Edgar Filing: ANGLOGOLD ASHANTI LTD

Page 1

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

Report on Form 6-K dated May 4, 2007

Commission File Number 1-14846

AngloGold Ashanti Limited

(Translation of registrant’s name into English)

11 Diagonal Street

Johannesburg, 2001

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

South Africa

(Address of principal executive offices)

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

Form 20-F X Form 40-F

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

Yes No X

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

Yes No X

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

Yes No X

Enclosure: Press release – ANGLOGOLD ASHANTI REPORT FOR THE QUARTER 31 MARCH 2007

PREPARED IN ACCORDANCE WITH INTERNATIONAL
ACCOUNTING STANDARDS

Quarter 1 2007

Report

for the quarter ended 31 March 2007

Group results for the quarter ….

•

Adjusted headline earnings were $97m compared with $46m in the previous quarter, which was affected by
once-off accounting adjustments.

•

Gold production was 1.33Moz and total cash costs were $332/oz, due to fewer production shifts following the
year-end break and lower by-product credits.

•

Price received increased 4% to $602/oz. Hedge delta reduced by 570,000 ounces despite a 4% increase in the
closing spot price for the quarter.

Quarter

Year

Quarter

Year

ended

March

2007

ended

Dec

2006

ended

March

2006

ended

Dec

2006

ended

March

2007

ended

Dec

2006

ended

March

2006

ended

Dec

2006

SA rand / Metric

US dollar / Imperial

Operating review

Gold

Produced

- kg / oz (000)

41,239

45,697 41,667 175,253

1,326

1,469

1,340

5,635

Price

received

- R/kg / $/oz

139,953

135,628 107,903 126,038

602

578

545

577

Total cash costs

- R/kg / $/oz

76,991

72,422 61,023 67,133

332

309

308

Total production costs

- R/kg / $/oz

99,905

98,145 82,287 90,345

430

419

417

414

Financial review

Gross profit (loss)

- R / $ million

808

1,639 (327)

2,700

150

133

(63)

443

Gross profit adjusted for the loss on

unrealised non-hedge derivatives
and other commodity contracts

- R / $ million

1,836

1,959 1,240 7,207

253

269

201

1,058

Profit (loss) attributable to equity

shareholders

- R / $ million

(133)

69 (1,079)

(587)

(72) (186)

(44)

Headline (loss) earnings ³

- R / $ million

(112)

(150)

(1,072)

(838)

(103) (185)

(80)

Headline earnings adjusted for the

loss on unrealised non-hedge
derivatives and other commodity
contracts and fair value adjustments
on convertible bond

- R / $ million

699

343 525

2,790

413

Capital expenditure

- R / $ million

1,417

1,861 961

5,533

196

260

156

817

Earnings (loss) per ordinary share

- cents/share

Basic

(47)

25 (407)

(215)

(26) (70)

(16)

Diluted

(47)

25 (407)

(215)

(26) (70)

(16)

Headline³

(40)

(54)

(404)

(307)

(37) (70)

(29)

Headline earnings adjusted for the

loss on unrealised non-hedge
derivatives and other commodity
contracts and fair value adjustments
on convertible bond

- cents/share

249

124 198

1,023

151

Dividends -

cents/share

450

Notes:

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

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

Refer to note 8 of “Notes” for the definition.

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

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

Operations at a glance

for the quarter ended 31 March 2007

Production

Total cash costs

Cash gross profit

Gross profit adjusted

for the loss on

unrealised non-hedge

derivatives and other

commodity contracts

oz (000)

Variance ³

$/oz

Variance ³

Mponeng

143

(3)

256

Sunrise Dam

148

(3)

299

(20)

(26)

TauTona

(17)

279

(3)

–

Great Noligwa

124

(17)

362

(39)

(46)

Kopanang

(19)

298

(17)

(19)

AngloGold Ashanti Brasil Mineração

(4)

207

(31)

(34)

Cripple Creek & Victor

(26)

242

(7)

(26)

(35)

Cerro Vanguardia

188

(45)

150

1,500

Obuasi

101

397

(9)

350

123

Yatela

223

–

(18)

(14)

Siguiri

(5)

424

267

Morila

(15)

358

(35)

(38)

Serra Grande

–

233

(9)

–

Geita

(3)

434

(26)

(18)

(1)

–

Tau Lekoa

(4)

431

(13)

133

Sadiola

(38)

427

(56)

(50)

Savuka

(14)

355

(17)

(40)

Iduapriem

(31)

449

–

Navachab

–

368

(17)

–

Moab Khotsong

577

–

(4)

Other

(3)

–

(23)

(28)

AngloGold Ashanti

1,326

(10)

332

386

(11)

253

(6)

NOTE: As highlighted in the last quarterly report, in order to simplify the reporting effect of the gold hedges on the received price, AngloGold Ashanti group financials now show an average received gold price, which is similar across all of its mines. The price received column from this table has therefore been removed.

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

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

Variance March 2007 quarter on December 2006 quarter – increase (decrease).

4 Attributable.

Rounding of figures may result in computational discrepancies.

Financial and operating review

OVERVIEW FOR THE QUARTER

Adjusted headline earnings were $97m compared with
$46m in the previous quarter, which was affected by
once-off accounting adjustments.

During the quarter the company continued to deliver
into hedge commitments. Notwithstanding a spot gold
price that at quarter-end was $27/oz higher than the
previous quarter’s close, the hedge delta decreased by
570,000 ounces, to 9.59Moz. The received gold price,
at $602/oz, while 4% up on that of the prior quarter was
7.4% less than the ruling spot price for the period and
well within the guidance provided to the market.

Operationally, production was lower by 10% although in
line with company forecasts at 1.3Moz, while total cash
costs, at $332/oz, were 7% higher quarter-on-quarter,
primarily as a result of the lower gold production that is
customary due to holiday closures in the first quarter
and a reduction in by-product revenue from uranium in
South Africa and sulphuric acid in Brazil.

With the exception of an improved performance from
Moab Khotsong, which posted a 7% production
increase due to better yields, production across the
South African assets was down this quarter, due in
large part to the scheduled year-end break and
associated fewer production shifts, as well as seismicity
concerns at TauTona and reduced face advance at
Great Noligwa. Total cash costs, at R72,979/kg, were
consequently 16% higher, with Great Noligwa and
Moab Khotsong posting respective increases of 55%
and 15%, after corrosion in the South Vaal uranium
treatment plant, which is being upgraded, led to
reduced uranium production and therefore a by-product
loss at these operations.

Of the other African operations, Obuasi in Ghana and
Yatela in Mali both posted production improvements of
3%, with total cash costs declining 9% at Obuasi and
remaining steady at Yatela. The other Malian
operations had more difficult quarters, with production
15% lower at Morila due to a grade decline and 38%
lower at Sadiola due to both recovery problems and
fewer milling shifts. Geita, in Tanzania, also posted a
marginal production decrease to 78,000oz, although
total cash costs improved 26% after expenditure on
equipment rebuilds and contractor services was
reduced. Production at Siguiri in Guinea returned to
more normal levels of 73,000oz after an exceptional
fourth quarter 2006, while Navachab in Namibia
reported steady production but lower grades, resulting
in a 21% increase in total cash costs.

Regarding the international operations, Cerro
Vanguardia in Argentina posted a particularly strong
operational improvement, where production was 21%
higher in line with the mining plan and total cash costs
consequently declined 45%. Production was steady at
Serra Grande and marginally lower at AngloGold Ashanti
Brasil Mineração in Brazil, while total cash costs at
Sunrise Dam in Australia were unchanged quarter-on-
quarter in spite of a 3% production decline as a
consequence of a planned mill shut-down. Cripple Creek
& Victor, in the US, also reported excellent cost
management, with total cash costs 7% lower despite a
26% reduction in production, after ore was loaded at
greater distance from the leach pad liner.

This quarter unfortunately saw another poor safety
performance. Fourteen employees lost their lives at work,
while the lost time injury frequency rate deteriorated by
7.5% to 7.86 per million hours worked. In response to
this unacceptable outcome, a full safety review has
yielded a range of new outcome-based initiatives
focused on key areas, which include a focus on fatigue
management, production flexibility, skills retention,
culture surveys and a renewed focus on fall of ground
management. The example set by the CC&V mine in
Colorado, which has operated for over three years
without a lost-time injury, and with three other operations
completing this quarter without a lost-time injury, remains
the benchmark to which all operations aspire.

Looking ahead, production for the second quarter is
estimated to be 1.39Moz at an average total cash cost of
$325/oz, assuming the following exchange rates:
R7.30/$, A$/$0.80, BRL2.12/$ and Argentinean
peso 3.13/$. Capital expenditure is estimated at $319m
and will be managed in line with profitability and cash
flow.

Following the partial slope failure at Geita’s Nyankanga
pit in late January 2007, work continues on optimising the
new mine plan, with the operation on track to produce
some 400,000 ounces of gold this year. The 2008
outlook for Geita, along with all other operations, will be
completed during the latter part of the year.

For the full year, AngloGold Ashanti is targeting gold
production of around 5.7Moz at a total cash cost of
approximately $320/oz based on the following exchange
rates: R7.32/$, A$/$0.79, BRL2.12/$ and Argentinean
peso 3.12/$. This represents an increase of $11/oz from
previous market guidance and is mainly due to stronger
local currency assumptions ($5/oz) and higher royalty
assumptions ($5/oz), both arising from an improved gold
price outlook for remainder of the year.

OPERATING RESULTS FOR THE QUARTER

SOUTH AFRICA

At Great Noligwa, lower face advance this quarter led to
volume declining by 18%. Gold production consequently
decreased to 3,863kg (124,000oz), despite a 6% higher
yield, and total cash costs rose by 55% to R84,059/kg
($362/oz), also as a result of a uranium by-product loss.
Adjusted gross profit was 45% lower to R140m ($19m),
due to the significant cash cost increase.

The Lost-Time Injury Frequency Rate (LTIFR) was 16.13
lost-time injuries per million hours worked (11.49 for the
previous quarter). Regrettably, two people were fatally
injured in separate fall of ground incidents during the
quarter.

At Kopanang, fewer shifts as a consequence of the
year-end break led to a 12% decline in volumes and a
related 18% decrease in production. Total cash costs
accordingly increased 12% to R69,223/kg ($298/oz) and
adjusted gross profit, at R157m ($22m), declined by
22%.

The LTIFR was 16.21 (13.75). Regrettably, three people
died during the quarter in accidents involving machinery,
explosives and a rock inundation.

Production at Moab Khotsong rose 7% quarter-on-
quarter to 439kg (14,000oz) following better yields.
Nevertheless, total cash costs were 15% higher at
R134,175/kg ($577/oz) primarily due to a uranium by-
product loss. Adjusted gross loss improved 26% to R32m
($4m) as a result of the yield-related production increase.

The LTIFR was 12.27 (9.53). Regrettably, two people
died during the quarter, one in an explosives accident
and the other as a result of mud rush during backfill
operations.

At Tau Lekoa, gold production declined 4% to 1,325kg
(43,000oz) following a 15% yield decline after inventory
depleted during the year-end break in the previous
quarter was replaced in the first quarter. Total cash costs
consequently increased 14% to R100,102/kg ($431/oz).
Adjusted gross profit was R10m ($1m) versus a loss of
R25m ($3m) in the previous quarter, due to a significantly
improved price received.

The LTIFR was 11.14 (24.22).

At Mponeng, a combination of lower volumes and
marginally lower yield resulted in a production decrease
of 3% to 4,435kg (143,000oz). Total cash costs, at
R59,318/kg ($256/oz), were 2% higher after cost savings
initiatives partially mitigated the effect of the lower
production. Adjusted gross profit increased 25% to
R280m ($39m), primarily due to an improved price
received.

The LTIFR was 11.96 (12.17). Regrettably, one fatal
accident occurred during scraper winch operations.

Production at Savuka was 13% lower to 571kg
(18,000oz) as a result of fewer shifts associated with the
year-end break. Total cash costs accordingly increased
4% to R82,550/kg ($355/oz) and adjusted gross profit
decreased 34% to R25m ($3m).

The LTIFR was 10.08 (13.97). Regrettably, one person
died in a seismic-related fall of ground.

At TauTona, production declined 17% to 2,981kg
(96,000oz) after seismicity in the previous quarter
stopped the mining of several high-grade panels. Despite
this, total cash costs decreased marginally to R64,782/kg
($279/oz) following the implementation of cost savings
initiatives. Adjusted gross profit decreased 3% to R143m
($20m).

The LTIFR was 23.71 (17.27).

ARGENTINA

At Cerro Vanguardia (92.5% attributable), gold
production improved 21% to 52,000oz, primarily due to
higher feed grade. This improvement was in line with the
mining plan sequence, and grades at or near this level
are expected for the remainder of the year. Total cash
costs, at $188/oz, decreased 45% as a result of
increases in both gold production and the silver by-
product credit, in addition to lower maintenance costs.
Adjusted gross profit rose to $14m, versus a loss of $1m
in the previous quarter, as a consequence of increases in
the quantity of gold sold and the price received, as well
as significantly lower total cash costs.

The LTIFR was 2.27 (1.97).

AUSTRALIA

At Sunrise Dam, mining continued in the higher grade
areas as planned, although tonnes treated were slightly
lower as a consequence of a planned mill shut-down,
and production accordingly decreased to 148,000oz, or
by 3% quarter-on-quarter. Total cash costs, however,
remained steady at A$381/oz ($299oz) as a result of
higher grades. Adjusted gross profit declined 25% to
A$41m ($32m), due in part to a lower price received.

The underground project, where mining continues to
access the high-grade Western Shear zone ore,
continued to supplement Sunrise Dam production.
Development is also accessing further ore in the Dolly,
Mako and Watu lodes. During the quarter, 506m of
underground capital development and 1,485m of
operational development were completed.

The LTIFR was 2.63 (0.00).

BRAZIL

t AngloGold Ashanti Brasil Mineração, the rainy

season negatively affected heap leaching activities,
which combined with lower feed grade from the Cuiabá
mine, resulted in a production decrease of 4% to
66,000oz. Total cash costs rose 8% to $207/oz,
primarily due to a lower acid by-product credit, while
adjusted gross profit declined 34% to $21m, mainly as
a consequence of a 19% decline in the price received,
combined with higher total cash costs.

The LTIFR was 3.15 (2.15).

At Serra Grande (50% attributable), gold production
remained steady at 24,000oz although total cash costs
increased 13% to $233oz due to rising power costs and
an increase in the treatment of lower-grade material.
Adjusted gross profit remained constant at $8m, as the
higher quantity of gold sold offset the effects of both a
lower price received and higher total cash costs.

The LTIFR was 2.12 (2.32).

GHANA

At Iduapriem (85% attributable), production decreased
31% to 27,000oz after a gearbox problem in the mill
reduced tonnage throughput by 37% quarter-on-
quarter. Although this problem was resolved near the
end of the quarter, total cash costs rose 23% to
$449/oz. Adjusted gross profit was 50% higher at $3m,
primarily due to an improved price received.

LTIFR was 1.09 (1.12)

At Obuasi, despite lower tonnage, improved grades
resulted in a 3% production increase to 101,000oz.
Consequently, total cash costs decreased 9% to
$397/oz, also aided by payroll savings associated with
retrenchments undertaken in the previous quarter, as
well as savings derived from procurement initiatives.
Due in part to an improved price received, adjusted
gross profit increased to $5m, compared with a $22m
loss in the previous quarter, when a retrenchment cost
of $15m negatively impacted profit.

The LTIFR was 1.54 (2.63). Regrettably, three fatal
accidents were recorded during the quarter. One
employee died in a machinery-related accident, another
employee was killed in a fall of ground and the third
accident occurred when an employee fell into an
excavation.

REPUBLIC OF GUINEA

After an exceptional fourth quarter 2006, production at
Siguiri (85% attributable) returned to more normal
levels in the first quarter of 2007, declining 5% to
73,000oz. This, combined with higher royalty
payments, resulted in a total cash cost increase of 11%
to $424/oz. Adjusted gross profit was $5m, versus a
loss of $3m in the previous quarter, mainly as a result
of a higher price received.

The LTIFR was 0.00 (1.23)

MALI

At Morila (40% attributable), production decreased
15% to 41,000oz due to a 12% decline in recovered
grade, and total cash costs consequently increased
13% to $358/oz. Adjusted gross profit, at $8m, was
38% lower due to declines in both production and the
price received.

The LTIFR was 0.00 (1.18). Regrettably, two
employees were fatally injured in February when an
hydrochloric acid container exploded.

At Sadiola (38% attributable), production decreased
38% to 31,000oz due to declines in both tonnage
throughput and recovered grades. The 13% decrease
in tonnage throughput was the result of a deliberate
slowing of the sulphide circuit to improve recoveries, as
well as 13% fewer milling shifts than in the previous
quarter. Recovery problems on the higher-grade
sulphides, combined with a subsequent switch to lower-
grade oxides pending resolution of the sulphide
recovery problem, resulted in a 27% decline in
recovered grade for the quarter. The combined effect
on production of lower throughput and grades resulted
in a 54% increase in total cash costs to $427/oz, while
adjusted gross profit declined 50% to $6m, also due in
part to a lower price received.

The LTIFR was 1.79 (0.98).

Production increased 3% at Yatela (40% attributable),
to 35,000oz after the effect of a planned decline in
tonnage stacked, related to 13% fewer production
shifts, was offset by the release of higher-grade ounces
stacked in the previous quarter. Total cash costs were
marginally up at $223/oz. Adjusted gross profit
decreased 14% to $12m, primarily due to a lower price
received.

The LTIFR was 0.00 (1.66).

NAMIBIA

Gold production at Navachab was unchanged quarter-
on-quarter at 20,000oz, with an increase in tonnage
throughput offsetting the effect of a decline in recovered
grade, which nonetheless led to a 21% increase in total
cash costs to $368/oz. Higher labour and explosives
costs also contributed to the rise in total cash costs.
Adjusted gross profit was equal to last quarter’s level of
$4m.

The LTIFR was 12.83 (0.00).

TANZANIA

Production at Geita declined 3% to 78,000oz as a
consequence of a 7% decline in tonnage throughput,
which was partially offset by an improvement in
recovered grade. Tonnage throughput was adversely
affected during the quarter by wet ore, mill lubrication
system problems and a major shut-down of the primary
crusher for planned maintenance. Despite the production
decline, total cash costs were 26% lower at $434/oz due
to reduced expenditure on equipment rebuilds and
contractor services. Adjusted gross loss was $1m,
versus a break-even position in the previous quarter, as
a result of declines in both production and the price
received.

In early February, a slope failure occurred in the
Nyankanga pit, which has delayed access to the
exposed ore in this area. The mining plan for the
Nyankanga pit is currently being revised.

The LTIFR was 0.74 (0.34).

NORTH AMERICA

At Cripple Creek & Victor (67% ownership with 100%
interest in production until initial loans are repaid), gold
production decreased 26% to 64,000oz after ore was
loaded at greater distance to the leach pad liner. Total
cash costs decreased 7% to $242/oz, due in part to
reduced contractor costs. Adjusted gross profit was 35%
lower to $15m, as a consequence of the production
decline.

The LTIFR was 0.00 (0.00). In December, CC&V
achieved 40 months without a lost-time accident.

Notes:

· All references to price received includes realised non-hedge derivatives.
· In the case of joint venture and operations with minority holdings, all production and financial results are attributable to AngloGold
   Ashanti.
· Adjusted gross profit (loss) is gross profit (loss) adjusted to exclude unrealised non-hedge derivatives and other commodity contracts.
· Adjusted headline earnings is headline earnings before unrealised non-hedge derivatives and other commodity contracts, fair value
   adjustments on the option component of the convertible bond and interest rate swaps and deferred tax thereon.
· Rounding of figures may result in computational discrepancies.

