TIDMAGD 
 
Report to shareholders 
 
for the quarter and year ended 31 December 2010 
 
 
 
Group results for the quarter.... 
 
Adjusted headline earnings, excluding accelerated hedge buy-back costs, $294m. 
 
Hedge book eliminated, giving full exposure to gold price from 7 October. 
 
Net debt of $1.3bn, better than pro-forma guidance due to robust cash 
generation. 
 
Production of 1.148Moz at a total cash cost of $672/oz; both improved on 
guidance. 
 
Strong performances from West Wits, Cerro Vanguardia and Siguiri. 
 
Australasia region delivers strong performance of 102,000oz, with significant 
cost improvement. 
 
Uranium production of 374,000lbs. 
 
Tropicana project approved for development after successful feasibility study. 
 
Strong safety performance in fourth quarter with no fatal accidents. 
 
 
 
For the year.... 
 
Adjusted headline earnings, excluding accelerated hedge buy-back costs, $787m. 
 
Production of 4.52Moz at a total cash cost of $638/oz; within exchange-rate 
adjusted guidance. 
 
Uranium production of 1.46Mlbs on continued strong grade and recovery 
performance. 
 
Geita, Cripple Creek and South Africa turnarounds successfully executed. 
 
Final dividend of 80 South African cents per share (approximately 11 US cents 
per share), declared, resulting in a total dividend of 145 South African cents 
per share (approximately 20 US cents per share) for the 2010 year. 
 
 
 
 
 
                                   Quarter            Year             Quarter         Year 
 
                                ended    ended     ended    ended  ended    ended    ended  ended 
 
                                  Dec      Sep       Dec      Dec    Dec      Sep      Dec    Dec 
 
                                 2010     2010      2010     2009   2010     2010     2010   2009 
 
                                       SA rand / Metric                US dollar / Imperial 
 
Operating 
review 
 
Gold 
 
   Produced  - kg / oz (000)   35,703   36,129   140,418  143,049  1,148    1,162    4,515  4,599 
 
   Price 
received     - R/kg / $/oz     99,671 (47,750)   135,862  201,805    452    (239)      561    751 
 
   Price 
received 
excluding 
hedge 
 buy-back 
costs        - R/kg / $/oz    303,454  267,707   271,018  246,048  1,372    1,141    1,159    925 
 
   Total 
cash costs   - R/kg / $/oz    148,474  151,007   149,577  136,595    672      643      638    514 
 
   Total 
production 
costs        - R/kg / $/oz    201,465  187,695   190,889  171,795    912      800      816    646 
 
 
 
Financial 
review 
 
Adjusted 
gross (loss) 
profit       - Rm / $m        (3,718)  (8,670)   (8,027)    3,686  (540)  (1,229)  (1,191)    412 
 
Adjusted 
gross profit 
excluding 
hedge 
buy-back 
costs        - Rm / $m          3,598    2,969    10,927   10,001    522      408    1,507  1,209 
 
Profit 
(loss) 
attributable 
to equity 
shareholders - Rm / $m            404      443       637  (2,762)     56       51       76  (320) 
 
             - cents/share        105      120       171    (765)     15       14       20   (89) 
 
Adjusted 
headline 
loss         - Rm / $m        (5,263)  (8,389)  (12,210)    (211)  (764)  (1,184)  (1,758)   (50) 
 
             - cents/share    (1,368)  (2,277)   (3,283)     (58)  (199)    (321)    (473)   (14) 
 
Adjusted 
headline 
earnings 
excluding 
hedge 
buy-back 
costs        - Rm / $m          2,026    2,184     5,652    5,795    294      303      787    708 
 
             - cents/share        527      593     1,520    1,604     76       82      212    196 
 
Cash flow 
from 
operating 
activities 
excluding 
hedge 
buy-back 
costs        - Rm / $m          5,076    3,238    12,603   10,096    679      424    1,669  1,299 
 
Capital 
expenditure  - Rm / $m          2,572    1,855     7,413    8,726    365      253    1,015  1,027 
 
 
 
 
$ represents US dollar, unless otherwise stated. 
 
Rounding of figures may result in computational discrepancies. 
 
 
 
Operations at a glance 
 
for the quarter ended 31 December 2010 
 
                                                                                       Adjusted 
                                              Production        Total cash costs  gross profit (loss) 
                                                                                    excluding hedge 
                                                                                    buy-back costs 
 
                                         oz (000) % Variance 1  $/oz % Variance 1    $m $m Variance 1 
 
 
 
 
 
SOUTH AFRICA                                  476            -   616            4   239            50 
 
  Great Noligwa                                34          (6)   915            7     6             3 
 
  Kopanang                                     78          (1)   658          (1)    33            11 
 
  Moab Khotsong                                76          (8)   669           22    16           (7) 
 
  Tau Lekoa                                     -        (100)     -        (100)     -           (1) 
 
  Mponeng                                     143            4   485            2   106            22 
 
  Savuka                                       11           38   885           16     4             2 
 
  TauTona                                      81           14   645         (12)    33            19 
 
  Surface Operations                           52          (2)   536           28    42             4 
 
 
 
CONTINENTAL AFRICA                            374            -   790            9   141            32 
 
 Ghana 
 
  Iduapriem                                    58            2   746           30    25             3 
 
  Obuasi                                       66         (12)   949           14    10             6 
 
 Guinea 
 
  Siguiri - Attributable 85%                   71           15   687          (2)    44            19 
 
 Mali 
 
  Morila - Attributable 40% 2                  24            4   760          (4)    14             5 
 
  Sadiola - Attributable 41% 2                 29          (3)   783           26    15           (1) 
 
  Yatela - Attributable 40% 2                   9         (10) 1,386            4   (3)           (1) 
 
 Namibia 
 
  Navachab                                     28           22   748            -    17            10 
 
 Tanzania 
 
  Geita                                        90          (3)   749            6    26             1 
 
 Non-controlling interests, exploration 
  and other                                                                         (5)           (9) 
 
 
 
AUSTRALASIA                                   102           10   894         (16)    41            46 
 
 Australia 
 
  Sunrise Dam                                 102           10   860         (19)    44            49 
 
 Exploration and other                                                              (4)           (4) 
 
 
 
AMERICAS                                      196         (10)   465            7   125           (9) 
 
 Argentina 
 
  Cerro Vanguardia - Attributable 92.50%       50            4   357          (5)    39            13 
 
 Brazil 
 
  AngloGold Ashanti Brasil Mineração           85          (9)   460           11    32          (23) 
 
  Serra Grande - Attributable 50%              19          (5)   509            9    13             3 
 
 United States of America 
 
  Cripple Creek & Victor                       42         (25)   558           13    27           (2) 
 
 Non-controlling interests, exploration 
  and other                                                                          14             - 
 
 
 
OTHER                                                                                 2           (2) 
 
 
 
Sub-total                                   1,148          (1)   672            5   548           117 
 
 
 
Equity accounted investments included above                                        (26)           (3) 
 
 
 
AngloGold Ashanti                                                                   522           114 
 
 
 
1 Variance December 2010 quarter on September 2010 quarter - increase 
(decrease). 
 
2 Equity accounted joint ventures. 
 
Rounding of figures may result in computational discrepancies. 
 
 
 
 
 
 
Financial and Operating Report 
 
 
 
OVERVIEW FOR THE QUARTER 
 
 
 
FINANCIAL AND CORPORATE REVIEW 
 
 
 
As previously announced, AngloGold Ashanti eliminated its hedge book on 7 
October 2010, ending the contractual sale of a portion of its production at 
discounts to market prices.  The company now has full exposure to the price of 
gold, which increases its potential for cash-flow generation and earnings.  Of 
the $2.64bn spent to undertake this final restructuring of the hedge book, 
which straddled September and October, $1.58bn was spent in the third quarter 
and the remaining $1.06bn in October of the fourth quarter. 
 
 
 
Turning to the balance sheet, strong cash generation during the quarter and the 
year left the company with a net debt level (excluding the mandatory 
convertible bonds) of $1.3bn, better than guidance of $1.7bn given on 11 
November.  Debt maturities are well spread and range from three to 30 years. 
 
 
 
Adjusted headline earnings, excluding the hedge buy-back and related costs, 
were $294m, or 76 US cents a share, compared with $303m, or 82 US cents the 
previous quarter.  The result is especially significant, given that the third 
quarter earnings were boosted by a once-off tax credit of $82m. The company 
generated cash flow from operations, excluding hedge buy back costs, of $679m. 
 
 
 
After taking account of the hedge buy back costs, the company posted an 
adjusted headline loss of $764m for the quarter and a profit attributable to 
ordinary shareholders of $56m. 
 
 
 
OPERATING RESULTS 
 
 
 
Production and total cash costs for the three months to 31 December were both 
within the guidance set by the company.  Production over the period was 
1.148Moz, following the sale of the Tau Lekoa mine, compared to 1.162Moz the 
previous quarter.  Total cash costs rose 5% to $672/oz, during a quarter again 
characterized by significant appreciation in the Brazilian real, the Australian 
dollar and the South African rand.  Strong production performances were 
delivered by several key operations, including the West Wits mines in South 
Africa, Sunrise Dam in Australia, Siguiri in Guinea, Navachab in Namibia and 
Cerro Vanguardia in Argentina. Uranium production was 374,000lbs, compared to 
389,000lbs in the third quarter. 
 
 
 
Guidance for the fourth quarter was 1.14Moz at a total cash cost of $675/oz, 
assuming an average exchange rate of R6.75/$ and $640/oz assuming a weaker rand 
at R7.25/$.  This compares to an average realised exchange rate of R6.88/$ over 
the quarter. 
 
 
 
SAFETY 
 
 
 
AngloGold Ashanti delivered a fatality free performance for only the second 
time in the company's history.  This demonstrates not only the strides made in 
changing working practices and attitudes toward safety by every member in the 
organisation, but also the possibility to work safely at depth.  This 
achievement provides powerful motivation to redouble efforts to eliminate 
injuries from the workplace.  The all-injury frequency rate ended the year at 
11.5 per million hours worked - an improvement of 11% on the level of 2009. 
AngloGold is in the process of implementing a new procedure for accident 
investigation and incident management, as well as an electronic Workplace 
Management Reporting System (WMRS) across all operations to improve incident 
analysis.  This will create a platform from which specific initiatives can be 
developed to drive further improvements in safety. 
 
OPERATING REVIEW 
 
 
 
The South Africa operations produced 476,000oz at a total cash cost of $616/oz 
in the fourth quarter of 2010, compared with 478,000oz at a total cash cost of 
$594/oz the previous quarter.  The performance was driven by another strong set 
of results from the core operations, with rand-denominated costs improving by 
2% from the previous quarter as management continued to focus on improving 
safety and productivity.  The success of the business improvement interventions 
made in the region are evident in overall productivity figures for AngloGold 
Ashanti's South African mines, which are 14% higher in the fourth quarter, 
compared with the same period in 2009.  At the West Wits operations, Mponeng, 
the company's largest mine, output increased by 4% to 143,000oz due to 
increased tonnages resulting from fewer safety related stoppages and improved 
tramming efficiencies.  The neighbouring TauTona mine delivered a 14% rise in 
production to 81,000oz, driven by improved grade from higher face values, 
together with increased flexibility across its high grade areas.  At the Vaal 
River operations, production from Moab Khotsong declined by 8% to 76,000oz due 
to grade challenges arising from ore dilution and the overall mining mix. 
Costs rose 22% to $669/oz.  Following a successful effort in returning Great 
Noligwa to profitability, production declined 6% to 34,000oz because of an 
increase in off-reef mining necessitated by the geological structure 
encountered during the period.  Kopanang's output was marginally lower at 
78,000oz as lower volumes were mined.  The Surface operations, which replaced 
Tau Lekoa feed with marginal ore, had a 2% decrease in production to 52,000oz. 
 
