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 November 1, 2007
Commission File Number 1-14846
AngloGold Ashanti Limited
(Translation of registrant’s name into English)
76 Jeppe Street, Newtown
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):
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.
also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes
No X
Enclosure: Press release – Anglogold Ashanti Report for the quarter and nine months ended
30
September 2007, prepared in accordance with International
Accounting Standards
Quarter 3 2007
Report
for the quarter and nine months ended 30 September 2007
Group results for the quarter ….
·
Solid gold production performance at 1.43Moz, up 6% on the previous quarter
· Total cash costs at $357/oz, up 7% due to the impact of annual wage increases, higher power tariffs and
· Total cash costs at $357/oz, up 7% due to the impact of annual wage increases, higher power tariffs and
consumable costs, combined with increased royalty payments
· Adjusted headline earnings at $81m, in line with the previous quarter
· Adjusted headline earnings at $81m, in line with the previous quarter
·
Price received increased to $621/oz, 9% lower than the average spot price for the quarter, as the company
continues to deliver into hedge commitments
·
Acquisition of 15% minority interest in Iduapriem completed
· Mark Cutifani succeeds Bobby Godsell as Chief Executive Officer
· Anglo American plc shareholding reduced to 17%, with free float increasing to 83%
· Mark Cutifani succeeds Bobby Godsell as Chief Executive Officer
· Anglo American plc shareholding reduced to 17%, with free float increasing to 83%
Quarter
Nine months
Quarter
Nine months
ended
Sep
2007
ended
Jun
2007
ended
Sep
2007
ended
Sep
2006
ended
Sep
2007
ended
Jun
2007
ended
Sep
2007
ended
Sep
2006
SA rand / Metric
US dollar / Imperial
Operating review
Gold
Produced
- kg / oz (000)
44,611
41,958
127,809
129,556
1,434
1,349
4,109
4,165
Price received
1
- R/kg / $/oz
141,400
137,579
139,732
122,595
621
605
610
576
Total cash costs
- R/kg / $/oz
81,186
75,724
78,074
65,334
357
333
341
308
Total production costs
- R/kg / $/oz
107,239
99,734
102,443
87,661
471
439
448
413
Financial review
Gross (loss) profit
- R / $ million
(879)
1,930
1,830
1,060
(159)
231
219
310
Gross profit adjusted for the (loss) profit
on unrealised non-hedge derivatives
and other commodity contracts
and other commodity contracts
2
- R / $ million
1,761
1,688
5,281
5,248
249
239
740
789
(Loss) profit attributable to equity
shareholders
shareholders
- R / $ million
(2,015)
1,083
(1,082)
(657)
(318)
111
(188)
28
Headline (loss) earnings
3
3
- R / $ million
(1,972)
1,066
(1,042)
(700)
(312)
109
(182)
21
Headline earnings adjusted for the (loss) profit
on unrealised non-hedge derivatives,
other commodity contracts and fair value
adjustments on convertible bond
on unrealised non-hedge derivatives,
other commodity contracts and fair value
adjustments on convertible bond
4
- R / $ million
575
578
1,855
2,436
81
82
260
364
Capital expenditure
- R / $ million
1,733
1,979
5,129
3,671
245
279
720
557
(Loss) earnings per ordinary share - cents/share
Basic
Basic
(716)
385
(384)
(242)
(113)
39
(67)
10
Diluted
(716)
384
(384)
(242)
(113)
39
(67)
10
Headline
(701)
379
(370)
(258)
(111)
39
(65)
8
Headline earnings adjusted for the (loss) profit
on unrealised non-hedge derivatives,
other commodity contracts and fair value
adjustments on convertible bond
on unrealised non-hedge derivatives,
other commodity contracts and fair value
adjustments on convertible bond
4
-
cents/share
204
206
659
897
29
29
92
134
Dividends
-
cents/share
90
210
12
29
Notes:
1.
Refer to note D of “Non-GAAP disclosure” for the definition.
2.
Refer to note B of “Non-GAAP disclosure” for the definition.
3.
Refer to note 8 of “Notes” for the definition.
4.
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.
Rounding of figures may result in computational discrepancies.
Operations at a glance
for the quarter ended 30 September 2007
Production
Total cash costs
Cash gross profit
1
Gross profit (loss)
adjusted for the (loss)
profit on unrealised
non-hedge derivatives
and other commodity
contracts
2
oz (000)
%
Variance ³
$/oz
%
Variance ³
$m
%
Variance ³
$m
%
Variance ³
Mponeng
155
1
254
3
59
11
46
12
Sunrise Dam
153
3
279
(5)
53
26
41
37
Kopanang
117
16
305
4
37
19
28
22
TauTona
117
18
320
3
36
24
21
40
AngloGold Ashanti Mineração
87
19
220
(12)
31
19
21
11
Great Noligwa
118
(6)
397
24
27
(23)
15
(32)
Geita
109
33
401
19
26
8
13
18
Cripple Creek & Victor
60
(13)
308
24
24
4
15
(6)
Cerro Vanguardia
4
50
-
291
14
16
(16)
10
(23)
Iduapriem
5
52
21
359
23
14
8
9
-
Morila
4
52
49
305
(26)
13
86
9
125
Serra Grande
4
23
(4)
268
2
8
-
6
-
Siguiri
4
61
(5)
518
4
7
-
(1)
(100)
Sadiola
4
35
3
400
(1)
7
-
6
-
Yatela
4
30
(9)
383
65
7
(42)
6
(45)
Tau Lekoa
43
10
482
3
6
20
-
100
Obuasi
84
(9)
513
13
6
(60)
(7)
(800)
Savuka
20
11
406
(6)
4
33
2
100
Navachab
21
5
431
23
4
(20)
2
(50)
Moab Khotsong
17
31
691
(1)
(1)
-
(7)
(17)
Other
30
(9)
- -
18
(5)
14
-
AngloGold Ashanti
1,434
6
357
7
402
5
249
4
1
Refer to note F of “Non-GAAP disclosure” for the definition.
2
Refer to note B of “Non-GAAP disclosure” for the definition.
3
Variance September 2007 quarter on June 2007 quarter – increase (decrease).
4
Attributable.
5
5
Effective 1 September 2007 the minority shareholdings of the International Finance Corporation (10%) and Government of Ghana (5%) were acquired and
Iduapriem is now wholly-owned by AngloGold Ashanti.
Iduapriem is now wholly-owned by AngloGold Ashanti.
Rounding of figures may result in computational discrepancies.
Financial and operating review
OVERVIEW FOR THE QUARTER
Following a disappointing safety performance
during the first half of the year, the company
embarked upon a number of safety interventions,
specifically at the South African operations, to
address safety performance. These initiatives seek
to address both behavioural and management
systems. The company’s lost time injury rate for the
quarter showed a 13% improvement to a rate of
7.9 per million hours worked. Twelve of the twenty
operations showed improvements against the
previous quarter, with six operations being injury
free for the quarter, and a further two having only a
single lost time injury. Notwithstanding these
improvements, the company experienced seven
fatal accidents during the quarter, which is an
unacceptable situation, re-emphasising the need to
ensure that safe operating performance is the first
priority of every employee.
during the first half of the year, the company
embarked upon a number of safety interventions,
specifically at the South African operations, to
address safety performance. These initiatives seek
to address both behavioural and management
systems. The company’s lost time injury rate for the
quarter showed a 13% improvement to a rate of
7.9 per million hours worked. Twelve of the twenty
operations showed improvements against the
previous quarter, with six operations being injury
free for the quarter, and a further two having only a
single lost time injury. Notwithstanding these
improvements, the company experienced seven
fatal accidents during the quarter, which is an
unacceptable situation, re-emphasising the need to
ensure that safe operating performance is the first
priority of every employee.
Operationally, the September quarter was marked
by a stronger operational performance with
production 6% higher at 1.43Moz. Total cash costs,
at $357/oz, up 7% from the previous quarter,
largely due to the annual wage increases and
higher power costs in both South Africa and
Ghana, increased fuel, consumable and
maintenance costs, appreciation of local operating
currencies, and higher royalty payments due to an
increased gold spot price.
by a stronger operational performance with
production 6% higher at 1.43Moz. Total cash costs,
at $357/oz, up 7% from the previous quarter,
largely due to the annual wage increases and
higher power costs in both South Africa and
Ghana, increased fuel, consumable and
maintenance costs, appreciation of local operating
currencies, and higher royalty payments due to an
increased gold spot price.
Adjusted headline earnings were $81m compared
with $82m in the second quarter. Despite the
higher production, the marginal reduction quarter-
on-quarter was primarily due to increased total
cash costs, higher depreciation and amortisation
charge, combined with once-off compensation and
recruitment expenses relating to the retirement of
Bobby Godsell and Roberto Carvalho Silva and the
appointment of Mark Cutifani as Chief Executive
Officer. The received gold price, whilst slightly up
on the prior quarter at $621/oz, was 9% lower than
the average spot price of $680/oz, as the company
continued to deliver into hedge commitments.
Based on a $96/oz higher spot price at the end of
the quarter, the net hedge delta at 30 September
was higher at 10.58Moz.
with $82m in the second quarter. Despite the
higher production, the marginal reduction quarter-
on-quarter was primarily due to increased total
cash costs, higher depreciation and amortisation
charge, combined with once-off compensation and
recruitment expenses relating to the retirement of
Bobby Godsell and Roberto Carvalho Silva and the
appointment of Mark Cutifani as Chief Executive
Officer. The received gold price, whilst slightly up
on the prior quarter at $621/oz, was 9% lower than
the average spot price of $680/oz, as the company
continued to deliver into hedge commitments.
Based on a $96/oz higher spot price at the end of
the quarter, the net hedge delta at 30 September
was higher at 10.58Moz.
The South African assets had a solid performance
with all operations showing production
improvements against the previous quarter, with
the exception of Great Noligwa, which was affected
by lower grade due to mining mix flexibility. Total
cash costs for the South African operations
with all operations showing production
improvements against the previous quarter, with
the exception of Great Noligwa, which was affected
by lower grade due to mining mix flexibility. Total
cash costs for the South African operations
increased 8% to R77,247/kg due to the annual
wage increases, higher winter power tariffs and by-
product loss, which was partially off-set by the
improved yield and higher gold production.
Individually, production at Kopanang, TauTona,
Moab Khotsong, Tau Lekoa and Savuka all
reported double digit improvements, while
Mponeng increased marginally on its strong base.
wage increases, higher winter power tariffs and by-
product loss, which was partially off-set by the
improved yield and higher gold production.
Individually, production at Kopanang, TauTona,
Moab Khotsong, Tau Lekoa and Savuka all
reported double digit improvements, while
Mponeng increased marginally on its strong base.
The other African assets had a mixed quarter, with
good operational performances at Morila, where
production increased 49% and total cash costs
declined 26%; at Geita, where production
increased 33% and total cash costs rose 19%; and
at Iduapriem, where production improved by 21%
and total cash costs were 23% higher due to the
non-occurrence of once-off credits. Navachab and
Sadiola showed production increases of 5% and
3% respectively. Production at Obuasi was 9%
lower following an eleven-day shut down for both
maintenance and the testing and development of
processes to reduce environmental impacts of ore
treatment, which was done in line with a directive
from the Ghanaian Environmental Protection
Agency. Seasonal rainfall affected Siguiri and
Yatela where production declined 5% and 9%
respectively.
good operational performances at Morila, where
production increased 49% and total cash costs
declined 26%; at Geita, where production
increased 33% and total cash costs rose 19%; and
at Iduapriem, where production improved by 21%
and total cash costs were 23% higher due to the
non-occurrence of once-off credits. Navachab and
Sadiola showed production increases of 5% and
3% respectively. Production at Obuasi was 9%
lower following an eleven-day shut down for both
maintenance and the testing and development of
processes to reduce environmental impacts of ore
treatment, which was done in line with a directive
from the Ghanaian Environmental Protection
Agency. Seasonal rainfall affected Siguiri and
Yatela where production declined 5% and 9%
respectively.
Further improvements were achieved at the
international operations with an overall 2%
increase in production to 372,000oz for the quarter.
Cripple Creek & Victor in the US was 13% lower
caused by delayed production from the leach pad
due to higher stacking levels, which increased total
cash cost by 24%; while production at Serra
Grande was 4% lower due to lower feed grades
and total cash costs increased by 2%. Cerro
Vanguardia in Argentina remained steady, while
Sunrise Dam continued its strong operational
performance with production up 3%, and total cash
costs down 7%; and production at AngloGold
Ashanti Brasil Mineração rose by 19% and total
cash costs decreased by 12%.
international operations with an overall 2%
increase in production to 372,000oz for the quarter.
Cripple Creek & Victor in the US was 13% lower
caused by delayed production from the leach pad
due to higher stacking levels, which increased total
cash cost by 24%; while production at Serra
Grande was 4% lower due to lower feed grades
and total cash costs increased by 2%. Cerro
Vanguardia in Argentina remained steady, while
Sunrise Dam continued its strong operational
performance with production up 3%, and total cash
costs down 7%; and production at AngloGold
Ashanti Brasil Mineração rose by 19% and total
cash costs decreased by 12%.
AngloGold Ashanti completed the acquisition of
minority interests held by the Government of
Ghana and the International Finance Corporation in
the Iduapriem and Teberebie mine effective
1 September 2007 for a total cash consideration of
$25m, giving AngloGold Ashanti full ownership of
the mine.
minority interests held by the Government of
Ghana and the International Finance Corporation in
the Iduapriem and Teberebie mine effective
1 September 2007 for a total cash consideration of
$25m, giving AngloGold Ashanti full ownership of
the mine.
Looking ahead, production for the fourth quarter is
estimated to be at 1.50Moz. During October 2007,
AngloGold Ashanti utilised the opportunity of the
estimated to be at 1.50Moz. During October 2007,
AngloGold Ashanti utilised the opportunity of the
recent dip in uranium prices to buy 300,000 pounds
of uranium at a cost of $75/pound to meet
contractual commitments maturing in 2008. Given
the impact of this uranium purchase, rising fuel
prices and inflation, total cash cost for the fourth
quarter is expected to be around $364/oz,
assuming the following exchange rates: R6.90/$,
A$/$0.87, BRL1.90/$ and Argentinean peso 3.15/$.
Capital expenditure is estimated at $414m and will
be managed in line with profitability and cash flow.
of uranium at a cost of $75/pound to meet
contractual commitments maturing in 2008. Given
the impact of this uranium purchase, rising fuel
prices and inflation, total cash cost for the fourth
quarter is expected to be around $364/oz,
assuming the following exchange rates: R6.90/$,
A$/$0.87, BRL1.90/$ and Argentinean peso 3.15/$.
Capital expenditure is estimated at $414m and will
be managed in line with profitability and cash flow.
Earnings for the fourth quarter are expected to be
significantly distorted by, amongst other things,
annual accounting adjustments such as
rehabilitation, inventory, current and deferred tax
provisions.
significantly distorted by, amongst other things,
annual accounting adjustments such as
rehabilitation, inventory, current and deferred tax
provisions.
In early October 2007, Anglo American plc reduced
its shareholding in AngloGold Ashanti from 41.6%
to 17.3%, through the sale of 67.1 million shares.
As a result of the reduction in shareholding, the
directors representing Anglo American plc on the
AngloGold Ashanti board, namely Mrs C Carroll
and Mr
its shareholding in AngloGold Ashanti from 41.6%
to 17.3%, through the sale of 67.1 million shares.
As a result of the reduction in shareholding, the
directors representing Anglo American plc on the
AngloGold Ashanti board, namely Mrs C Carroll
and Mr
R
Médori, together with his alternate
Mr P G Whitcutt, have resigned.
Bobby Godsell retired as CEO and from the board
with effect from 30 September 2007, and Mark
Cutifani was appointed his successor, with effect
from 1 October 2007.
with effect from 30 September 2007, and Mark
Cutifani was appointed his successor, with effect
from 1 October 2007.
OPERATING RESULTS FOR THE QUARTER
SOUTH AFRICA
At Great Noligwa further improvements in face
advance and face length resulted in a marginally
higher volume for the quarter. However, yield was
6% lower due to mining mix and as a result, gold
production decreased 5% to 3,684kg (118,000oz).
Total cash costs up 24% at R90,339/kg ($397/oz),
mainly as a result of the annual wage increases;
higher winter power tariffs and a lower uranium
production resulting in an increased by-product
loss. Adjusted gross profit was 34% lower at
R105m ($15m).
advance and face length resulted in a marginally
higher volume for the quarter. However, yield was
6% lower due to mining mix and as a result, gold
production decreased 5% to 3,684kg (118,000oz).
Total cash costs up 24% at R90,339/kg ($397/oz),
mainly as a result of the annual wage increases;
higher winter power tariffs and a lower uranium
production resulting in an increased by-product
loss. Adjusted gross profit was 34% lower at
R105m ($15m).
The Lost-Time Injury Frequency Rate (LTIFR) has
improved from the previous quarter to 12.72 lost-
time injuries per million hours worked (16.08 for the
previous quarter).
improved from the previous quarter to 12.72 lost-
time injuries per million hours worked (16.08 for the
previous quarter).
Operating performance at Kopanang improved
with a 15% higher gold production at 3,639kg
(117,000oz) primarily due to a 25% increase in
yield. The increase in yield is primarily due to
higher grade material that was curtailed in the
previous quarter due to seismicity and the release
of underground and plant inventories.
with a 15% higher gold production at 3,639kg
(117,000oz) primarily due to a 25% increase in
yield. The increase in yield is primarily due to
higher grade material that was curtailed in the
previous quarter due to seismicity and the release
of underground and plant inventories.
In spite of the improved production, total cash costs
nevertheless rose 4% to R69,335/kg ($305/oz) due
to the annual wage increases and higher winter
power tariffs. On the back of the higher gold
production, the adjusted gross profit at R201m
($28m) was 25% higher than the previous quarter.
nevertheless rose 4% to R69,335/kg ($305/oz) due
to the annual wage increases and higher winter
power tariffs. On the back of the higher gold
production, the adjusted gross profit at R201m
($28m) was 25% higher than the previous quarter.
The LTIFR improved to 11.30 (14.18).
The build up at Moab Khotsong continues with
both volume treated and values mined increasing,
up 19% and 12% respectively, resulting in gold
production being 33% higher at 523kg (17,000oz)
while total cash costs were marginally lower at
R156,931/kg ($691/oz). The adjusted gross loss
increased by 9% to R48m ($7m) due to the higher
amortisation cost.
both volume treated and values mined increasing,
up 19% and 12% respectively, resulting in gold
production being 33% higher at 523kg (17,000oz)
while total cash costs were marginally lower at
R156,931/kg ($691/oz). The adjusted gross loss
increased by 9% to R48m ($7m) due to the higher
amortisation cost.
The LTIFR was 15.03 (14.38). The mine
experienced three fatalities during the quarter, two
from seismic related fall of ground incidents, and a
third from an orepass construction accident.
experienced three fatalities during the quarter, two
from seismic related fall of ground incidents, and a
third from an orepass construction accident.
At Tau Lekoa, pillar mining and increased vamping
activities resulted in yield improving by 16% from the
previous quarter. Gold production was 10% higher
at 1,342kg (43,000oz) and total cash costs
increased 3% to R109,485/kg ($482/oz), mainly as a
result of the annual wage increases and higher
winter power tariffs.
activities resulted in yield improving by 16% from the
previous quarter. Gold production was 10% higher
at 1,342kg (43,000oz) and total cash costs
increased 3% to R109,485/kg ($482/oz), mainly as a
result of the annual wage increases and higher
winter power tariffs.
The operation was breakeven for the quarter,
against the previous quarter’s adjusted gross loss of
R6m ($1m).
against the previous quarter’s adjusted gross loss of
R6m ($1m).
The LTIFR was 19.88 (29.37). The mine
experienced one fatality from a tramming accident.
experienced one fatality from a tramming accident.
Mponeng remains steady with gold production
increasing marginally to 4,824kg (155,000oz). Total
cash costs were 3% higher at R57,704/kg ($254/oz),
primarily due to the annual labour increases and
winter power tariffs. Adjusted gross profit increased
10% to R323m ($46m), following a favourable
inventory release and higher received price.
increasing marginally to 4,824kg (155,000oz). Total
cash costs were 3% higher at R57,704/kg ($254/oz),
primarily due to the annual labour increases and
winter power tariffs. Adjusted gross profit increased
10% to R323m ($46m), following a favourable
inventory release and higher received price.
The LTIFR was 13.45 (15.27).
Gold production at Savuka was 12% higher at
620kg (20,000oz), due to a 24% higher mining
volume from improved face length availability, which
was partially offset by an 8% lower yield. The lower
yield is the result of grade dilution emanating from
increased development.
620kg (20,000oz), due to a 24% higher mining
volume from improved face length availability, which
was partially offset by an 8% lower yield. The lower
yield is the result of grade dilution emanating from
increased development.
Total cash costs were 6% lower at R92,349/kg
($406/oz) mainly due to the improved production,
partially offset by the higher costs from the annual
wage increase and winter power tariffs. Adjusted
gross profit increased significantly to R15m ($2m).
($406/oz) mainly due to the improved production,
partially offset by the higher costs from the annual
wage increase and winter power tariffs. Adjusted
gross profit increased significantly to R15m ($2m).
The LTIFR was 34.15 (41.11). The mine
experienced one fatality from a seismic related fall of
ground incident.
experienced one fatality from a seismic related fall of
ground incident.
Operating performance at TauTona improved this
quarter in both volume and values mined. Improved
face length and face advance resulted in a 15%
improved mining volume and combined with a 6%
higher yield, resulted in gold production being up
19% at 3,654kg (117,000oz). Total cash costs rose
by 3% to R72,802/kg ($320/oz) due to the annual
wage increase and winter power tariffs, while the
adjusted gross profit was 38% higher at R145m
($21m).
quarter in both volume and values mined. Improved
face length and face advance resulted in a 15%
improved mining volume and combined with a 6%
higher yield, resulted in gold production being up
19% at 3,654kg (117,000oz). Total cash costs rose
by 3% to R72,802/kg ($320/oz) due to the annual
wage increase and winter power tariffs, while the
adjusted gross profit was 38% higher at R145m
($21m).
The LTIFR was 14.66 (16.48). The mine
experienced two fatalities during the quarter, one
from a fall of ground incident, and the second from a
tramming accident.
experienced two fatalities during the quarter, one
from a fall of ground incident, and the second from a
tramming accident.
ARGENTINA
At Cerro Vanguardia (92.5% attributable), gold
production remained steady at 50,000oz, primarily
due to higher feed grade offsetting lower tonnage
treated. Total cash costs rose 14% to $291/oz as a
result of higher inflation on materials and contractors
and increased maintenance costs, which was
partially offset by higher silver by-product credits.
Adjusted gross profit decreased 23% to $10m due to
the higher total cash cost and higher rehabilitation
costs, partially offset by the 4% higher gold sold and
higher received price.
production remained steady at 50,000oz, primarily
due to higher feed grade offsetting lower tonnage
treated. Total cash costs rose 14% to $291/oz as a
result of higher inflation on materials and contractors
and increased maintenance costs, which was
partially offset by higher silver by-product credits.
Adjusted gross profit decreased 23% to $10m due to
the higher total cash cost and higher rehabilitation
costs, partially offset by the 4% higher gold sold and
higher received price.
The LTIFR was 7.14 (1.87).
AUSTRALIA
This quarter saw another strong operational
performance from Sunrise Dam, as mining
continued in the higher grade areas as planned,
resulting in gold production being 3% higher at
153,000oz. Tonnage throughput was marginally
higher as a consequence of some harder ore
affecting production in the previous quarter. Total
cash costs decreased 7% to A$329/oz ($279/oz) as
a result of the higher production, tonnage throughput
and increasing ore inventory, and the adjusted gross
profit increased by 33% to A$48m ($41m).
performance from Sunrise Dam, as mining
continued in the higher grade areas as planned,
resulting in gold production being 3% higher at
153,000oz. Tonnage throughput was marginally
higher as a consequence of some harder ore
affecting production in the previous quarter. Total
cash costs decreased 7% to A$329/oz ($279/oz) as
a result of the higher production, tonnage throughput
and increasing ore inventory, and the adjusted gross
profit increased by 33% to A$48m ($41m).
During the quarter, the underground project mining
was focused on the lower grade Sunrise Shear
Zone, as well as accessing ore in the Cosmo and
Mako lodes. A total of 418m of underground capital
development and 1,744m of operational
development were completed during the quarter.
was focused on the lower grade Sunrise Shear
Zone, as well as accessing ore in the Cosmo and
Mako lodes. A total of 418m of underground capital
development and 1,744m of operational
development were completed during the quarter.
The LTIFR was 2.63 (2.69).
BRAZIL
At
AngloGold Ashanti Brasil Mineração,
production rose 19% to 87,000oz with operating
performance improvements in volume and values
mined. Total cash costs reduced 12% to $220/oz,
primarily due to higher gold production and the
adjusted gross profit rose 11% to $21m.
performance improvements in volume and values
mined. Total cash costs reduced 12% to $220/oz,
primarily due to higher gold production and the
adjusted gross profit rose 11% to $21m.
The LTIFR was 2.70 (1.15).
At
Serra Grande (50% attributable), gold
production decreased 4% to 23,000oz to the result
of lower feed grade. Total cash costs were 2%
higher at $268/oz, due to local currency
appreciation. Adjusted gross profit remained
constant at $6m mainly as a result of lower gold
sold and higher costs.
of lower feed grade. Total cash costs were 2%
higher at $268/oz, due to local currency
appreciation. Adjusted gross profit remained
constant at $6m mainly as a result of lower gold
sold and higher costs.
The LTIFR was 0.00 (5.84).
GHANA
An improved operating performance at Iduapriem
(85% attributable in July and August; 100% from
1 September), with tonnage throughput up 14%
and combined with a 4% higher yield, resulted in
gold production rising 21% to 52,000oz. Total cash
costs, however, increased by 23% to $359/oz, due
to the non-occurrence of once off credits received
in the previous quarter and higher contractor and
power charges.
(85% attributable in July and August; 100% from
1 September), with tonnage throughput up 14%
and combined with a 4% higher yield, resulted in
gold production rising 21% to 52,000oz. Total cash
costs, however, increased by 23% to $359/oz, due
to the non-occurrence of once off credits received
in the previous quarter and higher contractor and
power charges.
Despite the higher cost, adjusted gross profit of
$9m remained unchanged, as a result of the
improved operational performance and higher price
received.
$9m remained unchanged, as a result of the
improved operational performance and higher price
received.
Effective 1 September 2007, the minority share-
holdings of the International Finance Corporation
(10%) and Government of Ghana (5%) were
acquired and Iduapriem is now wholly-owned by
AngloGold Ashanti.
holdings of the International Finance Corporation
(10%) and Government of Ghana (5%) were
acquired and Iduapriem is now wholly-owned by
AngloGold Ashanti.
LTIFR was 0.00 (0.00)
At Obuasi, underground volume treated declined
10% following an eleven-day plant shut down for
both maintenance and the testing and development
of processes to reduce environmental impacts of
ore treatment, which was done in line with a
directive from the Ghanaian Environmental
Protection Agency. As a consequence, gold
production was down 9% to 84,000oz. The lower
production resulted in total cash costs increasing
13% to $513/oz and consequently an adjusted
gross loss of $7m was incurred, compared with
$1m profit in the previous quarter.
10% following an eleven-day plant shut down for
both maintenance and the testing and development
of processes to reduce environmental impacts of
ore treatment, which was done in line with a
directive from the Ghanaian Environmental
Protection Agency. As a consequence, gold
production was down 9% to 84,000oz. The lower
production resulted in total cash costs increasing
13% to $513/oz and consequently an adjusted
gross loss of $7m was incurred, compared with
$1m profit in the previous quarter.
The LTIFR was 3.51 (1.89).
REPUBLIC OF GUINEA
At Siguiri (85% attributable), seasonal rainfall
affected volume and feed grade, resulting in
production falling 5% to 61,000oz in the quarter.
affected volume and feed grade, resulting in
production falling 5% to 61,000oz in the quarter.
As a result of the lower production, total cash costs
rose 4% to $518/oz and the operation reported an
adjusted gross loss of $1m for the quarter.
rose 4% to $518/oz and the operation reported an
adjusted gross loss of $1m for the quarter.
LTIFR was 1.02 (0.00)
MALI
A significant improvement at Morila (40%
attributable) was achieved in the quarter, with gold
production up 49% to 52,000oz, due to a 53%
improved recovered grade, attributable to higher
grade ore being mined and processed. Total cash
costs decreased by 26% to $305/oz and adjusted
gross profit, at $9m, was 125% higher due to the
increased production.
attributable) was achieved in the quarter, with gold
production up 49% to 52,000oz, due to a 53%
improved recovered grade, attributable to higher
grade ore being mined and processed. Total cash
costs decreased by 26% to $305/oz and adjusted
gross profit, at $9m, was 125% higher due to the
increased production.
