Edgar Filing: ANGLOGOLD ASHANTI LTD

Page 1

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

Report on Form 6-K dated July 27, 2006

Commission File Number 1-14846

AngloGold Ashanti Limited

(Translation of registrant’s name into English)

11 Diagonal Street

Johannesburg, 2001

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

South Africa

(Address of principal executive offices)

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

Form 20-F X Form 40-F

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

Yes No X

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

Yes No X

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

Yes No X

Enclosure:

ANGLOGOLD ASHANTI REPORT FOR THE QUARTER AND SIX
MONTHS ENDED JUNE 30, 2006 PREPARED IN ACCORDANCE
WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS
(IFRS)

Quarter 2 2006

Report

for the quarter and six months ended 30 June 2006

Group results for the quarter

· Gold production up 6% to 1.415Moz, primarily due to strong performances from South African, Malian,

South American and Australian operations

· Price received 10% higher to $600/oz
· Total cash costs down 1% to $305/oz
· Adjusted headline earnings up 63% to $140m
· Interim dividend of 210 South African cents (29.89 US cents)/share declared
· Net debt level reduced from $1.66bn to $1.03bn

Quarter

Six months

Quarter

Six months

ended

Jun

2006

ended

Mar

2006

ended

Jun

2006

ended

Jun

2005

ended

Jun

2006

ended

Mar

2006

ended

Jun

2006

ended

Jun

2005

SA rand / Metric

US dollar / Imperial

Operating review

Gold
Produced

- kg / oz (000)

44,024

41,667 85,691 97,600

1,415

1,340

2,755

3,138

Price received

- R/kg / $/oz

125,409

107,903 116,683 84,739

600

545

573

423

Total cash costs

- R/kg / $/oz

63,276

60,815 62,079 56,064

305

308

306

281

Total production costs

- R/kg / $/oz

85,168

82,079 83,666

72,683

410

416

413 364

Financial review

Gross (loss) profit

- R / $ million

(594)

(318)

(912)

1,186

(61) (37)

211

Gross profit adjusted
for the effect of unrealised non-
hedge derivatives

- R / $ million

1,988

1,248 3,237 1,441

305

202

507

230

(Loss) profit attributable to equity
shareholders

- R / $ million

(1,047)

(1,074)

(2,121)

616

(54)

(185) (240)

118

Headline (loss) earnings³

- R / $ million

(1,086)

(1,067)

(2,154)

765

(60)

(184) (244)

143

Headline earnings before unrealised
non-hedge derivatives, fair value
gain (loss) on convertible bond
and interest rate swaps

- R / $ million

911

530 1,442 877

140

226

138

Capital expenditure

- R / $ million

1,168

961 2,130 1,932

181

156

337

311

(Loss) earnings per ordinary share - cents/share
Basic

(383)

(405)

(788)

233

(20)

(70) (89)

Diluted

(383)

(405)

(788)

232

(20)

(70) (89)

Headline³

(398)

(403)

(801)

289

(22)

(69) (91)

Headline earnings before unrealised
non-hedge derivatives, fair value
gain (loss) on convertible bond
and interest rate swaps

- cents/share

334

200 536 332

Dividends -

cents/share

210

170

Notes: 1.

Price received includes realised non-hedge derivatives.

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

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

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

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

Operations at a glance

for the quarter ended 30 June 2006

Price received

Production

Total cash costs Cash gross profit

Gross profit (loss)

adjusted for the

effect of

unrealised non-

hedge derivatives

$/oz

Variance

oz (000)

Variance

$/oz

Variance

Mponeng

651

156

229

(12)

Great Noligwa

655

153

(5)

277

Sunrise Dam

651

113

273

(3)

TauTona

653

120

267

(9)

Kopanang

654

114

295

(9)

AngloGold Ashanti Mineração

621

190

Cerro Vanguardia

515

188

125

Morila

632

–

249

(5)

Sadiola

628

255

(6)

Yatela

629

232

Geita

645

(15)

507

–

Cripple Creek & Victor

288

(22)

242

(2)

–

(5)

(350)

Siguiri

519

(2)

403

(18)

(50)

Serra Grande

499

–

206

Tau Lekoa

653

(11)

447

(14)

700

140

Navachab

638

–

279

Obuasi

480

(10)

(2)

406

(61)

(9)

(1,000)

Savuka

647

–

359

(1)

Iduapriem

500

(6)

(5)

408

(29) – (100)

Bibiani

631

(40)

412

(50)

Moab Khotsong

655

666

(21)

– 100

(5)

Other

AngloGold Ashanti

600

1,415

305

(1)

452

305

Price received includes realised non-hedge derivatives.

Cash gross profit is gross profit (loss) adjusted for the effect of unrealised non-hedge derivatives plus amortisation of tangible and intangible assets,
less non-cash revenues.

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

Variance June 2006 quarter on March 2006 quarter – increase (decrease).

5 Attributable.

Rounding of figures may result in computational discrepancies.

Financial and operating review

OVERVIEW FOR THE QUARTER

The quarter produced a modest improvement in lost-
time injury rates (6.6 compared to 6.8) and a more
significant improvement in fatal accidents (5 compared
to 11), with fatality rates reducing from 0.28 to 0.12.
Three operations were lost-time accident free, namely
Cripple Creek & Victor, Bibiani and Yatela. A further
seven operations recorded a single lost-time injury
during the quarter.

Improved production, higher received prices and lower
costs resulted in an improved financial performance for
the June quarter, with adjusted headline earnings up
63% to $140m. The price received, at $600/oz, was
10% higher than that of the previous quarter.

Operational performance was also solid, as particularly
strong results from the South Africa region and several
of the international assets resulted in a 6%
improvement in production to 1.415Moz and slightly
lower total cash costs, at $305/oz.

Four of the seven South African operations posted
higher production and lower total cash costs, with
production for the region 6% higher quarter-on-quarter
and total cash costs 4% better at R59,200/kg.

Kopanang, Mponeng and TauTona reported
particularly strong results, with production increases of
11%, 14% and 9% and total cash cost improvements
of 5%, 8% and 5%, respectively. At Great Noligwa,
lower volumes resulted in a 5% production decline as
well as a 10% increase in total cash costs.

In respect of the other African assets, the Malian
operations had a strong quarter, with production 24%
higher at Sadiola, 21% higher at Yatela and steady at
Morila. Production at Siguiri in Guinea also improved
by 4%, while all three of the Ghanaian assets reported
both lower production and higher cash costs.

As previously forecast, Geita, in Tanzania, continued to
suffer the effects of the first quarter’s adverse weather
conditions and the related delay in the Nyankanga pit
push-back. Production consequently declined 15%
and total cash costs increased 38%. In addition, the
recent application of a more appropriate grade
evaluation model has resulted in a lower in situ grade
and an increase in ore tonnage. This has reduced the
feed grade to the plant and in turn, gold output, as the
plant is currently running at full capacity. In light of
these issues, the 2006 production outlook for Geita has
been revised to approximately 350,000oz, with the
potential to double this in 2007, as the pit push-back is
completed and higher grades are accessed.

Importantly, this near-term revising down of production
at Geita does not impact the view of the significant
long-term potential of this orebody.

Turning to the international assets, Sunrise Dam,
in Australia, reported excellent operating results,
with production up 24% due to higher grades.
Total cash costs were consequently 4% lower
quarter-on-quarter.

In South America, both Cerro Vanguardia in
Argentina and AngloGold Ashanti Mineração in
Brazil reported solid results, with production 23%
and 16% higher, respectively, with total cash costs
stable.

At Cripple Creek & Victor, in the United States,
both production and total cash costs improved 2%
due to an increase in recoverable ounces placed
on the heap leach pad. Notwithstanding this
improvement, however, the 2006 production
outlook for Cripple Creek & Victor has been
reduced to approximately 300,000oz. This revision
is due to the effect of the quarter’s reduced rainfall
on the irrigation of the heap leach, after higher
volumes were placed on the pad to mitigate the
effect of the lower grades mined from the bottom
of the Altman pit late last year and into the first
quarter of 2006. The release of the lock-up on the
leach pad is expected to improve the production
outlook in 2007.

A dividend of 210 South African cents
(29.89 US cents) per share has been declared for
the six months ended 30 June 2006.

Looking ahead, production for the third quarter is
estimated to be around 1.4Moz at an average total
cash cost of $306/oz, assuming the following
exchange rates: R7.00/$, A$/$0.75, BRL2.18/$
and Argentinean peso 3.07/$. Capital expenditure
is estimated at $273m and will be managed in line
with profitability and cash flow.

In light of the company’s year-to-date performance
and the downward revision of the annual forecast
ounces for Geita and Cripple Creek & Victor, the
group production outlook for the year currently
stands at around 5.7Moz. The total cash costs for
the year are estimated at $301/oz. Capital
expenditure is forecast at $851m based on the
following exchange rates: R6.65/$, A$/$0.75,
BRL2.20/$ and Argentinean peso 3.09/$.

The proceeds of the recently completed equity
raising and improved cash generation have
enabled the company to reduce its net debt level
from $1.66bn to $1.03bn during the quarter. The
annual rolling net debt to EBITDA ratio improved
from 2.27 times at the end of 2005 to 1.1 times as
at 30 June 2006.

OPERATING RESULTS FOR THE QUARTER

SOUTH AFRICA

At Great Noligwa, volume mined declined 3% this
quarter as complex geology resulted in lower face
length. Yield decreased 5% due to temporary
maintenance work that required waste development to
be passed through the reef ore system, resulting in
dilution. As a result, production declined 5% to
4,767kg (153,000oz). Combined with higher
expenditures on public holiday overtime shifts and
additional temporary support, the lower production led
to a 10% increase in total cash costs to R57,253/kg
($277/oz). Gross profit adjusted for the effect of
unrealised non-hedge derivatives increased 32% to
R295m ($45m), primarily as a result of a higher price
received.

The Lost-Time Injury Frequency Rate (LTIFR) was
9.48 lost-time injuries per million hours worked (10.60
for the previous quarter). Regrettably, one employee
died in a fall of ground accident.

At Kopanang, the release of previously locked-up
material led to a 5% volume improvement and yield
also increased 5%. Production consequently rose 11%
to 3,561kg (114,000oz) and total cash costs declined
5% to R60,958/kg ($295/oz), although higher labour
expenditure partially offset the effect of improved
production. Gross profit adjusted for the effect of
unrealised non-hedge derivatives, at R222m ($34m),
increased 90% quarter-on-quarter, due to both an
improved price received and a better cost
performance.

The LTIFR was 11.59 (15.45).

Gold production at Moab Khotsong rose 16% to
338kg (11,000oz) as a result of higher face values
mined and as part of the planned general build-up of
the operation. Total cash costs consequently improved
18% to R137,630/kg ($666/oz). Gross loss adjusted
for the effect of unrealised non-hedge derivatives
improved 28% to R29m ($5m).

As noted last quarter, Moab Khotsong is a new
production unit and currently mining low volumes within
the context of a relatively high fixed cost structure.
Production is expected to increase by approximately
75% in 2007 and total cash costs are anticipated to
decline.

The LTIFR was 16.02 (17.61).

At Tau Lekoa, volume mined declined 17% in line with
the ongoing plan to downsize the operation, and
production accordingly decreased 10% to 1,289kg
(41,000oz). Total cash costs improved 9% to
R92,719/kg ($447/oz). Gross profit adjusted for the
effect of unrealised non-hedge derivatives increased to
R16m ($2m) from a loss of R32m ($5m) in the previous

quarter, as a higher price received more than
offset the effect of the lower volume mined.

The LTIFR was 26.32 (18.55). Regrettably, one
employee died as a result of a fall of ground
accident.

At Mponeng, volume mined and yield improved by
10% and 6%, respectively. As a result, production
was 14% higher to 4,853kg (156,000oz) and total
cash costs, at R47,250/kg ($229/oz), improved 8%
on the previous quarter. Gross profit adjusted for
the effect of unrealised non-hedge derivatives
increased 64% to R324m ($50m), due to a
significantly higher price received and lower cash
costs.

The LTIFR was 7.32 (7.53). Regrettably, one
fatality occurred after a sudden ore rush caused
an employee to lose his footing. He was
inundated by broken rock.

Production at Savuka, at 653kg (21,000oz), was
on par with that of the previous quarter. Total
cash costs, however, rose 3% to R73,967/kg
($359/oz) due to additional maintenance work and
reef development, both related to the decision to
postpone closure of the operation. Gross profit
adjusted for the effect of unrealised non-hedge
derivatives increased 48% to R34m ($5m),
primarily due to an improved price received.

The LTIFR was 20.58 (15.32).

At TauTona, gold production increased 9% to
3,718kg (120,000oz) due to a reduction in gold
lock-up. Total cash costs decreased 5% to
R55,276/kg ($267/oz). Gross profit adjusted for
the effect of unrealised non-hedge derivatives
improved 94% to R213m ($32m) as a
consequence of an improved price received.

The LTIFR was 14.71 (14.99). Regrettably, two
employees died this quarter in two separate fall of
ground accidents.

ARGENTINA

At Cerro Vanguardia (92.5% attributable), gold
production increased 23% to 64,000oz, primarily
due to higher feed grade. Total cash costs, at
$188/oz, were nearly on par with those of the
previous quarter, as the effects of higher
production and a better silver by-product credit
were partially off-set by the higher labour, fuel and
maintenance costs related to on-site labour action,
which has since been resolved. Gross profit
adjusted for the effect of unrealised non-hedge
derivatives, at $18m, was 125% higher than that of
the previous quarter, mainly due to a higher price
received.

The LTIFR was 2.04 (0.00).

AUSTRALIA

Production at Sunrise Dam increased 24% this quarter
to 113,000oz as a result of increased tonnes treated
and higher-than-anticipated grades. Total cash costs
consequently declined 4% to A$366/oz ($273/oz).
Gross profit adjusted for the effect of unrealised non-
hedge derivatives rose 72% to A$50m ($37m), mainly
due to improved grade and associated higher
production.

The underground project, where mining is currently
accessing high-grade Western Shear ore, continues to
supplement production. During the quarter, 505m of
underground capital development and 1,374m of
operational development were completed.

The LTIFR was 2.37 (0.00).

BRAZIL

At AngloGold Ashanti Mineração, gold production
increased 16% to 57,000oz, following last quarter’s
production halt during an upgrade of the shaft and
crusher at the Cuiabá mine. Total cash costs, at
$190/oz, were slightly higher than those of the previous
quarter due to a lower sulphuric acid by-product credit
and marginally higher ore transport costs. Gross profit
adjusted for the effect of unrealised non-hedge
derivatives increased 91% to $21m as a consequence
of the increased production and a higher price
received.

The LTIFR was 2.30 (2.12).

At Serra Grande (50% attributable), gold production
remained at 24,000oz. Total cash costs rose 10% to
$206/oz, primarily as a result of slightly lower grades.
Gross profit adjusted for the effect of unrealised non-
hedge derivatives nevertheless increased 20% to $6m
due to a 10% increase in price received.

The LTIFR was 2.40 (2.38).

GHANA

At Bibiani, production was 40% lower at 9,000oz. This
decline was in part the result of the operation’s
continued downscale to tailings-only status, although
lower recovery rates resulting from a circuit tank
breakdown and frequent power outages on the main
electricity grid also contributed. Total cash costs, at
$412/oz, consequently rose 47%. Looking ahead, the
second half of the year should see an operational
improvement at Bibiani, as the production problems
experienced in the second quarter are resolved. Gross
profit adjusted for the effect of unrealised non-hedge
derivatives fell by 50% to $1m, as the benefit of an
improved price received was negated by the higher
total cash costs.

The LTIFR was 0.00 (0.00).

At Iduapriem (85% attributable), production
declined 5% to 41,000oz as a result of an 8%
decrease in tonnage treated due to mill and
crusher problems. These issues are being
addressed and for the rest of the year, Iduapriem
should see a production level closer to that of the
first quarter. Total cash costs increased 13% to
$408/oz, primarily as a consequence of the lower
tonnages and a backdated wage increase after
wage negotiations were completed in June. Gross
profit adjusted for the effect of unrealised non-
hedge derivatives declined by $2m to a break-
even position, due to a lower price received, lower
production and higher total cash costs.

The LTIFR was 1.14 (2.39).

Gold production at Obuasi decreased marginally
to 97,000oz this quarter, mainly due to a 5%
underground yield decline resulting from the
treatment of lower-grade ore. Although improved
processing availability led to a 6% increase in total
tonnage treated, which partially offset the effect of
the lower yield, total cash costs increased 16% to
$406/oz. Gross loss adjusted for the effect of
unrealised non-hedge derivatives was $9m,
compared with a $1m profit in the previous
quarter, mainly due to a lower price received and
lower grades.

The LTIFR was 2.46 (2.02).

REPUBLIC OF GUINEA

At Siguiri (85% attributable), production increased
4% to 59,000oz primarily as a result of a 15% yield
improvement. Tonnage treated declined 8% as a
result of maintenance shut-downs and a short
period of industrial action, which was addressed.
Total cash costs consequently rose 6% to
$403/oz. Gross profit adjusted for the effect of
unrealised non-hedge derivatives declined 50% to
$2m due to royalty payments.

LTIFR was 0.59 (1.30).

MALI

At Morila (40% attributable), production was
consistent with that of the previous quarter at
54,000oz. An increase in recovered grade
compensated for lower tonnage throughput, which
was affected by major mill re-lining and
maintenance. Total cash costs improved 5% to
$249/oz as a result of higher recovered grade,
while gross profit adjusted for the effect of
unrealised non-hedge derivatives increased 36%
to $15m due to an improved price received.

The LTIFR was 1.11 (1.15).

At Sadiola (38% attributable), gold production
increased 24% to 52,000oz due to the combination of
higher tonnage throughput and higher recovered
grade. This resulted in a 6% decline in total cash costs
to $255/oz, while gross profit adjusted for the effect of
unrealised non-hedge derivatives, at $14m, was 56%
higher than that of the previous quarter, as a result of a
better price received and higher production.

The LTIFR was 1.01 (2.07).

At Yatela (40% attributable), production increased 21%
to 40,000oz, primarily as a result of improved grade.
Total cash costs, however, were 5% higher at $232/oz,
due to increased cement consumption associated with
stabilising the pad during periods of bottom lift
stacking. Higher production and a significantly
improved price received more than offset the increase
in total cash costs, leading to a 20% increase in gross
profit adjusted for the effect of unrealised non-hedge
derivatives to $12m.

The LTIFR was 0.00 (0.00).

NAMIBIA

Gold production at Navachab, at 22,000oz, was
consistent with that of the previous quarter, with both
tonnage throughput and recovered grade maintained at
last quarter’s levels. Total cash costs, however,
returned to more ordinary levels of $279/oz after an
abnormal stockpile adjustment in the previous quarter
reduced total cash costs to $227/oz. Gross profit
adjusted for the effect of unrealised non-hedge
derivatives improved 20% to $6m, as the higher price
received offset the effect of increased total cash costs.

The LTIFR was 7.90 (0.00).

TANZANIA

As forecast last quarter, the consequence of both
heavy rains and the slower-than-anticipated cut-
back of the Nyankanga pit resulted in a 15%
production decline at Geita to 71,000oz. This
decrease was primarily due to a 29% drop in
recovered grade, partially offset by a 19% increase
in tonnage throughput. Total cash costs
consequently increased 38% to $507/oz. Gross
profit adjusted for the effect of unrealised non-
hedge derivatives nevertheless increased 50% to
$3m, with the higher price received offsetting the
production decline.

The LTIFR was 1.10 (0.40).

USA

At Cripple Creek & Victor (67% ownership with
100% interest in production until initial loans are
repaid), gold production increased 2% to 65,000oz
and total cash costs decreased 2% to $242/oz,
both due to an increase in recoverable ounces
placed on the leach pad.

Gross loss adjusted for the effect of unrealised
non-hedge derivatives was $5m, compared with a
$2m profit in the first quarter, as a consequence of
a lower price received on hedged production.

The LTIFR was 0.00 (0.00). In June, CC&V
achieved 31 months without a lost-time accident.

Notes:

· All references to price received includes realised non-hedge derivatives.

