Edgar Filing: ANGLOGOLD ASHANTI LTD

Page 1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

Report on Form 6-K dated May 19, 2014

Commission File Number 1-14846

AngloGold Ashanti Limited

(Name of registrant)

76 Jeppe Street

Newtown, 2001

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

South Africa

(Address of principal executive offices)

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

Form 20-F X Form 40-F

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

Yes

No X

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

Yes

No X

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

Yes No X

Enclosure: ANGLOGOLD ASHANTI FIRST QUARTER 2014 RESULTS

March 2014 Quarterly Report - www.AngloGoldAshanti.com

Report

for the quarter ended 31 March 2014

• Production 1.06 Moz improving 17% year-on-year and well ahead of 950Koz–1Moz guidance

• Total cash costs decrease 14% year-on-year to $770/oz, beating guidance of $800/oz-$850/oz

• All-in-sustaining cost (AISC) decreased by 22% year-on-year to $993/oz on lower capex, cash costs and overhead costs

• Adjusted headline earnings $119m, or 29 US cents per share

• International operations see 34% rise in output to 765,000oz year-on-year, and 22% drop in AISC to $972/oz

• South Africa production down 11% to 2 0,0000z year-on-year, while AISC improves to $975/oz or 1 4%

• Tropicana contributes 84,0000z at total cash cost of $495/oz; AISC of $694/oz

• Kibali contributes 51,000oz at total cash cost of $538/oz; AISC of $572/oz

• Net debt stable at $3.105bn

• Cash flow from operating activities stable year-on-year at $350m, despite 21% lower gold price

Quarter

ended

Mar

Dec

Mar

2014

2013

Year

ended

Dec

2013

US dollar / Im perial

Operating review
Gold

Produced -

(000)

1,055

1,229 899

4,105

Price received

- $/oz

1,290

1,271 1,636 1,401

All-in sustaining cost

- $/oz

993

1,015 1,275 1,174

All-in cost

- $/oz

1,114

1,233 1,622 1,466

Total cash costs

- $/oz

770

748 894 830

Financial review
Adjusted gross profit

- $m

312

376 434

1,351

Gross profit

- $m

296

404 434

1,445

Profit (loss) attributable to equity shareholders

- $m

(305) 239

(2,230)

- cents/share

(75)

(568)

Headline earnings (loss)

- $m

(276) 259

- cents/share

(68) 67 20

Adjusted headline earnings

- $m

119

45 113 599

- cents/share

11 29

153

Dividends per ordinary share

- cents/share

- 5 5

Cash flow from operating activities

- $m

350

431 356

1,246

Capital expenditure

- $m

274

477 512

1,993

Notes: 1. Refer to note C "Non-GAAP disclosure" for the definition.

2. Refer to note D "Non-GAAP disclosure" for the definition.
3. Refer to note E “Non-GAAP disclosure” for the definition.
4. Refer to note B "Non-GAAP disclosure" for the definition
5. Refer to note A "Non-GAAP disclosure" for the definition.

$ represents US dollar, unless other wise stated.
Rounding of figures may result in co mputational discrepancies.

Certain statements contained in this document, other than s atements of historical fact, including, without limitation, those concerning the econ omic outlook for the gold mining industry,expectations regarding gold prices, production, cash costs, cost savings and other operating results, return on equity, productivity improvements, g rowth prospects and outlook of AngloGoldAshanti's operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of com mercial operations of certain of AngloGoldAshanti's exploration and production projects and the completion of acquisitions and dispositions, AngloGold Ashanti's liquidity and capital re sources and capital expenditures and theoutcome and consequence of any potential or pending litigation or regulatory proceedings or environmental issues, are forward-looking sttatements regarding AngloGold Ashanti'soperations, economic performance and financial condition. These forward-looking statements or forecasts involve known and unknown risks, unceertainties and other factors that may causeAngloGold Ashanti's actual results, performance or achievements to differ materiially from the anticipated results, performance or achievemen ts expressed or implied in these forwardlookingstatements. Although AngloGold Ashanti believes tha the expectations reflected in such forward-looking statements and forecasts are reeaasonable, no assurance can be given thatsuch expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking state ments as a result of, among other factors,changes in economic, social and political and market conditions, the success of business and operating initiatives, changes in the regulatory ennvironment and other government actions,including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, and buusiness and operational risk management.For a discussion of such risk factors, refer to AngloGold Ashanti's Form 20-F that was filed with the United States Securities and Exchange Co mmission ("SEC") on 14 April 2014. Thesefactors are not necessarily all of the important factors that could cause AngloGold Ashanti's actual results to differ materially from those expressedd in any forward-looking statements. Otherunknown or unpredictable factors could also have material adverse effects on future results. Consequently, readers are cautioned not to place undue reliance on forward-lookingstatements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to refleect events or circumstances after the datehereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral fforward-looking statements attributable toAngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein. This communication may contain certain "Non-GAAP" financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operatio ns or any other measures of performanceprepared in accordance with IFRS. In addition, the presentati n of these measures may not be comparable to similarly titled measures other co mpanies may use. An loGold Ashanti postsinformation that is important to investors on the main page of its website at www.anglogoldashanti.com and under the "Invest rs" tab on the main ppage. This informatio is updated regularly.Investors should visit this website to obtain important information about AngloGold Ashanti.

March 2014 Quarterly Report - www.AngloGoldAshanti.com

Operations

at a glance

for the quarter ended 31 March 2014

oz (000)

Year-on-year

% Variance

Qtr on Qtr

% Variance

$/oz

Year-on-year

% Variance

Qtr on Qtr

% Variance

$/oz

Year-on-year

% Variance

Qtr on Qtr

% Variance

Year-on-year

$m Variance

Qtr on Qtr

$m Variance

SOUTH AFRICA

290

(11)

(14)

975

(14)

(3)

797

(11)

(94)

(46)

Vaal River Operations

102

(11)

(20)

1,020

(25)

(6)

851

(16)

(26)

(24)

Great Noligwa

(29)

(15)

1,200

(3)

(7)

1,123

(8)

(1)

Kopanang

(38)

(26)

1,320

1,074

(15)

(35)

(16)

Moab Khotsong

(18)

802

(49)

(10)

646

(39)

(7)

West Wits Operations

128

(15)

(17)

925

(14)

735

(13)

(48)

(31)

Mponeng

(18)

930

(3)

709

(38)

(11)

TauTona

(10)

(16)

916

(31)

774

(28)

(4)

(11)

(20)

Total Surface Operations

(5)

1,000

(4)

836

(9)

(20)

First Uranium SA

(11)

1,243

831

(1)

(5)

(2)

Surface Operations

(5)

840

(19)

839

(14)

(16)

INTERNATIONAL OPERATIONS

765

(14)

972

(22)

(2)

759

(15)

270

(39)

(1)

CONTINENTAL AFRICA

374

(19)

1,042

(24)

(8)

808

(19)

(4)

119

(10)

DRC

Kibali - Attr. 45%

572

538

Ghana

Iduapriem

(33)

898

(30)

(22)

716

(32)

(26)

Obuasi

(16)

1,530

(41)

(26)

1,234

(29)

(9)

(3)

Guinea

Siguiri - Attr. 85%

(7)

961

(18)

(14)

800

(20)

(5)

(15)

Mali

Morila - Attr. 40%

(33)

(17)

1,598

1,099

(11)

(2)

Sadiola - Attr. 41%

(21)

1,404

(14)

1,262

(16)

(6)

(15)

Yatela - Attr. 40%

(60)

(50)

2,062

(7)

1,804

(6)

(3)

(5)

Namibia

Navachab

(11)

785

(22)

771

(14)

(5)

Tanzania

Geita

106

(31)

1,048

631

(22)

(42)

Non-controlling interests,
exploration and other

(1)

AUSTRALASIA

155

154

(8)

929

(50)

779

(40)

Australia

Sunrise Dam

(30)

1,095

(37)

1,066

(15)

(7)

Tropicana - Attr. 70%

694

495

(13)

Exploration and other

(5)

(1)

(3)

AMERICAS

236

(10)

879

(5)

(1)

668

(85)

(33)

Argentina

Cerro Vanguardia - Attr. 92.50%

(5)

800

(16)

(6)

644

(4)

(14)

Brazil

AngloGold Ashanti Mineração

(22)

805

(14)

(10)

619

(10)

(28)

(31)

Serra Grande

(6)

1,027

799

(17)

(6)

United States of America

Cripple Creek & Victor

(5)

1,015

(6)

699

(15)

(25)

(4)

Non-controlling interests,
exploration and other

OTHER

(1)

(6)

Sub-total

1,055

(14)

993

(22)

(2)

770

(14)

329

(128)

(53)

Equity accounted investments included above

(17)

(11)

AngloGold Ashanti

312

(122)

(64)

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

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

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

Variance March 2014 quarter on March 2013 quarter - increase (decrease).

Variance March 2014 quarter on December 2013 quarter - increase (decrease).

Equity accounted joint ventures.

Rounding of figures may result in computational discrepancies.

Production

Total cash costs

Adjusted

gross profit (loss)

All-in sustaining costs

March 2014 Quarterly Report - www.AngloGoldAshanti.com

Financial and Operating Report

OVERVIEW FOR THE QUARTER

FINANCIAL AND CORPORATE REVIEW

First-quarter adjusted headline earnings (AHE) were $119m, or 29 US cents per share in the three months to
31 March 2014, compared with $45m, or 11 US cents per share the previous quarter, and $113m, or 29 US
cents per share a year earlier, in the first quarter of 2013.

Net profit attributable to equity shareholders for the first quarter of 2014 was $39m, compared to a loss of
$305m the previous quarter which was mainly impacted by year-end adjustments, including impairments of
assets and inventory write-downs.

Operational performance for the first quarter was strong with both production and costs coming in better than
market guidance. Production was 1,055koz at an average total cash cost of $770/oz, compared to 1,229koz
at $748/oz the previous quarter and 899koz at $894/oz in the first quarter of 2013. Guidance for the quarter
was 950,000oz to 1Moz at a total cash cost of $800-850/oz. Year-on-year costs benefited from higher
output, weaker currencies and early indications are that a range of cost saving initiatives continue to gain
traction.

“Our operators have delivered another strong performance and we continue to manage costs aggressively,”
Srinivasan Venkatakrishnan, Chief Executive Officer of AngloGold Ashanti, said. “There’s still plenty of work
to do, but with a strong team intact, a good foundation, and some significant wins under our belt, we remain
focused on continuing to deliver positive results to our shareholders under tough market conditions.”

Production from most operating regions improved year-on-year, with the exception of the South Africa
region, where marginal and loss-making ounces have been removed from the production profile. In addition,
the region struggled with a slower-than-anticipated start-up after the Christmas break and interruptions from
safety-related stoppages, following a challenging safety performance for the gold sector in general. South
African operations saw an 11% year-on-year decline to 290,000oz; Continental Africa improved 36% to
374,000oz; the Americas gained 1% to 236,000oz; and Australia was up 154% to 155,000oz. Continental
Africa and Australia both benefited from the inclusion of new mining operations at Kibali and Tropicana,
respectively.

Total cash costs dropped $124/oz compared to the previous year, from $894/oz to $770/oz, reflecting
significant improvements from a combination of cost saving initiatives, currency weakness, removal of some
marginal and loss-making production and higher output in some areas. All-in sustaining costs (AISC) were
$993/oz, a 22% improvement year-on-year, and 2% lower than the previous quarter. The year-on-year
decline in AISC was due to lower sustaining capital expenditure, improved cash costs and further reductions
in corporate costs ($40m) and sustaining exploration expense ($21m).

Total capital expenditure during the first quarter was $274m (including equity accounted joint ventures),
compared with $477m the previous quarter and $512m in the first quarter of last year. This was somewhat
less than planned, due to lower expenditure at Kibali and Obuasi, and is expected to increase in the second
quarter. Of the total capital spent, project capital expenditure during the quarter amounted to $115m. Free
cash flow improved from negative $82m in the previous quarter to positive $9m in the first quarter, reflecting
improved costs, higher production and a reduction in capital expenditure.

At the end of the first quarter of 2014, Net Debt was US$3.095bn compared to $3.105bn in the previous
quarter, resulting in a Net Debt to EBITDA ratio of 1.9 times.

March 2014 Quarterly Report - www.AngloGoldAshanti.com

Summary of quarter-on-quarter operating and cost improvements:

Performance update

Q1 2014

Q1 2013

Year on year

change

Gold price received ($/oz)

1,290

1,636 (21%)

Gold Production (Koz)

1,055

899

17%

Total cash costs ($/oz)

770

894

14%

Corporate and marketing costs* ($m)

62%

Exploration and evaluation costs ($m)

62%

Capital expenditure ($m)

274

512

47%

All-in sustaining costs**($/oz)

993

1,275

22%

EBITDA ($m)

476

509 (7)%

Cash flow from operating activities ($m)

350

356 (2%)

Free cash flow ($m)

(227)

104%

including administration and other expenses

World Gold Council Standard, excludes stockpiles written off.

CORPORATE UPDATE

Addressing the underperformance at Obuasi remains a key objective for AngloGold Ashanti. The
restructuring and repositioning of the Obuasi mine, which is subject to a number of consents, is likely to
result in a substantial reduction in the mine’s existing operations and significant work force redundancies
(which we currently estimate at approximately $220m). Fundamental changes aimed at systemically
addressing legacies, infrastructure, development constraints and cash outflows are being implemented. This
work includes initiatives to reduce the footprint of the operation and consolidate infrastructure, lower
operating costs by introducing a mechanised mining approach in the future, together with the refurbishment
and automation of the processing plant. AngloGold Ashanti is also considering other strategic alternatives
for its Ghana business.

UPDATE ON CAPITAL PROJECTS

At the Kibali project, a joint venture between state-owned Sokimo (10%), AngloGold Ashanti (45%) and
operator Randgold Resources (45%), steady production ramp-up progress is being made by Randgold
Resources. The development work on the twin declines is progressing well with a total of 1,656 lateral
metres achieved this quarter, exceeding plans by 12.5%. The major equipment on the sulphide circuit has
been commissioned. The focus for the next quarter is the completion and handover of the metallurgical plant
and the commissioning of the Nzoro hydro power station. The vertical shaft also continues to make good
progress and is currently 5% ahead of plan. The vertical shaft depth at the end of March was 416.5m.
Attributable production for the 2014 year is expected to be between 251,000oz and 269,00oz at total cash
cost of $488/oz-$520/oz. The mineral resources and ore reserves are 10.0Moz and 5.2Moz, respectively.