Exploration

Total exploration expenditure amounted to $33m
($24m expensed, $9m capitalised) during the first
quarter of 2007, compared to $32m ($16m
expensed, $16m capitalised) in the previous quarter.

BROWNFIELDS EXPLORATION

In South Africa, at Moab Khotsong, drilling of three
surface boreholes intended to further define the
geological model of the mine continued, with
boreholes MZA9 and MGR7 each obtaining two
further intersections of the Vaal Reef.

At Obuasi, in Ghana, surface borehole USDD3 was
abandoned and USDD2 continued drilling, reaching
a depth of 1,837m. The first of four planned long
inclined boreholes, which will ultimately replace the
surface boreholes and will explore the depths of the
Obuasi orebody, has reached a depth of 145m.

In Australia, at the Boddington mine, seven
diamond drill rigs have been employed in advancing
resource conversion and near-mine extension

exploration, including the testing of a near-mine
geophysical target. Approximately 28,418m of new
drilling in 34 holes has been completed.

At Siguiri, in Guinea, drilling continued at the
Sintroko prospect, which is situated some 8km
south of the existing operation and where results to
date are encouraging. At the Kintinian prospect,
situated 4km north of the mining operation,
extension drilling continued. Drilling of the spent
heap leach pads was completed during the quarter
with a view to upgrading at least a portion of these
into an Ore Reserve.

At Block 2, located 20km northwest of the plant,
exploration activities were concentrated on drill
testing four geochemical targets while diamond
drilling continued at the Foulata and Saraya targets
to further define mineralisation and structural
controls. An airborne electromagnetic survey over
all four blocks is scheduled for the second quarter.

At Geita, in Tanzania, significant results have been
obtained from holes drilled in the Ridge 8 – Star &
Comet Gap area, where the mineralisation
continues to be open ended down-dip, while
extension drilling at Area 3 Central and Area 3 West
also returned encouraging results and suggests
strike extensions between these two orebodies are
likely. Positive results were received from down-dip
extension drilling at the Matandani and Kululuma

orebodies, where verification of last year’s
electromagnetic survey has commenced and
rotary air blast drilling of some anomalous areas
is scheduled to commence in the second
quarter.

At Morila in Mali, the last three holes of the
grant-wide exploration programme were
completed during the quarter, bringing the total
to 92 holes. The programme, which defined a
low-grade, uneconomic north-west trending
zone associated with the main pit, has now
entered an interpretive desktop phase.

At Sadiola, drilling has focused on upgrading
selected portions of the hard sulphides to an
Indicated Mineral Resource. This Phase 8
drilling targeted the high-grade portions of the
main ore shoot as well as high-grade portions of
the footwall bands, which are currently classified
as Inferred Mineral Resources. This drilling is
expected to be completed in the second
quarter. Drilling of lower-priority mineralisation
associated with this project will then commence.

At Yatela, 15 holes were drilled to the north-
west of the current pit limits to investigate an
area shown to be prospective for a minor pit
extension. Results proved to be encouraging
and further follow-up drilling is currently being
planned for this area.

At Navachab, in Namibia, positive drilling
results have been received from the North Pit
area (mineralisation in the vicinity of the main
orebody) as well as at the Gecko Central
prospect. Stream sediment sampling will
commence during the second quarter to cover
new target areas and complement previous
sampling completed both on and off the
exploration lease area.

At Córrego do Sitío, in Brazil, new targets
(Paraiso and Paiol) are being defined by drilling.

At Cripple Creek & Victor in the United States,
drilling in the Mine Life Extension Project area
continues at a spacing of 30m to 60m, as results
have thus far been encouraging. Drilling focused
on the west side of the Altman deposit as well as
the Globe Hill deposit where metallurgical core
was collected. Development drilling continues in
the South Cresson and Southwest Cresson areas
to define the final pit depths and refine the high
wall designs.

GREENFIELDS EXPLORATION

Greenfields exploration activities continued in seven
countries (Australia, Colombia, the DRC, China,
Laos, the Philippines, and Russia) during the first
quarter of 2007. A total of 43,255m of diamond and
reverse circulation (RC) drilling was completed, drill
testing priority targets in Australia, the DRC, and
Colombia.

In Australia, encouraging drill results continue to be
obtained at the Tropicana JV Project (AngloGold
Ashanti 70%, Independence Group 30%) from both
the Tropicana and Havana zones. Encouraging
results (at more than 1g/t cut-off) received during
the quarter from the Tropicana zone included: 12m
at 4.03g/t, 20m at 3.28g/t, 13m at 2.71g/t, 14m at
2.92g/t, and 13m at 2.91g/t.

Some exceptional drill results were also received
from the southern high grade zone at Havana. At
more than 1g/t cut-off, better results included: 17m
at 4.56g/t, 26m at 9.35g/t, 8m at 5.4g/t, 15m at
5.34g/t, 15m at 6.86g/t, 15m at 19.8g/t, 23m at
4.26g/t, 8m at 6.01g/t, 22m at 4.9g/t, 17m at 6.73g/t,
13m at 11.8g/t, 11m at 10.5g/t, and 10m at 16.7g/t.
Mineralisation at Havana is still open down-dip.
Drilling to the south of Havana on broad-spaced
sections of 200m x 100 metres has indicated that
only weak mineralisation extends to the south.

RC drilling was also completed at the recently-
identified Hat Trick anomaly, located 3km north of
Tropicana, where assays are pending. Initial aircore
drilling was also completed on several prospects
located within a 10km radius of Tropicana and
Havana. Some encouraging anomalies have been
returned along strike to Tropicana-Havana, with
priority anomalies scheduled to be drill-tested in the
second quarter.

Regional exploration and target generation activities
continued in Colombia during the first quarter.
Drilling also continued on the bulk-tonnage gold
target at Gramalote, and first-pass drilling of the new
La Colosa gold-copper porphyry prospect was
initiated. Significant drill results received during the
first quarter from Gramalote included 204m at
1.06g/t (DDH 13), 124m at 0.57g/t (DDH 14), 120m
at 0.88g/t (DDH 16), 380m at 1.06g/t (DDH 19),
246m at 0.75g/t (DDH 25) and 142m at 2.62g/t
(DDH 27). Drill testing of the joint venture prospects
El Carmen and Nechi (with local partner Mineros)
and San Martin de Loba (with Bema Gold) are
underway, with results pending.

Drilling continued in the Mongbwalu region of the
north-eastern DRC with one diamond rig and two
newly-arrived RC rigs. Diamond drilling focused
on defining the resource potential of the
mineralised mylonite zone immediately to the
south-east of the Nzebi mine, which is no longer
in production. The two RC rigs were dedicated
to evaluating the shallow, open-pit resource
potential of three sectors – Adidi North,
Sokomutu and Pluto. Best drill results obtained
during the quarter included: 5m at 9.10g/t
(RA009) and 5m at 16.53g/t (RA005) from Adidi
North, 5.55m at 16.60g/t (DD217) and 2.75m at
18.28g/t (DD 209) at Nzebi, and 5.53m at 8.59g/t
(DD 134) in the Adidi mylonite at Pluto.

Regional target generation activities were also
initiated in Concession 40. A 15,450 line
kilometre airborne magnetic and radiometric
survey was completed over the central
Mongbwalu area and data processing and
interpretation are in progress. Approximately
3,000 line kilometres of airborne time-domain
electromagnetic data was also collected during
the quarter.

In Russia, Trans-Siberian Gold shareholders
approved the sale of the Veduga and Bogunay
projects to AngloGold Ashanti. Both of these
assets will now be incorporated in the Polymetal
strategic alliance.

In China, activities were focused on obtaining
final approvals for the co-operative joint ventures
(CJVs) in Xinjiang and Gansu. Negotiations on a
third CJV, located in Sichuan province, were also
advanced during the quarter. Additionally,
AngloGold Ashanti’s option to earn-in to Dynasty
Gold’s interest in the Red Valley CJV was
exercised.

In the Philippines, work continued on finalising
the Mapawa and Outer Siana joint venture
agreements with Red 5 Limited. Field mapping
and rock chip sampling was carried out in the
southern portion of the Outer Siana area.

In Laos, regional reconnaissance sampling and
mapping programmes were undertaken in ten
areas, which were defined from previous
targeting exercises in the Truongson and Luang
Prabang Fold Belts under the joint venture with
Oxiana Limited. Anomalous stream sediment
results were returned from three of these areas,
with a maximum value of 1.77g/t. A further area
returned anomalous rock chip values, with up to
15.6g/t. Follow up field work has commenced in
the anomalous areas.

Review of the gold market

As in the previous quarter, spot gold traded in a
range of $87/oz during the first quarter of 2007,
although at the significantly higher price levels of
$602/oz to $689/oz versus $561/oz to $649/oz in
the fourth quarter of 2006. The spot price
remained above the $640/oz level from the end of
January through most of the quarter, with only a
slight dip in early March.

The average spot price for the quarter of $650/oz
represents an increase of 6% over that of the
previous quarter and a 17% increase over the
average price in the same quarter in 2006.

The rand gold price maintained its strength from
2006, with a first quarter average of R150,686/kg.
This marks a 5% increase on that of the previous
quarter and is some 15% higher than the 2006
average of R131,373/kg.

PHYSICAL MARKET

During the period under review, gold showed little
sign of sustained recovery in volume terms on the
consumption side. Italian exports are expected to
be weak; with US consumption figures accordingly
lower. Middle Eastern and Asian consumers also
appear to have been scared off by the gold price
increase towards the end of the first quarter,
which has continued into the second. European
consumption, however, seemed to buck the
general trend and remained solid throughout the
quarter. Despite the suppressive effect of a fairly
consistent rise in the gold price this quarter on
consumption, the price increase has, on a positive
note, also meant a ratcheting up of the floor at
which gold consumers enter the market to sell
scrap.

Looking at the remainder of 2007, gold demand is
expected to strengthen as consumers grow
accustomed to higher price levels. Fabrication
demand continues to provide a firm base to the
market and there have already been signs of a
recovery in jewellery demand when prices
stabilise even in the mid-$600/oz range. This
seems due to the re-filling of a depleted supply
pipeline, especially after a somewhat stronger-
than-expected fourth quarter, combined with the
continued benefits associated with robust
economic growth in major markets such as India
and China. Net official selling is also anticipated to

stay subdued as sales in 2006 were well below
the official quotas of the Central Bank Gold
Agreement (CBGA) rules, while scrap supply is
forecast to fall year-on-year as a major stock
clear-out seems unlikely to be repeated.

In North America, Valentine’s Day showed strong
growth with some retailers reporting sales
increases of over 20% compared to prior years.
In the USA, the largest department store retailer in
gold reported sales doubling on those of 2005,
publicly stating that their unprecedented group
marketing initiative had significant consumer
impact and was instrumental in the growth of gold
jewellery sales.

CENTRAL BANK SALES

Speculation that the CBGA signatories are
unlikely to fulfil their sales quotas for the
remaining three years of the Agreement was
further enhanced this quarter by a report to the
IMF proposing the sale of 400t in order to meet an
expected shortfall in IMF annual revenue. The
report recommends that potential sales not add to
the announced volume of sales from official
sources as stipulated by the original CBGA, of
which the IMF is a signatory, indicating that the
advisory group believes that the other signatories
will continue to sell under their limit, making the
IMF sale a reasonable way to address its
expected revenue shortfall.

In the current CBGA year (September 2006 to
September 2007), signatories have sold
approximately 6Moz, or 38% of the allowable
annual total.

INVESTMENT MARKET

Exchange traded gold holdings grew by nearly 6%
in the first quarter of 2007, representing an
increase of 36t. World-wide investment in ETFs
reached $14bn by the end of March, with two new
ETF-like funds launched in India since the
beginning of the year. Investor interest in physical
gold also remained strong, exemplified by sales of
the US Eagle and Buffalo coins by the US Mint
equivalent to 129,500oz, up 4% on the same
period in 2006.

PRODUCER HEDGING

The 2006 trend of producer de-hedging continued
in the first quarter of 2007, with Gold Fields
Limited buying back the 1.2Moz Western Areas
gold hedge and Lihir Gold Limited announcing
both the closure of its 934,500oz hedge book and
the early repayment of an outstanding 480,000oz
gold loan. While some new gold hedging is being
undertaken by producers in association with debt
financing obligations, it seems likely that
producers will remain net de-hedgers in 2007,
which should at least be supportive of the gold
price.

CURRENCIES AND GOLD

The rand depreciated nearly 4% over the quarter,

opening at R7.00/$ and finishing at R7.30/$, while

trading for most of the quarter in a relatively tight

band of between R7.30/$ and R7.10/$. In early

March, renewed fears of slower global growth saw

a high-yield and emerging market currencies sell-

off, causing the rand to trade to an intra-quarter

high of R7.54/$. These fears proved short-lived,

however, and the rand returned to trading below

the R7.20/$ level.

Against the Euro, the US dollar has begun to

display sustained weakness, trading below the

Euro/$1.36 level. This dollar weakness seems

likely to persist as interest rate expectations

between the two currencies narrow, offering further

support to the gold price.

Hedge position

As at 31 March 2007, the group had the following
outstanding forward-pricing commitments against
future production. The total net delta tonnage of the
hedge on this date was 9.59Moz or 298t (at
31 December 2006: 10.16Moz or 316t).

The marked-to-market value of all hedge
transactions making up the hedge positions was a
negative $3.027bn (negative R21.92bn) as at
31 March 2007 (at 31 December 2006: negative
$2.903bn or R20.324bn). The value was based on
a gold price of $663.20/oz, (some $26.90/oz higher
than that of the previous quarter), exchange rates of
R7.24/$ and A$/$0.8088 and the prevailing market
interest rates and volatilities at that date.

This net delta position reflects a decrease of
0.57Moz or 17.6t during the quarter, as a result of
delivering into maturing hedge positions and
entering into new long positions as a continuation of
the hedge reduction strategy.

The company continues to actively manage its
hedge position in a value-accretive manner, whilst
actively reducing the overall hedge delta. To this
end, further long positions were entered into during
the quarter.

These positions as at 31 March were 24,078kg
at $657/oz for 2007 and a further 6,758kg at
$658/oz for 2008.

For the quarter, the company received a price of
$602/oz, which is $48/oz less than the average
spot price of $650/oz. The deficit between the
received price and the spot price is likely to
remain at 8% to 10% for the remainder of the
year, provided the gold price continues to trade
between $600/oz and $700/oz.

As at 2 May 2007, the marked-to-market value
of the hedge book was a negative $3.063bn
(negative R21.56bn), based on a gold price of
$673.50/oz and exchange rates of R7.038/$
and A$/$0.823 and the prevailing market
interest rates and volatilities at the time.

These marked-to-market valuations are in no
way predictive of the future value of the hedge
position, nor of future impact on the revenue of
the company. The valuation represents the cost
of buying all hedge contracts at the time of
valuation, at market prices and rates available
at the time.

Year

2007

2008

2009

2010

2011

2012-2016

Total

DOLLAR GOLD

Forward contracts

Amount (kg)

14,433

22,817

21,738

14,462

12,931

24,307

110,689

US$/oz

$309

$314

$316

$347

$397

$418

$351

*Forward contracts
(Long)

Amount (kg)

24,078

6,758

30,836

US$/oz

$657

$658

$657

Put options purchased

Amount (kg)

1,019

US$/oz

$291

Put options sold

Amount (kg)

25,925

11,555

3,748

1,882

5,645

50,637

US$/oz

$644

$587

$530

$410

$420

$440

$582

Call options purchased

Amount (kg)

12,127

8,568

20,696

US$/oz

$408

$428

$416

Call options sold

Amount (kg)

44,575

49,575

43,636

34,098

36,810

56,069

264,763

US$/oz

$517

$476

$484

$471

$495

$580

$508

RAND GOLD
Forward contracts

Amount (kg)

*350

933

583

Rand per kg

R292,107

R116,335

R10,647

Put options sold

Amount (kg)

311

Rand per kg

R154,645

Call options sold

Amount (kg)

311

2,986

9,269

Rand per kg

R158,503

R202,054

R216,522

R230,990

R214,575

Rounding of figures may result in computational discrepancies.

Year

2007

2008

2009

2010

2011

2012-2016

Total

A DOLLAR GOLD
Forward contracts

Amount (kg)

9,953

2,177

3,390

3,110

18,631

A$ per oz

AUD 676

AUD 656

AUD 650

AUD 683

AUD 670

Put options purchased

Amount (kg)

2,488

A$ per oz

AUD 839

AUD

839

Put options sold

Amount (kg)

4,354

A$ per oz

AUD 809

AUD

809

Call options purchased

Amount (kg)

3,732

3,110

1,244

3,110

11,197

A$ per oz

AUD 668

AUD 680

AUD 694

AUD 712

AUD 686

Call options sold

Amount (kg)

4,354

A$ per oz

AUD 849

AUD

849

Delta

(kg)

(14,213) (49,802)

(65,339)

(47,793)

(48,019) (73,205) (298,371)

** Total net gold:

Delta

(oz)

(456,958) (1,601,169)

(2,100,695)

(1,536,578)

(1,543,844) (2,353,592) (9,592,837)

DOLLAR SILVER

Forward contracts

Amount (kg)
$ per oz

Put options purchased

Amount (kg)

32,659

43,545

76,204

$ per oz

$7.40

$7.66

$7.55

Put options sold

Amount (kg)

32,659

43,545

76,204

$ per oz

$5.93

$6.19

$6.08

Call options purchased

Amount (kg)
$ per oz

Call options sold

Amount (kg)

32,659

43,545

76,204

$ per oz

$8.40

$8.64

$8.54

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

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

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

Year

2007

2008

2009

2010

2011

2012-2016

Total

RAND DOLLAR (000)

Forward contracts

Amount ($)

US$/R

Put options purchased

Amount ($)

$75,000

US$/R

R7.40

Put options sold

Amount ($)

$80,000

US$/R

R7.09

Call options purchased

Amount ($)

US$/R

Call options sold

Amount ($)

$125,000

US$/R

R7.60

A DOLLAR (000)

Forward contracts

Amount ($)

73,518

20,000

93,518

A$/US$

A$0.77

A$0.73

A$0.76

Put options purchased

Amount ($)

50,000

A$/US$

A$0.77

Put options sold

Amount ($)

50,000

A$/US$

A$0.80

Call options purchased

Amount ($)

A$/US$

Call options sold

Amount ($)

50,000

A$/US$

A$0.75

BRAZILIAN REAL (000)

Forward contracts

Amount ($)

12,000

US$/BRL

BRL2.17

Put options purchased

Amount ($)

6,000

US$/BRL

BRL2.20

Put options sold

Amount ($)

(6,000)

6,000

US$/BRL

BRL2.05

Call options purchased

Amount ($)

US$/BRL

Call options sold

Amount ($)

6,000

US$/BRL

BRL2.23

Rounding of figures may result in computational discrepancies.

Derivative analysis by accounting designation as at 31 March 2007

Normal sale

exempted

Cash flow

hedge

accounted

Non-hedge

accounted

Total

US Dollars (millions)

Commodity option contracts

(531)

–

(1,160)

(1,691)

Foreign exchange option contracts

–

(11)

Forward sale commodity contracts

(1,071)

(378)

115

(1,334)

Forward foreign exchange contracts

–

Interest rate swaps

(35)

–

Total hedging contracts

(1,637)

(376)

(1,014)

(3,027)

Option component of convertible bonds

–

(53)

Total derivatives

(1,637)

(376)

(1,067)

(3,080)

Rounding of figures may result in computational discrepancies.