 
 
The Continental Africa operations produced 374,000oz at a total cash cost of 
$790/oz in the fourth quarter of 2010, compared with 373,000oz at a total cash 
cost of $725/oz the previous quarter. Geita's production declined by 3% to 
90,000oz mainly due to fewer tons of higher grade material processed compared 
with the previous quarter, although this was partly offset by an increase in 
overall tonnage throughput.  Total cash costs increased by 6% to $749/oz. 
Production from Iduapriem rose 2% to 58,000oz following improvements to plant 
availability and utilisation, which offset lower grade.  The 30% rise in cash 
costs followed an increase in the 2010 electricity tariff which was effected in 
the fourth quarter. 
 
 
 
At Obuasi, the high level taskforce appointed in November, started work to 
define the long-term turnaround strategy for the operation, which continued to 
be challenged by poor blasting fragmentation and restricted ore passes, in 
addition to an unplanned plant shutdown for maintenance on the tailings 
facility.  Production declined by 12% to 66,000oz and costs, also impacted by 
the higher power price, rose 14% to $949/oz.  In Guinea, Siguiri's production 
rose by 15% to 71,000oz as conveyor belt modifications and consistent feed of 
dry ore drove higher tonnage throughput.  Total cash costs decreased by 2% to 
$687/oz.  Mali continued to deliver strong operational free cashflow to the 
business.  Production from Morila rose 4% to 24,000oz at an improved total cash 
cost of $760/oz.  At Yatela, output fell 10% to 9,000oz due to the lower grade 
ore stacked during previous periods.  Lower recovered grade at Sadiola led to a 
3% drop in production to 29,000oz.  Costs increased by 26% to $783/oz as new 
sources of ore were accessed.  In Namibia, Navachab's production jumped by 22% 
to 28,000oz as higher-grade ore was mined from the base of the pit, along with 
higher overall tonnages and improved performance from the operations at the 
bottom of the main pit and the benefits of the dense-media-separator (DMS 
plant). 
 
 
 
The Americas operations produced 196,000oz at a total cash cost of $465/oz in 
the fourth quarter of 2010, compared with 218,000oz at a total cash cost of 
$433/oz the previous quarter.  Cerro Vanguardia, in Argentina, delivered yet 
another strong operating quarter with a 4% rise in production to 50,000oz due 
to an increase in tonnages mined.  Silver credits and the weaker peso helped 
offset higher fuel consumption and accelerating inflation in Argentina with 
total cash costs dropping 5% to $357/oz.  At Cripple Creek & Victor in the 
United States, production fell by 25% as planned, to 42,000oz due to stacking 
ore on higher sections of the pad.  Cash cost rose 13% to $558/oz.  At 
AngloGold Ashanti Brasil Mineração, production was 9% lower at 85,000oz due to 
lower grades and a drop in tonnages caused by the performance of the Cuiabá 
fleet and geomechanical problems which affected the Queiroz plant.  The 11% 
increase in cash costs to $460/oz reflects the stronger real as well as higher 
maintenance costs and lower by-product credits.  Serra Grande's production was 
5% lower at 19,000oz reflecting lower grades as expected, while costs climbed 
9%. 
 
 
 
Australasia produced 102,000oz at a total cash cost of $894/oz in the fourth 
quarter of 2010, compared with 93,000oz at a total cash cost of $1,064/oz the 
previous quarter.  Sunrise Dam, the only operating mine in the region, 
delivered a significant increase in both ore tonnage and grades from the 
underground section of the operation.  The economies of scale achieved helped 
drive down unit costs. Total cash costs improved 16% from the previous quarter 
which included a lower non-cash deferred stripping charge of $160/oz. 
 
 
 
PROJECTS 
 
 
 
AngloGold Ashanti incurred capital expenditure of $365m during the quarter, of 
which $95m was spent on growth projects.  Of the growth-related capital, $54m 
was spent in the Americas, $14m was spent in Continental Africa, $3m in 
Australasia and $23m in South Africa. 
 
 
 
Detailed engineering work for the refurbishment of the São Bento plant, at the 
Córrego do Sítio project in Brazil's Minas Gerais state, remains on schedule. 
Manufacturing of the autoclave was also completed on schedule and the unit was 
delivered in January 2011.  Mine stopes and underground infrastructure were 
completed on time in preparation for the beginning of ramp-up activities in 
December. The Lamego mine reached full production at the end of the fourth 
quarter as planned, with completion of the main surface facilities expected at 
the end of April 2011.  Of the 11,884m drilled at AngloGold Ashanti Córrego do 
Sítio Mineraçáo, the majority was at Córrego do Sítio II. 
 
 
 
In the Democratic Republic of Congo, significant progress was made on the 
Kibali joint venture, operated by AngloGold Ashanti's joint venture partner 
Randgold Resources.  The project team has largely been assembled, with the 
appointments of the project manager, construction manager, cost engineer and 
financial controller.  Good progress has been made on determining the 
hydropower strategy, with environmental impact assessments now underway, while 
procurement of items necessary for site establishment started ahead of 
schedule.  Road infrastructure critical to development of the project, was 
completed, including a network of 28km in the site and surrounding communities 
and the 179km stretch between the towns of Aru and Doko, a key staging point 
for Kibali's construction.  The commute between these communities, which in the 
past could take several days during the rainy season, has been cut to three 
hours. 
 
 
 
Work continued on completion of a feasibility study on the Mongbwalu project, 
which is due for submission to the boards of AngloGold Ashanti and Okimo, the 
DRC's state-owned gold company and the 13.78% partner on the project, during 
the first quarter of 2011. 
 
 
 
In Australia, the bankable feasibility study for the Tropicana project was 
completed, presented to the joint venture partners AngloGold Ashanti (70%) and 
Independence Group NL (30%), and approved by their boards in November, paving 
the way for the project's development.  Primary state and federal environmental 
approvals were received during the quarter. AngloGold Ashanti plans to announce 
appointment of the EPCM and open-pit mining contract during the first quarter 
of 2011. Detailed design of the plant and infrastructure construction will 
commence in 2011, with construction of the 220km site access road the first 
major contract. Exploration of the Havana Deeps and Boston Shaker areas 
continued with a feasibility study of open pit mining at Boston Shaker approved 
during the quarter. A decision on advancing Havana Deeps to pre-feasibility 
stage is also expected in the March 2011 quarter. 
 
 
 
EXPLORATION 
 
 
 
Total exploration expenditure during the fourth quarter, inclusive of 
expenditure at equity accounted joint ventures, was $65m ($23m on brownfield, 
$26m on greenfield and $16m on pre-feasibility studies), compared with $72m the 
previous quarter ($28m on brownfield, $19m on greenfield and $25m on 
pre-feasibility studies). The following are highlights from the company's 
exploration activities during the quarter. More detail on AngloGold Ashanti's 
exploration programme can be found at www.anglogoldashanti.com. 
 
 
 
During the quarter 58,823m of greenfield exploration drilling was completed at 
existing priority sites and used to delineate new targets in Australia, Canada, 
Guinea, Gabon, Colombia and the Solomon Islands.  This compares with 98,000m 
the previous quarter. 
 
 
 
In Australia, exploration in the Tropicana joint venture (JV) during the 
quarter focused on reverse circulation and diamond drill testing of targets 
adjacent to the project resource.  The Boston Shaker resource lies 360m north 
of the Tropicana open pit resource and has been tested to a maximum vertical 
depth of 230m.  A full feasibility study on Boston Shaker started in September 
2010, with exploration drilling suggesting potential for expansion of the open 
pit resource determined in the scoping study.  Significant results included: 
8.0m @ 8.08 g/t Au from 242m, 6m @ 6.54 g/t Au from 82m, 13m @ 3.66 g/t Au from 
33m, 11m @ 3.34 g/t Au from 48m and 16m @ 4.88 g/t Au from 397m.  An 
underground scoping study on Havana Deeps was completed in October 2010 and 
indicates potential viability of underground mining outside the Havana open pit 
resource.  Drill holes targeting Havana Deeps returned further significant 
results, including: 9m @ 11.7 g/t Au from 462m, 11m @ 11.2 g/t Au from 416m and 
10m @ 14.5 g/t Au from 374m. 
 
 
 
At the Saxby JV with Falcon Minerals in northwest Queensland, geochemical 
results were returned for all samples from the 4,000m programme of five 
pre-collared diamond drill holes completed in mid-2010.  A high-grade gold 
intersection of 15m @ 9.09 g/t Au from 701m was returned and further check 
assays are pending. 
 
 
 
In the Solomon Islands, exploration activities continued at the Kele and Mase 
JVs with XDM Resources.  At Kele, about 1,515m of diamond drilling was 
completed in the quarter, along with mechanical trenching and geochemical 
sampling focussed on the Babatia and Vulu prospects.  Best results from the 
drilling at Kele included 15.5m @ 7.89 g/t Au and 30.2m @ 2.74 g/t Au from 
argillic alteration zones.  Best results from trenching include 25m @ 3.1g/t Au 
and 9m @ 2.99 g/t Au.  At Mase, about 985m of diamond drilling was completed. 
 
 
 
In the Americas, drilling was undertaken at four regions in Colombia. 
Exploration continued at the La Colosa project in Colombia, where three rigs 
are now in operation, while 3,477m was drilled at the Gramalote deposit. 
Additional sampling and mapping was conducted at the Quebradona property, while 
an extensive ground IP survey was completed at Loma Esperanza anomaly. 
Encouraging results from infill soil sampling were received from the Falcão JV 
with Horizonte Minerals in Brazil's southern Para state.  In Argentina, a scout 
RC drill programme at the La Volcan prospect for a total of 1,794m in 12 holes. 
Assay results included some narrow mineralised quartz zones with up to 3 g/t Au 
and 40 g/t Au.  Deeper diamond drilling is warranted to test anticipated higher 
Au grade horizons of the mineralised system. 
 
 
 
In Continental Africa, regional exploration in the DRC continued on the 5,487km 
² Kilo project, owned by Ashanti Goldfields Kilo (AGK), in which AngloGold 
Ashanti has a 86.22% stake and Okimo 13.78%.  Regional exploration initiatives, 
including a 5,000m diamond drilling programme over key targets, commenced to 
test mineralisation in and around intrusive bodies at the Mount Tsi prospect. 
The first phase of a regional reconnaissance sampling and mapping programme was 
completed and several regional scale anomalies identified.  Trenching, detailed 
mapping and sampling of these anomalies is ongoing in the northern and central 
areas, with encouraging results.  At the Kibali joint venture, 5,705m of 
mineral-resource conversion drilling targeted planned underground 
infrastructure.  One hole aimed to upgrade KCD down-plunge mineral resource 
from inferred to the indicated category, proved successful.  Regional 
exploration work on Blocks 2, 3 and 4 around the Siguiri mine in Guinea is 
ongoing. 
 
 
 
At the Saraya South extension and Foulata East targets in Block 2, a further 
1,658m was drilled with a best intercept of 32m @ 5.27 g/t Au, from 4m in the 
oxides.  In Block 3, soil geochemistry confirms consistent anomalism along the 
sediment-amphibolite contact extending a further 1.6km southward, resulting in 
an anomaly with a strike length of about 6.8km, still open towards the south; a 
programme to test these anomalies in underway.  At Obuasi in Ghana, the 
brownfield team completed 1,074m of drilling, with four new reef intersections 
obtained. 
 
 
 
In the Middle East & North Africa, where AngloGold Ashanti has a joint venture 
with Thani Investments, exploration work included Phase II sampling and mapping 
at the Wadi Kareem and Hodine concessions in Egypt.  At Hodine, diamond 
drilling commenced at the Hutite prospect, to follow-up on the encouraging 
results from traverse rock chip sampling of 33m @ 4.37 g/t Au, including 7.5m @ 
8.85 g/t Au.  In Eritrea, a 10,000 line km airborne electromagnetic, magnetic 
and radiometric survey commenced at the Kerkasha and Akordat North exploration 
licences and will be completed in the first quarter of 2011.  Thani Ashanti 
entered into a binding Heads of Terms with Stratex International to explore for 
epithermal gold deposits in the Afar region of Ethiopia and in Djibouti. 
 