March 2014 Quarterly Report - www.AngloGoldAshanti.com

In the Americas, the Mine Life Extension project at CC&V (approved cost over 5 years $585m) is
progressing in line with expectations. The mill schedule is expected for commissioning/production ramp up in
the fourth quarter of 2014, with full production in 2016. The valley heap leach facility (VLF) and associated
gold recovery plant is on schedule to commission mid-2016. The planned VLF2/ADR2 schedule is as
follows:

•

2014: complete lining the pregnant solution pond area (triple lined area) and start filling the area for
the ADR2 (the gold recovery plant) platform.

•

2015: complete the ADR2 pad, construct the ADR2 plant (the gold recovery plant), and start loading
ore on the first phase VLF2.

•

2016: commission ADR2/VLF2 and start gold production.

As of 31 March 2014, overall project progress is 40% complete. The mill is largely on schedule to
commission and we expect first gold production in the fourth quarter of 2014. Overall construction of the mill
is 65% complete. To help facilitate the construction completion schedule, additional man-shifts, including
nights and weekends, have been added to the work schedule. Mill concrete construction is 73% complete
with 8.4k cubic-yards of concrete poured. A total of 1,150 tons of steel has been erected, which represents
35% of the total steel planned. Capex for this project is estimated at $585m with $234m having already
been spent to date. The mineral resources and ore reserves are 10.8Moz and 4.7Moz respectively.

UPDATE ON COST OPTIMISATION AND PORTFOLIO REVIEW

Cost optimisation and portfolio review: A process remains underway to improve efficiency across the
business, to identify long-term savings in the company’s direct and indirect cost base and to optimise capital
expenditure. The previously announced Project 500 initiatives remain on track with the goal to realise
approximately $500m of cost savings by the end of the year. Achievements resulting from these initiatives
include:

x In the South Africa region, savings of $56m were achieved during the first quarter through the deferment

of capital expenditure, labour and contractor reductions, a decrease in consumables, the implementation
of service optimisation strategies and a critical review of commodity as well as services related contracts.

x Contract mining rates at Siguiri and Sadiola were reduced by between 16% and 14%, delivering an

annual saving of $15m.

x Negotiated a 32% lower Cyanide price for our West African operations, for an annual saving of roughly

$10.5m. In addition, improved Cyanide control systems have further lowered costs at various sites,
including Iduapriem, which has cut usage by 30%.

x The number of global expatriates on mine sites has been reduced resulting in a saving of more than

$10m at the end of March 2014.

x Consumable stores inventory in Continental Africa has been reduced by $52m since July 2013.

x Sunrise Dam has improved Jumbo development rates from 330m to 420m per month, coupled with a

10% improvement in trucking productivities over the same period. This has allowed the mine to
demobilise two trucks and one loader, reducing monthly fixed costs by about A$195,000 and reducing
quarter-on-quarter variable unit rates by A$300,000.

SA LABOUR UPDATE

The two-year wage agreement which was concluded in September 2013 was implemented and backdated to
1 July 2013. AMCU voluntarily participated in the negotiations but has not yet signed the wage agreement.

March 2014 Quarterly Report - www.AngloGoldAshanti.com

However, the wage agreement was extended to all employees regardless of their respective union affiliations
and as a result the AMCU members have all benefited from the resulting wage increase.

On 30 January 2014, the Labour Court declared a threatened AMCU strike unprotected, with an interim
interdict for any possible strike. AMCU has since applied for a court hearing on a constitutional point which
will be heard on 5 June 2014. The current interdict remains in place until the matter is finalised in the Labour
Court.

TECHNOLOGY AND INNOVATION UPDATE

During the first quarter, the Technology Innovation Consortium has continued to make considerable progress
in prototype development pertaining to certain key technologies that seek to establish the base for a safe,
automated mining method intended for selective use at AngloGold Ashanti’s deep-level underground mining
operations in South Africa.

Although achieving good results in several of the drilling aspects (skin-to-skin), the challenge to mine “All the
Gold” with no dilution remains. In this respect, work is currently focused on drilling an overlapping hole
configuration.
Progress on various aspects of the Tau Tona project are as follows:

Reef Boring (Stoping): In the first quarter, four single-pass (660mm) holes were drilled. In line with our
efforts to test and extract all the gold, holes 18, 19 and 20 have been drilled directly adjacent to (‘skin-to-
skin’) previously drilled and backfilled holes. The overall results proved to be successful and the data
gathered together with the knowledge of the ground conditions will be applied to enhance drilling of new
holes. In addition, the production drilling sequence is also being tested and the results obtained will be
applied to the production site once drilling commences. Hole 21 was drilled as the first hole in this
sequence.

Site Equipping: Site equipping, opening up and development of the 2014 production sites is progressing
according to schedule. The first production site at TauTona mine will go live in the second quarter, followed
by a site at Great Noligwa and a second site at TauTona, during the second quarter.

Potential drilling sites for 2015 production have been identified. Labour recruitment, development and
equipping are in progress.

Machine Manufacturing: The medium reef (width 40-80cm) Atlantis Mark 3 machine was delivered at the
TauTona mine to align with the production start-up schedule in the second quarter. Machine manufacturing
is continuing with the next machines to be delivered in accordance with the respective production start-up
schedules at the other business units.

Ultra High Strength Backfill (UHSB): Construction of the underground backfill plant is in progress and is on
schedule to coincide with the start-up of the first production site in the second quarter at TauTona mine. A
replica of the underground production site mixers have been constructed on surface to confirm the mixing
cycles and also to gather information to automate the underground plant to ensure operational readiness.

Ore body Knowledge and Exploration: Trial 4, aimed at achieving a hole depth of 150m at 8m/hr, was
completed during the quarter and a total of 5 holes were drilled. The results obtained were promising as
they reached the required depth and speed. Surveying of the holes has commenced where the Gyro will be
tested for hole deflection, the camera for geological structure and lastly the Gamma for reef intersection.

The strategy for the second quarter of 2014 is to test a different drilling technique (rotary percussion drilling)
using the same drilling system with the aim to compare the speed and accuracy of results. In the latter part
of the year, we expect the team will continue with reverse circulation tests incorporating a new high pressure
compressor with the objective of achieving a hole depth of 300m at 8m/hr.

March 2014 Quarterly Report - www.AngloGoldAshanti.com

SAFETY

The All-Injury Frequency Rate (AIFR) improved 3% compared to the first quarter of 2013. The safety focus
continues on Major Hazard Management through identification and monitoring of critical controls and High
Potential Incidents (HPIs) with a view of enhancing organisational learning and institutionalising change in
order to improve our safety record progress going forward. Given that the occurrence of HPIs in the past
correlates with fatal incidents experienced by the business, they used as learning opportunities to prevent
future occurrences.

Kopanang made history on 10 March 2014 as it became the first AngloGold Ashanti mine in South Africa to
achieve three million fatality-free shifts.

Tragically, however, two incidents resulted in three fatalities during the quarter. There was one fatality at the
Mponeng project in South Africa, and two contractor employees lost their lives at a single incident at the
Cuiabá mine in Brazil whilst renovating the vent shaft.

OPERATING HIGHLIGHTS

The South African operations produced 290,000oz during the first quarter at a total cash cost of $797/oz,
compared to 327,000oz at a total cash cost of $896/oz, the same quarter a year ago. The region was
negatively impacted by safety-related disruptions, which resulted in lost production of approximately
19,000oz, coupled with the slow ramp-up to production subsequent to the year-end break. The all-in
sustaining costs for the region at $975/oz during the quarter reflects a 14% improvement compared to
$1,129/oz during the same period a year ago. Overall performance of Ore Reserve Development (ORD) from
the region was impacted during the quarter as a result of the stoppages, particularly at Mponeng and
Kopanang.

At the West Wits operations, the first quarter performance was adversely affected by a continued increase in
seismic activity and safety stoppages. Production for the first quarter was 128,000oz at total cash cost of
$735/oz compared to 151,000oz at $845/oz achieved a year ago. The 13% decrease in cash costs for the
West Wits operations is testimony to the vigorous cost optimisation measures that have been implemented.
Mponeng reflected a 29% rise in yield compared to the same quarter last year as a result of targeting
reduced stope-widths and reduced intake of waste tonnages, which increased overall grade.

Vaal River operations saw a decrease in production in the first quarter to 102,000oz at a total cash cost of
$851/oz compared to the 114,000oz at a total cash cost of $1,014/oz a year ago. Kopanang was hardest hit
as production was severely impacted by safety stoppages by the regulator on the back of engineering
constraints and a power outage from the Eskom main substation. Moab Khotsong once again saw an
increase in average recovered grade. This favourable yield was achieved through a reduction in dilution due
to a decrease in stope width and higher average reef grade being mined. Despite the decline in production,
costs were closely managed. Moab Khotsong was the lowest cost producer for the South African region at a
total cash cost of $646/oz and all-in sustaining cost of $802/oz.

Production at Surface operations in the first quarter was 60,000oz at a total cash cost of $836/oz, compared
to 63,000oz at $805/oz a year ago. The operations were negatively affected by severe rainfalls and load
shedding by Eskom. Grades reflected minimal improvement specifically at Mine Waste Solutions where
operations shifted to reclamation sites with lower gold recovery rates. Inclement weather conditions, logistical
and safety challenges were encountered with the commissioning of the uranium circuit at Mine Waste
Solutions, which will not only allow uranium production, but also improve gold recovery rates. The
commissioning is now scheduled to be completed in the second quarter of 2014.

The Continental Africa Region production during the first quarter was 374,000oz at a total cash cost
$808/oz, with production 36% higher than the same quarter last year (17% higher excluding Kibali). The all-
in sustaining costs for the region were $1,042/oz.

March 2014 Quarterly Report - www.AngloGoldAshanti.com

In Ghana, Obuasi’s production was 53,000oz at a total cash cost of $1,234/oz, compared to 49,000oz at a
total cash cost of $1,742/oz a year ago reflecting an improvement in tonnage throughput. Operations during
the quarter experienced extended power interruptions which limited access to higher grade areas. Total cash
costs saw the benefit of cost savings, particularly on labour rationalisation.

Iduapriem’s production was 45,000oz at a total cash cost of $716/oz, compared to 41,000oz a year ago.
Total cash costs decreased by 32% to $716/oz compared to $1,052 in the same quarter a year ago, mainly
due to lower volumes being mined and an increase in the processing of stockpiled ore.

At Geita, in Tanzania, production in the first quarter was 106,000oz compared to 66,000oz in the same
quarter a year ago, when production was affected by the replacement of the SAG mill. While production was,
however, impacted by downtime associated with SAG and Ball mill relining work, this work was done in less
time than anticipated, allowing for strong reported tonnage throughput together with consistent high recovery
and feed grade. Total cash costs at $631/oz benefited from lower mining contractor costs.

In the Republic of Guinea, Siguiri’s production was 70,000oz at a total cash cost of $800/oz compared to
62,000oz at $998/oz in the same quarter a year ago. The operation has achieved its ninth consecutive
quarter of exceeding planned quarterly production targets as it continues to focus on improved planning to
increase volumes and achieve further cost savings resulting from improved operating efficiencies.

In the DRC, Kibali’s production was 51,000oz at a total cash cost of $538/oz. Production is 28% higher than
the previous quarter as a result of a 51% increase in tonnage throughput as the operation continues to ramp
up to capacity after commissioning in the previous quarter.

In the Americas, production during the first quarter was 236,000oz, at total cash cost of $668/oz compared
to 234,000oz at a total cash costs of $668/oz a year ago. In Brazil, AngloGold Ashanti Mineração production
was 94,000oz at a total cash cost of $619/oz in the first quarter of 2014 compared to 92,000oz at $689/oz in
the same quarter a year ago. At Cuiabá, which is a part of the AngloGold Ashanti Mineração complex, higher
grades helped to offset the lower tonnage rates that were a result of fleet availability constraints and
disruptions following the fatal accident at the mine. Total cash costs benefited from lower cost of equipment
maintenance and general expenses as a result of work associated with Project 500. Serra Grande
maintained production at 32,000oz at a total cash cost of $799/oz compared to a year ago.

Production at Cripple Creek & Victor, in the US, was 52,000oz at a total cash costs of $699/oz compared to
55,000oz at total cash cost of $643/oz a year ago. The lower production and higher costs can be attributed
to lower grades and a slight decrease in the strip ratio. Stockpiling continues at the operation with both leach
grade and mill grade material, to ensure that production can commence at the mill as soon as it is online.
Approximately 383k tons of ~0.06oz/t has been stockpiled year to date for the mill.

In Argentina, Cerro Vanguardia´s production was 58,000oz at total cash cost of $644/oz compared to
55,000oz at $583/oz in the same quarter a year ago. Costs at the operation have benefitted from lower
service and maintenance costs and lower consumption of chemicals and other materials; however this was
more than offset by lower by-product credits and an increase in local inflation.

The Australasia region produced 155,000oz at a total cash cost of $779/oz compared to 61,000oz at a total
cash cost of $1,302/oz a year ago significantly benefitting from the Tropicana ramp-up. The all-in sustaining
cost for the region was $929/oz. At Sunrise Dam, production was 71,000oz at a total cash cost of $1,066/oz
compared to 61,000oz at $1,247/oz a year ago. The quarter experienced favourable mill throughput and
recovery rates, with the mine now operating exclusively underground. A total of 168m of underground capital
development and 2,347m of operational development were completed during the quarter. Four RC rigs were
operating underground, producing positive results to support a large bulk-mining opportunity of
approximately 3g/t, for 2014 and beyond; two stopes of approximately 200,000t and 175,000t were identified.
The underground ore production for the month of March was 211,000t, surpassing 200,000t for the first time,
whilst mill throughput averaged 10,156 t/day, with a recovery rate of 87.2%.