· In the case of joint venture operations, all production and financial results are attributable to AngloGold Ashanti.

· Adjusted headline earnings is headline earnings before unrealised non-hedge derivatives, fair value gain (loss) on convertible
bond and interest rate swaps and deferred tax thereon.

· Rounding of figures may result in computational discrepancies.

Review of the gold market

The second quarter of 2006 was characterised by
a break in the unabated rise of the gold price
since late 2005. At its peak the price reached
$730/oz in mid-May and then retraced to $543/oz.
This movement represents the highest spot price
and the largest move within a single quarter in the
last twenty five years. The gold price
subsequently recovered to trade above $600/oz
towards the end of the quarter, having rallied
strongly through the 200-day moving average
(US$547/oz) to regain its upward momentum.

The average price for the quarter of $629/oz
represents a $75/oz increase over the first
quarter. As the dollar gold price declined in the
second half of the quarter, the rand weakened
against the dollar, thus mitigating the impact on
the rand gold price. This has resulted in an
average rand gold price of R130,053/kg for the
period under review, which represents a 19% or
R20,000/kg increase over the previous quarter.

PHYSICAL MARKET

As with the first quarter of 2006, the sharp price
moves in the gold market experienced during the
second quarter, has seen some weakness in key
consumer markets such as Turkey and India,
together with a shift by manufacturers to lower
gold content in manufactured products.

In addition, gold manufacturers have been
adversely affected by higher price levels and
particularly greater price volatility, as banks make
margin calls to cover the higher value of gold
inventory loans. Manufacturers therefore have
typically had to increase their loan collateral, or to
repay loans, by cutting production or liquidating
stock.

Higher metal prices have also been accompanied
by an influx of gold scrap into refineries, with the
new secondary refineries in Dubai being the major
beneficiaries.

While participants in the jewellery wholesale,
manufacturing and retail trade are adopting
various strategies to deal with gold’s price
appreciation and volatility, those who analyse
demand indicators in key markets are cautious
regarding potential further softening in the gold
jewellery market through the next six months.

INVESTMENT MARKET

In contrast to a slightly weaker jewellery market,
the investment market for gold has remained
strong, notwithstanding a general pull-back in
commodities and precious metals investing in
mid-May.

Gold Exchange Traded Funds (ETFs) again grew
by some 45t during the second quarter, with the
increase year-to-date some 149t. Despite the
sharp fall in the gold price during the quarter, gold
ETFs only reduced modestly and recovered
quickly to pre-sell off levels. See Graph A.

Central Bank selling appears to have been low
since January, 2006. Sales have amounted to be
between 30t-35t for the second quarter.

Reported sales for the current year of the
Washington Agreement are between 315t to 320t,
which means that signatories to the agreement
may sell up to a further 180t before the year-end
of 26 September if they are to utilise, in full, the
agreed quota for 2006.

More generally, commodity prices continue to be
supported, in part, by investor demand.

Investment in indexed commodity funds continues
to grow (see Graph B) and is estimated to be as
much as $90 billion currently, much of it coming
from long-only funds such as pension funds that
are allocating a portion of funds under
management to commodities. The expectation
amongst market commentators is for this trend to
continue, with the potential for significant further
investment flows into the sector.

CURRENCIES

During the quarter, the US dollar continued to
trade in a range of $1.20 to $1.30 against the euro
despite continued concerns over the trade and
current account deficits in that country. Of
significance during the quarter were the
comments and testimony made by the US FED
Chairman Dr Ben S Bernanke, including raising
US interest rates by 25 basis points for the 17

consecutive time and signalling to the market that
the cycle of interest rate increases may not yet be
complete.

The remarks were influential in causing investors
to withdraw funds from a number of markets,
particularly the more liquid emerging markets
where there was a realisation that the risk
premium being offered in these markets may not
be sufficient to merit the investment. Coupled
with local interest rate changes, this had the effect
of causing, amongst other currencies, the South
African rand, the Brazilian real and the Australian
dollar to trade some 10% lower.

Since then the real has recovered to trade at
BRL2.2/$ from its lows of BRL2.4/$ and the
Australian dollar has strengthened to $0.755/A$
from its lows of $0.72/A$. In the case of the rand,
the release in June of a large current account
deficit for the first quarter of 2006 saw the rand
weaken further to lows of R7.40/$ despite the
South African Monetary Policy Committee raising
interest rates by 50 basis points. It is unlikely that
the rand will recover much of its recent weakness
unless the dollar itself weakens, hence going
forward South African producers should continue
receiving the high rand gold prices that they have
been receiving of late.

HEDGING

As at 30 June 2006, the net delta hedge position
of AngloGold Ashanti was 10.14Moz or 315t,

valued at the spot gold price at the quarter end of
$620/oz. This net delta position reflects a
decrease of some 1.1Moz or 34t. This decrease
was due to maturing positions and hedge
reducing strategies that resulted in the hedge
reducing by some 1.37Moz, offset by an increase
in delta due to the quarter end gold price of
$620/oz which was $38/oz higher that the first
quarter’s closing gold price of $582/oz.

The marked-to-market value of the hedge position
as at 30 June 2006 was negative $3.17bn. The
increase in the marked-to-market value was
mostly due to the $38/oz increase in the gold price
over the previous quarter, combined with the
effects of higher US interest rates and gold
volatilities. Had the spot price of gold at the end
of June remained unchanged from the price of
$582/oz at the end of the previous quarter, the
hedge would have reduced in size to 9.86Moz or
307t, with a marked-to-market value of negative
$2.8bn.

The price received by the company for the quarter
was $600/oz, compared to a spot price for the
period of $629/oz. The company continues to
manage its hedge position actively, and to reduce
overall levels of pricing commitments in respect of
future gold production.

Hedge position

As at 30 June 2006, the group had outstanding the
following forward-pricing commitments against
future production. The total net delta tonnage of the
hedge of the company on this date was 10.14Moz or
315t (at 31 March 2006: 11.23Moz or 349t).

The marked-to-market value of all hedge
transactions making up the hedge positions was a
negative $3.167bn (negative R22.45bn) as at
30 June 2006 (as at 31 March 2006: negative
$2.707bn or R16.65bn). This value at 30 June 2006
was based on a gold price of $619.80/oz, exchange
rates of R7.088/$ and A$/$0.7438 and the prevailing
market interest rates and volatilities at that date.

As at 26 July 2006, the marked-to-market value
of the hedge book was a negative $3.115bn
(negative R21.93bn), based on a gold price of
$618.95/oz and exchange rates of R7.04/$ and
A$/$0.758 and the prevailing market interest
rates and volatilities at the time.

These marked-to-market valuations are not
predictive of the future value of the hedge
position, nor of future impact on the revenue of
the company. The valuation represents the cost
of buying all hedge contracts at the time of
valuation, at market prices and rates available
at the time.

Year

2006

2007

2008

2009

2010

2011-2015

Total

DOLLAR GOLD
Forward contracts

Amount (kg)

*29,534

25,469

30,076

26,288

16,328

37,239

105,866

US$/oz

$687

$357

$365

$380

$382

$411

$292

Put options purchased

Amount (kg)

7,674

1,455

9,129

US$/oz

$345

$292

$336

Put options sold

Amount (kg)

18,970

855

1,882

7,527

31,116

US$/oz

$540

$390

$400

$410

$435

$494

Call options purchased

Amount (kg)

7,770

6,357

14,127

US$/oz

$366

$344

$356

Call options sold

Amount (kg)

25,491

32,544

32,904

31,194

28,054

76,068

226,255

US$/oz

$488

$387

$395

$418

$429

$506

$449

RAND GOLD
Forward contracts

Amount (kg)

967

2,449

933

4,349

Rand per kg

R28,536

R97,520

R116,335

R86,214

Put options purchased

Amount (kg)
Rand per kg

Put options sold

Amount (kg)
Rand per kg

Call options purchased

Amount (kg)
Rand per kg

Call options sold

Amount (kg)

311

2,986

9,269

Rand per kg

R108,123

R202,054

R216,522

R230,990

R212,885

A DOLLAR GOLD

Forward contracts

Amount (kg)

12,752

6,843

2,177

3,390

3,110

28,272

per

A$819

A$629

A$663

A$655

A$690

A$727

Put options purchased

Amount (kg)

per

Put options sold

Amount (kg)

per

Call options purchased

Amount (kg)

3,110

3,732

3,110

1,244

3,110

14,306

per

A$673

A$668

A$680

A$694

A$712

A$683

Call options sold

Amount (kg)

per

Delta (kg)

*10,032

56,866

60,497

59,517

43,753

104,732

315,333

** Total net gold:

Delta (oz)

*322,536

1,828,282

1,945,021

1,913,513

1,406,690

3,367,207

10,138,177

* Long

position.

The Delta of the hedge position indicated above is the equivalent gold position that would have the same marked-to-market sensitivity for a
small change in the gold price. This is calculated using the Black-Scholes option formula with the ruling market prices, interest rates and
volatilities as at 30 June 2006.

Rounding of figures may result in computational discrepancies.

Year

2006

2007

2008

2009

2010

2011-2015

Total

DOLLAR

SILVER

Forward

contracts

Amount

(kg)

$ per oz

Put options purchased

Amount (kg)

21,772

43,545

108,862

$ per oz

$7.11

$7.40

$7.66

$7.45

Put options sold

Amount (kg)

21,772

43,545

108,862

$ per oz

$6.02

$5.93

$6.19

$6.05

Call

options

purchased

Amount

(kg)

$ per oz

Call options sold

Amount (kg)

21,772

43,545

108,862

$ per oz

$8.11

$8.40

$8.64

$8.44

The following table indicates the group's currency hedge position at 30 June 2006

Year

2006

2007

2008

2009

2010

2011-2015

Total

RAND

DOLLAR

(000)

Forward contracts

Amount ($)

US$/R

Put

options

purchased

Amount

($)

55,000

US$/R

R6.68

Put

options

sold

Amount

($)

45,000

US$/R

R6.44

Call

options

purchased

Amount

($)

US$/R

Call

options

sold

Amount

($)

55,000

US$/R

R7.05

DOLLAR

(000)

Forward contracts

Amount ($)

53,398

60,000

20,000

133,398

A$/US$ A$0.75

A$0.76

A$0.73

A$0.75

Put

options

purchased

Amount

($)

40,000

A$/US$ A$0.73

A$0.73

Put

options

sold

Amount

($)

40,000

A$/US$ A$0.76

A$0.76

Call

options

purchased

Amount

($)

A$/US$

Call

options

sold

Amount

($)

50,000

A$/US$ A$0.72

A$0.72

BRAZILIAN REAL (000)

Forward

contracts

Amount

($)

12,000

4,000

16,000

US$/BRL

BRL3.25

BRL3.31

BRL3.26

Put

options

purchased

Amount

($) 2,500

2,500

US$/BRL

BRL2.30

Put

options

sold

Amount

($) 2,500

2,500

US$/BRL

BRL2.10

Call

options

purchased

Amount

($)

US$/BRL

Call

options

sold

Amount

($)

12,500

US$/BRL

BRL3.17

Derivative analysis by accounting designation as at 30 June 2006

Normal sale

exempted

Cash flow

hedge

accounted

Non-hedge

accounted

Total

US Dollars (millions)

Commodity option contracts

(580)

(9)

(1,116)

(1,705)

Foreign exchange option contracts

–

(13)

Forward sale commodity contracts

(1,204)

(469)

216

(1,457)

Forward foreign exchange contracts

–

(2)

Interest rate swaps

(38)

–

Total hedging contracts

(1,822)

(471)

(874)

(3,167)

Hedge restructure debtor

–

Option component of convertible bonds

–

(102)

Total

derivatives

(1,822) (471) (956)

(3,249)

Rounding of figures may result in computational discrepancies.

Exploration

Total exploration expenditure amounted to $27m
($18m expensed, $9m capitalised) during the second
quarter, compared to $18m ($12m expensed, $6m
capitalised) in the first quarter of 2006.

BROWNFIELDS EXPLORATION

At Siguiri, in Guinea, infill and extension drilling
continued at the Kintinian prospect. A ground gravity
programme is in progress to define additional drill
targets to the south of the existing pits.

At Geita, in Tanzania, drilling confirmed the connection
between the south and central orebodies of Lone
Cone. Drilling indicated the potential for a second
mineralised zone in Nyankanga South and drilling at
Area 3 West (located approximately 1km south-east of
the Matandani pit) showed encouraging results.

In the regional drill programme on the Morila grant in
Mali, 50 holes (26,146m) have been completed.
Drilling continues to the south of the main pit in the
Tonalite extension area, and results indicate a wide,
low-grade mineralised zone. Also in Mali, at Sadiola,
drilling in the gap between FE3 and FE4 indicated
open-ended mineralisation to the north and east.
These intersections will be followed up with further
drilling.

Surface drilling continued at Obuasi, in Ghana, with
UDSDD 2 reaching a depth of 876m and USDD 3
reaching 1,500m. Reef intersections are expected in
the first quarter of 2007.

In South America, good progress has been made
converting Inferred Resources to Indicated Resources,
which can be used for mine planning. Noteworthy
additions have been made at Cuiabá and Serra
Grande in Brazil, and Cerro Vanguardia in Argentina.

At Cripple Creek & Victor in the United States, drill
programme efforts primarily focused on Resource
expansion. Results from ongoing, step-out drilling are
being modelled to determine the impact of new drilling
results and updated cost assumptions on expanding
the orebody. Infill and step-out development drilling in
the South Cresson Deposit continued.

GREENFIELDS EXPLORATION

Greenfields exploration activities continued during the
second quarter in Alaska, Australia, China, Colombia,
Laos, the Philippines, Russia and the DRC.

A Letter of Intent was signed with International Tower
Hill Mines Ltd on 15 June for the sale and option of all
of AngloGold Ashanti’s Alaskan mineral exploration
properties and associated databases. Final Toronto
Stock Exchange approval for the transaction is
expected early in the third quarter.

In Australia, drilling continued at the Tropicana
joint venture on both the original Tropicana zone
and the newly-discovered Havana zone.

Significant new intercepts obtained from infill
drilling at the Tropicana zone included 29m at
4.4g/t from 219m in TPRC021D, 34m at 4.0g/t
from 42m in TPD013 (TPRC031 twin), 13m at
5.0g/t from 71m in TPD024, and 25m at 2.0g/t
from 160m in TPRC079D. Gold mineralisation at
the Tropicana zone has now been confirmed to
extend 1,400m along strike, with current drilling
testing the down-dip extent of mineralisation.
Initial drilling on the new Havana zone, located
1.1km south of the Tropicana zone, has also
returned encouraging results.

Regional exploration programmes continued at an
accelerated pace in Colombia during the second
quarter. First-pass drill programmes were
completed on two projects; where highly
encouraging results were obtained and follow-up
drilling is envisaged. Regional exploration joint
ventures were also signed with both Bema Gold
Corporation and Antofagasta PLC, on 1 June and
14 July, respectively.

In the DRC, a second diamond drill rig
commenced operation and allowed for further drill
testing of the priority Adidi/D7 Kanga and
Nzebi/Senzere corridors. Significant new
intercepts included 14m at 6.40g/t from 57m in
DD051. Resource delineation drilling will continue
in the DRC during both the third and fourth
quarters of 2006.

China, generative exploration activities

continued and select business development
opportunities were reviewed. A 5,000m diamond
drill programme commenced at Dynasty Gold’s
Red Valley project in the Qinghai Province.

In the Philippines, exploration activities continued
20km north of the Siana Gold Project. The project
area contains potential for both epithermal and
porphyry style gold and copper mineralisation.

In Laos, regional exploration under the joint
venture with Oxiana Limited was undertaken in
five main areas. Widespread stream sediment
gold anomalies were identified in one target area
with encouraging geology and alteration identified
in another. Additional new targets have also been
delineated for follow-up.

In Russia, generative exploration activities remain
underway in the Far East and AngloGold Ashanti
continued to provide technical assistance to Trans-
Siberian Gold’s Asacha and Veduga Projects.

Group

operating results

Jun

Mar

Jun

Mar

Jun

2006

2005

2006

2005

2006

2005

2006

2005

Rand / Metric

Dollar / Imperial

OPERATING RESULTS

UNDERGROUND OPERATION

Milled

- 000 tonnes /

- 000 tons

3,366

3,236

3,466

6,602

6,853

3,710

3,567

3,821

7,277

7,554

Yield

- g / t

- oz / t

7.24

7.12

7.26

7.19

7.30

0.211

0.208

0.212

0.210

0.213

Gold produced

- kg

- oz (000)

24,379

23,055

25,175

47,434

50,059

784

741

809

1,525

1,609

SURFACE AND DUMP RECLAMATION

Treated

- 000 tonnes /

- 000 tons

3,343

2,769

1,886

6,112

3,997

3,685

3,052

2,078

6,737

4,406

Yield

- g / t

- oz / t

0.50

0.55

0.49

0.52

0.48

0.015

0.016

0.014

0.015

0.014

Gold produced

- kg

- oz (000)

1,663

1,517

927

3,180

1,913

102

OPEN-PIT OPERATION

Mined

- 000 tonnes /

- 000 tons

42,635

41,772

46,042

84,407

84,259

46,998

46,046

50,753

93,043

92,880

Treated

- 000 tonnes /

- 000 tons

6,341

6,220

6,501

12,561

11,557

6,990

6,857

7,166

13,847

12,740

Stripping ratio

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

4.52

4.79

4.82

4.65

5.34

4.52

4.79

4.82

4.65

5.34

Yield

- g / t

- oz / t

2.27

2.21

2.90

2.24

3.21

0.066

0.064

0.085

0.065

0.094

Gold in ore

- kg

- oz (000)

9,491

14,587

11,188

24,078

26,086

305

469

360

774

839

Gold produced

- kg

- oz (000)

14,415

13,726

18,856

28,141

37,076

463

441

606

905

1,192

HEAP LEACH OPERATION

Mined

- 000 tonnes /

- 000 tons

17,256

15,348

14,465

32,604

32,377

19,021

16,918

15,945

35,940

35,690

Placed

- 000 tonnes /

- 000 tons

6,090

5,562

5,241

11,652

11,851

6,713

6,131

5,777

12,844

13,063

Stripping ratio

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

1.82

1.78

2.33

1.80

1.96

1.82

1.78

2.33

1.80

1.96

Yield

- g / t

- oz / t

0.83

0.81

0.77

0.82

0.83

0.024

0.024

0.023

0.024

Gold placed

- kg

- oz (000)

5,082

4,516

4,046

9,598

9,822

163

145

130

309

316

Gold produced

- kg

- oz (000)

3,567

3,369

3,835

6,936

8,553

115

108

123

223

275

TOTAL

Gold produced

- kg

- oz (000)

44,024

41,667

48,792

85,691

97,600

1,415

1,340

1,569

2,755

3,138

Gold sold

- kg

- oz (000)

42,424

42,164

48,560

84,588

96,873

1,364

1,356

1,561

2,720

3,115

Price received

- R / kg

- $ / oz - sold

125,409 107,903

87,314

116,683

84,739

600

545

422

573

423

Total cash costs

- R / kg

- $ / oz - produced

63,276

60,815

57,351

62,079

56,064

305

308

278

306

281

Total production costs

- R / kg

- $ / oz - produced

85,168

82,079

74,728

83,666

72,683

410

416

363

413

364

PRODUCTIVITY PER EMPLOYEE

Target

- g

- oz

410

381

431

395

425

13.18

12.26

13.86

12.72

13.66

Actual

- g

- oz

379

353

368

366

374

12.19

11.34

11.83

11.76

12.03

CAPITAL EXPENDITURE - Rm

- $m

1,168

961

1,068

2,130

1,932

181

156

167

337

311

Tonnes (Tons) placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Refer to Geita page for revised March 2006 quarter operating results

Rounding of figures may result in computational discrepancies.