 
 
ANNUAL REVIEW 
 
 
 
Adjusted headline earnings, normalised to exclude the $2.5bn post taxation cost 
of restructuring the hedge book during the year, was $787m.  The company 
reported an adjusted headline loss of $1,758m, when taking the restructuring 
cost into account.  A final dividend of 80 South African cents per share 
(approximately 11 US cents per share), declared, resulting in a total dividend 
of 145 South African cents per share (approximately 20 US cents per share) for 
the 2010 year.  This represents an 11.5% increase from the total dividend paid 
in 2009. 
 
 
 
Production in 2010 declined 2% to 4.52Moz, within the range forecast by the 
company at the beginning of 2010, while total cash costs rose 24% to $638/oz, 
in line with exchange-rate adjusted guidance.  Significant improvements were 
made at the South African operations, which experienced fewer safety-related 
stoppages; at Geita, where improvements related to Project ONE continued to 
show results; and at Cripple Creek & Victor, where the revised pad-stacking 
strategy yielded the desired outcome.  The sale of Tau Lekoa, seismic impact at 
Savuka, the ten week shut down at Iduapriem and ongoing operational challenges 
at Obuasi contributed to the lower production.  A multi-disciplinary taskforce 
has been established to design and execute the turnaround strategy for Obuasi. 
Uranium production reached 1.46Mlbs in 2010, compared with 1.44Mlbs the 
previous year, as grades and recoveries improved. 
 
 
 
AngloGold Ashanti also saw the acceleration of 'mining inflation' impact prices 
of skilled and unskilled labour, contractors, heavy equipment and consumables 
in several of its operating regions as rising metal prices spurred activity in 
the global resources sector.  The impact on dollar-denominated costs was 
magnified by significant strengthening of the Brazilian real, the South African 
rand and the Australian dollar. 
 
 
 
Project ONE, AngloGold Ashanti's new operating model central to the achievement 
of long-term productivity, safety, environmental and financial targets, was 
implemented at 15 operations.  To date, the business improvement initiatives 
introduced since the articulation of AngloGold Ashanti's new strategy in April 
2008, has improved operational cashflow by around $500m. 
 
 
 
Tragically, there were 15 fatalities across the company's 21 mines during the 
year, with 10 occurring at the South African operations.  Eliminating injuries 
from the workplace remains AngloGold Ashanti's most important objective and the 
particular focus is being placed on the Safety Transformation component of 
Project ONE to achieve this goal. 
 
 
 
The overall quality and tenor of the balance sheet was greatly improved during 
the year with the award of investment grade ratings by Standard & Poor's and 
Moody's Investor Services, which paved the way for the successful issue in 
April of a $700m, 10-year bond and a $300m, 30-year bond.  A dual tranche 
capital raising for net proceeds of $1.53bn - comprising roughly equal parts of 
equity and a three-year mandatory convertible note - were concluded in 
September.  This created the platform for the elimination of the final 3.2Moz 
hedge on 7 October.  This fulfilled a long-standing strategic objective of the 
company, to reduce financial risk and improve cashflow generation ability by 
increasing overall exposure to the gold price. The balance sheet ended stronger 
with a net debt level (excluding the mandatory convertible bond) of $1.3bn at 
year end. 
 
 
 
The company estimated in September that it would grow production from its 
current operating and exploration portfolio to between 5.4Moz and 5.6Moz over 
five years and estimated expansion capital of $2.4bn to be invested over the 
next three years.  The board approved the Sao Bento and Tropicana projects 
during the course of the year and feasibility studies progressed on the Kibali 
and Mongbwalu projects.  In Colombia, drilling resumed on the La Colosa deposit 
after a two-year hiatus and started on the Gramalote joint venture. Both assets 
are undergoing feasibility studies.  Greenfield exploration accelerated 
dramatically from 2009, with encouraging results from Colombia, Australia, the 
Solomon Islands, Egypt, Gabon and Canada's Baffin Island region. 
 
 
 
Reserves (which were calculated at a gold price of US$850/oz) improved by 
0.6Moz to end the year at 71.2Moz*, after accounting for depletion. Resources 
were largely unchanged after depletion, at 220Moz*.  *Restated for the sale of 
Tau Lekoa. 
 
 
 
OUTLOOK 
 
 
 
AngloGold Ashanti's production and total cash cost guidance for the full year 
2011 is expected to be 4.55Moz - 4.75Moz at a total cash cost of $660/oz to 
$685/oz.  This assumes an average exchange rate of R7.11/$, BRL1.70/$, A$/$0.98 
and Argentinean peso 4.12/$ and an oil price of $95/barrel. 
 
 
 
First quarter production and total cash cost guidance is expected to be 1.04Moz 
at a total cash cost of between $675/oz and $700/oz.  This assumes an average 
exchange rate of R7.00/$, BRL1.70/$, A$/$1.00 and Argentinean peso 4.03/$ and 
an oil price of $95/barrel. 
 
 
 
Review of the Gold Market 
 
Gold price movement and investment markets 
 
 
 
Gold price data 
 
 
 
During the fourth quarter, gold hit new highs in both US dollar and Euro terms, 
reaching $1,431/oz and EUR1,075/oz. The gold price averaged $1,370/oz over the 
period, 12% more than the preceding quarter. Although the announcement of the 
much anticipated second round of quantitative easing by the Federal Reserve 
helped propel bullion back above $1,400/oz level in early November, it was the 
return of Sovereign risk in the Euro zone that saw gold largely maintain that 
level over the balance of the quarter after Ireland became the second EU member 
to accept a bailout from the European Financial Stability Fund. 
 
 
 
Investment demand 
 
 
 
Despite heightened Sovereign Risk in the fourth quarter, exchange traded funds 
(ETF) did not reflect the same levels of growth exhibited in the second quarter 
when this uncertainty first presented itself. ETF holdings remained relatively 
stagnant during the quarter at 2,100 tonnes or 68Moz. On the COMEX, the largest 
position for the quarter was reported at 32.6Mozs long, some 1.1Mozs less than 
the largest ever long position reported. In China, retail bar investment 
increased by approximately 45% and local gold supply was once again 
insufficient to meet demand. As a result of this deficit, gold sold at a 
premium of RMB 5/gram over the international gold price. The fourth quarter saw 
the Middle East investment markets receiving a welcome boost with bar and coin 
sales rising in the United Arab Emirates, Turkey and the Kingdom of Saudi 
Arabia. 
 
 
 
Official sector 
 
 
 
The second year of the current Central Bank Accord, which commenced at the end 
of September 2009, has seen sales totalling 54 tonnes in the period up to 
December 2010. This is comprised almost entirely of sales from the IMF, which 
has subsequently concluded its sale of 403 tonnes, with a little more than half 
sold to Official Sector participants. 
 
 
 
Jewellery sales 
 
 
 
The fourth quarter saw the Indian gold market, still the world's largest, 
growing by more than 20%. It appears 2009's poor showing has been shrugged off. 
The Rupee price for a gram of gold exceeded INR2,100 for the first time ever 
during the quarter and encouragingly, this new peak did not prompt a rise in 
gold recycling. Dollar weakness and Rupee strength were once again the hallmark 
of the quarter, which did not deter Indian buyers. Similarly, in China, the 
jewellery market grew by over 8%. Consumers still favour pure gold jewellery as 
an investment to safeguard from economic uncertainty and rising inflation. The 
18 carat jewellery market did not fare as well due largely to its inferior 
investment status and showed a small decline from the previous quarter. In the 
United Arab Emirates, a strong quarter for tourism contributed to good sales of 
22 carat jewellery, while Turkish exports rose marginally over the fourth 
quarter, with shipments primarily to the U.S. and Russia. The Kingdom of Saudi 
Arabia experienced a weaker fourth quarter with demand down by some 10% on the 
previous quarter. 
 
 
 
Mineral Resource and Ore Reserve 
 
 
 
Mineral Resource and Ore Reserve are reported in accordance with the minimum 
standards described by the Australasian Code for Reporting of Exploration 
Results, Mineral Resource and Ore Reserve (JORC Code, 2004 Edition), and also 
conform to the standards set out in the South African Code for the Reporting of 
Exploration Results, Mineral Resource and Mineral Reserve (The SAMREC Code, 
2007 edition). Mineral Resource is inclusive of the Ore Reserve component 
unless otherwise stated. 
 
 
 
Mineral Resource 
 
 
 
When the 2009 Mineral Resource is restated to exclude the sale of Tau Lekoa 
(6.2Moz), the Mineral Resource is reduced from 226.7Moz to 220.5Moz. The total 
Mineral Resource remained steady, dropping slightly from 220.5Moz in 2009 to 
220.0Moz in December 2010. A year-on-year increase of 5.8Moz occurred before 
the subtraction of depletion and a decrease of 0.5Moz after the subtraction of 
depletion. It should be noted that changes in economic assumptions from 2009 to 
2010 resulted in the Mineral Resource increasing by 3.5Moz whilst exploration 
and modelling resulted in an increase of 0.7Moz. The remaining increase of 
1.6Moz resulted from various other factors. Depletions from the Mineral 
Resource for 2009 totalled 6.3Moz. 
 
 
 
MINERAL RESOURCE                                                            Moz 
 
Mineral Resource as at 31 December 2009                                   226.7 
 
Sale of Tau Lekoa                                                         (6.2) 
 
Restated 2009 Mineral Resource                                            220.5 
 
 
 
Reductions 
 
  Great      Due to economics and depletion                               (2.4) 
Noligwa 
 
  TauTona    Transfers to Mponeng so as to improve change of mining       (1.3) 
 
  Siguiri    Revision to modelling procedures and increased costs         (1.0) 
 
  Other      Total of non-significant changes                             (3.6) 
 
 
 
Additions 
 
  Vaal River An economic study demonstrated that these tailings can be      3.0 
Surface      economically reworked to recover uranium 
 
  West Wits                                                                 1.3 
Surface 
 
  Other      Total of non-significant changes                               3.5 
 
Mineral Resource as at 31 December 2010                                   220.0 
 
 
 
 
Rounding of numbers may result in computational discrepancies. 
 
 
 
Mineral resource has been calculated at a gold price of US$1,100/oz (2009: 
US$1,025/oz). 
 
 
 
ORE RESERVE 
 
 
 
When the 2009 Ore Reserve is restated to exclude Tau Lekoa (0.8Moz), the 2009 
Ore Reserve is reduced from 71.4Moz to 70.6Moz. Using the restated figure, the 
AngloGold Ashanti Ore Reserve increased from 70.6Moz in 2009 to 71.2Moz in 
December 2010. A year-on-year increase of 6.2Moz occurred before the 
subtraction of 5.6Moz for depletion, resulting in an increase of 0.6Moz after 
the subtraction of depletion. It should be noted that changes in the economic 
assumptions from 2009 to 2010 resulted in the Ore Reserve increasing by 2.4Moz 
while exploration and modelling resulted in a further increase of 3.8Moz. 
 
 
 
ORE RESERVE                                                                 Moz 
 
Ore Reserve as at 31 December 2009                                         71.4 
 
Sale of Tau Lekoa                                                         (0.8) 
 
Restated 2009 Ore Reserve                                                  70.6 
 
 
 
Reductions 
 
  Geita               Depletions and model changes                        (0.9) 
 
  Obuasi              Depletions and refinements to Ore Reserve           (0.7) 
                      estimation 
 
  Siguiri             Remodelling in accordance with reconciliation and   (0.7) 
                      depletion 
 
  TauTona             Depletion and transfers to Mponeng, minor model     (0.7) 
                      changes 
 
  Other               Total non-significant changes                       (1.2) 
 
 
 
Additions 
 
  Cripple Creek &     MLE2 project study incorporated                       1.4 
Victor 
 
  Mponeng             Transfers from TauTona countered some model losses    1.2 
 
  Sadiola             Additions from the Deep Suphide project               0.8 
 
  Other               Total non-significant changes                         1.3 
 
 
 
Ore Reserve as at 31 December 2010                                         71.2 
 
 
 
 
Rounding of numbers may result in computational discrepancies. 
 