The LTIFR was 2.38 (0.00).
At Sadiola (38% attributable), production was 3%
higher at 35,000oz with an increase in recovered
grade being partially offset by lower tonnage
throughput. Tonnage throughput was adversely
affected by a high percentage of sulphide tons
treated during the quarter. Total cash costs
decreased by 1% to $400/oz due to the improved
gold production. Despite the higher production,
gold sales declined by 3,000oz due to the timing of
the final gold shipment and consequently adjusted
gross profit remained constant at $6m.
higher at 35,000oz with an increase in recovered
grade being partially offset by lower tonnage
throughput. Tonnage throughput was adversely
affected by a high percentage of sulphide tons
treated during the quarter. Total cash costs
decreased by 1% to $400/oz due to the improved
gold production. Despite the higher production,
gold sales declined by 3,000oz due to the timing of
the final gold shipment and consequently adjusted
gross profit remained constant at $6m.
The LTIFR was 0.00 (0.88).
Production at Yatela (40% attributable) was
adversely affected by rain during the quarter, with
tonnage stacked 23% lower. The reduced tonnage
stacked was partially offset by the release of
higher-grade ounces stacked in the previous
quarter, and gold production decreased 9% to
30,000oz. Total cash costs were 65% higher at
$383/oz due to the lower gold production and
inventory movement adjustments associated with
the release of gold stacked in the previous quarter.
Adjusted gross profit decreased 45% to $6m due to
the decline in production and higher cash costs.
adversely affected by rain during the quarter, with
tonnage stacked 23% lower. The reduced tonnage
stacked was partially offset by the release of
higher-grade ounces stacked in the previous
quarter, and gold production decreased 9% to
30,000oz. Total cash costs were 65% higher at
$383/oz due to the lower gold production and
inventory movement adjustments associated with
the release of gold stacked in the previous quarter.
Adjusted gross profit decreased 45% to $6m due to
the decline in production and higher cash costs.
The LTIFR was 0.00 (1.46).
NAMIBIA
Gold production at Navachab increased by 5% to
21,000oz on the back of the higher recovered
grade. Total cash costs at $431/oz, were 23%
higher due to the higher winter power tariffs, plant
mill re-lining maintenance and additional drilling
costs. Adjusted gross profit was 50% lower at $2m
due to the higher cash costs.
21,000oz on the back of the higher recovered
grade. Total cash costs at $431/oz, were 23%
higher due to the higher winter power tariffs, plant
mill re-lining maintenance and additional drilling
costs. Adjusted gross profit was 50% lower at $2m
due to the higher cash costs.
The LTIFR was 3.44 (0.00).
TANZANIA
Production at Geita continued to improve after the
slope failure in the Nyankanga pit in the first
quarter, which significantly reduced the production
outlook for the year. Gold production was 33%
higher at 109,000oz due to a 16% increase in
tonnage throughput together with a 15% increase
in recovered grade. Tonnage throughput in the
previous quarter had been adversely affected by
damage to the ball mill discharge, which had
resulted in considerable mill downtime.
slope failure in the Nyankanga pit in the first
quarter, which significantly reduced the production
outlook for the year. Gold production was 33%
higher at 109,000oz due to a 16% increase in
tonnage throughput together with a 15% increase
in recovered grade. Tonnage throughput in the
previous quarter had been adversely affected by
damage to the ball mill discharge, which had
resulted in considerable mill downtime.
Despite the higher gold production, total cash costs
were 19% higher at $401/oz due to inventory
adjustments and lower deferred stripping credits
associated with a lower stripping ratio in the
Nyankanga pit. Adjusted gross profit was 18%
higher at $13m, primarily as a result of the higher
production.
were 19% higher at $401/oz due to inventory
adjustments and lower deferred stripping credits
associated with a lower stripping ratio in the
Nyankanga pit. Adjusted gross profit was 18%
higher at $13m, primarily as a result of the higher
production.
The LTIFR was 0.00 (1.44).
NORTH AMERICA
At Cripple Creek & Victor (67% ownership with
100% interest in production until initial loans are
repaid), gold production decreased 13% to
60,000oz. The lower production is attributable to
delayed production from the leach pad stacking
levels. Total cash costs increased 24% to $308/oz,
due to higher fuel costs combined with reduced
ounces produced.
100% interest in production until initial loans are
repaid), gold production decreased 13% to
60,000oz. The lower production is attributable to
delayed production from the leach pad stacking
levels. Total cash costs increased 24% to $308/oz,
due to higher fuel costs combined with reduced
ounces produced.
Adjusted gross profit decreased 6% to $15m as a
result of increased cash costs.
result of increased cash costs.
The LTIFR was 0.00 (5.01).
Notes:
·
All references to price received includes realised non-hedge derivatives.
·
In the case of joint venture and operations with minority holdings, all production and financial results are attributable to AngloGold Ashanti.
·
Adjusted gross profit is gross profit (loss) adjusted to exclude unrealised non-hedge derivatives and other commodity contracts.
·
Adjusted headline earnings is headline earnings before unrealised non-hedge derivatives and other commodity contracts, fair value
adjustments on the option component of the convertible bond and deferred tax thereon.
adjustments on the option component of the convertible bond and deferred tax thereon.
·
Rounding of figures may result in computational discrepancies.
Exploration
Total exploration expenditure increased to $46m
($21m brownfields, $25m greenfields) during the
third quarter of 2007, compared to $41m ($18m
brownfields, $23m greenfields) in the previous
quarter.
($21m brownfields, $25m greenfields) during the
third quarter of 2007, compared to $41m ($18m
brownfields, $23m greenfields) in the previous
quarter.
BROWNFIELDS EXPLORATION
In South Africa, surface drilling continued in the
Project Zaaiplaats area of Moab Khotsong to
further define the geological model of the lower
mine. Borehole MZA9, a long deflection to the east
is in progress and drilling at borehole MGR7 has
been completed and the rig relocated to borehole
MCY4.
Project Zaaiplaats area of Moab Khotsong to
further define the geological model of the lower
mine. Borehole MZA9, a long deflection to the east
is in progress and drilling at borehole MGR7 has
been completed and the rig relocated to borehole
MCY4.
Surface drilling in the Moab North area has been
re-started after the structural interpretation was
updated. Borehole MCY4 has been re-opened and
a deflection to the east is in progress and a new
borehole, MCY5 was started during the quarter.
re-started after the structural interpretation was
updated. Borehole MCY4 has been re-opened and
a deflection to the east is in progress and a new
borehole, MCY5 was started during the quarter.
At Obuasi, in Ghana, drilling from 50 level
achieved four new borehole intersections in the
Adansi Deeps area, and three new intersections
were obtained on the KMS side.
achieved four new borehole intersections in the
Adansi Deeps area, and three new intersections
were obtained on the KMS side.
At Iduapriem, resource conversion drilling
continued at Blocks 7 and 8, which is the main
mining area. A total of 40 holes were drilled during
the quarter in an effort to convert inferred mineral
resources to indicated mineral resources.
continued at Blocks 7 and 8, which is the main
mining area. A total of 40 holes were drilled during
the quarter in an effort to convert inferred mineral
resources to indicated mineral resources.
In Australia, at Boddington mine, resource
conversion and near mine extension exploration
diamond drilling rigs were reduced from six to two
rigs, as planned. During the quarter, approximately
31,032m of new drilling in 44 holes was completed,
bringing the total to date to 104,949m from 134
holes.
conversion and near mine extension exploration
diamond drilling rigs were reduced from six to two
rigs, as planned. During the quarter, approximately
31,032m of new drilling in 44 holes was completed,
bringing the total to date to 104,949m from 134
holes.
At Siguiri, in Guinea, drilling continued at the
Kintinian prospect, situated 4km north of the mining
operation. Infill and extension drilling will continue
at this prospect during the next quarter. Extension
drilling started at Kosise South and at Block 2
(45km west of the current operations), infill drilling
of the oxides at Foulata was started during the
quarter.
Kintinian prospect, situated 4km north of the mining
operation. Infill and extension drilling will continue
at this prospect during the next quarter. Extension
drilling started at Kosise South and at Block 2
(45km west of the current operations), infill drilling
of the oxides at Foulata was started during the
quarter.
At Geita, in Tanzania, during the third quarter
exploration activities were concentrated on five
areas: Matandani Pit, A3 (West-Central-South),
Nyakabale-Prospect 30, the Lone Cone-Nyankanga
Gap and the Nyankanga foot wall.
exploration activities were concentrated on five
areas: Matandani Pit, A3 (West-Central-South),
Nyakabale-Prospect 30, the Lone Cone-Nyankanga
Gap and the Nyankanga foot wall.
For the quarter, 2,141m of diamond drilling,
1,701m of reverse circulation (RC) and 14,745m
of air core drilling was achieved from 236 holes,
comprising follow-up work, drilling of extension to
known mineralisation and reconnaissance.
1,701m of reverse circulation (RC) and 14,745m
of air core drilling was achieved from 236 holes,
comprising follow-up work, drilling of extension to
known mineralisation and reconnaissance.
At Morila in Mali, results from borehole MSZ002
drilled during the second quarter were received
and no significant mineralisation were
encountered. A small infill soil sampling
programme was completed in three areas of the
southern half of the exploitation lease area. Some
anomalous zones were defined and eight infill-soil
sampling lines (1km line spacing and 100m
sampling intervals) were completed in the Domba-
east corridor.
drilled during the second quarter were received
and no significant mineralisation were
encountered. A small infill soil sampling
programme was completed in three areas of the
southern half of the exploitation lease area. Some
anomalous zones were defined and eight infill-soil
sampling lines (1km line spacing and 100m
sampling intervals) were completed in the Domba-
east corridor.
At Sadiola, heavy seasonal rain prevented drilling
during August and September. A fence line of
diamond holes was planned between FE3-pit 3
and FE4 to verify the possible plunge to the north
of the mineralised breccia present on these two
prospects. Borehole SDFE3S-022 achieved 227m
before rain halted drilling and limited resource
delineation drilling was completed at FE3, FE3S
and Tambali South.
during August and September. A fence line of
diamond holes was planned between FE3-pit 3
and FE4 to verify the possible plunge to the north
of the mineralised breccia present on these two
prospects. Borehole SDFE3S-022 achieved 227m
before rain halted drilling and limited resource
delineation drilling was completed at FE3, FE3S
and Tambali South.
At Yatela, six diamond holes totalling 1,836m
were drilled on the “Deep Sulphide” project and
final assay results are being awaited. A drilling
programme to investigate the oxide potential at
Dinnguilou started during the quarter and the
initial phase to test the alluvial potential was
completed with 2,672m drilled from 238 holes.
The saprolite drilling programme was delayed by
heavy rainfall and 6,719m was drilled of the
planned 10,500m. Mineralised intersections from
a previous drilling campaign were followed up on
at KE17 and 366m were drilled from 11 holes.
were drilled on the “Deep Sulphide” project and
final assay results are being awaited. A drilling
programme to investigate the oxide potential at
Dinnguilou started during the quarter and the
initial phase to test the alluvial potential was
completed with 2,672m drilled from 238 holes.
The saprolite drilling programme was delayed by
heavy rainfall and 6,719m was drilled of the
planned 10,500m. Mineralised intersections from
a previous drilling campaign were followed up on
at KE17 and 366m were drilled from 11 holes.
At Navachab, in Namibia, drilling continued in the
Upper Schist to the north-west of the main pit, as
well as on the west ramp of the main pit area and
preliminary results received have been
encouraging. A drilling programme to test vertical
mineralisation along the Upper Schist-MDM
contact in the main pit area was initiated, and
drilling started at Gecko South and North. The
existing grade control block at Gecko Central was
extended to the north-east to close off the
mineralisation and additional drilling to close off
the orebody toward the north-east at Grid A was
completed and some positive intersections were
recorded.
Upper Schist to the north-west of the main pit, as
well as on the west ramp of the main pit area and
preliminary results received have been
encouraging. A drilling programme to test vertical
mineralisation along the Upper Schist-MDM
contact in the main pit area was initiated, and
drilling started at Gecko South and North. The
existing grade control block at Gecko Central was
extended to the north-east to close off the
mineralisation and additional drilling to close off
the orebody toward the north-east at Grid A was
completed and some positive intersections were
recorded.
At Cripple Creek & Victor in the United States,
drilling continues on the north side of the district
near Schist Island and Control Point, while
geotechnical drilling has been completed in the
Globe Hill area. Development drilling has been
completed along the Last Dollar/Orpha may trend
on the southeast side of the main Cresson pit and
will focus on the Schist Island area for the
remainder of the year.
drilling continues on the north side of the district
near Schist Island and Control Point, while
geotechnical drilling has been completed in the
Globe Hill area. Development drilling has been
completed along the Last Dollar/Orpha may trend
on the southeast side of the main Cresson pit and
will focus on the Schist Island area for the
remainder of the year.
GREENFIELDS EXPLORATION
Greenfields exploration activities continued in
seven countries (Australia, Colombia, the DRC,
China, Laos, the Philippines, and Russia) during
the quarter. A total of 269,700m of diamond
(DDH) and reverse circulation (RC) drilling has
been completed to date for the year, on drill
testing priority targets in Australia, the DRC, and
Colombia.
seven countries (Australia, Colombia, the DRC,
China, Laos, the Philippines, and Russia) during
the quarter. A total of 269,700m of diamond
(DDH) and reverse circulation (RC) drilling has
been completed to date for the year, on drill
testing priority targets in Australia, the DRC, and
Colombia.
In Australia, drilling continued at the Tropicana
JV Project (AngloGold Ashanti 70%,
Independence Group 30%) as part of the pre-
feasibility study (PFS), which will focus on the
economics of the open-pit mining of gold
mineralisation, currently identified over a four
kilometre strike length at Tropicana-Havana.
Reconnaissance exploration is also continuing, in
parallel, throughout the remainder of the
Tropicana JV tenement holding.
JV Project (AngloGold Ashanti 70%,
Independence Group 30%) as part of the pre-
feasibility study (PFS), which will focus on the
economics of the open-pit mining of gold
mineralisation, currently identified over a four
kilometre strike length at Tropicana-Havana.
Reconnaissance exploration is also continuing, in
parallel, throughout the remainder of the
Tropicana JV tenement holding.
Regional exploration and target generation
activities continued in Colombia during the third
quarter. Diamond drilling was carried out on the
bulk-tonnage gold targets at Gramalote, where a
conceptual study is currently taking place, with
results expected at year end, and at Colosa. Drill
testing of the joint venture prospect Nechi (with
local partner Mineros SA) also continued during
the quarter, with results currently under review,
while encouraging results were returned from
drilling at the Miraflores prospect by the JV
partner B2Gold.
activities continued in Colombia during the third
quarter. Diamond drilling was carried out on the
bulk-tonnage gold targets at Gramalote, where a
conceptual study is currently taking place, with
results expected at year end, and at Colosa. Drill
testing of the joint venture prospect Nechi (with
local partner Mineros SA) also continued during
the quarter, with results currently under review,
while encouraging results were returned from
drilling at the Miraflores prospect by the JV
partner B2Gold.
Drilling continued in the Mongbwalu region of the
north-eastern DRC with one diamond rig and two
RC rigs. Diamond drilling continued to focus on
defining the resource potential of the deeper,
mineralised mylonite zones located to the south-
east and east of the past-producing Nzebi and
Pluto mines, respectively.
north-eastern DRC with one diamond rig and two
RC rigs. Diamond drilling continued to focus on
defining the resource potential of the deeper,
mineralised mylonite zones located to the south-
east and east of the past-producing Nzebi and
Pluto mines, respectively.
The two RC rigs continued to evaluate the
shallow, open-pit resource potential of the Adidi
North, Sokomutu, and Pluto sectors. A 50m x
50m drill grid has now been completed over both
the Adidi North and Sokomuto sectors. The 2007
drill programme is expected to be finalised in the
middle of next quarter, and will allow for the
calculation of an inferred gold resource by year-
end. In parallel, a conceptual scoping study on the
economics of the Mongbwalu project is expected
to be completed during the first half of 2008.
shallow, open-pit resource potential of the Adidi
North, Sokomutu, and Pluto sectors. A 50m x
50m drill grid has now been completed over both
the Adidi North and Sokomuto sectors. The 2007
drill programme is expected to be finalised in the
middle of next quarter, and will allow for the
calculation of an inferred gold resource by year-
end. In parallel, a conceptual scoping study on the
economics of the Mongbwalu project is expected
to be completed during the first half of 2008.
Regional target generation activities continued at
Concession 40, with additional airborne magnetic
data acquired during the quarter, bringing the total
area covered by high-resolution airborne
geophysics to 2,200 square kilometres, or nearly
25% of the entire concession. Interpretation of
these geophysical data is ongoing and field
evaluation of the priority targets is in progress.
Concession 40, with additional airborne magnetic
data acquired during the quarter, bringing the total
area covered by high-resolution airborne
geophysics to 2,200 square kilometres, or nearly
25% of the entire concession. Interpretation of
these geophysical data is ongoing and field
evaluation of the priority targets is in progress.
In Russia, the formal documentation for the
strategic alliance with Polymetal has been signed,
and all future exploration and business
development activities in Russia, will now be
undertaken through the strategic alliance.
strategic alliance with Polymetal has been signed,
and all future exploration and business
development activities in Russia, will now be
undertaken through the strategic alliance.
In China, preparation for first-round drilling of the
Yili-Yunlong prospect was advanced after the
issuance of the business licence for the Co-
operative Joint Venture (CJV) in late June.
Yili-Yunlong prospect was advanced after the
issuance of the business licence for the Co-
operative Joint Venture (CJV) in late June.
AngloGold Ashanti also successfully signed its
third CJV in China at the Pingwu project in the
Sichuan Province on August 30. At Red Valley in
Qinghai, 3,300m of diamond drilling was
completed by AngloGold Ashanti as part of its
earn-in commitment on the CJV with results
expected during the fourth quarter.
third CJV in China at the Pingwu project in the
Sichuan Province on August 30. At Red Valley in
Qinghai, 3,300m of diamond drilling was
completed by AngloGold Ashanti as part of its
earn-in commitment on the CJV with results
expected during the fourth quarter.
In the Philippines, the final tenement grant for
Mapawa is still awaited from the Manila Central
Mines and Geosciences Bureau, and work
continued on finalising the Mapawa and Outer
Siana JV agreements with Red 5 Limited.
Mapawa is still awaited from the Manila Central
Mines and Geosciences Bureau, and work
continued on finalising the Mapawa and Outer
Siana JV agreements with Red 5 Limited.
Under the Oxiana Limited JV in Laos, regional
reconnaissance sampling and mapping
programmes were restricted, due to rain, to two
areas, with assays results awaited.
reconnaissance sampling and mapping
programmes were restricted, due to rain, to two
areas, with assays results awaited.
Review of the gold market
From a low of $641/oz early in the quarter, the gold
price strengthened during the quarter reaching a
high of $745/oz at quarter end, on raised concerns
over economic uncertainty and a weaker US dollar.
For the quarter, the gold price averaged $680/oz,
marginally higher than the previous quarter’s
$666/oz. Post quarter end the gold price has
continued to trade higher, reaching a 27 year high
of $790/oz assisted by strong investment demand
and the continued weakening of the US dollar.
price strengthened during the quarter reaching a
high of $745/oz at quarter end, on raised concerns
over economic uncertainty and a weaker US dollar.
For the quarter, the gold price averaged $680/oz,
marginally higher than the previous quarter’s
$666/oz. Post quarter end the gold price has
continued to trade higher, reaching a 27 year high
of $790/oz assisted by strong investment demand
and the continued weakening of the US dollar.
The stronger gold price and an unchanged rand
saw the rand gold price average R155,005/kg for
the quarter, up 2% on the previous quarter’s
average of R151,562/kg. A stronger Australian
dollar offset the US dollar gold price increase and
the gold price in Australian dollar terms was
unchanged from the previous quarter at A$802/oz.
saw the rand gold price average R155,005/kg for
the quarter, up 2% on the previous quarter’s
average of R151,562/kg. A stronger Australian
dollar offset the US dollar gold price increase and
the gold price in Australian dollar terms was
unchanged from the previous quarter at A$802/oz.
PHYSICAL MARKET
Gold jewellery demand in the second quarter of
2007 reached an all-time record high of $14.5bn,
which was 37% higher than the same quarter in
2006. In tonnage terms, demand was 22% higher
than the second quarter of 2006, at 675mt.
Indications are that these trends will continue into
the third quarter.
2007 reached an all-time record high of $14.5bn,
which was 37% higher than the same quarter in
2006. In tonnage terms, demand was 22% higher
than the second quarter of 2006, at 675mt.
Indications are that these trends will continue into
the third quarter.
Gold jewellery consumption in emerging market
economies, where demand is driven by an
investment component, was particularly robust.
The key factors driving increased consumption
were lower price volatility, favourable economic
conditions and a belief in possible further upside to
the gold price. The weakness of the dollar against
local currencies further fuelled this demand, with
prices remaining stable or falling for the year to
date.
economies, where demand is driven by an
investment component, was particularly robust.
The key factors driving increased consumption
were lower price volatility, favourable economic
conditions and a belief in possible further upside to
the gold price. The weakness of the dollar against
local currencies further fuelled this demand, with
prices remaining stable or falling for the year to
date.
In India, demand reached record levels in rupee
and tonnage terms for both jewellery and retail
investment. Together these totalled 317mt, half of
global mine output for the quarter and 90% higher
than the depressed level of a year ago. Good
monsoon rains should impact positively on the
rural economy and presage strong demand for the
latter part of year and early 2008 under current
price conditions. The second half of the year will
also see further demand for gold in India, as the
Hindu festival of lights, Diwali, is celebrated.
and tonnage terms for both jewellery and retail
investment. Together these totalled 317mt, half of
global mine output for the quarter and 90% higher
than the depressed level of a year ago. Good
monsoon rains should impact positively on the
rural economy and presage strong demand for the
latter part of year and early 2008 under current
price conditions. The second half of the year will
also see further demand for gold in India, as the
Hindu festival of lights, Diwali, is celebrated.
Record demand was also achieved in Turkey,
China (up 32% year on year) and the Middle East
(up 20% year on year). In China, growth was
achieved in both the traditional 24 carat market as
well as in the 18K (K Gold) product category. In the
Middle East, the Saudi Arabian market has showed
strong growth with jewellery demand in the second
quarter rising 30% in tonnage and 38% in value
terms.
China (up 32% year on year) and the Middle East
(up 20% year on year). In China, growth was
achieved in both the traditional 24 carat market as
well as in the 18K (K Gold) product category. In the
Middle East, the Saudi Arabian market has showed
strong growth with jewellery demand in the second
quarter rising 30% in tonnage and 38% in value
terms.
In Russia, jewellery demand has grown strongly
over recent years and in 2006 measured 70mt.
Quarterly demand is at record levels and demand
during the first half of 2007 reached almost 40mt.
Russia became the seventh largest jewellery
market by size in 2006, and holds considerable
potential for the future. Increased imports have
also assisted in creating a more innovative and
varied product offering.
over recent years and in 2006 measured 70mt.
Quarterly demand is at record levels and demand
during the first half of 2007 reached almost 40mt.
Russia became the seventh largest jewellery
market by size in 2006, and holds considerable
potential for the future. Increased imports have
also assisted in creating a more innovative and
varied product offering.
CENTRAL BANK SALES
A total of 476mt of the 500mt available was sold in
the third year of the second Central Bank Gold
Agreement (CBGA2). Sellers included Spain,
France, Switzerland and the European Central
Bank, with the Swiss National Bank accounting for
a substantial portion of sales. The Swiss National
Bank had announced in June 2007 that it would
make an adjustment in the composition of its
reserves which will result in selling 250mt of gold
before CBGA2 expires at the end of September
2009. However, the impact of these sales in a
strong investment market should be minimal.
the third year of the second Central Bank Gold
Agreement (CBGA2). Sellers included Spain,
France, Switzerland and the European Central
Bank, with the Swiss National Bank accounting for
a substantial portion of sales. The Swiss National
Bank had announced in June 2007 that it would
make an adjustment in the composition of its
reserves which will result in selling 250mt of gold
before CBGA2 expires at the end of September
2009. However, the impact of these sales in a
strong investment market should be minimal.
INVESTMENT MARKET
After a subdued second quarter, which saw some
sales from investors, Exchange Traded Funds
(ETFs) performed well during August and
September. Total holdings in ETFs reached over
24Moz.
sales from investors, Exchange Traded Funds
(ETFs) performed well during August and
September. Total holdings in ETFs reached over
24Moz.
India recently introduced two ETF’s in February
and April of this year, and both have accumulated
over one tonne of gold to date. A further catalyst
for demand is the Shanghai Gold Exchange
individual gold bullion trading, which allows
individual investors to trade gold from a minimum
threshold of 100 grams.
and April of this year, and both have accumulated
over one tonne of gold to date. A further catalyst
for demand is the Shanghai Gold Exchange
individual gold bullion trading, which allows
individual investors to trade gold from a minimum
threshold of 100 grams.
INDUSTRIAL MARKET
The positive trends in industrial demand for gold
over the last quarter continues, on the back of
buoyant demand from the electronics industry in
the Far East. Industrial demand of 79.2mt (a 2%
improvement over the same quarter in 2006) came
primarily increase consumer demand for personal
computers and mobile phones, both of which
contain varying amounts of gold.
over the last quarter continues, on the back of
buoyant demand from the electronics industry in
the Far East. Industrial demand of 79.2mt (a 2%
improvement over the same quarter in 2006) came
primarily increase consumer demand for personal
computers and mobile phones, both of which
contain varying amounts of gold.
PRODUCER HEDGING
Following the record hedge reduction of 5.2Moz in
the previous quarter, it is expected that the data for
the third quarter will show only a small net
decrease in the global hedge position.
the previous quarter, it is expected that the data for
the third quarter will show only a small net
decrease in the global hedge position.
CURRENCIES
The US dollar continued to weaken against most
currencies during the quarter following increased
concerns over a slowing US economy, and in
particular the US housing market. The large
50 basis point rate cut in September by the US
Federal Reserve and indications from China that it
may curtail its purchases of US Treasuries, in
retaliation for threatened trade sanctions against
China, also helped weaken the dollar. In contrast,
increasing interest rates in South Africa and
Australia have attracted investment inflows that
have seen the local currencies strengthen against
the dollar over the quarter.
currencies during the quarter following increased
concerns over a slowing US economy, and in
particular the US housing market. The large
50 basis point rate cut in September by the US
Federal Reserve and indications from China that it
may curtail its purchases of US Treasuries, in
retaliation for threatened trade sanctions against
China, also helped weaken the dollar. In contrast,
increasing interest rates in South Africa and
Australia have attracted investment inflows that
have seen the local currencies strengthen against
the dollar over the quarter.
From opening levels of R7.02/$, A$/$0.83 and
BRL1.92/$, the rand, Australian dollar and Brazilian
real strengthened during the quarter to close at
R6.87/$, A$/$0.88 and BRL1.85/$ respectively. The
continued weakening of the US dollar since quarter
end has seen these currencies strengthen further to
levels of R6.70/$, A$/$0.91 and BRL1.79/$.
BRL1.92/$, the rand, Australian dollar and Brazilian
real strengthened during the quarter to close at
R6.87/$, A$/$0.88 and BRL1.85/$ respectively. The
continued weakening of the US dollar since quarter
end has seen these currencies strengthen further to
levels of R6.70/$, A$/$0.91 and BRL1.79/$.
Hedge position
HEDGE POSITION
As at 30 September 2007, the net delta hedge position
was 10.58Moz or 329t, representing an increase of
1.83Moz compared to the quarters opening position. The
increase is primarily due to the closing spot gold price of
$745/oz, which was $96/oz higher than the quarters
opening price of $649/oz.
was 10.58Moz or 329t, representing an increase of
1.83Moz compared to the quarters opening position. The
increase is primarily due to the closing spot gold price of
$745/oz, which was $96/oz higher than the quarters
opening price of $649/oz.
The marked-to-market value of the hedge book as at
30 September was negative $3.52bn (as at 30 June 2007:
negative $2.78bn). The value was based on a gold price
of $745/oz, exchange rates of R/$ 6.87 and A$/$0.88 and
the prevailing market interest rates and volatilities at the
time. The increase in the negative marked-to-market
value was due to a higher spot gold price and higher gold
option volatilities at quarter end.
