (6,242)   (6,206)   (6,063) (23,830)     (832)     (830)     (612) (2,876) 
 
Inventory 
change               182      (13)       442      610        24       (2)        44      63 
 
                 (6,060)   (6,219)   (5,621) (23,220)     (807)     (833)     (568) (2,813) 
 
 
4.      Gain (loss) on non-hedge derivatives and other commodity contracts 
 
                                              Year                                  Year 
                    Quarter ended            ended         Quarter ended           ended 
 
                  Mar       Dec       Mar      Dec       Mar       Dec       Mar     Dec 
 
                 2010      2009      2009     2009      2010      2009      2009    2009 
 
            Unaudited Unaudited Unaudited  Audited Unaudited Unaudited Unaudited Audited 
 
                       SA Rand million                       US Dollar million 
 
(Loss) gain 
on realised 
non-hedge 
derivatives     (524)     (494)     1,867    2,476      (69)      (66)       189     254 
 
Loss on 
hedge 
buy-back 
costs               -         -         -  (6,315)         -         -         -   (797) 
 
Gain (loss) 
on 
unrealised 
non-hedge 
derivatives       583   (2,212)   (1,662)  (8,095)        82     (297)     (168)   (990) 
 
                   59   (2,706)       205 (11,934)        13     (363)        20 (1,533) 
 
 
Rounding of figures may result in computational discrepancies. 
 
5.      Other operating (expenses) income 
 
                                               Year                                  Year 
                      Quarter ended           ended         Quarter ended           ended 
 
                    Mar       Dec       Mar     Dec       Mar       Dec       Mar     Dec 
 
                   2010      2009      2009    2009      2010      2009      2009    2009 
 
              Unaudited Unaudited Unaudited Audited Unaudited Unaudited Unaudited Audited 
 
                         SA Rand million                      US Dollar million 
 
Pension and 
medical 
defined 
benefit 
provisions         (24)        29      (24)    (44)       (3)         4       (2)     (5) 
 
Claims filed 
by former 
employees in 
respect of 
loss of 
employment, 
work-related 
accident 
injuries and 
diseases, 
governmental 
fiscal claims 
and costs of 
old tailings 
operations         (32)        31      (26)    (31)       (5)         4       (3)     (3) 
 
Miscellaneous         -       (2)         -     (5)         -         -         -       - 
 
                   (56)        58      (50)    (80)       (8)         8       (5)     (8) 
 
 
6.      Operating special items 
 
                                               Year                                  Year 
                      Quarter ended           ended         Quarter ended           ended 
 
                    Mar       Dec       Mar     Dec       Mar       Dec       Mar     Dec 
 
                   2010      2009      2009    2009      2010      2009      2009    2009 
 
              Unaudited Unaudited Unaudited Audited Unaudited Unaudited Unaudited Audited 
 
                         SA Rand million                      US Dollar million 
 
Indirect tax 
expenses           (44)     (240)       (3)   (219)       (6)      (32)         -    (29) 
 
Net 
(impairments) 
reversals of 
tangible 
assets (note 
9)                 (81)     5,209         -   5,115      (11)       696         -     683 
 
Recovery 
(loss) on 
consignment 
stock                 -        14         -    (95)         -         2         -    (12) 
 
Impairment of 
debtors            (33)         -      (63)    (66)       (4)         -       (6)     (7) 
 
Contract 
termination 
fee at Geita 
Gold Mine           (5)         -         -       -       (1)         -         -       - 
 
Insurance 
claim 
recovery              -        54         -      54                   7                 7 
 
Net (loss) 
profit on 
disposal and 
abandonment 
of land, 
mineral 
rights, 
tangible 
assets and 
exploration 
properties 
(note 9)           (11)     (275)         6     420       (2)      (37)         1      49 
 
                  (174)     4,761      (60)   5,209      (23)       636       (6)     691 
 
 
7.      Finance costs and unwinding of obligations 
 
                                                Year                                    Year 
                     Quarter ended             ended         Quarter ended             ended 
 