 
 
Some of the Ore Reserves previously reflected against TauTona have now been 
transferred to Mponeng to facilitate the mining plan. 
 
 
 
Ore reserve has been calculated using a gold price of US$850/oz (2009: US$800/ 
oz). 
 
 
 
BY-PRODUCTS 
 
 
 
Several by-products are recovered as a result of the processing of gold Ore 
Reserve. These include 21,591t of uranium oxide from the South African 
operations, 443,761t of sulphur from Brazil and 34.6Moz of silver from 
Argentina. Details of by-product Mineral Resource and Ore Reserve are given in 
the Mineral Resource and Ore Reserve Report 2010(1). 
 
 
 
EXTERNAL AUDIT OF MINERAL RESOURCE 
 
 
 
During the course of the year and as part of the rolling audit programme, 
AngloGold Ashanti's 2010 Mineral Resource at the following operations were 
submitted for external audit by the Australian-based company Quantitative Group 
(QG): 
 
 
 
Vaal Reef at Great Noligwa, Kopanang and Moab Khotsong mines 
 
Cerro Vanguardia 
 
Serra Grande 
 
Cripple Creek and Victor 
 
Mongbwalu 
 
 
 
AngloGold Ashanti's 2010 Ore Reserve at the following operations were submitted 
for external audit by a number of international consulting companies, namely: 
 
 
 
Geita                     AMC 
 
Obuasi                    AMC 
 
Siguiri                   AMC 
 
Sunrise Dam: underground  Optiro 
 
Cripple Creek and Victor  Pincock Allen and Holt 
 
Cerro Vanguardia          Xstract 
 
Serra Grande              Xstract 
 
Brasil Mineração - Cuiabá Xstract 
 
 
 
 
The company has been informed that the audits identified no material 
shortcomings in the process by which AngloGold Ashanti's Mineral Resource and 
Ore Reserve were evaluated. It is the company's intention to continue this 
process so that each of its operations will be audited, on average, every three 
years. 
 
 
 
COMPETENT PERSONS 
 
 
 
The information in this report relating to exploration results, Mineral 
Resource and Ore Reserve is based on information compiled by the Competent 
Persons. These individuals are identified in the expanded Mineral Resource and 
Ore Reserve Report 2010(1). The Competent Persons consent to the inclusion of 
Exploration Results, Mineral Resource and Ore Reserve information in this 
report, in the form and context in which it appears. 
 
 
 
During the past decade, the company has developed and implemented a rigorous 
system of internal and external reviews of Exploration Results, Mineral 
Resource or Ore Reserve. A documented chain of responsibility exists from the 
Competent Persons at the operations to the company's Mineral Resource and Ore 
Reserve Steering Committee. Accordingly, the Chairman of the Mineral Resource 
and Ore Reserve Steering Committee, VA Chamberlain, MSc (Mining Engineering), 
BSc (Hons) (Geology), MGSSA, MAusIMM, assumes responsibility for the Mineral 
Resource and Ore Reserve processes for AngloGold Ashanti and is satisfied that 
the Competent Persons have fulfilled their responsibilities. 
 
 
 
(1)A detailed breakdown of Mineral Resource and Ore Reserve is provided in the 
Mineral Resource and Ore Reserve Report 2010, which will be available on or 
about 31 March 2011 on the AngloGold Ashanti website 
(www.anglogoldashanti.com), from where it may be downloaded as a PDF file using 
Adobe Acrobat Reader. The report will also be available in printed format on 
request from the AngloGold Ashanti offices at the addresses given at the back 
of the Annual Financial Statements. 
 
 
 
MINERAL RESOURCE BY COUNTRY (ATTRIBUTABLE) INCLUSIVE OF ORE RESERVE 
 
 
 
                                                            Contained Contained 
                                               Tonnes Grade 
                                   Category                      gold      gold 
                                              million   g/t 
as at 31 December 2010                                         tonnes       Moz 
 
 
 
South Africa                        Measured    26.51 15.30    405.52     13.04 
 
                                   Indicated   753.04  2.76  2,075.87     66.74 
 
                                    Inferred    40.82 13.81    563.55     18.12 
 
                                       Total   820.38  3.71  3,044.94     97.90 
 
Democratic Republic of the Congo    Measured     0.00     -      0.00      0.00 
 
                                   Indicated    59.67  3.64    217.41      6.99 
 
                                    Inferred    30.54  3.27     99.94      3.21 
 
                                       Total    90.21  3.52    317.35     10.20 
 
Ghana                               Measured    77.12  4.83    372.49     11.98 
 
                                   Indicated    83.38  3.82    318.84     10.25 
 
                                    Inferred   105.26  3.71    390.99     12.57 
 
                                       Total   265.76  4.07  1,082.33     34.80 
 
Guinea                              Measured    43.18  0.65     28.28      0.91 
 
                                   Indicated   101.78  0.77     78.19      2.51 
 
                                    Inferred    77.77  0.85     66.11      2.13 
 
                                       Total   222.73  0.77    172.58      5.55 
 
Mali                                Measured    15.52  1.36     21.17      0.68 
 
                                   Indicated    54.86  1.79     98.07      3.15 
 
                                    Inferred    19.87  1.66     32.98      1.06 
 
                                       Total    90.24  1.69    152.22      4.89 
 
Namibia                             Measured    23.30  0.86     20.09      0.65 
 
                                   Indicated    72.57  1.28     92.78      2.98 
 
                                    Inferred    23.33  1.13     26.41      0.85 
 
                                       Total   119.20  1.17    139.28      4.48 
 
Tanzania                            Measured     0.00     -      0.00      0.00 
 
                                   Indicated    80.32  3.37    270.88      8.71 
 
                                    Inferred    21.95  3.62     79.57      2.56 
 
                                       Total   102.27  3.43    350.46     11.27 
 
Australia                           Measured    34.88  1.74     60.55      1.95 
 
                                   Indicated    35.49  2.85    101.12      3.25 
 
                                    Inferred    19.84  2.90     57.63      1.85 
 
                                       Total    90.21  2.43    219.30      7.05 
 
Argentina                           Measured    11.12  1.50     16.63      0.53 
 
                                   Indicated    20.86  3.82     79.69      2.56 
 
                                    Inferred    10.20  3.19     32.55      1.05 
 
                                       Total    42.18  3.06    128.87      4.14 
 
Brazil                              Measured    11.18  6.39     71.43      2.30 
 
                                   Indicated    15.60  6.10     95.14      3.06 
 
                                    Inferred    30.80  6.81    209.73      6.74 
 
                                       Total    57.57  6.54    376.31     12.10 
 
Colombia                            Measured     0.00     -      0.00      0.00 
 
                                   Indicated    15.78  0.93     14.75      0.47 
 
                                    Inferred   414.06  0.98    406.06     13.06 
 
                                       Total   429.85  0.98    420.81     13.53 
 
United States of America            Measured   283.04  0.78    221.76      7.13 
 
                                   Indicated   216.53  0.73    157.18      5.05 
 
                                    Inferred    79.61  0.75     59.66      1.92 
 
                                       Total   579.18  0.76    438.60     14.10 
 
Total                               Measured   525.84  2.32  1,217.92     39.16 
 
                                   Indicated 1,509.88  2.38  3,599.94    115.74 
 
                                    Inferred   874.07  2.32  2,025.18     65.11 
 
                                       Total 2,909.79  2.35  6,843.04    220.01 
 
 
Rounding of figures may result in computational discrepancies. 
 
 
 
MINERAL RESOURCE BY COUNTRY (ATTRIBUTABLE) EXCLUSIVE OF ORE RESERVE 
 
 
 
                                                            Contained Contained 
                                               Tonnes Grade 
                                   Category                      gold      gold 
                                              million   g/t 
as at 31 December 2010                                         tonnes       Moz 
 
 
 
South Africa                        Measured    15.29 17.73    271.14      8.72 
 
                                   Indicated   563.41  1.65    927.58     29.82 
 
                                    Inferred    19.64 18.69    367.04     11.80 
 
                                       Total   598.34  2.62  1,565.75     50.34 
 
Democratic Republic of the Congo    Measured     0.00     -      0.00      0.00 
 
                                   Indicated    26.23  2.93     76.72      2.47 
 
                                    Inferred    30.54  3.27     99.94      3.21 
 
                                       Total    56.77  3.11    176.66      5.68 
 
Ghana                               Measured    29.69  6.96    206.52      6.64 
 
                                   Indicated    34.46  2.45     84.26      2.71 
 
                                    Inferred   105.26  3.71    391.01     12.57 
 
                                       Total   169.41  4.02    681.79     21.92 
 
Guinea                              Measured     4.46  0.80      3.59      0.12 
 
                                   Indicated    34.07  0.77     26.22      0.84 
 
                                    Inferred    77.77  0.85     66.11      2.13 
 
                                       Total   116.30  0.82     95.91      3.08 
 
Mali                                Measured     4.69  0.75      3.50      0.11 
 
                                   Indicated    18.27  1.69     30.79      0.99 
 
                                    Inferred    19.09  1.70     32.37      1.04 
 
                                       Total    42.05  1.59     66.66      2.14 
 
Namibia                             Measured     9.03  0.58      5.24      0.17 
 
                                   Indicated    42.83  1.11     47.50      1.53 
 
                                    Inferred    23.33  1.13     26.41      0.85 
 
                                       Total    75.20  1.05     79.15      2.54 
 
Tanzania                            Measured     0.00     -      0.00      0.00 
 
                                   Indicated    41.62  2.93    121.83      3.92 
 
                                    Inferred    21.95  3.62     79.57      2.56 
 
                                       Total    63.57  3.17    201.40      6.48 
 
Australia                           Measured    10.83  0.93     10.10      0.32 
 
                                   Indicated    12.10  2.92     35.29      1.13 
 
                                    Inferred    19.84  2.90     57.63      1.85 
 
                                       Total    42.77  2.41    103.02      3.31 
 
Argentina                           Measured     1.36  3.61      4.91      0.16 
 
                                   Indicated    16.70  2.20     36.72      1.18 
 
                                    Inferred     9.95  2.97     29.56      0.95 
 
                                       Total    28.01  2.54     71.18      2.29 
 
Brazil                              Measured     6.37  6.15     39.19      1.26 
 
                                   Indicated     8.35  6.10     50.93      1.64 
 
                                    Inferred    28.08  6.78    190.31      6.12 
 
                                       Total    42.81  6.55    280.44      9.02 
 
Colombia                            Measured     0.00     -      0.00      0.00 
 
                                   Indicated    15.78  0.93     14.75      0.47 
 
                                    Inferred   414.06  0.98    406.06     13.06 
 
                                       Total   429.85  0.98    420.81     13.53 
 
United States of America            Measured   135.85  0.75    102.38      3.29 
 
                                   Indicated   137.77  0.71     98.42      3.16 
 
                                    Inferred    69.52  0.77     53.85      1.73 
 
                                       Total   343.14  0.74    254.66      8.19 
 
Total                               Measured   217.57  2.97    646.57     20.79 
 
                                   Indicated   951.59  1.63  1,551.01     49.87 
 
                                    Inferred   839.05  2.15  1,799.86     57.87 
 
                                       Total 2,008.21  1.99  3,997.44    128.52 
 
 
Rounding of figures may result in computational discrepancies. 
 