Quarter ended

Six months ended

Unaudited

Quarter ended

Six months ended

Group

income statement

Quarter

Six months

ended

June

March

June

2006

2005

2006

2005

SA Rand million

Notes

Unaudited

Revenue

4,966

4,456

4,563

9,422

8,579

Gold income

4,798

4,246

4,404

9,044

8,261

Cost of sales

(3,546)

(3,463)

(3,620)

(7,009)

(7,036)

Non-hedge derivative (loss) gain

(1,847)

(1,100)

147

(2,947)

(40)

Gross (loss) profit

(594)

(318)

931

(912)

1,186

Corporate administration and other expenses

(140)

(127)

(103)

(267)

(201)

Market development costs

(24)

(26)

(21)

(50)

(42)

Exploration costs

(116)

(73)

(78)

(189)

(138)

Other net operating expenses

(39)

(30)

(34)

(69)

(53)

Operating special items

(41)

(44)

Operating (loss) profit

(900)

(563)

654

(1,463)

708

Interest receivable

Exchange (loss) gain

(7)

(4)

(11)

Fair value adjustment on option component of convertible bond

158

(233)

(75)

194

Finance costs and unwinding of decommissioning
and restoration obligations

(209)

(210)

(159)

(419)

(308)

Fair value gain (loss) on interest rate swaps

(5)

Share of associates' (loss) profit

(1)

(4)

(5)

(Loss) profit before taxation

(900)

(984)

621

(1,883)

689

Taxation

(86)

(43)

(128)

121

(Loss) profit after taxation from continuing operations

(986)

(1,026)

683

(2,012)

810

Loss for the period from discontinued operations

(4)

(7)

(69)

(11)

(121)

(Loss) profit for the period

(989)

(1,034)

614

(2,023)

690

Allocated as follows:
Equity shareholders of parent

(1,047)

(1,074)

566

(2,121)

616

Minority interest

(989)

(1,034)

614

(2,023)

690

Basic (loss) earnings per ordinary share (cents)
(Loss) profit from continuing operations

(382)

(402)

240

(784)

278

Loss from discontinued operations

(1)

(3)

(26)

(4)

(46)

(Loss) profit

(383)

(405)

214

(788)

233

Diluted (loss) earnings per ordinary share (cents)
(Loss) profit from continuing operations

(382)

(402)

240

(784)

278

Loss from discontinued operations

(1)

(3)

(26)

(4)

(46)

(Loss) profit

(383)

(405)

214

(788)

232

Dividends

- Rm

578

450

- cents per share

210

170

Calculated on the basic weighted average number of ordinary shares.

Calculated on the diluted weighted average number of ordinary shares.

The impact of the diluted earnings per share is anti-dilutive and therefore equal to the basic earnings per share.

Dividends are translated at actual rates on date of payment. The current period is only indicative.

Rounding of figures may result in computational discrepancies.

Group

income statement

Quarter

Six months

ended

June

March

June

2006

2005

2006

2005

US Dollar million

Notes

Unaudited

Revenue

766

724

708

1,490

1,377

Gold income

740

690

684

1,430

1,326

Cost of sales

(547)

(563)

(565)

(1,110)

(1,133)

Non-hedge derivative (loss) gain

(169)

(188)

(357)

Gross profit (loss)

(61)

154

(37)

211

Corporate administration and other expenses

(22)

(21)

(16)

(42)

(32)

Market development costs

(4)

(4)

(3)

(8)

(7)

Exploration costs

(18)

(12)

(30)

(22)

Other net operating expenses

(7)

(4)

(5)

(10)

(8)

Operating special items

(7)

Operating (loss) profit

(22)

(101)

111

(123)

135

Interest receivable

Exchange (loss) gain

(1)

(1)

(2)

Fair value adjustment on option component of convertible bond

(39)

(14)

Finance costs and unwinding of decommissioning
and restoration obligations

(32)

(34)

(25)

(67)

(50)

Fair value gain (loss) on interest rate swaps

(1)

Share of associates' (loss) profit

(1)

(Loss) profit before taxation

(22)

(170)

107

(192)

132

Taxation

(23)

(7)

(30)

(Loss) profit after taxation from continuing operations

(45)

(177)

116

(222)

150

Loss for the period from discontinued operations

(1)

(1)

(12)

(2)

(21)

(Loss) profit for the period

(45)

(179)

103

(224)

130

Allocated as follows:
Equity shareholders of the parent

(54)

(185)

(240)

118

Minority interest

(45)

(179)

103

(224)

130

Basic (loss) earnings per ordinary share (cents)
(Loss) profit from continuing operations

(20)

(69)

(88)

Loss from discontinued operations

(1)

(5)

(1)

(8)

(Loss) profit

(20)

(70)

(89)

Diluted (loss) earnings per ordinary share (cents)
(Loss) profit from continuing operations

(20)

(69)

(88)

Loss from discontinued operations

(1)

(5)

(1)

(8)

(Loss) profit

(20)

(70)

(89)

Dividends

- $m

- cents per share

Calculated on the basic weighted average number of ordinary shares.

Calculated on the diluted weighted average number of ordinary shares.

The impact of the diluted earnings per share is anti-dilutive and therefore equal to the basic earnings per share.

Dividends are translated at actual rates on date of payment. The current period is only indicative.

Rounding of figures may result in computational discrepancies.

Group

balance sheet

June

March

June

December

2006

2005

SA Rand million

Notes

Unaudited

Audited

ASSETS

Non-current assets

Tangible assets

41,214

36,904

37,588

37,464

Intangible assets

2,873

2,419

2,727

2,533

Investments in associates

312

214

254

223

Other investments

662

647

550

645

Inventories

1,673

1,272

789

1,182

Derivatives

171

403

243

Trade and other receivables

164

126

128

124

Deferred taxation

368

321

215

279

Other non-current assets

136

128

101

47,434

42,210

42,781

42,794

Current assets

Inventories

3,181

2,475

2,619

2,436

Trade and other receivables

1,645

1,706

1,934

1,589

Derivatives

5,941

4,876

3,053

4,280

Current portion of other non-current assets

Cash restricted for use

197

Cash and cash equivalents

2,450

1,419

1,644

1,328

13,250

10,503

9,452

9,728

Non-current assets held for sale

100

100

13,350

10,603

9,552

9,828

TOTAL ASSETS

60,784

52,814

52,333

52,622

EQUITY AND LIABILITIES

Share capital and premium

22,065

19,070

19,006

19,047

Retained earnings and other reserves

(3,057)

(4,600)

1,410

(2,463)

Shareholders' equity

19,008

14,470

20,416

16,584

Minority interests

419

384

401

374

Total equity

19,427

14,854

20,817

16,958

Non-current liabilities

Borrowings

9,375

10,798

10,500

10,825

Environmental rehabilitation and other provisions

2,579

2,271

1,657

2,265

Provision for pension and post-retirement benefits

1,263

1,252

1,072

1,249

Trade, other payables and deferred income

109

Derivatives

3,484

2,928

2,130

2,460

Deferred taxation

7,239

6,903

8,231

7,353

24,049

24,233

23,610

24,239

Current liabilities

Trade, other payables and deferred income

3,011

2,772

2,899

2,711

Current portion of borrowings

465

871

1,141

1,190

Derivatives

12,723

9,212

3,551

6,814

Taxation

1,110

872

315

710

17,309

13,727

7,906

11,425

Total liabilities

41,357

37,960

31,516

35,664

TOTAL EQUITY AND LIABILITIES

60,784

52,814

52,333

52,622

Net asset value - cents per share

7,060

5,603

7,867

6,401

Rounding of figures may result in computational discrepancies.

Group

balance sheet

As at

June

March

June

December

2006

2005

US Dollar million

Notes

Unaudited

Audited

ASSETS

Non-current assets

Tangible assets

5,768

5,982

5,624

5,905

Intangible assets

402

392

408

399

Investments in associates

Other investments

105

102

Inventories

234

206

118

186

Derivatives

Trade and other receivables

Deferred taxation

Other non-current assets

6,639

6,842

6,401

6,745

Current assets

Inventories

445

401

392

384

Trade and other receivables

230

277

289

250

Derivatives

832

790

457

675

Current portion of other non-current assets

Cash restricted for use

Cash and cash equivalents

343

230

246

209

1,854

1,703

1,414

1,533

Non-current assets held for sale

1,868

1,719

1,429

1,549

TOTAL ASSETS

8,507

8,561

7,830

8,294

EQUITY AND LIABILITIES

Share capital and premium

3,088

3,091

2,843

3,002

Retained earnings and other reserves

(428)

(745)

211

(388)

Shareholders' equity

2,660

2,346

3,054

2,614

Minority interests

Total equity

2,719

2,408

3,114

2,673

Non-current liabilities

Borrowings

1,312

1,750

1,571

1,706

Environmental rehabilitation and other provisions

361

368

248

356

Provision for pension and post-retirement benefits

177

203

160

197

Trade, other payables and deferred income

Derivatives

488

475

319

388

Deferred taxation

1,013

1,119

1,231

1,159

3,366

3,928

3,532

3,820

Current liabilities

Trade, other payables and deferred income

421

449

434

427

Current portion of borrowings

141

171

188

Derivatives

1,781

1,493

531

1,074

Taxation

155

141

112

2,422

2,225

1,183

1,801

Total liabilities

5,788

6,153

4,716

5,621

TOTAL EQUITY AND LIABILITIES

8,507

8,561

7,830

8,294

Net asset value - cents per share

988

908

1,177

1,009

Rounding of figures may result in computational discrepancies.

Group

cash flow statement

Quarter

Six months

ended

June

March

June

2006

2005

2006

2005

SA Rand million

Unaudited

Cash flows from operating activities
Receipts from customers

5,006

4,800

4,475

9,806

8,614

Payments to suppliers and employees

(2,862)

(3,230)

(3,288)

(6,092)

(6,600)

Cash generated from operations

2,144

1,570

1,187

3,714

2,014

Cash generated (utilised) by discontinued operations

(11)

(62)

(113)

Environmental, rehabilitation and other expenditure

(17)

(16)

(33)

(29)

Taxation paid

(178)

(90)

(34)

(269)

(95)

Net cash inflow from operating activities

1,963

1,453

1,075

3,415

1,777

Cash flows from investing activities
Capital expenditure

(1,168)

(961)

(1,068)

(2,130)

(1,932)

Proceeds from disposal of tangible assets

Proceeds on disposal of discontinued assets

Other investments acquired

(13)

(5)

(17)

(12)

Associate loans and acquisitions

(63)

(91)

(63)

(91)

Proceeds from disposal of investments

Cash restricted for use

(2)

(26)

Interest received

Loans advanced

(42)

Repayment of loans advanced

Utilised in hedge restructure

(415)

Net cash outflow from investing activities

(1,079)

(877)

(1,164)

(1,956)

(2,431)

Cash flows from financing activities
Proceeds from issue of share capital

3,026

3,049

Share issue expenses

(32)

(32)

Proceeds from borrowings

329

545

410

3,113

Repayment of borrowings

(2,973)

(369)

(407)

(3,342)

(1,895)

Finance costs

(84)

(251)

(68)

(336)

(288)

Dividends paid

(70)

(183)

(31)

(253)

(519)

Net cash (outflow) inflow from financing activities

(52)

(451)

(503)

429

Net increase (decrease) in cash and cash equivalents

832

124

(40)

956

(225)

Translation

200

(33)

113

167

239

Cash and cash equivalents at beginning of period

1,419

1,328

1,571

1,328

1,630

Net cash and cash equivalents at end of period

2,450

1,419

1,644

2,450

1,644

Cash generated from operations
(Loss) profit before taxation

(900)

(984)

621

(1,883)

689

Adjusted for:
Movement on non-hedge derivatives

2,584

1,582

(185)

4,166

242

Amortisation of tangible assets

951

859

787

1,810

1,519

Amortisation of intangible assets

Deferred stripping

(126)

(107)

(233)

Interest receivable

(59)

(30)

(39)

(89)

(93)

Operating special items

(11)

Finance costs and unwinding of decommissioning and
restoration obligations

209

210

159

419

308

Fair value adjustment on option component of convertible bond

(158)

233

(79)

(194)

Other non-cash movements

(125)

103

129

(22)

Movement in working capital

(254)

(289)

(267)

(543)

(628)

2,144

1,570

1,187

3,714

2,014

Movement in working capital
Increase in inventories

(1,019)

(154)

(339)

(1,174)

(906)

Decrease (increase) in trade and other receivables

(80)

(268)

(10)

(267)

Increase (decrease) in trade and other payables

695

(55)

340

640

546

(254)

(289)

(267)

(543)

(628)

Rounding of figures may result in computational discrepancies.

Group

cash flow statement

Quarter

Six months

ended

June

March

June

2006

2005

2006

2005

US Dollar million

Unaudited

Cash flows from operating activities
Receipts from customers

776

777

700

1,553

1,397

Payments to suppliers and employees

(445)

(522)

(507)

(967)

(1,068)

Cash generated from operations

331

255

193

586

329

Cash generated (utilised) by discontinued operations

(2)

(11)

(19)

Environmental, rehabilitation and other expenditure

(3)

(2)

(5)

Taxation paid

(28)

(15)

(5)

(43)

(15)

Net cash inflow from operating activities

302

236

175

538

289

Cash flows from investing activities
Capital expenditure

(181)

(156)

(167)

(337)

(311)

Proceeds from disposal of tangible assets

Proceeds on disposal of discontinued assets

Other investments acquired

(2)

(1)

(3)

(2)

Associate loans and acquisitions

(10)

(14)

(10)

(14)

Proceeds from disposal of investments

Cash restricted for use

(1)

(5)

Interest received

Loans advanced

(7)

Repayment of loans advanced

Utilised in hedge restructure

(69)

Net cash outflow from investing activities

(167)

(143)

(183)

(309)

(393)

Cash flows from financing activities
Proceeds from issue of share capital

505

509

Share issue expenses

(5)

(5)

Proceeds from borrowings

501

Repayment of borrowings

(493)

(60)

(27)

(553)

(305)

Finance costs

(13)

(41)

(9)

(53)

(47)

Dividends paid

(11)

(29)

(5)

(40)

(87)

Net cash (outflow) inflow from financing activities

(5)

(73)

(77)

Net increase (decrease) in cash and cash equivalents

131

(4)

151

(38)

Translation

(18)

(3)

(17)

(5)

Cash and cash equivalents at beginning of period

230

209

253

209

289

Net cash and cash equivalents at end of period

343

230

246

343

246

Cash generated from operations
(Loss) profit before taxation

(22)

(170)

107

(192)

132

Adjusted for:
Movement on non-hedge derivatives

281

266

(38)

547

Amortisation of tangible assets

147

140

123

286

244

Amortisation of intangible assets

Deferred stripping

(15)

(17)

(33)

Interest receivable

(9)

(5)

(6)

(14)

(15)

Operating special items

(2)

Finance costs and unwinding of decommissioning and
restoration obligations

Fair value adjustment on option component of convertible bond

(25)

(13)

(32)

Other non-cash movements

(20)

(4)

Movement in working capital

(40)

(47)

(33)

(86)

(94)

331

255

193

586

329

Movement in working capital
Increase in inventories

(60)

(41)

(17)

(100)

(67)

Decrease (increase) in trade and other receivables

(20)

(Decrease) increase in trade and other payables

(27)

(13)

(36)

(40)

(47)

(33)

(86)

(94)

Rounding of figures may result in computational discrepancies.

Statement of recognised income and expense

Six months

Year

Six months

ended

June

December

June

2006

2005

Unaudited

Audited

Unaudited

Actuarial gains and losses on defined benefit retirement plans

(173)

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

614

391

(91)

Net loss on cash flow hedges

(1,724)

(1,281)

(116)

Gain (loss) on available for sale financial assets

(2)

Deferred taxation on items above

343

445

182

Net exchange translation differences

2,470

1,534

2,497

Net (expense) income recognised directly in equity

1,711

933

2,510

(Loss) profit for the period

(2,023)

(1,116)

690

Total recognised income and expense for the period

(312)

(183)

3,200

Attributable to:
Equity shareholders of the parent

(445)

(355)

3,083

Minority interest

133

172

117

(312)

(183)

3,200

Actuarial gains and losses on defined benefit retirement plans

(27)

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

(11)

Net loss on cash flow hedges

(242)

(202)

(17)

Gain (loss) on available for sale financial assets

(2)

Deferred taxation on items above

Net exchange translation differences

327

293

380

Net (expense) income recognised directly in equity

222

153

383

(Loss) profit for the period

(224)

(160)

130

Total recognised income and expense for the period

(2)

(7)

513

Attributable to:
Equity shareholders of the parent

(16)

(28)

504

Minority interest

(2)

(7)

513

Rounding of figures may result in computational discrepancies.

SA Rand million

US Dollar million

Notes

for the quarter and six months ended 30 June 2006

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 2005 and revised International Financial Reporting Standards (IFRS)
which are effective 1 January 2006, where applicable.

The financial statements of AngloGold Ashanti Limited have been prepared in compliance with IAS34, JSE
Listings Requirements and in the manner required by the South African Companies Act, 1973 for the preparation
of financial information of the group for the quarter and six months ended 30 June 2006.

Where the preparation or classification of an item has been amended, comparative information has been
reclassified to ensure comparability with the current period as disclosed in the previous annual report. Such
amendments have been made to provide the users of the financial statements with additional information.

Revenue

Quarter ended

Six months

ended

Quarter ended

Six months

ended

Jun

2006

Mar

2006

Jun

2005

Jun

2006

Jun

2005

Jun

2006

Mar

2006

Jun

2005

Jun

2006

Jun

2005

Unaudited

SA Rand million

US Dollar million

Gold income

4,798

4,246

4,404

9,044

8,261

740

690

684

1,430

1,326

By-products and other revenue (note 3)

109

181

121

289

224

Interest receivable

4,966

4,456

4,563

9,422

8,579

766

724

708

1,490

1,377

Cost of sales

Quarter ended

Six months

ended

Quarter ended

Six months

ended

Jun

2006

Mar

2006

Jun

2005

Jun

2006

Jun

2005

Jun

2006

Mar

2006

Jun

2005

Jun

2006

Jun

2005

Unaudited

SA Rand million

US Dollar million

Cash operating costs

2,853

2,635

2,865

5,487

5,619

441

428

447

870

906

By-products and other revenue (note 2)

(109)

(181) (121) (289) (224) (17)

(29) (19) (46) (36)

2,744

2,454

2,744

5,198

5,395

424

399

428

824

870

Other cash costs

137

118

254

192

Total cash costs

2,881

2,572

2,836

5,453

5,587

445

419

443

864

901

Retrenchment costs

Rehabilitation & other non-cash costs

Production costs

2,919

2,623

2,916

5,541

5,727

451

427

456

878

923

Amortisation of tangible assets

951

859

787

1,810

1,519

147

140

123

286

244

Amortisation of intangible assets

–

Total production costs

3,873

3,484

3,706

7,358

7,252

599

567

578

1,166

1,168

Inventory change

(327)

(21) (86) (348)

(216) (52)

(4) (14) (56) (35)

3,546

3,463

3,620

7,009

7,036

547

563

565

1,110

1,133

Rounding of figures may result in computational discrepancies.

Other net operating expenses

Quarter ended

Six months

ended

Quarter ended

Six months

ended

Jun

2006

Mar

2006

Jun

2005

Jun

2006

Jun

2005

Jun

2006

Mar

2006

Jun

2005

Jun

2006

Jun

2005

Unaudited

SA Rand million

US Dollar million

Pension and medical defined benefit
provisions

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

Other

–

Operating special items

Quarter ended

Six months

ended

Quarter ended

Six months

ended

Jun

2006

Mar

2006

Jun

2005

Jun

2006

Jun

2005

Jun

2006

Mar

2006

Jun

2005

Jun

2006

Jun

2005

Unaudited

SA Rand million

US Dollar million

(Under) over provision of indirect
taxes

(33)

– (25) –

(5)

–

(4)

–

Impairment of tangible assets (note 8)

–

(2) (45) (3) (45) –

–

(7)

–

(7)

Profit (loss) on disposal of assets
(note 8)

–

(41)

(44)

(7)

6. Taxation

Quarter ended

Six months

ended

Quarter ended

Six months

ended

Jun

2006

Mar

2006

Jun

2005

Jun

2006

Jun

2005

Jun

2006

Mar

2006

Jun

2005

Jun

2006

Jun

2005

Unaudited

SA Rand million

US Dollar million

Current tax

Normal taxation

(369)

(222) 11

(592)

(26) (56)

(36) 1

(92) (5)

Disposal and impairment of tangible
assets (note 8)

(3)

(4)

–

(6)

–

(1)

–

(1)

–

Under provision prior year

–

(1)

–

(372)

(226) 11

(598)

(27) (56)

(37) 1

(93) (5)

Deferred taxation

Temporary differences

(140)

(18) (173) (158) (213) (22)

(3) (25) (25) (31)

Impairment of tangible assets
(note 8)

–

Change in tax rate

–

314

–

393

–

Unrealised non-hedge derivatives

426

202

(105)

628

(47)

(16)

(7)

286

184

470

148

Total taxation

(86)

(43) 62

(128)

121

(23)

(7)

(30)

Rounding of figures may result in computational discrepancies.