At Tropicana, despite wet weather conditions, production progressed well, delivering 84,000oz at a total cash
cost of $495/oz. As planned, production was 27% higher than the 66,000oz produced in the previous
quarter, with commensurate cost benefit. The processing plant achieved the commissioning ramp-up target

March 2014 Quarterly Report - www.AngloGoldAshanti.com

of 95% availability at design ore throughput levels within six months, as planned. Major rainfall flooded a
portion of the mine access road during the quarter, but alternative road access was arranged without any
loss of production. Tropicana is a joint venture between 70% AngloGold Ashanti and 30% Independence
Group NL. Production for the first three years is expected to be between 470,000oz and 490,000oz. Total
cash costs are estimated at between A$590/oz and A$630/oz. Mineral resources and ore reserves are
2.6Moz and 5.4Moz, respectively.

EXPLORATION

Total expensed exploration and evaluation costs (including technology) during the first quarter, inclusive of
expenditure at equity accounted joint ventures, was $34m ($8m on Brownfield, $12m on Greenfield and
$14m on pre-feasibility studies), compared with $92m during the same quarter the previous year.
Greenfields exploration activities were undertaken in three countries; Australia, Colombia and Guinea, while
minor work was also completed in Brazil.

In Colombia, exploration continued at the Nuevo Chaquiro target, Quebradona project, in joint venture with
B2Gold (AngloGold Ashanti 86.2%). In January drilling was restarted with a single diamond drilling rig,
continuing to deepen CHA-48 to a final depth of 1500m. A significant zone of mineralisation was intersected
over 800m downhole with intense disseminations and veins of chalcopyrite associated with an early quartz
diorite intrusive. Hole CHA-49 drilled in the opposite direction on another target intersected over 400m of
less intense mineralisation. A second diamond rig has been mobilised to site to test the northwest extension
of the mineralised zone intersected in hole CHA-48. Regional evaluations and reconnaissance continues on
AGA’s large tenement package in Colombia.

In Australia, airborne EM surveys were completed early in the first quarter at the Tropicana JV (AngloGold
Ashanti 70%), the results of which have identified two priority bedrock conductors which will be followed up
with ground EM and drilling. Further encouraging results were returned from the first pass diamond drilling at
Madras prospect approximately 25km south of the Tropicana Gold Mine. Follow-up RC, diamond and aircore
drilling programs are being designed for execution in the second quarter 2014. At the Nyngan JV (AngloGold
Ashanti 70% of earnings), induced polarisation (IP) geophysical surveying was completed over a third target
area during the quarter. Processing and interpretation of the IP results is now complete for the three targets
surveyed to date. Access negotiations with local land owners continue ahead of planned ground geophysics
(IP) scheduled for the second quarter.

In South Africa, four deep surface drilling sites were in operation during the quarter, one on the Moab
Khotsong Mine and three at Mponeng (WUDLs). Percussion drilling commenced for MZA10 and the hole is
currently at 402m. This hole is targeted to provide value information in the lower reaches of the early gold
portion of Project Zaaiplaats.

At UD51, the long deflection design to intersect the VCR was completed and intersected thin VCR. Short
deflection drilling has commenced. Redrill at UD59 has advanced to 2,349.8m and at UD60 to 1,412.7m.
Pilot drilling (656m) has been completed at UD58 and site establishment has started with rigging
commencing early in the next quarter.

In Tanzania at Geita Gold Mine drilling focused on infill drilling programs for Nyankanga Cut 8, Geita Hill
West and Geita Hill East. A total of 6,292m were drilled. A series of very thick high grade intersection were
obtained from Matandani area and work is ongoing to understand the full upside implications of these
intersections.

In Guinea, exploration work continued in Blocks 2,3 and 4 (AngloGold Ashanti 85%) with 3,269m of reverse
circulation drilling and 73.8 km of IP surveying completed at Kounkoun (Block 3) and 1,237m of
reconnaissance diamond drilling completed at Kouremale (Block 4). At Kounkoun, drilling aimed to test the
continuity of mineralisation between KK1 and KK2 along the turbidite/chlorite-magnetite-shale contact. The
drilling in this KK1-KK2 Gap showed significant encouraging results. At Kouremale, drilling tested north-striking
structural features delineated by IP and geochemical surveys. The results at Kouremale were disappointing
and no further work will be required on those targets. Field work on Block 2 consisted of surface mapping of a
newly discovered gold occurrence.

Detailed information on the exploration activities and studies both for brownfields and greenfields is available
on the AngloGold Ashanti website (

www.anglogoldashanti.com

March 2014 Quarterly Report - www.AngloGoldAshanti.com

OUTLOOK

Gold production for the second quarter of 2014 is estimated at 1,020koz to 1,060koz. Total cash costs are
estimated at between $830/oz to $865/oz at an average exchange rate of R10.64/$, BRL2.28/$, A$0.93/$
and AP8.15/$ and brent at $105/barrel.

Both production and cost estimates assume no labour interruptions, together with the ongoing successful
ramp-up at Kibali and Tropicana, and no changes to asset portfolio / operating mines. Other known or
unpredictable factors could also have material adverse effects on our future results. Please refer to the Risk
Factors section in AngloGold Ashanti’s Form 20-F for the year ended 31 December 2013 that was filed with
the United States Securities and Exchange Commission (“SEC”) on 14 April 2014 and available on the
SEC’s homepage at http://www.sec.gov.

March 2014 Quarterly Report - www.AngloGoldAshanti.com

Group

income statement

Quarter

Year

ended

March

December

March

December

2014

2013

US Dollar million

Notes

Reviewed

Audited

Revenue

1,359

1,474

1,518

5,708

Gold income

1,324

1,418

1,463

5,497

Cost of sales

(1,012)

(1,042)

(1,029)

(4,146)

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

(16)

Gross profit

296

404

434

1,445

Corporate administration, marketing and other
expenses

(25)

(37)

(65)

(201)

Exploration and evaluation costs

(30)

(41)

(79)

(255)

Other operating expenses

(5)

(1)

(19)

Special items

(7)

(90)

(25)

(3,410)

Operating profit (loss)

229

235

264

(2,440)

Dividends received

Interest received

Exchange (loss) gain

(6)

(4)

Finance costs and unwinding of obligations

(71)

(75)

(64)

(296)

Fair value adjustment on $1.25bn bonds

(70)

(12)

(58)

Fair value adjustment on option component of
convertible bonds

Fair value adjustment on mandatory convertible
bonds

137

356

Share of associates and joint ventures' profit (loss)

(7)

(162)

Profit (loss) before taxation

107

171

346

(2,533)

Taxation

(62)

(426)

(98)

333

Profit (loss) for the period

(255)

248

(2,200)

Allocated as follows:

Equity shareholders

(305)

239

(2,230)

Non-controlling interests

(255)

248

(2,200)

Basic earnings (loss) per ordinary share (cents)

(1)

(75)

(568)

Diluted earnings (loss) per ordinary share (cents)

(2)

(75)

(631)

(1)

Calculated on the basic weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

(2)

Calculated on the diluted weighted average number of ordinary shares.

The reviewed financial statements for the three months ended 31 March 2014 have been prepared by the corporate accounting staff

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

by Mr Richard Duffy, the Group's Chief Financial Officer and Mr Srinivasan Venkatakrishnan, the Group's Chief Executive Officer.

The financial statements for the quarter ended 31 March 2014 were reviewed, but not audited, by the Group's statutory auditors, Ernst

& Young Inc. A copy of their unmodified review report is available for inspection at the company's head office.

March 2014 Quarterly Report - www.AngloGoldAshanti.com

Group

statement of comprehensive income

Quarter

Year

ended

March

December

March

December

2014

2013

US Dollar million

Reviewed

Audited

Profit (loss) for the period

(255)

248

(2,200)

Items that will be reclassified subsequently
to profit or loss:

Exchange differences on translation of foreign
operations

(8)

(85)

(149)

(433)

Share of associates and joint ventures other
comprehensive income

Net gain (loss) on available-for-sale financial assets

(14)

(23)

Release on impairment of available-for-sale
financial assets (note 5)

Release on disposal of available-for-sale
financial assets

(1)

Cash flow hedges

Deferred taxation thereon

(4)

Items that will not be reclassified
subsequently to profit or loss:

Actuarial gain recognised

Deferred taxation thereon

(2)

(15)

(20)

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

(46)

(149)

(375)

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

(301)

(2,575)

Allocated as follows:

Equity shareholders

(351)

(2,605)

Non-controlling interests

(301)

(2,575)

Rounding of figures may result in computational discrepancies.

March 2014 Quarterly Report - www.AngloGoldAshanti.com

Group

statement of financial position

As at

March

December

March

2014

2013

US Dollar million

Notes

Reviewed

Audited

Reviewed

ASSETS

Non-current assets

Tangible assets

4,885

4,815

7,743

Intangible assets

269

267

321

Investments in associates and joint ventures

1,391

1,327

1,172

Other investments

141

131

147

Inventories

617

586

647

Trade and other receivables

Deferred taxation

169

177

Cash restricted for use

Other non-current assets

7,584

7,404

10,207

Current assets

Other investments

Inventories

1,016

1,053

1,196

Trade and other receivables

380

369

466

Cash restricted for use

Cash and cash equivalents

525

648

680

1,936

2,117

2,376

Non-current assets held for sale

158

153

2,094

2,270

2,376

TOTAL ASSETS

9,678

9,674

12,583

EQUITY AND LIABILITIES

Share capital and premium

7,024

7,006

6,752

Accumulated losses and other reserves

(3,884)

(3,927)

(1,204)

Shareholders' equity

3,140

3,079

5,548

Non-controlling interests

Total equity

3,175

3,107

5,569

Non-current liabilities

Borrowings

3,569

3,633

2,844

Environmental rehabilitation and other provisions

1,013

963

1,174

Provision for pension and post-retirement benefits

152

152

205

Trade, other payables and deferred income

Derivatives

Deferred taxation

579

579

1,063

5,327

5,331

5,289

Current liabilities

Borrowings

235

258

662

Trade, other payables and deferred income

793

820

929

Bank overdraft

Taxation

134

1,117

1,179

1,725

Non-current liabilities held for sale

1,176

1,236

1,725

Total liabilities

6,503

6,567

7,014

TOTAL EQUITY AND LIABILITIES

9,678

9,674

12,583

Rounding of figures may result in computational discrepancies.

March 2014 Quarterly Report - www.AngloGoldAshanti.com

Group

statement of cash flows

Quarter

Year

ended

March

December

March

December

2014

2013

US Dollar million

Reviewed

Audited

Cash flows from operating activities

Receipts from customers

1,288

1,479

1,492

5,709

Payments to suppliers and employees

(905)

(1,039)

(1,084)

(4,317)

Cash generated from operations

383

440

408

1,392

Dividends received from joint ventures

Taxation refund

Taxation paid

(70)

(31)

(60)

(187)

Net cash inflow from operating activities

350

431

356

1,246

Cash flows from investing activities

Capital expenditure

(220)

(372)

(384)

(1,501)

Interest capitalised and paid

(4)

(5)

Expenditure on intangible assets

(17)

(13)

(68)

Proceeds from disposal of tangible assets

Other investments acquired

(26)

(18)

(32)

(91)

Proceeds from disposal of other investments

Investments in associates and joint ventures

(40)

(78)

(150)

(472)

Proceeds from disposal of associates and joint ventures

Loans advanced to associates and joint ventures

(4)

(14)

(41)

Loans repaid by associates and joint ventures

Dividends received

Proceeds from disposal of subsidiary

Reclassification of cash balances to held for sale assets

(1)

(2)

Decrease (increase) in cash restricted for use

(13)

(20)

Interest received

Net cash outflow from investing activities

(237)

(482)

(541)

(2,040)

Cash flows from financing activities

Proceeds from borrowings

238

146

2,344

Repayment of borrowings

(171)

(260)

(95)

(1,486)

Finance costs paid

(81)

(42)

(37)

(200)

Revolving credit facility and bond transaction costs

(2)

(5)

(36)

Dividends paid

(11)

(26)

(62)

Net cash (outflow) inflow from financing activities

(237)

(77)

(17)

560

Net decrease in cash and cash equivalents

(124)

(128)

(202)

(234)

Translation

(1)

(5)

(10)

(30)

Cash and cash equivalents at beginning of period

628

761

892

Cash and cash equivalents at end of period

(1)

503

628

680

628

Cash generated from operations

Profit (loss) before taxation

107

171

346

(2,533)

Adjusted for:

Movement on non-hedge derivatives and other commodity contracts

(28)

(94)

Amortisation of tangible assets

175

202

213

775

Finance costs and unwinding of obligations

296

Environmental, rehabilitation and other expenditure

(37)

(8)

(66)

Special items

3,399

Amortisation of intangible assets

Fair value adjustment on $1.25bn bonds

Fair value adjustment on option component of convertible bonds

(9)

Fair value adjustment on mandatory convertible bonds

(137)

(356)

Interest received

(6)

(15)

(6)

(39)

Share of associates and joint ventures' (profit) loss

(19)

(4)

162

Other non-cash movements

Movements in working capital

(67)

(40)

(98)

(250)

383

440

408

1,392

Movements in working capital

Increase in inventories

(10)

(26)

(39)

(142)

(Increase) decrease in trade and other receivables

(36)

Decrease in trade, other payables and deferred income

(21)

(34)

(77)

(177)

(67)

(40)

(98)

(250)

Rounding of figures may result in computational discrepancies.