 
 
ORE RESERVE BY COUNTRY (ATTRIBUTABLE) 
 
 
 
                                                           Contained  Contained 
                                             Tonnes Grade 
                                  Category                      gold       gold 
                                            million   g/t 
as at 31 December 2010                                        tonnes        Moz 
 
 
 
South Africa                        Proved    12.03  8.24      99.07       3.19 
 
                                  Probable   191.99  4.41     845.74      27.19 
 
                                     Total   204.02  4.63     944.81      30.38 
 
Democratic Republic of the Congo    Proved        -     -          -          - 
 
                                  Probable    33.44  4.21     140.69       4.52 
 
                                     Total    33.44  4.21     140.69       4.52 
 
Ghana                               Proved    44.01  3.13     137.85       4.43 
 
                                  Probable    49.30  4.41     217.28       6.99 
 
                                     Total    93.31  3.81     355.13      11.42 
 
Guinea                              Proved    39.05  0.62      24.38       0.78 
 
                                  Probable    67.44  0.74      49.71       1.60 
 
                                     Total   160.49  0.70      74.08       2.38 
 
Mali                                Proved     4.96  2.23      11.03       0.35 
 
                                  Probable    39.18  1.78      69.82       2.24 
 
                                     Total    44.14  1.83      80.86       2.60 
 
Namibia                             Proved    14.27  1.02      14.49       0.47 
 
                                  Probable    29.74  1.45      42.99       1.38 
 
                                     Total    44.01  1.31      57.48       1.85 
 
Tanzania                            Proved        -     -          -          - 
 
                                  Probable    40.92  3.20     131.06       4.21 
 
                                     Total    40.92  3.20     131.06       4.21 
 
Australia                           Proved    24.05  2.10      50.45       1.62 
 
                                  Probable    23.39  2.81      65.83       2.12 
 
                                     Total    47.44  2.45     116.28       3.74 
 
Argentina                           Proved     9.54  1.22      11.63       0.37 
 
                                  Probable     8.57  5.32      45.62       1.47 
 
                                     Total    18.10  3.16      57.25       1.84 
 
Brazil                              Proved     6.91  5.80      40.06       1.29 
 
                                  Probable     7.40  5.26      38.88       1.25 
 
                                     Total    14.30  5.52      78.94       2.54 
 
United States of America            Proved   147.19  0.81     119.37       3.84 
 
                                  Probable    78.76  0.75      58.76       1.89 
 
                                     Total   225.95  0.79     178.13       5.73 
 
Total                               Proved   302.00  1.68     508.32      16.34 
 
                                  Probable   570.12  2.99   1,706.39      54.86 
 
                                     Total   872.12  2.54   2,214.71      71.20 
 
 
 
 
Rounding of figures may result in computational discrepancies. 
 
 
 
Group income statement 
 
                                                         Quarter   Quarter   Quarter      Year      Year 
 
                                                           ended     Ended     ended     Ended     ended 
 
                                                        December September  December  December  December 
 
                                                            2010      2010      2009      2010      2009 
 
SA Rand million                                  Notes Unaudited Unaudited Unaudited Unaudited   Audited 
 
Revenue                                            2      11,095    10,668     9,514    40,135    31,961 
 
Gold income                                               10,614    10,372     9,234    38,833    30,745 
 
Cost of sales                                      3     (7,016)   (6,659)   (6,219)  (25,833)  (23,220) 
 
Loss on non-hedge derivatives and other 
   commodity contracts                             4       (529)   (1,041)   (2,706)   (5,136)  (11,934) 
 
Gross profit (loss)                                        3,069     2,672       309     7,864   (4,409) 
 
Corporate administration and other expenses                (488)     (350)     (359)   (1,491)   (1,275) 
 
Market development costs                                    (30)      (26)      (10)      (98)      (87) 
 
Exploration costs                                          (338)     (440)     (442)   (1,446)   (1,217) 
 
Other operating (expenses) income                  5        (27)      (50)        58     (149)      (80) 
 
Special items                                      6       (208)     (424)     4,761     (894)     5,209 
 
Operating profit (loss)                                    1,978     1,382     4,317     3,786   (1,859) 
 
Interest received                                            119        58       133       311       444 
 
Exchange gain (loss)                                          93     (113)       527        18       852 
 
Fair value adjustment on option component of 
   convertible bonds                                       (280)     (166)      (66)        39     (249) 
 
Finance costs and unwinding of obligations         7       (357)     (285)     (268)   (1,203)   (1,146) 
 
Fair value loss on mandatory convertible bonds             (222)     (160)         -     (382)         - 
 
Share of equity accounted investments' profit                 63       151       227       467       785 
 
Profit (loss) before taxation                              1,394       867     4,870     3,036   (1,173) 
 
Taxation                                           8       (878)     (318)   (1,522)   (2,018)   (1,172) 
 
Profit (loss) for the period                                 516       549     3,348     1,018   (2,345) 
 
Allocated as follows: 
 
Equity shareholders                                          404       443     3,179       637   (2,762) 
 
Non-controlling interests                                    112       106       169       381       417 
 
                                                             516       549     3,348     1,018   (2,345) 
 
Basic profit (loss) per ordinary share (cents) 1             105       120       867       171     (765) 
 
Diluted profit (loss) per ordinary share (cents) 
2                                                            105       120       865       171     (765) 
 
 
 
1 Calculated on the basic weighted average number of ordinary shares 
 
2 Calculated on the diluted weighted average number of ordinary share 
 
Rounding of figures may result in computational discrepancies. 
 
 
 
 
Group income statement 
 
                                                                 Quarter   Quarter   Quarter      Year     Year 
 
                                                                   ended     ended     ended     ended    ended 
 
                                                                December September  December  December December 
 
                                                                    2010      2010      2009      2010     2009 
 
US Dollar million                                        Notes Unaudited Unaudited Unaudited Unaudited  Audited 
 
Revenue                                                    2       1,613     1,461     1,273     5,514    3,916 
 
Gold income                                                        1,543     1,420     1,236     5,334    3,768 
 
Cost of sales                                              3     (1,021)     (911)     (833)   (3,550)  (2,813) 
 
Loss on non-hedge derivatives and other 
 commodity contracts                                       4        (77)     (152)     (363)     (702)  (1,533) 
 
Gross profit (loss)                                                  445       357        40     1,082    (578) 
 
Corporate administration and other expenses                         (71)      (48)      (48)     (206)    (154) 
 
Market development costs                                             (5)       (4)       (1)      (14)     (10) 
 
Exploration costs                                                   (49)      (60)      (59)     (198)    (150) 
 
Other operating (expenses) income                          5         (4)       (7)         8      (20)      (8) 
 
Special items                                              6        (31)      (60)       636     (126)      691 
 
Operating profit (loss)                                              285       178       576       518    (209) 
 
Interest received                                                     17         8        18        43       54 
 
Exchange gain (loss)                                                  14      (16)        71         3      112 
 
Fair value adjustment on option component of 
 convertible bonds                                                  (41)      (24)       (9)       (1)     (33) 
 
Finance costs and unwinding of obligations                 7        (52)      (39)      (36)     (166)    (139) 
 
Fair value loss on mandatory convertible bonds                      (33)      (22)         -      (55)        - 
 
Share of equity accounted investments' profit                          9        21        30        63       94 
 
Profit (loss) before taxation                                        199       106       650       405    (121) 
 
Taxation                                                   8       (127)      (41)     (204)     (276)    (147) 
 
Profit (loss) for the period                                          72        65       446       129    (268) 
 
Allocated as follows: 
 
Equity shareholders                                                   56        51       424        76    (320) 
 
Non-controlling interests                                             16        14        22        53       52 
 
                                                                      72        65       446       129    (268) 
 
Basic profit (loss) per ordinary share (cents) 1                      15        14       116        20     (89) 
 
Diluted profit (loss) per ordinary share (cents) 2                    14        14       115        20     (89) 
 
 
 
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     Year 
 
                                                          ended     ended     ended     ended    ended 
 
                                                       December September  December  December December 
 
                                                           2010      2010      2009      2010     2009 
 
SA Rand million                                       Unaudited Unaudited Unaudited Unaudited  Audited 
 
Profit (loss) for the period                                516       549     3,348     1,018  (2,345) 
 
 
 
Exchange differences on translation of foreign 
 operations                                               (759)   (1,100)     (618)   (1,766)  (2,645) 
 
Share of equity accounted investments' other 
 comprehensive expense (income)                               1         2         -       (1)        - 
 
 
 
Net loss on cash flow hedges                                  -         -     (140)         -    (132) 
 
Net loss on cash flow hedges removed from 
 equity and reported in gold income                           -         -       181       279    1,155 
 
Hedge ineffectiveness on 
 cash flow hedges                                             -         -        15         -       40 
 
Realised gain (loss) on hedges of capital items               1         -         2         3     (12) 
 
Deferred taxation thereon                                     -       (1)      (13)      (99)    (263) 
 
                                                              1       (1)        45       183      788 
 
 
 
Net gain on available-for-sale financial assets             298        43       346       440      482 
 
Release on disposal of available-for-sale 
 financial assets                                         (194)         -         -     (235)        - 
 
Deferred taxation thereon                                     -         -       (5)        13     (13) 
 
                                                            104        43       341       218      469 
 
 
 
Actuarial (loss) gain recognised                          (175)         -        88     (175)       88 
 
Deferred taxation thereon                                    47         -      (28)        47     (28) 
 
                                                          (128)         -        60     (128)       60 
 
 
 
Other comprehensive expense 
 for the period net of tax                                (781)   (1,056)     (172)   (1,494)  (1,328) 
 
Total comprehensive (expense) income 
 for the period net of tax                                (265)     (507)     3,176     (476)  (3,673) 
 
Allocated as follows: 
 
Equity shareholders                                       (377)     (613)     3,007     (857)  (4,099) 
 
Non-controlling interests                                   112       106       169       381      426 
 
                                                          (265)     (507)     3,176     (476)  (3,673) 
 
Rounding of figures may result in computational discrepancies. 
 
 
 
 
Group statement of comprehensive income 
 
                                                        Quarter   Quarter   Quarter      Year     Year 
 
                                                          ended     ended     ended     ended    ended 
 
                                                       December September  December  December December 
 
                                                           2010      2010      2009      2010     2009 
 
US Dollar million                                     Unaudited Unaudited Unaudited Unaudited  Audited 
 
Profit (loss) for the period                                 72        65       446       129    (268) 
 
 
 
Exchange differences on translation of foreign 
 operations                                                 123       151      (45)       213      318 
 
Share of equity accounted investments' other 
 comprehensive expenses                                       -         1         -         -        - 
 
 
 
Net loss on cash flow hedges                                  -         -      (17)         -     (16) 
 
Net loss on cash flow hedges removed from 
 equity and reported in gold income                           -         -        26        38      138 
 
Hedge ineffectiveness on 
 cash flow hedges                                             -         -         2         -        5 
 
Realised gain (loss) on hedges of capital items               -         -         1         -      (1) 
 
Deferred taxation thereon                                     -         -       (3)      (13)     (35) 
 
                                                              -         -         9        25       91 
 
 
 
Net gain on available-for-sale financial assets              41         5        41        60       57 
 
Release on disposal of available-for-sale 
 financial assets                                          (26)         -         -      (32)        - 
 
Deferred taxation thereon                                     -         -       (1)         2      (2) 
 
                                                             15         5        40        30       55 
 
 
 
Actuarial (loss) gain recognised                           (24)         -        10      (24)       10 
 
Deferred taxation thereon                                     6         -       (3)         6      (3) 
 
                                                           (18)         -         7      (18)        7 
 
 
 
Other comprehensive income 
 for the period net of tax                                  120       157        11       250      471 
 
Total comprehensive income 
 for the period net of tax                                  192       222       457       379      203 
 
Allocated as follows: 
 
Equity shareholders                                         176       208       435       326      150 
 
Non-controlling interests                                    16        14        22        53       53 
 
                                                            192       222       457       379      203 
 
Rounding of figures may result in computational discrepancies. 
 