7. Discontinued operations

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

Quarter ended

Six months

ended

Quarter ended

Six months

ended

Jun

2006

Mar

2006

Jun

2005

Jun

2006

Jun

2005

Jun

2006

Mar

2006

Jun

2005

Jun

2006

Jun

2005

Unaudited

SA Rand million

US Dollar million

Gold income

Retrenchment, rehabilitation and
other costs

(8)

(5) (261) (14) (398) (1)

(1) (41) (2) (64)

Gross profit (loss)

(251)

(303)

–

(39)

–

(48)

Impairment loss reversed

–

115

–

115

–

Profit (loss) before taxation from
discontinued operations

(136)

(188)

–

(22)

–

(31)

Taxation

(5)

(8) 67

(13) 67

(1)

(1)

(2)

Net loss attributable to discontinued
operations

(4)

(7) (69) (11)

(121) (1)

(1) (12) (2) (21)

Headline (loss) earnings

Quarter ended

Six months

ended

Quarter ended

Six months

ended

Jun

2006

Mar

2006

Jun

2005

Jun

2006

Jun

2005

Jun

2006

Mar

2006

Jun

2005

Jun

2006

Jun

2005

Unaudited

SA Rand million

US Dollar million

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

(Loss) profit attributable to equity
shareholders

(1,047)

(1,074)

566

(2,121)

616

(54)

(185)

(240)

118

Impairment of tangible assets (note 5)

–

(Profit) loss on disposal of assets
(note 5)

(47)

(6) (4) (52) (1) (7)

(1)

–

(8)

–

Taxation on items above – current
portion (note 6)

–

Taxation on items above – deferred
portion (note 6)

–

(15)

–

(15)

–

(2)

–

(2)

Net loss from discontinued operations
(note 7)

121

Headline (loss) earnings

(1,086)

(1,067)

661

(2,154)

765

(60)

(184)

112

(244)

143

Cents per share

(1)

Headline (loss) earnings

(398)

(403)

250

(801)

289

(22)

(69)

(91)

(1)

Calculated on the basic weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

9. Shares

Quarter ended

Six months ended

Jun

2006

Mar

2006

Jun

2005

Jun

2006

Jun

2005

Authorised:

Ordinary shares of 25 SA cents each

400,000,000

400,000,000 400,000,000 400,000,000 400,000,000

A redeemable preference shares of 50 SA cents each

2,000,000

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 5,000,000

Issued and fully-paid:

Ordinary shares in issue

275,168,569

265,117,213 264,611,494 275,168,569 264,611,494

A redeemable preference shares

2,000,000

2,000,000 2,000,000 2,000,000 2,000,000

B redeemable preference shares

778,896

778,896 778,896 778,896 778,896

Weighted average number of ordinary shares for the period

Basic ordinary shares

273,028,361

265,064,368 264,556,116 269,068,365 264,522,557

Diluted number of ordinary shares

273,450,168

265,574,084 265,101,415 269,631,923 265,069,987

During the quarter, 9,970,732 ordinary shares were allotted in terms of the subscription offer for cash, as
approved by shareholders in general meeting on 10 April 2006, while 80,624 ordinary shares were allotted in
terms of the AngloGold Share Incentive Scheme. All the preference shares are held by a wholly-owned
subsidiary company.

10.

Share capital and premium

As at

Jun

2006

Mar

2006

Jun

2005

Dec

2005

Jun

2006

Mar

2006

Jun

2005

Dec

2005

Unaudited Audited Unaudited Audited

SA Rand million

US Dollar million

Balance at beginning of period

19,047

19,047

18,987

3,002

3,002

3,364

Ordinary shares issued

3,018

504

Translation

–

(418)

(524) (371)

Balance at end of period

22,065

19,070

19,006

19,047

3,088

3,091

2,843

3,002

Rounding of figures may result in computational discrepancies.

11.

Retained earnings and other reserves

Retained

Earnings

Non-

distributable

reserves

Foreign

currency

translation

reserve

Actuarial

gains

(losses)

Other

Comprehen-

sive

income

Total

SA Rand million

Balance at December 2004

3,379

138

(3,552) (122) (1,040) (1,197)

Actuarial gains and losses recognised

–

Deferred taxation recognised directly in equity

–

(13)

–

(13)

Profit attributable to equity shareholders

616

–

616

Dividends

(476)

–

(476)

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

–

(93)

Net loss on cash flow hedges

–

(116)

Deferred taxation on cash flow hedges

–

195

Loss on available for sale financial assets

–

(2)

Translation

–

2,657

(1)

(200)

2,456

Balance at June 2005

3,519

138

(895)

(96)

(1,256)

1,410

Balance at December 2005

1,191

138

(1,910) (227) (1,655) (2,463)

Loss attributable to equity shareholders

(2,121)

–

(2,121)

Dividends

(164)

–

(164)

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

–

609

Net loss on cash flow hedges

–

(1,712)

Deferred taxation on cash flow hedges

–

343

Gain on available for sale financial assets

–

Share-based payment expense

–

Translation

–

2,536

(109)

2,428

Balance at June 2006

(1,094)

138

626

(226)

(2,501)

(3,057)

US Dollars million

Balance at December 2004

286

(317) (22) (184) (213)

Actuarial gains and losses recognised

–

Deferred taxation recognised directly in equity

–

(2)

–

(2)

Profit attributable to equity shareholders

118

–

118

Dividends (80)

–

(80)

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

–

(11)

Net loss on cash flow hedges

–

(17)

Deferred taxation on cash flow hedges

–

Loss on available for sale financial assets

–

(2)

Translation

–

(3)

385

(2)

383

Balance at June 2005

324

(14)

(188)

211

Balance at December 2005

(46) 22

(67) (36) (261) (388)

Loss attributable to equity shareholders

(240)

–

(240)

Dividends (26)

–

(26)

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

–

Net loss on cash flow hedges

–

(240)

Deferred taxation on cash flow hedges

–

Gain on available for sale financial assets

–

Share-based payment expense

–

Translation

–

(3)

314

328

Balance at June 2006

(312)

247

(32)

(350)

(428)

Rounding of figures may result in computational discrepancies.

12. Minority interests

As at

Jun

2006

Mar

2006

Jun

2005

Dec

2005

Jun

2006

Mar

2006

Jun

2005

Dec

2005

Unaudited Audited Unaudited Audited

SA Rand million

US Dollar million

Balance at beginning of year

374

374

327

Attributable profit

146

Dividends paid

(88)

(18) (43) (125) (14)

(3) (7) (20)

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

–

Net loss on cash flow hedges

(12)

(7) –

(9) (2)

(1) –

(2)

Translation

(7)

(1)

(3) (1)

Balance at end of period

419

384

401

374

13. Exchange rates

Jun

2006

Mar

2006

Dec

2005

Jun

2005

Unaudited

Audited

Unaudited

Rand/US dollar average for the period

6.31

6.15 6.37 6.21

Rand/US dollar average for the quarter

6.46

6.15 6.53 6.41

Rand/US dollar closing

7.15

6.17 6.35 6.68

Rand/Australian dollar average for the period

4.69

4.55 4.85 4.80

Rand/Australian dollar average for the quarter

4.83

4.55 4.86 4.93

Rand/Australian dollar closing

5.31

4.39 4.65 5.06

14. Capital commitments

Jun

2006

Mar

2006

Jun

2005

Dec

2005

Jun

2006

Mar

2006

Jun

2006

Dec

2005

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Orders placed and outstanding on capital contracts
at the prevailing rate of exchange

2,726

2,101 1,312 1,182 382

341 196 186

Liquidity and capital resources:

To service the above capital commitments and other operational requirements, the group is dependant upon cash generated from the
South African operations, borrowing facilities and cash distributions from offshore operations.

Cash generated from the South African operations fund to a large extent the capital expenditure to maintain and expand those operations
in South Africa. Consequently other funding requirements are serviced from borrowing facilities and offshore distributions which are
subject to market and other risks. The credit facilities and other financing arrangements contain financial covenants and other similar
undertakings.

The distributions from offshore operations are subject to foreign investment and exchange control laws and regulations and the quantity
of foreign exchange available in offshore countries. In addition offshore distributions from joint venture partners are subject to consent
and co-operation from those joint venture partners.

The group’s current covenant performance, cash and liquidity funds from the various resources available are within the required limits
which will meet its obligations and capital commitments.

Rounding of figures may result in computational discrepancies.

15.

Contingent liabilities

AngloGold Ashanti’s contingent liabilities at 30 June 2006 are detailed below:

Water pumping cost – South Africa – The South African Department of Water Affairs and Forestry (DWAF) issued
a directive on 1 November 2005 ordering the four mining groups, Simmer and Jack Investments (Proprietary)
Limited, Simmer and Jack Mines Limited (collectively known as Simmers who have purchased Buffelsfontein
shafts from DRDGold Limited), Harmony Gold Mining Company Limited, AngloGold Ashanti and Stilfontein Gold
Mining Company to share equally, the costs of pumping water at Stilfontein’s Margaret Shaft. This follows an
interdict application made by AngloGold Ashanti in response to DRDGold’s threat to cease funding the pumping
of water at the Margaret and Buffelsfontein shafts, after placing Buffelsfontein, its subsidiary that operated the
North West operations, into liquidation on 22 March 2005. Simmers have purchased the Buffelsfontein shafts and
have assumed the water management liabilities associated with the Buffelsfontein shafts. The directive also
orders the mining companies to submit an agreement and a joint proposal towards the long-term sustainable
management of water arising from the mining activities in the area.

The mining companies have signed and submitted Settlement and Shareholders’ Agreements to DWAF. The
mining companies and government are in the process of discussing the fulfilment of the conditions precedent in
the Agreements. The Settlement Agreement describes the formation of a “New Water Company”, which will take
over the running of the Margaret Shaft from the Stilfontein Gold Mining Company. The state has requested that
the new company be a Section 21 “not for profit company” in order for it to qualify for reduced water tariffs. The
new company will be responsible for the operation of the shaft and the operation of all pumping equipment at the
shaft in order to transfer all fissure water to surface on a daily basis. Each of the three companies has agreed to
provide one third of the start up capital required on loan account to the New Water Company. The mining
companies will each contribute a maximum of R18 million capital in the aggregate over a 3-year period. Any
additional working or other capital costs required by the New Water Company will be borrowed or otherwise
obtained from outside sources. In other words the mining companies are not obliged to contribute more than the
R18 million capital. Each of the mining companies must agree with the contents of a business plan for the New
Water Company. The mining companies will not have any obligation whatsoever to approve of the Business Plan
unless they are satisfied that the New Water Company will be able to conduct and continue conducting business
on a viable and sustainable basis without any funding being required from the mining companies other than the
R18 million capital provided for in the agreement. At present it is estimated that a total finance of R54 million is
required for the Margaret Shaft over a three-year period. The Shareholders Agreement provides for the formation
of the New Water Company, with each mining company nominating two directors each.

Stilfontein, the owner of the Margaret and Scott Shafts has been placed in provisional liquidation on the
application of a creditor, Mining Reclamation Services (Pty) Limited. The Master of the High Court has appointed
4 (four) liquidators. During a meeting held on 21 July the mining companies were advised that Stilfontein was
deregistered as a company at the Company Registrar’s office after it was placed in provisional liquidation. It is
uncertain whether the deregistration takes precedence over the provisional liquidation. Should deregistration of
Stilfontein be valid then ownership in the assets of the company vest in the State. If this is the case then the
State is free to grant the New Water Company access to Margaret and Scott Shafts. However should the
liquidation take precedence over the deregistration then the mining companies will consider purchasing the
Margaret and Scott Shafts from the liquidators at a nominal cost or the cost may be defrayed by the claims that
the mining companies have as creditors of Stilfontein.

AngloGold Ashanti believes that it is not liable to fund these pumping costs but cannot provide any assurances
regarding the ultimate result until the matter has been settled.

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

Retrenchment costs – South Africa – Following the decision to discontinue operations at Ergo in 2005, employees
surplus to requirements have had their service contracts terminated and retrenchment packages settled. Ergo
continues to retain various staff members to complete the discontinuance and the attendant environmental
obligations which are expected to be completed by 2012. The retained employees may resign, be transferred
within the Group, attain retirement age or be retrenched as their current position is made redundant. AngloGold
Ashanti is currently unable to determine the effect, if any, of any potential retrenchment costs.

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

Sales tax on gold deliveries – Brazil – Mineração Serra Grande S.A., the operator of the Crixas mine in Brazil, has
received assessments from the State of Goias Tax Inspection related to payments of sales taxes on gold
deliveries for export. The Serra Grande Joint Venture is co-owned with Kinross Gold Corporation. The company
manages the operation and its attributable share of the assessment is approximately $29 million. The company
believes the assessments are in violation of Federal legislation on sales taxes and that there is a remote chance
of success for the State of Goias. The assessment has been appealed.

Litigation with mining contractor and non-payment of receivable – Ghana

· A group of employees of Mining and Building Contractors (MBC), the Obuasi underground developer, are

claiming to be employees of the group. If successful, there is a risk of some employees claiming rights to
share options;

· Bayswater Construction and Mining Limited (BCM) have instituted court proceedings against the Bibiani

mine (AGBL), claiming $5m pertaining to a contractual dispute. This matter is currently stayed on technical
grounds to the effect that the litigation cannot commence until arbitration has been concluded. A provision
of $2m has been made;

·     BCM has instituted a claim against the Bibiani mine relating to a wall slip to which BCM considered that they
      had an exclusive right under their contract to repair. AGBL awarded the repair to a third party. The potential
      liability amounts to $1m.

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

16.

Concentration of risk

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

·       Reimbursable value added tax due from the Malian government, for the company amount to an attributable
        $30m at 30 June 2006 (31 March 2006: attributable $27m). The last audited value added tax return was for
        the period ended 30 June 2005 and at that date an attributable $20m was still outstanding and an
        attributable $10m is still subject to audit. The accounting processes for the unaudited amount are in
        accordance with the processes advised by the Malian government in terms of the previous audits.

·       Reimbursable fuel duties from the Malian government, for the company amount to an attributable $14m at
        30 June 2006 (31 March 2006: attributable $14m). Fuel duties are required to be submitted before
        31 January of the following year and are subject to authorisation by firstly the Department of Mining and
        secondly the Custom and Excise authorities. The Customs and Excise authorities have approved an
        attributable $7m which is still outstanding, whilst an attributable $7m is still subject to authorisation. The
        accounting processes for the unauthorised amount are in accordance with the processes advised by the
        Malian government in terms of the previous authorisations.

The government of Mali is a shareholder in all the Malian entities and has provided a repayment plan for the
amounts due.

17. Attributable interest

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

18. Borrowings

AngloGold Ashanti's borrowings are interest bearing.

19. Announcements

On 10 May 2006, AngloGold Ashanti announced that Kelvin Williams retired from the board effective 6 May 2006.

On 1 June 2006, AngloGold Ashanti and Bema Gold Corporation announced that they are to form a new
company which will jointly explore a select group of AngloGold Ashanti’s mineral opportunities located in Northern
Colombia, with initial work focused on the La Mina and El Pino targets. As part of the agreement, AngloGold
Ashanti has initially agreed to provide a minimum of eight exploration properties while Bema will provide a
minimum of $5m in exploration funding.

On 15 June 2006, AngloGold Ashanti announced the signature of a Letter of Intent with International Tower Hill
Mines Ltd. (ITH), for the sale and option of AngloGold Ashanti’s 100% interest in six Alaskan mineral exploration
properties and associated databases to ITH. ITH will issue to AngloGold Ashanti, 19.99% of its issued shares
following the acquisition and the completion of equity financing to raise a minimum of $10m for future exploration
activities. ITH will be required to raise an additional approximate $6m either prior to or concurrently with the
closing of the deal with AngloGold Ashanti. AngloGold Ashanti will also grant to ITH, the exclusive option to
acquire a 60% interest in each of its LMS and Terra projects by incurring $3m of exploration expenditure on each
project within four years of the grant date of the option, following which AngloGold Ashanti will have the option to
increase or dilute its stake in these projects, subject to certain conditions.

On 14 July 2006, AngloGold Ashanti announced the signing of a Heads of Agreement with Antofagasta PLC to
jointly explore a highly prospective belt in Southern Colombia for new gold and copper deposits. AngloGold
Ashanti will include all of its mineral applications, contracts and third party contracts within the area of interest in
the new joint venture, while Antofagasta will commit to fund a minimum of $1.3m of exploration within 12 months
of the signing of the agreement, with an option to invest an additional $6.7m within four years in order to earn-in to
50% of the joint venture. Both AngloGold Ashanti and Antofagasta will have the right to increase their interests by
20% in copper-dominant and gold-dominant properties subject to certain conditions.

20. Dividend

The directors have today declared Interim Dividend No. 100 of 210 (Interim Dividend No. 98: 170) South African
cents per ordinary share for the six months ended 30 June 2006. In compliance with the requirements of
STRATE, given the company's primary listing on the JSE Limited, the salient dates for payment of the dividend
are as follows:

To holders of ordinary shares and to holders of CHESS Depositary Interests (CDIs)
Each CDI represents one-fifth of an ordinary share.

2006

Currency conversion date for UK pounds, Australian dollars and Ghanaian cedis

Thursday, 10 August

Last date to trade ordinary shares cum dividend

Friday, 11 August

Last date to register transfers of certificated securities cum dividend

Friday, 11 August

Ordinary shares trade ex dividend

Monday, 14 August

Record date

Friday, 18 August

Payment date

Friday, 25 August

On the payment date, dividends due to holders of certificated securities on the South African share register will
either be electronically transferred to shareholders' bank accounts or, in the absence of suitable mandates,
dividend cheques will be posted to such shareholders.

Dividends in respect of dematerialised shareholdings will be credited to shareholders' accounts with the relevant
CSDP or broker.

To comply with the further requirements of STRATE, between Monday, 14 August 2006 and Friday, 18 August
2006, both days inclusive, no transfers between the South African, United Kingdom, Australian and Ghana share
registers will be permitted and no ordinary shares pertaining to the South African share register may be
dematerialised or rematerialised.

To holders of American Depositary Shares
Each American Depositary Share (ADS) represents one ordinary share.

2006

Ex dividend on New York Stock Exchange

Wednesday, 16 August

Record date

Friday, 18 August

Approximate date for currency conversion

Friday, 25 August

Approximate payment date of dividend

Monday, 4 September

Assuming an exchange rate of R7.025/$1, the dividend payable on an ADS is equivalent to 29.89 US cents. This
compares with the interim dividend of 26.095 US cents per ADS paid on 6 September 2005. However, the actual
rate of payment will depend on the exchange rate on the date for currency conversion.

To holders of Ghanaian Depositary Shares (GhDSs)
100 GhDSs represent one ordinary share.

2006

Last date to trade and to register GhDSs cum dividend

Friday, 11 August

GhDSs trade ex dividend

Monday, 14 August

Record date

Friday, 18 August

Approximate payment date of dividend

Monday, 28 August

Assuming an exchange rate of R1/¢1,308.19 the dividend payable per GhDS is equivalent to 27.47 cedis. This
compares with the interim dividend of 23.818cedis per GhDS paid on 29 August 2005. However, the actual rate
of payment will depend on the exchange rate on the date for currency conversion. In Ghana, the authorities have
determined that dividends payable to residents on the Ghana share register be subject to a final withholding tax
at a rate of 10%, similar to the rate applicable to dividend payments made by resident companies which is
currently at 10%.