Group income statement

Quarter

Year

ended

March

December

March

December

2007

2006

SA Rand million

Notes

Unaudited

Audited

Revenue

5,668

5,975

4,456

21,104

Gold income

5,450

5,634

4,246

20,137

Cost of sales

(4,220)

(4,477)

(3,472)

(15,482)

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

(422)

482

(1,100)

(1,955)

Gross profit (loss)

808

1,639

(327)

2,700

Corporate administration and other expenses

(203)

(174)

(127)

(567)

Market development costs

(23)

(32)

(26)

(108)

Exploration costs

(176)

(116)

(73)

(417)

Other operating expenses

(47)

(26)

(30)

(129)

Operating special items

(98)

(130)

Operating profit (loss)

373

1,193

(572)

1,349

Interest received

218

Exchange gain (loss)

(11)

(4)

(17)

Fair value adjustment on option component of convertible bond

135

(210)

(233)

137

Finance costs and unwinding of obligations

(200)

(246)

(210)

(822)

Share of associates' (loss) profit

(4)

(4)

(6)

Profit (loss) before taxation

380

797

(993)

859

Taxation

(451)

(676)

(40)

(1,232)

(Loss) profit after taxation from continuing operations

(71)

120

(1,032)

(373)

Discontinued operations
Loss for the period from discontinued operations

(6)

(1)

(7)

(12)

(Loss) profit for the period

(77)

119

(1,039)

(385)

Allocated as follows:
Equity shareholders

(133)

(1,079)

(587)

Minority interest

202

(77)

119

(1,039)

(385)

Basic (loss) earnings per ordinary share (cents)

(Loss) profit from continuing operations

(45)

(404)

(211)

Loss from discontinued operations

(2)

(3)

(4)

(Loss) profit

(47)

(407)

(215)

Diluted (loss) earnings per ordinary share (cents)

(Loss) profit from continuing operations

(45)

(404)

(211)

Loss from discontinued operations

(2)

(3)

(4)

(Loss) profit

(47)

(407)

(215)

Dividends
- Rm

1,246

- cents per Ordinary share

450

- cents per E Ordinary share

120

Calculated on the basic weighted average number of ordinary shares.

Calculated on the diluted weighted average number of ordinary shares.

Rounding of figures may results in computational discrepancies.

Group income statement

Quarter

Year

ended

March

December

March

December

2007

2006

US Dollar million

Notes

Unaudited

Audited

Revenue

784

818

724

3,106

Gold income

754

770

690

2,964

Cost of sales

(584)

(612)

(565)

(2,282)

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

(19)

(25)

(188)

(239)

Gross profit (loss)

150

133

(63)

443

Corporate administration and other expenses

(28)

(24)

(21)

(84)

Market development costs

(3)

(4)

(16)

Exploration costs

(24)

(16)

(12)

(61)

Other operating expenses

(7)

(4)

(18)

Operating special items

(14)

(18)

Operating profit (loss)

(103)

246

Interest received

Exchange gain (loss)

(2)

(1)

(2)

Fair value adjustment on option component of convertible bond

(28)

(39)

Finance costs and unwinding of obligations

(28)

(34)

(123)

Share of associates' loss

(1)

(1)

Profit (loss) before taxation

(172)

168

Taxation

(62)

(82)

(7)

(180)

Profit (loss) after taxation from continuing operations

(65)

(179)

(12)

Discontinued operations
Loss for the period from discontinued operations

(1)

(1)

(2)

Profit (loss) for the period

(65)

(180)

(14)

Allocated as follows:
Equity shareholders

(72)

(186)

(44)

Minority interest

(65)

(180)

(14)

Basic earnings (loss) per ordinary share (cents)

Profit (loss) from continuing operations

(26)

(70)

(15)

Loss from discontinued operations

(1)

Profit (loss)

(26)

(70)

(16)

Diluted earnings (loss) per ordinary share (cents)

Profit (loss) from continuing operations

(26)

(70)

(15)

Loss from discontinued operations

(1)

Profit (loss)

(26)

(70)

(16)

Dividends

- $m

171

- cents per Ordinary share

- cents per E Ordinary share

Calculated on the basic weighted average number of ordinary shares.

Calculated on the diluted weighted average number of ordinary shares.

Dividends are translated at actual rates on date of payment.

Rounding of figures may results in computational discrepancies.

Group balance sheet

As at

March

December

March

2007

2006

SA Rand million

Notes

Unaudited

Audited

Unaudited

ASSETS

Non-current assets
Tangible assets

44,282

42,382

36,927

Intangible assets

3,073

2,909

2,419

Investments in associates

371

300

214

Other investments

926

884

647

Inventories

2,167

2,006

1,272

Trade and other receivables

475

405

126

Derivatives

171

Deferred taxation

444

432

321

Other non-current assets

340

313

136

52,100

49,676

42,233

Current assets
Inventories

3,529

3,424

2,472

Trade and other receivables

1,550

1,300

1,670

Derivatives

4,651

4,546

4,876

Current portion of other non-current assets

Cash restricted for use

272

Cash and cash equivalents

2,908

3,467

1,419

12,915

12,817

10,464

Non-current assets held for sale

113

123

100

13,029

12,940

10,564

TOTAL ASSETS

65,129

62,616

52,797

EQUITY AND LIABILITIES

Share capital and premium

22,196

22,083

19,070

Retained earnings and other reserves

(970)

(1,188)

(4,681)

Shareholders' equity

21,227

20,895

14,389

Minority interests

481

436

384

Total equity

21,708

21,331

14,773

Non-current liabilities
Borrowings

9,010

9,963

10,798

Environmental rehabilitation and other provisions

2,927

2,785

2,271

Provision for pension and post-retirement benefits

1,193

1,181

1,252

Trade, other payables and deferred income

138

150

Derivatives

1,827

1,984

2,928

Deferred taxation

7,832

7,722

6,866

22,927

23,785

24,195

Current liabilities
Current portion of borrowings

1,714

413

871

Trade, other payables and deferred income

3,934

3,701

2,874

Derivatives

13,384

12,152

9,212

Taxation

1,462

1,234

872

20,494

17,500

13,829

Total liabilities

43,421

41,285

38,024

TOTAL EQUITY AND LIABILITIES

65,129

62,616

52,797

Net asset value - cents per share

7,730

7,607

5,572

Rounding of figures may results in computational discrepancies.

Group balance sheet

As at

March

December

March

2007

2006

US Dollar million

Notes

Unaudited

Audited

Unaudited

ASSETS

Non-current assets
Tangible assets

6,069

6,054

5,986

Intangible assets

421

415

392

Investments in associates

Other investments

127

126

105

Inventories

297

287

206

Trade and other receivables

Derivatives

Deferred taxation

Other non-current assets

7,141

7,095

6,846

Current assets
Inventories

484

489

401

Trade and other receivables

212

185

271

Derivatives

638

649

790

Current portion of other non-current assets

Cash restricted for use

Cash and cash equivalents

399

495

230

1,770

1,830

1,697

Non-current assets held for sale

1,786

1,848

1,713

TOTAL ASSETS

8,927

8,943

8,559

EQUITY AND LIABILITIES

Share capital and premium

3,042

3,154

3,091

Retained earnings and other reserves

(133)

(169)

(758)

Shareholders' equity

2,909

2,985

2,333

Minority interests

Total equity

2,975

3,047

2,395

Non-current liabilities
Borrowings

1,235

1,423

1,750

Environmental rehabilitation and other provisions

401

398

368

Provision for pension and post-retirement benefits

164

169

203

Trade, other payables and deferred income

Derivatives

250

283

475

Deferred taxation

1,074

1,103

1,113

3,142

3,397

3,922

Current liabilities
Current portion of borrowings

235

141

Trade, other payables and deferred income

539

528

466

Derivatives

1,834

1,736

1,493

Taxation

200

176

141

2,809

2,499

2,242

Total liabilities

5,951

5,896

6,164

TOTAL EQUITY AND LIABILITIES

8,927

8,943

8,559

Net asset value - cents per share

1,059

1,087

903

Rounding of figures may results in computational discrepancies.

Group cash flow statement

Quarter

Year

ended

March

December

March

December

2007

2006

SA Rand million

Unaudited

Audited

Cash flow from operating activities
Receipts from customers

5,431

5,906

4,800

21,237

Payments to suppliers and employees

(3,339)

(3,289)

(3,246)

(12,438)

Cash generated from operations

2,092

2,617

1,554

8,799

Cash (utilised) generated by discontinued operations

(10)

(11)

(6)

Taxation paid

(332)

(553)

(90)

(968)

Net cash inflow from operating activities

1,750

2,071

1,453

7,825

Cash flows from investing activities
Capital expenditure

(1,417)

(1,861)

(961)

(5,533)

Proceeds from disposal of tangible assets

322

393

Proceeds from disposal of assets of discontinued operations

Other investments acquired

(40)

(47)

(5)

(471)

Associate loans and acquisitions

(63)

(63)

Proceeds from disposal of investments

449

Cash restricted for use

(189)

(29)

(19)

Interest received

173

Loans advanced

(26)

(5)

Repayment of loans advanced

Net cash outflow from investing activities

(1,634)

(1,533)

(877)

(4,975)

Cash flows from financing activities
Proceeds from issue of share capital

104

3,068

Share issue expenses

(32)

Proceeds from borrowings

185

619

329

1,525

Repayment of borrowings

(143)

(321)

(369)

(3,957)

Finance costs

(212)

(82)

(251)

(586)

Dividends paid

(694)

(55)

(183)

(913)

Net cash (outflow) inflow from financing activities

(760)

168

(451)

(895)

Net (decrease) increase in cash and cash equivalents

(643)

706

125

1,955

Translation

(109)

(33)

184

Cash and cash equivalents at beginning of period

3,467

2,871

1,328

Net cash and cash equivalents at end of period

2,908

3,467

1,419

3,467

Cash generated from operations
Profit (loss) before taxation

380

797

(993)

859

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

958

304

1,582

4,590

Amortisation of tangible assets

948

1,215

859

4,059

Finance costs and unwinding of obligations

200

246

210

822

Deferred stripping

(100)

(34)

(107)

(528)

Interest receivable

(73)

(69)

(30)

(218)

Operating special items

(14)

(11)

161

Amortisation of intangible assets

Fair value adjustment on option components of convertible bond

(135)

210

233

(137)

Environmental, rehabilitation and other expenditure

(14)

(133)

(69)

(160)

Other non-cash movements

146

109

156

213

Movements in working capital

(208)

(130)

(280)

(875)

2,092

2,617

1,554

8,799

Movements in working capital
(Increase) decrease in inventories

(302)

156

(145)

(1,852)

(Increase) decrease in trade and other receivables

(251)

181

(80)

(27)

Increase (decrease) in trade and other payables

345

(467)

(55)

1,004

(208)

(130)

(280)

(875)

Rounding of figures may results in computational discrepancies.

Group cash flow statement

Quarter

Year

ended

March

December

March

December

2007

2006

US Dollar million

Unaudited

Audited

Cash flow from operating activities
Receipts from customers

753

804

777

3,134

Payments to suppliers and employees

(465)

(450)

(524)

(1,853)

Cash generated from operations

288

354

253

1,281

Cash (utilised) generated by discontinued operations

(1)

(2)

(1)

Taxation paid

(46)

(80)

(15)

(143)

Net cash inflow from operating activities

240

275

236

1,137

Cash flows from investing activities
Capital expenditure

(196)

(260)

(156)

(817)

Proceeds from disposal of tangible assets

Proceeds from disposal of assets of discontinued operations

Other investments acquired

(5)

(8)

(1)

(71)

Associate loans and acquisitions

(9)

(9)

Proceeds from disposal of investments

Cash restricted for use

(26)

(5)

(3)

Interest received

Loans advanced

(4)

(1)

Repayment of loans advanced

Net cash outflow from investing activities

(226)

(216)

(143)

(738)

Cash flows from financing activities
Proceeds from issue of share capital

512

Share issue expenses

(5)

Proceeds from borrowings

226

Repayment of borrowings

(20)

(29)

(60)

(623)

Finance costs

(29)

(10)

(41)

(88)

Dividends paid

(94)

(8)

(29)

(132)

Net cash (outflow) inflow from financing activities

(103)

(73)

(110)

Net (decrease) increase in cash and cash equivalents

(89)

289

Translation

(8)

(3)

Cash and cash equivalents at beginning of period

495

370

209

Net cash and cash equivalents at end of period

399

495

230

495

Cash generated from operations
Profit (loss) profit before taxation

(172)

168

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

134

266

627

Amortisation of tangible assets

131

167

141

597

Finance costs and unwinding of obligations

123

Deferred stripping

(14)

(12)

(17)

(75)

Interest receivable

(10)

(10)

(5)

(32)

Operating special items

(2)

(2)

Amortisation of intangible assets

Fair value adjustment on option components of convertible bond

(19)

(16)

Environmental, rehabilitation and other expenditure

(2)

(18)

(10)

(22)

Other non-cash movements

Movements in working capital

(31)

(16)

(47)

(140)

288

354

253

1,281

Movements in working capital
Increase in inventories

(10)

(57)

(41)

(211)

(Increase) decrease in trade and other receivables

(27)

(20)

Increase (decrease) in trade and other payables

(31)

(16)

(47)

(140)

Rounding of figures may results in computational discrepancies.

Group operating results

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2007

2006

2007

2006

OPERATING RESULTS
UNDERGROUND OPERATION
Milled

- 000 tonnes

/ - 000 tons

3,088

3,296

3,236

13,489

3,404

3,633

3,567

14,870

Yield

- g / t

/ - oz / t

7.22

7.47

7.12

7.20

0.211

0.218

0.208

0.210

Gold produced

- kg

/ - oz (000)

22,296

24,611

23,055

97,112

717

791

741

3,123

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

/ - 000 tons

3,051

3,029

2,769

12,414

3,364

3,339

3,052

13,684

Yield

- g / t

/ - oz / t

0.46

0.52

0.55

0.50

0.013

0.015

0.016

0.015

Gold produced

- kg

/ - oz (000)

1,407

1,569

1,517

6,246

201

OPEN-PIT OPERATION
Mined

- 000 tonnes

/ - 000 tons

39,640

44,614

41,911

173,178

43,696

49,179

46,199

190,897

Treated

- 000 tonnes

/ - 000 tons

6,262

7,242

6,253

26,739

6,903

7,983

6,892

29,475

Stripping ratio

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

5.00

4.51

4.79

4.82

5.00

4.51

4.79

4.82

Yield

- g / t

/ - oz / t

2.25

2.13

2.20

2.14

0.066

0.062

0.064

0.063

Gold in ore

- kg

/ - oz (000)

12,571

9,240

14,587

39,983

404

297

469

1,285

Gold produced

- kg

/ - oz (000)

14,083

15,451

13,726

57,334

453

497

441

1,843

HEAP LEACH OPERATION
Mined

- 000 tonnes

/ - 000 tons

14,942

15,534

15,348

63,519

16,471

17,124

16,918

70,018

Placed

- 000 tonnes

/ - 000 tons

5,180

5,888

5,562

23,329

5,710

6,490

6,131

25,716

Stripping ratio

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

1.98

1.84

1.78

1.83

1.98

1.84

1.78

1.83

Yield

- g / t

/ - oz / t

0.73

0.73

0.78

0.021

0.021

0.023

Gold placed

- kg

/ - oz (000)

3,765

4,295

4,356

18,162

121

138

140

584

Gold produced

- kg

/ - oz (000)

3,453

4,066

3,369

14,561

111

131

108

468

TOTAL
Gold produced

- kg

/ - oz (000)

41,239

45,697

41,667

175,253

1,326

1,469

1,340

5,635

Gold sold

- kg

/ - oz (000)

41,558

45,866

42,164

173,639

1,336

1,475

1,356

5,583

Price received

- R / kg

/ - $ / oz

- sold

139,953

135,628

107,903

126,038

602

578

545

577

Total cash costs

- R / kg

/ - $ / oz

- produced

76,991

72,422

61,023

67,133

332

309

308

Total production costs

- R / kg

/ - $ / oz

- produced

99,905

98,145

82,287

90,345

430

419

417

414

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

375

438

381

412

12.05

14.07

12.26

13.25

Actual

- g

/ - oz

334

372

338

358

10.74

11.97

10.86

11.49

CAPITAL EXPENDITURE - Rm

/ - $m

1,417

1,861

961

5,533

196

260

156

817

Tonnes (Tons) placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may results in computational discrepancies.

Quarter ended

Unaudited

Rand / Metric

Unaudited

Dollar / Imperial

Year

Statement of recognised income and expense

Quarter

Year

Quarter

ended

March

December

March

2007

2006

Unaudited

Audited

Unaudited

Actuarial gain on pension and post-retirement benefits

283

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

215

1,274

193

Net loss on cash flow hedges

(304)

(1,604)

(745)

Gain on available-for-sale financial assets

Deferred taxation on items above

151

Net exchange translation differences

971

2,292

(525)

Net income recognised directly in equity

972

2,373

(911)

Loss for the year

(77)

(385)

(1,039)

Total recognised income (expense) for the period

895

1,988

(1,950)

Attributable to:
Equity shareholders

825

1,755

(1,978)

Minority interest

233

895

1,988

(1,950)

Actuarial gain on pension and post-retirement benefits

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

217

Net loss on cash flow hedges

(42)

(229)

(121)

Gain on available-for-sale financial assets

Deferred taxation on items above

Net exchange translation differences

281

(86)

Net income recognised directly in equity

331

(147)

Profit (loss) for the year

(14)

(180)

Total recognised income (expense) for the period

127

317

(327)

Attributable to:
Equity shareholders

119

289

(333)

Minority interest

127

317

(327)

Rounding of figures may results in computational discrepancies.

SA Rand million

US Dollar million

Segmental reporting

for the quarter ended 31 March 2007

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

Unaudited

Audited

Unaudited

Audited

Gold income
South Africa

2,195

2,390

1,931

9,151

304

326

314

1,347

Argentina

230

175

168

841

125

Australia

681

623

309

1,851

271

Brazil

535

465

304

1,558

228

Ghana

430

453

1,781

263

Guinea

328

331

188

960

141

Mali

560

574

445

2,146

317

Namibia

101

336

Tanzania

221

257

246

857

127

USA

169

286

129

656

5,450

5,634

4,246

20,137

754

770

690

2,964

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

South Africa

800

872

623

3,746

110

118

101

549

Argentina

105

(12)

245

(2)

Australia

232

308

133

934

137

Brazil

254

329

134

946

138

Ghana

(108)

(186)

(15)

(26)

Guinea

(19)

(2)

Mali

183

287

179

986

146

Namibia

148

Tanzania

(6)

(2)

(19)

(1)

(2)

USA

107

167

Other

105

(6)

221

(1)

1,836

1,959

1,240

7,207

253

269

201

1,058

Cash gross profit (loss)

South Africa

1,180

1,382

981

5,366

163

188

159

788

Argentina

154

100

465

Australia

311

391

175

1,179

173

Brazil

311

399

169

1,136

165

Ghana

183

181

396

Guinea

109

282

Mali

230

364

232

1,274

188

Namibia

192

Tanzania

246

USA

164

226

432

Other

105

268

2,792

3,158

2,099

11,236

386

434

341

1,652

Rounding of figures may results in computational discrepancies.