                   Mar       Dec       Mar       Dec       Mar       Dec       Mar       Dec 
 
                  2010      2009      2009      2009      2010      2009      2009      2009 
 
             Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 
 
                         SA Rand million                        US Dollar million 
 
Finance 
costs            (161)     (191)     (181)     (863)      (22)      (26)      (17)     (105) 
 
Unwinding 
obligations, 
equity 
portion of 
convertible 
bond and 
other 
discounts         (78)      (77)      (71)     (283)      (10)      (10)       (8)      (34) 
 
                 (239)     (268)     (252)   (1,146)      (32)      (36)      (25)     (139) 
 
 
8.      Taxation 
 
                                             Year                                  Year 
                    Quarter ended           ended         Quarter ended           ended 
 
                  Mar       Dec       Mar     Dec       Mar       Dec       Mar     Dec 
 
                 2010      2009      2009    2009      2010      2009      2009    2009 
 
            Unaudited Unaudited Unaudited Audited Unaudited Unaudited Unaudited Audited 
 
                       SA Rand million                      US Dollar million 
 
South 
African 
taxation 
 
   Mining 
tax                 -      (60)         -   (153)         -       (8)        -     (19) 
 
 
Non-mining 
tax              (95)      (10)      (30)    (89)      (13)       (1)       (3)    (10) 
 
   (Under) 
over 
provision 
prior year       (12)         7      (16)    (33)       (2)        1        (2)     (4) 
 
   Deferred 
taxation: 
 
 
Temporary 
differences       108     (180)     (322)   (535)        14      (24)      (33)    (61) 
 
 
Unrealised 
non-hedge 
derivatives 
and other 
commodity 
contracts       (160)       204       168   1,451      (22)       27        17     181 
 
 
Change in 
estimated 
deferred 
tax rate           29       156         -     156         4       21         -      21 
 
                (130)       118     (200)     797      (18)       16       (20)    108 
 
Foreign 
taxation 
 
   Normal 
taxation        (337)     (335)     (137) (1,113)      (45)      (45)      (14)   (138) 
 
   Over 
(under) 
provision 
prior year          2        90      (11)      50         -       12        (1)      7 
 
   Deferred 
taxation: 
 
 
Temporary 
differences      (92)   (1,410)      (48) (1,220)      (13)     (188)       (5)   (164) 
 
 
Unrealised 
non-hedge 
derivatives 
and other 
commodity 
contracts           -        15        13     314         -        2         1      40 
 
                (428)   (1,640)     (183) (1,969)      (58)     (219)      (18)   (255) 
 
 
 
                (558)   (1,522)     (384) (1,172)      (76)     (204)      (39)   (147) 
 
 
Rounding of figures may result in computational discrepancies. 
 
9.      Headline earnings (loss) 
 
                                              Year                                  Year 
                     Quarter ended           ended         Quarter ended           ended 
 
                   Mar       Dec       Mar     Dec       Mar       Dec       Mar     Dec 
 
                  2010      2009      2009    2009      2010      2009      2009    2009 
 
             Unaudited Unaudited Unaudited Audited Unaudited Unaudited Unaudited Audited 
 
                        SA Rand million                      US Dollar million 
 
The profit 
(loss) 
attributable 
to equity 
shareholders 
has been 
adjusted by 
the 
following to 
arrive at 
headline 
earnings 
(loss): 
 
Profit 
(loss) 
attributable 
to equity 
shareholders     1,150     3,179         1 (2,762)       157       424         -   (320) 
 
Net 
impairments 
(reversals) 
of tangible 
assets (note 
6)                  81   (5,209)         - (5,115)        11     (696)         -   (683) 
 
Net (profit) 
loss on 
disposal and 
abandonment 
of land, 
mineral 
rights, 
tangible 
assets and 
exploration 
properties 
(note 6)            11       275       (6)   (420)         2        37       (1)    (49) 
 
Impairment 
of 
investment 
in 
associates 
and joint 
ventures            20        75         1      76         3        10         -      10 
 
Reversal of 
impairment 
in 
associates           -      (75)         -    (75)         -      (10)         -    (10) 
 
Operating 
special 
items of 
associates           -         1         -       1         -         -         -       - 
 
Taxation on 
items above 
- current 
portion              -      (12)         4     145         -       (2)         1      18 
 
Taxation on 
items above 
- deferred 
portion           (21)     1,414       (1)   1,360       (3)       189         -     182 
 
                 1,241     (353)         - (6,790)       169      (48)         -   (852) 
 
Cents per 
share (1) 
 
Headline 
earnings 
(loss)             338      (96)         - (1,880)        46      (13)         -   (236) 
 
 
(1)Calculated on the basic weighted average number of ordinary shares. 
 