By order of the Board

R P EDEY

R M GODSELL

Chairman

Chief

Executive

Officer

26 July 2006

Development

for the quarter ended 30 June 2006

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

Statistics are shown in metric units

Advanced

Sampled

metres

Sampled

Ave. channel

gold

uranium

(total)

metres

width (cm)

Ave. g/t

Ave. cm.g/t

Ave. kg/t

Ave. cm.kg/t

VAAL RIVER
Great Noligwa Mine
Vaal reef

3,717

434

133.0

25.44

3,384

1.06

140.65

Kopanang Mine
Vaal reef

5,707

762

13.1

136.79

1,792

11.13

145.84

Tau Lekoa Mine
Ventersdorp Contact reef

1,890

496

103.7

7.97

826

0.01

1.42

Moab Khotsong Mine
Vaal reef

4,402

116

113.7

29.53

3,358

1.42

161.00

WEST WITS
Tau Tona Mine
Ventersdorp Contact reef

319

Carbon Leader reef

2,973

Savuka Mine
Ventersdorp Contact reef

Carbon Leader reef

148

Mponeng Mine
Ventersdorp Contact reef

3,922

486

85.1

22.34

1,901

AUSTRALIA
Sunrise Dam

861

8.21

BRAZIL
AngloGold Ashanti Mineração
Mina de Cuiabá

2,313

308

7.3

Córrego do Sitio

216

240

6.6

Lamego

276

110

2.6

Serra Grande
Mina III

804

484

4.6

Mina Nova

GHANA
Obuasi

6,032

1,986

1690.0*

8.76

Statistics are shown in imperial units

Advanced

Sampled

feet

Sampled

Ave. channel

gold

uranium

(total)

feet

width (inches)

Ave. oz/t

Ave. ft.oz/t

Ave. lb/t

Ave. ft.lb/t

VAAL RIVER
Great Noligwa Mine
Vaal reef

12,195

1,424

52.36

0.74

3.24

2.12

9.25

Kopanang Mine
Vaal reef

18,724

2,500

5.16

3.99

1.71

22.26

9.57

Tau Lekoa Mine
Ventersdorp Contact reef

6,199

1,627

40.83

0.23

0.79

0.02

0.07

Moab Khotsong Mine
Vaal reef

14,442

381

44.76

0.86

3.21

2.84

10.59

WEST WITS
Tau Tona Mine
Ventersdorp Contact reef

1,047

Carbon Leader reef

9,755

Savuka Mine
Ventersdorp Contact reef

Carbon Leader reef

484

Mponeng Mine
Ventersdorp Contact reef

12,868

1,594

33.50

0.65

1.82

AUSTRALIA

Sunrise Dam

2,825

0.24

BRAZIL
AngloGold Ashanti Mineração
Mina de Cuiabá

7,587

1,009

2.87

Córrego do Sitio

710

787

2.60

Lamego

904

359

1.02

Serra Grande
Mina III

2,636

1,586

1.81

Mina Nova

171

GHANA
Obuasi

19,790

6,515

665.4*

0.26

* Average ore body width

Segmental reporting

for the quarter ended 30 June 2006

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

2005

2006

2005

Unaudited

SA Rand million

US Dollar million

Gold income
South Africa

2,191

1,931

1,953

4,122

3,600

338

314

303

652

577

Argentina

276

168

142

444

293

Australia

465

309

413

774

750

122

120

Brazil

367

304

270

671

517

106

Ghana

391

453

454

844

863

134

139

Guinea

224

188

229

412

347

Mali

544

445

358

990

691

157

111

Namibia

157

102

Tanzania

173

246

381

418

788

127

USA

129

155

214

310

4,798

4,246

4,404

9,044

8,261

740

690

684

1,430

1,326

Gross profit (loss) adjusted
for the effect of unrealised
non-hedge derivatives
South Africa

1,145

623

336

1,768

549

174

101

276

Argentina

123

178

105

Australia

242

133

131

375

211

Brazil

225

134

137

359

272

Ghana

(43)

(21)

(9)

(13)

(7)

(3)

(2)

Guinea

Mali

268

179

104

448

201

Namibia

(6)

(5)

(1)

Tanzania

(56)

(9)

USA

(33)

(23)

(5)

(3)

Other

(22)

(19)

(29)

(2)

(3)

(6)

1,988

1,248

765

3,237

1,441

305

202

117

507

230

Cash gross profit (loss)

South Africa

1,520

981

585

2,500

1,041

232

159

392

166

Argentina

168

100

268

177

Australia

298

175

189

472

324

Brazil

264

169

172

434

337

Ghana

100

181

282

192

Guinea

107

162

133

Mali

336

232

170

569

336

Namibia

(1)

Tanzania

133

176

USA

125

177

Other

(8)

2,937

2,108

1,519

5,045

2,904

452

342

235

794

465

Gross profit (loss) adjusted for the effect of unrealised non-hedge derivatives plus amortisation of tangible and intangible assets, less non-cash revenues. Refer to note F of "Non-GAAP disclosure" for the definition Rounding of figures may result in computational discrepancies.

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

Segmental reporting (continued)

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

2005

2006

2005

Unaudited

Gold production

South Africa

20,150

18,963

20,604

39,112

41,336

648

610

662

1,257

1,329

Argentina

2,004

1,632

1,591

3,636

3,370

117

108

Australia

3,516

2,821

4,063

6,337

8,127

113

131

204

261

Brazil

2,526

2,263

2,660

4,789

5,188

154

167

Ghana

4,552

4,896

5,341

9,448

10,654

146

157

172

304

343

Guinea

1,826

1,776

2,486

3,602

3,831

116

123

Mali

4,533

4,028

4,139

8,561

8,119

146

130

133

275

261

Namibia

684

678

560

1,362

1,156

Tanzania

2,203

2,626

5,133

4,829

11,097

165

155

357

USA

2,030

1,984

2,215

4,014

4,723

129

152

44,024

41,667

48,792

85,691

97,600

1,415

1,340

1,569

2,755

3,138

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

2005

2006

2005

Unaudited

SA Rand million

US Dollar million

Capital expenditure
South Africa

472

407

527

879

1,008

139

162

Argentina

Australia

127

106

Brazil

309

220

132

530

195

Ghana

161

106

130

267

224

Guinea

161

Mali

Namibia

Tanzania

135

USA

Other

1,168

961

1,068

2,130

1,932

181

156

167

337

311

As at

June

March

June

December

June

March

June

December

2006

2005

2006

2005

Unaudited

Audited

Unaudited

Audited

Total assets
South Africa

15,927

15,546

14,753

15,554

2,229

2,520

2,207

2,451

Argentina

1,965

1,676

1,866

1,635

275

272

279

258

Australia

5,978

4,824

4,665

4,738

837

782

698

747

Brazil

3,535

2,767

2,392

2,449

495

449

358

386

Ghana

13,023

11,130

12,102

11,419

1,823

1,804

1,811

1,800

Guinea

2,045

1,729

1,817

1,735

286

280

272

273

Mali

2,273

1,984

2,168

2,007

318

322

324

316

Namibia

360

329

210

289

Tanzania

9,151

7,810

7,109

7,924

1,281

1,266

1,064

1,249

USA

3,179

2,682

2,946

2,734

445

435

441

431

Other

3,348

2,337

2,305

2,138

468

378

345

337

60,784

52,814

52,333

52,622

8,507

8,561

7,830

8,294

Rounding of figures may result in computational discrepancies.

SA Rand million

US Dollar million

oz (000)

Non-GAAP disclosure

Headline earnings adjusted for the effect of unrealised non-hedge derivatives, fair value gain (loss) on convertible bond and interest rate swaps

Jun

Mar

Jun

Mar

Jun

2006

2005

2006

2005

2006

2005

2006

2005

Headline (loss) earnings (note 8)

(1,086)

(1,067)

661

(2,154)

765

(60)

(184)

112

(244)

143

Unrealised non-hedge derivatives loss (gain)(note C)

2,583

1,566

(166)

4,149

255

280

264

(37)

544

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

(426)

(202)

105

(628)

(55)

(33)

(88)

Fair adjustment on option component of convertible
bond

(158)

233

(79)

(194)

(25)

(13)

(32)

Fair value (loss) gain on interest rate swap

(11)

(2)

Deferred tax on interest rate swap

(2)

Headline earnings before unrealised non-hedge
derivatives, fair value gain (loss) on convertible
bond and interest rate swaps

(2)

911

530

509

1,442

877

140

226

138

Cents per share

(1)

Headline earnings adjusted for the effect of
unrealised non-hedge derivatives, fair value (loss)
gain on convertible bond and interest rate swaps

(2)

334

200

192

536

332

(1)

Calculated on the basic weighted average number of ordinary shares.

(2)

Non-hedge derivatives in the income statement comprise the change in fair value of all non-hedge derivatives as follows:

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

Headline earnings adjusted for the effect of unrealised non-hedge derivatives, fair value gain (loss) on convertible bond and interest rate swaps, is intended to illustrate
earnings after adjusting for:

positions settled in the period; and
- Investment in hedge restructure transaction: During the hedge restructure in the quarters ended 31 December 2004 and 31 Mar, 2005, $83m and $69m in cash
was injected into the hedge book to increase the value of long-dated contracts. This investment in long-dated derivatives (all of which have not yet matured),
for the purposes of the adjustment to earnings, will only be taken into account when the long-dated contracts are settled.

Gross profit adjusted for the effect of unrealised non-hedge derivatives

Jun

Mar

Jun

Mar

Jun

2006

2005

2006

2005

2006

2005

2006

2005

Reconciliation of gross (loss) profit to gross profit
adjusted for the effect of unrealised non-hedge
derivatives:
Gross (loss) profit

(594)

(318)

931

(912)

1,186

(61)

154

(37)

211

Unrealised non-hedge derivatives (note C)

2,583

1,566

(166)

4,149

255

280

264

(37)

544

Gross profit adjusted for the effect of unrealised
non-hedge derivatives

1,988

1,248

765

3,237

1,441

305

202

117

507

230

Rounding of figures may result in computational discrepancies.

SA Rand / Metric

US Dollar / Imperial

Six months ended

Unaudited

Quarter ended

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

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

SA Rand / Metric

US Dollar / Imperial

Six months ended

Quarter ended

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

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

Quarter ended

Six months ended

Quarter ended

Six months ended

Unaudited

Jun

Mar

Jun

Mar

Jun

2006

2005

2006

2005

2006

2005

2006

2005

Non-hedge derivative (loss) gain is summarised as follows:

Realised non-hedge derivative gain (loss)

736

466

(18)

1,202

215

112

(2)

187

Unrealised non-hedge derivative (loss) gain

(2,583)

(1,566)

166

(4,149)

(255)

(280)

(264)

(544)

(19)

Non-hedge derivative (loss) gain per income
statement

(1,847)

(1,100)

147

(2,947)

(40)

(169)

(188)

(357)

Price received

Gold income per income statement

4,798

4,246

4,404

9,044

8,261

740

690

684

1,430

1,326

Adjusted for minority interests

(214)

(162)

(146)

(376)

(267)

(34)

(27)

(24)

(60)

(46)

4,584

4,084

4,258

8,668

7,994

706

663

660

1,370

1,280

Realised non-hedge derivatives

736

466

(18)

1,202

215

112

(2)

187

5,320

4,550

4,240

9,870

8,209

818

739

658

1,557

1,317

Attributable gold sold - kg / - oz (000)

42,424

42,164

48,560

84,588

96,873

1,364

1,356

1,561

2,720

3,115

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

125,409

107,903

87,314

116,683

84,739

600

545

422

573

423

Total costs

Total cash costs (note 3)

2,881

2,572

2,836

5,453

5,587

445

419

443

864

901

Adjusted for minority interests and non-gold producing

companies

(95)

(38)

(133)

(115)

(14)

(6)

(20)

(19)

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

2,786

2,534

2,798

5,320

5,472

431

413

437

844

882

Retrenchment costs (note 3)

Rehabilitation and other non-cash costs (note 3)

Amortisation of tangible assets (note 3)

951

859

787

1,810

1,519

147

140

123

286

244

Amortisation of intangible assets (note 3)

Adjusted for minority interests and non-gold producing

companies

(29)

(27)

(22)

(56)

(43)

(4)

(4)

(8)

(6)

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

3,749

3,420

3,646

7,169

7,094

580

557

569

1,137

1,143

Gold produced - kg / - oz (000)

44,024

41,667

48,792

85,691

97,600

1,415

1,340

1,569

2,755

3,138

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

63,276

60,815

57,351

62,079

56,064

305

308

278

306

281

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

85,168

82,079

74,728

83,666

72,683

410

416

363

413

364

Cash gross profit

Gross profit adjusted for the effect of unrealised
non-hedge derivatives (note B)

1,988

1,248

765

3,237

1,441

305

202

117

507

230

Amortisation of tangible assets (note 3)

951

859

787

1,810

1,519

147

140

123

286

244

Amortisation of intangible assets (note 3)

Non-cash revenues

(5)

(2)

(36)

(8)

(62)

(1)

(5)

(1)

(10)

2,937

2,108

1,519

5,045

2,904

452

342

235

794

465

G EBITDA

Operating (loss) profit per income statement

(900)

(563)

654

(1,463)

708

(22)

(101)

111

(123)

135

Amortisation of tangible assets (note 3)

951

859

787

1,810

1,519

147

140

123

286

244

Amortisation of intangible assets (note 3)

Impairment of tangible assets (note 5)

Unrealised non-hedge derivatives (note C)

2,583

1,566

(166)

4,149

255

280

264

(37)

544

Profit on disposal of assets (note 5)

(47)

(6)

(4)

(52)

(1)

(7)

(1)

(8)

Share of associates' EBITDA

(1)

(3)

(4)

(1)

2,590

1,859

1,323

4,448

2,535

398

302

204

700

406

Rounding of figures may result in computational discrepancies.

Unaudited

SA Rand / Metric

US Dollar / Imperial

Quarter ended

Six months ended

Quarter ended

Six months ended

Jun

Mar

Jun

Mar

Jun

2006

2005

2006

2005

2006

2005

2006

2005

Interest cover

EBITDA

2,590

1,859

1,323

4,448

2,535

398

302

204

700

406

Finance costs and unwinding of decommissioning

and restoration obligations per income statement

209

210

159

419

308

Capitalised finance costs

228

219

186

447

359

Interest cover - times

11.35

8.49

7.10

9.95

7.07

11.29

8.48

7.02

9.88

7.03

Free cash flow

Net cash inflow from operating activities per cash flow

1,963

1,453

1,075

3,415

1,777

302

236

175

538

289

Stay-in-business capital expenditure

(696)

(623)

(612)

(1,320)

(1,144)

(108)

(101)

(95)

(209)

(184)

1,267

830

463

2,095

633

195

134

329

105

As at

Jun

Mar

Jun

Dec

Jun

Mar

Jun

Dec

2006

2005

2006

2005

Net asset value - cents per share

Total equity per balance sheet

19,427

14,854

20,817

16,958

2,719

2,408

3,114

2,673

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

275

265

275

265

Net asset value - cents per share

7,060

5,603

7,867

6,401

988

908

1,177

1,009

Total equity per balance sheet

19,427

14,854

20,817

16,958

2,719

2,408

3,114

2,673

Intangible assets per balance sheet

(2,873)

(2,419)

(2,727)

(2,533)

(402)

(392)

(408)

(399)

16,554

12,435

18,090

14,425

2,317

2,016

2,706

2,274

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

275

265

275

265

Net tangible asset value - cents per share

6,016

4,690

6,836

5,445

842

760

1,023

858

Net debt

Borrowings - long-term portion per balance sheet

9,375

10,798

10,500

10,825

1,312

1,750

1,571

1,706

Borrowings - short term portion per balance sheet

465

871

1,141

1,190

141

171

188

Total borrowings

9,840

11,669

11,641

12,015

1,377

1,891

1,742

1,894

Cash and cash equivalents per balance sheet

(2,450)

(1,419)

(1,644)

(1,328)

(343)

(230)

(246)

(209)

Net debt

7,390

10,250

9,997

10,687

1,034

1,661

1,496

1,685

Rounding of figures may result in computational discrepancies.

Unaudited

SA Rand / Metric

US Dollar / Imperial

SA Rand / Metric

US Dollar / Imperial

Quarter ended

Six months ended

Quarter ended

Six months ended

Key

operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Quarter Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

SA Rand / US Dollar

Capital expenditure - Rm

Capital expenditure - $m

SOUTH AFRICA

472

407

527

879

139

Vaal River
Great Noligwa

109

Kopanang 52

108

Tau Lekoa

Surface Operations

Moab Khotsong

138

112

152

250

West Wits
Mponeng 69

133

Savuka 4

TauTona 118

122

208

ARGENTINA

Cerro Vanguardia - Attributable 92.50%

Minorities and exploration

AUSTRALIA

127

Sunrise Dam

Boddington

Exploration

BRAZIL

309

220

132

530

AngloGold Ashanti Mineração

277

196

111

473

Serra Grande - Attributable 50%

Minorities and exploration

GHANA

161

106

130

267

Bibiani

Iduapriem - Attributable 85%

Obuasi

156

101

105

257

Minorities and exploration

GUINEA

Siguiri - Attributable 85%

Minorities and exploration

MALI

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

Navachab

TANZANIA

135

Geita

135

USA

Cripple Creek & Victor J.V.

Minorities and exploration

OTHER

ANGLOGOLD ASHANTI

1,168

961

1,068

2,130

181

156

167

337

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

Metric

Yield - g/t

Gold produced - kg

SOUTH AFRICA

20,150

18,963

20,604

39,112

Vaal River
Great Noligwa

8.11

8.57

9.49

8.34

4,767

5,013

5,401

9,780

Kopanang 7.19

6.83

6.95

7.02

3,561

3,220

3,659

6,781

Tau Lekoa

3.61

3.57

4.18

3.59

1,289

1,438

2,126

2,727

Surface Operations

0.50

0.45

0.48

970

663

666

1,634

Moab Khotsong

6.83

7.14

6.97

338

292

630

West Wits
Mponeng 10.38

9.83

9.50

10.12

4,853

4,269

3,968

9,122

Savuka 7.17

7.76

5.93

7.45

653

1,038

1,306

TauTona

9.70

9.24

9.45

9.47

3,718

3,413

3,747

7,132

ARGENTINA

2,004

1,632

1,591

3,636

Cerro Vanguardia - Attributable 92.50%

8.92

7.95

7.91

8.46

2,004

1,632

1,591

3,636

AUSTRALIA

3,516

2,821

4,063

6,337

Sunrise Dam

3.27

2.86

4.28

3.07

3,516

2,821

4,063

6,337

BRAZIL

2,526

2,263

2,660

4,789

AngloGold Ashanti Mineração

7.45

8.01

6.96

7.69

1,766

1,513

1,908

3,279

Serra Grande - Attributable 50%

7.50

7.58

8.04

7.54

760

750

751

1,510

GHANA

4,552

4,896

5,341

9,448

Bibiani

0.47

0.79

0.63

274

476

931

749

Iduapriem

- Attributable 85%

1.77

1.74

1.72

1.76

1,265

1,351

1,244

2,616

Obuasi

4.33

4.58

4.95

4.45

3,013

3,069

3,166

6,082

GUINEA

1,826

1,776

2,486

3,602

Siguiri

- Attributable 85%

1.16

1.01

1.35

1.08

1,826

1,776

2,486

3,602

MALI

4,533

4,028

4,139

8,561

Morila - Attributable 40%

4.22

4.03

5.51

4.12

1,684

1,689

2,095

3,374

Sadiola - Attributable 38%

3.50

3.11

3.02

3.32

1,607

1,316

1,339

2,922

Yatela

- Attributable 40%

4.92

4.53

2.51

4.72

1,242

1,023

705

2,265

NAMIBIA

684

678

560

1,362

Navachab

2.15

1.98

2.15

684

678

560

1,362

TANZANIA

2,203

2,626

5,133

4,829

Geita

1.50

2.12

3.34

1.78

2,203

2,626

5,133

4,829

USA

2,030

1,984

2,215

4,014

Cripple Creek & Victor J.V.