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

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

US Dollar million

SA Rand million

Segmental reporting (continued)

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

Unaudited

Audited

Unaudited

Audited

Gold production
South Africa

17,626

20,019

18,963

79,427

567

644

610

2,554

Argentina

1,603

1,346

1,632

6,683

215

Australia

4,605

4,746

2,821

14,450

148

153

465

Brazil

2,801

2,904

2,263

10,551

339

Ghana

3,975

4,411

4,896

18,399

128

142

157

592

Guinea

2,270

2,406

1,776

7,948

256

Mali

3,354

4,110

4,028

16,700

108

132

130

537

Namibia

614

617

678

2,690

Tanzania

2,412

2,478

2,626

9,588

308

USA

1,980

2,661

1,984

8,817

283

41,239

45,697

41,667

175,253

1,326

1,469

1,340

5,635

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

Unaudited

Audited

Unaudited

Audited

Capital expenditure
South Africa

473

695

407

2,116

313

Argentina

129

Australia

343

295

584

Brazil

264

333

220

1,258

186

Ghana

192

236

106

656

Guinea

110

Mali

Namibia

Tanzania

119

452

USA

Other

1,417

1,861

961

5,533

196

260

156

817

As at

March

December

March

December

March

2007

2006

2007

2006

Unaudited

Audited

Unaudited

Audited

Unaudited

SA Rand million

Total assets
South Africa

15,296

15,392

15,546

2,097

2,199

2,520

Argentina

2,007

1,876

1,676

275

268

272

Australia

7,293

6,447

4,824

1,000

921

782

Brazil

4,309

3,961

2,767

591

566

449

Ghana

13,415

12,456

11,130

1,839

1,779

1,804

Guinea

2,073

1,974

1,729

284

282

280

Mali

2,535

2,350

1,984

347

336

322

Namibia

457

424

329

Tanzania

10,049

9,642

7,810

1,377

1,377

1,266

USA

3,699

3,566

2,682

507

509

435

Other

3,996

4,528

2,320

547

645

376

65,129

62,616

52,797

8,927

8,943

8,559

Rounding of figures may results in computational discrepancies.

SA Rand million

US Dollar million

oz (000)

US Dollar million

Notes

for the quarter ended 31 March 2007

1. Basis of preparation

The financial statements in this quarterly report have been prepared in accordance with the historic cost convention
except for certain financial instruments which are stated at fair value. The group's accounting policies used in the
preparation of these financial statements are consistent with those used in the annual financial statements for the
year ended 31 December 2006 and revised International Financial Reporting Standards (IFRS) which are effective
1 January 2007, where applicable.

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

2. Revenue

Quarter ended

Year ended

Quarter ended

Year ended

March

2007

Dec

2006

March

2006

Dec

2006

March

2007

Dec

2006

March

2006

Dec

2006

Unaudited Unaudited Unaudited

Audited Unaudited Unaudited Unaudited

Audited

SA Rand million

US Dollar million

Revenue consists of the
following principal
categories:

Gold income

5,450

5,634

4,246

20,137

754

770

690

2,964

By-products (note 3)

145

272

181

749

110

Interest received

218

5,668

5,975

4,456

21,104

784

818

724

3,106

3. Cost of sales

Quarter ended

Year ended

Quarter ended

Year ended

March

2007

Dec

2006

March

2006

Dec

2006

March

2007

Dec

2006

March

2006

Dec

2006

Unaudited Unaudited Unaudited

Audited Unaudited Unaudited Unaudited

Audited

SA Rand million

US Dollar million

Cash operating costs

(3,195)

(3,403) (2,644) (11,994)

(442)

(466) (430)

(1,770)

By-products (note 2)

145

272

181

749

110

(3,050)

(3,131) (2,463) (11,245)

(422)

(428) (401)

(1,660)

Other cash costs

(177)

(172) (118) (594)

(25)

(24) (19) (86)

Total cash costs

(3,227)

(3,303) (2,581) (11,839)

(447)

(452) (420)

(1,746)

Retrenchment costs

(7)

(114) (12) (152)

(1)

(16) (2)

(22)

Rehabilitation and other

non-cash costs

(20)

122

(38)

(3)

(6)

Production costs

(3,254)

(3,295) (2,631) (11,956)

(451)

(451) (428)

(1,765)

Amortisation of tangible

assets

(948)

(1,215) (859)

(4,059)

(131)

(167) (141) (597)

Amortisation of intangible

assets

(4)

(4) (3)

(13)

–

(2)

Total production costs

(4,206)

(4,514) (3,493) (16,028)

(582)

(618) (569)

(2,364)

Inventory change

(14)

546

(2)

(4,220)

(4,477) (3,472) (15,482)

(584)

(612) (565)

(2,282)

Rounding of figures may result in computational discrepancies.

4. Other operating expenses

Quarter ended

Year ended

Quarter ended

Year ended

March

2007

Dec

2006

March

2006

Dec

2006

March

2007

Dec

2006

March

2006

Dec

2006

Unaudited Unaudited Unaudited

Audited Unaudited Unaudited Unaudited Audited

SA Rand million

US Dollar million

Pension and medical defined

benefit provisions

(25)

1 (21)

(57)

(4)

–

(3)

(8)

Claims filed by former

employees in respect of
loss of employment, work-
related accident injuries
and diseases,
governmental fiscal claims
and costs of old tailings
operations

(21)

(30)

(8)

(67)

(3)

(4) (1) (9)

Miscellaneous

(1)

(1)

(5)

–

(1)

(47)

(26)

(30)

(129)

(7)

(4) (4)

(18)

5. Operating special items

Quarter ended

Year ended

Quarter ended

Year ended

March

2007

Dec

2006

March

2006

Dec

2006

March

2007

Dec

2006

March

2006

Dec

2006

Unaudited Unaudited Unaudited

Audited Unaudited Unaudited Unaudited Audited

SA Rand million

US Dollar million

(Under) over provision of

indirect taxes

–

(118)

7 (202)

–

(16) 1

(28)

Performance related option

expense

–

(129)

– (129)

–

(19) –

(19)

Cost of E-shares issued to

Izingwe (Pty) Ltd, a Black
Economic Empowerment
company

–

(131)

– (131)

–

(19) –

(19)

Impairment of tangible assets

(1)

(41)

(2)

(44)

–

(6) –

( 6)

Profit on disposal of assets and

recovery of loan

321 6

376 2

(98)

11 (130)

(14) 2

(18)

Rounding of figures may result in computational discrepancies.

6. Taxation

Quarter ended

Year ended

Quarter ended

Year ended

March

2007

Dec

2006

March

2006

Dec

2006

March

2007

Dec

2006

March

2006

Dec

2006

Unaudited Unaudited Unaudited

Audited Unaudited Unaudited Unaudited

Audited

SA Rand million

US Dollar million

Current tax
Normal taxation

(445)

(261)

(222)

(1,370)

(60)

(37) (36) (201)

Disposal of tangible assets

(note 8)

(4)

(2)

(4)

(13)

(1)

–

(1)

(2)

Under provision prior year

(1)

(75)

(49)

– (49)

(11)

(7) –

(7)

(524)

(312)

(226)

(1,432)

(72)

(44) (37) (210)

Deferred taxation
Temporary differences

(5)

(73)

(15)

(215)

– (7) (3)

(30)

Unrealised non-hedge

derivatives and other
commodity contracts

37 202 742 11

106

Impairment and disposal of

tangible assets (note 8)

(4)

(57)

– (56)

(1)

(8) –

(8)

Change in estimated deferred

taxation

–

(271)

–

(271)

–

(38)

–

(38)

(364)

187 200 10

(38) 30

Total taxation

(451)

(676)

(40)

(1,232)

(62)

(82) (7)

(180)

(1) The prior year under provision of $11m (R75m) mainly relates to an adjustment in respect of World Gold Council levies relating to our non-South

African operations.

7. Discontinued operations

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

Quarter ended

Year ended

Quarter ended

Year ended

March

2007

Dec

2006

March

2006

Dec

2006

March

2007

Dec

2006

March

2006

Dec

2006

Unaudited Unaudited Unaudited Audited Unaudited Unaudited Unaudited Audited

SA Rand million

US Dollar million

Gold income

6 6

26 – 1

Cost of Sales

(5)

(19)

(5)

(39)

(1)

(3) (1) (6)

Gross (loss) profit

(3)

(13)

1 (13)

(1)

(2) –

(2)

Taxation

(3)

12 (8)

–

(1)

–

Loss from discontinued

operations

(6)

(1)

(7)

(12)

(1)

–

(1)

(2)

Rounding of figures may result in computational discrepancies.

8. Headline (loss) earnings

Quarter ended

Year ended

Quarter ended

Year ended

March

2007

Dec

2006

March

2006

Dec

2006

March

2007

Dec

2006

March

2006

Dec

2006

Unaudited Unaudited Unaudited

Audited Unaudited Unaudited Unaudited

Audited

SA Rand million

US Dollar million

The (loss) profit attributable to

equity shareholders has
been adjusted by the
following to arrive at
headline (loss) earnings:

(Loss) profit attributable to

equity shareholders

(133)

69 (1,079)

(587)

(72) (186) (44)

Impairment of tangible assets

(note 5)

41 2 44 – 6

–

(Profit) loss on disposal of

assets

(321)

(6)

(376)

(46) (1)

(54)

Taxation on items above –

current portion (note 6)

2 4 13 1

–

Taxation on items above –

deferred portion (note 6)

–

Net loss from discontinued

operations (note 7)

1 7 12 1

–

Headline (loss) earnings

(112)

(150)

(1,072)

(838)

(103) (185) (80)

Cents per share

(1)

Headline (loss) earnings

(40)

(54)

(404)

(307)

(37) (70) (29)

(1) Calculated on the basic weighted average number of ordinary shares.

9. Shares

Quarter ended

Year ended

March

2007

Dec

2006

March

2006

Dec

2006

Authorised:

Ordinary shares of 25 SA cents each

400,000,000

400,000,000 400,000,000

400,000,000

E ordinary shares of 25 SA cents each

4,280,000

4,280,000 –

4,280,000

A redeemable preference shares of 50 SA cents each

2,000,000

2,000,000 2,000,000

2,000,000

B redeemable preference shares of 1 SA cent each

5,000,000

5,000,000 5,000,000

5,000,000

Issued and fully-paid:

Ordinary shares in issue

276,688,382

276,236,153 265,117,213

276,236,153

E ordinary shares in issue

4,149,230

4,185,770 –

4,185,770

Total ordinary shares:

280,837,612

280,421,923 265,117,213

280,421,923

A redeemable preference shares

2,000,000

2,000,000 2,000,000

2,000,000

B redeemable preference shares

778,896

778,896 778,896

778,896

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

Ordinary

276,426,639

275,598,456 264,581,077

272,214,937

E Ordinary shares

4,167,212

773,762 –

194,954

Fully vested options

600,219

304,280 483,291

398,326

Weighted average number of shares

281,194,070

276,676,498 265,064,368

272,808,217

Dilutive potential of share options

641,741

– 509,716

–

Diluted number of ordinary shares

(1)

281,835,811

276,676,498 265,574,084

272,808,217

(1) The Basic and diluted number of ordinary shares are the same for December 2006 quarter and the year ended 2006 as the effects of shares for

performance related options are anti-dilutive.

Rounding of figures may result in computational discrepancies.

10. Ordinary share capital and premium

As at

March

2007

Dec

2006

March

2006

March

2007

Dec

2006

March

2006

Unaudited Audited

Unaudited

Unaudited Audited

Unaudited

SA Rand million

US Dollar million

Balance at beginning of period

23,045

19,362 19,360 3,292

3,055

Ordinary shares issued

109

3,330 23 15

550

E ordinary shares (cancelled) issued

(4)

353 – (1)

–

Translation –

–

(133)

(363) 83

Sub-total 23,150

23,045 19,382 3,173

3,292

3,142

Redeemable preference shares held

within the group

(312)

(312)

(43)

(45) (51)

Ordinary shares held within the group

(293)

(297)

–

(40)

(43) –

E Ordinary shares held within the group

(349)

(353)

–

(48)

(50) –

Balance at end of period

22,196

22,083 19,070 3,042

3,154

3,091

11. Retained earnings and other reserves

Retained

Earnings

Non-

distributable

reserves

Foreign

currency

translation

reserve

Actuarial

gains (losses)

Other

Comprehen-

sive

income

Total

SA Rand million

Balance at December 2005

1,115

138

(1,910)

(227) (1,655) (2,539)

Loss attributable to equity shareholders

(1,079)

Dividends

(164)

Net loss on cash flow hedges removed from

equity and reported in income

191 191

Net loss on cash flow hedges

(738) (738)

Deferred taxation on cash flow hedges

151 151

Gain on available-for-sale financial assets

Translation

(553)

(517)

Balance at March 2006

(129)

138

(2,464)

(227) (2,000) (4,681)

Balance at December 2006

(214)

138

436

(45) (1,503) (1,188)

Loss attributable to equity shareholders

(133)

Dividends (668)

(668)

Net loss on cash flow hedges removed from

equity and reported in income

211 211

Net loss on cash flow hedges

(301) (301)

Deferred taxation on cash flow hedges

64 64

Gain on available for sale financial assets

Deferred taxation on available-for-sale

financial assets

(12) (12)

Share-based payment for share awards

61 61

Translation

1,053

(93) 960

Balance at March 2007

(1,017)

138

1,489

(45) (1,535) (970)

Rounding of figures may result in computational discrepancies.

Retained

Earnings

Non-

distributable

reserves

Foreign

currency

translation

reserve

Actuarial

gains

(losses)

Other

Comprehen-

sive

income

Total

US Dollar million

Balance at December 2005

(58)

(66)

(36) (261)

(399)

Loss attributable to equity shareholders

(186)

Dividends (26)

(26)

Net loss on cash flow hedges removed from equity

and reported in income

Net loss on cash flow hedges

(120)

Deferred taxation on cash flow hedges

Gain on available-for-sale financial assets

Translation

(93)

(1) (3)

(87)

Balance at March 2006

(270)

(149)

(37) (324)

(758)

Balance at December 2006

(209)

241

(6) (215)

(169)

Profit attributable to equity shareholders

Dividends (90)

(90)

Net loss on cash flow hedges removed from equity

and reported in income

31 31

Net loss on cash flow hedges

(41)

Deferred taxation on cash flow hedges

Gain on available-for-sale financial assets

Deferred taxation on available-for-sale financial

assets

(2)

Share-based payment for share awards

Translation

(1)

102

–

(4)

Balance at March 2007

(279)

343

(6) (210)

(133)

12. Minority

interests

As at

March

2007

Dec

2006

March

2006

March

2007

Dec

2006

March

2006

Unaudited Audited

Unaudited

Unaudited Audited

Unaudited

SA Rand million

US Dollar million

Balance at beginning of period

436

374 374 62

Profit for the period

202 40 8

Dividends paid

(25)

(171)

(18)

(4)

(25) (3)

Net loss on cash flow hedges removed from

equity and reported in income

10 2 1

–

Net loss on cash flow hedges

(3)

(12)

(7)

(1)

(2) (1)

Translation

33 (7)

– (2) 1

Balance at end of period

481

436 384 66

13. Exchange

rates

March

2007

Dec

2006

March

2006

Unaudited Unaudited Unaudited

Rand/US dollar average for the year to date

7.22

6.77

6.15

Rand/US dollar average for the quarter

7.22

7.31

6.15

Rand/US dollar closing

7.30

7.00

6.17

Rand/Australian dollar average for the year to date

5.68

5.10

4.55

Rand/Australian dollar average for the quarter

5.68

5.63

4.55

Rand/Australian dollar closing

5.90

5.53

4.39

BRL/US dollar average for the year to date

2.11

2.18

2.19

BRL/US dollar average for the quarter

2.11

2.15

2.19

BRL/US dollar closing

2.15

2.14

2.17

Rounding of figures may result in computational discrepancies.

14. Capital commitments

March

2007

Dec

2006

March

2006

March

2007

Dec

2006

March

2006

Unaudited Audited

Unaudited

Unaudited Audited

Unaudited

SA Rand million

US Dollar million

Orders placed and outstanding on capital contracts at

the prevailing rate of exchange

2,966

2,475 2,101 407

354

341

Liquidity and capital resources:

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

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

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

15. Contingent liabilities

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

Water pumping cost – South Africa – The group is involved in a legal dispute regarding the responsibility for water
pumping of the Margaret shaft, which belongs to Stilfontein. Following an attempt by DRDGold to liquidate its
North West operations and avoid incurring pumping cost, AngloGold Ashanti Limited launched an urgent
application against DRDGold and government departments requesting the court to order the continued pumping of
water at the Stilfontein Mines. The cessation of water pumping is likely to cause flooding in various Vaal River
operations. The Department of Water Affairs and Forestry responded by issuing directives to the mining
companies directing that they share the costs of pumping at the Margaret Shaft.

The three mining companies, Simmer and Jack Mines, Harmony Gold Mining Company and AngloGold Ashanti,
are finalising an arrangement in which responsibility for the water pumping will be transferred to an independent
newly formed company. The group responsibility will be limited to providing one-third of the start-up capital on loan
account and the three mining companies will be members of the newly formed company.

Should the proposed arrangement not be acceptable to the courts and/or the regulatory authorities the proposal
may have to be amended. Due to this uncertainty, no estimate is made of any potential liabilities.

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

Provision of surety – South Africa – AngloGold Ashanti has provided sureties in favour of a lender on a Gold loan
facility with its affiliate Oro Africa (Pty) Ltd and one of its subsidiaries to a maximum value of R100m ($14m). The
suretyship agreements have a termination notice period of 90 days.

Sales tax on gold deliveries – Brazil – Mineração Serra Grande S.A.(MSG), the operator of the Crixas mine in
Brazil, has received two tax assessments from the State of Goiás related to payments of sales taxes on gold
deliveries for export: one for the period between February 2004 and June 2005 and the other for the period
between July 2005 and May 2006. The tax authorities maintain that whenever a taxpayer export gold mined in
the state of Goias, through a branch located in a different Brazilian State, it must obtain an authorisation from the
Goiás State Treasury by means of a Special Regime Agreement (Termo de Acordo re Regime Especial – TARE).
The Serra Grande operation is co-owned with Kinross Gold Corporation. The company manages the operation
and its attributable share of the first assessment is approximately $29m. In May 2006 MSG signed the TARE,
which authorised the remittance of gold to the company’s branch in Minas Gerais specifically for export purposes.

In November 2006 the administrative council’s second chamber ruled in favour of Serra Grande and fully
cancelled the tax liability related to the first period. The State of Goiás may still appeal to the full board of the
State of Goiás tax administrative council. The second assessment was issued by the State of Goiás in October
2006 on the same grounds as the first one, and the attributable share of the assessment is approximately $18m.
The company believes both assessments are in violation of Federal legislation on sales taxes.

VAT Disputes – Brazil – MSG received a tax assessment in October 2003 from the State of Minas Gerais related
to sales taxes on gold allegedly returned from the branch in Minas Gerais to the company head office in the State
of Goiás. The tax administrators rejected the company’s appeal against the assessment. The company is now
dismissing the case at the judicial sphere. The company’s attributable share of the assessment is approximately
$6m.

VAT Dispute – Brazil – Morro Velho is involved in a dispute with tax authorities. As a result of an erroneous
duplication of a shipping invoice between two states in Brazil, tax authorities are claiming that VAT is payable on
the second invoice. The amount involved is approximately $5m.

Social security payments – Brazil – Anglo

Gold Ashanti Brasil Mineração is being accused of failing to pay certain

required payments towards the social security system in Brazil during the period 1997 to 2004. There is doubt if
amounts are actually due and payable under applicable law. The amount involved is approximately $2m.

Capital cost of water pipelines – Namibia – A potential liability of approximately $1m exists at Navachab in
Namibia to pay the outstanding capital cost of the water pipeline in the event of mine closure prior to 2019.

16.

Concentration of risk

There is a concentration of risk in respect of reimbursable value added tax and fuel duties from the Malian
government:

• Reimbursable value added tax due from the Malian government amounts to an attributable $37m at 31 March

2007 (31 December 2006: attributable $34m). The last audited value added tax return was for the period
ended 31 December 2006 and at the balance sheet date an attributable $27m was still outstanding and $10m
is still subject to audit. The accounting processes for the unaudited amount are in accordance with the
processes advised by the Malian government in terms of the previous audits.