 
 
 
Group statement of financial position 
 
                                                                        As at     As at     As at 
 
                                                                     December September  December 
 
                                                                         2010      2010      2009 
 
SA Rand million                                                Note Unaudited Unaudited   Audited 
 
ASSETS 
 
Non-current assets 
 
Tangible assets                                                        40,600    41,489    43,263 
 
Intangible assets                                                       1,277     1,296     1,316 
 
Investments in associates and equity accounted joint ventures           4,087     4,329     4,758 
 
Other investments                                                       1,555     1,627     1,302 
 
Inventories                                                             2,268     2,268     2,508 
 
Trade and other receivables                                             1,000       994       788 
 
Derivatives                                                                 6         8        40 
 
Deferred taxation                                                         131        88       451 
 
Cash restricted for use                                                   214       214       394 
 
Other non-current assets                                                   59        92        63 
 
                                                                       51,197    52,405    54,883 
 
Current assets 
 
Inventories                                                             5,848     5,860     5,102 
 
Trade and other receivables                                             1,625     1,588     1,419 
 
Derivatives                                                                 -       453     2,450 
 
Current portion of other non-current assets                                 4         2         3 
 
Cash restricted for use                                                    69        84        87 
 
Cash and cash equivalents                                               3,776     9,313     8,176 
 
                                                                       11,322    17,300    17,237 
 
Non-current assets held for sale                                          110       114       650 
 
                                                                       11,432    17,414    17,887 
 
TOTAL ASSETS                                                           62,629    69,819    72,770 
 
EQUITY AND LIABILITIES 
 
Share capital and premium                                       11     45,678    45,598    39,834 
 
Retained earnings and other reserves                                 (19,470)  (19,159)  (18,276) 
 
Non-controlling interests                                                 815       916       966 
 
Total equity                                                           27,023    27,355    22,524 
 
Non-current liabilities 
 
Borrowings                                                             16,877    17,363     4,862 
 
Environmental rehabilitation and other provisions                       3,873     3,332     3,351 
 
Provision for pension and post-retirement benefits                      1,258     1,187     1,179 
 
Trade, other payables and deferred income                                 110       119       108 
 
Derivatives                                                             1,158       947     1,310 
 
Deferred taxation                                                       5,910     5,776     5,599 
 
                                                                       29,186    28,724    16,409 
 
Current liabilities 
 
Current portion of borrowings                                             886     1,864     9,493 
 
Trade, other payables and deferred income                               4,630     4,061     4,332 
 
Derivatives                                                                 -     7,316    18,770 
 
Taxation                                                                  882       499     1,186 
 
                                                                        6,398    13,740    33,781 
 
Non-current liabilities held for sale                                      22         -        56 
 
                                                                        6,420    13,740    33,837 
 
Total liabilities                                                      35,606    42,464    50,246 
 
TOTAL EQUITY AND LIABILITIES                                           62,629    69,819    72,770 
 
Net asset value - cents per share                                       8,532     8,654     6,153 
 
Rounding of figures may result in computational discrepancies. 
 
 
 
 
Group statement of financial position 
 
                                                                        As at     As at    As at 
 
                                                                     December September December 
 
                                                                         2010      2010     2009 
 
US Dollar million                                              Note Unaudited Unaudited  Audited 
 
ASSETS 
 
Non-current assets 
 
Tangible assets                                                         6,180     5,961    5,819 
 
Intangible assets                                                         194       186      177 
 
Investments in associates and equity accounted joint ventures             622       622      640 
 
Other investments                                                         237       234      175 
 
Inventories                                                               345       326      337 
 
Trade and other receivables                                               152       143      106 
 
Derivatives                                                                 1         1        5 
 
Deferred taxation                                                          20        13       61 
 
Cash restricted for use                                                    33        31       53 
 
Other non-current assets                                                    9        13        8 
 
                                                                        7,793     7,530    7,381 
 
Current assets 
 
Inventories                                                               890       842      686 
 
Trade and other receivables                                               247       228      191 
 
Derivatives                                                                 -        65      330 
 
Current portion of other non-current assets                                 1         -        - 
 
Cash restricted for use                                                    10        12       12 
 
Cash and cash equivalents                                                 575     1,338    1,100 
 
                                                                        1,723     2,485    2,319 
 
Non-current assets held for sale                                           16        17       87 
 
                                                                        1,739     2,502    2,406 
 
TOTAL ASSETS                                                            9,532    10,032    9,787 
 
EQUITY AND LIABILITIES 
 
Share capital and premium                                       11      6,627     6,615    5,805 
 
Retained earnings and other reserves                                  (2,638)   (2,817)  (2,905) 
 
Non-controlling interests                                                 124       132      130 
 
Total equity                                                            4,113     3,930    3,030 
 
Non-current liabilities 
 
Borrowings                                                              2,569     2,495      654 
 
Environmental rehabilitation and other provisions                         589       479      451 
 
Provision for pension and post-retirement benefits                        191       170      159 
 
Trade, other payables and deferred income                                  17        17       14 
 
Derivatives                                                               176       136      176 
 
Deferred taxation                                                         900       830      753 
 
                                                                        4,442     4,127    2,207 
 
Current liabilities 
 
Current portion of borrowings                                             135       268    1,277 
 
Trade, other payables and deferred income                                 705       584      582 
 
Derivatives                                                                 -     1,051    2,525 
 
Taxation                                                                  134        72      159 
 
                                                                          974     1,975    4,543 
 
Non-current liabilities held for sale                                       3         -        7 
 
                                                                          977     1,975    4,550 
 
Total liabilities                                                       5,419     6,102    6,757 
 
TOTAL EQUITY AND LIABILITIES                                            9,532    10,032    9,787 
 
Net asset value - cents per share                                       1,299     1,243      828 
 
Rounding of figures may result in computational discrepancies. 
 
 
 
 
Group statement of cash flows 
 
                                                                 Quarter   Quarter   Quarter      Year      Year 
 
                                                                   ended     ended     ended     ended     ended 
 
                                                                December September  December  December  December 
 
                                                                    2010      2010      2009      2010      2009 
 
SA Rand million                                                Unaudited Unaudited Unaudited Unaudited   Audited 
 
Cash flows from operating activities 
 
Receipts from customers                                           10,955    10,566     9,596    39,717    31,473 
 
Payments to suppliers and employees                              (5,944)   (7,105)   (5,889)  (26,682)  (20,896) 
 
Cash generated from operations                                     5,011     3,461     3,707    13,035    10,577 
 
Dividends received from equity accounted investments                 218       116       136       939       751 
 
Taxation paid                                                      (153)     (339)     (233)   (1,371)   (1,232) 
 
Cash utilised for hedge buy-back costs                           (7,312)  (11,021)         -  (18,333)   (6,315) 
 
Net cash (outflow) inflow from operating activities              (2,236)   (7,783)     3,610   (5,730)     3,781 
 
Cash flows from investing activities 
 
Capital expenditure                                              (2,470)   (1,771)   (2,243)   (7,108)   (8,656) 
 
Proceeds from disposal of tangible assets                             12       468     1,814       500     9,029 
 
Other investments acquired                                         (152)     (432)     (229)     (832)     (750) 
 
Acquisition of associates and equity accounted joint ventures      (100)      (48)   (2,638)     (319)   (2,646) 
 
Proceeds on disposal of associate                                      -         -         -         4         - 
 
Loans advanced to associates and equity accounted joint 
ventures                                                               -         -      (17)      (22)      (17) 
 
Loans repaid from associates and equity accounted joint 
ventures                                                               -         -         -         -         3 
 
Proceeds from disposal of investments                                578       280       196     1,039       680 
 
Decrease (increase) in cash restricted for use                         8       142        19       182      (91) 
 
Interest received                                                     59        57       129       232       445 
 
Loans advanced                                                       (8)         4         -      (41)       (1) 
 
Repayment of loans advanced                                            2         -         2         3         4 
 
Net cash outflow from investing activities                       (2,071)   (1,300)   (2,967)   (6,362)   (2,000) 
 
Cash flows from financing activities 
 
Proceeds from issue of share capital                                  31     5,596        39     5,656     2,384 
 
Share issue expenses                                                (31)     (113)      (39)     (144)      (84) 
 
Proceeds from borrowings                                           1,880     7,139       162    16,666    24,901 
 
Repayment of borrowings                                          (2,400)      (21)      (57)  (12,326)  (24,152) 
 
Finance costs paid                                                 (398)      (46)     (180)     (821)     (946) 
 
Mandatory convertible bonds transaction costs                       (30)     (155)         -     (184)         - 
 
Dividends paid                                                     (139)     (264)      (43)     (846)     (474) 
 
Net cash (outflow) inflow from financing activities              (1,087)    12,136     (118)     8,001     1,629 
 
Net (decrease) increase in cash and cash equivalents             (5,394)     3,053       525   (4,091)     3,410 
 
Translation                                                         (70)     (347)     (677)     (236)     (672) 
 
Cash and cash equivalents at beginning of period                   9,313     6,607     8,328     8,176     5,438 
 
Cash and cash equivalents at end of period (1)                     3,849     9,313     8,176     3,849     8,176 
 
Cash generated from operations 
 
Profit (loss) before taxation                                      1,394       867     4,870     3,036   (1,173) 
 
Adjusted for: 
 
Movement on non-hedge derivatives and other commodity 
contracts                                                            499       241     2,281     2,946    14,417 
 
Amortisation of tangible assets                                    1,341     1,240     1,152     5,022     4,615 
 
Finance costs and unwinding of obligations                           357       285       268     1,203     1,146 
 
Environmental, rehabilitation and other expenditure                  470        53      (70)       535      (47) 
 
Special items                                                        279       542   (4,708)     1,076   (5,148) 
 
Amortisation of intangible assets                                      7         4         4        18        18 
 
Deferred stripping                                                   156       237       205       921     (467) 
 
Fair value adjustment on option component of convertible bonds       280       166        66      (39)       249 
 
Fair value loss on mandatory convertible bonds                       222       160         -       382         - 
 
Interest received                                                  (119)      (58)     (133)     (311)     (444) 
 
Share of equity accounted investments' profit                       (63)     (151)     (227)     (467)     (785) 
 
Other non-cash movements                                             133        88     (675)       250     (853) 
 
Movements in working capital                                          55     (213)       674   (1,537)     (951) 
 
                                                                   5,011     3,461     3,707    13,035    10,577 
 
Movements in working capital 
 
(Increase) decrease in inventories                                 (101)       306     (183)     (667)       634 
 
Decrease (increase) in trade and other receivables                 (200)      (80)       438     (781)       106 
 
Increase (decrease) in trade and other payables                      356     (439)       419      (89)   (1,691) 
 
                                                                      55     (213)       674   (1,537)     (951) 
 
 
 
(1) The cash and cash equivalents balance at 31 December 2010 includes cash and 
cash equivalents included on the statement of financial position as part of 
non-current assets held for sale of R73m. 
 
Rounding of figures may result in computational discrepancies. 
 