(1)

The cash and cash equivalents balance at 31 March 2014 includes a bank overdraft included in the statement of financial position as part of current

liabilities of $22m (31 December 2013 : $20m)

March 2014 Quarterly Report - www.AngloGoldAshanti.com

Group statement of changes in equity

Share

Cash

Available

Foreign

capital

Other

Accumu-

flow

for

Actuarial

currency

Non-

and

capital

lated

hedge

sale

(losses)

translation

controlling

Total

US Dollar million

premium

reserves

losses

reserve

gains

reserve

Total

interests

equity

Balance at 31 December 2012

6,742

177

(806)

(2)

(89)

(562)

5,473

5,494

Profit for the period

239

248

Other comprehensive loss

(149)

Total comprehensive income (loss)

- - 239 - - - (149) 90 9 99

Shares issued

Share-based payment for share awards
net of exercised

(4)

Dividends paid

(21)

Dividends of subsidiaries

(9)

Translation

(11) 5

(1)

Balance at 31 March 2013

6,752

162

(583)

(2)

(82)

(711)

5,548

5,569

Balance at 31 December 2013

7,006

136

(3,061)

(1)

(25)

(994)

3,079

3,107

Profit for the period

Other comprehensive income (loss)

(8)

Total comprehensive income (loss)

- 1 39 - 5 8 (8 ) 45 6 51

Shares issued

Share-based payment for share awards
net of exercised

(2)

Translation

(2)

(1)

Balance at 31 March 2014

7,024

136

(3,024)

(1)

(17) (1,002)

3,140

3,175

Rounding of figures may result in computational discrepancies.

Equity holders of the parent

March 2014 Quarterly Report - www.AngloGoldAshanti.com

Segmental

reporting

Year ended

Mar

Dec

Mar

Dec

2014

2013

Reviewed

Audited

Gold income

South Africa

372

428

507

1,810

Continental Africa

532

568

535

2,111

Australasia

215

192

441

Americas

310

335

395

1,425

1,429

1,523

1,532

5,787

Equity-accounted investments included above

(105)

(105)

(69)

(290)

1,324

1,418

1,463

5,497

Gross profit (loss)

South Africa

134

154

510

Continental Africa

119

117

129

475

Australasia

(9)

Americas

125

177

516

Corporate and other

(1)

(5)

313

410

457

1,492

Equity-accounted investments included above

(17)

(6)

(23)

(47)

296

404

434

1,445

Capital expenditure

South Africa

112

101

451

Continental Africa

127

212

208

839

Australasia

101

285

Americas

116

410

Corporate and other

274

477

512

1,993

Equity-accounted investments included above

(53)

(94)

(97)

(411)

221

383

415

1,582

Year ended

Mar

Dec

Mar

Dec

2014

2013

Reviewed

Audited

Gold production

South Africa

290

339

327

1,302

Continental Africa

374

460

276

1,460

Australasia

155

169

342

Americas

236

262

234

1,001

1,055

1,229

899

4,105

As at

Mar

Dec

Mar

2014

2013

Reviewed

Audited

Reviewed

Total assets

(1)

South Africa

2,311

2,325

2,841

Continental Africa

3,478

3,391

5,092

Australasia

1,059

1,108

1,143

Americas

2,263

2,203

2,880

Corporate and other

567

647

627

9,678

9,674

12,583

Rounding of figures may result in computational discrepancies.

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

(1)

During the 2013 year, pre tax impairments, derecognition of goodwill, tangible assets and intangible assets of $3,029m

were accounted for in South Africa ($311m), Continental Africa ($1,776m) and the Americas ($942m).

Quarter ended

US Dollar million

Quarter ended

oz (000)

US Dollar million

March 2014 Quarterly Report - www.AngloGoldAshanti.com

Notes

for the quarter ended 31 March 2014

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 2013
except for the adoption of new standards and interpretations effective 1 January 2014 (note 14).

The financial statements of AngloGold Ashanti Limited have been prepared in compliance with IAS 34, IFRS as issued by the
International Accounting Standards Board, the South African Institute of Chartered Accountants Financial Reporting Guides as
issued by the Accounting Practices Committee, Financial Reporting Pronouncements as issued by Financial Reporting Standards
Council, JSE Listings Requirements and in the manner required by the South African Companies Act, 2008 (as amended) for the
preparation of financial information of the group for the quarter ended 31 March 2014.

2. Revenue

Quarter ended

Year ended

Mar

Dec

Mar Dec

2014

2013

2013 2013

Reviewed

Reviewed Audited

US Dollar million

Gold income

1,324

1,418

1,463 5,497

By-products (note 3)

34 149

Dividends received

Royalties received (note 5)

10 18

Interest received

6 39

1,359

1,474

1,518 5,708

Cost of sales

Quarter ended

Year ended

Mar

Dec

Mar Dec

2014

2013

2013 2013

Reviewed

Reviewed Audited

US Dollar million

Cash operating costs

762

858

785 3,274

By-products revenue (note 2)

(29)

(39)

(34) (149)

733

819

751 3,125

Royalties

37 129

Other cash costs

9 43

Total cash costs

778

861

797 3,297

Retrenchment costs

6 69

Rehabilitation and other non-cash costs

(11)

11 18

Production costs

806

866

814 3,384

Amortisation of tangible assets

175

202

213 775

Amortisation of intangible assets

Total production costs

990

1,077

1,029 4,183

Inventory change

(35)

- (37)

1,012

1,042

1,029 4,146

Other operating expenses

Quarter ended

Year ended

Mar

Dec

Mar Dec

2014

2013

2013 2013

Reviewed

Reviewed Audited

US Dollar million

Pension and medical defined benefit provisions

(1)

4 14

Claims filed by former employees in respect of loss

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

(3)

Rounding of figures may result in computational discrepancies.

March 2014 Quarterly Report - www.AngloGoldAshanti.com

Special items

Quarter ended

Year ended

Mar

Dec

Mar Dec

2014

2013

2013 2013

Reviewed

Reviewed Audited

US Dollar million

Net impairment and derecognition of goodwill, tangible assets and

intangible assets (note 9)

1 3,029

Impairment of other investments (note 9)

12 30

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

rights, tangible assets and exploration properties (note 9)

(2)

Royalties received (note 2)

(1)

(1)

(10) (18)

Indirect tax expenses and legal claims

Inventory write-off due to fire at Geita

14 14

Insurance proceeds on Geita claim

(13)

- (13)

Legal fees and other costs related to contract termination and

settlement costs

4 19

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

and other stockpile adjustments

- 216

Retrenchment and related costs

Write-off of a loan

Costs on early settlement of convertible bonds and transaction

costs on the $1.25bn bond and standby facility

25 3,410

For the quarter ended 31 March 2014, no asset impairments were recognised. During the year ended 31 December 2013,
impairment, derecognition of assets and write-down of inventories to net realisable value and other stockpile adjustments include
the following:

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

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

The indicators were re-assessed as at 31 December 2013 as part of the annual impairment assessment cycle and the conditions that arose
in June 2013 were largely unchanged and no further cash generating unit impairments arose.

Goodwill

impairment

Tangible

asset

impairment

Intangible

asset

impairment

Asset

derecognition

(1)

Investments

in equity-

accounted

associates

and joint
ventures

impairment

Inventory

write-down and

other stockpile

adjustments

Pre-

tax

sub

total

Taxation

thereon

Post-

tax

total

US Dollar million

South Africa

308

312

(86)

226

Continental Africa

1,651

105

179

200 2,155

(564) 1,591

Americas

910

957

(333)

624

Corporate and other

2,869

109

195

216

3,440

(983) 2,457

(1)

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

Impairment calculation assumptions as at 31 December 2013 – goodwill, tangible and intangible assets

Management assumptions for the value in use of tangible assets and goodwill include:
x the gold price assumption represents management’s best estimate of the future price of gold. A long-term real gold price of $1,269/oz

(2012: $1,584/oz) is based on a range of economic and market conditions that will exist over the remaining useful life of the assets.

Annual life of mine plans take into account the following:
· proved and probable Ore Reserve;

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

above;

· In determining the impairment, the real pre-tax rate, per cash generating unit ranged from 6.21% to 18.07% which was derived from

the group’s weighted average cost of capital (WACC) and risk factors consistent with the basis used in 2012. At 31 December 2013,
the group WACC was 7.30% (real post-tax) which is 204 basis points higher than in 2012 of 5.26%, and is based on the average
capital structure of the group and three major gold companies considered to be appropriate peers. In determining the WACC for
each cash generating unit, sovereign and mining risk factors are considered to determine country specific risks. Project risk has been
applied to cash flows relating to certain mines that are deep level underground mining projects below infrastructure in South Africa and
Continental Africa region;

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

that currency;

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

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

Rounding of figures may result in computational discrepancies.

March 2014 Quarterly Report - www.AngloGoldAshanti.com

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

The impairment indicators considered the quoted share price, current financial position and decline in anticipated operating results.
Included in share of equity-accounted investments’ loss of $162m for the year ended 31 December 2013 is an impairment of
$195m and an impairment reversal of $31m.

Net realisable value calculation assumptions as at 31 December 2013 – Inventory

Impairments of $178m were raised at 30 June 2013 to net realisable value based on a spot price of $1,200. Additional impairments of
$38m were raised at 31 December 2013 due to stockpile abandonments and other specific adjustments. The practice of writing down
inventories to the lower of cost or net realisable value is consistent with the view that assets should not be carried in excess of
amounts expected to be realised from their sale or use.

Finance costs and unwinding of obligations

Quarter ended

Year ended

Mar

Dec

Mar Dec

2014

2013

2013 2013

Reviewed

Reviewed Audited

US Dollar million

Finance costs

49 247

Unwinding of obligations, accretion of convertible bonds and

other discounts

15 49

64 296

Share of associates and joint ventures’ profit (loss)

Quarter ended

Year ended

Mar

Dec

Mar Dec

2014

2013

2013 2013

Reviewed

Reviewed Audited

US Dollar million

Revenue

117

117

80 334

Operating costs, special items and other expenses

(99)

(111)

(71) (315)

Net interest received

Profit before taxation

Taxation

(1)

(2)

(9) (21)

Profit after taxation

Net impairment of investments in associates and joint
ventures (note 9)

(1)

(7) (164)

(7) (162)

8. Taxation

Quarter ended

Year ended

Mar

Dec

Mar Dec

2014

2013

2013 2013

Reviewed

Reviewed Audited

US Dollar million

South African taxation

Mining tax

17 7

Non-mining tax

(3)

Prior year over provision

(2)

(25)

(1) (26)

Deferred taxation

Temporary differences

(20)

10 (39)

Unrealised non-hedge derivatives and other commodity

contracts

(4)

(15)

(3)

25 (32)

Foreign taxation

Normal taxation

54 160

Prior year over provision

(3)

(8)

Deferred taxation

(1)

Temporary differences

333

17 (453)

429

72 (301)

426

98 (333)

(1)

Included in temporary differences under Foreign taxation in 2013, is a tax credit relating to impairments, derecognition of assets of $915m and write-
down of inventories of $68m. In addition, in quarter four of 2013, deferred tax assets of $270m and $60m were derecognised in Obuasi and CC&V
respectively.

March 2014 Quarterly Report - www.AngloGoldAshanti.com

Headline earnings (loss)

Quarter ended

Year ended

Mar

Dec

Mar Dec

2014

2013

2013 2013

Reviewed

Reviewed Audited

US Dollar million

The profit (loss) attributable to equity shareholders has been

adjusted by the following to arrive at headline (loss) earnings:

Profit (loss) attributable to equity shareholders

(305)

239 (2,230)

Net impairment and derecognition of goodwill, tangible assets

and intangible assets (note 5)

1 3,029

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

rights, tangible assets and exploration properties (note 5)

(2)

Impairment of other investments (note 5)

12 30

Net impairment of investments in associates and joint ventures

(note 7)

7 164

Special items of associates and joint ventures

Taxation - current portion

Taxation - deferred portion

(3)

(12)

(1) (915)

(276)

259 78

Headline earnings (loss) per ordinary share (cents)

(1)

(68)

67 20

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

(68)

32 (62)

(1)

Calculated on the basic weighted average number of ordinary shares.

10. Number of shares

Quarter ended

Year ended

Mar

Dec

Mar Dec

2014

2013

2013 2013

Reviewed

Reviewed Audited

Authorised number of shares:

Ordinary shares of 25 SA cents each

600,000,000

600,000,000

600,000,000 600,000,000

E ordinary shares of 25 SA cents each

4,280,000

4,280,000

4,280,000 4,280,000

A redeemable preference shares of 50 SA cents
each

2,000,000

2,000,000

2,000,000 2,000,000

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 number of shares:

Ordinary shares in issue

403,087,362

402,628,406

383,626,668 402,628,406

E ordinary shares in issue

697,896

712,006

1,610,376 712,006

Total ordinary shares:

403,785,258

403,340,412

385,237,044 403,340,412

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

Ordinary shares

402,785,093

402,462,266

383,423,554 389,184,639

E ordinary shares

704,108

1,062,510

1,613,092 1,460,705

Fully vested options

2,477,845

1,477,629

2,038,229 1,979,920

Weighted average number of shares

405,967,046

405,002,405

387,074,875 392,625,264

Dilutive potential of share options

1,185,208

1,210,482 -

Dilutive potential of convertible bonds

18,140,000 12,921,644

Diluted number of ordinary shares

407,152,254

405,002,405

406,425,357 405,546,908

11.

Share capital and premium

As at

Mar

Dec Mar

2014

2013 2013

Reviewed

Audited Reviewed

US Dollar Million

Balance at beginning of period

7,074

6,821 6,821

Ordinary shares issued

259 11

E ordinary shares issued and cancelled

(6) -

Sub-total

7,087

7,074 6,832

Redeemable preference shares held within the group

(53)

(53) (53)

Ordinary shares held within the group

(6) (11)

E ordinary shares held within the group

(10)

(9) (16)

Balance at end of period

7,024

7,006 6,752

Rounding of figures may result in computational discrepancies.

March 2014 Quarterly Report - www.AngloGoldAshanti.com

12. Exchange rates

Mar

Dec Mar

2014

2013 2013

Unaudited

Unaudited Unaudited

ZAR/USD average for the year to date

10.82

9.62 8.91

ZAR/USD average for the quarter

10.82

10.12 8.91

ZAR/USD closing

10.52

10.45 9.21

AUD/USD average for the year to date

1.12

1.03 0.96

AUD/USD average for the quarter

1.12

1.08 0.96

AUD/USD closing

1.08

1.12 0.96

BRL/USD average for the year to date

2.36

2.16 2.00

BRL/USD average for the quarter

2.36

2.27 2.00

BRL/USD closing

2.26

2.34 2.01

ARS/USD average for the year to date

7.60

5.48 5.01

ARS/USD average for the quarter

7.60

6.07 5.01

ARS/USD closing

8.00

6.52 5.12

13. Capital commitments

Mar

Dec Mar

2014

2013 2013

Reviewed

Audited Reviewed

US Dollar Million

Orders placed and outstanding on capital contracts at the prevailing

rate of exchange

(1)

379

437 1,210

(1)

Includes capital commitments relating to associates and joint ventures.