30 September was negative $3.52bn (as at 30 June 2007:
negative $2.78bn). The value was based on a gold price
of $745/oz, exchange rates of R/$ 6.87 and A$/$0.88 and
the prevailing market interest rates and volatilities at the
time. The increase in the negative marked-to-market
value was due to a higher spot gold price and higher gold
option volatilities at quarter end.
The company continues to actively manage its hedge
position in a value accretive manner, whilst actively
reducing the overall hedge delta. Some minor hedge
restructuring was concluded during the quarter.
position in a value accretive manner, whilst actively
reducing the overall hedge delta. Some minor hedge
restructuring was concluded during the quarter.
For the quarter, the company received a price of
$621/oz, which is $59/oz or 9% lower than the
average spot price of $680/oz. For the final quarter,
the deficit between the received price and the spot
price is likely to be between 10% and 12% for spot
gold prices in the $700 to $760/oz range.
$621/oz, which is $59/oz or 9% lower than the
average spot price of $680/oz. For the final quarter,
the deficit between the received price and the spot
price is likely to be between 10% and 12% for spot
gold prices in the $700 to $760/oz range.
As at 31 October 2007 the marked-to-market value of
the hedge book was a negative $3.81bn, based on a
gold price of $783.70/oz and exchange rates of
R6.54/$ and A$/$0.92 and the prevailing market
interest rates and volatilities at the time.
the hedge book was a negative $3.81bn, based on a
gold price of $783.70/oz and exchange rates of
R6.54/$ and A$/$0.92 and the prevailing market
interest rates and volatilities at the time.
As indicated previously, the group has changed the
method of allocating the effect of hedging to
individual mines. The effect of hedging is now
reported proportional to attributable gold sold and
therefore the average received gold price for each
mine is similar to the group average received gold
price.
method of allocating the effect of hedging to
individual mines. The effect of hedging is now
reported proportional to attributable gold sold and
therefore the average received gold price for each
mine is similar to the group average received gold
price.
Year
2007
2008
2009
2010
2011
2012-2016
Total
DOLLAR
GOLD
Forward contracts
Amount (kg)
6,695
22,817
21,738
14,462
12,931
24,307
102,950
US$ per oz
$363
$314
$316
$347
$397
$418
$357
Restructure Longs
Amount (kg)
*7,527
*7,734
*15,261
US$ per oz
$654
$645
$649
Put options purchased
Amount (kg)
437
437
US$
per
oz
$292
$292
Put options sold
Amount (kg)
10,737
16,165
3,748
1,882
1,882
5,645
40,059
US$ per oz
$663
$614
$530
$410
$420
$440
$576
Call options purchased
Amount (kg)
4,422
9,813
14,235
US$ per oz
$408
$427
$421
Call options sold
Amount (kg)
20,710
55,796
45,191
35,933
37,550
61,873
257,053
US$ per oz
$577
$500
$493
$483
$500
$599
$526
RAND GOLD
Forward contracts
Amount (kg)
*2,559
933
*1,626
Rand
per
kg
R129,834
R116,335
R126,227
Put options sold
Amount (kg)
1,089
1,089
Rand
per
kg
R157,860
R157,860
Call options sold
Amount (kg)
2,955
2,986
2,986
2,986
11,913
Rand per kg
R164,134
R202,054
R216,522
R230,990
R203,528
A DOLLAR GOLD
Forward contracts
Amount (kg)
10,109
2,177
3,390
3,110
18,786
A$ per oz
A$762
A$659
A$645
A$688
A$717
Put options purchased
Amount (kg)
7,154
7,154
A$
per
oz
A$837
A$837
Put options sold
Amount (kg)
10,575
1,866
12,441
A$ per oz
A$813
A$810
A$812
Call options purchased
Amount (kg)
3,110
1,244
3,110
7,464
A$ per oz
A$680
A$694
A$712
A$696
Call
options
sold
Amount
(kg)
10,575
10,575
A$
per
oz
A$860
A$860
Delta (kg)
(26,579)
(55,273)
(68,319)
(50,184)
(49,576)
(79,198)
(329,129)
** Total net gold:
Delta (oz)
(854,533)
(1,777,066)
(2,196,504)
(1,613,451)
(1,593,903)
(2,546,271)
(10,581,728)
Rounding of figures may result in computational discrepancies.
Year
2007
2008
2009
2010
2011
2012-2016
Total
DOLLAR
SILVER
Put options purchased
Amount (kg)
10,886
43,545
54,431
$ per oz
$7.40
$7.66
$7.61
Put options sold
Amount (kg)
10,886
43,545
54,431
$ per oz
$5.93
$6.19
$6.14
Call options sold
Amount (kg)
10,886
43,545
54,431
$ per oz
$8.40
$8.64
$8.59
*
Indicates a long position resulting from forward purchase contracts. The group enters into forward purchase contracts as part of its
strategy to actively manage and reduce the size of the hedge book.
strategy to actively manage and reduce the size of the hedge book.
**
The Delta of the hedge position indicated is the equivalent gold position that would have the same marked-to-market sensitivity for a small
change in the gold price. This is calculated using the Black-Scholes option formula with the ruling market prices, interest rates and
volatilities as at 30 September 2007.
change in the gold price. This is calculated using the Black-Scholes option formula with the ruling market prices, interest rates and
volatilities as at 30 September 2007.
The following table indicates the group's currency hedge position at 30 September 2007
Year
2007
2008
2009
2010
2011
2012-2016
Total
RAND DOLLAR (000)
Forward contracts
Amount ($)
30,113
30,113
US$/R
R7.13
R7.13
Put options purchased
Amount ($)
140,000
140,000
US$/R
R7.32
R7.32
Put options sold
Amount ($)
185,000
185,000
US$/R
R7.10
R7.10
Call options sold
Amount ($)
185,000
185,000
US$/R
R7.55
R7.55
A
DOLLAR
(000)
Forward contracts
Amount ($)
60,000
80,000
140,000
A$/US$
$0.84
$0.79
$0.81
Put options purchased
Amount ($)
80,000
80,000
160,000
A$/US$
$0.81
$0.81
$0.81
Put options sold
Amount ($)
80,000
80,000
160,000
A$/US$
$0.83
$0.84
$0.84
Call options sold
Amount ($)
80,000
80,000
160,000
A$/US$
$0.79
$0.79
$0.79
BRAZILIAN
REAL
(000)
Forward contracts
Amount ($)
12,000
19,000
31,000
US$/BRL
BRL2.06
BRL2.05
BRL2.05
Put options purchased
Amount ($)
9,000
9,000
US$/BRL
BRL2.04
BRL2.04
Put options sold
Amount ($)
3,000
3,000
US$/BRL
BRL2.05
BRL2.05
Call options sold
Amount ($)
15,000
8,000
23,000
US$/BRL
BRL2.01
BRL2.20
BRL2.08
Derivative analysis by accounting designation as at 30 September 2007
Normal sale
exempted
Cash flow
hedge
accounted
Non-hedge
accounted
Total
US Dollars (million)
Commodity option contracts
(567)
-
(1,560)
(2,127)
Foreign exchange option contracts
-
-
(2)
(2)
Forward sale commodity contracts
(1,118)
(346)
54
(1,410)
Forward foreign exchange contracts
-
4
13
17
Interest rate swaps
(32)
-
35
3
Total hedging contracts
(1,717)
(342)
(1,460)
(3,519)
Option component of convertible bonds
-
-
(41)
(41)
Total derivatives
(1,717)
(342)
(1,501)
(3,560)
Rounding of figures may result in computational discrepancies.
Group
operating results
Sep
Jun
Sep
Sep
Sep
Sep
Jun
Sep
Sep
Sep
2007
2007
2006
2007
2006
2007
2007
2006
2007
2006
OPERATING RESULTS
1
UNDERGROUND OPERATION
Milled
Milled
- 000 tonnes
/ - 000 tons
3,384
3,404
3,592
9,877
10,194
3,730
3,753
3,960
10,887
11,237
Yield
- g / t
/ - oz / t
7.11
6.70
6.98
7.00
7.11
0.207
0.195
0.204
0.204
0.207
Gold produced
- kg
/ - oz (000)
24,066
22,817
25,066
69,179
72,501
774
734
806
2,225
2,331
SURFACE AND DUMP RECLAMATION
Treated
Treated
- 000 tonnes
/ - 000 tons
2,976
3,192
3,273
9,442
9,385
3,280
3,518
3,608
10,408
10,345
Yield
- g / t
/ - oz / t
0.48
0.53
0.46
0.51
0.50
0.014
0.015
0.013
0.015
0.015
Gold produced
- kg
/ - oz (000)
1,429
1,680
1,497
4,803
4,677
46
54
48
154
150
OPEN-PIT OPERATION
Mined
Mined
- 000 tonnes
/ - 000 tons
41,999
42,880
43,823
124,938
128,564
46,296
47,267
48,306
137,721
141,718
Treated
- 000 tonnes
/ - 000 tons
6,456
6,139
6,871
18,857
19,497
7,116
6,767
7,574
20,786
21,492
Stripping ratio
- t (mined total - mined ore) / t mined ore
4.20
4.16
5.56
4.43
4.94
4.20
4.16
5.56
4.43
4.94
Yield
- g / t
/ - oz / t
2.49
2.29
2.00
2.34
2.15
0.073
0.067
0.058
0.068
0.063
Gold in ore
- kg
/ - oz (000)
15,059
14,123
6,665
41,752
30,743
484
454
214
1,342
988
Gold produced
- kg
/ - oz (000)
16,064
14,033
13,742
44,180
41,883
516
451
442
1,420
1,347
HEAP LEACH OPERATION
Mined
Mined
- 000 tonnes
/ - 000 tons
14,807
15,229
15,381
44,755
47,985
16,322
16,787
16,955
49,334
52,894
Placed
2
- 000 tonnes
/ - 000 tons
5,636
5,673
5,790
16,490
17,441
6,213
6,253
6,382
18,177
19,226
Stripping ratio
- t (mined total - mined ore) / t mined ore
1.53
1.94
1.90
1.83
1.83
1.53
1.94
1.90
1.83
1.83
Yield
3
- g / t
/ - oz / t
0.66
0.82
0.84
0.74
0.80
0.019
0.024
0.024
0.021
0.023
Gold placed
4
- kg
/ - oz (000)
3,706
4,656
4,628
12,127
13,867
119
150
149
390
446
Gold produced
- kg
/ - oz (000)
3,052
3,428
3,559
9,647
10,495
98
110
114
310
337
TOTAL
Gold produced
Gold produced
- kg
/ - oz (000)
44,611
41,958
43,864
127,809
129,556
1,434
1,349
1,410
4,109
4,165
Gold sold
- kg
/ - oz (000)
45,768
40,661
43,185
127,987
127,772
1,471
1,307
1,388
4,115
4,108
Price received
- R / kg
/ - $ / oz
- sold
141,400
137,579
134,176
139,732
122,595
621
605
584
610
576
Total cash costs
- R / kg
/ - $ / oz
- produced
81,186
75,724
71,495
78,074
65,334
357
333
311
341
308
Total production costs
- R / kg
/ - $ / oz
- produced
107,239
99,734
95,267
102,443
87,661
471
439
414
448
413
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
409
397
420
394
403
13.16
12.76
13.49
12.66
12.97
Actual
- g
/ - oz
361
339
360
352
353
11.62
10.89
11.57
11.31
11.33
CAPITAL EXPENDITURE - Rm
/ - $m
1,733
1,979
1,542
5,129
3,671
245
279
220
720
557
1
Effective 1 September 2007, the minority shareholdings of the International Finance Corporation (10%) and Government of Ghana (5%) were acquired and Iduapriem is now fully owned by AngloGold Ashanti.
2
Tonnes (Tons) placed on to leach pad.
3
Gold placed / tonnes (tons) placed.
4
Gold placed into leach pad inventory.
Rounding of figures may result in computational discrepancies.
Quarter ended
Quarter ended
Unaudited
Rand / Metric
Unaudited
Dollar / Imperial
Nine months ended
Nine months ended
Group
income statement
Quarter
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
September
June
September
September
September
2007
2007
2006
2007
2006
SA Rand million
Notes
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Revenue
2
6,549
5,461
5,707
17,892
15,129
Gold income
6,319
5,222
5,459
17,204
14,503
Cost of sales
3
(4,924)
(4,132)
(3,987)
(13,279)
(11,006)
(Loss) profit on non-hedge derivatives and other commodity contracts
(2,274)
840
510
(2,095)
(2,437)
Gross (loss) profit
(879)
1,930
1,981
1,830
1,060
Corporate administration and other expenses
(252)
(216)
(126)
(676)
(393)
Market development costs
(26)
(26)
(26)
(75)
(75)
Exploration costs
(219)
(204)
(112)
(599)
(301)
Other operating expenses
4
(65)
(43)
(34)
(156)
(103)
Dividend received from investments
16
-
-
16
-
Operating special items
5
36
86
(56)
137
(32)
Operating (loss) profit
(1,388)
1,527
1,628
477
156
Interest received
89
62
60
224
149
Exchange (loss) gain
(6)
(14)
6
(18)
(5)
Fair value adjustment on option component of convertible bond
(140)
223
421
218
347
Finance costs and unwinding of obligations
(230)
(220)
(157)
(649)
(576)
Share of associates' loss
(104)
(51)
(4)
(159)
(8)
(Loss) profit before taxation
(1,780)
1,527
1,955
93
62
Taxation
6
(161)
(371)
(430)
(966)
(556)
(Loss) profit after taxation from continuing operations
(1,941)
1,155
1,524
(873)
(494)
Discontinued operations
Loss for the period from discontinued operations
Loss for the period from discontinued operations
7
(24)
(4)
(1)
(34)
(12)
(Loss) profit for the period
(1,964)
1,151
1,523
(907)
(505)
Allocated as follows:
Equity shareholders
Equity shareholders
(2,015)
1,083
1,470
(1,082)
(657)
Minority interest
51
68
54
175
152
(1,964)
1,151
1,523
(907)
(505)
Basic (loss) earnings per ordinary share (cents)
1
(Loss) profit from continuing operations
(708)
386
533
(372)
(238)
Loss from discontinued operations
(9)
(1)
-
(12)
(4)
(Loss) profit
(716)
385
533
(384)
(242)
Diluted (loss) earnings per ordinary share (cents)
2
(Loss) profit from continuing operations
3
(708)
385
533
(372)
(238)
Loss from discontinued operations
3
(9)
(1)
-
(12)
(4)
(Loss) profit
3
(716)
384
533
(384)
(242)
Dividends
- Rm
- Rm
251
578
- cents per Ordinary share
90
210
- cents per E Ordinary share
45
-
1
Calculated on the basic weighted average number of ordinary shares.
2
The impact of the diluted earnings per share is anti-dilutive and therefore equal to the basic earnings per share.
3
Calculated on the diluted weighted average number of ordinary shares.
Rounding of figures may result in computational discrepancies.
Group
income statement
Quarter
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
September
June
September
September
September
2007
2007
2006
2007
2006
US Dollar million
Notes
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Revenue
2
925
773
798
2,511
2,288
Gold income
893
739
763
2,415
2,193
Cost of sales
3
(696)
(585)
(557)
(1,865)
(1,669)
(Loss) profit on non-hedge derivatives and other commodity contracts
(356)
77
143
(331)
(214)
Gross (loss) profit
(159)
231
349
219
310
Corporate administration and other expenses
(36)
(31)
(18)
(95)
(60)
Market development costs
(4)
(4)
(4)
(11)
(12)
Exploration costs
(31)
(29)
(16)
(84)
(45)
Other operating expenses
4
(9)
(6)
(5)
(22)
(16)
Dividend received from investments
2
-
-
2
-
Operating special items
5
5
12
(7)
19
(3)
Operating (loss) profit
(231)
174
300
29
174
Interest received
13
9
8
31
22
Exchange (loss) gain
(1)
(2)
1
(3)
(1)
Fair value adjustment on option component of convertible bond
(20)
32
58
30
44
Finance costs and unwinding of obligations
(32)
(31)
(22)
(91)
(89)
Share of associates' loss
(14)
(7)
-
(22)
(1)
(Loss) profit before taxation
(286)
174
344
(25)
150
Taxation
6
(21)
(52)
(69)
(133)
(97)
(Loss) profit after taxation from continuing operations
(308)
121
276
(158)
53
Discontinued operations
Loss for the period from discontinued operations
Loss for the period from discontinued operations
7
(3)
(1)
-
(5)
(2)
(Loss) profit for the period
(311)
121
276
(163)
51
Allocated as follows:
Equity shareholders
Equity shareholders
(318)
111
268
(188)
28
Minority interest
7
10
8
25
23
(311)
121
276
(163)
51
Basic (loss) earnings per ordinary share (cents)
1
(Loss) profit from continuing operations
(112)
39
97
(65)
11
Loss from discontinued operations
(1)
-
-
(2)
(1)
(Loss) profit
(113)
39
97
(67)
10
Diluted (loss) earnings per ordinary share (cents)
2
(Loss) profit from continuing operations
3
(112)
39
97
(65)
11
Loss from discontinued operations
3
(1)
-
-
(2)
(1)
(Loss) profit
3
(113)
39
97
(67)
10
Dividends
4
- $m
35
81
- cents per Ordinary share
12
29
- cents per E Ordinary share
6
-
1
Calculated on the basic weighted average number of ordinary shares.
2
The impact of the diluted earnings per share is anti-dilutive and therefore equal to the basic earnings per share.
3
Calculated on the diluted weighted average number of ordinary shares.
4
Dividends are translated at actual rates on date of payment.
Rounding of figures may result in computational discrepancies.
Group
balance sheet
As at
As at
As at
As at
September
June
September
December
2007
2007
2006
2006
SA Rand million
Notes
Unaudited
Unaudited
Unaudited
Audited
ASSETS
Non-current assets
Tangible assets
Tangible assets
44,834
44,551
44,458
42,382
Intangible assets
3,036
3,041
3,137
2,909
Investments in associates
141
245
327
300
Other investments
839
956
846
884
Inventories
2,275
2,103
1,991
2,006
Trade and other receivables
477
452
120
405
Derivatives
-
-
48
45
Deferred taxation
499
417
419
432
Other non-current assets
300
313
95
313
52,401
52,078
51,440
49,676
Current assets
Inventories
Inventories
4,156
4,112
3,592
3,424
Trade and other receivables
1,516
1,535
1,783
1,300
Derivatives
4,078
3,383
5,548
4,546
Current portion of other non-current assets
5
5
5
5
Cash restricted for use
294
166
46
75
Cash and cash equivalents
3,447
2,792
2,871
3,467
13,495
11,993
13,845
12,817
Non-current assets held for sale
201
203
225
123
13,696
12,196
14,070
12,940
TOTAL ASSETS
66,098
64,274
65,510
62,616
EQUITY AND LIABILITIES
Share capital and premium
10
22,265
22,237
22,077
22,083
Retained earnings and other reserves
11
(2,803)
(34)
37
(1,188)
Shareholders' equity
19,461
22,203
22,114
20,895
Minority interests
12
401
475
478
436
Total equity
19,862
22,678
22,592
21,331
Non-current liabilities
Borrowings
Borrowings
7,415
9,293
10,497
9,963
Environmental rehabilitation and other provisions
3,003
2,929
2,671
2,785
Provision for pension and post-retirement benefits
1,207
1,201
1,267
1,181
Trade, other payables and deferred income
39
131
104
150
Derivatives
1,321
1,183
2,592
1,984
Deferred taxation
7,476
7,821
7,615
7,722
20,460
22,559
24,746
23,785
Current liabilities
Current portion of borrowings
Current portion of borrowings
4,358
2,056
290
413
Trade, other payables and deferred income
4,469
3,880
3,461
3,701
Derivatives
15,421
11,869
12,794
12,152
Taxation
1,526
1,232
1,532
1,234
25,775
19,037
18,077
17,500
Non-current liabilities held for sale
-
-
95
-
25,775
19,037
18,172
17,500
Total liabilities
46,235
41,596
42,918
41,285
TOTAL EQUITY AND LIABILITIES
66,098
64,274
65,510
62,616
Net asset value - cents per share
7,068
8,072
8,208
7,607
Rounding of figures may result in computational discrepancies.
Group
balance sheet
As at
As at
As at
As at
September
June
September
December
2007
2007
2006
2006
US Dollar million
Notes
Unaudited
Unaudited
Unaudited
Audited
ASSETS
Non-current assets
Tangible assets
Tangible assets
6,526
6,350
5,726
6,054
Intangible assets
442
433
404
415
Investments in associates
21
35
42
43
Other investments
122
136
109
126
Inventories
331
300
256
287
Trade and other receivables
69
64
16
58
Derivatives
-
-
6
6
Deferred taxation
73
59
54
62
Other non-current assets
44
45
12
44
7,628
7,423
6,626
7,095
Current assets
Inventories
Inventories
605
586
463
489
Trade and other receivables
221
219
230
185
Derivatives
594
482
714
649
Current portion of other non-current assets
1
1
1
1
Cash restricted for use
42
24
6
11
Cash and cash equivalents
502
398
370
495
1,964
1,709
1,783
1,830
Non-current assets held for sale
29
29
29
18
1,994
1,738
1,812
1,848
TOTAL ASSETS
9,621
9,161
8,438
8,943
EQUITY AND LIABILITIES
Share capital and premium
10
3,241
3,169
2,844
3,154
Retained earnings and other reserves
11
(408)
(5)
4
(169)
Shareholders' equity
2,833
3,165
2,848
2,985
Minority interests
12
58
68
62
62
Total equity
2,891
3,232
2,910
3,047
Non-current liabilities
Borrowings
Borrowings
1,079
1,325
1,352
1,423
Environmental rehabilitation and other provisions
437
417
344
398
Provision for pension and post-retirement benefits
176
171
163
169
Trade, other payables and deferred income
6
19
13
21
Derivatives
192
169
334
283
Deferred taxation
1,088
1,115
981
1,103
2,978
3,215
3,187
3,397
Current liabilities
Current portion of borrowings
Current portion of borrowings
634
293
37
59
Trade, other payables and deferred income
651
553
446
528
Derivatives
2,245
1,692
1,648
1,736
Taxation
222
176
197
176
3,752
2,713
2,328
2,499
Non-current liabilities held for sale
-
-
12
-
3,752
2,713
2,341
2,499
Total liabilities
6,730
5,929
5,528
5,896
TOTAL EQUITY AND LIABILITIES
9,621
9,161
8,438
8,943
Net asset value - cents per share
1,029
1,150
1,057
1,087
Rounding of figures may result in computational discrepancies.
Group
cash flow statement
Quarter
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
September
June
September
September
September
2007
2007
2006
2007
2006
SA Rand million
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Cash flows from operating activities
Receipts from customers
Receipts from customers
6,498
5,551
5,681
17,678
15,322
Payments to suppliers and employees
(4,168)
(3,869)
(3,181)
(11,574)
(9,140)
Cash generated from operations
2,330
1,682
2,500
6,104
6,182
Cash utilised by discontinued operations
(6)
(9)
(16)
(24)
(13)
Taxation paid
(123)
(545)
(146)
(1,001)
(415)
Net cash inflow from operating activities
2,201
1,128
2,338
5,079
5,754
Cash flows from investing activities
Capital expenditure
Capital expenditure
(1,733)
(1,764)
(1,542)
(4,914)
(3,671)
Acquisition of assets
-
(287)
-
(287)
-
Proceeds from disposal of tangible assets
50
91
6
158
71
Proceeds from disposal of assets of discontinued operations
8
6
7
16
39
Other investments acquired
(7)
(16)
(406)
(63)
(424)
Associate loans and acquisitions
-
64
(3)
1
(66)
Proceeds from disposal of investments
36
26
409
84
447
Dividends from other investments
16
-
-
16
-
(Increase) decrease in cash restricted for use
(126)
101
(20)
(214)
10
Interest received
77
49
56
186
118
Loans advanced
-
18
-
(8)
(1)
Repayment of loans advanced
1
8
8
10
36
Net cash outflow from investing activities
(1,679)
(1,702)
(1,485)
(5,015)
(3,441)
Cash flows from financing activities
Proceeds from issue of share capital
Proceeds from issue of share capital
19
36
12
159
3,061
Share issue expenses
-
(4)
-
(4)
(32)
Proceeds from borrowings
864
730
496
1,790
906
Repayment of borrowings
(208)
(182)
(294)
(533)
(3,636)
Finance costs
(241)
(33)
(169)
(486)
(504)
Dividends paid
(277)
(63)
(606)
(1,033)
(858)
Net cash inflow (outflow) from financing activities
158
485
(560)
(106)
(1,063)
Net increase (decrease) in cash and cash equivalents
680
(89)
293
(42)
1,250
Translation
(24)
(38)
127
22
294
Cash and cash equivalents at beginning of period
2,792
2,919
2,450
3,467
1,328
Net cash and cash equivalents at end of period
3,447
2,792
2,871
3,447
2,871
Cash generated from operations
(Loss) profit before taxation
(Loss) profit before taxation
(1,780)
1,527
1,955
93
62
Adjusted for:
Movement on non-hedge derivatives and other commodity contracts
Movement on non-hedge derivatives and other commodity contracts
2,725
(195)
120
3,514
4,286
Amortisation of tangible assets
1,082
1,009
1,034
3,040
2,844
Finance costs and unwinding of obligations
230
220
157
649
576
Deferred stripping
(128)
(131)
(262)
(359)
(494)
Interest receivable
(89)
(62)
(60)
(224)
(149)
Operating special items
(36)
(86)
56
(137)
64
Amortisation of intangible assets
3
3
4
10
10
Fair value adjustment on option components of convertible bond
140
(223)
(421)
(218)
(347)
Environmental, rehabilitation and other expenditure
44
(14)
(26)
16
(200)
Other non-cash movements
132
181
153
460
283
Movements in working capital
6
(547)
(210)
(740)
(754)
2,330
1,682
2,500
6,104
6,182
Movements in working capital
Increase in inventories
Increase in inventories
(215)
(494)
(842)
(1,035)
(2,014)
(Increase) decrease in trade and other receivables
(27)
79
(199)
(236)
(211)
Increase (decrease) in trade and other payables
248
(131)
831
530
1,471
6
(547)
(210)
(740)
(754)
Rounding of figures may result in computational discrepancies.
Group
cash flow statement
Quarter
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
September
June
September
September
September
2007
2007
2006
2007
2006
US Dollar million
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Cash flows from operating activities
Receipts from customers
Receipts from customers
918
783
798
2,481
2,329
Payments to suppliers and employees
(590)
(545)
(452)
(1,627)
(1,401)
Cash generated from operations
328
238
346
854
928
Cash utilised by discontinued operations
(1)
(1)
(2)
(3)
(2)
Taxation paid
(18)
(77)
(20)
(141)
(63)
Net cash inflow from operating activities
310
160
324
710
863
Cash flows from investing activities
Capital expenditure
Capital expenditure
(245)
(249)
(220)
(690)
(557)
Acquisition of assets
-
(40)
-
(40)
-
Proceeds from disposal of tangible assets
7
13
1
22
11
Proceeds from disposal of assets of discontinued operations
1
1
1
2
6
Other investments acquired
(1)
(2)
(62)
(9)
(64)
Associate loans and acquisitions
-
9
-
-
(10)
Proceeds from disposal of investments
5
4
62
12
68
Dividends from other investments
2
-
-
2
-
(Increase) decrease in cash restricted for use
(18)
14
(3)
(30)
2
Interest received
11
7
7
26
17
Loans advanced
-
2
-
(1)
-
Repayment of loans advanced
-
1
1
1
5
Net cash outflow from investing activities
(237)
(241)
(213)
(704)
(522)
Cash flows from financing activities
Proceeds from issue of share capital
Proceeds from issue of share capital
3
5
2
22
511
Share issue expenses
-
(1)
-
(1)
(5)
Proceeds from borrowings
122
103
75
251
140
Repayment of borrowings
(29)
(26)
(41)
(75)
(594)
Finance costs
(34)
(5)
(24)
(68)
(78)
Dividends paid
(38)
(9)
(85)
(141)
(125)
Net cash inflow (outflow) from financing activities
23
67
(73)
(11)
(151)
Net increase (decrease) in cash and cash equivalents
95
(14)
38
(6)
190
Translation
9
11
(11)
12
(30)
Cash and cash equivalents at beginning of period
398
400
343
495
209
Net cash and cash equivalents at end of period
502
398
370
502
370
Cash generated from operations
(Loss) profit before taxation
(Loss) profit before taxation
(286)
174
344
(25)
150
Adjusted for:
Movement on non-hedge derivatives and other commodity contracts
Movement on non-hedge derivatives and other commodity contracts
420
15
(54)
530
493
Amortisation of tangible assets
153
143
144
427
431
Finance costs and unwinding of obligations
32
31
22
91
89
Deferred stripping
(19)
(19)
(31)
(52)
(64)
Interest receivable
(13)
(9)
(8)
(31)
(22)
Operating special items
(5)
(12)
7
(19)
7
Amortisation of intangible assets
-
-
-
1
1
Fair value adjustment on option components of convertible bond
20
(32)
(58)
(30)
(44)
Environmental, rehabilitation and other expenditure
6
(2)
(3)
2
(30)
Other non-cash movements
19
25
21
64
42
Movements in working capital
1
(76)
(38)
(105)
(125)
328
238
346
854
928
Movements in working capital
Increase in inventories
Increase in inventories
(50)
(102)
(55)
(165)
(155)
(Increase) decrease in trade and other receivables
(8)
3
(8)
(38)
19
Increase in trade and other payables
60
23
25
98
12
1
(76)
(38)
(105)
(125)
Rounding of figures may result in computational discrepancies.