• Reimbursable fuel duties from the Malian government amounts to an attributable $10m at 31 March 2007

(31 December 2006: attributable $11m). Fuel duty refund claims are required to be submitted before
31 January of the following year and are subject to authorisation by firstly the Department of Mining and
secondly the Custom and Excise authorities. The Customs and Excise authorities have approved an
attributable $3m, which is still outstanding, whilst an attributable $7m is still subject to authorisation. The
accounting processes for the unauthorised amount are in accordance with the processes advised by the
Malian government in terms of the previous authorisations. As from February 2006 all fuel duties have been
exonerated.

The government of Mali is a shareholder in all the Malian entities and protocol agreements governing repayments
of certain of these amounts have been signed. All payments as scheduled in terms of the protocol agreements
have been recovered up to March 2007. The amounts outstanding have been discounted to their present value at
a rate of 5%.

There is a concentration of risk in respect of reimbursable value added tax and fuel duties from the Tanzanian
government:

• Reimbursable value added tax due from the Tanzanian government amounts to $15m at 31 March 2007

(31 December 2006: $14m). The last audited value added tax return was for the period ended 30 November
2006 and at the balance sheet date $14m was still outstanding and $1m is still subject to audit. The
accounting processes for the unaudited amount are in accordance with the processes advised by the
Tanzanian government in terms of the previous audits. The outstanding amounts have been discounted to
their present value at a rate of 5%.

• Reimbursable fuel duties from the Tanzanian government amounts to $22m at 31 March 2007 (31 December

2006: $18m). Fuel duty claims are required to be submitted after consumption of the related fuel and are
subject to authorisation by the Customs and Excise authorities. Claims for refund of fuel duties amounting to
$13m have been lodged with the Customs and Excise authorities, which are still outstanding, whilst claims for
refund of $9m have not yet been submitted. The accounting processes for the unauthorised amount are in
accordance with the processes advised by the Tanzanian government in terms of the previous authorisations.
The outstanding amounts have been discounted to their present value at a rate of 5%.

17. Attributable interest

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

18. Borrowings

AngloGold Ashanti's borrowings are interest bearing.

19. Announcements

On 13 February 2007, the AngloGold Ashanti board approved a project to develop the Mponeng mine below the
120 level, adding some 2.5Moz of gold and 8 years to the mine’s life, at a capital cost of $252m. Production is due
to commence in 2013.

On 5 February 2007, AngloGold Ashanti informed the market that a partial slope failure occurred in an intermediate
footwall of the Nyankanga pit at Geita Gold Mine on Saturday, 3 February 2007. The pit had been monitored by
slope stability radar and was safely evacuated in advance of the failure. No injury to employees or contractors
occurred and there was no damage to equipment.

20. Dividend

Final dividend No. 101 of 240 South African cents or 16.859 UK pence or 3,041.21 cedis per share was paid to
registered shareholders on 16 March 2007, while a dividend of 8.4144 Australian cents per CHESS Depositary
Interest (CDI) was paid on the same day. On 19 March 2007, a dividend of 30.41 cedis per Ghanaian Depositary
Share (GhDS) was paid to holders thereof. Each CDI represents one-fifth of an ordinary share, and 100 GhDSs
represents one ordinary share. A dividend was paid to holders of American Depositary Receipts (ADRs) on
26 March 2007 at a rate of 32.384 US cents per American Depositary Share (ADS). Each ADS represents one
ordinary share.

By order of the Board

R P EDEY

R M GODSELL

Chairman

Chief Executive Officer

2 May 2007

Non-GAAP disclosure

Year ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2007

2006

2007

2006

Unaudited

Headline (loss) earnings (note 8)

(112)

(150)

(1,072)

(838)

(103)

(185)

(80)

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

1,028

320

1,566

4,507

103

137

264

615

Deferred tax on unrealised non-hedge derivatives (note 6)

(82)

(37)

(202)

(742)

(11)

(15)

(33)

(106)

Fair value adjustment on option component of convertible
bond

(135)

210

233

(137)

(19)

(16)

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

(2)

699

343

525

2,790

413

Cents per share

(1)

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

(2)

249

124

198

1,023

151

Year ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2007

2006

2007

2006

Unaudited

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

808

1,639

(327)

2,700

150

133

(63)

443

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

1,028

320

1,566

4,507

103

137

264

615

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

1,836

1,959

1,240

7,207

253

269

201

1,058

Rounding of figures may results in computational discrepancies.

US Dollar million

SA Rand million

(1)

Calculated on the basic weighted average number of ordinary shares.

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

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

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

Quarter ended

Year ended

(2)

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

other commodity contracts as follows:

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

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

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

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

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

US Dollar million

- The unrealised fair value change on the onerous uranium contracts

Quarter ended

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

Year ended

Quarter ended

Year ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2007

2006

2007

2006

Unaudited

Non-hedge derivative (loss) gain is summarised as

Gain on realised non-hedge derivatives

606

802

466

2,552

112

376

Loss on unrealised non-hedge derivatives

(975)

(125)

(1,584)

(4,343)

(96)

(108)

(267)

(591)

Unrealised (loss) gain on other commodity physical
borrowings

(47)

(19)

(9)

(7)

(3)

(1)

Provision for loss on future deliveries of other commodities

(6)

(177)

(155)

(1)

(26)

(23)

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

(422)

482

(1,100)

(1,955)

(19)

(25)

(188)

(239)

Price received

Gold income

5,450

5,634

4,246

20,137

754

770

690

2,964

Adjusted for minority interests

(240)

(215)

(162)

(804)

(34)

(29)

(27)

(119)

5,210

5,419

4,084

19,333

720

741

663

2,845

Gain on realised non-hedge derivatives (note C)

606

802

466

2,552

112

376

5,816

6,221

4,550

21,885

804

853

739

3,221

Attributable gold sold - kg / - oz (000)

41,558

45,866

42,164

173,639

1,336

1,475

1,356

5,583

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

139,953

135,628

107,903

126,038

602

578

545

577

Total costs

Total cash costs (note 3)

3,227

3,303

2,581

11,839

447

452

420

1,746

Adjusted for minority interests and non-gold
producing companies

(52)

(38)

(73)

(7)

(6)

(11)

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

3,175

3,309

2,543

11,766

440

453

414

1,735

Retrenchment costs (note 3)

114

152

Rehabilitation and other non-cash costs (note 3)

(122)

(35)

(17)

(3)

Amortisation of tangible assets (note 3)

948

1,215

859

4,059

131

167

141

597

Amortisation of intangible assets (note 3)

Adjusted for minority interests and non-gold
producing companies

(34)

(35)

(26)

(122)

(5)

(4)

(18)

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

4,120

4,485

3,429

15,833

571

615

558

2,335

Gold produced - kg / - oz (000)

41,239

45,697

41,667

175,253

1,326

1,469

1,340

5,635

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

76,991

72,422

61,023

67,133

332

309

308

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

99,905

98,145

82,287

90,345

430

419

417

414

Cash gross profit

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

1,836

1,959

1,240

7,207

253

269

201

1,058

Amortisation of tangible assets (note 3)

948

1,215

859

4,059

131

167

141

597

Amortisation of intangible assets (note 3)

Non-cash revenues

(20)

(2)

(43)

(3)

(5)

2,792

3,158

2,099

11,236

386

434

341

1,652

EBITDA

Operating profit (loss)

373

1,193

(572)

1,349

(103)

246

Amortisation of tangible assets (note 3)

948

1,215

859

4,059

131

167

141

597

Amortisation of intangible assets (note 3)

Impairment of tangible assets (note 5)

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

1,028

320

1,566

4,507

103

137

264

615

Share of associates' EBITDA

(3)

(3)

(2)

(1)

Loss (profit) on disposal of assets

(321)

(6)

(378)

(46)

(1)

(54)

2,357

2,456

1,850

9,592

326

336

300

1,411

Rounding of figures may results in computational discrepancies.

SA Rand million / Metric

Quarter ended

Year ended

US Dollar million / Imperial

Year ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2007

2006

2007

2006

Unaudited

Interest cover

EBITDA (note G)

2,357

2,456

1,850

9,592

326

336

300

1,411

Finance costs

200

246

210

822

123

Capitalised finance costs

212

270

219

893

133

Interest cover - times

Free cash flow

Net cash inflow from operating activities

1,750

2,071

1,453

7,825

240

275

236

1,137

Stay-in-business capital expenditure

(785)

(1,144)

(623)

(3,416)

(108)

(160)

(101)

(504)

965

927

830

4,409

132

115

135

633

As at

Mar

Dec

Mar

Dec

Mar

2007

2006

2007

2006

Unaudited

SA Rand million / Metric

Net asset value - cents per share

Total equity

21,708

21,331

14,773

2,975

3,047

2,395

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

281

280

265

281

280

265

Net asset value - cents per share

7,730

7,607

5,572

1,059

1,087

903

Total equity

21,708

21,331

14,773

2,975

3,047

2,395

Intangible assets

(3,073)

(2,909)

(2,419)

(421)

(415)

(392)

18,635

18,422

12,354

2,554

2,632

2,003

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

281

280

265

281

280

265

Net tangible asset value - cents per share

6,636

6,569

4,660

909

939

756

Net debt

Borrowings - long-term portion

9,010

9,963

10,798

1,235

1,423

1,750

Borrowings - short-term portion

1,714

413

871

235

141

Total borrowings

10,724

10,376

11,669

1,470

1,482

1,891

Cash and cash equivalents

(2,908)

(3,467)

(1,419)

(399)

(495)

(230)

Net debt

7,816

6,909

10,250

1,071

987

1,661

Rounding of figures may results in computational discrepancies.

SA Rand million

US Dollar million

US Dollar million / Imperial

Quarter ended

Year ended

Development

for the quarter ended 31 March 2007

Statistics are shown in metric units

Advanced

metres

Sampled

Ave. channel

(total)

metres

width (cm)

Ave. g/t

Ave. cm.g/t

Ave. kg/t

Ave. cm.kg/t

VAAL RIVER
Great Noligwa
Vaal reef

2,343

316

115.7

27.13

3,139

1.30

150.52

Kopanang
Vaal reef

5,757

476

18.9

163.81

3,096

4.33

81.85

Tau Lekoa
Ventersdorp Contact reef

1,855

306

114.6

8.39

961

0.04

4.51

Moab Khotsong
Vaal reef

4,231

226

127.9

29.62

3,788

0.82

35.72

WEST WITS
TauTona
Ventersdorp Contact reef

280

Carbon Leader reef

2,511

136

17.7

106.16

1,879

1.24

22.00

Savuka
Ventersdorp Contact reef

122

Carbon Leader reef

274

Mponeng
Ventersdorp Contact reef

3,926

216

50.4

40.22

2,027

AUSTRALIA
Sunrise Dam

831

3.69

BRAZIL
AngloGold Ashanti Brasil Mineração
Mine de Cuiabá

1,447

371

0.6

3.35

Córrego do Sitio

615

214

9.12

Lamego

598

90.0

3.50

Serra Grande
Mina Ill

938

100.0

6.60

Mina Nova

GHANA
Obuasi

6,281

564

470.0*

7.13

3,351

Statistics are shown in imperial units

Advanced

feet

Sampled

Ave. channel

(total)

feet

width (inches)

Ave. oz/t

Ave. ft.oz/t

Ave. lb/t

Ave. ft.lb/t

VAAL RIVER
Great Noligwa
Vaal reef

7,686

1,037

45.6

0.79

3.00

2.60

9.87

Kopanang
Vaal reef

18,887

1,562

7.4

4.78

2.96

8.66

5.37

Tau Lekoa
Ventersdorp Contact reef

6,085

1,004

45.1

0.24

0.92

0.08

0.30

Moab Khotsong
Vaal reef

13,881

741

50.4

0.86

3.63

1.64

6.88

WEST WITS
TauTona
Ventersdorp Contact reef

918

Carbon Leader reef

8,239

446

7.0

3.10

1.80

2.48

1.44

Savuka
Ventersdorp Contact reef

399

Carbon Leader reef

900

Mponeng
Ventersdorp Contact reef

12,881

709

19.8

1.17

1.94

AUSTRALIA

Sunrise Dam

2,727

0.11

BRAZIL
AngloGold Ashanti Brasil Mineração
Mina de Cuiabá

4,747

1,216

0.3

0.10

Córrego do Sitio

2,016

702

0.27

Lamego

1,961

230

35.4

0.10

Serra Grande
Mina Ill

3,077

179

39.4

0.19

Mina Nova

210

GHANA
Obuasi

20,606

1,850

185.0*

0.21

3.21

* Average ore body width

Sampled

gold

uranium

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

Sampled

gold

uranium

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

SA Rand / US Dollar

SOUTH AFRICA

473

695

407

2,116

313

Vaal River
Great Noligwa

136

332

Kopanang

101

281

Moab Khotsong

111

169

112

565

Tau Lekoa

Surface Operations

West Wits
Mponeng

102

111

325

Savuka

TauTona

142

475

ARGENTINA

129

Cerro Vanguardia - Attributable 92.50%

119

Minorities and exploration

AUSTRALIA

343

295

584

Sunrise Dam

163

Boddington

296

258

408

Exploration

BRAZIL

264

333

220

1,258

186

AngloGold Ashanti Brasil Mineração

234

300

196

1,134

168

Serra Grande - Attributable 50%

Minorities, exploration and other

GHANA

192

236

106

656

Bibiani

Iduapriem - Attributable 85%

Obuasi

182

216

101

613

Minorities and exploration

GUINEA

110

Siguiri - Attributable 85%

Minorities and exploration

MALI

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

Navachab

TANZANIA

119

452

Geita

119

452

USA

Cripple Creek & Victor J.V.

OTHER

ANGLOGOLD ASHANTI

1,417

1,861

961

5,533

196

260

156

817

Rounding of figures may results in computational discrepancies.

Capital expenditure - Rm

Capital expenditure - $m

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

Metric

SOUTH AFRICA

17,626

20,019

18,963

79,427

Vaal River
Great Noligwa

8.41

7.95

8.57

8.08

3,863

4,640

5,013

19,119

Kopanang

6.77

7.40

6.83

7.01

2,989

3,657

3,220

13,886

Moab Khotsong

8.16

6.36

7.14

6.35

439

411

292

1,371

Tau Lekoa

3.70

4.34

3.57

3.76

1,325

1,387

1,438

5,473

Surface Operations

0.50

0.57

0.45

0.49

1,023

1,072

663

3,525

West Wits
Mponeng

9.56

9.69

9.83

9.93

4,435

4,595

4,269

18,549

Savuka

7.01

7.31

7.76

7.68

571

654

653

2,768

TauTona

9.99

11.46

9.24

10.18

2,981

3,604

3,413

14,736

ARGENTINA

1,603

1,346

1,632

6,683

Cerro Vanguardia - Attributable 92.50%

7.25

5.51

7.95

7.29

1,603

1,346

1,632

6,683

AUSTRALIA

4,605

4,746

2,821

14,450

Sunrise Dam

4.63

4.20

2.86

3.39

4,605

4,746

2,821

14,450

BRAZIL

2,801

2,904

2,263

10,551

AngloGold Ashanti Brasil Mineração

7.71

7.97

8.01

7.60

2,064

2,156

1,513

7,533

Serra Grande - Attributable 50%

7.31

7.69

7.58

7.51

738

747

750

3,017

GHANA

3,975

4,411

4,896

18,399

Bibiani

0.43

0.79

0.55

150

476

1,163

Iduapriem - Attributable 85%

1.87

1.70

1.74

848

1,219

1,351

5,196

Obuasi

4.83

4.61

4.58

4.39

3,127

3,041

3,069

12,040

GUINEA

2,270

2,406

1,776

7,948

Siguiri

- Attributable 85%

1.06

1.08

1.01

1.08

2,270

2,406

1,776

7,948

MALI

3,354

4,110

4,028

16,700

Morila - Attributable 40%

3.04

3.46

4.03

3.88

1,284

1,503

1,689

6,428

Sadiola - Attributable 38%

2.50

3.44

3.11

3.22

977

1,546

1,316

5,898

Yatela

- Attributable 40%

3.25

3.88

4.53

4.12

1,093

1,061

1,023

4,374

NAMIBIA

614

617

678

2,690

Navachab

1.47

1.63

2.15

1.81

614

617

678

2,690

TANZANIA

2,412

2,478

2,626

9,588

Geita

1.80

1.73

2.34

1.68

2,412

2,478

2,626

9,588

USA

1,980

2,661

1,984

8,817

Cripple Creek & Victor J.V.

0.56

0.48

0.50

0.54

1,980

2,661

1,984

8,817

ANGLOGOLD ASHANTI

41,239

45,697

41,667

175,253

Underground Operations

7.22

7.47

7.12

7.20

22,296

24,611

23,055

97,112

Surface and Dump Reclamation

0.46

0.52

0.55

0.50

1,407

1,569

1,517

6,246

Open-pit Operations

2.25

2.13

2.20

2.14

14,083

15,451

13,726

57,334

Heap Leach Operations

0.73

0.78

3,453

4,066

3,369

14,561

41,239

45,697

41,667

175,253

4 Yatela and Cripple Creek & Victor Joint Venture operations yield reflects gold placed/tonnes placed.

5 The yield of Bibiani represents surface and dump reclamation.

Rounding of figures may results in computational discrepancies.

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

Yield - g/t

Gold produced - kg

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

2 The yield of TauTona, AngloGold Ashanti Brasil Mineração and Obuasi
represents underground operations.

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

Metric

SOUTH AFRICA

228

262

244

259

17,537

20,307

18,886

78,914

Vaal River
Great Noligwa

193

234

258

244

3,865

4,642

4,983

18,998

Kopanang

199

241

211

227

3,007

3,655

3,201

13,790

Moab Khotsong

147

146

120

434

411

290

1,359

Tau Lekoa

161

167

139

154

1,315

1,390

1,431

5,440

Surface Operations

1,513

1,561

892

1,194

1,022

1,066

659

3,495

West Wits
Mponeng

300

330

311

333

4,385

4,746

4,261

18,430

Savuka

177

208

212

221

563

667

652

2,753

TauTona

238

290

285

302

2,946

3,729

3,408

14,649

ARGENTINA

819

723

935

938

1,605

1,325

1,566

6,619

Cerro Vanguardia - Attributable 92.50%

819

723

935

938

1,605

1,325

1,566

6,619

AUSTRALIA

2,062

2,443

2,112

2,363

4,522

4,899

2,824

14,413

Sunrise Dam

4,353

4,354

2,445

3,156

4,522

4,899

2,824

14,413

BRAZIL

583

626

542

602

3,025

2,775

2,558

10,655

AngloGold Ashanti Brasil Mineração

517

568

443

526

2,171

2,095

1,813

7,703

Serra Grande - Attributable 50%

904

887

988

946

855

681

745

2,952

GHANA

227

229

238

229

3,886

4,334

4,875

17,866

Bibiani

390

944

605

139

476

1,119

Iduapriem - Attributable 85%

391

568

650

619

848

1,112

1,351

5,027

Obuasi

204

181

171

172

3,038

3,082

3,048

11,719

GUINEA

570

619

474

508

2,280

2,402

1,776

7,758

Siguiri - Attributable 85%

570

619

474

508

2,280

2,402

1,776

7,758

MALI

914

1,286

1,292

1,333

3,714

3,972

4,039

16,285

Morila - Attributable 40%

855

1,132

1,306

1,221

1,333

1,554

1,640

6,234

Sadiola - Attributable 38%

684

1,350

1,197

1,347

1,180

1,369

1,313

5,722

Yatela - Attributable 40%

1,481

1,470

1,411

1,514

1,201

1,048

1,086

4,328

NAMIBIA

629

654

698

716

675

544

680

2,548

Navachab

629

654

698

716

675

544

680

2,548

TANZANIA

373

385

472

404

2,421

2,617

2,929

9,666

Geita

373

385

472

404

2,421

2,617

2,929

9,666

USA

1,729

2,740

2,082

2,260

1,892

2,692

2,031

8,915

Cripple Creek & Victor J.V.