10.    Number of shares 
 
                                           Quarter ended             Year ended 
 
                                        Mar         Dec         Mar         Dec 
 
                                       2010        2009        2009        2009 
 
                                  Unaudited   Unaudited   Unaudited     Audited 
 
Authorised number of shares: 
 
      Ordinary shares of 25 SA  600,000,000 600,000,000 400,000,000 600,000,000 
cents each 
 
      E ordinary shares of 25     4,280,000   4,280,000   4,280,000   4,280,000 
SA cents each 
 
      A redeemable preference     2,000,000   2,000,000   2,000,000   2,000,000 
shares of 50 SA cents each 
 
      B redeemable preference     5,000,000   5,000,000   5,000,000   5,000,000 
shares of 1 SA cent each 
 
Issued and fully paid number of 
shares: 
 
      Ordinary shares in issue  362,352,345 362,240,669 354,135,912 362,240,669 
 
      E ordinary shares in        3,709,362   3,794,998   3,927,894   3,794,998 
issue 
 
Total ordinary shares:          366,061,707 366,035,667 358,063,806 366,035,667 
 
      A redeemable preference     2,000,000   2,000,000   2,000,000   2,000,000 
shares 
 
      B redeemable preference       778,896     778,896     778,896     778,896 
shares 
 
In calculating the diluted number of ordinary shares outstanding for the 
period, the following were taken into consideration: 
 
      Ordinary shares           362,295,477 362,137,200 353,635,884 356,563,773 
 
      E ordinary shares           3,734,382   3,809,476   3,940,464   3,873,169 
 
      Fully vested options        1,186,849     539,666     805,303     791,353 
 
      Weighted average number   367,216,708 366,486,342 358,381,651 361,228,295 
of shares 
 
      Dilutive potential of         733,901   1,205,730           -           - 
share options 
 
      Diluted number of         367,950,609 367,692,072 358,381,651 361,228,295 
ordinary shares (1) 
 
 
(1)The basic and diluted number of ordinary shares is the same for the March 
2009 quarter and year ended December 2009 as the effects of shares for 
performance related options are anti-dilutive. 
 
11.          Share capital and premium 
 
                                   As at                       As at 
 
                              Mar     Dec       Mar       Mar     Dec       Mar 
 
                             2010    2009      2009      2010    2009      2009 
 
                        Unaudited Audited Unaudited Unaudited Audited Unaudited 
 
                              SA Rand million            US Dollar million 
 
Balance at beginning of 
period                     40,662  38,246    38,246     5,935  5,625     5,625 
 
Ordinary shares issued         43   2,438       173         5    312        17 
 
E ordinary shares 
cancelled                    (10)    (22)       (5)       (1)     (2)       (1) 
 
Sub-total                  40,695  40,662    38,414     5,939  5,935     5,642 
 
Redeemable preference 
shares held within the 
group                       (313)   (313)     (313)      (53)    (53)      (53) 
 
Ordinary shares held 
within the group            (205)   (212)     (269)      (31)    (32)      (39) 
 
E ordinary shares held 
within group                (293)   (303)     (320)      (44)    (45)      (47) 
 
Balance at end of 
period                     39,884  39,834    37,513     5,811  5,805     5,503 
 
 
Rounding of figures may result in computational discrepancies. 
 