Statement of recognised income and expense
Nine months
Nine months
Year
ended
ended
ended
September
September
December
2007
2006
2006
Unaudited
Unaudited
Audited
SA Rand million
Actuarial gain on pension and post-retirement benefits
Actuarial gain on pension and post-retirement benefits
-
-
283
Transactions with minorities
(170)
-
-
Net loss on cash flow hedges removed from equity and reported in income
910
874
1,274
Net loss on cash flow hedges
(662)
(1,717)
(1,604)
(Loss) gain on available-for-sale financial assets
(24)
147
78
Deferred taxation on items above
20
346
50
Net exchange translation differences
60
4,362
2,292
Net income recognised directly in equity
134
4,012
2,373
Loss for the period
(907)
(505)
(385)
Total recognised (expense) income for the period
(773)
3,507
1,988
Attributable to:
Equity shareholders
Equity shareholders
(852)
3,287
1,755
Minority interest
79
220
233
(773)
3,507
1,988
US Dollar million
Actuarial gain on pension and post-retirement benefits
-
-
42
Transactions with minorities
(25)
-
-
Net loss on cash flow hedges removed from equity and reported in income
130
155
217
Net loss on cash flow hedges
(96)
(221)
(229)
(Loss) gain on available-for-sale financial assets
(3)
16
12
Deferred taxation on items above
(5)
32
8
Net exchange translation differences
35
493
281
Net income recognised directly in equity
36
475
331
(Loss) profit for the period
(163)
51
(14)
Total recognised (expense) income for the period
(127)
526
317
Attributable to:
Equity shareholders
Equity shareholders
(139)
505
289
Minority interest
12
21
28
(127)
526
317
Rounding of figures may result in computational discrepancies.
Segmental
reporting
for the quarter and nine months ended 30 September 2007
Quarter
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
September
June
September
September
September
2007
2007
2006
2007
2006
2007
2007
2006
2007
2006
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Gold income
South Africa
South Africa
2,777
2,281
2,640
7,524
6,761
393
323
370
1,056
1,021
Argentina
269
252
221
786
666
38
36
31
110
101
Australia
715
483
454
1,752
1,228
101
68
64
245
185
Brazil
542
468
422
1,501
1,093
77
66
59
211
165
Ghana
648
567
484
1,765
1,327
92
80
67
248
201
Guinea
307
304
217
991
629
43
43
30
139
95
Mali
469
429
583
1,416
1,573
66
61
82
199
239
Namibia
87
88
100
268
257
12
12
14
38
39
Tanzania
320
163
181
668
600
45
23
25
94
91
USA
185
187
156
533
369
26
26
22
75
56
6,319
5,222
5,459
17,204
14,503
893
739
763
2,415
2,193
Gross profit (loss) adjusted for
the (loss) profit on unrealised
non-hedge derivatives and other
commodity contracts
the (loss) profit on unrealised
non-hedge derivatives and other
commodity contracts
South Africa
802
741
1,106
2,343
2,874
113
105
155
328
430
Argentina
77
97
79
279
257
11
14
11
39
39
Australia
288
212
251
732
626
41
30
35
103
94
Brazil
232
225
258
710
617
33
32
36
100
92
Ghana
26
87
(70)
175
(78)
4
12
(10)
25
(11)
Guinea
1
7
(18)
57
39
-
1
(2)
8
6
Mali
150
147
250
480
699
21
21
36
67
107
Namibia
16
26
46
71
116
2
4
6
10
18
Tanzania
94
81
(51)
162
(17)
13
11
(7)
23
(2)
USA
109
111
23
327
1
15
16
3
46
-
Other
(34)
(46)
146
(55)
114
(4)
(7)
20
(9)
16
1,761
1,688
2,020
5,281
5,248
249
239
283
740
789
Cash gross profit (loss)
1
South Africa
1,261
1,164
1,484
3,605
3,985
178
165
208
506
600
Argentina
118
143
134
415
402
17
20
19
58
61
Australia
378
301
315
989
788
53
42
44
139
118
Brazil
323
302
304
936
737
46
43
42
131
111
Ghana
153
207
86
540
368
22
29
12
76
57
Guinea
59
62
41
235
203
8
9
6
33
31
Mali
192
180
342
603
910
27
26
48
85
138
Namibia
26
36
57
101
149
4
5
8
14
23
Tanzania
185
167
36
411
168
26
24
5
58
26
USA
168
164
81
495
206
24
23
11
70
31
Other
(16)
(26)
162
4
162
(3)
(4)
23
(1)
22
2,847
2,700
3,041
8,334
8,078
402
382
426
1,169
1,218
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.
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.
1
Gross profit (loss) adjusted for the (loss) profit on unrealised non-hedge derivatives and other commodity contracts plus amortisation of tangible and intangible assets, less non-cash revenues.
Refer to note F of "Non-GAAP disclosure" for the definition.
US Dollar million
SA Rand million
Segmental
reporting (continued)
Quarter
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
September
June
September
September
September
2007
2007
2006
2007
2006
2007
2007
2006
2007
2006
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Gold production
South Africa
South Africa
19,218
18,083
20,296
54,926
59,409
618
581
653
1,766
1,910
Argentina
1,569
1,569
1,702
4,741
5,337
50
50
55
152
172
Australia
4,766
4,631
3,366
14,002
9,703
153
149
108
450
312
Brazil
3,401
3,006
2,858
9,209
7,647
109
97
92
296
246
Ghana
4,217
4,198
4,540
12,390
13,988
136
135
146
398
450
Guinea
1,886
1,992
1,940
6,148
5,542
61
64
62
198
178
Mali
3,649
3,164
4,029
10,167
12,590
117
102
130
327
405
Namibia
638
621
711
1,872
2,073
21
20
23
60
67
Tanzania
3,401
2,553
2,280
8,366
7,110
109
82
73
269
229
USA
1,866
2,142
2,143
5,988
6,157
60
69
69
193
198
44,611
41,958
43,864
127,809
129,556
1,434
1,349
1,410
4,109
4,165
Quarter
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
September
June
September
September
September
2007
2007
2006
2007
2006
2007
2007
2006
2007
2006
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Capital expenditure
South Africa
South Africa
642
540
543
1,655
1,422
91
76
77
232
216
Argentina
37
30
26
91
84
5
4
4
13
13
Australia
439
543
162
1,324
289
62
77
24
186
44
Brazil
258
268
396
791
926
37
38
57
111
140
Ghana
152
232
153
575
420
22
33
21
81
64
Guinea
56
38
26
108
83
8
5
4
15
13
Mali
10
13
7
35
22
1
2
1
5
3
Namibia
10
6
5
19
15
1
1
1
3
2
Tanzania
50
34
198
108
334
7
5
29
15
51
USA
54
26
17
128
60
8
4
2
18
9
Other
25
250
9
295
16
3
34
1
41
2
1,733
1,979
1,542
5,129
3,671
245
279
220
720
557
As at
As at
As at
As at
As at
As at
As at
As at
September
June
September
December
September
June
September
December
2007
2007
2006
2006
2007
2007
2006
2006
Unaudited
Unaudited
Unaudited
Audited
Unaudited
Unaudited
Unaudited
Audited
Total assets
South Africa
South Africa
15,581
15,069
15,867
15,394
2,268
2,148
2,044
2,199
Argentina
1,647
1,681
2,186
1,876
240
240
282
268
Australia
8,238
7,611
6,606
6,447
1,199
1,085
851
921
Brazil
4,568
4,369
4,176
3,961
665
623
538
566
Ghana
13,031
13,018
13,886
12,437
1,897
1,855
1,789
1,776
Guinea
2,005
1,934
2,092
1,974
292
276
269
282
Mali
2,299
2,277
2,508
2,350
335
324
323
336
Namibia
513
479
408
424
75
68
53
61
Tanzania
9,633
9,645
10,551
9,642
1,402
1,375
1,359
1,377
USA
3,593
3,551
3,864
3,566
523
506
498
509
Other
4,990
4,640
3,366
4,545
725
661
432
648
66,098
64,274
65,510
62,616
9,621
9,161
8,438
8,943
Rounding of figures may result in computational discrepancies.
SA Rand million
kg
SA Rand million
oz (000)
US Dollar million
US Dollar million
Notes
for the quarter and nine months ended 30 September 2007
1.
Basis of preparation
The financial statements in this quarterly report have been prepared in accordance with the historic cost
convention except for certain financial instruments which are stated at fair value. The group's
accounting policies used in the preparation of these financial statements are consistent with those used
in the annual financial statements for the year ended 31 December 2006 and revised International
Financial Reporting Standards (IFRS) which are effective 1 January 2007, where applicable.
convention except for certain financial instruments which are stated at fair value. The group's
accounting policies used in the preparation of these financial statements are consistent with those used
in the annual financial statements for the year ended 31 December 2006 and revised International
Financial Reporting Standards (IFRS) which are effective 1 January 2007, where applicable.
The financial statements of AngloGold Ashanti Limited have been prepared in compliance with IAS34,
JSE Listings Requirements and in the manner required by the South African Companies Act, 1973 for
the preparation of financial information of the group for the quarter and nine months ended
30 September 2007.
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 nine months ended
30 September 2007.
2.
Revenue
Quarter ended
Nine months ended
Quarter ended
Nine months ended
Sep
2007
Jun
2007
Sep
2006
Sep
2007
Sep
2006
Sep
2007
Jun
2007
Sep
2006
Sep
2007
Sep
2006
Unaudited
Unaudited
Unaudited Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
SA Rand million
US Dollar million
Revenue consists of the
following principal
categories:
following principal
categories:
Gold income
6,319
5,222
5,459
17,204
14,503
893
739
763
2,415
2,193
By-products (note 3)
125
178
188
448
477
18
25
26
63
73
Dividend received
16
–
–
16
–
2
–
–
2
–
Interest received
89
62
60
224
149
13
9
8
31
22
6,549
5,461
5,707
17,892
15,129
925
773
798
2,511
2,288
3.
Cost of sales
Quarter ended
Nine months ended
Quarter ended
Nine months ended
Sep
2007
Jun
2007
Sep
2006
Sep
2007
Sep
2006
Sep
2007
Jun
2007
Sep
2006
Sep
2007
Sep
2006
Unaudited
Unaudited Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
SA Rand million
US Dollar million
Cash operating costs
(3,684)
(3,319) (3,095)
(10,201) (8,591)
(521)
(469)
(432)
(1,433)
(1,304)
By-products (note 2)
125
178
188
448
477
18
25
26
63
73
(3,559)
(3,141) (2,907)
(9,753) (8,114)
(503)
(444)
(406)
(1,370)
(1,231)
Other cash costs
(176)
(165)
(167) (518)
(422)
(25)
(23)
(23) (73)
(64)
Total cash costs
(3,735)
(3,305) (3,075)
(10,271) (8,536)
(528)
(468)
(429)
(1,443)
(1,295)
Retrenchment costs
(27)
(9)
(14) (44)
(38)
(4)
(1)
(2)
(6)
(6)
Rehabilitation and other
non-cash costs
non-cash costs
(85)
(19)
(23) (124)
(87)
(12)
(3)
(3) (17)
(13)
Production costs
(3,847)
(3,333) (3,111)
(10,439) (8,661)
(544)
(471)
(434)
(1,466)
(1,314)
Amortisation of tangible
assets
assets
(1,082)
(1,009) (1,034)
(3,040) (2,844)
(153)
(143)
(144) (427)
(431)
Amortisation of
intangible assets
intangible assets
(3)
(3)
(4)
(10)
(10)
–
–
–
(1)
(1)
Total production costs
(4,933)
(4,346)
(4,148)
(13,489)
(11,515)
(697)
(615) (579)
(1,895)
(1,746)
Inventory change
9
214
161
209
509
1
30
22
30
77
(4,924)
(4,132)
(3,987)
(13,279)
(11,006)
(696)
(585) (557)
(1,865)
(1,669)
Rounding of figures may result in computational discrepancies.
4.
Other operating expenses
Quarter ended
Nine months ended
Quarter ended
Nine months ended
Sep
2007
Jun
2007
Sep
2006
Sep
2007
Sep
2006
Sep
2007
Jun
2007
Sep
2006
Sep
2007
Sep
2006
Unaudited
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
SA Rand million
US Dollar million
Pension and medical defined
benefit provisions
benefit provisions
(25)
(25)
(20)
(75)
(58)
(4)
(3)
(3)
(11)
(9)
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
employees in respect of loss
of employment, work-related
accident injuries and
diseases, governmental
fiscal claims and costs of old
tailings operations
(40)
(6)
(14)
(67)
(41)
(5)
(1)
(2)
(9)
(6)
Other
–
(12)
–
(14)
(4)
–
(2)
–
(2)
(1)
(65)
(43)
(34)
(156)
(103)
(9)
(6)
(5)
(22)
(16)
5.
Operating special items
Quarter ended
Nine months ended
Quarter ended
Nine months ended
Sep
2007
Jun
2007
Sep
2006
Sep
2007
Sep
2006
Sep
2007
Jun
2007
Sep
2006
Sep
2007
Sep
2006
Unaudited
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Unaudited Unaudited
SA Rand million
US Dollar million
Under provision of indirect
taxes
taxes
–
(6)
(1)
(6)
(27)
–
(1)
(8)
(1)
(4)
VAT not recoverable
–
–
(58)
–
(58)
–
–
–
–
(8)
Impairment of tangible
assets (note 8)
assets (note 8)
–
–
–
(1)
(3)
–
–
–
–
–
Recovery of loan
–
–
–
23
–
–
–
–
3
–
Profit on disposal of assets
(note 8)
(note 8)
36
92
3
122
56
5
13
1
17
8
36
86
(56)
137
(32)
5
12
(7)
19
(3)
6.
Taxation
Quarter ended
Nine months ended
Quarter ended
Nine months ended
Sep
2007
Jun
2007
Sep
2006
Sep
2007
Sep
2006
Sep
2007
Jun
2007
Sep
2006
Sep
2007
Sep
2006
Unaudited
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Unaudited Unaudited
SA Rand million
US Dollar million
Current tax
Normal taxation
(443)
(333)
(519)
(1,218)
(1,110)
(63)
(46)
(72)
(171)
(164)
Disposal of tangible assets
(note 8)
(note 8)
(9)
(18)
(4)
(31)
(11)
(1)
(3)
(1)
(4)
(2)
Over (under) provision prior
year
year
18
23
–
(26)
–
3
3
–
(4)
–
(434)
(328)
(523)
(1,275)
(1,121)
(61)
(46)
(73)
(179)
(166)
Deferred taxation
Temporary differences
10
31
15
42
(141)
2
4
1
6
(22)
Unrealised non-hedge
derivatives and other
commodity contracts
derivatives and other
commodity contracts
233
22
77
337
705
34
4
3
49
91
Disposal of tangible assets
(note 8)
(note 8)
31
(6)
–
20
1
4
(1)
–
3
–
Change in estimated
deferred taxation
deferred taxation
–
(90)
–
(90)
–
–
(13)
–
(13)
–
274
(43)
92
309
565
40
(6)
4
45
69
Total taxation
(161)
(371)
(430)
(966)
(556)
(21)
(52)
(69)
(133)
(97)
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:
discontinued as the operation has reached the end of its useful life. The results of Ergo are presented
below:
Quarter ended
Nine months ended
Quarter ended
Nine months ended
Sep
2007
Jun
2007
Sep
2006
Sep
2007
Sep
2006
Sep
2007
Jun
2007
Sep
2006
Sep
2007
Sep
2006
Unaudited
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Unaudited Unaudited
SA Rand million
US Dollar million
Gold income
1
2
3
5
19
–
–
1
1
3
Cost of Sales
(6)
(5)
(6)
(16)
(20)
(1)
(1)
(1) (2)
(3)
Gross loss
(5)
(2)
(3)
(11)
–
(1)
(1)
–
(1)
–
Taxation
(19)
(2)
2
(23)
(11)
(3)
–
–
(3)
(2)
Loss from discontinued
operations
operations
(24)
(4)
(1)
(34)
(12)
(3)
(1)
–
(5)
(2)
8.
Headline (loss) earnings
Quarter ended
Nine months ended
Quarter ended
Nine months ended
Sep
2007
Jun
2007
Sep
2006
Sep
2007
Sep
2006
Sep
2007
Jun
2007
Sep
2006
Sep
2007
Sep
2006
Unaudited
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Unaudited 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:
to equity shareholders has
been adjusted by the
following to arrive at
headline (loss) earnings:
(Loss) profit attributable to
equity shareholders
equity shareholders
(2,015)
1,083
1,470
(1,082)
(657)
(318)
111
268
(188)
28
Impairment of tangible
assets (note 5)
assets (note 5)
–
–
–
1
3
–
–
–
–
–
Profit on disposal of assets
(note 5)
(note 5)
(36)
(92)
(3)
(122)
(56)
(5)
(13)
(1)
(17)
(8)
Impairment of associate
101
50
–
151
–
14
7
–
21
–
Taxation on items above –
current portion (note 6)
current portion (note 6)
9
18
4
31
11
1
3
1
4
2
Taxation on items above –
deferred portion (note 6)
deferred portion (note 6)
(31)
6
–
(20)
(1)
(4)
1
–
(3)
–
Headline (loss) earnings
(1,972)
1,066
1,470
(1,042)
(700)
(312)
109
268
(182)
21
Cents per share
(1)
Headline (loss) earnings
(701)
379
533
(370)
(258)
(111)
39
97
(65)
8
(1) Calculated on the basic weighted average number of ordinary shares.
Rounding of figures may result in computational discrepancies.
9.
Shares
Quarter ended
Nine months ended
Sep
2007
Unaudited
Jun
2007
Unaudited
Sep
2006
Unaudited
Sep
2007
Unaudited
Sep
2006
Unaudited
Authorised:
Ordinary shares of 25 SA cents each
400,000,000
400,000,000
400,000,000
400,000,000
400,000,000
E ordinary shares of 25 SA cents each
4,280,000
4,280,000
–
4,280,000
–
A redeemable preference shares of 50 SA cents each
2,000,000
2,000,000
2,000,000
2,000,000
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
276,919,836
276,836,030
275,258,118
276,919,836
275,258,118
E ordinary shares in issue
4,077,860
4,115,930
–
4,077,860
–
Total ordinary shares
280,997,696
280,951,960
275,258,118
280,997,696
275,258,118
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
In calculating the diluted number of ordinary shares outstanding
for the year, the following were taken into consideration:
for the year, the following were taken into consideration:
Ordinary shares
276,853,218
276,792,157
275,225,150
276,698,228
271,143,179
E Ordinary shares
4,093,133
4,152,725
–
4,131,425
–
Fully vested options
455,473
308,961
446,062
548,859
445,519
Weighted average number of shares
281,401,824
281,253,843
275,671,212
281,378,512
271,588,698
Dilutive potential of share options
(1)
–
568,077
124,674
–
124,674
Diluted number of ordinary shares
281,401,824
281,821,920
275,795,886
281,378,512
271,713,372
(1)
The calculation of diluted loss per ordinary share for the quarter and nine months ended 30 September 2007 did not assume the effect of
823,608 and 833,584 shares respectively, issuable upon the exercise of share incentive options as their effects are anti-dilutive for these
periods.
periods.
10.
Ordinary share capital and premium
As at
As at
Sep
2007
Jun
2007
Sep
2006
Dec
2006
Sep
2007
Jun
2007
Sep
2006
Dec
2006
Unaudited
Unaudited
Unaudited
Audited
Unaudited
Unaudited
Unaudited
Audited
SA Rand million
US Dollar million
Balance at beginning of period
23,045
23,045
19,362
19,362
3,292
3,292
3,055
3,055
Ordinary shares issued
170
146
3,027
3,330
22
19
506
550
E ordinary shares (cancelled) issued
(14)
(9)
–
353
(1)
(1)
–
50
Translation
–
–
–
–
63
(7)
(677)
(363)
Sub-total
23,201
23,182
22,389
23,045
3,376
3,303
2,884
3,292
Redeemable preference shares held
within the group
within the group
(312)
(312)
(312)
(312)
(45)
(44)
(40)
(45)
Ordinary shares held within the group
(285)
(289)
–
(297)
(41)
(41)
–
(43)
E Ordinary shares held within the group
(339)
(344)
–
(353)
(49)
(49)
–
(50)
Balance at end of period
22,265
22,237
22,077
22,083
3,241
3,169
2,844
3,154
Rounding of figures may result in computational discrepancies.
11. Retained earnings and other reserves
Retained
earnings
Non-
distributable
reserves
Foreign
currency
translation
reserve
Actuarial
(losses) gains
Other
comprehen-
sive
income
Total
SA Rand million
Balance at December 2005
Balance at December 2005
1,115
138
(1,910)
(227)
(1,655)
(2,539)
Loss attributable to equity shareholders
(657)
(657)
Dividends
(742)
(742)
Net loss on cash flow hedges removed from
equity and reported in income
equity and reported in income
867
867
Net loss on cash flow hedges
(1,708)
(1,708)
Gain on available-for-sale financial assets
147
147
Deferred taxation on items above
346
346
Share-based payment for share awards and
BEE transaction
BEE transaction
31
31
Translation
4,468
1
(177)
4,292
Balance at September 2006
(284)
138
2,558
(226)
(2,149)
37
Balance at December 2006
(214)
138
436
(45)
(1,503)
(1,188)
Loss attributable to equity shareholders
(1,082)
(1,082)
Dividends
(919)
(919)
Transactions with minorities
(79)
(79)
Net loss on cash flow hedges removed from
equity and reported in income
equity and reported in income
900
900
Net loss on cash flow hedges
(655)
(655)
Loss on available-for-sale financial assets
(24)
(24)
Deferred taxation on items above
1
19
20
Share-based payment for share awards and
BEE transaction
BEE transaction
156
156
Translation
66
(1)
3
68
Balance at September 2007
(2,294)
138
502
(45)
(1,104)
(2,803)
Retained
earnings
Non-
distributable
reserves
Foreign
currency
translation
reserve
Actuarial
(losses) gains
Other
comprehen-
sive
income
Total
US Dollar million
Balance at December 2005
(58)
22
(66)
(36)
(261)
(399)
Profit attributable to equity shareholders
28
28
Dividends
(107)
(107)
Net loss on cash flow hedges removed from
equity and reported in income
equity and reported in income
154
154
Net loss on cash flow hedges
(220)
(220)
Gain on available-for-sale financial assets
16
16
Deferred taxation on items above
32
32
Share-based payment for share awards and
BEE transaction
BEE transaction
5
5
Translation
(4)
495
7
(3)
495
Balance at September 2006
(137)
18
429
(29)
(277)
4
Balance at December 2006
(209)
20
241
(6)
(215)
(169)
Loss attributable to equity shareholders
(188)
(188)
Dividends
(125)
(125)
Transactions with minorities
(12)
(12)
Net loss on cash flow hedges removed from
equity and reported in income
equity and reported in income
129
129
Net loss on cash flow hedges
(95)
(95)
Loss on available-for-sale financial assets
(3)
(3)
Deferred taxation on items above
(5)
(5)
Share-based payment for share awards and
BEE transaction
BEE transaction
25
25
Translation
32
3
35
Balance at September 2007
(534)
20
273
(6)
(161)
(408)
Rounding of figures may result in computational discrepancies.
12.
Minority interests
As at
As at
Sep
2007
Jun
2007
Sep
2006
Dec
2006
Sep
2007
Jun
2007
Sep
2006
Dec
2006
Unaudited
Unaudited
Unaudited
Audited
Unaudited
Unaudited
Unaudited
Audited
SA Rand million
US Dollar million
Balance at beginning of period
436
436
374
374
62
62
59
59
Profit for the period
175
124
152 202
25
17
23
30
Distributions to minorities
(114)
(88)
(116)
(171)
(16)
(12)
(18) (25)
Acquisition of minority interest
(1)
(95)
–
–
–
(13)
–
–
–
Other balance sheet movements
4
–
–
–
–
–
–
–
Net loss on cash flow hedges removed from
equity and reported in income
equity and reported in income
10
4
7 10
1
1
1
2
Net loss on cash flow hedges
(7)
–
(9)
(12)
(1)
–
(1)
(2)
Translation
(8)
(1)
70
33
–
–
(2)
(2)
Balance at end of period
401
475
478
436
58
68
62
62
(1) Effective 1 September 2007, the minority shareholdings of the International Finance Corporation (10%) and Government of Ghana (5%) were
acquired and Iduapriem is now wholly-owned by AngloGold Ashanti.
acquired and Iduapriem is now wholly-owned by AngloGold Ashanti.
13.
Exchange rates
Sep
2007
Unaudited
Jun
2007
Unaudited
Sep
2006
Unaudited
Dec
2006
Audited
Rand/US dollar average for the year to date
7.12
7.14
6.59
6.77
Rand/US dollar average for the quarter
7.08
7.07
7.15
7.31
Rand/US dollar closing
6.87
7.02
7.76
7.00
Rand/Australian dollar average for the year to date
5.85
5.78
4.93
5.10
Rand/Australian dollar average for the quarter
6.00
5.88
5.41
5.63
Rand/Australian dollar closing
6.04
5.96
5.82
5.53
BRL/US dollar average for the year to date
2.00
2.04
2.18
2.18
BRL/US dollar average for the quarter
1.92
1.97
2.17
2.15
BRL/US dollar closing
1.85
1.92
2.17
2.14
14.
Capital commitments
Sep
2007
Unaudited
Jun
2007
Unaudited
Sep
2006
Unaudited
Dec
2006
Audited
Sep
2007
Unaudited
Jun
2007
Unaudited
Sep
2006
Unaudited
Dec
2006
Audited
SA Rand million
US Dollar million
Orders placed and outstanding
on capital contracts at the
prevailing rate of exchange
on capital contracts at the
prevailing rate of exchange
4,406
4,216
2,910
2,475
641
601
375
354
Liquidity and capital resources:
•
•
To service the above capital commitments and other operational requirements, the group is dependent on existing cash resources, cash
generated from operations and borrowing facilities.
generated from operations and borrowing facilities.
•
Cash generated from operations is subject to operational, market and other risks. Distributions from operations may be subject to foreign
investment and exchange control laws and regulations and the quantity of foreign exchange available in offshore countries. In addition
distributions from joint ventures are subject to the relevant board approval.
investment and exchange control laws and regulations and the quantity of foreign exchange available in offshore countries. In addition
distributions from joint ventures are subject to the relevant board approval.
•
The credit facilities and other financing arrangements contain financial covenants and other similar undertakings. To the extent that external
borrowings are required, the groups covenant performance indicates that existing financing facilities will be available to meet the above
commitments. To the extent that any of financing facilities mature in the near future, the group believes that these facilities can be refinanced
on similar terms to those currently in place.
borrowings are required, the groups covenant performance indicates that existing financing facilities will be available to meet the above
commitments. To the extent that any of financing facilities mature in the near future, the group believes that these facilities can be refinanced
on similar terms to those currently in place.
Rounding of figures may result in computational discrepancies.
15.
Contingent liabilities
AngloGold Ashanti’s contingent liabilities at 30 September 2007 are detailed below:
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 geologic 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.
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 geologic formation in South Africa is
however unknown. No sites have been remediated and present research and development work is
focused on several pilot projects to find a solution that will in fact yield satisfactory results in South
African conditions. Subject to the technology being developed as a remediation technique, no reliable
estimate can be made for the obligation.
Provision of surety – South Africa – AngloGold Ashanti has provided sureties in favour of a lender on a
Gold loan facility with its affiliate Oro Africa (Pty) Ltd and one of its subsidiaries to a maximum value of
R100m ($15m). The suretyship agreements have a termination notice period of 90 days.
Gold loan facility with its affiliate Oro Africa (Pty) Ltd and one of its subsidiaries to a maximum value of
R100m ($15m). The suretyship agreements have a termination notice period of 90 days.