1,729

2,740

2,082

2,260

1,892

2,692

2,031

8,915

ANGLOGOLD ASHANTI

334

372

338

358

41,558

45,866

42,164

173,639

Rounding of figures may results in computational discrepancies.

Productivity per employee - g

Gold sold - kg

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

SA Rand / Metric

SOUTH AFRICA

72,979

62,888

61,747

61,667

95,214

88,764

81,548

82,939

Vaal River
Great Noligwa

84,059

54,393

52,022

56,390

105,277

76,424

68,183

74,041

Kopanang

69,223

61,570

64,220

62,908

88,284

76,264

78,703

76,906

Moab Khotsong

134,175

116,485

167,406

141,574

214,596

234,471

259,751

240,384

Tau Lekoa

100,102

87,829

102,270

94,730

134,273

149,979

133,024

132,864

Surface Operations

58,471

55,607

64,402

61,154

65,161

60,852

74,449

68,692

West Wits
Mponeng

59,318

57,887

51,487

51,524

76,284

84,563

70,752

73,379

Savuka

82,550

79,339

71,772

72,865

96,912

76,223

77,581

77,752

TauTona

64,782

65,013

57,978

58,419

92,322

93,108

82,566

83,398

ARGENTINA

44,393

80,559

37,385

50,015

72,520

129,468

62,769

80,091

Cerro Vanguardia - Attributable 92.50%

43,657

79,547

36,822

49,358

71,635

128,229

62,059

79,269

AUSTRALIA

71,638

68,984

58,469

67,512

89,294

89,091

76,338

85,421

Sunrise Dam

69,550

68,640

55,561

65,877

86,907

86,512

71,187

82,908

BRAZIL

55,775

51,246

41,469

47,342

71,110

74,790

54,149

62,941

AngloGold Ashanti Brasil Mineração

48,230

45,050

37,132

42,816

62,290

68,934

50,539

58,713

Serra Grande - Attributable 50%

54,131

48,667

36,951

43,031

73,030

71,232

47,423

57,627

GHANA

94,770

98,675

68,345

85,168

126,038

141,474

99,228

121,453

Bibiani

121,324

55,531

95,581

(70,202)

85,933

98,495

Iduapriem - Attributable 85%

104,151

85,886

71,477

79,733

119,875

104,967

96,068

103,544

Obuasi

92,224

102,684

68,952

86,508

127,711

166,564

102,679

131,398

GUINEA

98,631

89,572

74,884

87,571

124,079

136,464

103,639

121,156

Siguiri - Attributable 85%

98,631

89,572

74,884

87,571

124,079

136,464

103,639

121,156

MALI

73,912

63,526

48,284

54,510

88,707

70,492

63,800

69,827

Morila - Attributable 40%

83,011

74,482

51,820

60,080

100,339

84,940

70,132

75,989

Sadiola - Attributable 38%

99,134

65,107

53,584

58,876

106,812

77,704

65,638

73,025

Yatela - Attributable 40%

51,669

51,776

43,910

49,469

69,721

45,489

59,183

65,402

NAMIBIA

85,460

70,764

44,795

57,716

101,693

96,078

59,018

75,801

Navachab

85,460

70,764

44,795

57,716

101,693

96,078

59,018

75,801

TANZANIA

100,143

138,524

72,557

109,639

130,397

143,291

92,656

130,792

Geita

100,143

138,524

72,557

109,639

130,397

143,291

92,656

130,792

USA

58,297

64,863

50,256

57,039

81,519

89,868

71,373

80,481

Cripple Creek & Victor J.V.

56,156

60,891

48,627

54,389

79,372

85,892

69,744

77,828

ANGLOGOLD ASHANTI

76,991

72,422

61,023

67,133

99,905

98,145

82,287

90,345

Rounding of figures may results in computational discrepancies.

Total cash costs - R/kg

Total production costs - R/kg

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

SOUTH AFRICA

1,180

1,382

981

5,366

800

872

623

3,746

Vaal River
Great Noligwa

218

356

299

1,373

140

256

223

1,055

Kopanang

212

255

160

926

157

201

117

744

Moab Khotsong

(13)

(20)

(32)

(43)

(40)

(148)

Tau Lekoa

175

(25)

(32)

(22)

Surface Operations

242

215

West Wits
Mponeng

353

354

277

1,467

280

224

198

1,063

Savuka

164

145

TauTona

223

236

191

1,039

143

147

110

693

ARGENTINA

154

100

465

105

(12)

245

Cerro Vanguardia - Attributable 92.50%

143

434

(10)

232

Minorities and exploration

(2)

AUSTRALIA

311

391

175

1,179

232

308

133

934

Sunrise Dam

311

391

175

1,179

232

308

133

934

BRAZIL

311

399

169

1,136

254

329

134

946

AngloGold Ashanti Brasil Mineração

178

265

695

149

231

596

Serra Grande - Attributable 50%

226

180

Minorities and exploration

215

170

GHANA

183

181

396

(108)

(186)

Bibiani

Iduapriem - Attributable 85%

158

Obuasi

141

(55)

108

131

(159)

(292)

Minorities and exploration

GUINEA

109

282

(19)

Siguiri - Attributable 85%

217

(23)

(5)

Minorities and exploration

MALI

230

364

232

1,274

183

287

179

986

Morila - Attributable 40%

122

466

354

Sadiola - Attributable 38%

116

418

334

Yatela - Attributable 40%

102

127

390

103

298

NAMIBIA

192

148

Navachab

192

148

TANZANIA

246

(6)

(2)

(19)

Geita

246

(6)

(2)

(19)

USA

164

226

432

107

167

Cripple Creek & Victor J.V.

164

226

432

107

167

OTHER

105

268

105

(6)

221

ANGLOGOLD ASHANTI

2,792

3,158

2,099

11,236

1,836

1,959

1,240

7,207

Rounding of figures may results in computational discrepancies.

SA Rand

Cash gross profit (loss) - Rm

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

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

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

Imperial

SOUTH AFRICA

567

644

610

2,554

Vaal River
Great Noligwa

0.245

0.232

0.250

0.236

124

149

161

615

Kopanang

0.197

0.216

0.199

0.204

118

104

446

Moab Khotsong

0.238

0.185

0.208

0.185

Tau Lekoa

0.108

0.127

0.104

0.110

176

Surface Operations

0.015

0.016

0.013

0.014

113

West Wits
Mponeng

0.279

0.283

0.287

0.290

143

148

137

596

Savuka

0.204

0.213

0.226

0.224

TauTona

0.291

0.334

0.269

0.297

116

110

474

ARGENTINA

215

Cerro Vanguardia - Attributable 92.50%

0.211

0.161

0.232

0.213

215

AUSTRALIA

148

153

465

Sunrise Dam

0.135

0.123

0.084

0.099

148

153

465

BRAZIL

339

AngloGold Ashanti Brasil Mineração

0.225

0.232

0.234

0.222

242

Serra Grande - Attributable 50%

0.213

0.224

0.221

0.219

GHANA

128

142

157

592

Bibiani

0.013

0.023

0.016

Iduapriem - Attributable 85%

0.055

0.049

0.051

167

Obuasi

0.141

0.134

0.133

0.128

101

387

GUINEA

256

Siguiri

- Attributable 85%

0.031

0.032

0.030

0.032

256

MALI

108

132

130

537

Morila - Attributable 40%

0.089

0.101

0.118

0.113

207

Sadiola - Attributable 38%

0.073

0.100

0.091

0.094

190

Yatela

- Attributable 40%

0.095

0.113

0.132

0.120

141

NAMIBIA

Navachab

0.043

0.048

0.058

0.053

TANZANIA

308

Geita

0.053

0.050

0.062

0.049

308

USA

283

Cripple Creek & Victor J.V.

0.016

0.014

0.015

0.016

283

ANGLOGOLD ASHANTI

1,326

1,469

1,340

5,635

Undergound operations

0.211

0.218

0.208

0.210

717

791

741

3,123

Surface and Dump Reclamation

0.013

0.015

0.016

0.015

201

Open-pit Operations

0.066

0.062

0.064

0.063

453

497

441

1,843

Heap leach Operations

0.021

0.023

111

131

108

468

1,326

1,469

1,340

5,635

4 Yatela and Cripple Creek & Victor Joint Venture operations
yield reflects gold placed/tonnes placed.

5 The yield of Bibiani represents surface and dump reclamation.

Rounding of figures may results in computational discrepancies.

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

Yield - oz/t

Gold produced - oz (000)

1 The yield is calculated on gold placed into leach pad inventory / tonnes placed
on to leach pad.

2 The yield of TauTona, AngloGold Ashanti Brasil Mineração and Obuasi represents
underground operations.

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

Imperial

SOUTH AFRICA

7.32

8.43

7.84

8.34

564

653

607

2,537

Vaal River
Great Noligwa

6.20

7.53

8.31

7.85

124

149

160

611

Kopanang

6.40

7.74

6.80

7.30

118

103

443

Moab Khotsong

4.72

4.68

2.87

3.86

Tau Lekoa

5.19

5.36

4.47

4.96

175

Surface Operations

48.63

50.20

28.69

38.40

112

West Wits
Mponeng

9.64

10.62

9.99

10.71

141

153

137

593

Savuka

5.69

6.68

6.82

7.11

TauTona

7.65

9.31

9.16

9.71

120

110

471

ARGENTINA

26.34

23.24

30.05

30.15

213

Cerro Vanguardia - Attributable 92.50%

26.34

23.24

30.05

30.15

213

AUSTRALIA

66.29

78.54

67.91

75.96

145

158

463

Sunrise Dam

139.95

140.00

78.60

101.48

145

158

463

BRAZIL

18.74

20.11

17.43

19.36

343

AngloGold Ashanti Brasil Mineração

16.63

18.25

14.25

16.90

248

Serra Grande - Attributable 50%

29.05

28.50

31.76

30.42

GHANA

7.29

7.35

7.66

7.35

125

139

157

574

Bibiani

12.54

30.34

19.46

Iduapriem - Attributable 85%

12.58

18.27

20.88

19.90

162

Obuasi

6.55

5.83

5.49

5.52

377

GUINEA

18.33

19.89

15.22

16.33

249

Siguiri - Attributable 85%

18.33

19.89

15.22

16.33

249

MALI

29.39

41.35

41.55

42.85

119

128

130

524

Morila - Attributable 40%

27.49

36.39

42.00

39.26

200

Sadiola - Attributable 38%

21.98

43.40

38.50

43.32

184

Yatela - Attributable 40%

47.60

47.25

45.36

48.69

139

NAMIBIA

20.24

21.04

22.44

23.03

Navachab

20.24

21.04

22.44

23.03

TANZANIA

12.00

12.38

15.18

12.98

311

Geita

12.00

12.38

15.18

12.98

311

USA

55.60

88.10

66.93

72.67

287

Cripple Creek & Victor J.V.

55.60

88.10

66.93

72.67

287

ANGLOGOLD ASHANTI

10.74

11.97

10.86

11.49

1,336

1,475

1,356

5,583

Rounding of figures may results in computational discrepancies.

Productivity per employee - oz

Gold sold - oz (000)

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

US Dollar / Imperial

SOUTH AFRICA

314

268

313

285

410

379

413

383

Vaal River
Great Noligwa

362

232

263

261

453

326

345

342

Kopanang

298

262

325

291

380

325

398

355

Moab Khotsong

577

498

848

655

923

1,006

1,315

1,107

Tau Lekoa

431

373

518

440

578

640

674

614

Surface Operations

252

237

326

281

280

259

377

316

West Wits
Mponeng

256

247

261

237

329

361

358

338

Savuka

355

339

363

336

417

324

393

359

TauTona

279

277

294

269

398

397

418

384

ARGENTINA

192

344

189

228

313

554

317

365

Cerro Vanguardia - Attributable 92.50%

188

340

186

225

309

549

314

361

AUSTRALIA

308

295

296

306

384

380

386

388

Sunrise Dam

299

293

281

298

374

369

360

376

BRAZIL

240

218

210

216

306

318

274

287

AngloGold Ashanti Brasil Mineração

207

192

188

195

268

293

256

266

Serra Grande - Attributable 50%

233

207

187

198

314

304

240

265

GHANA

408

420

346

390

543

604

503

557

Bibiani

508

281

437

(315)

435

464

Iduapriem - Attributable 85%

449

366

362

368

517

446

487

478

Obuasi

397

437

349

395

550

713

520

600

GUINEA

424

383

379

399

534

584

525

552

Siguiri - Attributable 85%

424

383

379

399

534

584

525

552

MALI

318

271

244

250

382

300

323

320

Morila - Attributable 40%

358

317

262

275

432

361

355

349

Sadiola - Attributable 38%

427

277

271

270

460

331

332

335

Yatela - Attributable 40%

223

222

228

301

195

300

299

NAMIBIA

368

303

227

265

438

412

299

348

Navachab

368

303

227

265

438

412

299

348

TANZANIA

434

586

368

497

564

605

470

595

Geita

434

586

368

497

564

605

470

595

USA

251

276

255

260

351

383

362

368

Cripple Creek & Victor J.V.

242

259

246

248

342

366

353

356

ANGLOGOLD ASHANTI

332

309

308

430

419

417

414

Rounding of figures may results in computational discrepancies.

Total cash costs - $/oz

Total production costs - $/oz

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

SOUTH AFRICA

163

188

159

788

110

118

101

549

Vaal River
Great Noligwa

203

156

Kopanang

136

109

Moab Khotsong

(2)

(3)

(4)

(6)

(7)

(22)

Tau Lekoa

(3)

(5)

(4)

Surface Operations

West Wits
Mponeng

216

156

Savuka

TauTona 31

152

101

ARGENTINA

(2)

Cerro Vanguardia - Attributable 92.50%

(1)

Minorities and exploration

(1)

AUSTRALIA

173

137

Sunrise Dam

173

137

BRAZIL

165

138

AngloGold Ashanti Brasil Mineração

101

Serra Grande - Attributable 50%

Minorities and exploration

GHANA

(15)

(26)

Bibiani

Iduapriem - Attributable 85%

Obuasi

(8)

(22)

(42)

Minorities and exploration

GUINEA

(2)

Siguiri - Attributable 85%

(3)

Minorities and exploration

MALI

188

146

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

Navachab

TANZANIA

(1)

(2)

Geita

(1)

(2)

USA

Cripple Creek & Victor J.V.

OTHER

(1)

ANGLOGOLD ASHANTI

386

434

341

1,652

253

269

201

1,058

Rounding of figures may results in computational discrepancies.

US Dollar

Cash gross profit (loss) - $m

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

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

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

GREAT NOLIGWA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

100

395

867

1,062

1,075

4,252

Milled

- 000 tonnes / - 000 tons

459

584

585

2,365

506

644

645

2,607

Yield

- g/t

/ - oz/t

8.41

7.95

8.57

8.08

0.245

0.232

0.250

0.236

Gold produced

- kg

/ - oz (000)

3,863

4,640

5,013

19,119

124

149

161

615

Gold sold

- kg

/ oz (000)

3,865

4,642

4,983

18,998

124

149

160

611

Price received

- R/kg

/ - $/oz

- sold

141,089

131,409

114,185

129,696

606

559

577

597

Total cash costs

- R

/ - $

- ton milled

707

432

446

456

- R/kg

/ - $/oz

- produced

84,059

54,393

52,022

56,390

362

232

263

261

Total production costs

- R/kg

/ - $/oz

- produced

105,277

76,424

68,183

74,041

453

326

345

342

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

226

280

273

280

7.26

9.01

8.78

8.99

Actual

- g

/ - oz

193

234

258

244

6.20

7.53

8.31

7.85

Target

- m

/ - ft

4.90

5.70

5.46

5.66

52.74

61.35

58.76

60.91

Actual

- m

/ - ft

4.02

4.98

5.15

5.05

43.30

53.61

55.39

54.31

FINANCIAL RESULTS (MILLION)
Gold income

484

546

509

2,197

325

Cost of sales

406

354

346

1,409

209

Cash operating costs

324

251

258

1,069

159

Other cash costs

Total cash costs

325

252

261

1,078

160

Retrenchment costs

Rehabilitation and other non-cash costs

(2)

Production costs

329

254

266

1,098

163

Amortisation of tangible assets

100

318

Inventory change

(1)

(7)

(1)

192

164

788

115

Realised non-hedge derivatives

267

140

256

223

1,055

156

Capital expenditure

136

332

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

KOPANANG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

114

129

111

482

1,229

1,391

1,196

5,191

Milled

- 000 tonnes / - 000 tons

442

494

471

1,981

487

545

519

2,184

Yield

- g/t

/ - oz/t

6.77

7.40

6.83

7.01

0.197

0.216

0.199

0.204

Gold produced

- kg

/ - oz (000)

2,989

3,657

3,220

13,886

118

104

446

Gold sold

- kg

/ oz (000)

3,007

3,655

3,201

13,790

118

103

443

Price received

- R/kg

/ - $/oz

- sold

139,978

131,218

113,889

130,139

602

558

576

596

Total cash costs

- R

/ - $

- ton milled

468

455

439

441

- R/kg

/ - $/oz

- produced

69,223

61,570

64,220

62,908

298

262

325

291

Total production costs

- R/kg

/ - $/oz

- produced

88,284

76,264

78,703

76,906

380

325

398

355

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

239

240

239

240

7.69

7.71

7.69

7.72

Actual

- g

/ - oz

199

241

211

227

6.40

7.74

6.80

7.30

Target

- m

/ - ft

7.69

7.75

7.69

7.75

82.76

83.40

82.81

83.45

Actual

- m

/ - ft

7.61

8.50

7.30

7.89

81.93

91.53

78.58

84.87

FINANCIAL RESULTS (MILLION)
Gold income

376

430

327

1,600

235

Cost of sales

264

279

248

1,051

156

Cash operating costs

206

224

205

866

129

Other cash costs

Total cash costs

207

225

207

874

130

Retrenchment costs

Rehabilitation and other non-cash costs

(3)

Production costs

209

224

210

885

131

Amortisation of tangible assets

183

Inventory change

(6)

(17)

(1)

(3)

112

151

549

Realised non-hedge derivatives

195

157

201

117

744

109

Capital expenditure

101

281

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

MOAB KHOTSONG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

335

Milled

- 000 tonnes / - 000 tons

216

238

Yield

- g/t

/ - oz/t

8.16

6.36

7.14

6.35

0.238

0.185

0.208

0.185

Gold produced

- kg

/ - oz (000)

439

411

292

1,371

Gold sold

- kg

/ - oz (000)

434

411

290

1,359

Price received

- R/kg

/ - $/oz

- sold

141,827

131,193

115,601

130,860

609

558

583

596

Total cash costs

- R

/ - $

- ton milled

1,095

740

1,195

899

137

176

121

- R/kg

/ - $/oz

- produced

134,175

116,485

167,406

141,574

577

498

848

655

Total production costs

- R/kg

/ - $/oz

- produced

214,596

234,471

259,751

240,384

923

1,006

1,315

1,107

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

104

162

127

3.35

5.21

2.81

4.09

Actual

- g

/ - oz

147

146

120

4.72

4.68

2.87

3.86

Target

- m

/ - ft

2.63

3.20

2.30

2.81

28.28

34.44

24.77

30.25

Actual

- m

/ - ft

2.21

3.13

1.96

2.73

23.81

33.71

21.06

29.34

FINANCIAL RESULTS (MILLION)
Gold income

158

Cost of sales

326

Cash operating costs

192

Other cash costs

Total cash costs

194

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

202

Amortisation of tangible assets

128

Inventory change

(1)