12.    Exchange rates 
 
                                                 Mar        Dec        Mar 
 
                                                2010       2009       2009 
 
                                           Unaudited  Unaudited  Unaudited 
 
ZAR/USD average for the year to date            7.50       8.39       9.90 
 
ZAR/USD average for the quarter                 7.50       7.47       9.90 
 
ZAR/USD closing                                 7.30       7.44       9.59 
 
ZAR/AUD average for the year to date            6.78       6.56       6.58 
 
ZAR/AUD average for the quarter                 6.78       6.80       6.58 
 
ZAR/AUD closing                                 6.68       6.67       6.60 
 
BRL/USD average for the year to date            1.80       2.00       2.31 
 
BRL/USD average for the quarter                 1.80       1.74       2.31 
 
BRL/USD closing                                 1.78       1.75       2.33 
 
ARS/USD average for the year to date            3.83       3.73       3.54 
 
ARS/USD average for the quarter                 3.83       3.81       3.54 
 
ARS/USD closing                                 3.87       3.80       3.71 
 
 
13.    Capital commitments 
 
                          Mar     Dec       Mar       Mar     Dec       Mar 
 
                         2010    2009      2009      2010    2009      2009 
 
                    Unaudited Audited Unaudited Unaudited Audited Unaudited 
 
                          SA Rand million            US Dollar million 
 
Orders placed and 
outstanding on 
capital contracts 
at the prevailing 
rate of exchange 
(1)                     1,179     976     1,721       162     131       180 
 
 
              (1)Includes capital commitments relating to equity accounted 
joint ventures. 
 
Liquidity and capital resources 
 
To service the above capital commitments and other operational requirements, 
the group is dependent on existing cash resources, cash generated from 
operations and borrowing facilities. 
 
Cash generated from operations is subject to operational, market and other 
risks. Distributions from operations may be subject to foreign investment and 
exchange control laws and regulations and the quantity of foreign exchange 
available in offshore countries. In addition, distributions from joint ventures 
are subject to the relevant board approval. 
 
The credit facilities and other financing arrangements contain financial 
covenants and other similar undertakings. To the extent that external 
borrowings are required, the groups covenant performance indicates that 
existing financing facilities will be available to meet the above commitments. 
 
14.         Contingencies 
 
         AngloGold Ashanti's material contingent liabilities and assets at 31 
March 2010 are detailed below: 
 
Contingencies and guarantees                       SA Rand        US Dollar 
                                                   million          million 
 
Contingent liabilities 
 
Groundwater pollution (1)                                -                - 
 
Deep groundwater pollution - South Africa                -                - 
(2) 
 
Sales tax on gold deliveries - Brazil (3)              554               76 
 
Other tax disputes - Brazil (4)                        197               27 
 
Indirect taxes - Ghana (5)                              66                9 
 
Contingent assets                                        -                - 
 
Royalty - Boddington Gold Mine (6)                       -                - 
 
Insurance claim - Savuka Gold Mine (7) 
 
Financial guarantees 
 
Oro Group (Pty) Ltd (8)                                100               14 
 
                                                       917              126 
 
 
         Rounding of figures may result in computational discrepancies. 
 
         AngloGold Ashanti is subject to contingencies pursuant to 
environmental laws and regulations that may in future require the group to take 
corrective action as follows: 
 
Groundwater pollution - AngloGold Ashanti has identified groundwater 
contamination plumes at certain of its operations, which have occurred 
primarily as a result of seepage from mine residue stockpiles. Numerous 
scientific, technical and legal studies have been undertaken to assist in 
determining the magnitude of the contamination and to find sustainable 
remediation solutions.  The group has instituted processes to reduce future 
potential seepage and it has been demonstrated that Monitored Natural 
Attenuation (MNA) by the existing environment will contribute to improvement in 
some instances. Furthermore, literature reviews, field trials and base line 
modelling techniques suggest, but are not yet proven, that the use of 
phyto-technologies can address the soil and groundwater contamination. Subject 
to the completion of trials and the technology being a proven remediation 
technique, no reliable estimate can be made for the obligation. 
 
Deep groundwater pollution - The company has identified a flooding and future 
pollution risk posed by deep groundwater in the Klerksdorp and Far West Rand 
gold fields.  Various studies have been undertaken by AngloGold Ashanti since 
1999. Due to the interconnected nature of mining operations, any proposed 
solution needs to be a combined one supported by all the mines located in these 
gold fields.  As a result the Department of Mineral Resources and affected 
mining companies are involved in the development of a "Regional Mine Closure 
Strategy". In view of the limitation of current information for the accurate 
estimation of a liability, no reliable estimate can be made for the obligation. 
 