Sales tax on gold deliveries – Brazil – Mineração Serra Grande S.A. (MSG), the operator of the Crixas
mine in Brazil, has received two tax assessments from the State of Goiás related to payments of sales
taxes on gold deliveries for export: one for the period between February 2004 and June 2005 and the
other for the period between July 2005 and May 2006. The tax authorities maintain that whenever a
taxpayer exports gold mined in the state of Goiás, through a branch located in a different Brazilian
State, it must obtain an authorisation from the Goiás State Treasury by means of a Special Regime
Agreement (Termo de Acordo re Regime Especial – TARE). The Serra Grande operation is co-owned
with Kinross Gold Corporation. AngloGold Ashanti Brasil Mineração Ltda. manages the operation and
its attributable share of the first assessment is approximately $36m. Although MSG requested the
TARE in early 2004, the TARE, which authorized the remittance of gold to the company’s branch in
Minas Gerais specifically for export purposes, was only granted and executed in May 2006. In
November 2006 the administrative council’s second chamber ruled in favour of Serra Grande and fully
cancelled the tax liability related to the first period. The State of Goiás has appealed to the full board
of the State of Goiás tax administrative council. The second assessment was issued by the State of
Goiás in October 2006 on the same grounds as the first one, and the attributable share of the
assessment is approximately $22m. The company believes both assessments are in violation of
Federal legislation on sales taxes.
mine in Brazil, has received two tax assessments from the State of Goiás related to payments of sales
taxes on gold deliveries for export: one for the period between February 2004 and June 2005 and the
other for the period between July 2005 and May 2006. The tax authorities maintain that whenever a
taxpayer exports gold mined in the state of Goiás, through a branch located in a different Brazilian
State, it must obtain an authorisation from the Goiás State Treasury by means of a Special Regime
Agreement (Termo de Acordo re Regime Especial – TARE). The Serra Grande operation is co-owned
with Kinross Gold Corporation. AngloGold Ashanti Brasil Mineração Ltda. manages the operation and
its attributable share of the first assessment is approximately $36m. Although MSG requested the
TARE in early 2004, the TARE, which authorized the remittance of gold to the company’s branch in
Minas Gerais specifically for export purposes, was only granted and executed in May 2006. In
November 2006 the administrative council’s second chamber ruled in favour of Serra Grande and fully
cancelled the tax liability related to the first period. The State of Goiás has appealed to the full board
of the State of Goiás tax administrative council. The second assessment was issued by the State of
Goiás in October 2006 on the same grounds as the first one, and the attributable share of the
assessment is approximately $22m. The company believes both assessments are in violation of
Federal legislation on sales taxes.
VAT Disputes – Brazil – MSG received a tax assessment in October 2003 from the State of Minas
Gerais related to sales taxes on gold allegedly returned from the branch in Minas Gerais to the
company head office in the State of Goiás. The tax administrators rejected the company’s appeal
against the assessment. The company is now dismissing the case at the judicial sphere. The
company’s attributable share of the assessment is approximately $7m.
Gerais related to sales taxes on gold allegedly returned from the branch in Minas Gerais to the
company head office in the State of Goiás. The tax administrators rejected the company’s appeal
against the assessment. The company is now dismissing the case at the judicial sphere. The
company’s attributable share of the assessment is approximately $7m.
VAT Dispute – Brazil – Morro Velho is involved in a dispute with tax authorities. As a result of an
erroneous duplication of a shipping invoice between two states in Brazil, tax authorities are claiming
that VAT is payable on the second invoice. The amount involved is approximately $5m.
erroneous duplication of a shipping invoice between two states in Brazil, tax authorities are claiming
that VAT is payable on the second invoice. The amount involved is approximately $5m.
Tax Dispute – Brazil – Morro Velho is involved in a dispute with tax authorities. The state of Minas
Gerais has denied a tax credit due to improper classification on the relevant forms. The amount
involved is approximately $3m.
Gerais has denied a tax credit due to improper classification on the relevant forms. The amount
involved is approximately $3m.
Social security payments – Brazil – Anglogold Ashanti Brazil is being accused of failing to pay certain
required payments towards the social security system in Brazil during the period 1997 to 2004. There
is doubt if amounts are actually due and payable under applicable law. The amount involved is
approximately $2m.
required payments towards the social security system in Brazil during the period 1997 to 2004. There
is doubt if amounts are actually due and payable under applicable law. The amount involved is
approximately $2m.
Capital cost of water pipelines – Namibia – A potential liability of approximately $1m exists at
Navachab in Namibia to pay the outstanding capital cost of the water pipeline in the event of mine
closure prior to 2019.
Navachab in Namibia to pay the outstanding capital cost of the water pipeline in the event of mine
closure prior to 2019.
16.
Concentration of risk
There is a concentration of risk in respect of reimbursable value added tax and fuel duties from the
Malian government:
Malian government:
•
Reimbursable value added tax due from the Malian government amounts to an attributable $37m at
30 September 2007 (30 June 2007: attributable $32m). The last audited value added tax return
was for the period ended 31 March 2007 and at the balance sheet date an attributable $29m was
still outstanding and $8m 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.
was for the period ended 31 March 2007 and at the balance sheet date an attributable $29m was
still outstanding and $8m is still subject to audit. The accounting processes for the unaudited
amount are in accordance with the processes advised by the Malian government in terms of the
previous audits.
•
Reimbursable fuel duties from the Malian government amounts to an attributable $8m at
30 September 2007 (30 June 2007: attributable $8m). Fuel duty refund claims are required to be
submitted before 31 January of the following year and are subject to authorisation by firstly the
Department of Mining and secondly the Custom and Excise authorities. The Customs and Excise
authorities have approved an attributable $1m, which is still outstanding, whilst an attributable $7m
is still subject to authorisation. The accounting processes for the unauthorised amount are in
accordance with the processes advised by the Malian government in terms of the previous
authorisations. As from February 2006 all fuel duties have been exonerated.
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 $1m, which is still outstanding, whilst an attributable $7m
is still subject to authorisation. The accounting processes for the unauthorised amount are in
accordance with the processes advised by the Malian government in terms of the previous
authorisations. As from February 2006 all fuel duties have been exonerated.
The government of Mali is a shareholder in all the Malian entities and protocol agreements governing
repayments of certain of these amounts have been signed. All payments as scheduled in terms of the
protocol agreements have been recovered up to September 2007. The amounts outstanding have
been discounted to their present value at a rate of 5%.
repayments of certain of these amounts have been signed. All payments as scheduled in terms of the
protocol agreements have been recovered up to September 2007. The amounts outstanding have
been discounted to their present value at a rate of 5%.
There is a concentration of risk in respect of reimbursable value added tax and fuel duties from the
Tanzanian government:
Tanzanian government:
•
Reimbursable value added tax due from the Tanzanian government amounts to $18m at
30 September 2007 (30 June 2007: $17m). The last audited value added tax return was for the
period ended 30 April 2007 and at the balance sheet date $15m was still outstanding and $3m is
still subject to audit. The accounting processes for the unaudited amount are in accordance with
the processes advised by the Tanzanian government in terms of the previous audits. The
outstanding amounts have been discounted to their present value at a rate of 5%.
period ended 30 April 2007 and at the balance sheet date $15m was still outstanding and $3m is
still subject to audit. The accounting processes for the unaudited amount are in accordance with
the processes advised by the Tanzanian government in terms of the previous audits. The
outstanding amounts have been discounted to their present value at a rate of 5%.
•
Reimbursable fuel duties from the Tanzanian government amounts to $30m at 30 September 2007
(30 June 2007: $26m). Fuel duty claims are required to be submitted after consumption of the
related fuel and are subject to authorisation by the Customs and Excise authorities. Claims for
refund of fuel duties amounting to $19m have been lodged with the Customs and Excise
authorities, which are still outstanding, whilst claims for refund of $11m have not yet been
submitted. The accounting processes for the unauthorised amount are in accordance with the
processes advised by the Tanzanian government in terms of the previous authorisations. The
outstanding amounts have been discounted to their present value at a rate of 5%.
related fuel and are subject to authorisation by the Customs and Excise authorities. Claims for
refund of fuel duties amounting to $19m have been lodged with the Customs and Excise
authorities, which are still outstanding, whilst claims for refund of $11m have not yet been
submitted. The accounting processes for the unauthorised amount are in accordance with the
processes advised by the Tanzanian government in terms of the previous authorisations. The
outstanding amounts have been discounted to their present value at a rate of 5%.
17. Attributable interest
Although AngloGold Ashanti holds a 66.7% interest in Cripple Creek & Victor Gold Mining Company
Limited, it is currently entitled to receive 100% of the cash flows from the operation until the loan,
extended to the joint venture by AngloGold Ashanti USA Inc., is repaid.
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.
Effective 1 September 2007, the minority shareholdings of the International Finance Corporation (10%)
and Government of Ghana (5%) were acquired and Iduapriem is now wholly-owned by AngloGold
Ashanti.
and Government of Ghana (5%) were acquired and Iduapriem is now wholly-owned by AngloGold
Ashanti.
18. Borrowings
AngloGold Ashanti's borrowings are interest bearing.
19. Announcements
On 11 July 2007, AngloGold Ashanti announced that Mr A H Calver resigned from the board as
Mr W A Nairn’s alternate.
Mr W A Nairn’s alternate.
On 31 July 2007, the board announced the retirement of Mr R M Godsell, AngloGold Ashanti’s Chief
Executive Officer, from the board and company, effective 30 September 2007. Mark Cutifani, the Chief
Operating Officer of CVRD INCO would succeed Mr R M Godsell as Chief Executive Officer. In
addition, Mr R Carvalho Silva, Chief Operating Officer – International gave notice of his intention to
leave AngloGold Ashanti, effective 30 September 2007 and Mr N F Nicolau, currently Chief Operating
Officer – Africa would assume responsibility as Chief Operating Officer for all operations.
Executive Officer, from the board and company, effective 30 September 2007. Mark Cutifani, the Chief
Operating Officer of CVRD INCO would succeed Mr R M Godsell as Chief Executive Officer. In
addition, Mr R Carvalho Silva, Chief Operating Officer – International gave notice of his intention to
leave AngloGold Ashanti, effective 30 September 2007 and Mr N F Nicolau, currently Chief Operating
Officer – Africa would assume responsibility as Chief Operating Officer for all operations.
On 18 September 2007, AngloGold Ashanti announced that Mr M Cutifani was appointed to the board
effective 17 September 2007, as Chief Executive Officer designate. Mr M Cutifani would succeed Mr R
M Godsell as Chief Executive Officer, on his retirement with effect from 1 October 2007.
effective 17 September 2007, as Chief Executive Officer designate. Mr M Cutifani would succeed Mr R
M Godsell as Chief Executive Officer, on his retirement with effect from 1 October 2007.
On 1 October 2007, AngloGold Ashanti noted the announcement by Anglo American plc that it intended
to offer for sale, 61 million ordinary shares of AngloGold Ashanti in the form of ordinary shares and
American Depositary Shares pursuant to the registration of such securities under AngloGold Ashanti’s
automatic shelf registration statement. Goldman Sachs International acted as the global co-ordinator
for the offering and Goldman Sachs International and UBS Investment Bank were joint book runners for
the offering.
to offer for sale, 61 million ordinary shares of AngloGold Ashanti in the form of ordinary shares and
American Depositary Shares pursuant to the registration of such securities under AngloGold Ashanti’s
automatic shelf registration statement. Goldman Sachs International acted as the global co-ordinator
for the offering and Goldman Sachs International and UBS Investment Bank were joint book runners for
the offering.
On 2 October 2007, AngloGold Ashanti noted the announcement by Anglo American plc that Anglo
American had completed an offering of 67.1 million ordinary shares of AngloGold Ashanti in the form of
ordinary shares and American Depositary Shares (ADS) priced at US$44.00 per ADS (US$44.11
inclusive of uncertificated securities tax) and ZAR300.61 per ordinary share (exclusive of uncertificated
securities tax). The offering which was launched on 1 October 2007, was increased from the earlier
announced 61 million ordinary shares. The offering price represented discounts of 6.16% and 7.84% to
the closing prices of the ADSs and ordinary shares in New York and Johannesburg respectively on
Friday, 28 September 2007. The offering was scheduled to settle on 9 October 2007. After the
completion of the offering, Anglo American’s holding in AngloGold Ashanti would be 17.3%.
American had completed an offering of 67.1 million ordinary shares of AngloGold Ashanti in the form of
ordinary shares and American Depositary Shares (ADS) priced at US$44.00 per ADS (US$44.11
inclusive of uncertificated securities tax) and ZAR300.61 per ordinary share (exclusive of uncertificated
securities tax). The offering which was launched on 1 October 2007, was increased from the earlier
announced 61 million ordinary shares. The offering price represented discounts of 6.16% and 7.84% to
the closing prices of the ADSs and ordinary shares in New York and Johannesburg respectively on
Friday, 28 September 2007. The offering was scheduled to settle on 9 October 2007. After the
completion of the offering, Anglo American’s holding in AngloGold Ashanti would be 17.3%.
Following the settlement of the secondary offering and the subsequent reduction in shareholding, all the
directors representing Anglo American plc on the AngloGold Ashanti board, namely Mrs C Carroll and
Mr R Médori, together with his alternate Mr P G Whitcutt resigned from the AngloGold Ashanti board,
effective 9 October 2007.
directors representing Anglo American plc on the AngloGold Ashanti board, namely Mrs C Carroll and
Mr R Médori, together with his alternate Mr P G Whitcutt resigned from the AngloGold Ashanti board,
effective 9 October 2007.
20. Dividend
Interim dividend No. 102 of 90 South African cents or 6.0721 UK pence or 11.1 new cedis per share
was paid to registered shareholders on 31 August 2007, while a dividend of 2.997 Australian cents per
CHESS Depositary Interest (CDI) was paid on the same day. On 3 September 2007, a dividend of
0.111 new cedis per Ghanaian Depositary Share (GhDS) was paid to holders thereof. Each CDI
represents one-fifth of an ordinary share, and 100 GhDSs represent one ordinary share. A dividend
was paid to holders of American Depositary Receipts (ADRs) on 10 September 2007 at a rate of
12.435 US cents per American Depositary Share (ADS). Each ADS represents one ordinary share.
was paid to registered shareholders on 31 August 2007, while a dividend of 2.997 Australian cents per
CHESS Depositary Interest (CDI) was paid on the same day. On 3 September 2007, a dividend of
0.111 new cedis per Ghanaian Depositary Share (GhDS) was paid to holders thereof. Each CDI
represents one-fifth of an ordinary share, and 100 GhDSs represent one ordinary share. A dividend
was paid to holders of American Depositary Receipts (ADRs) on 10 September 2007 at a rate of
12.435 US cents per American Depositary Share (ADS). Each ADS represents one ordinary share.
In addition, the directors declared Dividend No. E2 of 45 South African cents per E ordinary share,
payable to employees participating in the Bokamoso ESOP and Izingwe Holdings (Proprietary) Limited.
These dividends were paid on Friday, 31 August 2007.
payable to employees participating in the Bokamoso ESOP and Izingwe Holdings (Proprietary) Limited.
These dividends were paid on Friday, 31 August 2007.
By order of the Board
R P EDEY
M CUTIFANI
Chairman
Chief
Executive Officer
31 October 2007
Non-GAAP
disclosure
A
Sep
Jun
Sep
Sep
Sep
Sep
Jun
Sep
Sep
Sep
2007
2007
2006
2007
2006
2007
2007
2006
2007
2006
Unaudited
Unaudited
Unaudited
Unaudited Unaudited
Unaudited
Unaudited
Unaudited
Unaudited Unaudited
Headline (loss) earnings (note 8)
(1,972)
1,066
1,470
(1,042)
(700)
(312)
109
268
(182)
21
Loss (profit) on unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
2,640
(242)
39
3,451
4,188
408
8
(66)
521
479
Deferred tax on unrealised non-hedge derivatives and other
commodity contracts (note 6)
commodity contracts (note 6)
(233)
(22)
(77)
(337)
(705)
(34)
(4)
(3)
(49)
(91)
Fair value adjustment on option component of convertible
bond
bond
140
(223)
(421)
(218)
(347)
20
(32)
(58)
(30)
(44)
Headline earnings adjusted for the (loss) profit on unrealised
non-hedge derivatives, other commodity contracts and fair
value adjustments on convertible bond
non-hedge derivatives, other commodity contracts and fair
value adjustments on convertible bond
(1)
575
578
1,010
1,855
2,436
81
82
141
260
364
Cents per share
(2)
Headline earnings adjusted for the (loss) profit on unrealised
non-hedge derivatives, other commodity contracts and fair
value adjustments on convertible bond
non-hedge derivatives, other commodity contracts and fair
value adjustments on convertible bond
(1)
204
206
366
659
897
29
29
51
92
134
B
Sep
Jun
Sep
Sep
Sep
Sep
Jun
Sep
Sep
Sep
2007
2007
2006
2007
2006
2007
2007
2006
2007
2006
Unaudited
Unaudited
Unaudited
Unaudited Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Reconciliation of gross (loss) profit to gross profit adjusted for
the loss (profit) on unrealised non-hedge derivatives and
other commodity contracts:
Gross (loss) profit
the loss (profit) on unrealised non-hedge derivatives and
other commodity contracts:
Gross (loss) profit
(879)
1,930
1,981
1,830
1,060
(159)
231
349
219
310
Loss (profit) on unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
2,640
(242)
39
3,451
4,188
408
8
(66)
521
479
Gross profit adjusted for the (loss) profit on unrealised non-
hedge derivatives and other commodity contracts
hedge derivatives and other commodity contracts
1,761
1,688
2,020
5,281
5,248
249
239
283
740
789
Rounding of figures may result in computational discrepancies.
(2)
Calculated on the basic weighted average number of ordinary shares.
- The unrealised fair value change in contracts that are still open at the reporting date, as well as, the unwinding of the historic marked-to-market value of the position settled in
the period;
the period;
- Investment in hedge restructure transaction: During the hedge restructure in December 2004 and March 2005 quarters, $83m and $69m in cash was injected respectively into
the hedge book in these quarters to increase the value of long-dated contracts. The entire investment in long-dated derivatives (certain of which have now matured), for
the purposes of the adjustment to earnings, will only be taken into account when the realised portion of long-dated non-hedge derivatives are settled, and not when the
short-term contracts were settled;
the hedge book in these quarters to increase the value of long-dated contracts. The entire investment in long-dated derivatives (certain of which have now matured), for
the purposes of the adjustment to earnings, will only be taken into account when the realised portion of long-dated non-hedge derivatives are settled, and not when the
short-term contracts were settled;
- The unrealised fair value change on the option component of the convertible bond; and
US Dollar million
- The unrealised fair value change on the onerous uranium contracts
Quarter ended
Gross (loss) profit adjusted for the (loss) profit on unrealised non-hedge derivatives and other commodity contracts
Nine months ended
Quarter ended
Nine months ended
- 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.
- 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, other commodity contracts and fair value adjustments on convertible bond, is intended to illustrate
earnings after adjusting for:
earnings after adjusting for:
From time to time AngloGold Ashanti may publicly disclose certain "non-GAAP" financial measures in the course of its financial presentations, earnings releases, earnings conference
calls and otherwise.
calls and otherwise.
The group utilises certain non-GAAP performance measures and ratios in managing its business and may provide users of this financial information with additional meaningful
comparisons between current results and results in prior operating periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported
operating results or cash flow from operations or any other measure of performance prepared in accordance with GAAP. In addition, the presentation of these measures may not be
comparable to similarly titled measures other companies use.
comparisons between current results and results in prior operating periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported
operating results or cash flow from operations or any other measure of performance prepared in accordance with GAAP. In addition, the presentation of these measures may not be
comparable to similarly titled measures other companies use.
Headline earnings adjusted for the (loss) profit on unrealised non-hedge derivatives, other commodity contracts and fair value adjustments on convertible bond
Quarter ended
Quarter ended
Nine months ended
Nine months ended
US Dollar million
SA Rand million
SA Rand million
(1)
(Loss) profit on non-hedge derivatives and other commodity contracts in the income statement comprise the change in fair value of all non-hedge derivatives and
other commodity contracts as follows:
Sep
Jun
Sep
Sep
Sep
Sep
Jun
Sep
Sep
Sep
2007
2007
2006
2007
2006
2007
2007
2006
2007
2006
Unaudited
Unaudited Unaudited Unaudited Unaudited Unaudited
Unaudited Unaudited Unaudited Unaudited
C
Non-hedge derivative (loss) gain is summarised as:
Gain on realised non-hedge derivatives (note D)
366
598
549
1,356
1,751
52
84
77
190
265
(Loss) gain on unrealised non-hedge derivatives
(2,574)
99
6
(3,476)
(4,215)
(398)
(28)
72
(524)
(482)
Unrealised gain (loss) on other commodity physical
borrowings
borrowings
78
19
(45)
50
10
11
3
(6)
7
1
Provision for (loss) gain on future deliveries of other
commodities
commodities
(144)
125
-
(25)
17
(21)
18
-
(4)
2
(Loss) gain on non-hedge derivatives and other commodity
contracts
contracts
(2,274)
840
510
(2,095)
(2,437)
(356)
77
143
(331)
(214)
D
Price received
Gold income (note 2)
6,319
5,222
5,459
17,204
14,503
893
739
763
2,415
2,193
Adjusted for minority interests
(213)
(226)
(214)
(676)
(590)
(31)
(32)
(29)
(95)
(90)
6,106
4,996
5,245
16,528
13,913
862
707
734
2,320
2,103
Gain on realised non-hedge derivatives (note C)
366
598
549
1,356
1,751
52
84
77
190
265
6,472
5,594
5,794
17,884
15,664
914
791
811
2,510
2,368
Attributable gold sold - kg / - oz (000)
45,768
40,661
43,185
127,987
127,772
1,471
1,307
1,388
4,115
4,108
Revenue price per unit - R/kg / - $/oz
141,400
137,579
134,176
139,732
122,595
621
605
584
610
576
E
Total costs
Total cash costs (note 3)
3,735
3,305
3,075
10,271
8,536
528
468
429
1,443
1,295
Adjusted for minority interests and non-gold producing
companies
companies
(113)
(127)
61
(293)
(72)
(16)
(18)
9
(41)
(11)
Total cash costs adjusted for minority interests and non-
gold producing companies
gold producing companies
3,622
3,178
3,136
9,978
8,464
512
450
438
1,402
1,283
Retrenchment costs (note 3)
27
9
14
44
38
4
1
2
6
6
Rehabilitation and other non-cash costs (note 3)
85
19
23
124
87
12
3
3
17
13
Amortisation of tangible assets (note 3)
1,082
1,009
1,034
3,040
2,844
153
143
144
427
431
Amortisation of intangible assets (note 3)
3
3
4
10
10
-
-
-
1
1
Adjusted for minority interests and non-gold producing
companies
companies
(35)
(33)
(32)
(103)
(86)
(5)
(5)
(4)
(14)
(13)
Total production costs adjusted for minority interests
and non-gold producing companies
and non-gold producing companies
4,784
4,185
4,179
13,093
11,357
676
592
584
1,839
1,722
Gold produced - kg / - oz (000)
44,611
41,958
43,864
127,809
129,556
1,434
1,349
1,410
4,109
4,165
Total cash cost per unit - R/kg / -$/oz
81,186
75,724
71,495
78,074
65,334
357
333
311
341
308
Total production cost per unit - R/kg / -$/oz
107,239
99,734
95,267
102,443
87,661
471
439
414
448
413
F
Cash gross profit
Gross profit adjusted for the (loss) profit on unrealised non-
hedge derivatives and other commodity contracts (note B)
hedge derivatives and other commodity contracts (note B)
1,761
1,688
2,020
5,281
5,248
249
239
283
740
789
Amortisation of tangible assets (note 3)
1,082
1,009
1,034
3,040
2,844
153
143
144
427
431
Amortisation of intangible assets (note 3)
3
3
4
10
10
-
-
-
1
1
Non-cash revenues
-
-
(16)
4
(24)
-
-
(2)
1
(3)
2,847
2,700
3,041
8,334
8,078
402
382
426
1,169
1,218
G
EBITDA
Operating (loss) profit
(1,388)
1,527
1,628
477
156
(231)
174
300
29
174
Amortisation of tangible assets (note 3)
1,082
1,009
1,034
3,040
2,844
153
143
144
427
431
Amortisation of intangible assets (note 3)
3
3
4
10
10
-
-
-
1
1
Impairment of tangible assets (note 5)
-
-
-
1
3
-
-
-
-
-
Loss (profit) on unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
2,640
(242)
39
3,451
4,188
408
8
(66)
521
479
Share of associates' EBITDA
(2)
(2)
(2)
(7)
(6)
-
-
-
(1)
(1)
Discontinued operations
(5)
(2)
(3)
(11)
-
(1)
(1)
-
(1)
-
Profit on disposal of assets
(36)
(92)
(3)
(122)
(56)
(5)
(13)
(1)
(17)
(8)
2,294
2,201
2,696
6,840
7,138
324
311
377
959
1,076
Rounding of figures may result in computational discrepancies.
Nine months ended
US Dollar million / Imperial
SA Rand million / Metric
Quarter ended
Quarter ended
Nine months ended
Sep
Jun
Sep
Sep
Sep
Sep
Jun
Sep
Sep
Sep
2007
2007
2006
2007
2006
2007
2007
2006
2007
2006
Unaudited
Unaudited Unaudited Unaudited Unaudited Unaudited
Unaudited Unaudited Unaudited Unaudited
H
Interest cover
EBITDA (note G)
2,294
2,201
2,696
6,840
7,138
324
311
377
959
1,076
Finance costs
230
220
157
649
576
32
31
22
91
89
Capitalised finance costs
19
12
19
42
48
3
2
3
6
7
248
232
176
691
623
35
33
25
97
96
Interest cover - times
9
9
15
10
11
9
9
15
10
11
I
Free cash flow
Net cash inflow from operating activities
2,201
1,128
2,338
5,079
5,754
310
160
324
710
863
Stay-in-business capital expenditure
(868)
(884)
(952)
(2,536)
(2,272)
(123)
(125)
(136)
(356)
(345)
1,333
244
1,386
2,543
3,482
187
35
188
354
518
As at
As at
As at
As at
As at
As at
As at
As at
Sep
Jun
Sep
Dec
Sep
Jun
Sep
Dec
2007
2007
2006
2006
2007
2007
2006
2006
Unaudited
Unaudited Unaudited Unaudited Unaudited Unaudited
Unaudited Unaudited
J
Net asset value - cents per share
Total equity
19,862
22,678
22,592
21,331
2,891
3,232
2,910
3,047
Number of ordinary shares in issue - million (note 9)
281
281
275
280
281
281
275
280
Net asset value - cents per share
7,068
8,072
8,208
7,607
1,029
1,150
1,057
1,087
Total equity
19,862
22,678
22,592
21,331
2,891
3,232
2,910
3,047
Intangible assets
(3,036)
(3,041)
(3,137)
(2,909)
(442)
(433)
(404)
(415)
16,826
19,637
19,455
18,422
2,449
2,799
2,506
2,632
Number of ordinary shares in issue - million (note 9)
281
281
275
280
281
281
275
280
Net tangible asset value - cents per share
5,988
6,989
7,068
6,569
872
996
910
939
K
Net debt
Borrowings - long-term portion
7,415
9,293
10,497
9,963
1,079
1,325
1,352
1,423
Borrowings - short-term portion
4,358
2,056
290
413
634
293
37
59
Total borrowings
11,773
11,349
10,787
10,376
1,713
1,618
1,389
1,482
Cash and cash equivalents
(3,447)
(2,792)
(2,871)
(3,467)
(502)
(398)
(370)
(495)
Net debt
8,326
8,557
7,916
6,909
1,211
1,220
1,019
987
Rounding of figures may result in computational discrepancies.