(2)

(4)

(1)

(39)

(48)

(44)

(168)

(5)

(7)

(25)

Realised non-hedge derivatives

(32)

(43)

(40)

(148)

(4)

(6)

(7)

(22)

Capital expenditure

111

169

112

565

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

TAU LEKOA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

279

742

706

836

3,008

Milled

- 000 tonnes / - 000 tons

358

319

402

1,457

394

352

444

1,606

Yield

- g/t

/ - oz/t

3.70

4.34

3.57

3.76

0.108

0.127

0.104

0.110

Gold produced

- kg

/ - oz (000)

1,325

1,387

1,438

5,473

176

Gold sold

- kg

/ oz (000)

1,315

1,390

1,431

5,440

175

Price received

- R/kg

/ - $/oz

- sold

141,315

132,090

112,954

129,255

607

561

572

595

Total cash costs

- R

/ - $

- ton milled

371

382

366

356

- R/kg

/ - $/oz

- produced

100,102

87,829

102,270

94,730

431

373

518

440

Total production costs

- R/kg

/ - $/oz

- produced

134,273

149,979

133,024

132,864

578

640

674

614

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

161

117

183

137

5.18

3.76

5.88

4.39

Actual

- g

/ - oz

161

167

139

154

5.19

5.36

4.47

4.96

Target

- m

/ - ft

8.66

5.44

8.61

6.31

93.19

58.60

92.71

67.94

Actual

- m

/ - ft

8.39

7.88

7.51

7.88

90.35

84.84

80.83

84.84

FINANCIAL RESULTS (MILLION)
Gold income

165

164

146

629

Cost of sales

176

208

194

725

108

Cash operating costs

132

121

146

515

Other cash costs

Total cash costs

133

122

147

518

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

134

125

150

530

Amortisation of tangible assets

197

Inventory change

(2)

(11)

(44)

(48)

(96)

(2)

(6)

(8)

(15)

Realised non-hedge derivatives

(25)

(32)

(22)

(3)

(5)

(4)

Capital expenditure

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

SURFACE OPERATIONS
OPERATING RESULTS
Milled

- 000 tonnes / - 000 tons

2,045

1,895

1,481

7,183

2,254

2,089

1,632

7,918

Yield

- g/t

/ - oz/t

0.50

0.57

0.45

0.49

0.015

0.016

0.013

0.014

Gold produced

- kg

/ - oz (000)

1,023

1,072

663

3,525

113

Gold sold

- kg

/ - oz (000)

1,022

1,066

659

3,495

112

Price received

- R/kg

/ - $/oz

- sold

140,395

130,842

114,429

131,021

604

557

578

598

Total cash costs

- R

/ - $

- ton milled

- R/kg

/ - $/oz

- produced

58,471

55,607

64,402

61,154

252

237

326

281

Total production costs

- R/kg

/ - $/oz

- produced

65,161

60,852

74,449

68,692

280

259

377

316

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,285

1,166

751

1,056

41.31

37.48

24.16

33.96

Actual

- g

/ - oz

1,513

1,561

892

1,194

48.63

50.20

28.69

38.40

FINANCIAL RESULTS (MILLION)
Gold income

128

125

406

Cost of sales

243

Cash operating costs

216

Other cash costs

Total cash costs

216

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

216

Amortisation of tangible assets

Inventory change

164

Realised non-hedge derivatives

215

Capital expenditure

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

MPONENG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

368

937

1,003

903

3,962

Milled

- 000 tonnes / - 000 tons

464

474

434

1,867

511

523

479

2,058

Yield

- g/t

/ - oz/t

9.56

9.69

9.83

9.93

0.279

0.283

0.287

0.290

Gold produced

- kg

/ - oz (000)

4,435

4,595

4,269

18,549

143

148

137

596

Gold sold

- kg

/ - oz (000)

4,385

4,746

4,261

18,430

141

153

137

593

Price received

- R/kg

/ - $/oz

- sold

140,370

131,041

114,510

130,141

604

556

579

596

Total cash costs

- R

/ - $

- ton milled

567

561

506

512

- R/kg

/ - $/oz

- produced

59,318

57,887

51,487

51,524

256

247

261

237

Total production costs

- R/kg

/ - $/oz

- produced

76,284

84,563

70,752

73,379

329

361

358

338

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

266

299

276

292

8.57

9.61

8.87

9.37

Actual

- g

/ - oz

300

330

311

333

9.64

10.62

9.99

10.71

Target

- m

/ - ft

5.36

6.36

5.96

6.23

57.67

68.41

64.14

67.09

Actual

- m

/ - ft

5.89

6.70

6.11

6.61

63.39

72.10

65.74

71.15

FINANCIAL RESULTS (MILLION)
Gold income

549

558

436

2,136

314

Cost of sales

335

398

290

1,335

197

Cash operating costs

262

264

217

947

140

Other cash costs

Total cash costs

263

266

220

956

142

Retrenchment costs

Rehabilitation costs

(8)

(5)

(1)

Production costs

265

259

222

957

142

Amortisation of tangible assets

129

404

Inventory change

(3)

(12)

(26)

(1)

(2)

(5)

213

161

145

801

117

Realised non-hedge derivatives

262

280

224

198

1,063

156

Capital expenditure

102

111

325

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

SAVUKA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

175

206

186

830

Milled

- 000 tonnes / - 000 tons

360

397

Yield

- g/t

/ - oz/t

7.01

7.31

7.76

7.68

0.204

0.213

0.226

0.224

Gold produced

- kg

/ - oz (000)

571

654

653

2,768

Gold sold

- kg

/ - oz (000)

563

667

652

2,753

Price received

- R/kg

/ - $/oz

- sold

140,651

133,464

112,970

130,216

605

568

572

596

Total cash costs

- R

/ - $

- ton milled

579

580

557

560

- R/kg

/ - $/oz

- produced

82,550

79,339

71,772

72,865

355

339

363

336

Total production costs

- R/kg

/ - $/oz

- produced

96,912

76,223

77,581

77,752

417

324

393

359

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

187

166

6.01

5.34

Actual

- g

/ - oz

177

208

212

221

5.69

6.68

6.82

7.11

Target

- m

/ - ft

5.64

5.00

60.73

53.81

Actual

- m

/ - ft

5.04

6.10

5.60

6.16

54.21

65.62

60.30

66.30

FINANCIAL RESULTS (MILLION)
Gold income

321

Cost of sales

213

Cash operating costs

200

Other cash costs

Total cash costs

202

Retrenchment costs

Rehabilitation and other non-cash costs

(7)

(6)

(1)

Production costs

197

Amortisation of tangible assets

Inventory change

(1)

(2)

107

Realised non-hedge derivatives

145

Capital expenditure

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

TAUTONA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

242

548

618

684

2,606

Milled

- 000 tonnes / - 000 tons

291

308

363

1,420

321

339

401

1,565

Yield

- g/t

/ - oz/t

9.99

11.46

9.24

10.18

0.291

0.334

0.269

0.297

Gold produced

- kg

/ - oz (000)

2,906

3,526

3,357

14,450

113

108

465

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes / - 000 tons

148

172

117

621

163

189

129

684

Yield

- g/t

/ - oz/t

0.50

0.45

0.48

0.46

0.015

0.013

0.014

0.013

Gold produced

- kg

/ - oz (000)

286

TOTAL

Yield

- g/t

/ - oz/t

9.99

11.46

9.24

10.18

0.291

0.334

0.269

0.297

Gold produced

- kg

/ - oz (000)

2,981

3,604

3,413

14,736

116

110

474

Gold sold

- kg

/ - oz (000)

2,946

3,729

3,408

14,649

120

110

471

Price received

- R/kg

/ - $/oz

- sold

140,762

131,779

113,518

130,300

605

559

575

596

Total cash costs

- R

/ - $

- ton milled

440

489

412

422

- R/kg

/ - $/oz

- produced

64,782

65,013

57,978

58,419

279

277

294

269

Total production costs

- R/kg

/ - $/oz

- produced

92,322

93,108

82,566

83,398

398

397

418

384

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

335

356

307

329

10.76

11.45

9.86

10.58

Actual

- g

/ - oz

238

290

285

302

7.65

9.31

9.16

9.71

Target

- m

/ - ft

5.34

5.71

5.63

5.60

57.45

61.43

60.63

60.32

Actual

- m

/ - ft

4.06

4.61

5.31

4.97

43.75

49.64

57.12

53.45

FINANCIAL RESULTS (MILLION)
Gold income

369

440

348

1,704

250

Cost of sales

272

345

276

1,215

179

Cash operating costs

192

233

196

853

126

Other cash costs

Total cash costs

193

234

198

861

127

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

195

246

201

883

131

Amortisation of tangible assets

346

Inventory change

(4)

(5)

(13)

(1)

(3)

489

Realised non-hedge derivatives

205

143

147

110

693

101

Capital expenditure

142

475

Total yield excludes the surface and dump reclamation.

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Argentina

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

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

- 000 tonnes / - 000 tons

5,372

6,341

4,138

19,674

5,922

6,990

4,561

21,687

Treated

- 000 tonnes / - 000 tons

221

244

205

917

244

269

226

1,011

Stripping ratio

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

19.91

26.88

20.27

20.54

19.91

26.88

20.27

20.54

Yield

- g/t

/ - oz/t

7.25

5.51

7.95

7.29

0.211

0.161

0.232

0.213

Gold in ore

- kg

/ - oz (000)

1,688

1,423

1,570

6,287

202

Gold produced

- kg

/ - oz (000)

1,603

1,346

1,632

6,683

215

Gold sold

- kg

/ - oz (000)

1,605

1,325

1,566

6,619

213

Price received

- R/kg

/ - $/oz

- sold

138,436

105,682

89,541

104,320

596

450

454

481

Total cash costs

- R/kg

/ - $/oz

- produced

43,657

79,547

36,822

49,358

188

340

186

225

Total production costs

- R/kg

/ - $/oz

- produced

71,635

128,229

62,059

79,269

309

549

314

361

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

787

918

1,051

1,065

25.30

29.51

33.78

34.23

Actual

- g

/ - oz

819

723

935

938

26.34

23.24

30.05

30.15

FINANCIAL RESULTS (MILLION)
Gold income

213

162

156

778

115

Cost of sales

132

159

500

Cash operating costs

256

Other cash costs

Total cash costs

107

330

Rehabilitation and other non-cash costs

(4)

(2)

(1)

Production costs

103

328

Amortisation of tangible assets

202

Inventory change

(14)

(5)

(29)

(2)

(1)

(4)

277

Realised non-hedge derivatives

(13)

(7)

(45)

(2)

(1)

(7)

(10)

232

(1)

Capital expenditure

119

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Australia

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

SUNRISE DAM
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - ooo tons

354

102

108

390

Treated

- 000 tonnes / - 000 tons

311

343

Yield

- g/t

/ - oz/t

9.03

7.74

5.62

6.67

0.263

0.226

0.164

0.194

Gold produced

- kg

/ - oz (000)

529

557

261

2,073

OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

1,571

2,018

2,629

9,994

2,055

2,639

3,439

13,072

Treated

- 000 tonnes / - 000 tons

881

997

894

3,656

971

1,099

986

4,030

Stripping ratio

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

2.72

3.36

4.36

4.49

2.72

3.36

4.36

4.49

Yield

- g/t

/ - oz/t

4.63

4.20

2.86

3.39

0.135

0.123

0.084

0.099

Gold produced

- kg

/ - oz (000)

4,076

4,189

2,560

12,377

131

135

398

TOTAL

Yield

- g/t

/ - oz/t

4.63

4.20

2.86

3.39

0.135

0.123

0.084

0.099

Gold produced

- kg

/ - oz (000)

4,605

4,746

2,821

14,450

148

153

465

Gold sold

- kg

/ - oz (000)

4,522

4,899

2,824

14,413

145

158

463

Price received

- R/kg

/ - $/oz

- sold

140,853

144,920

118,640

146,149

605

625

598

663

Total cash costs

- R/kg

/ - $/oz

- produced

69,550

68,640

55,561

65,877

299

293

281

298

Total production costs

- R/kg

/ - $/oz

- produced

86,907

86,512

71,187

82,908

374

369

360

376

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

4,563

3,786

2,559

2,992

146.70

121.72

82.29

96.18

Actual

- g

/ - oz

4,353

4,354

2,445

3,156

139.95

140.00

78.60

101.48

FINANCIAL RESULTS (MILLION)
Gold income

685

620

309

1,848

271

Cost of sales

405

402

202

1,173

171

Cash operating costs

303

308

149

903

131

Other cash costs

Total cash costs

320

326

157

952

139

Rehabilitation and other non-cash costs

Production costs

322

327

159

953

139

Amortisation of tangible assets

245

Inventory change

(8)

(25)

(1)

(4)

280

218

107

675

100

Realised non-hedge derivatives

(48)

259

(7)

232

308

133

934

137

Capital expenditure

163

Total yield excludes the underground operations.

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Brazil

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

ANGLOGOLD ASHANTI BRASIL MINERAÇÃO
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

235

251

159

877

259

276

175

967

Treated

- 000 tonnes / - 000 tons

255

233

161

859

282

257

178

947

Yield

- g/t

/ - oz/t

7.71

7.97

8.01

7.60

0.225

0.232

0.234

0.222

Gold produced

- kg

/ - oz (000)

1,970

1,855

1,291

6,527

210

HEAP LEACH OPERATION

Mined

- 000 tonnes / - 000 tons

993

873

911

4,010

1,095

963

1,004

4,421

Placed

- 000 tonnes / - 000 tons

252

278

Stripping ratio

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

31.94

14.25

14.27

14.91

31.94

14.25

14.27

14.91

Yield

- g/t

/ - oz/t

3.13

4.73

4.54

4.22

0.091

0.138

0.133

0.123

Gold placed

- kg

/ - oz (000)

270

1,063

Gold produced

- kg

/ - oz (000)

302

222

1,007

TOTAL

Yield

- g/t

/ - oz/t

7.71

7.97

8.01

7.60

0.225

0.232

0.234

0.222

Gold produced

- kg

/ - oz (000)

2,064

2,156

1,513

7,533

242

Gold sold

- kg

/ - oz (000)

2,171

2,095

1,813

7,703

248

Price received

- R/kg

/ - $/oz

- sold

140,002

174,394

90,206

134,572

602

746

457

609

Total cash costs

- R/kg

/ - $/oz

- produced

48,230

45,050

37,132

42,816

207

192

188

195

Total production costs

- R/kg

/ - $/oz

- produced

62,290

68,934

50,539

58,713

268

293

256

266

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

422

620

438

555

13.56

19.94

14.07

17.83

Actual

- g

/ - oz

517

568

443

526

16.63

18.25

14.25

16.90

FINANCIAL RESULTS (MILLION)
Gold income

295

281

159

881

128

Cost of sales

155

134

441

Cash operating costs

312

Other cash costs

Total cash costs

100

323

Rehabilitation and other non-cash costs

Production costs

100

115

343

Amortisation of tangible assets

Inventory change

(14)

(2)

140

147

440

Realised non-hedge derivatives

156

149

231

596

Capital expenditure

234

300

196

1,134

168

1 Tonnes / Tons placed onto leach pad

4 Total yield represents underground operations

2 Gold placed / tonnes (tons) placed

5 Comparative operating results have been restated to reflect correct metric and imperial values

3 Gold placed into leach pad inventory

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Brazil

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

SERRA GRANDE - Attributable 50%
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

184

199

194

802

102

110

107

442

Treated

- 000 tonnes / - 000 tons

101

402

111

107

109

443

Yield

- g/t

/ - oz/t

7.31

7.69

7.58

7.51

0.213

0.224

0.221

0.219

Gold produced

- kg

/ - oz (000)

738

747

750

3,017

Gold sold

- kg

/ - oz (000)

855

681

745

2,952

Price received

- R/kg

/ - $/oz

- sold

139,874

157,880

89,529

116,978

601

670

453

537

Total cash costs

- R/kg

/ - $/oz

- produced

54,131

48,667

36,951

43,031

233

207

187

198

Total production costs

- R/kg

/ - $/oz

- produced

73,030

71,232

47,423

57,627

314

304

240

265

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

890

919

964

973

28.63

29.56

31.00

31.28

Actual

- g

/ - oz

904

887

988

946

29.05

28.50

31.76

30.42

FINANCIAL RESULTS (MILLION)
Gold income

113

294

Cost of sales

165

Cash operating costs

121

Other cash costs

Total cash costs

130

Rehabilitation and other non-cash costs

(1)

Production costs

129

Amortisation of tangible assets

Inventory change

(7)

(9)

(1)

129

Realised non-hedge derivatives

180

Capital expenditure

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Ghana

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

BIBIANI

OPERATING RESULTS
SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

/ - 000 tons

347

601

2,129

383

663

2,346

Yield

- g/t

/ - oz/t

0.43

0.79

0.55

0.013

0.023

0.016

Gold produced

- kg

/ - oz (000)

150

476

1,163

Gold sold

- kg

/ - oz (000)

139

476

1,119

Price received

- R/kg

/ - $/oz

- sold

144,824

109,827

127,044

606

555

593

Total cash costs

- R/kg

/ - $/oz

- produced

121,324

55,531

95,581

508

281

437

Total production costs

- R/kg

/ - $/oz

- produced

(70,202)

85,933

98,495

(315)

435

464

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

899

880

894

28.89

28.29

28.74

Actual

- g

/ - oz

390

944

605

12.54

30.34

19.46

FINANCIAL RESULTS (MILLION)
Gold income

142

Cost of sales

(12)

110

(2)

Cash operating costs

106

Other cash costs

Total cash costs

111

Rehabilitation and other non-cash costs

(30)

(22)

(4)

(3)

Production costs

(12)

(2)

Amortisation of tangible assets

Inventory change

(1)

(5)

(1)

Realised non-hedge derivatives

Capital expenditure

On 1 December 2006, the sale of Bibiani to Cetral African Gold plc was completed

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Ghana

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

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

- 000 tonnes

/ - 000 tons

5,123

5,421

4,598

19,212

5,647

5,975

5,069

21,178

Treated

- 000 tonnes

/ - 000 tons

453

719

776

2,992

499

792

856

3,298

Stripping ratio

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

6.60

5.69

4.36

5.02

6.60

5.69

4.36

5.02

Yield

- g/t

/ - oz/t

1.87

1.70

1.74

0.055

0.049

0.051

Gold in ore

- kg

/ - oz (000)

1,327

1,339

1,406

5,463

176

Gold produced

- kg

/ - oz (000)

848

1,219

1,351

5,196

167

Gold sold

- kg

/ - oz (000)

848

1,112

1,351

5,027

162

Price received

- R/kg

/ - $/oz

- sold

137,840

115,606

104,917

110,458

594

495

530

509

Total cash costs

- R/kg

/ - $/oz

- produced

104,151

85,886

71,477

79,733

449

366

362

368

Total produced costs

- R/kg

/ - $/oz

- produced

119,875

104,967

96,068

103,544

517

446

487

478

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

592

583

609

616

19.04

18.74

19.57

19.80

Actual

- g

/ - oz

391

568

650

619

12.58

18.27

20.88

19.90

FINANCIAL RESULTS (MILLION)
Gold income

106

117

472

Cost of sales

117

126

506

Cash operating costs

391

Other cash costs

Total cash costs

105

414

Rehabilitation and other non-cash costs

(9)

(8)

(1)

Production costs

406

Amortisation of tangible assets

117

Inventory change

(5)

(8)

(18)

(1)

(3)

(25)

(11)

(9)

(33)

(4)

(1)

(2)

(5)