Rounding of figures may result in computational discrepancies.

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, exchange control laws and regulations and the quantity of foreign exchange available in offshore countries. In
addition, distributions from joint ventures are subject to the relevant board approval.

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

14. Change in accounting policies

The following accounting standards, amendments to standards and new interpretations have been adopted with effect from
1 January 2014:

IFRS 10, IFRS 12 and IAS 27

Amendment – Exception from consolidation for “investment entities”

IAS 32

Amendment – Financial Instruments: Presentation, offsetting financial assets and financial
liabilities

IAS 39

Amendment – Financial instruments, Recognition and measurement novation of derivatives
and continuation of hedge accounting

IFRIC 21

Levies

15. Non-current assets and liabilities held for sale

Effective 30 April 2013, AngloGold Ashanti announced its plan to sell the Navachab mine in Namibia. The Navachab gold mine is
situated close to Karibib, about 170 kilometres northwest of the Namibian capital, Windhoek. It is included in the Continental Africa
reporting segment. The open-pit mine, which began operations in 1989, has a processing plant that handles 120,000 metric tons a
month. The mine produced 63,000 ounces of gold in 2013 (2012: 74,000 ounces).

On 10 February 2014, AngloGold Ashanti announced that it signed a binding agreement to sell Navachab to a wholly-owned
subsidiary of QKR Corporation Ltd (QKR). The agreement provides for an upfront consideration based on an enterprise value of
US$110 million which will be adjusted to take into account Navachab’s net debt and working capital position on the closing date of the
transaction. The upfront consideration is payable in cash on the closing date. In addition, AngloGold Ashanti will receive deferred
consideration in the form of a net smelter return (NSR). The NSR is to be paid quarterly for a period of seven years following the
second anniversary of the closing date and will be determined at 2% of ounces sold by Navachab during a relevant quarter subject to
a minimum average gold price of US$1,350 per ounce being achieved and capped at a maximum of 18,750 ounces sold per quarter.

The transaction is subject to fulfilment of a number of conditions precedent, including Namibian and South African regulatory and third
party approvals, which are expected to be obtained over the next several months. Navachab is not a discontinued operation and is
not viewed as part of the core assets of the company

March 2014 Quarterly Report - www.AngloGoldAshanti.com

16.

Financial risk management activities

Borrowings

The $1.25bn bonds and the mandatory convertible bonds settled in September 2013, are carried at fair value. The convertible bonds,
settled 99.1% in August 2013 and in full in November 2013, and rated bonds are carried at amortised cost and their fair values are
their closing market values at the reporting date. The interest rate on the remaining borrowings is reset on a short-term floating rate
basis, and accordingly the carrying amount is considered to approximate fair value.

As at

Mar

2014

Reviewed

Dec

2013

Audited

Mar

2013

Reviewed

Carrying amount

3,804

3,891 3,506

Fair value

3,743

3,704 3,648

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

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

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

Quarter

ended

Mar 2014

Quarter ended

Dec 2013

Quarter ended

Mar 2013

Market quoted bond price

- 101.6

Fair value of bonds excluding conversion feature %

- 101.6

Fair value of conversion feature

- -

Total issued bond value

- 732.5

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

Derivative assets (liabilities) comprise the following:

Assets

non-

hedge

accounted

Liabilities

non-

hedge

accounted

Assets

non-

hedge

accounted

Liabilities

non-

hedge

accounted

Assets

non-

hedge

accounted

Liabilities

non-

hedge

accounted

US Dollar million

March 2014

December 2013

March 2013

Embedded derivatives

(1)

Option component of

convertible bonds

Total derivatives

(1)

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

Level 1:

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

Level 2:

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

Level 3:

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

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

Type of instrument

Level 1

Level 2

Level 3

Tota l

Level 1

Level 2

Level 3

Tota l

Level 1

Level 2

Level 3

Tota l

US Dollar million

March 2014

December 2013

March 2013

Assets measured at fair value
Available-for-sale financial assets
Equity securities

Liabilities measured at fair value
Financial liabilities at fair value through profit or

loss

Option component of convertible bonds

Embedded derivatives

Mandatory convertible bonds

448

$1.25bn

bonds

1,400

- 1,400 1,353

- 1,353 - - -

Rounding of figures may result in computational discrepancies.

March 2014 Quarterly Report - www.AngloGoldAshanti.com

17. Contingencies

AngloGold Ashanti’s material contingent liabilities and assets at 31 March are detailed below:

Contingencies and guarantees

Mar

2014

Mar

2013

Reviewed

Restated

US Dollar million

Contingent liabilities

Groundwater pollution

(1)

Deep groundwater pollution – Africa

(2)

Indirect taxes – Ghana

(3)

Litigation – Ghana

(4) (5) (6)

ODMWA litigation

(7)

211

Other tax disputes – AngloGold Ashanti Brasil Mineração Ltda

(8)

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

(9)

107

161

Other tax disputes – Mineração Serra Grande S.A.

(10)

Tax dispute - AngloGold Ashanti Colombia S.A.

(11)

191

156

Tax dispute - Cerro Vanguardia S.A.

(12)

Tax dispute – AngloGold Ashanti Ltd.

(13)

Contingent assets
Indemnity – Kinross Gold Corporation

(14)

(64)

(93)

Royalty – Tau Lekoa Gold Mine

(15)

Financial Guarantees
Oro Group (Pty) Limited

(16)

696

319

(1)

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

(2) Deep groundwater pollution - The group has identified a flooding and future pollution risk posed by deep

groundwater in certain underground m i n e s in Africa. Various studies have been undertaken by AngloGold Ashanti
Limited since 1999. Due to the interconnected nature of mining operations, any proposed solution needs to be a
combined one supported by all the mines located in these gold fields. As a result, in South Africa, the Mineral and Petroleum
Resources Development Act (MPRDA) requires that the affected mining companies develop a Regional Mine Closure
Strategy to be approved by the Department of Mineral Resources. In view of the limitation of current information for the
accurate estimation of a liability, no reliable estimate can be made for the obligation.

(3) Indirect taxes - AngloGold Ashanti (Ghana) Limited (AGAG) received a tax assessment for the 2006 to 2008 and for

the 2009 to 2011 tax years following audits by the tax authorities which related to various indirect taxes amounting to
$29m (2013: $25m). Management is of the opinion that the indirect taxes were not properly assessed and the company
has lodged an objection.

(4)

Litigation - On 11 October 2011, AGAG terminated its commercial arrangements with Mining and Building
Contractors Limited (MBC) relating to certain underground development, construction on bulkheads and diamond
drilling services provided by MBC in respect of the Obuasi mine. On 8 November 2012, as a result of this
termination, AGAG and MBC concluded a separation agreement that specified the terms on which the parties
agreed to sever their commercial relationship. On 23 July 2013, MBC commenced proceedings against AGAG in the
High Court of Justice (Commercial Division) in Accra, Ghana, and served a writ of summons that claimed a total of
approximately $ 97m in damages. MBC asserts various claims for damages, including, among others, as a result of
the breach of contract, non-payment of outstanding historical indebtedness by AGAG and the demobilisation of
equipment, spare parts and material acquired by MBC for the benefit of AGAG in connection with operations at the
Obuasi mine in Ghana. MBC has also asserted various labour claims on behalf of itself and certain of its former
contractors and employees at the Obuasi mine. On 9 October 2013, AGAG filed a motion in court to refer the action or
a part thereof to arbitration. This motion was set to be heard on 25 October 2013, however, on 24 October 2013, MBC
filed a motion to discontinue the action with liberty to reapply. On 20 February 2014, AGAG was served with a new writ
for approximately $97m, as previously claimed. On 5 May 2014, the court dismissed AGAG’s application for stay of
proceedings pending arbitration and ordered AGAG to file its statement of defence within 14 days. AGAG intends to
appeal this ruling.

(5)

Litigation – AGAG received a summons on 2 April 2013 from Abdul Waliyu and 152 others in which the plaintiffs
allege that they were or are residents of the Obuasi municipality or its suburbs and that their health has been
adversely affected by emission and/or other environmental impacts arising in connection with the current and/or
historical operations of the Pompora Treatment Plant (PTP) which was decommissioned in 2000. The claim is to
award general damages, special damages for medical treatment and punitive damages, as well as several orders
relating to the operation of the PTP. The plaintiffs subsequently amended their writ to include their respective
addresses. AGAG f i l ed a d efe nc e t o t h e am e n de d wr i t o n 1 6 J ul y 2 0 1 3 a n d a r e awaiting the plaintiffs to
apply for directions. In view of the limitation of current information for the accurate estimation of a liability, no reliable
estimate can be made for the obligation.

March 2014 Quarterly Report - www.AngloGoldAshanti.com

(6)

Litigation – five executive members of the PTP (AGA) Smoke Effect Association (PASEA) sued AGAG on 24
February 2014 in their personal capacity and on behalf of the members of PASEA. The plaintiffs claim that
they were residents of Tutuka, Sampsonkrom, Anyimadukrom, Kortkortesua, Abomperkrom, and PTP Residential
Quarters, all suburbs of Obuasi, in close proximity to the now decommissioned Pompara Treatment Plant (PTP).
The plaintiffs claim they have been adversely affected by the operations of the PTP. In view of the limitation of current
information for the accurate estimation of a liability, no reliable estimate can be made for the obligation.

(7)

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

For example, on or about 21 August 2012, AngloGold Ashanti was served with an application instituted by
Bangumzi Bennet Balakazi ("the Balakazi Action") and others in which the applicants seek an order declaring that all
mine workers (former or current) who previously worked or continue to work in specified South African gold mines for
the period owned by AngloGold Ashanti and who have silicosis or other OLD constitute members of a class for the
purpose of proceedings for declaratory relief and claims for damages. In the event the class is certified, such class of
workers would be permitted to institute actions by way of a summons against AngloGold A s h a n t i for amounts as
yet unspecified. On 4 September 2 0 1 2 , AngloGold A s h a n t i delivered its notice of intention to defend this
application. AngloGold Ashanti also delivered a formal request for additional information that it requires to prepare its
affidavits in respect to the allegations and the request for certification of a class.

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

On 21 August 2013, an application was served on AngloGold Ashanti, for the consolidation of the Balakazi Action and
the Nkala Action, as well as a request for an amendment to change the scope of the classes the court was
requested to certify in the previous applications that were initiated. The applicants n o w request certification o f two
classes (the "silicosis class” and the "tuberculosis class"). The silicosis class would consist of certain current and
former mineworkers who have contracted silicosis, and the dependants of certain deceased mineworkers who
have died of silicosis (whether or not accompanied by any other disease). The tuberculosis class would consist of certain
current and former mineworkers who have or had contracted pulmonary tuberculosis and the dependants of certain
deceased mineworkers who died of pulmonary tuberculosis (but excluding silico-tuberculosis). AngloGold Ashanti will
defend against the request for certification of these classes in 2014.

In October 2012, AngloGold Ashanti received a further 31 individual summonses and particulars of claim relating to
silicosis and/or other OLD. The total amount claimed in the 31 summonses is approximately $7 million. On 22 October
2012, AngloGold Ashanti filed a notice of intention to oppose these claims and took legal exception to the summonses
on the ground that certain particulars of claim were unclear. On 4 April 2014, the High Court of South Africa dismissed
these exceptions and on 25 April 2014, Anglogold Ashanti filed its plea in this matter. The company will continue to defend
these cases on their merits.

On or about 3 March 2014, AngloGold Ashanti received an additional 21 individual summonses and particulars of
claim relating to silicosis and/or other OLD. The total amount claimed in the 21 summonses is approximately $4.5
million. AngloGold Ashanti has filed a notice of intention to oppose these claims. On 2 May 2014 AngloGold Ashanti
filed a notice taking legal exception to the summonses on the ground that certain particulars of claim were unclear. The
court date has not yet been set to hear the exceptions.

On or about 24 March 2014, AngloGold Ashanti received a further 686 individual summonses and particulars of claim
relating to silicosis and/or other OLD. The total amount claimed in the 686 summonses is approximately $109 million.
AngloGold Ashanti has filed a notice of intention to oppose these claims. On 15 May 2014 AngloGold Ashanti filed a
notice taking legal exception to the summonses on the ground that certain particulars of claim were unclear. The court
date has not yet been set to hear the exceptions.

On or about 1 April 2014, AngloGold Ashanti received a further 518 individual summonses a n d particulars of claim
relating to silicosis and/or other OLD. The total amount claimed in the 518 summonses is approximately $90 million.
AngloGold Ashanti has filed a notice of intention to oppose these claims. On 15 May 2014 AngloGold Ashanti filed a
notice taking legal exception to the summonses on the ground that certain particulars of claim were unclear. The court
date has not yet been set to hear the exceptions.

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

March 2014 Quarterly Report - www.AngloGoldAshanti.com

(8)

Other tax disputes - In November 2007, the Departamento Nacional de Produção Mineral (DNPM), a Brazilian
federal mining authority, issued a tax assessment against AngloGold Ashanti Brazil Mineração Ltda (AABM) in the
amount of $20m (2013: $21m) relating to the calculation and payment by AABM of the financial contribution on mining
exploitation (CFEM) in the period from 1991 to 2006. AngloGold A s h a n t i Limited’s subsidiaries i n Brazil are
involved in various other disputes with tax authorities. These disputes involve federal tax assessments including
income tax, royalties, social contributions and annual property tax. The amount involved is approximately $ 18m
(2013: $19m). Management i s of the opinion that these taxes are not payable.