SA Rand million / Metric
Nine months ended
US Dollar million / Imperial
Quarter ended
Quarter ended
Nine months ended
SA Rand million
US Dollar million
Development
for the quarter ended 30 September 2007
Statistics are shown in metric units
Advanced
metres
Sampled
Ave. channel
(total)
metres
width (cm)
Ave. g/t
Ave. cm.g/t
Ave. kg/t
Ave. cm.kg/t
VAAL RIVER
Great Noligwa Mine
Vaal reef
Great Noligwa Mine
Vaal reef
2,349
294
87.0
29.59
2,586
0.82
80.00
Kopanang Mine
Vaal reef
Vaal reef
6,305
842
17.0
108.89
1,862
4.57
81.00
Tau Lekoa Mine
Ventersdorp Contact reef
Ventersdorp Contact reef
2,127
426
100.0
9.11
914
0.09
9.00
Moab Khotsong Mine
Vaal reef
Vaal reef
4,550
254
144.0
20.95
3,010
0.91
112.00
WEST WITS
TauTona Mine
Ventersdorp Contact reef
TauTona Mine
Ventersdorp Contact reef
238
-
-
-
-
-
-
Carbon Leader reef
3,012
34
12.0
57.34
711
0.97
12.00
Savuka Mine
Carbon Leader reef
Carbon Leader reef
658
-
-
-
-
-
-
Mponeng Mine
Ventersdorp Contact reef
Ventersdorp Contact reef
4,831
1,068
95.0
23.65
2,249
-
-
AUSTRALIA
Sunrise Dam
Sunrise Dam
1,055
1,055
-
3.19
-
-
-
BRAZIL
AngloGold Ashanti Mineração
Mina de Cuiabá
AngloGold Ashanti Mineração
Mina de Cuiabá
1,638
135
450.0
3.40
-
-
-
Córrego do Sitio
716
242
-
3.46
-
-
-
Lamego
936
209
60.0
1.45
-
-
-
Serra Grande
Mina III
Mina III
1,056
117
100.0
6.13
-
-
-
Mina Nova
140
-
-
-
-
-
-
GHANA
Obuasi
Obuasi
6,774
2,268
450.0 *
7.55
3,398
-
-
Statistics are shown in imperial units
Advanced
feet
Sampled
Ave. channel
(total)
feet
width (inches)
Ave. oz/t
Ave. ft.oz/t
Ave. lb/t
Ave. ft.lb/t
VAAL RIVER
Great Noligwa Mine
Vaal reef
Great Noligwa Mine
Vaal reef
7,707
965
34.3
0.86
2.46
1.64
4.68
Kopanang Mine
Vaal reef
Vaal reef
20,686
2,762
6.7
3.18
1.77
9.14
5.10
Tau Lekoa Mine
Ventersdorp Contact reef
Ventersdorp Contact reef
6,978
1,398
39.4
0.27
0.87
0.18
0.59
Moab Khotsong Mine
Vaal reef
Vaal reef
14,928
833
56.7
0.61
2.89
1.82
8.60
WEST WITS
TauTona Mine
Ventersdorp Contact reef
TauTona Mine
Ventersdorp Contact reef
781
-
-
-
-
-
-
Carbon Leader reef
9,882
112
4.7
1.67
0.66
1.94
0.76
Savuka Mine
Carbon Leader reef
Carbon Leader reef
2,159
-
-
-
-
-
-
Mponeng Mine
Ventersdorp Contact reef
Ventersdorp Contact reef
15,850
3,504
37.4
0.69
2.15
-
-
AUSTRALIA
Sunrise Dam
Sunrise Dam
3,460
3,460
-
0.09
-
-
-
BRAZIL
AngloGold Ashanti Mineração
Mina de Cuiabá
AngloGold Ashanti Mineração
Mina de Cuiabá
5,374
444
177.2
0.10
-
-
-
Córrego do Sitio
2,348
793
-
0.10
-
-
-
Lamego
3,071
685
23.6
0.04
-
-
-
Serra Grande
Mina III
Mina III
3,466
385
39.4
0.18
-
-
-
Mina Nova
461
-
-
-
-
-
-
GHANA
Obuasi
Obuasi
22,225
7,440
177.2 *
0.22
3.25
-
-
* Average ore body width
Sampled
gold
uranium
Development values represent actual results of sampling, no allowances having been made for adjustments necessary in estimating ore reserves.
Sampled
gold
uranium
Key
operating results
PER REGION & OPERATION
Quarter
Quarter
Quarter
Nine months
Quarter
Quarter
Quarter
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
SA Rand / US Dollar
SOUTH AFRICA
642
540
543
1,655
91
76
77
232
Vaal River
Great Noligwa
Great Noligwa
56
59
88
167
8
8
13
23
Kopanang
86
84
72
251
12
12
10
35
Moab Khotsong
179
143
147
433
25
20
21
61
Tau Lekoa
25
23
16
68
4
3
2
10
Surface Operations
3
2
10
6
-
-
1
1
West Wits
Mponeng
Mponeng
163
105
81
370
23
15
11
52
Savuka
17
13
4
38
2
2
1
5
TauTona
114
111
124
323
16
16
17
45
ARGENTINA
37
30
26
91
5
4
4
13
Cerro Vanguardia - Attributable 92.50%
34
28
24
84
5
4
3
12
Minorities and exploration
3
2
2
7
-
-
1
1
AUSTRALIA
439
543
162
1,324
62
77
24
186
Sunrise Dam
53
45
56
139
8
6
8
20
Boddington
383
493
104
1,172
54
69
16
165
Exploration
3
5
2
13
-
2
-
1
BRAZIL
258
268
396
791
37
38
57
111
AngloGold Ashanti Brasil Mineração
210
217
362
661
30
31
52
93
Serra Grande - Attributable 50%
23
24
16
62
3
3
2
9
Minorities, exploration and other
25
27
18
68
4
4
3
9
GHANA
152
232
153
575
22
33
21
81
Bibiani
-
-
1
-
-
-
-
-
Iduapriem
21
28
10
57
3
4
1
8
Obuasi
130
198
140
510
18
28
19
72
Minorities and exploration
1
6
2
8
1
1
1
1
GUINEA
56
38
26
108
8
5
4
15
Siguiri - Attributable 85%
48
32
22
92
7
5
3
13
Minorities and exploration
8
6
4
16
1
-
1
2
MALI
10
13
7
35
1
2
1
5
Morila - Attributable 40%
-
1
-
2
-
-
-
-
Sadiola - Attributable 38%
7
6
4
19
1
1
1
3
Yatela - Attributable 40%
3
5
2
13
-
1
-
2
NAMIBIA
10
6
5
19
1
1
1
3
Navachab
10
6
5
19
1
1
1
3
TANZANIA
50
34
198
108
7
5
29
15
Geita
50
34
198
108
7
5
29
15
USA
54
26
17
128
8
4
2
18
Cripple Creek & Victor J.V.
54
26
17
128
8
4
2
18
OTHER
25
250
9
295
3
34
1
41
ANGLOGOLD ASHANTI
1,733
1,979
1,542
5,129
245
279
220
720
Rounding of figures may result in computational discrepancies.
Capital expenditure - Rm
Capital expenditure - $m
Key
operating results
PER REGION & OPERATION
Quarter
Quarter
Quarter
Nine months
Quarter
Quarter
Quarter
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
Metric
SOUTH AFRICA
19,218
18,083
20,296
54,926
Vaal River
Great Noligwa
Great Noligwa
7.23
7.67
7.72
7.75
3,684
3,876
4,699
11,423
Kopanang
8.11
6.48
6.63
7.10
3,639
3,156
3,448
9,784
Moab Khotsong
7.50
6.68
5.43
7.43
523
392
329
1,355
Tau Lekoa
3.71
3.19
3.59
3.53
1,342
1,223
1,358
3,890
Surface Operations
0.47
0.52
0.44
0.50
931
1,030
819
2,984
West Wits
Mponeng
Mponeng
9.51
9.65
9.83
9.58
4,824
4,778
4,832
14,036
Savuka
6.29
6.81
8.44
6.68
620
552
808
1,744
TauTona
1
9.93
9.39
10.51
9.77
3,654
3,075
4,000
9,710
ARGENTINA
1,569
1,569
1,702
4,741
Cerro Vanguardia - Attributable 92.50%
6.79
6.61
7.00
6.87
1,569
1,569
1,702
4,741
AUSTRALIA
4,766
4,631
3,366
14,002
Sunrise Dam
2
5.15
4.86
3.10
4.87
4,766
4,631
3,366
14,002
BRAZIL
3,401
3,006
2,858
9,209
AngloGold Ashanti Brasil Mineração
1
7.53
6.80
7.13
7.34
2,698
2,264
2,098
7,025
Serra Grande
1
- Attributable 50%
7.67
7.19
7.29
7.37
704
742
760
2,184
GHANA
4,217
4,198
4,540
12,390
Bibiani
-
-
0.44
-
-
-
263
-
Iduapriem
1.86
1.78
1.73
1.83
1,610
1,347
1,360
3,805
Obuasi
1
4.41
4.16
4.05
4.46
2,607
2,851
2,916
8,585
GUINEA
1,886
1,992
1,940
6,148
Siguiri
2
- Attributable 85%
0.94
1.01
1.09
1.00
1,886
1,992
1,940
6,148
MALI
3,649
3,164
4,029
10,167
Morila - Attributable 40%
3.94
2.57
3.85
3.18
1,624
1,080
1,551
3,989
Sadiola - Attributable 38%
2.92
2.63
2.85
2.68
1,089
1,048
1,430
3,114
Yatela
3
- Attributable 40%
2.66
5.14
2.97
3.80
936
1,036
1,048
3,065
NAMIBIA
638
621
711
1,872
Navachab
1.64
1.55
1.72
1.55
638
621
711
1,872
TANZANIA
3,401
2,553
2,280
8,366
Geita
2.54
2.21
1.48
2.18
3,401
2,553
2,280
8,366
USA
1,866
2,142
2,143
5,988
Cripple Creek & Victor J.V.
3
0.52
0.50
0.65
0.53
1,866
2,142
2,143
5,988
ANGLOGOLD ASHANTI
44,611
41,958
43,864
127,809
Underground Operations
7.11
6.70
6.98
7.00
24,066
22,817
25,066
69,179
Surface and Dump Reclamation
0.48
0.53
0.46
0.51
1,429
1,680
1,497
4,803
Open-pit Operations
2.49
2.29
2.00
2.34
16,064
14,033
13,742
44,180
Heap Leach Operations
4
0.66
0.82
0.84
0.74
3,052
3,428
3,559
9,647
44,611
41,958
43,864
127,809
3
Yatela and Cripple Creek & Victor Joint Venture operations yield
reflects gold placed/tonnes placed.
Rounding of figures may result in computational discrepancies.
1
The yield of TauTona, AngloGold Ashanti Brasil Mineração, Serra Grande and Obuasi represents
underground operations.
2
The yield of Sunrise Dam and Siguiri represents open-pit operations.
4
The yield is calculated on gold placed into leach pad inventory /
tonnes placed on to leach pad.
Yield - g/t
Gold produced - kg
Key
operating results
PER REGION & OPERATION
Quarter
Quarter
Quarter
Nine months
Quarter
Quarter
Quarter
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
Metric
SOUTH AFRICA
237
229
268
231
20,020
17,835
20,232
55,392
Vaal River
Great Noligwa
Great Noligwa
180
190
243
188
3,828
3,836
4,768
11,530
Kopanang
239
208
229
215
3,756
3,106
3,481
9,870
Moab Khotsong
123
110
123
125
536
393
330
1,363
Tau Lekoa
156
148
164
155
1,389
1,215
1,366
3,919
Surface Operations
1,421
1,518
1,088
1,484
964
1,025
841
3,011
West Wits
Mponeng
Mponeng
307
316
342
308
5,060
4,702
4,731
14,146
Savuka
188
172
256
179
650
545
788
1,758
TauTona
283
244
326
255
3,836
3,012
3,928
9,795
ARGENTINA
781
782
962
794
1,597
1,533
1,605
4,735
Cerro Vanguardia - Attributable 92.50%
781
782
962
794
1,597
1,533
1,605
4,735
AUSTRALIA
3,968
3,958
2,232
3,971
5,036
4,227
3,194
13,785
Sunrise Dam
4,356
4,356
2,867
4,355
5,036
4,227
3,194
13,785
BRAZIL
656
600
640
614
3,370
2,898
2,771
9,293
AngloGold Ashanti Brasil Mineração
625
541
573
562
2,656
2,146
2,045
6,973
Serra Grande - Attributable 50%
807
898
945
868
714
752
725
2,320
GHANA
242
234
224
234
4,517
4,089
4,633
12,492
Bibiani
-
-
476
-
-
-
283
-
Iduapriem
686
614
648
567
1,576
1,308
1,434
3,732
Obuasi
173
181
165
186
2,941
2,781
2,916
8,761
GUINEA
451
474
494
497
1,883
1,944
1,755
6,107
Siguiri - Attributable 85%
451
474
494
497
1,883
1,944
1,755
6,107
MALI
965
857
1,297
912
3,319
3,139
4,097
10,172
Morila - Attributable 40%
1,084
714
1,178
884
1,432
1,057
1,520
3,822
Sadiola - Attributable 38%
763
745
1,339
731
991
1,086
1,498
3,257
Yatela - Attributable 40%
1,091
1,335
1,455
1,292
896
996
1,079
3,093
NAMIBIA
446
621
769
550
621
641
695
1,937
Navachab
446
621
769
550
621
641
695
1,937
TANZANIA
555
433
382
453
3,384
2,340
2,020
8,145
Geita
555
433
382
453
3,384
2,340
2,020
8,145
USA
1,796
2,511
2,151
1,972
2,022
2,015
2,183
5,928
Cripple Creek & Victor J.V.
1,796
2,511
2,151
1,972
2,022
2,015
2,183
5,928
ANGLOGOLD ASHANTI
361
339
360
352
45,768
40,661
43,185
127,987
Rounding of figures may result in computational discrepancies.
Productivity per employee - g
Gold sold - kg
Key
operating results
PER REGION & OPERATION
Quarter
Quarter
Quarter
Nine months
Quarter
Quarter
Quarter
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
SA Rand / Metric
SOUTH AFRICA
77,247
71,551
62,837
74,002
101,922
95,830
82,547
97,764
Vaal River
Great Noligwa
Great Noligwa
90,339
72,747
62,145
82,246
115,763
96,266
78,323
105,601
Kopanang
69,335
66,677
65,114
68,444
87,041
85,412
78,594
86,895
Moab Khotsong
156,931
157,986
153,993
149,861
235,687
248,698
246,929
232,619
Tau Lekoa
109,485
106,673
95,702
105,405
141,342
142,841
123,094
139,405
Surface Operations
72,369
67,662
72,723
65,979
79,119
74,591
81,457
72,770
West Wits
Mponeng
Mponeng
57,704
56,082
49,800
57,662
78,646
74,592
70,280
76,519
Savuka
92,349
97,989
67,618
90,926
117,212
119,954
74,723
111,433
TauTona
72,802
70,629
55,777
69,652
102,743
103,544
80,233
99,797
ARGENTINA
67,033
58,958
49,808
56,706
105,906
86,380
79,928
88,156
Cerro Vanguardia - Attributable 92.50%
66,360
57,982
49,170
55,911
105,073
85,258
79,097
87,210
AUSTRALIA
64,819
69,059
82,199
68,464
85,166
89,157
99,263
87,844
Sunrise Dam
63,541
67,115
80,232
66,700
83,003
86,776
98,305
85,535
BRAZIL
56,533
62,192
50,934
58,150
90,051
83,305
63,648
82,087
AngloGold Ashanti Brasil Mineração
50,088
56,661
47,496
51,660
86,085
78,469
59,868
76,641
Serra Grande - Attributable 50%
61,086
59,638
43,943
58,244
85,103
78,631
57,431
78,825
GHANA
103,333
91,197
90,249
96,627
138,595
120,089
128,858
128,449
Bibiani
-
-
163,285
-
-
-
197,243
-
Iduapriem
81,680
66,628
77,622
81,867
100,731
84,760
103,239
99,851
Obuasi
116,705
102,805
89,549
103,170
161,978
136,780
134,636
141,126
GUINEA
117,785
113,624
100,179
108,635
144,592
137,738
129,505
134,067
Siguiri - Attributable 85%
117,785
113,624
100,179
108,635
144,592
137,738
129,505
134,067
MALI
78,738
75,848
58,445
76,225
90,504
86,817
82,079
88,743
Morila - Attributable 40%
69,420
93,093
64,107
80,207
85,814
110,034
84,277
97,049
Sadiola - Attributable 38%
91,138
91,710
63,739
94,376
98,965
99,421
79,042
102,117
Yatela - Attributable 40%
87,055
52,961
53,712
62,295
95,212
60,858
93,736
73,893
NAMIBIA
97,908
79,443
58,677
87,704
114,364
95,850
74,494
104,071
Navachab
97,908
79,443
58,677
87,704
114,364
95,850
74,494
104,071
TANZANIA
91,263
76,486
124,644
90,180
117,895
110,139
163,321
119,999
Geita
91,263
76,486
124,644
90,180
117,895
110,139
163,321
119,999
USA
72,627
59,984
58,320
63,366
97,560
81,778
80,936
86,610
Cripple Creek & Victor J.V.
70,059
56,679
55,821
60,676
94,979
78,462
78,428
83,910
ANGLOGOLD ASHANTI
81,186
75,724
71,495
78,074
107,239
99,734
95,267
102,443
Rounding of figures may result in computational discrepancies.
Total cash costs - R/kg
Total production costs - R/kg
Key
operating results
PER REGION & OPERATION
Quarter
Quarter
Quarter
Nine months
Quarter
Quarter
Quarter
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
SOUTH AFRICA
1,261
1,164
1,484
3,605
802
741
1,106
2,343
Vaal River
Great Noligwa
Great Noligwa
193
245
350
655
105
158
281
402
Kopanang
262
217
246
691
201
161
204
519
Moab Khotsong
(7)
(9)
(6)
(12)
(48)
(44)
(36)
(123)
Tau Lekoa
42
37
53
133
0
(6)
19
4
Surface Operations
66
71
55
221
60
64
48
201
West Wits
Mponeng
Mponeng
421
378
414
1,152
323
293
318
896
Savuka
31
22
54
85
15
10
49
50
TauTona
253
204
318
679
145
105
224
393
ARGENTINA
118
143
134
415
77
97
79
279
Cerro Vanguardia - Attributable 92.50%
110
133
125
387
73
91
75
263
Minorities and exploration
8
10
9
28
4
6
4
16
AUSTRALIA
378
301
315
989
288
212
251
732
Sunrise Dam
378
301
315
989
288
212
251
732
BRAZIL
323
302
304
936
232
225
258
710
AngloGold Ashanti Brasil Mineração
218
187
188
583
152
138
163
438
Serra Grande - Attributable 50%
55
59
59
185
42
45
48
144
Minorities and exploration
50
56
57
168
38
42
47
128
GHANA
153
207
86
540
26
87
(70)
175
Bibiani
-
-
(7)
-
-
-
(13)
-
Iduapriem
98
89
48
219
67
65
14
150
Obuasi
42
103
30
286
(52)
10
(84)
(4)
Minorities and exploration
13
15
15
35
11
12
13
29
GUINEA
59
62
41
235
1
7
(18)
57
Siguiri - Attributable 85%
46
48
27
188
(4)
1
(24)
33
Minorities and exploration
13
14
14
47
5
6
6
24
MALI
192
180
342
603
150
147
250
480
Morila - Attributable 40%
94
47
127
218
67
30
96
152
Sadiola - Attributable 38%
49
49
122
148
41
41
99
125
Yatela - Attributable 40%
49
84
93
237
42
76
55
203
NAMIBIA
26
36
57
101
16
26
46
71
Navachab
26
36
57
101
16
26
46
71
TANZANIA
185
167
36
411
94
81
(51)
162
Geita
185
167
36
411
94
81
(51)
162
USA
168
164
81
495
109
111
23
327
Cripple Creek & Victor J.V.
168
164
81
495
109
111
23
327
OTHER
(16)
(26)
162
4
(34)
(46)
146
(55)
ANGLOGOLD ASHANTI
2,847
2,700
3,041
8,334
1,761
1,688
2,020
5,281
Rounding of figures may result in computational discrepancies.
SA Rand
Cash gross profit (loss) - Rm
1
Gross profit (loss) adjusted for the (loss) profit on unrealised non-
hedge derivatives and other commodity contracts - Rm
1
Gross profit (loss) adjusted for the (loss) profit on unrealised non-hedge derivatives and other commodity contracts plus amortisation of tangible and intangible assets, less non-cash revenues.
Key
operating results
PER REGION & OPERATION
Quarter
Quarter
Quarter
Nine months
Quarter
Quarter
Quarter
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
Imperial
SOUTH AFRICA
618
581
653
1,766
Vaal River
Great Noligwa
Great Noligwa
0.211
0.224
0.225
0.226
118
125
151
367
Kopanang
0.236
0.189
0.193
0.207
117
101
111
315
Moab Khotsong
0.219
0.195
0.158
0.217
17
13
11
44
Tau Lekoa
0.108
0.093
0.105
0.103
43
39
44
125
Surface Operations
0.014
0.015
0.013
0.015
30
33
26
96
West Wits
Mponeng
Mponeng
0.278
0.282
0.287
0.279
155
154
155
451
Savuka
0.184
0.199
0.246
0.195
20
18
26
56
TauTona
1
0.290
0.274
0.306
0.285
117
99
129
312
ARGENTINA
50
50
55
152
Cerro Vanguardia - Attributable 92.50%
0.198
0.193
0.204
0.200
50
50
55
152
AUSTRALIA
153
149
108
450
Sunrise Dam
2
0.150
0.142
0.090
0.142
153
149
108
450
BRAZIL
109
97
92
296
AngloGold Ashanti Brasil Mineração
1
0.220
0.198
0.208
0.214
87
73
67
226
Serra Grande
1
- Attributable 50%
0.224
0.210
0.213
0.215
23
24
24
70
GHANA
136
135
146
398
Bibiani
-
-
0.013
-
-
-
8
-
Iduapriem
0.054
0.052
0.051
0.053
52
43
44
122
Obuasi
1
0.129
0.121
0.118
0.130
84
92
94
276
GUINEA
61
64
62
198
Siguiri
2
- Attributable 85%
0.027
0.029
0.032
0.029
61
64
62
198
MALI
117
102
130
327
Morila - Attributable 40%
0.115
0.075
0.112
0.093
52
35
50
128
Sadiola - Attributable 38%
0.085
0.077
0.083
0.078
35
34
46
100
Yatela
3
- Attributable 40%
0.078
0.150
0.087
0.111
30
33
34
99
NAMIBIA
21
20
23
60
Navachab
0.048
0.045
0.050
0.045
21
20
23
60
TANZANIA
109
82
73
269
Geita
0.074
0.065
0.043
0.064
109
82
73
269
USA
60
69
69
193
Cripple Creek & Victor J.V.
3
0.015
0.015
0.019
0.015
60
69
69
193
ANGLOGOLD ASHANTI
1,434
1,349
1,410
4,109
Undergound operations
0.207
0.195
0.204
0.204
774
734
806
2,225
Surface and Dump Reclamation
0.014
0.015
0.013
0.015
46
54
48
154
Open-pit Operations
0.073
0.067
0.058
0.068
516
451
442
1,420
Heap leach Operations
4
0.019
0.024
0.024
0.021
98
110
114
310
1,434
1,349
1,410
4,109
3
Yatela and Cripple Creek & Victor Joint Venture operations yield
reflects gold placed/tonnes placed.
Rounding of figures may result in computational discrepancies.
Yield - oz/t
Gold produced - oz (000)
1
The yield of TauTona, AngloGold Ashanti Brasil Mineração, Serra Grande and Obuasi represents
underground operations.
2
The yield of Sunrise Dam and Siguiri represents open-pit operations.
4
The yield is calculated on gold placed into leach pad inventory /
tonnes placed on to leach pad.
Key
operating results
PER REGION & OPERATION
Quarter
Quarter
Quarter
Nine months
Quarter
Quarter
Quarter
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
Imperial
SOUTH AFRICA
7.62
7.36
8.62
7.44
644
573
650
1,781
Vaal River
Great Noligwa
Great Noligwa
5.79
6.11
7.80
6.03
123
123
153
371
Kopanang
7.69
6.68
7.37
6.93
121
100
112
317
Moab Khotsong
3.95
3.52
3.95
4.02
17
13
11
44
Tau Lekoa
5.03
4.77
5.26
5.00
45
39
44
126
Surface Operations
45.67
48.80
35.00
47.72
31
33
27
97
West Wits
Mponeng
Mponeng
9.88
10.17
11.01
9.90
163
151
152
455
Savuka
6.03
5.54
8.24
5.76
21
18
25
57
TauTona
9.11
7.86
10.48
8.21
123
97
126
315
ARGENTINA
25.12
25.13
30.92
25.52
51
49
52
152
Cerro Vanguardia - Attributable 92.50%
25.12
25.13
30.92
25.52
51
49
52
152
AUSTRALIA
127.58
127.25
71.75
127.67
162
136
103
443
Sunrise Dam
140.06
140.06
92.18
140.02
162
136
103
443
BRAZIL
21.08
19.28
20.58
19.73
108
93
89
299
AngloGold Ashanti Brasil Mineração
20.10
17.38
18.42
18.08
85
69
66
224
Serra Grande - Attributable 50%
25.95
28.87
30.37
27.92
23
24
23
75
GHANA
7.77
7.52
7.19
7.53
145
131
149
402
Bibiani
-
-
15.30
-
-
-
9
-
Iduapriem
22.04
19.73
20.83
18.23
51
42
46
120
Obuasi
5.55
5.82
5.32
5.97
95
89
94
282
GUINEA
14.49
15.23
15.88
15.98
61
63
56
196
Siguiri - Attributable 85%
14.49
15.23
15.88
15.98
61
63
56
196
MALI
31.02
27.54
41.71
29.33
107
101
132
327
Morila - Attributable 40%
34.87
22.97
37.87
28.42
46
34
49
123
Sadiola - Attributable 38%
24.54
23.96
43.03
23.49
32
35
48
105
Yatela - Attributable 40%
35.07
42.92
46.78
41.54
29
32
35
99
NAMIBIA
14.34
19.96
24.71
17.68
20
21
22
62
Navachab
14.34
19.96
24.71
17.68
20
21
22
62
TANZANIA
17.84
13.92
12.27
14.55
109
75
65
262
Geita
17.84
13.92
12.27
14.55
109
75
65
262
USA
57.74
80.72
69.16
63.39
65
65
70
191
Cripple Creek & Victor J.V.
57.74
80.72
69.16
63.39
65
65
70
191
ANGLOGOLD ASHANTI
11.62
10.89
11.57
11.31
1,471
1,307
1,388
4,115
Rounding of figures may result in computational discrepancies.
Productivity per employee - oz
Gold sold - oz (000)
Key
operating results
PER REGION & OPERATION
Quarter
Quarter
Quarter
Nine months
Quarter
Quarter
Quarter
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
US Dollar / Imperial
SOUTH AFRICA
340
315
274
323
448
422
359
427
Vaal River
Great Noligwa
Great Noligwa
397
320
271
359
509
423
341
461
Kopanang
305
294
284
299
383
376
343
380
Moab Khotsong
691
695
669
655
1,037
1,094
1,073
1,016
Tau Lekoa
482
469
417
461
622
629
536
609
Surface Operations
318
298
317
288
348
328
355
318
West Wits
Mponeng
Mponeng
254
247
217
252
346
328
306
334
Savuka
406
431
294
398
516
528
325
487
TauTona
320
311
243
305
452
456
349
436
ARGENTINA
294
260
216
248
465
381
347
386
Cerro Vanguardia - Attributable 92.50%
291
256
213
245
462
376
343
382
AUSTRALIA
285
304
355
299
374
392
430
384
Sunrise Dam
279
295
346
291
365
382
425
374
BRAZIL
248
274
222
254
396
366
278
359
AngloGold Ashanti Brasil Mineração
220
249
207
226
378
345
260
335
Serra Grande - Attributable 50%
268
263
194
254
374
346
253
344
GHANA
454
401
392
422
609
528
559
561
Bibiani
-
-
704
-
-
-
853
-
Iduapriem
359
293
338
358
443
372
449
436
Obuasi
513
452
388
450
712
601
584
616
GUINEA
518
500
435
475
636
607
562
586
Siguiri - Attributable 85%
518
500
435
475
636
607
562
586
MALI
346
334
254
333
398
382
354
388
Morila - Attributable 40%
305
410
278
350
377
484
366
424
Sadiola - Attributable 38%
400
404
278
412
435
438
344
446
Yatela - Attributable 40%
383
232
234
272
419
267
398
323
NAMIBIA
431
349
255
383
503
421
324
454
Navachab
431
349
255
383
503
421
324
454
TANZANIA
401
337
540
394
518
485
706
525
Geita
401
337
540
394
518
485
706
525
USA
320
264
254
277
430
360
353
378
Cripple Creek & Victor J.V.
308
249
243
265
418
345
342
367
ANGLOGOLD ASHANTI
357
333
311
341
471
439
414
448
Rounding of figures may result in computational discrepancies.