 
 
 
Group statement of cash flows 
 
                                                                 Quarter   Quarter   Quarter      Year     Year 
 
                                                                   ended     ended     ended     ended    ended 
 
                                                                December September  December  December December 
 
                                                                    2010      2010      2009      2010     2009 
 
US Dollar million                                              Unaudited Unaudited Unaudited Unaudited  Audited 
 
Cash flows from operating activities 
 
Receipts from customers                                            1,589     1,441     1,283     5,448    3,845 
 
Payments to suppliers and employees                                (925)     (995)     (805)   (3,734)  (2,500) 
 
Cash generated from operations                                       664       446       478     1,714    1,345 
 
Dividends received from equity accounted investments                  39        25        19       143      101 
 
Taxation paid                                                       (24)      (47)      (32)     (188)    (147) 
 
Cash utilised for hedge buy-back costs                           (1,061)   (1,550)         -   (2,611)    (797) 
 
Net cash (outflow) inflow from operating activities                (382)   (1,126)       465     (942)      502 
 
Cash flows from investing activities 
 
Capital expenditure                                                (350)     (242)     (281)     (973)  (1,019) 
 
Proceeds from disposal of tangible assets                              2        64       242        69    1,142 
 
Other investments acquired                                          (23)      (58)      (29)     (114)     (89) 
 
Acquisition of associates and equity accounted joint ventures       (15)       (6)     (353)      (44)    (354) 
 
Proceeds on disposal of associate                                      -         -         -         1        - 
 
Loans advanced to associates and equity accounted joint 
ventures                                                               -         -       (2)       (3)      (2) 
 
Loans repaid from associates and equity accounted joint 
ventures                                                               -         -         -         -        - 
 
Proceeds from disposal of investments                                 80        38        25       142       81 
 
Decrease (increase) in cash restricted for use                         2        19         2        25     (10) 
 
Interest received                                                      8         8        17        32       55 
 
Loans advanced                                                       (1)         -         -       (6)        - 
 
Repayment of loans advanced                                            -         -         -         -        1 
 
Net cash outflow from investing activities                         (297)     (177)     (379)     (871)    (195) 
 
Cash flows from financing activities 
 
Proceeds from issue of share capital                                   4       790         5       798      306 
 
Share issue expenses                                                 (4)      (16)       (5)      (20)     (11) 
 
Proceeds from borrowings                                             276     1,011        29     2,316    2,774 
 
Repayment of borrowings                                            (324)       (3)      (22)   (1,642)  (2,731) 
 
Finance costs paid                                                  (58)       (8)      (23)     (115)    (111) 
 
Mandatory convertible bonds transaction costs                        (4)      (22)         -      (26)        - 
 
Dividends paid                                                      (20)      (37)       (6)     (117)     (56) 
 
Net cash (outflow) inflow from financing activities                (130)     1,715      (22)     1,194      171 
 
Net (decrease) increase in cash and cash equivalents               (809)       412        64     (619)      478 
 
Translation                                                           57        60      (72)       105       47 
 
Cash and cash equivalents at beginning of period                   1,338       866     1,108     1,100      575 
 
Cash and cash equivalents at end of period (1)                       586     1,338     1,100       586    1,100 
 
Cash generated from operations 
 
Profit (loss) before taxation                                        199       106       650       405    (121) 
 
Adjusted for: 
 
Movement on non-hedge derivatives and other commodity 
contracts                                                             72        43       306       408    1,787 
 
Amortisation of tangible assets                                      195       170       154       690      555 
 
Finance costs and unwinding of obligations                            52        39        36       166      139 
 
Environmental, rehabilitation and other expenditure                   69         8       (9)        78      (6) 
 
Special items                                                         42        76     (629)       152    (683) 
 
Amortisation of intangible assets                                      1         -         -         2        2 
 
Deferred stripping                                                    23        32        27       125     (48) 
 
Fair value adjustment on option component of convertible bonds        41        24         9         1       33 
 
Fair value loss on mandatory convertible bonds                        33        22         -        55        - 
 
Interest received                                                   (17)       (8)      (18)      (43)     (54) 
 
Share of equity accounted investments' profit                        (9)      (21)      (30)      (63)     (94) 
 
Other non-cash movements                                              19        13      (90)        37    (115) 
 
Movements in working capital                                        (56)      (58)        72     (299)     (50) 
 
                                                                     664       446       478     1,714    1,345 
 
Movements in working capital 
 
Increase in inventories                                             (85)      (63)      (35)     (236)    (155) 
 
Decrease (increase) in trade and other receivables                  (46)      (34)        55     (142)     (45) 
 
Increase in trade and other payables                                  75        39        52        79      150 
 
                                                                    (56)      (58)        72     (299)     (50) 
 
 
 
(1) The cash and cash equivalents balance at 31 December 2010 includes cash and 
cash equivalents included on the statement of financial position as part of 
non-current assets held for sale of $11m. 
 
Rounding of figures may result in computational discrepancies. 
 
 
 
 
Group statement of changes in equity 
 
 
 
                                                               Equity holders of the parent 
 
                                                                             Cash Available               Foreign 
 
                                               Share     Other               flow       for Actuarial    currency 
 
                                           capital &   capital  Retained    hedge      sale  (losses) translation 
 
SA Rand million                              Premium  reserves  Earnings  reserve   reserve     gains     reserve 
 
Balance at 31 December 2008                   37,336       799  (22,765)  (1,008)      (18)     (347)       8,959 
 
(Loss) profit for the year                                       (2,762) 
 
Other comprehensive income (expense)                                          779       469        60     (2,645) 
 
Total comprehensive (expense) income               -         -   (2,762)      779       469        60     (2,645) 
 
Shares issued                                  2,582 
 
Shares issue expenses                           (84) 
 
Share-based payment for share awards 
 net of exercised                                          122 
 
Dividends paid                                                     (392) 
 
Dividends of subsidiaries 
 
Equity transaction of joint venture                        306 
 
Translation                                               (33)       180       55      (37)         2 
 
Balance at 31 December 2009                   39,834     1,194  (25,739)    (174)       414     (285)       6,314 
 
Profit for the year                                                  637 
 
Other comprehensive (expense) income                       (1)                183       218     (128)     (1,766) 
 
Total comprehensive (expense) income               -       (1)       637      183       218     (128)     (1,766) 
 
Shares issued                                  5,988 
 
Shares issue expenses                          (144) 
 
Share-based payment for share awards 
 net of exercised                                           92 
 
Dividends paid                                                     (492) 
 
Dividends of subsidiaries 
 
Transfers to other reserves                                 25               (25) 
 
Translation                                               (35)       157        1      (64)         4 
 
Balance at 31 December 2010                   45,678     1,275  (25,437)     (15)       568     (409)       4,548 
 
US Dollar million 
 
Balance at 31 December 2008                    5,485        85   (2,361)    (107)       (2)      (37)       (635) 
 
(Loss) profit for the year                                         (320) 
 
Other Comprehensive income                                                     90        55         7         318 
 
Total comprehensive (expense) income               -         -     (320)       90        55         7         318 
 
Shares issued                                    331 
 
Shares issue expenses                           (11) 
 
Share-based payment for share awards 
 net of exercised                                           15 
 
Dividends paid                                                      (45) 
 
Dividends of subsidiaries 
 
Equity transaction of joint venture                         37 
 
Translation                                                 24      (18)      (6)         3       (8) 
 
Balance at 31 December 2009                    5,805       161   (2,744)     (23)        56      (38)       (317) 
 
Profit for the year                                                   76 
 
Other comprehensive income (expense)                                           25        30      (18)         213 
 
Total comprehensive income (expense)               -         -        76       25        30      (18)         213 
 
Shares issued                                    842 
 
Shares issue expenses                           (20) 
 
Share-based payment for share awards 
 net of exercised                                           13 
 
Dividends paid                                                      (67) 
 
Dividends of subsidiaries 
 
Transfers to other reserves                                  3                (3) 
 
Translation                                                 17      (15)      (1)                  (6 
 
Balance at 31 December 2010                    6,627       194   (2,750)      (2)        86      (62)       (104) 
 
Rounding of figures may result in computational discrepancies. 
 
 
 
 
 
 
Group statement of changes in equity 
 
 
 
 
 
                                                     Non- 
 
                                              controlling    Total 
 
SA Rand million                         Total   interests   equity 
 
Balance at 31 December 2008            22,956         790   23,746 
 
(Loss) profit for the year            (2,762)         417  (2,345) 
 
Other comprehensive income (expense)  (1,337)           9  (1,328) 
 
Total comprehensive (expense) income  (4,099)         426  (3,673) 
 
Shares issued                           2,582                2,582 
 
Shares issue expenses                    (84)                 (84) 
 
Share-based payment for share awards 
 net of exercised                         122                  122 
 
Dividends paid                          (392)                (392) 
 
Dividends of subsidiaries                   -        (83)     (83) 
 
Equity transaction of joint venture       306                  306 
 
Translation                               167       (167)        - 
 
Balance at 31 December 2009            21,558         966   22,524 
 
Profit for the year                       637         381    1,018 
 
Other comprehensive (expense) income  (1,494)              (1,494) 
 
Total comprehensive (expense) income    (857)         381    (476) 
 
Shares issued                           5,988                5,988 
 
Shares issue expenses                   (144)                (144) 
 
Share-based payment for share awards 
 net of exercised                          92                   92 
 
Dividends paid                          (492)                (492) 
 
Dividends of subsidiaries                   -       (469)    (469) 
 
Transfers to other reserves                 -                    - 
 
Translation                                63        (63)        - 
 
Balance at 31 December 2010            26,208         815   27,023 
 
US Dollar million 
 
Balance at 31 December 2008             2,428          83    2,511 
 
(Loss) profit for the year              (320)          52    (268) 
 
Other Comprehensive income                470           1      471 
 
Total comprehensive (expense) income      150          53      203 
 
Shares issued                             331                  331 
 
Shares issue expenses                    (11)                 (11) 
 
Share-based payment for share awards 
 net of exercised                          15                   15 
 
Dividends paid                           (45)                 (45) 
 
Dividends of subsidiaries                   -        (11)     (11) 
 
Equity transaction of joint venture        37                   37 
 
Translation                               (5)           5        - 
 
Balance at 31 December 2009             2,900         130    3,030 
 
Profit for the year                        76          53      129 
 
Other comprehensive income (expense)      250                  250 
 
Total comprehensive income (expense)      326          53      379 
 
Shares issued                             842                  842 
 
Shares issue expenses                    (20)                 (20) 
 
Share-based payment for share awards 
 net of exercised                          13                   13 
 
Dividends paid                           (67)                 (67) 
 
Dividends of subsidiaries                   -        (64)     (64) 
 
Transfers to other reserves                 -                    - 
 
Translation                               (5)           5        - 
 
Balance at 31 December 2010             3,989         124    4,113 
 
 
 
 
 
 
Segmental reporting 
 
for the quarter and year ended 31 December 2010 
 
 
 
AngloGold Ashanti has implemented IFRS 8 "Operating Segments" with effect from 
1 January 2009. AngloGold Ashanti's operating segments are being reported based 
on the financial information provided to the Chief Executive Officer and the 
Executive Management team, collectively identified as the Chief Operating 
Decision Maker ("CODM"). As a result of changes in management structure and 
reporting from 1 January 2010, the CODM has changed its reportable segments. 
Individual members of the Executive Management team are responsible for 
geographic regions of the business. Comparative information has been presented 
on a consistent basis. Navachab which was previously included in Southern 
Africa now forms part of Continental Africa and North and South America has 
been combined into Americas. Southern Africa has been renamed to South Africa. 
The Johannesburg corporate office was previously included in Southern Africa 
and now forms part of "Other". 
 