Sales tax on gold deliveries - Mineração Serra Grande S.A. (MSG), received two 
tax assessments from the State of Goiás related to payments of sales taxes on 
gold deliveries for export.  AngloGold Ashanti Brasil Mineração Ltda. manages 
the operation and its attributable share of the first assessment is 
approximately $47m. 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.  The State of Goiás has appealed to the full board of the 
State of Goiás tax administrative council.  The second assessment was issued by 
the State of Goiás in October 2006 on the same grounds as the first assessment, 
and the attributable share of the assessment is approximately $29m. The company 
believes both assessments are in violation of federal legislation on sales 
taxes. 
 
Other tax disputes - MSG received a tax assessment in October 2003 from the 
State of Minas Gerais related to sales taxes on gold. The tax administrators 
rejected the company's appeal against the assessment. The company is now 
appealing the dismissal of the case. The company's attributable share of the 
assessment is approximately $9m. 
 
AngloGold subsidiaries in Brazil are involved in various disputes with tax 
authorities. These disputes involve federal tax assessments including income 
tax, royalties, social contributions and annual property tax. The amount 
involved is approximately $18m. 
 
Indirect taxes - AngloGold Ashanti (Ghana) Limited received a tax assessment 
for $9m during September 2009 following an audit by the tax authorities related 
to indirect taxes on various items.  Management is of the opinion that the 
indirect taxes are not payable and the company has lodged an objection. 
 
Royalty - As a result of the sale of the interest in the Boddington Gold Mine 
joint venture during 2009, the group is entitled to receive a royalty on any 
gold recovered or produced by the Boddington Gold Mine, where the gold price is 
in excess of Boddington Gold Mine's cash cost plus $600/oz. The royalty 
commences on 1 July 2010 and is capped at a total amount of $100m, R744m. 
 
Insurance claim - On 22 May 2009 an insurable event occurred at Savuka Gold 
Mine. The amounts due from the insurers are subject to a formula based on lost 
production, average gold price and average exchange rates subject to various 
excesses and the production and the preparation of supportable data. The 
insurable amount is not yet determinable, but management expects that it is 
likely to exceed $40m, R297m and will be received during the first half of 
2010. 
 
Provision of surety - The company has provided sureties in favour of a lender 
on a gold loan facility with its affiliate Oro Group (Pty) Limited and one of 
its subsidiaries to a maximum value of $14m, R100m.  The suretyship agreements 
have a termination notice period of 90 days. 
 
15.       Concentration of risk 
 
         There is a concentration of risk in respect of reimbursable value 
added tax and fuel duties from the Tanzanian government: 
 
Reimbursable value added tax due from the Tanzanian government amounts to $42m 
at 31 March 2010 (31 December 2009: $36m).  The last audited value added tax 
return was for the period ended 31 January 2010 and at the reporting date the 
audited amount was $36m.  The outstanding amounts at Geita have been discounted 
to their present value at a rate of 7.82%. 
 
Reimbursable fuel duties from the Tanzanian government amounts to $49m at 31 
March 2010 (31 December 2009: $48m). Fuel duty claims are required to be 
submitted after consumption of the related fuel and are subject to 
authorisation by the Customs and Excise authorities. Claims for refund of fuel 
duties amounting to $45m have been lodged with the Customs and Excise 
authorities, whilst claims for refund of $4m have not yet been lodged. The 
outstanding amounts have been discounted to their present value at a rate of 
7.82%. 
 
16.    Subsequent events 
 
During April 2010 AngloGold Ashanti secured a US$1 billion, four-year unsecured 
revolving credit facility (RCF) from its banking syndicate, to refinance its 
existing unsecured revolving credit facility that matures in December 2010 and 
to extend the overall tenor of its statement of financial position. The new 
RCF, agreed with a group of 16 banks, replaces a three-year facility of 
US$1.15 billion that was due to mature in December 2010. The RCF carries a 
margin of 175 basis points above the London Interbank Offered Rate and carries 
a commitment fee of 40 percent of margin. 
 