(9)

Sales tax on gold deliveries - In 2006, Mineração Serra Grande S.A. (MSG), received two tax assessments from the
State of Goiás related to payments of state sales taxes at the rate of 12% on gold deliveries for export from one
Brazilian state to another during the period from February 2004 to the end of May 2006. The first and second
assessments are approximately $66m (2013: $99m) and $41m (2013: $62m) respectively. In November 2006, the
administrative council’s second chamber ruled in favour of MSG and fully cancelled the tax liability related to the first
period. In July 2011, the administrative council’s second chamber ruled in favour of MSG and fully cancelled the
tax liability related to the second period. The State of Goiás has appealed to the full board of the State of Goiás tax
administrative council. In November 2011 (first case) and June 2012 (second case), the administrative council's full
board approved the suspension of proceedings and the remittance of the matter to the Department of Supervision of
Foreign Trade (COMEX) for review and verification. On 28 May 2013, the Full Board of the State of Goiás Tax
Administrative Council ruled in favour of the State of Goiás, however reduced the penalties of the two tax assessments
from 200% to 80%. The company is considering legal options available in this matter, since it believes that both
assessments a r e in violation of federal legislation o n sales taxes. MSG will be required to provide a bank guarantee
to the tax authorities to proceed with legal discussion at the judiciary level. A decree has been signed by the Governor of
the State of Goias which will enable companies to settle outstanding tax assessments. The implementing regulations are
currently being drafted and MSG will be considering the options that may be open to it under the decree and implementing
regulations which may result in the contingent liability referred to above being settled. Until the regulations are published
and assessed by MSG it is not possible to determine any settlement value.

(10)

Other tax disputes - MSG received a tax assessment in October 2003 from the State of Minas Gerais related to
sales taxes on gold. The tax administrators rejected the company’s appeal against the assessment. The company is
now appealing the dismissal of the case. The assessment is approximately $17m (2013: $19m).

(11)

Tax dispute – AngloGold Ashanti Colombia S.A. (AGAC) received notice from the Colombian Tax Office (DIAN) that it
disagreed with the company’s tax treatment of certain items in the 2011 and 2010 income tax returns. On 23 October
2013 AGAC received the official assessments from the DIAN which established that an estimated additional tax of
$36m ( 2 0 1 3 : $ 2 5 m ) will be payable if the tax returns are amended. Penalties and interest for the additional taxes
are expected to be $155m (2013: $131m), based on Colombian tax law. The company believes that it has applied
the tax legislation c o r r ec tl y. AGAC requested that DIAN reconsider i t s decision and the company has been
officially notified that DIAN will review its earlier ruling. This review is anticipated to take twelve months, at the end of
which AGAC may file suit if the ruling is not reversed.

(12)

Tax dispute - On 12 July 2013, Cerro Vanguardia S.A. received a notification from the Argentina Tax Authority

requesting corrections to the 2007, 2008 and 2009 income tax returns of about $15m relating to the non-deduction of
tax losses previously claimed on hedge contracts. Penalties and interest on the disputed amounts are estimated at a
further $37m. Management is of the opinion that the taxes are not payable and is preparing a response.

(13)

Tax dispute – on 7 April 2014 AngloGold Ashanti Limited received notification from the South African Revenue Service that

certain corporate expenses have been disallowed. The total amount including penalties and interest is estimated at $8m and

the company will be appealing against this decision

(14)

Indemnity - As part of the acquisition by AngloGold Ashanti Limited of the remaining 50% interest in MSG during

June 2012, Kinross Gold Corporation (Kinross) has provided an indemnity to a maximum amount of BRL255m against
the specific exposures discussed in items 8 and 9 above. At 31 December 2013, the company has estimated that the
maximum contingent asset is $64m (2013: $93m).

(15)

Royalty - As a result of the sale of the interest in the Tau Lekoa Gold Mine during 2010, the group is entitled to receive a

royalty on the production of a total of 1.5Moz by the Tau Lekoa Gold Mine and in the event that the average
monthly rand price of gold exceeds R180,000/kg (subject to an inflation adjustment).Where the average monthly
rand price of gold does not exceed R180,000/kg (subject to an inflation adjustment), the ounces produced in that
quarter do not count towards the total 1.5Moz upon which the royalty is payable. The royalty is determined a t 3%
of the net revenue (being gross revenue less state royalties) generated by the Tau Lekoa assets. Royalties on
435,986oz (2013: 331,558oz) produced have been received to date.

(16)

Provision of surety - The company has provided surety in favour of a lender on a gold loan facility with its associate
Oro Group (Pty) Limited and one of its subsidiaries t o a maximum value of $10m (2013: $11m). The probability of
the non- performance under the surety ships is considered minimal. The suretyship agreements have a termination
notice period of 90 days.

March 2014 Quarterly Report - www.AngloGoldAshanti.com

18. Concentration of tax risk

There is a concentration of tax risk in respect of recoverable value added tax, fuel duties and appeal deposits from the Tanzanian
government.

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

2014

US Dollar million

Recoverable fuel duties

(1)

Recoverable value added tax

Appeal deposits

(1)

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

19. Borrowings

AngloGold Ashanti’s borrowings are interest bearing.

20. Subsequent events

In February 2014, Cerro Vanguardia Sociedad Anonima (a 92.5% held subsidiary of AngloGold Ashanti Limited) entered into a sale
agreement with Franco Nevada Corporation, subject to certain conditions, related to the 2.0% NSR royalty on Yamana’s Gold Inc.’s Cerro
Moro project located in Argentina for a cash consideration equal to the Argentine peso equivalent of US$23.5 million (as determined at
the official Argentine peso/US$ exchange rate on closing). The conditions were met and the transaction closed on 24 April 2014.

21. Announcements

AMCU Strike Notice: On 20 January 2014, AngloGold Ashanti confirmed that the Association of Mineworkers and Construction Union
(AMCU) had served notice that it intended to call a strike by its members at the company’s South Africa operations, starting Thursday,
23 January 2014.

Threatened strike by AMCU declared unprotected: On 30 January 2014, AngloGold Ashanti announced that South Africa’s Labour Court
had ruled that a strike threatened by AMCU at the company’s South Africa mines would be unprotected, and that employees should
continue to proceed to work. Also, on 30 January 2014, the court granted an interim interdict and ruled that AMCU must return to court
on 14 March 2014 to explain why the interim interdict should not be made permanent.

On 14 March 2014, a postponement was requested and a new court date was set for 5 June 2014. The interim interdict will remain in
force until 5 June 2014.

AngloGold Ashanti enters into agreement to sell Navachab mine: On 10 February 2014, AngloGold Ashanti announced that it had
signed a binding agreement, subject to certain conditions, to sell its entire interest in AngloGold Ashanti Namibia (Proprietary) Limited, a
wholly owned subsidiary which owns the Navachab Gold Mine, to a wholly-owned subsidiary of QKR Corporation Limited. The
agreement provided for an upfront consideration based on an enterprise value of US$110 million which will be adjusted to take into
account the mine’s net debt and working capital position on the closing date of the transaction and is subject to a number of conditions
precedent.

Changes to the Board of Directors: On 17 February 2014, AngloGold Ashanti announced that as a result of his increasing portfolio of
professional commitments, Mr TT Mboweni had decided not to stand for re-election as an independent Non-Executive Director at the
Annual General Meeting to be held on 14 May 2014. Mr Mboweni also stood down as Chairman on the same date. Mr SM Pityana was
elected unanimously by the board to take over from Mr Mboweni. Prof LW Nkuhlu was also appointed Lead Independent Director.

AngloGold Ashanti announces new board appointment: on 25 March 2014 AngloGold Ashanti announced the appointment of Mr David L
Hodgson as an independent non-executive director to its Board of Directors, with effect from 25 April 2014.

By order of the Board

S M PITYANA

S VENKATAKRISHNAN

Chairman

Chief Executive Officer

12 May 2014

March 2014 Quarterly Report - www.AngloGoldAshanti.com

Non-GAAP disclosure

Year ended

Mar

Dec

Mar

Dec

2014

2013

Unaudited

Headline earnings (loss) (note 9)

(276)

259

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

(28)

(94)

Deferred tax on unrealised non-hedge derivatives and
other commodity contracts (note 8)

(4)

Derecognition of deferred tax assets

330

Fair value adjustment on $1.25bn bonds

Fair value adjustment on option component of convertible bonds

(9)

Fair value adjustment on mandatory convertible bonds

(137)

211

Adjusted headline earnings

119

113

599

Adjusted headline earnings per ordinary share (cents)

(1)

153

(1)

Calculated on the basic weighted average number of ordinary shares.

Year ended

Mar

Dec

Mar

Dec

2014

2013

Unaudited

Reconciliation of gross profit to adjusted gross profit:

Gross profit

296

404

434

1,445

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

(28)

(94)

Adjusted gross profit

312

376

434

1,351

Price received

Year ended

Mar

Dec

Mar

Dec

2014

2013

Unaudited

Gold income (note 2)

1,324

1,418

1,463

5,497

Adjusted for non-controlling interests

(20)

(15)

(22)

(77)

1,304

1,403

1,441

5,420

Realised loss on other commodity contracts

Associates and joint ventures' share of gold income including realised
non-hedge derivatives

106

105

290

Attributable gold income including realised non-hedge
derivatives

1,415

1,514

1,517

5,736

Attributable gold sold - oz (000)

1,097

1,191

927

4,093

Revenue price per unit - $/oz

1,290

1,271

1,636

1,401

Rounding of figures may result in computational discrepancies.

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

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

Adjusted headline earnings

Quarter ended

US Dollar million

Quarter ended

US Dollar million / Imperial

Quarter ended

Adjusted gross profit

US Dollar million

March 2014 Quarterly Report - www.AngloGoldAshanti.com

Year ended

Mar

Dec

Mar

Dec

2014

2013

Unaudited

All-in sustaining costs

Cost of sales (note 3)

1,012

1,042

1,029

4,146

Amortisation of tangible and intangible assets (note 3)

(184)

(211)

(215)

(799)

Adjusted for decommissioning amortisation

Inventory writedown to net realisable value and other stockpile
adjustments (note 5)

216

Corporate administration and marketing related to current operations

199

Associates and joint ventures' share of costs

234

Sustaining exploration and study costs

Total sustaining capex

174

253

243

999

All-in sustaining costs

1,107

1,265

1,202

5,095

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

(17)

(16)

(19)

(71)

All-in sustaining costs adjusted for non-controlling interests and
non-gold producing companies

1,090

1,249

1,183

5,024

Adjusted for stockpile write-offs

(38)

(216)

All-in sustaining costs adjusted for non-controlling interests, non-gold
producing companies and stockpile write-offs

1,090

1,211

1,183

4,808

All-in sustaining costs

1,107

1,265

1,202

5,095

Non-sustaining Project capex

100

224

269

994

Technology improvements

Non-sustaining exploration and study costs

175

Corporate and social responsibility costs not related to current operations

All-in costs

1,237

1,525

1,527

6,299

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

(14)

(16)

(23)

(81)

All-in costs adjusted for non-controlling interests and
non-gold producing companies

1,223

1,509

1,504

6,218

Adjusted for stockpile write-offs

(38)

(216)

All-in costs adjusted for non-controlling interests, non-gold producing
companies and stockpile write-offs

1,223

1,471

1,504

6,002

Gold sold - oz (000)

1,097

1,191

927

4,093

All-in sustaining cost (excluding stockpile write-offs) per unit - $/oz

993

1,015

1,275

1,174

All-in cost per unit (excluding stockpile write-offs) - $/oz

1,114

1,233

1,622

1,466

Refer to note J for summary of operations by mine

Total costs

Total cash costs (note 3)

778

861

797

3,297

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

(34)

(20)

(39)

(110)

Associates and joint ventures' share of total cash costs

219

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

812

920

804

3,406

Retrenchment costs (note 3)

Rehabilitation and other non-cash costs (note 3)

(11)

Amortisation of tangible assets (note 3)

175

202

213

775

Amortisation of intangible assets (note 3)

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

(4)

(6)

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

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

1,042

1,170

1,031

4,329

Gold produced - oz (000)

1,055

1,229

899

4,105

Total cash cost per unit - $/oz

770

748

894

830

Total production cost per unit - $/oz

988

952

1,147

1,054

Refer to note J for summary of operations by mine

EBITDA

Operating profit (loss)

229

235

264

(2,440)

Retrenchment costs (note 3)

Amortisation of tangible assets (note 3)

175

202

213

775

Amortisation of intangible assets (note 3)

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

3,029

Impairment of other investments (note 5)

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

(2)

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

(28)

(94)

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

216

Write-off of a loan to SOKIMO (note 5)

Share of equity-accounted associates and joint ventures' EBITDA

476

544

509

1,667

Quarter ended

US Dollar million / Imperial

March 2014 Quarterly Report - www.AngloGoldAshanti.com

Year ended

Mar

Dec

Mar

Dec

2014

2013

Unaudited

Interest cover

EBITDA (note F)

476

544

509

1,667

Finance costs (note 6)

247

Capitalised finance costs

252

Interest cover - times

As at

Mar

Dec

Mar

2014

2013

Unaudited

Net asset value - cents per share

Total equity

3,175

3,107

5,569

Mandatory convertible bonds

448

3,175

3,107

6,017

Number of ordinary shares in issue - million (note 10)

404

403

385

Net asset value - cents per share

786

770

1,562

Total equity

3,175

3,107

5,569

Mandatory convertible bonds

448

Intangible assets

(269)

(267)

(321)

2,906

2,840

5,696

Number of ordinary shares in issue - million (note 10)

404

403

385

Net tangible asset value - cents per share

720

704

1,479

Net debt

Borrowings - long-term portion

3,569

3,633

2,844

Borrowings - short-term portion

235

258

214

Bank overdraft

Total borrowings

(1)

3,826

3,911

3,058

Corporate office lease

(24)

(25)

(29)

Unamortised portion of the convertible and rated bonds

(3)

Fair value adjustment on $1.25bn bonds

(128)

(58)

Cash restricted for use

(51)

(77)

(63)

Cash and cash equivalents

(525)

(648)

(680)

Net debt excluding mandatory convertible bonds

3,095

3,105

2,319

Rounding of figures may result in computational discrepancies.

(1)

Borrowings exclude the mandatory convertible bonds (note H).