Total cash costs - $/oz
Total production costs - $/oz
Key
operating results
PER REGION & OPERATION
Quarter
Quarter
Quarter
Nine months
Quarter
Quarter
Quarter
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
SOUTH AFRICA
178
165
208
506
113
105
155
328
Vaal River
Great Noligwa
Great Noligwa
27
35
49
92
15
22
39
56
Kopanang
37
31
34
97
28
23
29
73
Moab Khotsong
(1)
(1)
(1)
(2)
(7)
(6)
(5)
(17)
Tau Lekoa
6
5
7
19
-
(1)
3
-
Surface Operations
9
10
8
31
8
9
7
28
West Wits
Mponeng
Mponeng
59
53
58
162
46
41
44
126
Savuka
4
3
8
12
2
1
7
7
TauTona 36
29
45
95
21
15
31
55
ARGENTINA
17
20
19
58
11
14
11
39
Cerro Vanguardia - Attributable 92.50%
16
19
17
54
10
13
10
37
Minorities and exploration
1
1
2
4
1
1
1
2
AUSTRALIA
53
42
44
139
41
30
35
103
Sunrise Dam
53
42
44
139
41
30
35
103
BRAZIL
46
43
42
131
33
32
36
100
AngloGold Ashanti Brasil Mineração
31
26
26
82
21
19
23
62
Serra Grande - Attributable 50%
8
8
8
26
6
6
7
20
Minorities and exploration
7
9
8
23
6
7
6
18
GHANA
22
29
12
76
4
12
(10)
25
Bibiani
-
-
(1)
-
-
-
(2)
-
Iduapriem
14
13
7
31
9
9
2
21
Obuasi
6
15
4
40
(7)
1
(12)
(1)
Minorities and exploration
2
1
2
5
2
2
2
5
GUINEA
8
9
6
33
0
1
(2)
8
Siguiri - Attributable 85%
7
7
4
26
(1)
-
(3)
4
Minorities and exploration
1
2
2
7
1
1
1
4
MALI
27
26
48
85
21
21
36
67
Morila - Attributable 40%
13
7
18
31
9
4
14
21
Sadiola - Attributable 38%
7
7
17
21
6
6
14
18
Yatela - Attributable 40%
7
12
13
33
6
11
8
28
NAMIBIA
4
5
8
14
2
4
6
10
Navachab
4
5
8
14
2
4
6
10
TANZANIA
26
24
5
58
13
11
(7)
23
Geita
26
24
5
58
13
11
(7)
23
USA
24
23
11
70
15
16
3
46
Cripple Creek & Victor J.V.
24
23
11
70
15
16
3
46
OTHER
(3)
(4)
23
(1)
(4)
(7)
20
(9)
ANGLOGOLD ASHANTI
402
382
426
1,169
249
239
283
740
Rounding of figures may result in computational discrepancies.
US Dollar
Cash gross profit (loss) - $m
1
Gross profit (loss) adjusted for the (loss) profit on unrealised
non-hedge derivatives and other commodity contracts - $m
1
Gross profit (loss) adjusted for the (loss) profit on unrealised non-hedge derivatives and other commodity contracts plus amortisation of tangible and intangible assets, less non-cash
revenues.
South Africa
VAAL RIVER
Quarter
Quarter
Quarter Nine months
Quarter
Quarter
Quarter Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
GREAT NOLIGWA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined
- 000 m
2
/ - 000 ft
2
96
91
99
267
1,029
982
1,068
2,878
Milled
- 000 tonnes / - 000 tons
509
505
608
1,474
561
557
671
1,625
Yield
- g/t
/ - oz/t
7.23
7.67
7.72
7.75
0.211
0.224
0.225
0.226
Gold produced
- kg
/ - oz (000)
3,684
3,876
4,699
11,423
118
125
151
367
Gold sold
- kg
/ oz (000)
3,828
3,836
4,768
11,530
123
123
153
371
Price received
- R/kg
/ - $/oz
- sold
142,200
137,340
137,043
140,210
625
605
599
612
Total cash costs
- R
/ - $
- ton milled
653
558
480
637
84
72
61
81
- R/kg
/ - $/oz
- produced
90,339
72,747
62,145
82,246
397
320
271
359
Total production costs
- R/kg
/ - $/oz
- produced
115,763
96,266
78,323
105,601
509
423
341
461
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
236
228
282
230
7.58
7.32
9.07
7.39
Actual
- g
/ - oz
180
190
243
188
5.79
6.11
7.80
6.03
Target
- m
2
/ - ft
2
5.21
4.99
5.82
5.03
56.04
53.69
62.69
54.16
Actual
- m
2
/ - ft
2
4.68
4.47
5.12
4.39
50.34
48.15
55.16
47.29
FINANCIAL RESULTS (MILLION)
Gold income
Gold income
524
450
623
1,562
74
64
87
219
Cost of sales
440
369
373
1,214
62
52
52
170
Cash operating costs
331
281
290
936
47
40
41
131
Other cash costs
1
1
2
4
-
-
-
1
Total cash costs
333
282
292
940
47
40
41
132
Retrenchment costs
3
3
4
8
-
-
1
1
Rehabilitation and other non-cash costs
2
2
2
5
-
-
-
1
Production costs
338
287
298
953
48
41
42
134
Amortisation of tangible assets
89
87
70
253
13
12
10
36
Inventory change
13
(4)
5
8
2
(1)
1
1
85
81
250
348
12
12
35
49
Realised non-hedge derivatives
20
77
30
54
3
11
4
8
105
158
281
402
15
22
39
56
Capital expenditure
56
59
88
167
8
8
13
23
Rounding of figures may result in computational discrepancies.
Rand / Metric
Dollar / Imperial
Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
South Africa
VAAL RIVER
Quarter
Quarter
Quarter Nine months
Quarter
Quarter
Quarter Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
KOPANANG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined
- 000 m
2
/ - 000 ft
2
114
115
123
343
1,224
1,235
1,323
3,688
Milled
- 000 tonnes / - 000 tons
449
487
520
1,378
495
537
574
1,518
Yield
- g/t
/ - oz/t
8.11
6.48
6.63
7.10
0.236
0.189
0.193
0.207
Gold produced
- kg
/ - oz (000)
3,639
3,156
3,448
9,784
117
101
111
315
Gold sold
- kg
/ oz (000)
3,756
3,106
3,481
9,870
121
100
112
317
Price received
- R/kg
/ - $/oz
- sold
140,599
137,249
137,049
139,356
617
604
598
609
Total cash costs
- R
/ - $
- ton milled
562
432
432
486
72
55
55
62
- R/kg
/ - $/oz
- produced
69,335
66,677
65,114
68,444
305
294
284
299
Total production costs
- R/kg
/ - $/oz
- produced
87,041
85,412
78,594
86,895
383
376
343
380
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
239
239
241
239
7.69
7.69
7.74
7.69
Actual
- g
/ - oz
239
208
229
215
7.69
6.68
7.37
6.93
Target
- m
2
/ - ft
2
7.63
7.70
7.78
7.67
82.08
82.83
83.76
82.56
Actual
- m
2
/ - ft
2
7.47
7.55
8.17
7.54
80.44
81.25
87.89
81.21
FINANCIAL RESULTS (MILLION)
Gold income
Gold income
518
366
455
1,338
73
52
64
188
Cost of sales
327
265
273
856
46
38
38
120
Cash operating costs
251
209
223
667
35
30
31
94
Other cash costs
1
1
2
3
-
-
-
-
Total cash costs
252
210
225
670
36
30
31
94
Retrenchment costs
2
2
3
5
-
-
-
1
Rehabilitation and other non-cash costs
1
2
2
4
-
-
-
1
Production costs
256
214
229
678
36
30
32
95
Amortisation of tangible assets
61
56
42
172
9
8
6
24
Inventory change
10
(4)
2
6
1
(1)
-
1
191
101
182
481
27
14
25
67
Realised non-hedge derivatives
11
60
22
38
2
9
3
5
201
161
204
519
28
23
29
73
Capital expenditure
86
84
72
251
12
12
10
35
Rounding of figures may result in computational discrepancies.
Rand / Metric
Dollar / Imperial
Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
South Africa
VAAL RIVER
Quarter
Quarter
Quarter Nine months
Quarter
Quarter
Quarter Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
MOAB KHOTSONG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined
- 000 m
2
/ - 000 ft
2
11
7
9
24
116
76
92
263
Milled
- 000 tonnes
/ - 000 tons
70
59
61
182
77
65
67
201
Yield
- g/t
/ - oz/t
7.50
6.68
5.43
7.43
0.219
0.195
0.158
0.217
Gold produced
- kg
/ - oz (000)
523
392
329
1,355
17
13
11
44
Gold sold
- kg
/ - oz (000)
536
393
330
1,363
17
13
11
44
Price received
- R/kg
/ - $/oz
- sold
144,267
137,535
137,141
141,550
633
605
595
617
Total cash costs
- R
/ - $
- ton milled
1,177
1,055
837
1,114
151
135
106
142
- R/kg
/ - $/oz
- produced
156,931
157,986
153,993
149,861
691
695
669
655
Total production costs
- R/kg
/ - $/oz
- produced
235,687
248,698
246,929
232,619
1,037
1,094
1,073
1,016
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
182
124
138
142
5.86
3.98
4.44
4.57
Actual
- g
/ - oz
123
110
123
125
3.95
3.52
3.95
4.02
Target
- m
2
/ - ft
2
3.39
2.70
3.00
2.96
36.44
29.08
32.24
31.86
Actual
- m
2
/ - ft
2
2.53
1.97
3.18
2.26
27.24
21.20
34.26
24.30
FINANCIAL RESULTS (MILLION)
Gold income
Gold income
73
45
43
184
10
6
6
26
Cost of sales
125
98
81
316
18
14
11
44
Cash operating costs
82
62
50
202
12
9
7
28
Other cash costs
-
-
-
1
-
-
-
-
Total cash costs
82
62
51
203
12
9
7
29
Retrenchment costs
-
-
-
1
-
-
-
-
Rehabilitation and other non-cash costs
-
-
-
1
-
-
-
-
Production costs
83
63
51
204
12
9
7
29
Amortisation of tangible assets
41
35
30
111
6
5
4
16
Inventory change
2
-
-
1
-
-
-
-
(52)
(53)
(39)
(132)
(7)
(7)
(5)
(19)
Realised non-hedge derivatives
4
9
2
9
1
1
-
1
(48)
(44)
(36)
(123)
(7)
(6)
(5)
(17)
Capital expenditure
179
143
147
433
25
20
21
61
Rounding of figures may result in computational discrepancies.
Rand / Metric
Dollar / Imperial
Gross loss excluding the effect of unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
South Africa
VAAL RIVER
Quarter
Quarter
Quarter Nine months
Quarter
Quarter
Quarter Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
TAU LEKOA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined
- 000 m
2
/ - 000 ft
2
71
70
71
210
765
753
769
2,260
Milled
- 000 tonnes
/ - 000 tons
361
384
378
1,103
398
423
417
1,216
Yield
- g/t
/ - oz/t
3.71
3.19
3.59
3.53
0.108
0.093
0.105
0.103
Gold produced
- kg
/ - oz (000)
1,342
1,223
1,358
3,890
43
39
44
125
Gold sold
- kg
/ oz (000)
1,389
1,215
1,366
3,919
45
39
44
126
Price received
- R/kg
/ - $/oz
- sold
141,524
137,671
137,109
140,259
622
606
599
612
Total cash costs
- R
/ - $
- ton milled
407
340
344
372
52
44
44
47
- R/kg
/ - $/oz
- produced
109,485
106,673
95,702
105,405
482
469
417
461
Total production costs
- R/kg
/ - $/oz
- produced
141,342
142,841
123,094
139,405
622
629
536
609
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
163
162
123
162
5.24
5.21
3.95
5.21
Actual
- g
/ - oz
156
148
164
155
5.03
4.77
5.26
5.00
Target
- m
2
/ - ft
2
8.67
8.73
5.64
8.69
93.35
93.98
60.70
93.50
Actual
- m
2
/ - ft
2
8.28
8.49
8.61
8.39
89.13
91.41
92.65
90.28
FINANCIAL RESULTS (MILLION)
Gold income
Gold income
191
141
178
531
27
20
25
74
Cost of sales
196
173
168
546
28
25
24
77
Cash operating costs
146
130
129
408
21
18
18
57
Other cash costs
1
1
1
2
-
-
-
-
Total cash costs
147
130
130
410
21
18
18
58
Retrenchment costs
-
1
2
2
-
-
-
-
Rehabilitation and other non-cash costs
-
-
1
1
-
-
-
-
Production costs
148
132
133
413
21
19
19
58
Amortisation of tangible assets
42
43
34
129
6
6
5
18
Inventory change
7
(1)
1
4
1
-
-
-
(6)
(32)
10
(15)
(1)
(5)
1
(2)
Realised non-hedge derivatives
6
27
9
19
1
4
1
3
-
(6)
19
4
-
(1)
3
-
Capital expenditure
25
23
16
68
4
3
2
10
Rounding of figures may result in computational discrepancies.
Rand / Metric
Dollar / Imperial
Gross (loss) profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
South Africa
VAAL RIVER
Quarter
Quarter
Quarter Nine months
Quarter
Quarter
Quarter Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
SURFACE OPERATIONS
OPERATING RESULTS
Milled
OPERATING RESULTS
Milled
- 000 tonnes
/ - 000 tons
1,975
1,969
1,856
5,989
2,177
2,170
2,045
6,602
Yield
- g/t
/ - oz/t
0.47
0.52
0.44
0.50
0.014
0.015
0.013
0.015
Gold produced
- kg
/ - oz (000)
931
1,030
819
2,984
30
33
26
96
Gold sold
- kg
/ - oz (000)
964
1,025
841
3,011
31
33
27
97
Price received
- R/kg
/ - $/oz
- sold
140,890
137,048
136,959
139,414
619
603
598
609
Total cash costs
- R
/ - $
- ton milled
34
35
32
33
4
5
4
4
- R/kg
/ - $/oz
- produced
72,369
67,662
72,723
65,979
318
298
317
288
Total production costs
- R/kg
/ - $/oz
- produced
79,119
74,591
81,457
72,770
348
328
355
318
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
1,243
1,324
1,143
1,284
39.96
42.55
36.74
41.28
Actual
- g
/ - oz
1,421
1,518
1,088
1,484
45.67
48.80
35.00
47.72
FINANCIAL RESULTS (MILLION)
Gold income
Gold income
133
117
110
403
19
17
15
57
Cost of sales
76
76
68
219
11
11
9
31
Cash operating costs
67
70
60
197
10
10
8
28
Other cash costs
-
-
-
-
-
-
-
-
Total cash costs
67
70
60
197
10
10
8
28
Retrenchment costs
-
-
-
-
-
-
-
-
Rehabilitation and other non-cash costs
-
-
-
-
-
-
-
-
Production costs
67
70
60
197
10
10
8
28
Amortisation of tangible assets
6
7
7
20
1
1
1
3
Inventory change
3
(1)
1
2
-
-
-
-
56
41
42
184
8
6
6
26
Realised non-hedge derivatives
3
24
5
17
-
3
1
2
60
64
48
201
8
9
7
28
Capital expenditure
3
2
10
6
-
-
1
1
Rounding of figures may result in computational discrepancies.
Rand / Metric
Dollar / Imperial
Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
South Africa
WEST WITS
Quarter
Quarter
Quarter Nine months
Quarter
Quarter
Quarter Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
MPONENG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined
- 000 m
2
/ - 000 ft
2
98
93
99
278
1,054
1,002
1,063
2,993
Milled
- 000 tonnes
/ - 000 tons
507
495
491
1,466
559
546
542
1,616
Yield
- g/t
/ - oz/t
9.51
9.65
9.83
9.58
0.278
0.282
0.287
0.279
Gold produced
- kg
/ - oz (000)
4,824
4,778
4,832
14,036
155
154
155
451
Gold sold
- kg
/ - oz (000)
5,060
4,702
4,731
14,146
163
151
152
455
Price received
- R/kg
/ - $/oz
- sold
142,393
136,896
137,383
139,939
626
603
597
611
Total cash costs
- R
/ - $
- ton milled
549
541
490
552
70
69
62
70
- R/kg
/ - $/oz
- produced
57,704
56,082
49,800
57,662
254
247
217
252
Total production costs
- R/kg
/ - $/oz
- produced
78,646
74,592
70,280
76,519
346
328
306
334
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
277
268
297
270
8.90
8.61
9.54
8.69
Actual
- g
/ - oz
307
316
342
308
9.88
10.17
11.01
9.90
Target
- m
2
/ - ft
2
5.77
5.64
6.41
5.59
62.07
60.67
68.95
60.13
Actual
- m
2
/ - ft
2
6.24
6.17
7.00
6.10
67.17
66.37
75.33
65.68
FINANCIAL RESULTS (MILLION)
Gold income
Gold income
707
659
616
1,925
100
93
86
271
Cost of sales
397
351
332
1,083
56
50
46
152
Cash operating costs
277
266
239
805
39
38
33
113
Other cash costs
2
2
2
5
-
-
-
1
Total cash costs
278
268
241
809
39
38
34
114
Retrenchment costs
2
2
2
5
-
-
-
1
Rehabilitation costs
2
2
1
5
-
-
-
1
Production costs
282
271
243
819
40
38
34
115
Amortisation of tangible assets
97
85
96
255
14
12
13
36
Inventory change
18
(5)
(7)
9
3
(1)
(1)
1
310
308
284
842
44
44
40
118
Realised non-hedge derivatives
13
(15)
34
54
2
(2)
5
8
323
293
318
896
46
41
44
126
Capital expenditure
163
105
81
370
23
15
11
52
Rounding of figures may result in computational discrepancies.
Rand / Metric
Dollar / Imperial
Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
South Africa
WEST WITS
Quarter
Quarter
Quarter Nine months
Quarter
Quarter
Quarter Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
SAVUKA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined
- 000 m
2
/ - 000 ft
2
21
17
21
54
227
178
229
580
Milled
- 000 tonnes
/ - 000 tons
99
81
96
261
109
89
105
288
Yield
- g/t
/ - oz/t
6.29
6.81
8.44
6.68
0.184
0.199
0.246
0.195
Gold produced
- kg
/ - oz (000)
620
552
808
1,744
20
18
26
56
Gold sold
- kg
/ - oz (000)
650
545
788
1,758
21
18
25
57
Price received
- R/kg
/ - $/oz
- sold
140,823
137,327
137,236
139,685
619
604
599
610
Total cash costs
- R
/ - $
- ton milled
581
667
571
607
75
86
72
77
- R/kg
/ - $/oz
- produced
92,349
97,989
67,618
90,926
406
431
294
398
Total production costs
- R/kg
/ - $/oz
- produced
117,212
119,954
74,723
111,433
516
528
325
487
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
129
176
-
164
4.15
5.65
-
5.27
Actual
- g
/ - oz
188
172
256
179
6.03
5.54
8.24
5.76
Target
- m
2
/ - ft
2
5.90
5.84
-
5.80
63.55
62.87
-
62.38
Actual
- m
2
/ - ft
2
6.38
5.17
6.74
5.53
68.65
55.60
72.55
59.57
FINANCIAL RESULTS (MILLION)
Gold income
Gold income
91
77
103
240
13
11
14
34
Cost of sales
76
65
59
196
11
9
8
28
Cash operating costs
57
54
54
158
8
8
8
22
Other cash costs
-
-
-
1
-
-
-
-
Total cash costs
57
54
55
159
8
8
8
22
Retrenchment costs
-
-
-
1
-
-
-
-
Rehabilitation and other non-cash costs
-
-
-
-
-
-
-
-
Production costs
57
54
55
159
8
8
8
22
Amortisation of tangible assets
15
12
5
35
2
2
1
5
Inventory change
4
(1)
(1)
1
-
-
-
-
15
12
44
45
2
2
6
6
Realised non-hedge derivatives
-
(2)
5
5
-
-
1
1
15
10
49
50
2
1
7
7
Capital expenditure
17
13
4
38
2
2
1
5
Rounding of figures may result in computational discrepancies.
Rand / Metric
Dollar / Imperial
Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
South Africa
WEST WITS
Quarter
Quarter
Quarter Nine months
Quarter
Quarter
Quarter Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
TAUTONA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined
- 000 m
2
/ - 000 ft
2
61
53
63
164
657
565
683
1,770
Milled
- 000 tonnes
/ - 000 tons
363
321
375
975
400
354
413
1,075
Yield
- g/t
/ - oz/t
9.93
9.39
10.51
9.77
0.290
0.274
0.306
0.285
Gold produced
- kg
/ - oz (000)
3,604
3,017
3,935
9,528
116
97
127
306
SURFACE AND DUMP RECLAMATION
Treated
Treated
- 000 tonnes
/ - 000 tons
120
139
142
407
132
154
157
449
Yield
- g/t
/ - oz/t
0.41
0.41
0.46
0.45
0.012
0.012
0.013
0.013
Gold produced
- kg
/ - oz (000)
50
58
65
182
2
2
2
6
TOTAL
Yield
1
- g/t
/ - oz/t
9.93
9.39
10.51
9.77
0.290
0.274
0.306
0.285
Gold produced
- kg
/ - oz (000)
3,654
3,075
4,000
9,710
117
99
129
312
Gold sold
- kg
/ - oz (000)
3,836
3,012
3,928
9,795
123
97
126
315
Price received
- R/kg
/ - $/oz
- sold
140,794
137,746
137,120
139,847
619
606
598
611
Total cash costs
- R
/ - $
- ton milled
551
471
432
489
71
61
55
62
- R/kg
/ - $/oz
- produced
72,802
70,629
55,777
69,652
320
311
243
305
Total production costs
- R/kg
/ - $/oz
- produced
102,743
103,544
80,233
99,797
452
456
349
436
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
320
340
336
332
10.28
10.93
10.82
10.66
Actual
- g
/ - oz
283
244
326
255
9.11
7.86
10.48
8.21
Target
- m
2
/ - ft
2
5.44
5.65
5.60
5.48
58.55
60.82
60.30
58.95
Actual
- m
2
/ - ft
2
4.73
4.17
5.17
4.33
50.91
44.93
55.60
46.57
FINANCIAL RESULTS (MILLION)
Gold income
Gold income
540
425
512
1,342
76
60
72
189
Cost of sales
395
310
315
976
56
44
44
137
Cash operating costs
265
216
221
672
37
31
31
95
Other cash costs
1
1
2
4
-
-
-
1
Total cash costs
266
217
223
676
38
31
31
95
Retrenchment costs
1
1
3
4
-
-
-
1
Rehabilitation and other non-cash costs
1
1
1
3
-
-
-
-
Production costs
268
220
227
683
38
31
32
96
Amortisation of tangible assets
107
99
94
286
15
14
13
40
Inventory change
19
(8)
(6)
7
3
(1)
(1)
1
145
115
197
365
21
16
28
51
Realised non-hedge derivatives
-
(10)
27
28
-
(1)
4
4
145
105
224
393
21
15
31
55
Capital expenditure
114
111
124
323
16
16
17
45
1
Total yield excludes the surface and dump reclamation.
Rounding of figures may result in computational discrepancies.
Rand / Metric
Dollar / Imperial
Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
Argentina
Quarter
Quarter
Quarter Nine months
Quarter
Quarter
Quarter Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
CERRO VANGUARDIA - Atrributable 92.50%
OPERATING RESULTS
OPEN-PIT OPERATION
Mined
OPERATING RESULTS
OPEN-PIT OPERATION
Mined
- 000 tonnes
/ - 000 tons
5,893
5,236
5,100
16,501
6,496
5,772
5,621
18,190
Treated
- 000 tonnes
/ - 000 tons
231
237
243
690
255
262
268
760
Stripping ratio
- t (mined total-mined ore) / t mined ore
24.81
22.76
18.27
22.39
24.81
22.76
18.27
22.39
Yield
- g/t
/ - oz/t
6.79
6.61
7.00
6.87
0.198
0.193
0.204
0.200
Gold in ore
- kg
/ - oz (000)
1,672
1,642
1,583
5,002
54
53
51
161
Gold produced
- kg
/ - oz (000)
1,569
1,569
1,702
4,741
50
50
55
152
Gold sold
- kg
/ - oz (000)
1,597
1,533
1,605
4,735
51
49
52
152
Price received
- R/kg
/ - $/oz
- sold
142,452
138,162
112,830
140,260
626
607
489
612
Total cash costs
- R/kg
/ - $/oz
- produced
66,360
57,982
49,170
55,911
291
256
213
245
Total production costs
- R/kg
/ - $/oz
- produced
105,073
85,258
79,097
87,210
462
376
343
382
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
781
763
1,028
777
25.10
24.52
33.05
24.97
Actual
- g
/ - oz
781
782
962
794
25.12
25.13
30.92
25.52
FINANCIAL RESULTS (MILLION)
Gold income
Gold income
248
233
205
727
35
33
29
102
Cost of sales
160
127
117
419
23
18
16
59
Cash operating costs
83
71
64
202
12
10
9
29
Other cash costs
21
20
20
63
3
3
3
9
Total cash costs
104
91
84
265
15
13
12
37
Rehabilitation and other non-cash costs
23
-
1
24
3
-
-
3
Production costs
127
91
84
289
18
13
12
41
Amortisation of tangible assets
38
42
50
124
5
6
7
17
Inventory change
(5)
(7)
(17)
5
(1)
(1)
(2)
1
88
107
87
308
13
15
12
43
Realised non-hedge derivatives
(15)
(16)
(13)
(45)
(2)
(2)
(2)
(6)
73
91
75
263
10
13
10
37
Capital expenditure
34
28
24
84
5
4
3
12
Rounding of figures may result in computational discrepancies.
Rand / Metric
Dollar / Imperial
Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
Australia
Quarter
Quarter
Quarter Nine months
Quarter
Quarter
Quarter Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
SUNRISE DAM
OPERATING RESULTS
UNDERGROUND OPERATION
Mined
OPERATING RESULTS
UNDERGROUND OPERATION
Mined
- 000 tonnes
/ - ooo tons
99
86
117
278
110
95
128
306
Treated
- 000 tonnes
/ - 000 tons
126
130
129
315
139
143
142
347
Yield
- g/t
/ - oz/t
4.46
6.23
5.87
6.04
0.130
0.182
0.171
0.176
Gold produced
- kg
/ - oz (000)
563
808
757
1,900
18
26
24
61
OPEN-PIT OPERATION
Volume mined
Volume mined
- 000 bcm
/ - 000 bcy
1,501
1,511
2,561
4,583
1,963
1,976
3,350
5,995
Treated
- 000 tonnes
/ - 000 tons
816
787
842
2,485
900
868
929
2,739
Stripping ratio
- t (mined total-mined ore) / t mined ore
1.11
1.36
6.29
1.58
1.11
1.36
6.29
1.58
Yield
- g/t
/ - oz/t
5.15
4.86
3.10
4.87
0.150
0.142
0.090
0.142
Gold produced
- kg
/ - oz (000)
4,203
3,823
2,609
12,102
135
123
84
389
TOTAL
Yield
1
- g/t
/ - oz/t
5.15
4.86
3.10
4.87
0.150
0.142
0.090
0.142
Gold produced
- kg
/ - oz (000)
4,766
4,631
3,366
14,002
153
149
108
450
Gold sold
- kg
/ - oz (000)
5,036
4,227
3,194
13,785
162
136
103
443
Price received
- R/kg
/ - $/oz
- sold
140,681
138,673
183,514
140,122
619
609
794
612
Total cash costs
- R/kg
/ - $/oz
- produced
63,541
67,115
80,232
66,700
279
295
346
291
Total production costs
- R/kg
/ - $/oz
- produced
83,003
86,776
98,305
85,535
365
382
425
374
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
4,753
4,654
2,930
4,656
152.80
149.63
94.21
149.70
Actual
- g
/ - oz
4,356
4,356
2,867
4,355
140.06
140.06
92.18
140.02
FINANCIAL RESULTS (MILLION)
Gold income
Gold income
715
483
454
1,757
101
68
64
247
Cost of sales
421
374
335
1,200
60
53
47
168
Cash operating costs
283
295
259
881
40
42
36
124
Other cash costs
19
16
12
53
3
2
2
7
Total cash costs
303
311
270
934
43
44
37
131
Rehabilitation and other non-cash costs
2
2
(3)
6
-
-
-
1
Production costs
305
313
267
940
43
44
37
132
Amortisation of tangible assets
90
89
64
257
13
13
9
36
Inventory change
25
(28)
4
2
4
(4)
1
-
294
109
119
557
42
15
17
78
Realised non-hedge derivatives
(6)
103
132
175
(1)
14
18
24
288
212
251
732
41
30
35
103
Capital expenditure
53
45
56
139
8
6
8
20
1
Total yield excludes the underground operations.
Rounding of figures may result in computational discrepancies.