AngloGold Ashanti Limited also announced the pricing of an offering of $1 
billion of 10-year and 30-year unsecured notes during April 2010. The offering 
consisted of $700m of 10-year unsecured notes at a coupon of 5.375%, a premium 
of 165 basis points over 10 year treasuries and $300m of 30-year unsecured 
notes at a coupon of 6.50%, a premium of 200 basis points over treasuries. The 
issue was significantly oversubscribed. The offering closed on 28 April 2010. 
AngloGold Ashanti estimates that the net proceeds from the offering will be 
approximately $983m, after deducting discounts and estimated expenses. 
 
17.    Borrowings 
 
         AngloGold Ashanti's borrowings are interest bearing. 
 
18.       Announcements 
 
         On 19 February 2010, AngloGold Ashanti announced that following 
discussions with the Environmental Protection Agency of Ghana (EPA), the 
Iduapriem mine in Ghana had been temporarily suspended to address adverse 
environmental impacts arising from the current tailings storage facility. 
 
         On 24 February 2010, AngloGold Ashanti announced that Mr Tito Mboweni, 
the former Governor of the South African Reserve Bank has been appointed, with 
effect from 1 June 2010, as chairman of AngloGold Ashanti, to succeed Mr 
Russell Edey, following his retirement as chairman and from the board at the 
conclusion of the annual general meeting to be held on 7 May 2010. 
 
         On 26 March 2010, AngloGold Ashanti announced that it has entered into 
a definitive joint venture agreement (JVA) with l'Office des Mines d'Or de 
Kilo-Moto (OKIMO) relating to the development of the Ashanti Goldfields Kilo 
(AGK) project in the Democratic Republic of the Congo (DRC) and the transfer of 
the exploitation permits to AGK. Under the JVA, AngloGold Ashanti and OKIMO 
agree to jointly develop the AGK project through the joint company AGK, in 
which AGA holds an 86.22% interest and OKIMO holds the remaining 13.78%. The 
JVA provides for the exploitation permits to be transferred from OKIMO to AGK 
covering an area of approximately 6,000 km2 in the Ituri district in the 
northeastern DRC. This includes the Mongbwalu project where a mineral resource 
of approximately 3 million ounces has been identified by previous exploration 
work and where further exploration and feasibility studies are currently taking 
place. 
 
         Following its announcement of 19 February 2010 of a temporary 
suspension of operations at the Iduapriem mine, AngloGold Ashanti announced on 
30 March 2010 that it had applied for a permit from the EPA for the 
construction of the tailings facility and expected gold production to resume at 
Iduapriem in April.  The Company was accelerating the establishment of a water 
treatment plant and a new tailings storage facility which it aims to commission 
in the third quarter of 2010 and early 2011 respectively.  In addition, it 
announced that at its Obuasi mine in Ghana, AngloGold Ashanti had suspended the 
operation of gold processing pending the implementation of a revised water 
management strategy to reduce contaminants contained in its discharge. 
Details of the strategy have been submitted to the EPA. 
 
         On 9 April 2010, AngloGold Ashanti noted the following investment 
grade ratings assigned to it: 
 
Moody's Investors Service               :               Baa3, Outlook Stable 
 
Standard & Poor's               :               BBB-, Outlook Stable 
 
         On 21 April 2010, AngloGold Ashanti announced that it had secured a 
US$1 billion, four-year unsecured revolving credit facility. 
 
         On 21 April 2010, AngloGold Ashanti announced the appointment of 
Mr Ferdinand (Fred) Ohene-Kena, the former Ghanaian Minister of Mines and 
Energy to the board. The appointment becomes effective on 1 June 2010. 
 
         On 22 April 2010, AngloGold Ashanti announced the pricing of an 
offering of US$1 billion of 10-year and 30-year unsecured notes. The issue was 
significantly oversubscribed and the offering closed on 28 April 2010. 
 