US Dollar million

Quarter ended

US Dollar million / Imperial

March 2014 Quarterly Report - www.AngloGoldAshanti.com

J Summary of Operations by mine

For the three months ended 31 March 2014

Operations in South Africa
(in $ millions, except as otherwise noted)

Great
Noligwa

Kopanang

Moab
Khotsong

Mpneng

TauTona

Surface
operat
ions

South
Africa
other

Total

South
Africa

(Operations)

Corpor
ate(5)

All-in sustaining costs
Cost of sales per financial statements

312

Amortisation of tangible and intangible assets

(2)

(20)

(12)

(17)

(5)

(72)

(3)

Adjusted for decomissioning amortisation

Inventory writedown to net realisable value and other
stockpile adjustments

Corporate administration and marketing related to
current operations

Associates and equity accounted joint ventures' share of
costs

(2)

(1)

Sustaining exploration and study costs

Total sustaining capital expenditure

All-in sustaining costs

282

Adjusted for non-controlling interests

(1)

All-in sustaining costs adjusted for non-controlling
interests

282

Gold sold - oz (000)

(3)

290

All-in sustaining cost (excluding stockpile
impairments) per unit - $/oz

(4)

1,200

1,320

802

930

916

1,000

975

Total cash costs

Total cash costs per financial statements

231

(1)

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

(1)

Associates and equity accounted joint ventures’ share of
total cash costs

(2)

(1)

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

231

Retrenchment costs

Rehabilitation and other non-cash costs

(2)

Amortisation of tangible assets

(1)

Amortisation of intangible assets

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

(1)

Associates and equity accounted joint ventures' share of
production costs

(2)

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

313

Gold produced – oz (000)

(3)

290

Total cash costs per unit – $/oz

(4)

1,123

1,074

646

709

774

836

797

Total production costs per unit – $/oz

(4)

1,258

1,802

888

974

1,125

934

1,077

(1)

Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap leach

inventory.

(2)

Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash costs

per ounce and total production costs per ounce.

(3)

Attributable portion.

(4)

In addition to the operational performances of the mines, all-in sustaining cost per ounce, total cash costs per ounce and total production

costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-in sustaining cost per ounce

calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports total cash costs per ounce and total

production costs per ounce calculated to the nearest US dollar amount and gold produced in ounces.

(5)

Corporate includes non-gold producing subsidiaries.

(6)

Total cash costs per ounce calculation includes heap-leach inventory change.

March 2014 Quarterly Report - www.AngloGoldAshanti.com

For the three months ended 31 March 2014

Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in $ millions, except as otherwise noted)

DRC

GHANA

GUINEA

MALI

NAM
IBIA

TANZ
ANIA

Con
tine
ntal
Africa
other

TOTAL
CONTINE
NTAL
AFRICA

Kibali

Idua
priem

Obuasi

Siguiri

Morila

Sadiola

Yatela

Nava
chab

Geita

All-in sustaining costs
Cost of sales per financial statements

109

325

Amortisation of tangible and intangible assets

(5)

(4)

(7)

(18)

(1)

(35)

Adjusted for decomissioning amortisation

Inventory writedown to net realisable value and
other stockpile adjustments

Abandonment of stockpiles

Corporate administration and marketing related
to current operations

Associates and equity accounted joint ventures'
share of costs

(2)

Sustaining exploration and study costs

Total sustaining capital expenditure

All-in sustaining costs

127

432

Adjusted for non-controlling interests

(1)

(12)

All-in sustaining costs adjusted for non-
controlling interests

127

420

Gold sold - oz (000)

(3)

122

401

All-in sustaining cost (excluding stockpile
impairments) per unit - $/oz

(4)

572

898

1,530

961

1,598

1,404 2,062 785

1,048

1,042

Total cash costs

Total cash costs per financial statements

(1)

243

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

(1)

(10)

Associates and equity accounted joint ventures’
share of total cash costs

(2)

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

(1)

302

Retrenchment costs

Rehabilitation and other non-cash costs

Amortisation of tangible assets

Amortisation of intangible assets

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

(1)

Associates and equity accounted joint ventures'
share of production costs

(2)

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

366

Gold produced – oz (000)

(3)

106

374

Total cash costs per unit – $/oz

(4)

538

716

1,234

800

1,099

1,262 1,804 771

631

808

Total production costs per unit – $/oz

(4)

806

857

1,346

907

1,215

1,591 1,889 780

832

977

March 2014 Quarterly Report - www.AngloGoldAshanti.com

For the three months ended 31 March 2014

Operations in Australia, United States of America, Argentina and Brazil
(in $ millions, except as otherwise noted)

AUSTRALIA

TOTAL
AUSTR
ALIA

UNITED
STATES
OF
AMERICA

ARGEN
TINA

BRAZIL

Americas
other

TOTAL
AMERICAS

Sunrise
Dam

Tropicana

Australia
other

Cripple
Creek
&
Victor

Cerro
Vangua
rdia

Anglo
Gold
Ashanti
Minera
cao

Serra
Grande

All-in sustaining costs
Cost of sales per financial statements

157

217

Amortisation of tangible and intangible assets

(8)

(22)

(30)

(8)

(26)

(10)

(44)

Adjusted for decomissioning amortisation

Inventory writedown to net realisable value and other
stockpile adjustments

Corporate administration and marketing related to
current operations

Associates and equity accounted joint ventures' share
of costs

(2)

Sustaining exploration and study costs

Total sustaining capital expenditure

All-in sustaining costs

158

215

Adjusted for non-controlling interests

(1)

(4)

(8)

All-in sustaining costs adjusted for non-controlling
interests

158

207

Gold sold - oz (000)

(3)

168

237

All-in sustaining cost (excluding stockpile
impairments) per unit - $/oz

(4)

1,095

694

929

1,015

800

805

1,027

879

Total cash costs

Total cash costs per financial statements

121

184

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

(1)

(23)

(3)

(26)

Associates and equity accounted joint ventures’ share
of total cash costs

(2)

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

121

158

Retrenchment costs

Rehabilitation and other non-cash costs

Amortisation of tangible assets

Amortisation of intangible assets

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

(1)

(2)

(1)

(3)

Associates and equity accounted joint ventures' share
of production costs

(2)

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

152

210

Gold produced – oz (000)

(3)

155

236

Total cash costs per unit – $/oz

(4)

1,066

495

779

699

(6)

644

619

799

668

Total production costs per unit – $/oz

(4)

1,180

751

979

826

804

895

1,134

890

March 2014 Quarterly Report - www.AngloGoldAshanti.com

For the three months ended 31 December 2013

Operations in South Africa
(in $ millions, except as otherwise noted)

Great
Noligwa

Kopanang

Moab
Khotsong

Mponeng

Savuka(7)

Tau
Tona(7)

Surface
operations

South
Africa
other

Total South
Africa
(Operations)

Corpor
ate(5)

All-in sustaining costs

Cost of sales per financial statements

322

(5)

Amortisation of tangible and intangible assets

(2)

(10)

(12)

(19)

(13)

(6)

(62)

(2)

Adjusted for decomissioning amortisation

Inventory writedown to net realisable value and other
stockpile adjustments

(2)

Corporate administration and marketing related to
current operations

Associates and equity accounted joint ventures' share of
costs

(2)

Sustaining exploration and study costs

Total sustaining capital expenditure

All-in sustaining costs

342

Adjusted for non-controlling interests

(1)

All-in sustaining costs adjusted for non-controlling
interests

342

Gold sold - oz (000)

(3)

340

All-in sustaining cost (excluding stockpile
impairments) per unit - $/oz

(4)

1,294

1,296

890

963

852

1,039

1,005

Total cash costs

Total cash costs per financial statements

260

(8)

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

(1)

Associates and equity accounted joint ventures’ share of
total cash costs

(2)

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

260

Retrenchment costs

(1)

Rehabilitation and other non-cash costs

(13)

(2)

(8)

Amortisation of tangible assets

Amortisation of intangible assets

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

(1)

Associates and equity accounted joint ventures' share of
production costs

(2)

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

(2)

321

Gold produced – oz (000)

(3)

339

Total cash costs per unit – $/oz

(4)

1,032

910

596

656

809

915

767

Total production costs per unit – $/oz

(4)

1,198

1,239

835

885

809

1,035

946

(1)

Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap leach

inventory of Cripple Creek & Victor.

(2)

Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash costs

per ounce and total production costs per ounce.

(3)

Attributable portion.

(4)

In addition to the operational performances of the mines, all-in sustaining cost per ounce, total cash costs per ounce and total production

costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-in sustaining cost per ounce

calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports total cash costs per ounce and total

production costs per ounce calculated to the nearest US dollar amount and gold produced in ounces.

(5)

Corporate includes non-gold producing subsidiaries.

(6)

Total cash costs per ounce calculation includes heap-leach inventory change.

(7)

As from 1 January 2013, Tau Tona and Savuka were mined as one operation.

March 2014 Quarterly Report - www.AngloGoldAshanti.com

For the three months ended 31 December 2013

Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in $ millions, except as otherwise noted)

DRC

GHANA

GUINEA

MALI

NAMI
BIA

TANZ
ANIA

Con
tine
ntal
Africa
other

TOTAL
CONTINEN
TAL
AFRICA

Kibali

Idua

priem

uasi

Siguiri

Morila

Sadiola

Yatela

Nava
chab

Geita

All-in sustaining costs
Cost of sales per financial statements

353

Amortisation of tangible and intangible assets

(8)

(2)

(8)

(33)

(51)

Adjusted for decomissioning amortisation

Inventory writedown to net realisable value and
other stockpile adjustments

Corporate administration and marketing related
to current operations

(2)

Associates and equity accounted joint ventures'
share of costs

(2)

Sustaining exploration and study costs

Total sustaining capital expenditure

(1)

109

All-in sustaining costs

129

139

548

Adjusted for non-controlling interests

(1)

(13)

(12)

All-in sustaining costs adjusted for non-
controlling interests

129

139

536

Gold sold - oz (000)

(3)

147

437

All-in sustaining cost (excluding stockpile
impairments) per unit - $/oz

(4)

469

1,153

2,069

1,116

1,434

1,639 2,226 526

784

1,129

Total cash costs

Total cash costs per financial statements

318

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

(1)

(11)

Associates and equity accounted joint ventures’
share of total cash costs

(2)

(1)

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

(1)

386

Retrenchment costs

Rehabilitation and other non-cash costs

(1)

Amortisation of tangible assets

Amortisation of intangible assets

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

(1)

(2)

Associates and equity accounted joint ventures'
share of production costs

(2)

(1)

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

115

476

Gold produced – oz (000)

(3)

154

460

Total cash costs per unit – $/oz

(4)

471

966

1,354

844

853

1,506 1,923 524

543

839

Total production costs per unit – $/oz

(4)

694

1,240

1,492

967

982

1,673 2,255 485

755

1,034

March 2014 Quarterly Report - www.AngloGoldAshanti.com

For the three months ended 31 December 2013

Operations in Australia, United States of America, Argentina and Brazil
(in $ millions, except as otherwise noted)

AUSTRALIA

TOTAL
AUSTR
ALIA

UNITED
STATES
OF
AMERICA

ARGEN
TINA

BRAZIL

Americas
other

TOTAL
AMERICAS

Sunrise
Dam

Tropicana

Australia
other

Cripple
Creek
&
Victor

Cerro
Vangu
ardia

Anglo
Gold
Ashanti
Minerac
ao

Serra
Grande

All-in sustaining costs
Cost of sales per financial statements

162

210

Amortisation of tangible and intangible assets

(27)

(2)

(56)

(7)

(22)

(10)

(1)

(40)

Adjusted for decomissioning amortisation

Inventory writedown to net realisable value and other
stockpile adjustments

Corporate administration and marketing related to
current operations

Associates and equity accounted joint ventures' share
of costs

(2)

Sustaining exploration and study costs

Total sustaining capital expenditure

(11)

All-in sustaining costs

115

112

(11)

236

Adjusted for non-controlling interests

(1)

(4)

All-in sustaining costs adjusted for non-controlling
interests

115

112

(11)

232

Gold sold - oz (000)

(3)

152

126

262

All-in sustaining cost (excluding stockpile
impairments) per unit - $/oz

(4)

804

640

763

1,076

852

891

956

887

Total cash costs

Total cash costs per financial statements

108

183

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

(1)

(13)

(3)

(1)

(17)

Associates and equity accounted joint ventures’ share
of total cash costs

(2)

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

108

166

Retrenchment costs

Rehabilitation and other non-cash costs

(19)

(3)

(19)

Amortisation of tangible assets

Amortisation of intangible assets

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

(1)

Associates and equity accounted joint ventures' share
of production costs

(2)

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

166

206

Gold produced – oz (000)

(3)

102

169

120

262

Total cash costs per unit – $/oz

(4)

685

569

640

825

(6)

672

518

712

634

Total production costs per unit – $/oz

(4)

945

1,016

985

846

784

720

928

787

March 2014 Quarterly Report - www.AngloGoldAshanti.com

For the three months ended 31 March 2013

Operations in South Africa
(in $ millions, except as otherwise noted)

Great
Noligwa

Kopanang

Moab
Khotsong

Mponeng

Savuka(7)

TauTona(7)

Surface
operations

South
Africa
other

Total

South
Africa

(Operations)

Corpor
ate(5)

All-in sustaining costs
Cost of sales per financial statements

354

Amortisation of tangible and intangible assets

(2)

(11)

(18)

(22)

(11)

(5)

(69)

Adjusted for decomissioning amortisation

Inventory writedown to net realisable value and other
stockpile adjustments

Corporate administration and marketing related to
current operations

Associates and equity accounted joint ventures' share of
costs

(2)

Sustaining exploration and study costs

Total sustaining capital expenditure

(1)

All-in sustaining costs

355

Adjusted for non-controlling interests

(1)

All-in sustaining costs adjusted for non-controlling
interests

355

Gold sold - oz (000)

(3)

314

All-in sustaining cost (excluding stockpile
impairments) per unit - $/oz

(4)

1,243

1,228

1,564

929

1,319

832

1,129

Total cash costs

Total cash costs per financial statements

293

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

(1)

(3)

Associates and equity accounted joint ventures’ share of
total cash costs

(2)

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

293

Retrenchment costs

Rehabilitation and other non-cash costs

(1)

Amortisation of tangible assets

Amortisation of intangible assets

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

(1)

Associates and equity accounted joint ventures' share of
production costs

(2)

(1)

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

368

(1)

Gold produced – oz (000)

(3)

327

Total cash costs per unit – $/oz

(4)

1,108

932

1,052

707

1,070

805

896

Total production costs per unit – $/oz

(4)

1,220

1,193

1,496

950

1,280

892

1,123

(1)

Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap leach

inventory of Cripple Creek & Victor.