Realised non-hedge derivatives

Capital expenditure

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Ghana

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

OBUASI
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

/ - 000 tons

480

584

575

2,332

529

643

634

2,570

Treated

- 000 tonnes

/ - 000 tons

524

560

548

2,251

578

618

604

2,481

Yield

- g/t

/ - oz/t

4.83

4.61

4.58

4.39

0.141

0.134

0.133

0.128

Gold produced

- kg

/ - oz (000)

2,531

2,583

2,510

9,879

318

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

/ - 000 tons

859

615

570

2,481

947

677

628

2,735

Yield

- g/t

/ - oz/t

0.36

0.44

0.56

0.51

0.010

0.013

0.016

0.015

Gold produced

- kg

/ - oz (000)

309

270

322

1,273

OPEN-PIT OPERATION
Mined

- 000 tonnes

/ - 000 tons

402

724

1,903

443

798

2,097

Treated

- 000 tonnes

/ - 000 tons

402

334

1,512

443

368

1,667

Stripping ratio

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

1.17

0.26

1.17

0.26

Yield

- g/t

/ - oz/t

0.47

0.71

0.59

0.014

0.021

0.017

Gold in ore

- kg

/ - oz (000)

189

480

1,192

Gold produced

- kg

/ - oz (000)

189

238

888

TOTAL

Yield

- g/t

/ - oz/t

4.83

4.61

4.58

4.39

0.141

0.134

0.133

0.128

Gold produced

- kg

/ - oz (000)

3,127

3,041

3,069

12,040

101

387

Gold sold

- kg

/ - oz (000)

3,038

3,082

3,048

11,719

377

Price received

- R/kg

/ - $/oz

- sold

138,361

116,635

105,516

108,346

597

501

532

498

Total cash costs

- R/kg

/ - $/oz

- produced

92,224

102,684

68,952

86,508

397

437

349

395

Total production costs

- R/kg

/ - $/oz

- produced

127,711

166,564

102,679

131,398

550

713

520

600

PRODUCTIVITY PER EMPLOYEE

Target

- g

/ - oz

326

216

219

10.49

6.93

6.96

7.04

Actual

- g

/ - oz

204

181

171

172

6.55

5.83

5.49

5.52

FINANCIAL RESULTS (MILLION)
Gold income

337

299

257

1,050

155

Cost of sales

382

518

315

1,562

229

Cash operating costs

271

295

199

983

144

Other cash costs

Total cash costs

288

312

212

1,042

153

Retrenchment costs

104

Rehabilitation and other non-cash costs

(22)

(10)

(3)

(1)

Production costs

296

394

212

1,136

166

Amortisation of tangible assets

104

112

103

446

Inventory change

(17)

(20)

(2)

(3)

(46)

(219)

(58)

(512)

(6)

(30)

(10)

(74)

Realised non-hedge derivatives

220

(159)

(292)

(22)

(42)

Capital expenditure

182

216

101

613

1 Total yield represents underground operations.

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Guinea

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

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

- 000 tonnes

/ - 000 tons

3,869

4,765

5,551

19,293

4,265

5,252

6,119

21,267

Treated

- 000 tonnes

/ - 000 tons

2,136

2,182

1,617

6,993

2,355

2,405

1,782

7,709

Stripping ratio

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

0.87

1.01

1.65

1.26

0.87

1.01

1.65

1.26

Yield

- g/t

/ - oz/t

1.06

1.08

1.01

1.08

0.031

0.032

0.030

0.032

Gold produced

- kg

/ - oz (000)

2,270

2,364

1,636

7,586

244

HEAP LEACH OPERATION
Gold produced

- kg

/ - oz (000)

141

362

TOTAL

Yield

- g/t

/ - oz/t

1.06

1.08

1.01

1.08

0.031

0.032

0.030

0.032

Gold produced

- kg

/ - oz (000)

2,270

2,406

1,776

7,948

256

Gold sold

- kg

/ - oz (000)

2,280

2,402

1,776

7,758

249

Price received

- R/kg

/ - $/oz

- sold

141,433

125,385

104,936

114,730

607

539

529

524

Total cash costs

- R/kg

/ - $/oz

- produced

98,631

89,572

74,884

87,571

424

383

379

399

Total production costs

- R/kg

/ - $/oz

- produced

124,079

136,464

103,639

121,156

534

584

525

552

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

280

522

435

472

9.00

16.78

13.98

15.17

Actual

- g

/ - oz

570

619

474

508

18.33

19.89

15.22

16.33

FINANCIAL RESULTS (MILLION)
Gold income

267

270

154

778

114

Cost of sales

289

324

163

895

130

Cash operating costs

177

175

120

567

Other cash costs

129

Total cash costs

224

216

133

696

102

Rehabilitation and other non-cash costs

Production costs

224

239

134

724

106

Amortisation of tangible assets

233

Inventory change

(2)

(19)

(62)

(3)

(10)

(22)

(53)

(9)

(116)

(3)

(7)

(2)

(16)

Realised non-hedge derivatives

112

(23)

(5)

(3)

Capital expenditure

1Total yield excludes the heap leach operation.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Mali

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

MORILA - Attributable 40%
OPERATING RESULTS
OPEN-PIT OPERATION

Volume mined

- 000 bcm

/ - 000 bcy

730

661

968

3,228

955

864

1,266

4,222

Mined

- 000 tonnes

/ - 000 tons

2,006

1,834

2,424

8,605

2,211

2,022

2,672

9,485

Treated

- 000 tonnes

/ - 000 tons

422

434

419

1,655

465

479

462

1,825

Stripping ratio

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

4.36

4.03

3.10

4.36

4.03

3.10

Yield

- g/t

/ - oz/t

3.04

3.46

4.03

3.88

0.089

0.101

0.118

0.113

Gold produced

- kg

/ - oz (000)

1,284

1,503

1,689

6,428

207

Gold sold

- kg

/ - oz (000)

1,333

1,554

1,640

6,234

200

Price received

- R/kg

/ - $/oz

- sold

139,606

145,100

111,075

131,821

601

616

560

607

Total cash costs

- R/kg

/ - $/oz

- produced

83,011

74,482

51,820

60,080

358

317

262

275

Total production costs

- R/kg

/ - $/oz

- produced

100,339

84,940

70,132

75,989

432

361

355

349

PRODUCTIVITY PER EMPLOYEE

Target

- g

/ - oz

1,109

2,715

2,551

2,552

35.66

87.28

82.01

82.04

Actual

- g

/ - oz

855

1,132

1,306

1,221

27.49

36.39

42.00

39.26

FINANCIAL RESULTS (MILLION)
Gold income

201

226

182

822

122

Cost of sales

131

116

468

Cash operating costs

329

Other cash costs

Total cash costs

107

112

386

Rehabilitation and other non-cash costs

(11)

(10)

(2)

(1)

Production costs

107

101

377

Amortisation of tangible assets

112

Inventory change

(3)

(21)

(3)

354

Realised non-hedge derivatives

(15)

(2)

354

Capital expenditure

1 Operating results for the March 2006 quarter have been restated to reflect correct metric and imperial values

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Mali

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

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

- 000 bcm

/ - 000 bcy

1,455

1,343

913

4,363

1,903

1,756

1,194

5,707

Mined

- 000 tonnes

/ - 000 tons

2,887

2,772

1,909

8,904

3,182

3,056

2,104

9,815

Treated

- 000 tonnes

/ - 000 tons

391

449

423

1,832

431

495

466

2,020

Stripping ratio

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

4.61

3.61

2.25

3.29

4.61

3.61

2.25

3.29

Yield

- g/t

/ - oz/t

2.50

3.44

3.11

3.22

0.073

0.100

0.091

0.094

Gold produced

- kg

/ - oz (000)

977

1,546

1,316

5,898

190

Gold sold

- kg

/ - oz (000)

1,180

1,369

1,313

5,722

184

Price received

- R/kg

/ - $/oz

- sold

139,019

143,908

109,331

131,939

599

612

553

606

Total cash costs

- R/kg

/ - $/oz

- produced

99,134

65,107

53,584

58,876

427

277

271

270

Total production costs

- R/kg

/ - $/oz

- produced

106,812

77,704

65,638

73,025

460

331

332

335

PRODUCTIVITY PER EMPLOYEE

Target

- g

/ - oz

1,187

1,839

1,681

1,885

38.15

59.12

54.04

60.62

Actual

- g

/ - oz

684

1,350

1,197

1,347

21.98

43.40

38.50

43.32

FINANCIAL RESULTS (MILLION)
Gold income

178

197

144

755

111

Cost of sales

120

107

421

Cash operating costs

294

Other cash costs

Total cash costs

101

347

Rehabilitation and other non-cash costs

(6)

(1)

Production costs

346

Amortisation of tangible assets

Inventory change

(13)

(10)

(2)

(1)

334

Realised non-hedge derivatives

(14)

(2)

334

Capital expenditure

1 Operating results for the March 2006 quarter have been restated to reflect correct metric and imperial values

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Mali

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

YATELA - Attributable 40%
OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes

/ - 000 tons

1,690

1,821

1,214

5,745

1,863

2,007

1,338

6,333

Placed

- 000 tonnes

/ - 000 tons

287

363

327

1,282

316

400

360

1,413

Stripping ratio

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

8.57

8.66

3.02

5.50

8.57

8.66

3.02

5.50

Yield

- g/t

/ - oz/t

3.25

3.88

4.53

4.12

0.095

0.113

0.132

0.120

Gold placed

- kg

/ - oz (000)

932

1,408

1,480

5,278

170

Gold produced

- kg

/ - oz (000)

1,093

1,061

1,023

4,374

141

Gold sold

- kg

/ - oz (000)

1,201

1,048

1,086

4,328

139

Price received

- R/kg

/ - $/oz

- sold

139,121

144,129

109,917

131,547

599

615

555

605

Total cash costs

- R/kg

/ - $/oz

- produced

51,669

51,776

43,910

49,469

223

222

228

Total production costs

- R/kg

/ - $/oz

- produced

69,721

45,489

59,183

65,402

301

195

300

299

PRODUCTIVITY PER EMPLOYEE

Target

- g

/ - oz

1,237

1,236

1,209

1,272

39.77

39.75

38.88

40.89

Actual

- g

/ - oz

1,481

1,470

1,411

1,514

47.60

47.25

45.36

48.69

FINANCIAL RESULTS (MILLION)
Gold income

181

151

119

569

Cost of sales

271

Cash operating costs

176

Other cash costs

Total cash costs

216

Rehabilitation and other non-cash costs

(31)

(22)

(4)

(3)

Production costs

194

Amortisation of tangible assets

Inventory change

(1)

(15)

(2)

103

298

Realised non-hedge derivatives

(14)

(2)

103

298

Capital expenditure

1 Tonnes / Tons placed on to leach pad.

2 Gold placed / tonnes (tons) placed.

3 Gold placed into leach pad inventory.

4 Operating results for the March 2006 quarter have been restated to reflect correct metric and imperial values

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Namibia

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

NAVACHAB
OPERATING RESULTS
OPEN-PIT OPERATION

Volume mined

- 000 bcm

/ - 000 bcy

812

856

600

3,142

1,062

1,120

785

4,109

Mined

- 000 tonnes

/ - 000 tons

2,022

2,133

1,504

7,829

2,228

2,351

1,658

8,630

Treated

- 000 tonnes

/ - 000 tons

418

379

348

1,490

461

418

383

1,642

Stripping ratio

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

5.42

5.83

7.13

8.30

5.42

5.83

7.13

8.30

Yield

- g/t

/ - oz/t

1.47

1.63

2.15

1.81

0.043

0.048

0.058

0.053

Gold produced

- kg

/ - oz (000)

614

617

678

2,690

Gold sold

- kg

/ - oz (000)

675

544

680

2,548

Price received

- R/kg

/ - $/oz

- sold

138,759

146,335

109,373

131,942

598

619

553

608

Total cash costs

- R/kg

/ - $/oz

- produced

85,460

70,764

44,795

57,716

368

303

227

265

Total production costs

- R/kg

/ - $/oz

- produced

101,693

96,078

59,018

75,801

438

412

299

348

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

479

756

779

791

15.41

24.32

25.05

25.43

Actual

- g

/ - oz

629

654

698

716

20.24

21.04

22.44

23.03

FINANCIAL RESULTS (MILLION)
Gold income

101

336

Cost of sales

188

Cash operating costs

152

Other cash costs

Total cash costs

155

Rehabilitation and other non-cash costs

Production costs

160

Amortisation of tangible assets

Inventory change

(12)

(16)

(2)

148

Realised non-hedge derivatives

(7)

(1)

148

Capital expenditure

1 Operating results for the March 2006 quarter have been restated to reflect correct metric and imperial values

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Tanzania

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

GEITA

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

5,150

5,836

4,986

22,774

6,737

7,633

6,522

29,789

Mined

- 000 tonnes

/ - 000 tons

13,894

15,271

13,685

59,724

15,316

16,833

15,085

65,834

Treated

- 000 tonnes

/ - 000 tons

1,339

1,437

1,238

5,691

1,476

1,583

1,364

6,273

Stripping ratio

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

10.58

8.00

12.45

9.87

10.58

8.00

12.45

9.87

Yield

- g/t

/ - oz/t

1.80

1.73

2.34

1.68

0.053

0.050

0.062

0.049

Gold produced

- kg

/ - oz (000)

2,412

2,478

2,626

9,588

308

Gold sold

- kg

/ - oz (000)

2,421

2,617

2,929

9,666

311

Price received

- R/kg

/ - $/oz

- sold

138,914

143,260

109,961

131,190

599

608

555

602

Total cash costs

- R/kg

/ - $/oz

- produced

100,143

138,524

72,557

109,639

434

586

368

497

Total production costs

- R/kg

/ - $/oz

- produced

130,397

143,291

92,656

130,792

564

605

470

595

PRODUCTIVITY PER EMPLOYEE

Target

- g

/ - oz

625

1,489

859

1,110

20.10

47.87

27.60

35.69

Actual

- g

/ - oz

373

385

472

404

12.00

12.38

15.18

12.98

FINANCIAL RESULTS (MILLION)
Gold income

221

257

246

857

127

Cost of sales

342

377

307

1,287

189

Cash operating costs

225

320

177

988

144

Other cash costs

Total cash costs

236

335

189

1,036

151

Rehabilitation and other non-cash costs

(68)

(60)

(9)

(8)

Production costs

236

267

192

976

143

Amortisation of tangible assets

263

Inventory change

(121)

(62)

(430)

(17)

(16)

(10)

(62)

Realised non-hedge derivatives

115

118

411

(6)

(2)

(19)

(1)

(2)

Capital expenditure

119

452

1 Operating results for the March 2006 quarter have been restated to reflect correct metric and imperial values

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

USA

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2007

2006

2007

2006

CRIPPLE CREEK & VICTOR J.V.

OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes

/ - 000 tons

12,036

12,840

13,223

53,764

13,267

14,153

14,576

59,264

Placed

- 000 tonnes

/ - 000 tons

4,864

5,468

5,176

21,795

5,361

6,027

5,706

24,025

Stripping ratio

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

1.62

1.46

1.56

1.53

1.62

1.46

1.56

1.53

Yield

- g/t

/ - oz/t

0.56

0.48

0.50

0.54

0.016

0.014

0.015

0.016

Gold placed

- kg

/ - oz (000)

2,738

2,617

2,606

11,821

380

Gold produced

- kg

/ - oz (000)

1,980

2,661

1,984

8,817

283

Gold sold

- kg

/ - oz (000)

1,892

2,692

2,031

8,915

287

Price received

- R/kg

/ - $/oz

- sold

139,842

146,846

73,057

95,755

601

626

370

431

Total cash costs

- R/kg

/ - $/oz

- produced

56,156

60,891

48,627

54,389

242

259

246

248

Total production costs

- R/kg

/ - $/oz

- produced

79,372

85,892

69,744

77,828

342

366

353

356

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

2,155

2,675

2,343

2,713

69.28

86.00

75.32

87.23

Actual

- g

/ - oz

1,729

2,740

2,082

2,260

55.60

88.10

66.93

72.67

FINANCIAL RESULTS (MILLION)
Gold income

169

286

129

656

Cost of sales

157

229

138

686

101

Cash operating costs

183

170

147

654

Other cash costs

Total cash costs

189

177

150

676

100

Rehabilitation and other non-cash costs

Production costs

192

181

152

690

102

Amortisation of tangible assets

265

Inventory change

(91)

(12)

(65)

(268)

(13)

(1)

(11)

(40)

(10)

(30)

(2)

(6)

Realised non-hedge derivatives

109

198

107

167

Capital expenditure

1 Tonnes / Tons placed onto leach pad.

2 Gold placed / tonnes (tons) placed.

3 Gold placed into leach pad inventory.

4 Total cash cost calculation includes inventory change.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Certain statements contained in this document, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations
regarding gold prices and production, the completion and commencement of commercial operations of certain of AngloGold Ashanti’s exploration and production
projects, and its liquidity and capital resources and expenditure, contain certain forward-looking statements regarding AngloGold Ashanti’s operations, economic
performance and financial condition. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking
statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory
environment and other government actions, fluctuations in gold prices and exchange rates, and business and operational risk management. AngloGold Ashanti
undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of the annual
report on Form 20-F or to reflect the occurrence of unanticipated events. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or
any person acting on its behalf are qualified by the cautionary statements herein. For a discussion on such risk factors, refer to AngloGold Ashanti's annual report on
Form 20-F for the year ended 31 December 2005 dated 17 March 2006, which was filed with the Securities and Exchange Commission (SEC) on 20 March 2006.

Administrative information

ANGLOGOLD ASHANTI LIMITED

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

Share codes:

ISIN: ZAE000043485
JSE:

ANG

LSE:

AGD

NYSE:

ASX:

AGG

GhSE (Shares):

AGA

GhSE (GhDS):

AAD

Euronext Paris:

Euronext Brussels:

ANG

JSE Sponsor:

UBS

Auditors:

Ernst & Young

Offices

Registered and Corporate

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

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

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

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

Directors

Executive
R M Godsell (Chief Executive Officer)
R Carvalho Silva !
N F Nicolau
S Venkatakrishnan *

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

R E Bannerman
Mrs E le R Bradley
C B Brayshaw
R Médori

(Alternate: P G Whitcutt)

J H Mensah
W A Nairn (Alternate: A H Calver *)
Prof W L Nkuhlu
S M Pityana
S R Thompson *
A J Trahar

* British

American

Ghanaian

~ French

! Brazilian

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

Contacts

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

Michael Clements
Telephone: +27 11 637 6647
Fax: +27 11 637 6400
E-mail:
mclements@AngloGoldAshanti.com

General E-mail enquiries
investors@AngloGoldAshanti.com

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

Share Registrars

South Africa
Computershare Investor Services 2004
(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
P O Box 82
The Pavilions
Bridgwater Road
Bristol BS99 7NH
England
Telephone: +44 870 889 3177
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 7010 (in Australia)
Fax: +61 8 9323 2033

Ghana
NTHC Limited
Martco House
Off Kwame Nkrumah Avenue
POBox K1A 9563 Airport
Accra
Ghana
Telephone: +233 21 238492-3
Fax: +233 21 229975

ADR Depositary
The Bank of New York ("BoNY")
Investor Services, P O Box 11258
Church Street Station
New York, NY 10286-1258
United States of America
Telephone: +1 888 269 2377 (Toll free
in USA) or +1 212 815 3700 outside
USA)
E-mail: shareowners@bankofny.com
Website: http://www.stockbny.com

Global BuyDIRECT

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

NGLO

OLD

SHANTI

Telephone: +1-888-BNY-ADRS

SIGNATURES

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

AngloGold Ashanti Limited

Date: May 4, 2007,

By:

/s/ L Eatwell

Name: L Eatwell
Title: Company Secretary