19.    Dividend 
 
         Final Dividend No. 107 of 70 South African cents or 6.2067 UK pence or 
13.22 cedis per ordinary share was paid to registered shareholders on 19 March 
2010, while a dividend of 2.079 Australian cents per CHESS Depositary Interest 
(CDI) was paid on the same day.  On 22 March 2010, holders of Ghanaian 
Depositary Shares (GhDSs) were paid 0.1322 cedis per GhDS.  Each CDI represents 
one-fifth of an ordinary share, and 100 GhDSs represents one ordinary share.  A 
dividend of 9.4957 US cents per American Depositary Share (ADS) was paid to 
holders of American Depositary Receipts (ADRs) on 29 March 2010.  Each ADS 
represents one ordinary share. 
 
Final Dividend No. E7 of 35 South African cents was paid to holders of 
E ordinary shares on 19 March 2010, being those employees participating in the 
Bokamoso ESOP and Izingwe Holdings (Proprietary) Limited. 
 
20.    Detailed report 
 
This report contains a summary of the results of AngloGold Ashanti's 
operations.  A detailed report appears on the internet and is obtainable in 
printed format from the investor relations contacts, whose details, along with 
the website address, appear at the end of this report. 
 
By order of the Board 
 
R P EDEY M CUTIFANI 
 
Chairman Chief Executive Officer 
 
 
5 May 2010 
 
Administrative information 
 
AngloGold Ashanti Limited 
 
Registration No. 1944/017354/06 
 
Incorporated in the Republic of South Africa 
 
Share codes: 
 
ISIN: ZAE000043485 
 
   JSE:               ANG 
 
   LSE:               AGD 
 
   NYSE:              AU 
 
   ASX:               AGG 
 
   GhSE  (Shares):    AGA 
 
   GhSE  (GhDS):      AAD 
 
   Euronext Paris:    VA 
 
   Euronext Brussels: ANG 
 
JSE Sponsor:          UBS 
 
Auditors:             Ernst & Young Inc 
 
 
Offices 
 
Registered and Corporate 
 
76 Jeppe Street 
 
Newtown 2001 
 
(PO Box 62117, Marshalltown 2107) 
 
South Africa 
 
Telephone: +27 11 637 6000 
 
Fax: +27 11 637 6624 
 
Australia 
 
Level 13, St Martins Tower 
 
44 St George's Terrace 
 
Perth, WA 6000 
 
(PO Box Z5046, Perth WA 6831) 
 
Australia 
 
Telephone: +61 8 9425 4602 
 
Fax: +61 8 9425 4662 
 
Ghana 
 
Gold House 
 
Patrice Lumumba Road 
 
(PO Box 2665) 
 
Accra 
 
Ghana 
 
Telephone: +233 21 772190 
 
Fax: +233 21 778155 
 
United Kingdom Secretaries 
 
St James's Corporate Services Limited 
 
6 St James's Place 
 
London SW1A 1NP 
 
England 
 
Telephone: +44 20 7499 3916 
 
Fax: +44 20 7491 1989 
 
E-mail: jane.kirton@corpserv.co.uk 
 
Directors 
 
Executive 
 
M Cutifani  (Chief Executive Officer) 
 
S Venkatakrishnan * (Chief Financial Officer) 
 
Non-Executive 
 
R P Edey * (Chairman) 
 
Dr T J Motlatsi ? (Deputy Chairman) 
 
F B Arisman # 
 
W A Nairn ? 
 
Prof W L Nkuhlu ? 
 
S M Pityana ? 
 
*  British               # American 
 
 Australian         ?  South African 
 
Officers 
 
Company Secretary:                                Ms L Eatwell 
 
Investor Relations Contacts 
 
South Africa 
 
Sicelo Ntuli 
 
Telephone: +27 11 637 6339 
 
Fax: +27 11 637 6400 
 
E-mail: sntuli@AngloGoldAshanti.com 
 
United States 
 
Stewart Bailey 
 
Telephone: +1-212-836-4303 
 
Mobile: +1-646-717-3978 
 
E-mail: sbailey@AngloGoldAshanti.com 
 
General E-mail enquiries 
 
investors@AngloGoldAshanti.com 
 
AngloGold Ashanti website 
 
http://www.AngloGoldAshanti.com 
 
Company secretarial E-mail 
 
Companysecretary@AngoGoldAshanti.com 
 
AngloGold Ashanti posts information that is important to investors on the main 
page of its website at www.anglogoldashanti.com and under the "Investors" tab 
on the main page.  This information is updated regularly.  Investors should 
visit this website to obtain important information about AngloGold Ashanti. 
 