(2)

Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash costs

per ounce and total production costs per ounce.

(3)

Attributable portion.

(4)

In addition to the operational performances of the mines, all-in sustaining cost per ounce, total cash costs per ounce and total production

costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-in sustaining cost per ounce

calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports total cash costs per ounce and total

production costs per ounce calculated to the nearest US dollar amount and gold produced in ounces.

(5)

Corporate includes non-gold producing subsidiaries.

(6)

Total cash costs per ounce calculation includes heap-leach inventory change.

(7)

As from 1 January 2013, Tau Tona and Savuka were mined as one operation.

March 2014 Quarterly Report - www.AngloGoldAshanti.com

For the three months ended 31 March 2013

Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in $ millions, except as otherwise noted)

DRC

GHANA

GUINEA

MALI

NAMIBIA

TANZ
ANIA

Con
tine
ntal
Afri
ca
other

TOTAL
CONTINEN
TAL
AFRICA

Kibali

Idua

priem

uasi

Siguiri

Morila

Sadiola

Yatela

Navachab

Geita

All-in sustaining costs
Cost of sales per financial statements

123

361

Amortisation of tangible and intangible assets

(7)

(23)

(6)

(4) (29)

(2)

(71)

Adjusted for decomissioning amortisation

Inventory writedown to net realisable value and
other stockpile adjustments

Corporate administration and marketing related
to current operations

Associates and equity accounted joint ventures'
share of costs

(2)

Sustaining exploration and study costs

Total sustaining capital expenditure

All-in sustaining costs

149

448

Adjusted for non-controlling interests

(1)

(15)

All-in sustaining costs adjusted for non-
controlling interests

149

433

Gold sold - oz (000)

(3)

315

All-in sustaining cost (excluding stockpile
impairments) per unit - $/oz

(4)

1,286

2,608

1,172

883

1,317 1,350 1,005 878

1,376

Total cash costs

Total cash costs per financial statements

240

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

(1)

(11)

Associates and equity accounted joint ventures’
share of total cash costs

(2)

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

275

Retrenchment costs

Rehabilitation and other non-cash costs

Amortisation of tangible assets

Amortisation of intangible assets

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

(1)

Associates and equity accounted joint ventures'
share of production costs

(2)

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

113

354

Gold produced – oz (000)

(3)

276

Total cash costs per unit – $/oz

(4)

1,052

1,742

998

772

1,103 1,316

896

389

994

Total production costs per unit – $/oz

(4)

1,235

2,290

1,087

841

1,124 1,377 1,221 839

1,278

March 2014 Quarterly Report - www.AngloGoldAshanti.com

For the three months ended 31 March 2013

Operations in Australia, United States of America, Argentina and Brazil
(in $ millions, except as otherwise noted)

AUSTRALIA

TOTAL
AUSTR
ALIA

UNITED
STATES
OF
AMERI
CA

ARGE
NTINA

BRAZIL

Americas
other

TOTAL
AMERICAS

Sunrise
Dam

Tropicana

Australia
other

Cripple
Creek
&
Victor

Cerro
Vanguar
dia

Anglo
Gold
Ashanti
Minera
cao

Serra
Grande

All-in sustaining costs
Cost of sales per financial statements

219

Amortisation of tangible and intangible assets

(13)

(1)

(14)

(11)

(10)

(30)

(9)

(1)

(61)

Adjusted for decomissioning amortisation

Inventory writedown to net realisable value and other
stockpile adjustments

Corporate administration and marketing related to
current operations

Associates and equity accounted joint ventures' share
of costs

(2)

Sustaining exploration and study costs

Total sustaining capital expenditure

All-in sustaining costs

100

107

227

Adjusted for non-controlling interests

(1)

(4)

All-in sustaining costs adjusted for non-controlling
interests

100

107

223

Gold sold - oz (000)

(3)

241

All-in sustaining cost (excluding stockpile
impairments) per unit - $/oz

(4)

1,727

1,857

743

955

933

952

924

Total cash costs

Total cash costs per financial statements

182

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

(1)

(23)

(3)

(25)

Associates and equity accounted joint ventures’ share
of total cash costs

(2)

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

157

Retrenchment costs

Rehabilitation and other non-cash costs

Amortisation of tangible assets

Amortisation of intangible assets

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

(1)

(3)

(1)

(4)

Associates and equity accounted joint ventures' share
of production costs

(2)

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

217

Gold produced – oz (000)

(3)

234

Total cash costs per unit – $/oz

(4)

1,247

1,302

643

(6)

583

689

789

668

Total production costs per unit – $/oz

(4)

1,460

1,525

803

783

1,028 1,082

926

March 2014 Quarterly Report - www.AngloGoldAshanti.com

For the year ended 31 December 2013

Operations in South Africa
(in $ millions, except as otherwise noted)

Great
Noligwa

Kopanang

Moab
Khotsong

Mponeng

Savuka(7)

TauTona(7)

Surface
operations

South
Africa
other

Total South
Africa
(Operati
ons)

Corporate(5)

All-in sustaining costs
Cost of sales per financial statements

103

215

240

347

262

226

1,393

Amortisation of tangible and intangible assets

(8)

(43)

(60)

(82)

(51)

(9)

(253)

(9)

Adjusted for decomissioning amortisation

(1)

Inventory writedown to net realisable value and other
stockpile adjustments

(1)

Corporate administration and marketing related to
current operations

168

Associates and equity accounted joint ventures' share of
costs

(2)

Sustaining exploration and study costs

(1)

Total sustaining capital expenditure

312

All-in sustaining costs

108

223

259

360

270

233

1,459

168

Adjusted for non-controlling interests

(1)

All-in sustaining costs adjusted for non-controlling
interests

108

223

259

360

270

233

1,459

168

Gold sold - oz (000)

(3)

178

212

354

235

240

1,302

All-in sustaining cost (excluding stockpile
impairments) per unit - $/oz

(4)

1,305

1,255

1,223

1,016

1,149

969

1,120

Total cash costs

Total cash costs per financial statements

163

169

255

216

213

1,107

(7)

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

(1)

Associates and equity accounted joint ventures’ share of
total cash costs

(2)

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

163

169

255

216

213

1,107

(1)

Retrenchment costs

Rehabilitation and other non-cash costs

(10)

Amortisation of tangible assets

237

Amortisation of intangible assets

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

(1)

(3)

Associates and equity accounted joint ventures' share of
production costs

(2)

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

103

216

241

347

262

224

1,393

Gold produced – oz (000)

(3)

178

212

354

235

240

1,302

Total cash costs per unit – $/oz

(4)

1,100

918

797

719

920

883

850

Total production costs per unit – $/oz

(4)

1,252

1,210

1,138

978

1,117

933

1,070

(1) Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap leach

inventory of Cripple Creek & Victor.

(2) Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash costs

per ounce and total production costs per ounce.

(3) Attributable portion.

(4) In addition to the operational performances of the mines, all-in sustaining cost per ounce, total cash costs per ounce and total production

costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-in sustaining cost per ounce

calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports total cash costs per ounce and total

production costs per ounce calculated to the nearest US dollar amount and gold produced in ounces.

(5) Corporate includes non-gold producing subsidiaries.

(6) Total cash costs per ounce calculation includes heap-leach inventory change.

(7) As from 1 January 2013, Tau Tona and Savuka were mined as one operation.

March 2014 Quarterly Report - www.AngloGoldAshanti.com

For the year ended 31 December 2013

Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in $ millions, except as otherwise noted)

DRC

GHANA

GUINEA

MALI

NA
MI
BIA

TAN
ZA
NIA

Contine
ntal
Africa
other

TOTAL
CONTINE
NTAL
AFRICA

Kibali

Iduapriem

Obuasi

Siguiri

Morila

Sadiola

Yatela

Nava
chab

Geita

All-in sustaining costs
Cost of sales per financial statements

226

425

324

346

1,393

Amortisation of tangible and intangible assets

(30)

(50)

(27)

(6)

(120)

(6)

(239)

Adjusted for decomissioning amortisation

Inventory writedown to net realisable value and
other stockpile adjustments

216

Corporate administration and marketing related
to current operations

Associates and equity accounted joint ventures'
share of costs

(2)

118

232

Sustaining exploration and study costs

Total sustaining capital expenditure

154

146

379

All-in sustaining costs

303

541

345

147

473

2,029

Adjusted for non-controlling interests

(1)

(52)

(1)

(53)

All-in sustaining costs adjusted for non-
controlling interests

303

541

293

147

473

1,976

Gold sold - oz (000)

(3)

215

242

272

461

1,462

All-in sustaining cost (excluding stockpile
impairments) per unit - $/oz

(4)

529

1,025

2,214

1,085

1,051

1,510 1,653 781

833

1,202

Total cash costs

Total cash costs per financial statements

190

336

290

237

(3)

1,094

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

(1)

(43)

Associates and equity accounted joint ventures’
share of total cash costs

(2)

114

219

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

190

336

247

114

237

(3)

1,270

Retrenchment costs

Rehabilitation and other non-cash costs

(1)

Amortisation of tangible assets

105

236

Amortisation of intangible assets

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

(1)

(5)

Associates and equity accounted joint ventures'
share of production costs

(2)

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

231

420

273

119

342

1,586

Gold produced – oz (000)

(3)

221

239

268

459

1,460

Total cash costs per unit – $/oz

(4)

471

861

1,406

918

773

1,334 1,530 691

515

869

Total production costs per unit – $/oz

(4)

701

1,047

1,758

1,018

838

1,389 1,702 771

778

1,086

March 2014 Quarterly Report - www.AngloGoldAshanti.com

For the year ended 31 December 2013

Operations in Australia, United States of America, Argentina and Brazil
(in $ millions, except as otherwise noted)

AUSTRALIA

TOTAL
AUSTR
ALIA

UNITED
STATES
OF
AMERI
CA

ARGEN
TINA

BRAZIL

Americas other

TOTAL
AMERICAS

Sunrise
Dam

Tropicana

Australia
other

Cripple
Creek&
Victor

Cerro
Vanguar
dia

Anglo
Gold
Ashanti
Mineracao

Serra
Grande

All-in sustaining costs
Cost of sales per financial statements

366

449

201

199

374

133

910

Amortisation of tangible and intangible assets

(67)

(27)

(3)

(97)

(21)

(35)

(103)

(41)

(1)

(201)

Adjusted for decomissioning amortisation

Inventory writedown to net realisable value and other
stockpile adjustments

Corporate administration and marketing related to
current operations

Associates and equity accounted joint ventures' share
of costs

(2)

Sustaining exploration and study costs

Total sustaining capital expenditure

118

230

All-in sustaining costs

350

445

214

232

409

136

994

Adjusted for non-controlling interests

(1)

(18)

All-in sustaining costs adjusted for non-controlling
interests

350

445

214

409

136

976

Gold sold - oz (000)

(3)

265

323

231

236

399

141

1,007

All-in sustaining cost (excluding stockpile
impairments) per unit - $/oz

(4)

1,321

1,113

1,376

927

912

1,023

970

Total cash costs

Total cash costs per financial statements

306

358

230

162

253

745

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

(1)

(61)

(12)

(73)

Associates and equity accounted joint ventures’ share
of total cash costs

(2)

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

306

358

169

150

253

672

Retrenchment costs

Rehabilitation and other non-cash costs

(4)

(1)

(15)

(4)

(10)

Amortisation of tangible assets

101

198

Amortisation of intangible assets

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

(1)

(3)

Associates and equity accounted joint ventures' share
of production costs

(2)

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

369

456

199

185

364

136

888

Gold produced – oz (000)

(3)

276

342

231

241

391

138

1,001

Total cash costs per unit – $/oz

(4)

1,110

568

1,047

732

(6)

622

646

719

671

Total production costs per unit – $/oz

(4)

1,341

1,018

1,333

864

767

931

991

886

March 2014 Quarterly Report - www.AngloGoldAshanti.com

Administrative information

ANGLOGOLD ASHANTI LIMITED

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

Share codes:

ISIN:

ZAE000043485

JSE: ANG
LSE: (Shares)

AGD

LES : (Dis)

AGD

NYSE: AU
ASX: AGG
GhSE: (Shares)

AGA

GhSE: (GhDS)

AAD

JSE Sponsor:

UBS (South Africa) (Pty) Ltd

Auditors: Ernst & Young Inc.

Offices

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

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

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

United Kingdom Secretaries
St James’s Corporate Services Limited
Suite 31, Second Floor
107 Cheapside
London
EC2V 6DN
Telephone: +44 20 7796 8644
Fax: +44 20 7796 8645
E-mail: jane.kirton@corpserv.co.uk

Directors

Executive
RN Duffy

(Chief Financial Officer)

S Venkatakrishnan*

(Chief Executive Officer)

Non-Executive
SM Pityana

(Chairman)

R Gasant

DL Hogdson

NP January-Bardill

MJ Kirkwood

Prof LW Nkuhlu

TT Mboweni

R J Ruston~

* British

South African

~ Australian

Indian

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

Investor Relations Contacts

South Africa
Stewart Bailey
Telephone: +27 637 6031
Mobile: +27 81 032 2563
E-mail: sbailey@AngloGoldAshanti.com

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

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

General E-mail enquiries
investors@AngloGoldAshanti.com

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

Company secretarial E-mail
Companysecretary@AngloGoldAshanti.com

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

PUBLISHED BY ANGLOGOLD ASHANTI

Share Registrars

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

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

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

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

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

Global BuyDIRECT

BoNY maintains a direct share purchase and
dividend reinvestment plan for ANGLOGOLD
ASHANTI.
Telephone: +1-888-BNY-ADRS

March 2014 Quarterly Report - www.AngloGoldAshanti.com

SIGNATURES

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

AngloGold Ashanti Limited

Date: May 19, 2014

By:

/s/ M E SANZ PEREZ

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