 
 
                                               Quarter ended             Year ended 
 
                                             Dec       Sep       Dec       Dec      Dec 
 
                                            2010      2010      2009      2010     2009 
 
                                       Unaudited Unaudited Unaudited Unaudited  Audited 
 
                                                       SA Rand million 
 
Gold income 
 
South Africa                               4,499     4,633     3,469    16,056   13,625 
 
Continental Africa                         3,654     3,490     3,920    13,604   11,723 
 
Australasia                                  988       711       848     3,391    1,819 
 
Americas                                   2,073     2,082     1,823     8,202    6,552 
 
                                          11,214    10,916    10,060    41,253   33,719 
 
Equity accounted investments 
 included above                            (600)     (544)     (826)   (2,420)  (2,974) 
 
                                          10,614    10,372     9,234    38,833   30,745 
 
                                               Quarter ended             Year ended 
 
                                             Dec       Sep       Dec       Dec      Dec 
 
                                            2010      2010      2009      2010     2009 
 
                                       Unaudited Unaudited Unaudited Unaudited  Audited 
 
                                                       SA Rand million 
 
Gross profit (loss) 
 
South Africa                               (345)     2,742       242     3,180  (1,778) 
 
Continental Africa                         4,412     (573)      (74)     4,219    (976) 
 
Australasia                                (513)     (992)        31   (1,452)  (1,325) 
 
Americas                                   (317)     1,636       344     2,664      735 
 
Other                                         13        28        86       171      244 
 
                                           3,250     2,841       629     8,782  (3,100) 
 
Equity accounted investments 
 included above                            (180)     (168)     (320)     (918)  (1,309) 
 
                                           3,069     2,672       309     7,864  (4,409) 
 
 
 
 
 
                                               Quarter ended             Year ended 
 
                                             Dec       Sep       Dec       Dec      Dec 
 
                                            2010      2010      2009      2010     2009 
 
                                       Unaudited Unaudited Unaudited Unaudited  Audited 
 
                                                       SA Rand million 
 
Adjusted gross profit excluding hedge 
buy-back costs 
 
South Africa                               1,652     1,374       880     4,580    4,556 
 
Continental Africa                           971       795       920     3,314    2,856 
 
Australasia                                  279      (38)        57       217      473 
 
Americas                                     863       979       896     3,563    3,181 
 
Other                                         13        28        88       171      243 
 
                                           3,778     3,137     2,841    11,845   11,309 
 
Equity accounted investments 
 included above                            (180)     (168)     (320)     (918)  (1,308) 
 
                                           3,598     2,969     2,521    10,927   10,001 
 
Rounding of figures may result in computational discrepancies. 
 
Segmental reporting (continued) 
 
                                               Quarter ended             Year ended 
 
                                             Dec       Sep       Dec       Dec      Dec 
 
                                            2010      2010      2009      2010     2009 
 
                                       Unaudited Unaudited Unaudited Unaudited  Audited 
 
                                                              kg 
 
Gold production (1) 
 
South Africa                              14,801    14,859    13,418    55,528   55,908 
 
Continental Africa                        11,623    11,600    12,993    46,390   49,292 
 
Australasia                                3,175     2,894     3,331    12,313   12,477 
 
Americas                                   6,105     6,776     7,025    26,187   25,372 
 
                                          35,703    36,129    36,767   140,418  143,049 
 
                                               Quarter ended             Year ended 
 
                                             Dec       Sep       Dec       Dec      Dec 
 
                                            2010      2010      2009      2010     2009 
 
                                       Unaudited Unaudited Unaudited Unaudited  Audited 
 
                                                       SA Rand million 
 
Capital expenditure 
 
South Africa                               1,009       731       931     3,096    3,228 
 
Continental Africa                           685       439       510     1,708    1,654 
 
Australasia                                   71        72        60       290    1,599 
 
Americas                                     782       604       737     2,270    2,157 
 
Corporate and other                           25         9        36        49       88 
 
                                           2,572     1,855     2,275     7,413    8,726 
 
Equity accounted investments 
 included above                            (102)      (84)      (33)     (305)     (70) 
 
                                           2,470     1,771     2,242     7,108    8,656 
 
 
 
 
 
                                                               As at     As at    As at 
 
                                                                 Dec       Sep      Dec 
 
                                                                2010      2010     2009 
 
                                                           Unaudited Unaudited  Audited 
 
                                                                 SA Rand million 
 
Total assets 
 
South Africa                                                  16,226    16,394   17,061 
 
Continental Africa                                            26,060    26,896   29,401 
 
Australasia                                                    3,644     3,466    4,494 
 
Americas                                                      13,855    13,918   14,642 
 
Corporate and other                                            3,384     9,667    7,739 
 
                                                              63,169    70,341   73,337 
 
Equity accounted investments 
 included above                                                (540)     (522)    (567) 
 
                                                              62,629    69,819   72,770 
 
(1) Gold production includes equity accounted investments. 
 
Rounding of figures may result in computational discrepancies. 
 
 
 
 
Segmental reporting 
 
for the quarter and year ended 31 December 2010 
 
 
 
AngloGold Ashanti has implemented IFRS 8 "Operating Segments" with effect from 
1 January 2009. AngloGold Ashanti's operating segments are being reported based 
on the financial information provided to the Chief Executive Officer and the 
Executive Management team, collectively identified as the Chief Operating 
Decision Maker ("CODM"). As a result of changes in management structure and 
reporting from 1 January 2010, the CODM has changed its reportable segments. 
Individual members of the Executive Management team are responsible for 
geographic regions of the business. Comparative information has been presented 
on a consistent basis. Navachab which was previously included in Southern 
Africa now forms part of Continental Africa and North and South America has 
been combined into Americas. Southern Africa has been renamed to South Africa. 
The Johannesburg corporate office was previously included in Southern Africa 
and now forms part of "Other". 
 
 
 
                    Quarter ended            Year ended 
 
                  Dec       Sep       Dec       Dec     Dec 
 
                 2010      2010      2009      2010    2009 
 
            Unaudited Unaudited Unaudited Unaudited Audited 
 
                           US Dollar million 
 
Gold income 
 
South 
Africa            654       634       465     2,207   1,665 
 
Continental 
Africa            532       478       525     1,868   1,435 
 
Australasia       143        98       113       466     221 
 
Americas          301       285       244     1,124     805 
 
                1,630     1,495     1,346     5,665   4,126 
 
Equity 
accounted 
investments 
 included 
above            (87)      (75)     (111)     (331)   (358) 
 
                1,543     1,420     1,236     5,334   3,768 
 
                    Quarter ended            Year ended 
 
                  Dec       Sep       Dec       Dec     Dec 
 
                 2010      2010      2009      2010    2009 
 
            Unaudited Unaudited Unaudited Unaudited Audited 
 
                           US Dollar million 
 
Gross 
profit 
(loss) 
 
South 
Africa           (50)       375        32       429   (255) 
 
Continental 
Africa            640      (86)      (10)       604   (116) 
 
Australasia      (75)     (139)         4     (206)   (168) 
 
Americas         (46)       226        46       357      89 
 
Other               2         4        11        23      28 
 
                  471       380        83     1,207   (422) 
 
Equity 
accounted 
investments 
 included 
above            (26)      (23)      (43)     (125)   (156) 
 
                  445       357        40     1,082   (578) 
 
                    Quarter ended            Year ended 
 
                  Dec       Sep       Dec       Dec     Dec 
 
                 2010      2010      2009      2010    2009 
 
            Unaudited Unaudited Unaudited Unaudited Audited 
 
                           US Dollar million 
 
Adjusted 
gross 
profit 
excluding 
hedge 
buy-back 
costs 
 
South 
Africa            239       189       118       634     539 
 
Continental 
Africa            141       109       123       455     351 
 
Australasia        41       (5)         8        33      56 
 
Americas          125       134       120       487     390 
 
Other               2         4        11        23      28 
 
                  548       431       380     1,632   1,364 
 
Equity 
accounted 
investments 
 included 
above            (26)      (23)      (43)     (125)   (156) 
 
                  522       408       337     1,507   1,209 
 
 
 
 
 
                    Quarter ended            Year ended 
 
                  Dec       Sep       Dec       Dec     Dec 
 
                 2010      2010      2009      2010    2009 
 
            Unaudited Unaudited Unaudited Unaudited Audited 
 
                               oz (000) 
 
Gold 
production 
(1) 
 
South 
Africa            476       478       431     1,785   1,797 
 
Continental 
Africa            374       373       418     1,492   1,585 
 
Australasia       102        93       107       396     401 
 
Americas          196       218       226       842     816 
 
                1,148     1,162     1,182     4,515   4,599 
 
                    Quarter ended            Year ended 
 
                  Dec       Sep       Dec       Dec     Dec 
 
                 2010      2010      2009      2010    2009 
 
            Unaudited Unaudited Unaudited Unaudited Audited 
 
                           US Dollar million 
 
Capital 
expenditure 
 
South 
Africa            144       100       121       424     385 
 
Continental 
Africa             97        60        66       234     198 
 
Australasia        10        10         8        40     177 
 
Americas          111        82        94       311     258 
 
Corporate 
and other           3         1         4         6       9 
 
                  365       253       293     1,015   1,027 
 
Equity 
accounted 
investments 
 included 
above            (15)      (11)       (4)      (42)     (8) 
 
                  350       242       289       973   1,019 
 
 
 
 
 
                As at     As at     As at 
 
                  Dec       Sep       Dec 
 
                 2010      2010      2009 
 
            Unaudited Unaudited   Audited 
 
                  US Dollar million 
 
Total 
assets 
 
South 
Africa          2,469     2,356     2,295 
 
Continental 
Africa          3,966     3,864     3,954 
 
Australasia       555       498       604 
 
Americas        2,109     2,000     1,970 
 
Corporate 
and other         515     1,389     1,041 
 
                9,614    10,107     9,864 
 
Equity 
accounted 
investments 
 included 
above            (82)      (75)      (77) 
 
                9,532    10,032     9,787 
 
 
 
 
 
 
 
 
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: +233 303 772190 
 
Fax: +233 303 778155 
 
 
 
United Kingdom Secretaries 
 
St James's Corporate Services Limited 
 
6 St James's Place 
 
London SW1A 1NP 
 
England 
 
Telephone: +44 20 7499 3916 
 
Fax: +44 20 7491 1989 
 
E-mail: jane.kirton@corpserv.co.uk 
 
 
 
Directors 
 
Executive 
 
M Cutifani  (Chief Executive Officer) 
 
S Venkatakrishnan * (Chief Financial Officer) 
 
 
 
Non-Executive 
 
T T Mboweni ? (Chairman) 
 
Dr T J Motlatsi ? (Deputy Chairman) 
 
F B Arisman # 
 
R Gasant ? 
 
W A Nairn ? 
 
Prof L W Nkuhlu ? 
 
F Ohene-Kena + 
 
S M Pityana ? 
 
 
 
*  British   # American 
 
 Australian ?  South African 
 
 
+ Ghanaian 
 
 
 
Officers 
 
Company Secretary: Ms L Eatwell 
 
 
 
 
Investor Relations Contacts 
 
South Africa 
 
Renee Swan 
 
Mobile: +27 79 523 9714 
 
Fax: +27 11 637 6400 
 
E-mail: rswan@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: +233 303 229664 
 
Fax: +233 303 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 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, the resumption of 
production at AngloGold Ashanti's mines in Ghana, the completion of announced 
mergers and acquisitions transactions, AngloGold Ashanti's liquidity and 
capital resources, and expenditure and the outcome and consequences of any 
litigation proceedings or environmental issues, contain certain forward-looking 
statements regarding AngloGold Ashanti's operations, economic performance and 
financial condition. Although AngloGold Ashanti believes that the expectations 
reflected in such forward-looking statements are reasonable, no assurance can 
be given that such expectations will prove to have been correct. Accordingly, 
results could differ materially from those set out in the forward-looking 
statements as a result of, among other factors, changes in economic and market 
conditions, success of business and operating initiatives, changes in the 
regulatory environment and other government actions including environmental 
approvals and actions, fluctuations in gold prices and exchange rates, and 
business and operational risk management. For a discussion of certain of these 
factors, refer to AngloGold Ashanti's annual report for the year ended 
31 December 2009, which was distributed to shareholders on 30 March 2010.  The 
company's annual report on Form 20-F, was filed with the Securities and 
Exchange Commission in the United States on 19 April 2010 and as amended on 
18 May 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.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. 
 
 
 
 
 
 
 
 
 
END 
 

Am Ftse 100 D (LSE:100D)
Gráfica de Acción Histórica
De May 2024 a Jun 2024 Haga Click aquí para más Gráficas Am Ftse 100 D.
Am Ftse 100 D (LSE:100D)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024 Haga Click aquí para más Gráficas Am Ftse 100 D.