PUBLISHED BY ANGLOGOLD ASHANTI 
 
PRINTED BY INCE (PTY) LIMITED 
 
Share Registrars 
 
South Africa 
 
Computershare Investor Services (Pty) Limited 
 
Ground Floor, 70 Marshall Street 
 
Johannesburg 2001 
 
(PO Box 61051, Marshalltown 2107) 
 
South Africa 
 
Telephone: 0861 100 950 (in SA) 
 
Fax: +27 11 688 5218 
 
web.queries@computershare.co.za 
 
United Kingdom 
 
Computershare Investor Services PLC 
 
The Pavilions 
 
Bridgwater Road 
 
Bristol BS99 7NH 
 
England 
 
Telephone: +44 870 702 0000 
 
Fax: +44 870 703 6119 
 
Australia 
 
Computershare Investor Services Pty Limited 
 
Level 2, 45 St George's Terrace 
 
Perth, WA 6000 
 
(GPO Box D182 Perth, WA 6840) 
 
Australia 
 
Telephone: +61 8 9323 2000 
 
Telephone: 1300 55 2949 (in Australia) 
 
Fax: +61 8 9323 2033 
 
Ghana 
 
NTHC Limited 
 
Martco House 
 
Off Kwame Nkrumah Avenue 
 
PO Box K1A 9563 Airport 
 
Accra 
 
Ghana 
 
Telephone: +233 21 229664 
 
Fax: +233 21 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.comshareowner 
 
Global BuyDIRECTSM 
 
BoNY maintains a direct share purchase and dividend reinvestment plan for 
AngloGold Ashanti. 
 
Telephone: +1-888-BNY-ADRS 
 
Certain statements made in this communication, including, without limitation, 
those concerning AngloGold Ashanti's strategy to reduce its gold hedging 
position including the extent and effects of the hedge reduction, the economic 
outlook for the gold mining industry, expectations regarding gold prices, 
production, cash costs and other operating results, growth prospects and 
outlook of AngloGold Ashanti's operations, individually or in the aggregate, 
including the completion and commencement of commercial operations of certain 
of AngloGold Ashanti's exploration and production projects and completion of 
acquisitions and dispositions, AngloGold Ashanti's liquidity and capital 
resources, and capital expenditure and the outcome and consequences of any 
pending litigation proceedings, contain certain forward-looking statements 
regarding AngloGold Ashanti's operations, economic performance and financial 
condition. Although AngloGold Ashanti believes that the expectations reflected 
in such forward-looking statements are reasonable, no assurance can be given 
that such expectations will prove to have been correct. Accordingly, results 
could differ materially from those set out in the forward-looking statements as 
a result of, among other factors, changes in economic and market conditions, 
success of business and operating initiatives, changes in the regulatory 
environment and other government actions, fluctuations in gold prices and 
exchange rates, and business and operational risk management. For a discussion 
of such factors, refer to AngloGold Ashanti's annual report for the year ended 
31 December 2009, which was distributed to shareholders on 30 March 2010, and 
the company's annual report on Form 20-F, filed with the Securities and 
Exchange Commission in the United States on 19 April 2010. AngloGold Ashanti 
undertakes no obligation to update publicly or release any revisions to these 
forward-looking statements to reflect events or circumstances after today's 
date or to reflect the occurrence of unanticipated events.  All subsequent 
written or oral forward-looking statements attributable to AngloGold Ashanti or 
any person acting on its behalf are qualified by the cautionary statements 
herein.  AngloGold Ashanti posts information that is important to investors on 
the main page of its website at www.anglgoldashanti.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. 
 
 
 
END 
 

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