0.54

0.50

0.62

0.52

2,030

1,984

2,215

4,014

ANGLOGOLD ASHANTI

44,024

41,667

48,792

85,691

Underground Operations

7.24

7.12

7.26

7.19

24,379

23,055

25,175

47,434

Surface and Dump Reclamation

0.50

0.55

0.49

0.52

1,663

1,517

927

3,180

Open-pit Operations

2.27

2.21

2.90

2.24

14,415

13,726

18,856

28,141

Heap leach Operations

0.83

0.81

0.77

0.82

3,567

3,369

3,835

6,936

44,024

41,667

48,792

85,691

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

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

The yield of TauTona, AngloGold Ashanti Mineração and Obuasi represents

Yatela and Cripple Creek & Victor Joint Venture operations yield reflects gold

underground operations.

placed/tonnes placed.

The yield of Bibiani represents surface and dump reclamation.

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

Metric

Productivity per employee - g

Gold sold - kg

SOUTH AFRICA

264

244

249

254

19,488

18,886

20,585

38,374

Vaal River
Great Noligwa

242

258

263

250

4,606

4,983

5,399

9,588

Kopanang 227

211

236

219

3,452

3,201

3,659

6,654

Tau Lekoa

152

139

169

145

1,253

1,431

2,125

2,684

Surface Operations

1,263

892

730

1,081

928

659

666

1,587

Moab Khotsong

128

106

328

290

618

West Wits
Mponeng 349

311

280

330

4,692

4,261

3,970

8,954

Savuka 207

212

134

210

646

652

1,026

1,298

TauTona 308

285

328

297

3,584

3,408

3,740

6,992

ARGENTINA

1,145

935

911

1,040

2,122

1,566

1,540

3,689

Cerro Vanguardia - Attributable 92.50%

1,145

935

911

1,040

2,122

1,566

1,540

3,689

AUSTRALIA

2,646

2,112

3,149

2,378

3,496

2,824

4,067

6,320

Sunrise Dam

3,031

2,445

3,558

2,739

3,496

2,824

4,067

6,320

BRAZIL

596

542

666

569

2,551

2,558

2,587

5,109

AngloGold Ashanti Mineração

511

443

590

477

1,750

1,813

3,563

Serra Grande - Attributable 50%

971

988

992

980

801

745

774

1,546

GHANA

283

284

224

283

4,024

4,875

5,389

8,899

Bibiani

572

944

725

762

221

476

931

697

Iduapriem - Attributable 85%

611

650

584

630

1,130

1,351

1,263

2,481

Obuasi

223

209

155

216

2,673

3,048

3,196

5,721

GUINEA

447

474

774

460

1,826

1,776

2,326

3,602

Siguiri - Attributable 85%

447

474

774

460

1,826

1,776

2,326

3,602

MALI

1,949

1,702

2,077

1,824

4,177

4,039

4,008

8,216

Morila - Attributable 40%

2,010

1,944

3,742

1,976

1,520

1,640

2,025

3,161

Sadiola - Attributable 38%

1,954

1,567

1,757

1,758

1,542

1,313

1,299

2,855

Yatela - Attributable 40%

1,865

1,555

1,050

1,711

1,115

1,086

683

2,201

NAMIBIA

747

698

596

722

629

680

558

1,308

Navachab

747

698

596

722

629

680

558

1,308

TANZANIA

470

597

1,282

531

2,100

2,929

5,273

5,030

Geita

470

597

1,282

531

2,100

2,929

5,273

5,030

USA

2,069

2,082

2,322

2,075

2,009

2,031

2,227

4,040

Cripple Creek & Victor J.V.

2,069

2,082

2,322

2,075

2,009

2,031

2,227

4,040

ANGLOGOLD ASHANTI

379

353

368

366

42,424

42,164

48,560

84,588

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

SA Rand / Metric

Total cash costs - R/kg

Total production costs - R/kg

SOUTH AFRICA

59,200

61,747

60,287

60,435

78,854

81,548

74,764

80,160

Vaal River
Great Noligwa

57,253

52,022

55,453

54,571

73,661

68,183

63,413

70,853

Kopanang 60,958

64,220

58,208

62,507

74,306

78,703

67,239

76,394

Tau Lekoa

92,719

102,270

82,469

97,755

124,569

133,024

98,972

129,028

Surface Operations

55,290

64,402

63,984

58,989

62,634

74,449

63,984

67,431

Moab Khotsong

137,630

167,406

151,425

224,472

259,751

240,816

West Wits
Mponeng 47,250

51,487

57,209

49,233

68,188

70,752

74,926

69,388

Savuka 73,967

71,772

94,685

72,870

83,203

77,581

112,597

80,393

TauTona 55,276

57,978

49,773

56,569

78,155

82,566

75,999

80,266

ARGENTINA

39,959

37,385

35,763

38,804

61,167

62,749

57,988

61,886

Cerro Vanguardia - Attributable 92.50%

39,447

36,822

35,203

38,269

60,527

62,059

57,305

61,223

AUSTRALIA

58,720

58,469

51,991

58,608

74,505

76,338

68,330

75,321

Sunrise Dam

56,683

55,561

50,451

56,184

72,706

71,187

66,620

72,030

BRAZIL

44,052

41,469

36,498

42,831

56,398

54,149

47,992

55,335

AngloGold Ashanti Mineração

39,397

37,132

33,090

38,352

51,862

50,539

45,508

51,252

Serra Grande - Attributable 50%

42,580

36,951

31,615

39,783

54,514

47,423

40,004

50,991

GHANA

85,107

68,345

66,546

76,421

118,571

99,228

92,058

108,548

Bibiani

85,963

55,531

60,929

66,650

117,938

85,933

91,334

97,627

Iduapriem - Attributable 85%

84,886

71,477

69,809

77,962

110,484

96,068

89,551

103,040

Obuasi

85,122

68,952

66,915

76,962

122,025

102,679

93,257

112,263

GUINEA

83,876

74,884

43,673

79,442

109,149

103,639

62,908

106,432

Siguiri - Attributable 85%

83,876

74,884

43,673

79,442

109,149

103,639

62,908

106,432

MALI

48,372

48,284

44,264

48,330

63,691

63,800

60,879

63,742

Morila - Attributable 40%

51,803

51,820

35,711

51,812

66,241

70,132

52,583

68,190

Sadiola - Attributable 38%

52,888

53,584

53,050

53,201

69,219

65,638

67,266

67,607

Yatela - Attributable 40%

48,496

43,910

61,786

46,425

63,636

59,183

82,056

61,625

NAMIBIA

57,763

44,795

74,345

51,305

75,514

59,018

94,010

67,298

Navachab

57,763

44,795

74,345

51,305

75,514

59,018

94,010

67,298

TANZANIA

105,814

72,557

68,422

87,728

128,519

92,656

84,160

109,016

Geita

105,814

72,557

68,422

87,728

128,519

92,656

84,160

109,016

USA

52,062

50,256

48,084

51,169

76,599

71,373

69,225

74,016

Cripple Creek & Victor J.V.

49,987

48,627

47,084

49,315

74,525

69,744

68,225

72,162

ANGLOGOLD ASHANTI

63,276

60,815

57,351

62,079

85,168

82,079

74,728

83,666

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

SA Rand

SOUTH AFRICA

1,520

981

585

2,500

1,145

623

336

1,768

Vaal River
Great Noligwa

367

299

162

666

295

223

133

519

Kopanang 265

160

107

425

222

117

339

Tau Lekoa

(32)

(11)

(16)

Surface Operations

107

Moab Khotsong

(13)

(29)

(40)

(69)

West Wits
Mponeng 423

277

136

700

324

198

522

Savuka 40

(4)

(19)

TauTona 294

191

148

486

213

110

323

ARGENTINA

168

100

268

123

178

Cerro Vanguardia - Attributable 92.50%

157

250

115

167

Minorities and exploration

AUSTRALIA

298

175

189

472

242

133

131

375

Sunrise Dam

298

175

189

472

242

133

131

375

BRAZIL

264

169

172

434

225

134

137

359

AngloGold Ashanti Mineração

156

243

134

202

Serra Grande - Attributable 50%

Minorities and exploration

104

GHANA

100

181

282

(43)

(21)

(9)

Bibiani

(5)

Iduapriem - Attributable 85%

Obuasi

108

156

(56)

(29)

(50)

Minorities and exploration

GUINEA

107

162

Siguiri - Attributable 85%

130

Minorities and exploration

MALI

336

232

170

569

268

179

104

448

Morila - Attributable 40%

121

108

218

163

Sadiola - Attributable 38%

117

181

145

Yatela - Attributable 40%

170

140

NAMIBIA

(1)

(6)

Navachab

(1)

(6)

TANZANIA

133

(56)

Geita

133

(56)

USA

125

(33)

(23)

Cripple Creek & Victor J.V.

125

(33)

(23)

OTHER

(8)

(22)

(19)

ANGLOGOLD ASHANTI

2,937

2,108

1,519

5,045

1,988

1,248

765

3,237

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

Rounding of figures may result in computational discrepancies.

Gross profit (loss) adjusted for the effect of

unrealised non-hedge derivatives - Rm

Cash gross profit (loss) - Rm

Key

operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

Imperial

Yield - oz/t

Gold produced - oz (000)

SOUTH AFRICA

648

610

662

1,257

Vaal River
Great Noligwa

0.236

0.250

0.277

0.243

153

161

174

314

Kopanang 0.210

0.199

0.203

0.205

114

104

118

218

Tau Lekoa

0.105

0.104

0.122

0.105

Surface Operations

0.015

0.013

0.014

Moab Khotsong

0.199

0.208

0.203

West Wits
Mponeng 0.303

0.287

0.277

0.295

156

137

128

293

Savuka 0.209

0.226

0.173

0.217

TauTona

0.283

0.269

0.276

120

110

120

229

ARGENTINA

117

Cerro Vanguardia - Attributable 92.50%

0.260

0.232

0.231

0.247

117

AUSTRALIA

113

131

204

Sunrise Dam

0.095

0.084

0.125

0.090

113

131

204

BRAZIL

154

AngloGold Ashanti Mineração

0.217

0.234

0.203

0.224

105

Serra Grande - Attributable 50%

0.219

0.221

0.234

0.220

GHANA

146

157

172

304

Bibiani

0.014

0.023

0.018

Iduapriem

- Attributable 85%

0.052

0.051

0.050

0.051

Obuasi

0.126

0.133

0.086

0.130

102

196

GUINEA

116

Siguiri

- Attributable 85%

0.034

0.030

0.039

0.032

116

MALI

146

130

133

275

Morila - Attributable 40%

0.123

0.118

0.161

0.120

108

Sadiola - Attributable 38%

0.102

0.091

0.088

0.097

Yatela

- Attributable 40%

0.143

0.132

0.073

0.138

NAMIBIA

Navachab

0.063

0.058

0.063

TANZANIA

165

155

Geita

0.044

0.062

0.097

0.052

165

155

USA

129

Cripple Creek & Victor J.V.

0.016

0.015

0.018

0.015

129

ANGLOGOLD ASHANTI

1,415

1,340

1,569

2,755

Underground Operations

0.211

0.208

0.212

0.210

784

741

809

1,525

Surface and Dump Reclamation

0.015

0.016

0.014

0.015

102

Open-pit Operations

0.066

0.064

0.085

0.065

463

441

606

905

Heap leach Operations

0.024

0.023

0.024

115

108

123

223

1,415

1,340

1,569

2,755

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

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

The yield of TauTona, AngloGold Ashanti Mineração and Obuasi represents

Yatela and Cripple Creek & Victor Joint Venture operations yield reflects gold

underground operations.

placed/tons placed.

The yield of Bibiani represents surface and dump reclamation.

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

Imperial

Productivity per employee - oz

Gold sold - oz (000)

SOUTH AFRICA

8.47

7.84

7.99

8.15

627

607

662

1,234

Vaal River
Great Noligwa

7.77

8.31

8.47

8.04

148

160

174

308

Kopanang 7.30

6.80

7.58

7.05

111

103

118

214

Tau Lekoa

4.88

4.47

5.44

4.66

Surface Operations

40.60

28.69

23.48

34.74

Moab Khotsong

4.10

2.87

3.42

West Wits
Mponeng 11.21

9.99

8.99

10.60

151

137

128

288

Savuka 6.67

6.82

4.31

6.74

TauTona 9.91

9.16

10.53

9.54

115

110

120

225

ARGENTINA

36.82

30.05

29.28

33.44

119

Cerro Vanguardia - Attributable 92.50%

36.82

30.05

29.28

33.44

119

AUSTRALIA

85.06

67.91

101.23

76.46

112

131

203

Sunrise Dam

97.45

78.60

114.38

88.05

112

131

203

BRAZIL

19.16

17.43

21.41

18.30

164

AngloGold Ashanti Mineração

16.43

14.25

18.95

15.34

115

Serra Grande - Attributable 50%

31.23

31.76

31.91

31.49

GHANA

9.11

9.12

7.21

9.11

129

157

173

286

Bibiani

18.38

30.34

23.32

24.51

Iduapriem - Attributable 85%

19.64

20.88

18.78

20.26

Obuasi

7.17

6.72

4.99

6.94

103

184

GUINEA

14.37

15.22

24.87

14.78

116

Siguiri - Attributable 85%

14.37

15.22

24.87

14.78

116

Minorities and exploration

MALI

62.66

54.71

66.77

58.65

134

130

129

264

Morila - Attributable 40%

64.62

62.50

120.31

63.54

102

Sadiola - Attributable 38%

62.84

50.37

56.49

56.53

Yatela - Attributable 40%

59.97

49.98

33.76

55.01

NAMIBIA

24.00

22.44

19.16

23.20

Navachab

24.00

22.44

19.16

23.20

TANZANIA

15.10

19.20

41.21

17.08

170

162

Geita

15.10

19.20

41.21

17.08

170

162

USA

66.53

66.93

74.65

66.73

130

Cripple Creek & Victor J.V.

66.53

66.93

74.65

66.73

130

ANGLOGOLD ASHANTI

12.19

11.34

11.83

11.76

1,364

1,356

1,561

2,720

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

US Dollar / Imperial

Total cash costs - $/oz

Total production costs - $/oz

SOUTH AFRICA

286

313

293

299

381

413

363

396

Vaal River
Great Noligwa

277

263

270

356

345

309

351

Kopanang 295

325

283

309

359

398

327

378

Tau Lekoa

447

518

400

485

601

674

480

640

Surface Operations

267

326

310

291

303

377

310

333

Moab Khotsong

666

848

750

1,084

1,315

1,191

West Wits
Mponeng 229

261

278

244

330

358

364

343

Savuka 359

363

461

361

401

393

548

397

TauTona 267

294

243

280

377

418

369

397

ARGENTINA

190

189

173

190

292

317

280

303

Cerro Vanguardia - Attributable 92.50%

188

186

171

187

289

314

277

300

AUSTRALIA

282

296

253

288

359

386

333

371

Sunrise Dam

273

281

246

276

350

360

324

355

BRAZIL

213

210

177

211

272

274

233

273

AngloGold Ashanti Mineração

190

188

161

189

249

256

221

253

Serra Grande - Attributable 50%

206

187

153

196

263

240

194

252

GHANA

407

346

322

375

568

503

446

534

Bibiani

412

281

296

329

569

435

443

484

Iduapriem - Attributable 85%

408

362

339

384

532

487

435

509

Obuasi

406

349

324

377

583

520

451

551

GUINEA

403

379

212

391

524

525

305

524

Siguiri - Attributable 85%

403

379

212

391

524

525

305

524

MALI

232

244

214

238

305

323

295

314

Morila - Attributable 40%

249

262

173

255

318

355

255

336

Sadiola - Attributable 38%

255

271

256

262

332

325

332

Yatela - Attributable 40%

232

222

299

228

305

300

398

303

NAMIBIA

279

227

362

253

364

299

459

331

Navachab

279

227

362

253

364

299

459

331

TANZANIA

507

368

331

432

617

470

408

537

Geita

507

368

331

432

617

470

408

537

USA

252

255

232

253

369

362

334

366

Cripple Creek & Victor J.V.

242

246

227

244

360

353

329

356

ANGLOGOLD ASHANTI

305

308

278

306

410

416

363

413

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

US Dollar

Cash gross profit (loss) - $m

SOUTH AFRICA

232

159

392

174

101

276

Vaal River
Great Noligwa

105

Kopanang 40

Tau Lekoa

(5)

(2)

(3)

Surface Operations

Moab Khotsong

(2)

(5)

(7)

(11)

West Wits
Mponeng 65

110

Savuka 6

(1)

(3)

TauTona 45

ARGENTINA

Cerro Vanguardia - Attributable 92.50%

Minorities and exploration

AUSTRALIA

Sunrise Dam

BRAZIL

AngloGold Ashanti Mineração

Serra Grande - Attributable 50%

Minorities and exploration

GHANA

(7)

(3)

(2)

Bibiani

(1)

Iduapriem - Attributable 85%

Obuasi

(9)

(5)

(8)

Minorities and exploration

GUINEA

Siguiri - Attributable 85%

Minorities and exploration

MALI

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

(1)

Navachab

(1)

TANZANIA

(9)

Geita

(9)

USA

(5)

(3)

Cripple Creek & Victor J.V.

(5)

(3)

OTHER

(2)

(3)

ANGLOGOLD ASHANTI

452

342

235

794

305

202

117

507

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

Rounding of figures may result in computational discrepancies.

Gross profit (loss) adjusted for the effect of

unrealised non-hedge derivatives - $m

South Africa

VAAL RIVER

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

GREAT NOLIGWA

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

100

112

197

1,047

1,075

1,206

2,122

Milled

- 000 tonnes

- 000 tons

588

585

569

1,173

648

645

627

1,293

Yield

- g / t

- oz / t

8.11

8.57

9.49

8.34

0.236

0.250

0.277

0.243

Gold produced

- kg

- oz (000)

4,767

5,013

5,401

9,780

153

161

174

314

Gold sold

- kg

- oz (000)

4,606

4,983

5,399

9,588

148

160

174

308

Price received

- R / kg

- $ / oz

- sold

137,145

114,185

89,038

125,214

655

577

433

615

Total cash costs

- R

- $

- ton milled

464

446

526

455

- R / kg

- $ / oz

- produced

57,253

52,022

55,453

54,571

277

263

270

Total production costs

- R / kg

- $ / oz

- produced

73,661

68,183

63,413

70,853

356

345

309

351

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

283

273

299

278

9.11

8.78

9.61

8.95

Actual

- g

- oz

242

258

263

250

7.77

8.31

8.47

8.04

Target

- m²

- ft²

5.65

5.46

5.26

5.55

60.81

58.76

56.61

59.79

Actual

- m²

- ft²

4.93

5.15

5.46

5.04

53.10

55.39

58.82

54.23

FINANCIAL RESULTS (MILLION)
Gold income

518

509

505

1,027

163

Cost of sales

336

346

348

682

108

Cash operating costs

270

258

297

528

Other cash costs

Total cash costs

273

261

299

534

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

279

266

314

545

Amortisation of tangible assets

148

Inventory change

(15)

(11)

(3)

(2)

182

164

158

346

Realised non-hedge derivatives

113

(25)

173

(3)

Gross profit excluding the effect of unrealised non-hedge derivatives

295

223

133

519

Capital expenditure

109

Rounding of figures may result in computational discrepancies.

South Africa

VAAL RIVER

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

KOPANANG

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

119

111

123

230

1,281

1,196

1,329

2,477

Milled

- 000 tonnes

- 000 tons

495

471

527

966

546

519

581

1,065

Yield

- g / t

- oz / t

7.19

6.83

6.95

7.02

0.210

0.199

0.203

0.205

Gold produced

- kg

- oz (000)

3,561

3,220

3,659

6,781

114

104

118

218

Gold sold

- kg

- oz (000)

3,452

3,201

3,659

6,654

111

103

118

214

Price received

- R / kg

- $ / oz

- sold

137,101

113,889

90,270

125,932

654

576

437

617

Total cash costs

- R

- $

- ton milled

438

439

404

439

- R / kg

- $ / oz

- produced

60,958

64,220

58,208

62,507

295

325

283

309

Total production costs

- R / kg

- $ / oz

- produced

74,306

78,703

67,239

76,394

359

398

327

378

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

241

239

220

240

7.74

7.69

7.06

7.72

Actual

- g

- oz

227

211

236

219

7.30

6.80

7.58

7.05

Target

- m²

- ft²

7.79

7.69

7.07

7.74

83.83

82.81

76.12

83.32

Actual

- m²

- ft²

7.59

7.30

7.96

7.45

81.65

78.58

85.69

80.14

FINANCIAL RESULTS (MILLION)
Gold income

388

327

347

716

113

Cost of sales

251

248

247

499

Cash operating costs

215

205

211

419

Other cash costs

Total cash costs

217

207

213

424

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

221

210

222

432

Amortisation of tangible assets

Inventory change

(13)

(6)

(19)

(2)

(1)

(3)

137

101

217

Realised non-hedge derivatives

(17)

122

(2)

Gross profit excluding the effect of unrealised non-hedge derivatives

222

117

339

Capital expenditure

108

Rounding of figures may result in computational discrepancies.

South Africa

VAAL RIVER

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

MOAB KHOTSONG

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

148

Milled

- 000 tonnes

- 000 tons

100

Yield

- g / t

- oz / t

6.83

7.14

6.97

0.199

0.208

0.203

Gold produced

- kg

- oz (000)

338

292

630

Gold sold

- kg

- oz (000)

328

290

618

Price received

- R / kg

- $ / oz

- sold

137,614

115,601

127,283

655

583

621

Total cash costs

- R

- $

- ton milled

940

1,195

1,055

133

176

153

- R / kg

- $ / oz

- produced

137,630

167,406

151,425

666

848

750

Total production costs

- R / kg

- $ / oz

- produced

224,472

259,751

240,816

1,084

1,315

1,191

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

120

104

3.87

2.81

3.35

Actual

- g

- oz

128

106

4.10

2.87

3.42

Target

- m²

- ft²

2.73

2.30

2.52

29.42

24.77

27.15

Actual

- m²

- ft²

2.78

1.96

2.33

29.94

21.06

25.03

FINANCIAL RESULTS (MILLION)
Gold income

Cost of sales

148

Cash operating costs

Other cash costs

Total cash costs

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

Amortisation of tangible assets

Inventory change

(2)

(4)

(1)

(37)

(44)

(81)

(6)

(7)

(13)

Realised non-hedge derivatives

Gross loss excluding the effect of unrealised non-hedge derivatives

(29)

(40)

(69)

(5)

(7)

(11)

Capital expenditure

138

112

152

250

Rounding of figures may result in computational discrepancies.

South Africa

VAAL RIVER

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

TAU LEKOA

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

101

142

697

836

1,089

1,534

Milled

- 000 tonnes

- 000 tons

357

402

509

760

394

444

561

837

Yield

- g / t

- oz / t

3.61

3.57

4.18

3.59

0.105

0.104

0.122

0.105

Gold produced

- kg

- oz (000)

1,289

1,438

2,126

2,727

Gold sold

- kg

- oz (000)

1,253

1,431

2,125

2,684

Price received

- R / kg

- $ / oz

- sold

136,170

112,954

90,580

123,789

653

572

438

610

Total cash costs

- R

- $

- ton milled

335

366

344

351

- R / kg

- $ / oz

- produced

92,719

102,270

82,469

97,755

447

518

400

485

Total production costs

- R / kg

- $ / oz

- produced

124,569

133,024

98,972

129,028

601

674

480

640

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

123

183

220

153

3.96

5.88

7.06

4.92

Actual

- g

- oz

152

139

169

145

4.88

4.47

5.44

4.66

Target

- m²

- ft²

5.54

8.61

9.70

7.08

59.65

92.71

104.37

76.21

Actual

- m²

- ft²

7.63

7.51

8.05

7.56

82.11

80.83

86.66

81.40

FINANCIAL RESULTS (MILLION)
Gold income

140

146

203

287

Cost of sales

154

194

203

348

Cash operating costs

119

146

174

264

Other cash costs

Total cash costs

120

147

175

267

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

123

150

181

273

Amortisation of tangible assets

Inventory change

(6)

(7)

(4)

(1)

(14)

(48)

(62)

(2)

(8)

(10)

Realised non-hedge derivatives

(10)

(1)

Gross profit (loss) excluding the effect of unrealised non-hedge derivatives

(32)

(11)

(16)

(5)

(2)

(3)

Capital expenditure

Rounding of figures may result in computational discrepancies.

South Africa

VAAL RIVER

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

SURFACE OPERATIONS

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
Milled

- 000 tonnes

- 000 tons

1,952

1,481

1,396

3,433

2,151

1,632

1,539

3,784

Yield

- g / t

- oz / t

0.50

0.45

0.48

0.015

0.013

0.014

Gold produced

- kg

- oz (000)

970

663

666

1,634

Gold sold

- kg

- oz (000)

928

659

666

1,587

Price received

- R / kg

- $ / oz

- sold

137,624

114,429

90,434

127,993

659

578

437

625

Total cash costs

- R

- $

- ton milled

- R / kg

- $ / oz

- produced

55,290

64,402

63,984

58,989

267

326

310

291

Total production costs

- R / kg

- $ / oz

- produced

62,634

74,449

63,984

67,431

303

377

310

333

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

1,166

751

726

959

37.49

24.16

23.35

30.82

Actual

- g

- oz

1,263

892

730

1,081

40.60

28.69

23.48

34.74

FINANCIAL RESULTS (MILLION)
Gold income

105

172

Cost of sales

110

Cash operating costs

Other cash costs

Total cash costs

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

Amortisation of tangible assets

Inventory change

(2)

Realised non-hedge derivatives

(3)

Gross profit excluding the effect of unrealised non-hedge derivatives

Capital expenditure

Rounding of figures may result in computational discrepancies.

South Africa

WEST WITS

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

MPONENG

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

176

993

903

934

1,896

Milled

- 000 tonnes

- 000 tons

468

434

418

902

515

479

461

994

Yield

- g / t

- oz / t

10.38

9.83

9.50

10.12

0.303

0.287

0.277

0.295

Gold produced

- kg

- oz (000)

4,853

4,269

3,968

9,122

156

137

128

293

Gold sold

- kg

- oz (000)

4,692

4,261

3,970

8,954

151

137

128

288

Price received

- R / kg

- $ / oz

- sold

136,127

114,510

91,547

125,839

651

579

442

617

Total cash costs

- R

- $

- ton milled

490

506

543

498

- R / kg

- $ / oz

- produced

47,250

51,487

57,209

49,233

229

261

278

244

Total production costs

- R / kg

- $ / oz

- produced

68,188

70,752

74,926

69,388

330

358

364

343

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

294

276

243

285

9.46

8.87

7.80

9.17

Actual

- g

- oz

349

311

280

330

11.21

9.99

8.99

10.60

Target

- m²

- ft²

6.21

5.96

5.63

6.08

66.81

64.14

60.60

65.49

Actual

- m²

- ft²

6.62

6.11

6.37

71.30

65.74

65.79

68.54

FINANCIAL RESULTS (MILLION)
Gold income

526

436

381

962

152

Cost of sales

315

290

605

Cash operating costs

227

217

225

444

Other cash costs

Total cash costs

229

220

227

449

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

232

222

234

455

Amortisation of tangible assets

178

Inventory change

(16)

(12)

(7)

(28)

(3)

(2)

(1)

(5)

212

145

357

Realised non-hedge derivatives

112

(18)

165

(3)

Gross profit excluding the effect of unrealised non-hedge derivatives

324

198

522

Capital expenditure

133

Rounding of figures may result in computational discrepancies.

South Africa

WEST WITS

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

SAVUKA

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

210

186

386

395

Milled

- 000 tonnes

- 000 tons

175

100

193

Yield

- g / t

- oz / t

7.17

7.76

5.93

7.45

0.209

0.226

0.173

0.217

Gold produced

- kg

- oz (000)

653

1,038

1,306

Gold sold

- kg

- oz (000)

646

652

1,026

1,298

Price received

- R / kg

- $ / oz

- sold

135,705

112,970

91,285

124,283

647

572

441

609

Total cash costs

- R

- $

- ton milled

530

557

562

543

- R / kg

- $ / oz

- produced

73,967

71,772

94,685

72,870

359

363

461

361

Total production costs

- R / kg

- $ / oz

- produced

83,203

77,581

112,597

80,393

401

393

548

397

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

166

152

166

5.34

4.89

5.34

Actual

- g

- oz

207

212

134

210

6.67

6.82

4.31

6.74

Target

- m²

- ft²

5.00

5.13

5.00

53.81

55.23

53.81

Actual

- m²

- ft²

6.19

5.60

4.63

5.90

66.60

60.30

49.80

63.48

FINANCIAL RESULTS (MILLION)
Gold income

139

Cost of sales

113

104

Cash operating costs

Other cash costs

Total cash costs

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

102

Amortisation of tangible assets

Inventory change

(1)

(4)

(1)

(15)

(2)

Realised non-hedge derivatives

(5)

(1)

Gross profit (loss) excluding the effect of unrealised non-hedge derivatives

(19)

(3)

Capital expenditure

Rounding of figures may result in computational discrepancies.

South Africa

WEST WITS

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

TAUTONA

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

121

622

684

741

1,306

Milled

- 000 tonnes

- 000 tons

374

363

396

738

413

401

437

813

Yield

- g / t

- oz / t

9.70

9.24

9.45

9.47

0.283

0.269

0.276

Gold produced

- kg

- oz (000)

3,632

3,357

3,747

6,989

117

108

120

225

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

- 000 tons

189

117

307

209

129

338

Yield

- g / t

- oz / t

0.46

0.48

0.47

0.013

0.014

Gold produced

- kg

- oz (000)

143

TOTAL
Yield

- g / t

- oz / t

9.70

9.24

9.45

9.47

0.283

0.269

0.276

Gold produced

- kg

- oz (000)

3,718

3,413

3,747

7,132

120

110

120

229

Gold sold

- kg

- oz (000)

3,584

3,408

3,740

6,992

115

110

120

225

Price received

- R / kg

- $ / oz

- sold

137,247

113,518

90,550

125,681

653

575

439

615

Total cash costs

- R

- $

- ton milled

365

412

470

386

- R / kg

- $ / oz

- produced

55,276

57,978

49,773

56,569

267

294

243

280

Total production costs

- R / kg

- $ / oz

- produced

78,155

82,566

75,999

80,266

377

418

369

397

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

315

307

326

311

10.14

9.86

10.50

10.00

Actual

- g

- oz

308

285

328

297

9.91

9.16

10.53

9.54

Target

- m²

- ft²

5.47

5.63

5.05

5.55

58.88

60.63

54.32

59.76

Actual

- m²

- ft²

4.79

5.31

6.02

5.05

51.52

57.12

64.79

54.31

FINANCIAL RESULTS (MILLION)
Gold income

404

348

355

752

119

Cost of sales

279

276

280

556

Cash operating costs

203

196

184

399

Other cash costs

Total cash costs

206

198

186

403

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

209

201

196

410

Amortisation of tangible assets

163

Inventory change

(11)

(5)

(17)

(2)

(1)

(3)

125

197

Realised non-hedge derivatives

(16)

126

(2)

Gross profit excluding the effect of unrealised non-hedge derivatives

213

110

323

Capital expenditure

118

122

208

Rounding of figures may result in computational discrepancies.

Total yield excludes the surface and dump reclamation.

Argentina

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

CERRO VANGUARDIA - Attributable 92.50%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

4,096

4,138

4,690

8,233

4,515

4,561

5,170

9,076

Treated

- 000 tonnes

- 000 tons

225

205

201

430

248

226

222

474

Stripping ratio

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

17.05

20.27

18.94

18.54

17.05

20.27

18.94

18.54

Yield

- g / t

- oz / t

8.92

7.95

7.91

8.46

0.260

0.232

0.231

0.247

Gold in ore

- kg

- oz (000)

1,712

1,570

1,647

3,282

106

Gold produced

- kg

- oz (000)

2,004

1,632

1,591

3,636

117

Gold sold

- kg

- oz (000)

2,122

1,566

1,540

3,689

119

Price received

- R / kg

- $ / oz

- sold

107,649

89,541

78,459

100,130

515

454

381

489

Total cash costs

- R / kg

- $ / oz

- produced

39,447

36,822

35,203

38,269

188

186

171

187

Total production costs

- R / kg

- $ / oz

- produced

60,527

62,059

57,305

61,223

289

314

277

300

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

1,263

1,051

816

1,157

40.59

33.78

26.23

37.19

Actual

- g

- oz

1,145

935

911

1,040

36.82

30.05

29.28

33.44

FINANCIAL RESULTS (MILLION)
Gold income

255

156

131

411

Cost of sales

128

224

Cash operating costs

101

Other cash costs

Total cash costs

139

Rehabilitation and other non-cash costs

Production costs

140

Amortisation of tangible assets

Inventory change

(5)

(4)

(1)

127

186

Realised non-hedge derivatives

(12)

(7)

(3)

(19)

(2)

(1)

(3)

Gross profit excluding the effect of unrealised non-hedge derivatives

115

167

Capital expenditure

Rounding of figures may result in computational discrepancies.

Australia

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

SUNRISE DAM

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

139

154

Treated

- 000 tonnes

- 000 tons

110

121

Yield

- g / t

- oz / t

7.82

5.62

6.89

0.228

0.164

0.201

Gold produced

- kg

- oz (000)

498

261

759

OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

2,786

2,629

2,785

5,415

3,644

3,439

3,642

7,082

Treated

- 000 tonnes

- 000 tons

922

894

912

1,816

1,016

986

1,005

2,002

Stripping ratio

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

4.40

4.36

5.12

4.38

4.40

4.36

5.12

4.38

Yield

- g / t

- oz / t

3.27

2.86

4.28

3.07

0.095

0.084

0.125

0.090

Gold produced

- kg

- oz (000)

3,018

2,560

4,063

5,578

131

179

TOTAL
Yield

- g / t

- oz / t

3.27

2.86

4.28

3.07

0.095

0.084

0.125

0.090

Gold produced

- kg

- oz (000)

3,516

2,821

4,063

6,337

113

131

204

Gold sold

- kg

- oz (000)

3,496

2,824

4,067

6,320

112

131

203

Price received

- R / kg

- $ / oz

- sold

135,953

118,640

99,502

128,216

651

598

483

627

Total cash costs

- R / kg

- $ / oz

- produced

56,683

55,561

50,451

56,184

273

281

246

276

Total production costs

- R / kg

- $ / oz

- produced

72,706

71,187

66,620

72,030

350

360

324

355

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2,691

2,559

3,027

2,625

86.52

82.29

97.32

84.39

Actual

- g

- oz

3,031

2,445

3,558

2,739

97.45

78.60

114.38

88.05

FINANCIAL RESULTS (MILLION)
Gold income

465

309

413

774

122

Cost of sales

233

202

273

435

Cash operating costs

187

149

195

336

Other cash costs

Total cash costs

199

157

205

356

Rehabilitation and other non-cash costs

Production costs

200

159

213

359

Amortisation of tangible assets

Inventory change

(22)

(21)

(4)

232

107

140

339

Realised non-hedge derivatives

(8)

(1)

Gross profit excluding the effect of unrealised non-hedge derivatives

242

133

131

375

Capital expenditure

Rounding of figures may result in computational discrepancies.

Total yield excludes the underground operations.

Brazil

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

ANGLOGOLD ASHANTI MINERAÇÃO

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

212

159

229

371

234

175

253

409

Treated

- 000 tonnes

- 000 tons

211

161

232

372

233

178

256

410

Yield

- g / t

- oz / t

7.45

8.01

6.96

7.69

0.217

0.234

0.203

0.224

Gold produced

- kg

- oz (000)

1,573

1,291

1,615

2,864

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

- 000 tons

Yield

- g / t

- oz / t

1.89

0.055

Gold produced

- kg

- oz (000)

HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

1,145

911

1,182

2,056

1,262

1,004

1,303

2,266

Placed

- 000 tonnes

- 000 tons

119

131

Stripping ratio

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

18.36

14.27

16.05

16.31

18.36

14.27

16.05

16.31

Yield

- g / t

- oz / t

6.80

7.23

2.71

7.01

0.198

0.211

0.079

0.205

Gold placed

- kg

- oz (000)

405

430

187

834

Gold produced

- kg

- oz (000)

193

222

273

415

TOTAL
Yield

- g / t

- oz / t

7.45

8.01

6.96

7.69

0.217

0.234

0.203

0.224

Gold produced

- kg

- oz (000)

1,766

1,513

1,908

3,279

105

Gold sold

- kg

- oz (000)

1,750

1,813

3,563

115

Price received

- R / kg

- $ / oz

- sold

130,140

90,206

86,409

109,820

621

457

417

537

Total cash costs

- R / kg

- $ / oz

- produced

39,397

37,132

33,090

38,352

190

188

161

189

Total production costs

- R / kg

- $ / oz

- produced

51,862

50,539

45,508

51,252

249

256

221

253

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

534

438

552

486

17.17

14.07

17.75

15.62

Actual

- g

- oz

511

443

590

477

16.43

14.25

18.95

15.34

FINANCIAL RESULTS (MILLION)
Gold income

196

159

141

355

Cost of sales

189

Cash operating costs

122

Other cash costs

Total cash costs

126

Rehabilitation and other non-cash costs

Production costs

127

Amortisation of tangible assets

Inventory change

(5)

(1)

103

166

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

134

202

Capital expenditure

277

196

111

473

Tonnes / Tons placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Total yield represents underground operations

Rounding of figures may result in computational discrepancies.

Brazil

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

SERRA GRANDE - Attributable 50%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

195

108

107

103

215

Treated

- 000 tonnes

- 000 tons

101

200

112

109

103

221

Yield

- g / t

- oz / t

7.50

7.58

8.04

7.54

0.219

0.221

0.234

0.220

Gold produced

- kg

- oz (000)

760

750

751

1,510

Gold sold

- kg

- oz (000)

801

745

774

1,546

Price received

- R / kg

- $ / oz

- sold

102,711

89,529

85,794

96,362

499

453

415

477

Total cash costs

- R / kg

- $ / oz

- produced

42,580

36,951

31,615

39,783

206

187

153

196

Total production costs

- R / kg

- $ / oz

- produced

54,514

47,423

40,004

50,991

263

240

194

252

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

975

964

830

969

31.33

31.00

26.69

31.17

Actual

- g

- oz

971

988

992

980

31.23

31.76

31.91

31.49

FINANCIAL RESULTS (MILLION)
Gold income

132

Cost of sales

Cash operating costs

Other cash costs

Total cash costs

Rehabilitation and other non-cash costs

Production costs

Amortisation of tangible assets

Inventory change

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

Capital expenditure

Rounding of figures may result in computational discrepancies.

Ghana

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

BIBIANI

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

Treated

- 000 tonnes

- 000 tons

Yield

- g / t

- oz / t

5.20

0.152

Gold produced

- kg

- oz (000)

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

- 000 tons

582

601

1,184

642

663

1,305

Yield

- g / t

- oz / t

0.47

0.79

0.63

0.014

0.023

0.018

Gold produced

- kg

- oz (000)

274

476

749

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

1,561

1,721

Treated

- 000 tonnes

- 000 tons

604

666

Stripping ratio

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

6.48

Yield

- g / t

- oz / t

1.51

0.044

Gold in ore

- kg

- oz (000)

626

Gold produced

- kg

- oz (000)

915

TOTAL
Yield

- g / t

- oz / t

0.47

0.79

0.63

0.014

0.023

0.018

Gold produced

- kg

- oz (000)

274

476

931

749

Gold sold

- kg

- oz (000)

221

476

931

697

Price received

- R / kg

- $ / oz

- sold

132,517

109,827

87,800

117,025

631

555

426

579

Total cash costs

- R / kg

- $ / oz

- produced

85,963

55,531

60,929

66,650

412

281

296

329

Total production costs

- R / kg

- $ / oz

- produced

117,938

85,933

91,334

97,627

569

435

443

484

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

899

880

407

889

28.90

28.29

13.10

28.59

Actual

- g

- oz

572

944

725

762

18.38

30.34

23.32

24.51

FINANCIAL RESULTS (MILLION)
Gold income

Cost of sales

Cash operating costs

Other cash costs

Total cash costs

Rehabilitation and other non-cash costs

Production costs

Amortisation of tangible assets

Inventory change

(7)

(5)

(1)

(7)

(1)

Realised non-hedge derivatives

Gross profit (loss) excluding the effect of unrealised non-hedge derivatives

(5)

(1)

Capital expenditure

Total yield represents surface and dump reclamation

Rounding of figures may result in computational discrepancies.

Ghana

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

IDUAPRIEM - Attributable 85%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

4,625

4,598

6,377

9,223

5,098

5,069

7,030

10,167

Treated

- 000 tonnes

- 000 tons

713

776

722

1,489

786

856

796

1,642

Stripping ratio

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

4.68

4.36

6.37

4.52

4.68

4.36

6.37

4.52

Yield

- g / t

- oz / t

1.77

1.74

1.72

1.76

0.052

0.051

0.050

0.051

Gold in ore

- kg

- oz (000)

1,262

1,406

1,671

2,669

Gold produced

- kg

- oz (000)

1,265

1,351

1,241

2,616

HEAP LEACH OPERATION
Gold produced

- kg

- oz (000)

TOTAL
Yield

- g / t

- oz / t

1.77

1.74

1.72

1.76

0.052

0.051

0.050

0.051

Gold produced

- kg

- oz (000)

1,265

1,351

1,244

2,616

Gold sold

- kg

- oz (000)

1,130

1,351

1,263

2,481

Price received

- R / kg

- $ / oz

- sold

103,921

104,917

86,211

104,463

500

530

422

516

Total cash costs

- R / kg

- $ / oz

- produced

84,886

71,477

69,809

77,962

408

362

339

384

Total production costs

- R / kg

- $ / oz

- produced

110,484

96,068

89,551

103,040

532

487

435

509

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

681

609

729

645

21.88

19.57

23.43

20.73

Actual

- g

- oz

611

650

584

630

19.64

20.88

18.78

20.26

FINANCIAL RESULTS (MILLION)
Gold income

103

117

221

Cost of sales

114

126

240

Cash operating costs

101

192

Other cash costs

Total cash costs

107

204

Rehabilitation and other non-cash costs

Production costs

109

207

Amortisation of tangible assets

Inventory change

(23)

(11)

(22)

(3)

(2)

(3)

(11)

(9)

(20)

(2)

(3)

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

Capital expenditure

Total yield excludes the heap leach operation.

Rounding of figures may result in computational discrepancies.

Ghana

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

OBUASI

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

607

575

556

1,182

669

634

613

1,303

Treated

- 000 tonnes

- 000 tons

567

548

544

1,115

625

604

599

1,229

Yield

- g / t

- oz / t

4.33

4.58

4.95

4.45

0.126

0.133

0.086

0.130

Gold produced

- kg

- oz (000)

2,456

2,510

2,692

4,965

160

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

- 000 tons

619

570

478

1,189

683

628

527

1,311

Yield

- g / t

- oz / t

0.54

0.56

0.50

0.55

0.016

0.015

0.016

Gold produced

- kg

- oz (000)

333

322

241

654

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

352

724

1,007

1,076

388

798

1,110

1,186

Treated

- 000 tonnes

- 000 tons

352

334

685

388

368

756

Stripping ratio

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

1.17

13.22

0.57

1.17

13.22

0.57

Yield

- g / t

- oz / t

0.64

0.71

5.06

0.67

0.019

0.021

0.147

0.020

Gold in ore

- kg

- oz (000)

286

480

224

766

Gold produced

- kg

- oz (000)

225

238

234

463

TOTAL
Yield

- g / t

- oz / t

4.33

4.58

4.95

4.45

0.126

0.133

0.086

0.130

Gold produced

- kg

- oz (000)

3,013

3,069

3,166

6,082

102

196

Gold sold

- kg

- oz (000)

2,673

3,048

3,196

5,721

103

184

Price received

- R / kg

- $ / oz

- sold

101,141

105,516

87,913

103,472

480

532

424

507

Total cash costs

- R / kg

- $ / oz

- produced

85,122

68,952

66,915

76,962

406

349

324

377

Total production costs

- R / kg

- $ / oz

- produced

122,025

102,679

93,257

112,263

583

520

451

551

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

223

216

358

219

7.16

6.96

11.51

7.06

Actual

- g

- oz

223

209

155

216

7.17

6.72

4.99

6.94

FINANCIAL RESULTS (MILLION)
Gold income

232

257

489

Cost of sales

326

315

310

642

101

Cash operating costs

243

199

443

Other cash costs

Total cash costs

256

212

468

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

260

212

472

Amortisation of tangible assets

108

103

211

Inventory change

(41)

(6)

(7)

(94)

(58)

(53)

(152)

(15)

(10)

(8)

(24)

Realised non-hedge derivatives

103

Gross (loss) profit excluding the effect of unrealised non-hedge derivatives

(56)

(29)

(50)

(9)

(5)

(8)

Capital expenditure

156

101

105

257

Total yield represents underground operations

Rounding of figures may result in computational discrepancies.

Guinea

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

SIGUIRI - Attributable 85%

Rand / Metric

Dollar / Imperial

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

5,062

5,551

4,085

10,613

5,580

6,119

4,503

11,699

Treated

- 000 tonnes

- 000 tons

1,481

1,617

1,373

3,098

1,633

1,782

1,513

3,415

Stripping ratio

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

1.32

1.65

0.89

1.49

1.32

1.65

0.89

1.49

Yield

- g / t

- oz / t

1.16

1.01

1.35

1.08

0.034

0.030

0.039

0.032

Gold produced

- kg

- oz (000)

1,725

1,636

1,848

3,360

108

HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

Placed

- 000 tonnes

- 000 tons

Stripping ratio

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

Yield

- g / t

- oz / t

1.24

0.036

Gold placed

- kg

- oz (000)

Gold produced

- kg

- oz (000)

101

141

639

242

TOTAL
Yield

- g / t

- oz / t

1.16

1.01

1.35

1.08

0.034

0.030

0.039

0.032

Gold produced

- kg

- oz (000)

1,826

1,776

2,486

3,602

116

Gold sold

- kg

- oz (000)

1,826

1,776

2,326

3,602

116

Price received

- R / kg

- $ / oz

- sold

109,887

104,936

88,283

107,446

519

529

426

524

Total cash costs

- R / kg

- $ / oz

- produced

83,876

74,884

43,673

79,442

403

379

212

391

Total production costs

- R / kg

- $ / oz

- produced

109,149

103,639

62,908

106,432

524

525

305

524

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

469

435

1,241

452

15.09

13.98

39.90

14.53

Actual

- g

- oz

447

474

774

460

14.37

15.22

24.87

14.78

FINANCIAL RESULTS (MILLION)
Gold income

181

154

192

335

Cost of sales

184

163

145

346

Cash operating costs

129

120

102

249

Other cash costs

Total cash costs

153

133

109

286

Rehabilitation and other non-cash costs

Production costs

155

134

116

289

Amortisation of tangible assets

Inventory change

(15)

(19)

(9)

(34)

(3)

(1)

(6)

(2)

(9)

(12)

(2)

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

Capital expenditure

Tonnes / Tons placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Total yield excludes the heap leach operation.

Rounding of figures may result in computational discrepancies.

Mali

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

MORILA - Attributable 40%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

944

948

1,020

1,892

1,235

1,240

1,334

2,475

Mined

- 000 tonnes

- 000 tons

2,402

2,424

2,786

4,826

2,648

2,672

3,071

5,320

Treated

- 000 tonnes

- 000 tons

399

419

380

818

440

462

419

902

Stripping ratio

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

2.78

3.10

2.48

2.93

2.78

3.10

2.48

2.93

Yield

- g / t

- oz / t

4.22

4.03

5.51

4.12

0.123

0.118

0.161

0.120

Gold produced

- kg

- oz (000)

1,684

1,689

2,095

3,374

108

Gold sold

- kg

- oz (000)

1,520

1,640

2,025

3,161

102

Price received

- R / kg

- $ / oz

- sold

130,435

111,075

89,194

120,388

632

560

429

595

Total cash costs

- R / kg

- $ / oz

- produced

51,803

51,820

35,711

51,812

249

262

173

255

Total production costs

- R / kg

- $ / oz

- produced

66,241

70,132

52,583

68,190

318

355

255

336

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2,464

2,551

2,295

2,507

79.22

82.01

73.79

80.62

Actual

- g

- oz

2,010

1,944

3,742

1,976

64.62

62.50

120.31

63.54

FINANCIAL RESULTS (MILLION)
Gold income

198

182

181

381

Cost of sales

101

116

107

217

Cash operating costs

148

Other cash costs

Total cash costs

175

Rehabilitation and other non-cash costs

Production costs

176

Amortisation of tangible assets

Inventory change

(10)

(3)

(13)

(2)

(1)

(2)

163

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

163

Capital expenditure

Rounding of figures may result in computational discrepancies.

Mali

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

SADIOLA - Attributable 38%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

1,112

913

1,172

2,025

1,455

1,194

1,533

2,648

Mined

- 000 tonnes

- 000 tons

2,240

1,909

2,169

4,148

2,469

2,104

2,391

4,573

Treated

- 000 tonnes

- 000 tons

459

423

444

881

506

466

489

972

Stripping ratio

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

3.45

2.25

4.88

2.80

3.45

2.25

4.88

2.80

Yield

- g / t

- oz / t

3.50

3.11

3.02

3.32

0.102

0.091

0.088

0.097

Gold produced

- kg

- oz (000)

1,607

1,316

1,339

2,922

Gold sold

- kg

- oz (000)

1,542

1,313

1,299

2,855

Price received

- R / kg

- $ / oz

- sold

129,893

109,331

89,147

120,435

628

553

427

593

Total cash costs

- R / kg

- $ / oz

- produced

52,888

53,584

53,050

53,201

255

271

256

262

Total production costs

- R / kg

- $ / oz

- produced

69,219

65,638

67,266

67,607

332

325

332

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

1,956

1,681

1,835

1,819

62.90

54.04

59.01

58.47

Actual

- g

- oz

1,954

1,567

1,757

1,758

62.84

50.37

56.49

56.53

FINANCIAL RESULTS (MILLION)
Gold income

200

144

116

344

Cost of sales

109

199

Cash operating costs

131

Other cash costs

Total cash costs

155

Rehabilitation and other non-cash costs

Production costs

162

Amortisation of tangible assets

Inventory change

(2)

(1)

145

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

145

Capital expenditure

Rounding of figures may result in computational discrepancies.

Mali

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

YATELA - Attributable 40%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
HEAP LEACH OPERATION

Mined

- 000 tonnes

- 000 tons

1,293

1,214

1,699

2,507

1,426

1,338

1,873

2,764

Placed

- 000 tonnes

- 000 tons

325

327

319

652

358

360

352

718

Stripping ratio

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

3.45

3.02

9.68

3.23

3.45

3.02

9.68

3.23

Yield

- g / t

- oz / t

4.92

4.53

2.51

4.72

0.143

0.132

0.073

0.138

Gold placed

- kg

- oz (000)

1,598

1,480

802

3,078

Gold produced

- kg

- oz (000)

1,242

1,023

705

2,265

Gold sold

- kg

- oz (000)

1,115

1,086

683

2,201

Price received

- R / kg

- $ / oz

- sold

130,839

109,917

89,539

120,517

629

555

428

593

Total cash costs

- R / kg

- $ / oz

- produced

48,496

43,910

61,786

46,425

232

222

299

228

Total production costs

- R / kg

- $ / oz

- produced

63,636

59,183

82,056

61,625

305

300

398

303

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

1,411

1,209

1,180

1,310

45.35

38.88

37.92

42.12

Actual

- g

- oz

1,865

1,555

1,050

1,711

59.97

49.98

33.76

55.01

FINANCIAL RESULTS (MILLION)
Gold income

146

119

265

Cost of sales

125

Cash operating costs

Other cash costs

Total cash costs

105

Rehabilitation and other non-cash costs

Production costs

110

Amortisation of tangible assets

Inventory change

(14)

(1)

(15)

(2)

140

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

140

Capital expenditure

Tonnes / Tons placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may result in computational discrepancies.

Namibia

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

NAVACHAB

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

645

459

312

1,104

844

600

408

1,444

Mined

- 000 tonnes

- 000 tons

1,902

1,365

1,018

3,267

2,097

1,504

1,122

3,601

Treated

- 000 tonnes

- 000 tons

318

315

283

633

351

348

312

698

Stripping ratio

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

12.47

7.13

1.91

9.57

12.47

7.13

1.91

9.57

Yield

- g / t

- oz / t

2.15

1.98

2.15

0.063

0.058

0.063

Gold produced

- kg

- oz (000)

684

678

560

1,362

Gold sold

- kg

- oz (000)

629

680

558

1,308

Price received

- R / kg

- $ / oz

- sold

130,685

109,373

88,761

119,614

638

553

427

593

Total cash costs

- R / kg

- $ / oz

- produced

57,763

44,795

74,345

51,305

279

227

362

253

Total production costs

- R / kg

- $ / oz

- produced

75,514

59,018

94,010

67,298

364

299

459

331

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

829

779

704

804

26.65

25.05

22.64

25.85

Actual

- g

- oz

747

698

596

722

24.00

22.44

19.16

23.20

FINANCIAL RESULTS (MILLION)
Gold income

157

Cost of sales

Cash operating costs

Other cash costs

Total cash costs

Rehabilitation and other non-cash costs

Production costs

Amortisation of tangible assets

Inventory change

(7)

(5)

(1)

(6)

(1)

Realised non-hedge derivatives

Gross profit (loss) excluding the effect of unrealised non-hedge derivatives

(6)

(1)

Capital expenditure

Rounding of figures may result in computational discrepancies.

Tanzania

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

GEITA

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

5,342

4,986

5,487

10,328

6,988

6,522

7,178

13,510

Mined

- 000 tonnes

- 000 tons

14,150

13,685

14,602

27,835

15,598

15,085

16,096

30,683

Treated

- 000 tonnes

- 000 tons

1,472

1,238

1,536

2,710

1,623

1,364

1,693

2,987

Stripping ratio

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

8.90

12.45

8.20

10.38

8.90

12.45

8.20

10.38

Yield

- g / t

- oz / t

1.50

2.12

3.34

1.78

0.044

0.062

0.097

0.052

Gold produced

- kg

- oz (000)

2,203

2,626

5,133

4,829

165

155

Gold sold

- kg

- oz (000)

2,100

2,929

5,273

5,030

170

162

Price received

- R / kg

- $ / oz

- sold

135,358

109,961

72,840

120,567

645

555

351

593

Total cash costs

- R / kg

- $ / oz

- produced

105,814

72,557

68,422

87,728

507

368

331

432

Total production costs

- R / kg

- $ / oz

- produced

128,519

92,656

84,160

109,016

617

470

408

537

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

969

859

1,042

914

31.14

27.60

33.49

29.37

Actual

- g

- oz

470

597

1,282

531

15.10

19.20

41.21

17.08

FINANCIAL RESULTS (MILLION)
Gold income

173

246

381

418

Cost of sales

265

307

440

572

Cash operating costs

220

177

330

398

Other cash costs

Total cash costs

230

189

351

419

Rehabilitation and other non-cash costs

Production costs

232

192

354

425

Amortisation of tangible assets

Inventory change

(15)

(2)

(93)

(62)

(59)

(154)

(14)

(10)

(9)

(25)

Realised non-hedge derivatives

112

188

Gross profit (loss) excluding the effect of unrealised non-hedge derivatives

(56)

(9)

Capital expenditure

135

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

Rounding of figures may result in computational discrepancies.

USA

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2006

2005

2006

2005

2006

CRIPPLE CREEK & VICTOR J.V.

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

14,818

13,223

11,583

28,041

16,334

14,576

12,769

30,910

Placed

- 000 tonnes

- 000 tons

5,705

5,176

4,773

10,881

6,289

5,706

5,262

11,995

Stripping ratio

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

1.57

1.56

1.81

1.57

1.56

1.81

1.57

Yield

- g / t

- oz / t

0.54

0.50

0.62

0.52

0.016

0.015

0.018

0.015

Gold placed

- kg

- oz (000)

3,080

2,606

2,959

5,686

183

Gold produced

- kg

- oz (000)

2,030

1,984

2,215

4,014

129

Gold sold

- kg

- oz (000)

2,009

2,031

2,227

4,040

130

Price received

- R / kg

- $ / oz

- sold

59,038

73,057

74,928

66,085

288

370

359

329

Total cash costs

- R / kg

- $ / oz

- produced

49,987

48,627

47,084

49,315

242

246

227

244

Total production costs

- R / kg

- $ / oz

- produced

74,525

69,744

68,225

72,162

360

353

329

356

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2,835

2,343

2,723

2,591

91.15

75.32

87.56

83.29

Actual

- g

- oz

2,069

2,082

2,322

2,075

66.53

66.93

74.65

66.73

FINANCIAL RESULTS (MILLION)
Gold income

129

155

214

Cost of sales

151

138

151

290

Cash operating costs

153

147

141

299

Other cash costs

Total cash costs

161

150

147

311

Rehabilitation and other non-cash costs

Production costs

165

152

150

317

Amortisation of tangible assets

148

Inventory change

(110)

(65)

(62)

(175)

(17)

(11)

(10)

(27)

(66)

(10)

(76)

(10)

(2)

(12)

Realised non-hedge derivatives

Gross (loss) profit excluding the effect of unrealised non-hedge derivatives

(33)

(23)

(5)

(3)

Capital expenditure

Tonnes / Tons placed onto leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Total cash cost calculation includes inventory change.

Rounding of figures may result in computational discrepancies.

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

Administrative

information

NGLO

OLD

SHANTI

IMITED

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

Share codes:

ISIN: ZAE000043485
JSE:

ANG

LSE:

AGD

NYSE:

ASX:

AGG

GhSE (Shares):

AGA

GhSE (GhDS):

AAD

Euronext Paris:

Euronext Brussels:

ANG

JSE Sponsor:

UBS

Auditors:

Ernst & Young

Contacts

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

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

United States of America
Andrea Maxey
Telephone: (800) 417 9255 (toll free in
USA and Canada) or +1 212 750 7999
Fax: +1 212 750 5626
E-mail: amaxey@AngloGoldAshanti.com

General E-mail enquiries
investors@AngloGoldAshanti.com

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

Directors

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

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

Mrs E le R Bradley
R E Bannerman†
C B Brayshaw
Dr S E Jonah KBE†
R Médori ~ (Alternate: P G Whitcutt)
W A Nairn (Alternate: A H Calver *)
S R Thompson *
A J Trahar
P L Zim (Alternate: D D Barber)

* British

American

†Ghanaian

~ French

! Brazilian

Offices

Registered and Corporate
Managing Secretary: Ms Y Z Simelane
Company Secretary: C R Bull

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

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

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

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

Share Registrars

South Africa
Computershare Investor Services 2004
(Pty) Limited
Ground Floor, 70 Marshall Street
Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: 0861 100 950 (in SA)
Fax: +27 11 688 5218
web.queries@computershare.co.za

United Kingdom
Computershare Investor Services PLC
P O Box 82
The Pavilions
Bridgwater Road
Bristol BS99 7NH
England
Telephone: +44 870 889 3177
Fax: +44 870 703 6119

Australia
Computershare Investor Services Pty
Limited
Level 2, 45 St George's Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 7010 (in Australia)
Fax: +61 8 9323 2033

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

ADR Depositary
The Bank of New York ("BoNY")
Investor Services, P O Box 11258
Church Street Station
New York, NY 10286-1258
United States of America
Telephone: +1 888 269 2377 (Toll free
in USA) or +9 610 382 7836 outside
USA)
E-mail: shareowners@bankofny.com
Website: http://www.stockbny.com

Global BuyDIRECT

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

NGLO

OLD

SHANTI

Telephone: +1-888-BNY-ADRS

SIGNATURES

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

AngloGold Ashanti Limited

Date: July 27, 2006

By:

/s/ C R Bull

Name: C R Bull

Title: Company Secretary