Rand / Metric
Dollar / Imperial
Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
Brazil
Quarter
Quarter
Quarter Nine months
Quarter
Quarter
Quarter Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
ANGLOGOLD ASHANTI BRASIL MINERAÇÃO
OPERATING RESULTS
UNDERGROUND OPERATION
Mined
OPERATING RESULTS
UNDERGROUND OPERATION
Mined
- 000 tonnes
/ - 000 tons
331
294
255
860
364
324
281
948
Treated
- 000 tonnes
/ - 000 tons
325
296
254
876
358
327
280
966
Yield
- g/t
/ - oz/t
7.53
6.80
7.13
7.34
0.220
0.198
0.208
0.214
Gold produced
- kg
/ - oz (000)
2,447
2,014
1,808
6,431
79
65
58
207
HEAP LEACH OPERATION
Mined
Mined
- 000 tonnes
/ - 000 tons
1,514
1,387
1,081
3,894
1,669
1,529
1,192
4,293
Placed
1
- 000 tonnes
/ - 000 tons
66
56
76
152
73
61
84
167
Stripping ratio
- t (mined total-mined ore) / t mined ore
21.95
23.63
13.22
24.55
21.95
23.63
13.22
24.55
Yield
2
- g/t
/ - oz/t
3.67
5.15
4.17
4.10
0.107
0.150
0.122
0.120
Gold placed
3
- kg
/ - oz (000)
242
287
317
623
8
9
10
20
Gold produced
- kg
/ - oz (000)
250
250
290
594
8
8
9
19
TOTAL
Yield
4
- g/t
/ - oz/t
7.53
6.80
7.13
7.34
0.220
0.198
0.208
0.214
Gold produced
- kg
/ - oz (000)
2,698
2,264
2,098
7,025
87
73
67
226
Gold sold
- kg
/ - oz (000)
2,656
2,146
2,045
6,973
85
69
66
224
Price received
- R/kg
/ - $/oz
- sold
141,046
139,515
136,910
140,250
620
612
592
612
Total cash costs
- R/kg
/ - $/oz
- produced
50,088
56,661
47,496
51,660
220
249
207
226
Total production costs
- R/kg
/ - $/oz
- produced
86,085
78,469
59,868
76,641
378
345
260
335
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
727
562
627
570
23.36
18.06
20.16
18.32
Actual
- g
/ - oz
625
541
573
562
20.10
17.38
18.42
18.08
FINANCIAL RESULTS (MILLION)
Gold income
Gold income
335
264
244
859
47
37
34
121
Cost of sales
223
162
117
540
32
23
16
76
Cash operating costs
131
125
97
352
18
18
14
49
Other cash costs
4
3
3
11
1
-
-
2
Total cash costs
135
128
100
363
19
18
14
51
Rehabilitation and other non-cash costs
30
-
1
31
4
-
-
4
Production costs
166
129
101
394
23
18
14
55
Amortisation of tangible assets
67
49
25
144
9
7
3
20
Inventory change
(9)
(16)
(8)
1
(1)
(2)
(1)
-
112
102
127
319
16
14
18
45
Realised non-hedge derivatives
39
36
36
119
5
5
5
17
152
138
163
438
21
19
23
62
Capital expenditure
210
217
362
661
30
31
52
93
1
Tonnes / Tons placed onto leach pad
4
Total yield represents underground operations
2
Gold placed / tonnes (tons) placed
3
Gold placed into leach pad inventory
Rounding of figures may result in computational discrepancies.
Rand / Metric
Dollar / Imperial
Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
Brazil
Quarter
Quarter
Quarter Nine months
Quarter
Quarter
Quarter Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
SERRA GRANDE - Attributable 50%
OPERATING RESULTS
UNDERGROUND OPERATION
Mined
OPERATING RESULTS
UNDERGROUND OPERATION
Mined
- 000 tonnes
/ - 000 tons
94
87
107
274
104
96
118
302
Treated
- 000 tonnes
/ - 000 tons
86
103
104
290
95
114
115
320
Yield
- g/t
/ - oz/t
7.67
7.19
7.29
7.37
0.224
0.210
0.213
0.215
Gold produced
- kg
/ - oz (000)
660
742
760
2,140
21
24
24
69
OPEN-PIT OPERATION
Mined
Mined
- 000 tonnes
/ - 000 tons
165
-
-
165
182
-
-
182
Treated
- 000 tonnes
/ - 000 tons
19
-
-
19
20
-
-
20
Stripping ratio
- t (mined total-mined ore) / t mined ore
8.00
-
-
8.00
8.00
-
-
8.00
Yield
- g/t
/ - oz/t
2.00
-
-
2.00
-
-
-
-
Gold in ore
- kg
/ - oz (000)
49
-
-
49
2
-
-
2
Gold produced
- kg
/ - oz (000)
44
-
-
44
1
-
-
1
TOTAL
Yield
1
- g/t
/ - oz/t
7.67
7.19
7.29
7.37
0.224
0.210
0.213
0.215
Gold produced
- kg
/ - oz (000)
704
742
760
2,184
23
24
24
70
Gold sold
- kg
/ - oz (000)
714
752
725
2,320
23
24
23
75
Price received
- R/kg
/ - $/oz
- sold
141,431
137,649
122,529
139,632
622
606
541
609
Total cash costs
- R/kg
/ - $/oz
- produced
61,086
59,638
43,943
58,244
268
263
194
254
Total production costs
- R/kg
/ - $/oz
- produced
85,103
78,631
57,431
78,825
374
346
253
344
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
783
891
1,039
853
25.16
28.64
33.41
27.42
Actual
- g
/ - oz
807
898
945
868
25.95
28.87
30.37
27.92
FINANCIAL RESULTS (MILLION)
Gold income
Gold income
92
93
77
290
13
13
11
41
Cost of sales
59
58
41
180
8
8
6
25
Cash operating costs
40
41
31
119
6
6
4
17
Other cash costs
3
3
3
9
-
-
-
1
Total cash costs
43
44
33
127
6
6
5
18
Rehabilitation and other non-cash costs
4
-
-
4
1
-
-
1
Production costs
47
44
33
132
7
6
5
18
Amortisation of tangible assets
13
14
10
41
2
2
1
6
Inventory change
(1)
-
(3)
8
-
-
-
1
34
35
36
110
5
5
5
15
Realised non-hedge derivatives
8
11
12
34
1
2
2
5
42
45
48
144
6
6
7
20
Capital expenditure
23
24
16
62
3
3
2
9
1
Total yield represents underground operations.
Rounding of figures may result in computational discrepancies.
Rand / Metric
Dollar / Imperial
Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
Ghana
Quarter
Quarter
Quarter
Nine months
Quarter
Quarter
Quarter
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
IDUAPRIEM
1
OPERATING RESULTS
OPEN-PIT OPERATION
Mined
OPEN-PIT OPERATION
Mined
- 000 tonnes
/ - 000 tons
4,745
5,232
4,568
15,100
5,231
5,768
5,035
16,645
Treated
- 000 tonnes
/ - 000 tons
866
758
784
2,077
954
836
865
2,290
Stripping ratio
- t (mined total-mined ore) / t mined ore
5.32
7.95
5.45
6.51
5.32
7.95
5.45
6.51
Yield
- g/t
/ - oz/t
1.86
1.78
1.73
1.83
0.054
0.052
0.051
0.053
Gold in ore
- kg
/ - oz (000)
1,589
1,548
1,455
4,464
51
50
47
144
Gold produced
- kg
/ - oz (000)
1,610
1,347
1,360
3,805
52
43
44
122
Gold sold
- kg
/ - oz (000)
1,576
1,308
1,434
3,732
51
42
46
120
Price received
- R/kg
/ - $/oz
- sold
142,299
137,005
116,840
139,431
626
603
507
611
Total cash costs
- R/kg
/ - $/oz
- produced
81,680
66,628
77,622
81,867
359
293
338
358
Total produced costs
- R/kg
/ - $/oz
- produced
100,731
84,760
103,239
99,851
443
372
449
436
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
651
637
592
627
20.93
20.49
19.02
20.15
Actual
- g
/ - oz
686
614
648
567
22.04
19.73
20.83
18.23
FINANCIAL RESULTS (MILLION)
Gold income
Gold income
219
170
146
502
31
24
20
71
Cost of sales
157
115
153
370
22
16
21
52
Cash operating costs
122
82
101
290
17
12
14
41
Other cash costs
9
7
5
21
1
1
1
3
Total cash costs
132
90
106
312
19
13
15
44
Rehabilitation and other non-cash costs
-
-
(2)
-
-
-
-
-
Production costs
132
90
103
312
19
13
14
44
Amortisation of tangible assets
31
24
37
68
4
3
5
10
Inventory change
(5)
-
13
(10)
(1)
-
2
(1)
61
55
(7)
132
9
8
(1)
19
Realised non-hedge derivatives
6
9
21
18
1
1
3
3
67
65
14
150
9
9
2
21
Capital expenditure
21
28
10
57
3
4
1
8
1
Effective 1 September 2007, the minority shareholdings of the International Finance Corporation (10%) and Government of Ghana (5%) were acquired and Iduapriem is now fully owned by AngloGold Ashanti.
Rounding of figures may result in computational discrepancies.
Rand / Metric
Dollar / Imperial
Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
Ghana
Quarter
Quarter
Quarter Nine months
Quarter
Quarter
Quarter Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
OBUASI
OPERATING RESULTS
UNDERGROUND OPERATION
Mined
OPERATING RESULTS
UNDERGROUND OPERATION
Mined
- 000 tonnes
/ - 000 tons
514
456
566
1,450
566
503
624
1,598
Treated
- 000 tonnes
/ - 000 tons
489
543
576
1,556
539
598
635
1,715
Yield
- g/t
/ - oz/t
4.41
4.16
4.05
4.46
0.129
0.121
0.118
0.130
Gold produced
- kg
/ - oz (000)
2,158
2,259
2,331
6,948
69
73
75
223
SURFACE AND DUMP RECLAMATION
Treated
Treated
- 000 tonnes
/ - 000 tons
881
1,083
677
3,046
971
1,194
747
3,358
Yield
- g/t
/ - oz/t
0.51
0.55
0.51
0.54
0.015
0.016
0.015
0.016
Gold produced
- kg
/ - oz (000)
449
592
349
1,637
14
19
11
53
OPEN-PIT OPERATION
Mined
Mined
- 000 tonnes
/ - 000 tons
-
-
425
-
-
-
469
-
Treated
- 000 tonnes
/ - 000 tons
-
-
425
-
-
-
469
-
Stripping ratio
- t (mined total-mined ore) / t mined ore
-
-
-
-
-
-
-
-
Yield
- g/t
/ - oz/t
-
-
0.56
-
-
-
0.016
-
Gold in ore
- kg
/ - oz (000)
-
-
237
-
-
-
8
-
Gold produced
- kg
/ - oz (000)
-
-
237
-
-
-
8
-
TOTAL
Yield
1
- g/t
/ - oz/t
4.41
4.16
4.05
4.46
0.129
0.121
0.118
0.130
Gold produced
- kg
/ - oz (000)
2,607
2,851
2,916
8,585
84
92
94
276
Gold sold
- kg
/ - oz (000)
2,941
2,781
2,916
8,761
95
89
94
282
Price received
- R/kg
/ - $/oz
- sold
141,230
137,330
109,146
138,997
620
605
474
607
Total cash costs
- R/kg
/ - $/oz
- produced
116,705
102,805
89,549
103,170
513
452
388
450
Total production costs
- R/kg
/ - $/oz
- produced
161,978
136,780
134,636
141,126
712
601
584
616
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
345
334
221
335
11.09
10.75
7.10
10.77
Actual
- g
/ - oz
173
181
165
186
5.55
5.82
5.32
5.97
FINANCIAL RESULTS (MILLION)
Gold income
Gold income
403
362
261
1,179
57
51
36
166
Cost of sales
468
372
402
1,222
66
53
56
172
Cash operating costs
290
278
246
838
41
39
34
118
Other cash costs
15
16
15
47
2
2
2
7
Total cash costs
304
293
261
886
43
41
36
124
Retrenchment costs
19
-
-
19
3
-
-
3
Rehabilitation and other non-cash costs
5
4
9
16
1
1
1
2
Production costs
328
297
270
921
46
42
38
129
Amortisation of tangible assets
94
93
123
291
13
13
17
41
Inventory change
45
(18)
9
11
6
(2)
2
2
(64)
(10)
(141)
(43)
(9)
(1)
(20)
(6)
Realised non-hedge derivatives
12
20
57
39
2
3
8
5
(52)
10
(84)
(4)
(7)
1
(12)
(1)
Capital expenditure
130
198
140
510
18
28
19
72
1
Total yield represents underground operations.
Rounding of figures may result in computational discrepancies.
Rand / Metric
Dollar / Imperial
Gross (loss) profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
Guinea
Quarter
Quarter
Quarter Nine months
Quarter
Quarter
Quarter Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
SIGUIRI - Attributable 85%
OPERATING RESULTS
OPEN-PIT OPERATION
Mined
OPERATING RESULTS
OPEN-PIT OPERATION
Mined
- 000 tonnes
/ - 000 tons
4,134
4,973
3,915
13,394
4,557
5,481
4,315
14,765
Treated
- 000 tonnes
/ - 000 tons
2,008
1,981
1,714
6,125
2,213
2,184
1,889
6,752
Stripping ratio
- t (mined total-mined ore) / t mined ore
0.66
0.66
1.08
0.77
0.66
0.66
1.08
0.77
Yield
- g/t
/ - oz/t
0.94
1.01
1.09
1.00
0.027
0.029
0.032
0.029
Gold produced
- kg
/ - oz (000)
1,886
1,992
1,862
6,148
61
64
60
198
HEAP LEACH OPERATION
Gold produced
Gold produced
- kg
/ - oz (000)
-
-
79
-
-
-
3
-
TOTAL
Yield
1
- g/t
/ - oz/t
0.94
1.01
1.09
1.00
0.027
0.029
0.032
0.029
Gold produced
- kg
/ - oz (000)
1,886
1,992
1,940
6,148
61
64
62
198
Gold sold
- kg
/ - oz (000)
1,883
1,944
1,755
6,107
61
63
56
196
Price received
- R/kg
/ - $/oz
- sold
140,365
136,493
115,096
139,531
616
601
502
608
Total cash costs
- R/kg
/ - $/oz
- produced
117,785
113,624
100,179
108,635
518
500
435
475
Total production costs
- R/kg
/ - $/oz
- produced
144,592
137,738
129,505
134,067
636
607
562
586
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
298
299
463
292
9.57
9.61
14.88
9.39
Actual
- g
/ - oz
451
474
494
497
14.49
15.23
15.88
15.98
FINANCIAL RESULTS (MILLION)
Gold income
Gold income
256
252
173
827
36
36
24
116
Cost of sales
268
265
226
820
38
38
32
115
Cash operating costs
186
189
143
547
26
27
20
77
Other cash costs
36
37
51
121
5
5
7
17
Total cash costs
222
226
194
668
31
32
27
94
Rehabilitation and other non-cash costs
-
-
1
1
-
-
-
-
Production costs
222
227
196
669
31
32
27
94
Amortisation of tangible assets
50
48
55
155
7
7
8
22
Inventory change
(4)
(10)
(25)
(5)
(1)
(1)
(3)
(1)
(12)
(13)
(53)
7
(2)
(2)
(7)
1
Realised non-hedge derivatives
8
13
29
26
1
2
4
4
(4)
1
(24)
33
(1)
-
(3)
4
Capital expenditure
48
32
22
92
7
5
3
13
1
Total yield excludes the heap leach operation.
Rounding of figures may result in computational discrepancies.
Rand / Metric
Dollar / Imperial
Gross (loss) profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
Mali
Quarter
Quarter
Quarter Nine months
Quarter
Quarter
Quarter Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
MORILA - Attributable 40%
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined
- 000 bcm
/ - 000 bcy
1,020
827
700
2,577
1,334
1,082
915
3,371
Mined
- 000 tonnes
/ - 000 tons
2,706
2,152
1,945
6,864
2,983
2,372
2,144
7,566
Treated
- 000 tonnes
/ - 000 tons
412
421
403
1,255
454
464
444
1,383
Stripping ratio
- t (mined total-mined ore) / t mined ore
3.20
5.80
2.85
4.15
3.20
5.80
2.85
4.15
Yield
- g/t
/ - oz/t
3.94
2.57
3.85
3.18
0.115
0.075
0.112
0.093
Gold produced
- kg
/ - oz (000)
1,624
1,080
1,551
3,989
52
35
50
128
Gold sold
- kg
/ - oz (000)
1,432
1,057
1,520
3,822
46
34
49
123
Price received
- R/kg
/ - $/oz
- sold
141,792
135,966
142,018
139,418
622
600
622
608
Total cash costs
- R/kg
/ - $/oz
- produced
69,420
93,093
64,107
80,207
305
410
278
350
Total production costs
- R/kg
/ - $/oz
- produced
85,814
110,034
84,277
97,049
377
484
366
424
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
1,449
975
2,477
1,178
46.60
31.34
79.65
37.87
Actual
- g
/ - oz
1,084
714
1,178
884
34.87
22.97
37.87
28.42
FINANCIAL RESULTS (MILLION)
Gold income
Gold income
203
144
216
533
29
20
30
75
Cost of sales
136
114
120
381
19
16
17
53
Cash operating costs
95
89
84
276
13
13
12
39
Other cash costs
18
12
15
44
2
2
2
6
Total cash costs
113
101
99
320
16
14
14
45
Rehabilitation and other non-cash costs
-
1
1
1
-
-
-
-
Production costs
113
101
100
321
16
14
14
45
Amortisation of tangible assets
27
18
31
66
4
3
4
9
Inventory change
(4)
(5)
(11)
(6)
(1)
(1)
(1)
(1)
67
30
96
152
9
4
14
21
Realised non-hedge derivatives
-
-
-
-
-
-
-
-
67
30
96
152
9
4
14
21
Capital expenditure
-
1
-
2
-
-
-
-
Rounding of figures may result in computational discrepancies.
Rand / Metric
Dollar / Imperial
Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
Mali
Quarter
Quarter
Quarter Nine months
Quarter
Quarter
Quarter Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
SADIOLA - Attributable 38%
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined
- 000 bcm
/ - 000 bcy
937
1,495
996
3,887
1,226
1,955
1,302
5,084
Mined
- 000 tonnes
/ - 000 tons
1,892
2,845
1,984
7,624
2,086
3,136
2,187
8,404
Treated
- 000 tonnes
/ - 000 tons
373
398
502
1,162
411
439
553
1,281
Stripping ratio
- t (mined total-mined ore) / t mined ore
4.38
2.94
4.18
3.80
4.38
2.94
4.18
3.80
Yield
- g/t
/ - oz/t
2.92
2.63
2.85
2.68
0.085
0.077
0.083
0.078
Gold produced
- kg
/ - oz (000)
1,089
1,048
1,430
3,114
35
34
46
100
Gold sold
- kg
/ - oz (000)
991
1,086
1,498
3,257
32
35
48
105
Price received
- R/kg
/ - $/oz
- sold
141,708
136,269
142,917
138,921
622
601
625
606
Total cash costs
- R/kg
/ - $/oz
- produced
91,138
91,710
63,739
94,376
400
404
278
412
Total production costs
- R/kg
/ - $/oz
- produced
98,965
99,421
79,042
102,117
435
438
344
446
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
1,108
1,164
2,066
1,153
35.63
37.42
66.41
37.07
Actual
- g
/ - oz
763
745
1,339
731
24.54
23.96
43.03
23.49
FINANCIAL RESULTS (MILLION)
Gold income
Gold income
140
148
214
452
20
21
30
64
Cost of sales
99
107
115
327
14
15
16
46
Cash operating costs
87
85
76
258
12
12
11
36
Other cash costs
12
12
15
36
2
2
2
5
Total cash costs
99
96
91
294
14
14
13
41
Rehabilitation and other non-cash costs
-
-
(1)
1
-
-
-
-
Production costs
100
96
90
295
14
14
13
41
Amortisation of tangible assets
8
8
23
23
1
1
3
3
Inventory change
(9)
3
2
9
(1)
-
-
1
41
41
99
125
6
6
14
18
Realised non-hedge derivatives
-
-
-
-
-
-
-
-
41
41
99
125
6
6
14
18
Capital expenditure
7
6
4
19
1
1
1
3
Rounding of figures may result in computational discrepancies.
Rand / Metric
Dollar / Imperial
Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
Mali
Quarter
Quarter
Quarter Nine months
Quarter
Quarter
Quarter Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
YATELA - Attributable 40%
OPERATING RESULTS
HEAP LEACH OPERATION
Mined
OPERATING RESULTS
HEAP LEACH OPERATION
Mined
- 000 tonnes
/ - 000 tons
1,251
1,703
1,417
4,644
1,379
1,877
1,562
5,119
Placed
1
- 000 tonnes
/ - 000 tons
259
337
267
883
286
371
295
973
Stripping ratio
- t (mined total-mined ore) / t mined ore
7.44
7.45
12.80
7.83
7.44
7.45
12.80
7.83
Yield
2
- g/t
/ - oz/t
2.66
5.14
2.97
3.80
0.078
0.150
0.087
0.111
Gold placed
3
- kg
/ - oz (000)
690
1,732
793
3,354
22
56
25
108
Gold produced
- kg
/ - oz (000)
936
1,036
1,048
3,065
30
33
34
99
Gold sold
- kg
/ - oz (000)
896
996
1,079
3,093
29
32
35
99
Price received
- R/kg
/ - $/oz
- sold
140,352
137,924
141,828
139,092
617
607
620
607
Total cash costs
- R/kg
/ - $/oz
- produced
87,055
52,961
53,712
62,295
383
232
234
272
Total production costs
- R/kg
/ - $/oz
- produced
95,212
60,858
93,736
73,893
419
267
398
323
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
1,151
1,166
1,231
1,185
37.00
37.49
39.58
38.09
Actual
- g
/ - oz
1,091
1,335
1,455
1,292
35.07
42.92
46.78
41.54
FINANCIAL RESULTS (MILLION)
Gold income
Gold income
126
137
153
430
18
19
22
60
Cost of sales
84
61
98
227
12
9
13
32
Cash operating costs
71
44
46
157
10
6
6
22
Other cash costs
11
11
11
34
1
1
2
5
Total cash costs
81
55
56
191
12
8
8
27
Rehabilitation and other non-cash costs
1
1
4
2
-
-
1
-
Production costs
82
56
60
193
12
8
8
27
Amortisation of tangible assets
7
7
38
33
1
1
5
5
Inventory change
(5)
(2)
-
-
(1)
-
-
-
42
76
55
203
6
11
8
28
Realised non-hedge derivatives
-
-
-
-
-
-
-
-
42
76
55
203
6
11
8
28
Capital expenditure
3
5
2
13
-
1
-
2
1
Tonnes / Tons placed on to leach pad.
2
Gold placed / tonnes (tons) placed.
3
Gold placed into leach pad inventory.
Rounding of figures may result in computational discrepancies.
Rand / Metric
Dollar / Imperial
Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
Namibia
Quarter
Quarter
Quarter Nine months
Quarter
Quarter
Quarter Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
NAVACHAB
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined
- 000 bcm
/ - 000 bcy
698
685
841
2,195
913
896
1,101
2,871
Mined
- 000 tonnes
/ - 000 tons
1,757
1,729
2,096
5,508
1,937
1,906
2,310
6,071
Treated
- 000 tonnes
/ - 000 tons
390
401
413
1,209
430
442
455
1,333
Stripping ratio
- t (mined total-mined ore) / t mined ore
4.27
4.16
10.09
4.60
4.27
4.16
10.09
4.60
Yield
- g/t
/ - oz/t
1.64
1.55
1.72
1.55
0.048
0.045
0.050
0.045
Gold produced
- kg
/ - oz (000)
638
621
711
1,872
21
20
23
60
Gold sold
- kg
/ - oz (000)
621
641
695
1,937
20
21
22
62
Price received
- R/kg
/ - $/oz
- sold
139,562
137,429
143,884
138,576
613
605
627
605
Total cash costs
- R/kg
/ - $/oz
- produced
97,908
79,443
58,677
87,704
431
349
255
383
Total production costs
- R/kg
/ - $/oz
- produced
114,364
95,850
74,494
104,071
503
421
324
454
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
503
499
799
494
16.19
16.05
25.70
15.88
Actual
- g
/ - oz
446
621
769
550
14.34
19.96
24.71
17.68
FINANCIAL RESULTS (MILLION)
Gold income
Gold income
87
88
100
268
12
12
14
38
Cost of sales
71
62
54
198
10
9
8
28
Cash operating costs
59
46
41
154
8
6
6
22
Other cash costs
3
3
1
10
-
-
-
1
Total cash costs
62
49
42
164
9
7
6
23
Rehabilitation and other non-cash costs
-
-
-
-
-
-
-
-
Production costs
62
49
42
164
9
7
6
23
Amortisation of tangible assets
10
10
11
31
1
1
2
4
Inventory change
(2)
2
1
3
-
-
-
-
16
26
46
71
2
4
6
10
Realised non-hedge derivatives
-
-
-
-
-
-
-
-
16
26
46
71
2
4
6
10
Capital expenditure
10
6
5
19
1
1
1
3
Rounding of figures may result in computational discrepancies.
Rand / Metric
Dollar / Imperial
Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
Tanzania
Quarter
Quarter
Quarter Nine months
Quarter
Quarter
Quarter Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
GEITA
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined
OPEN-PIT OPERATION
Volume mined
- 000 bcm
/ - 000 bcy
6,241
6,332
6,610
17,724
8,164
8,283
8,646
23,183
Mined
- 000 tonnes
/ - 000 tons
16,420
16,432
16,618
46,747
18,100
18,113
18,318
51,529
Treated
- 000 tonnes
/ - 000 tons
1,341
1,155
1,545
3,835
1,479
1,273
1,703
4,228
Stripping ratio
- t (mined total-mined ore) / t mined ore
12.29
11.33
11.33
11.40
12.29
11.33
11.33
11.40
Yield
- g/t
/ - oz/t
2.54
2.21
1.48
2.18
0.074
0.065
0.043
0.064
Gold produced
- kg
/ - oz (000)
3,401
2,553
2,280
8,366
109
82
73
269
Gold sold
- kg
/ - oz (000)
3,384
2,340
2,020
8,145
109
75
65
262
Price received
- R/kg
/ - $/oz
- sold
141,973
138,059
142,005
139,939
623
607
619
611
Total cash costs
- R/kg
/ - $/oz
- produced
91,263
76,486
124,644
90,180
401
337
540
394
Total production costs
- R/kg
/ - $/oz
- produced
117,895
110,139
163,321
119,999
518
485
706
525
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
884
853
1,125
787
28.41
27.41
36.17
25.31
Actual
- g
/ - oz
555
433
382
453
17.84
13.92
12.27
14.55
FINANCIAL RESULTS (MILLION)
Gold income
Gold income
307
167
181
668
43
24
25
94
Cost of sales
386
242
337
978
55
34
47
137
Cash operating costs
289
180
270
702
41
26
38
99
Other cash costs
16
11
11
37
2
2
2
5
Total cash costs
305
191
282
739
43
27
39
104
Rehabilitation and other non-cash costs
-
-
3
-
-
-
-
-
Production costs
305
191
284
739
43
27
40
104
Amortisation of tangible assets
91
86
86
249
13
12
12
35
Inventory change
(9)
(34)
(32)
(11)
(1)
(5)
(4)
(2)
(80)
(75)
(156)
(310)
(11)
(11)
(22)
(44)
Realised non-hedge derivatives
174
156
105
472
25
22
15
66
94
81
(51)
162
13
11
(7)
23
Capital expenditure
50
34
198
108
7
5
29
15
Rounding of figures may result in computational discrepancies.
Rand / Metric
Dollar / Imperial
Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
USA
Quarter
Quarter
Quarter Nine months
Quarter
Quarter
Quarter Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2007
2007
2006
2007
2007
2007
2006
2007
CRIPPLE CREEK & VICTOR J.V.
OPERATING RESULTS
HEAP LEACH OPERATION
Mined
HEAP LEACH OPERATION
Mined
- 000 tonnes
/ - 000 tons
12,042
12,139
12,883
36,217
13,274
13,381
14,201
39,922
Placed
1
- 000 tonnes
/ - 000 tons
5,311
5,280
5,446
15,455
5,854
5,821
6,003
17,036
Stripping ratio
- t (mined total-mined ore)
/ t mined ore
/ t mined ore
1.13
1.47
1.52
1.39
1.13
1.47
1.52
1.39
Yield
2
- g/t
/ - oz/t
0.52
0.50
0.65
0.53
0.015
0.015
0.019
0.015
Gold placed
3
- kg
/ - oz (000)
2,774
2,638
3,518
8,150
89
85
113
262
Gold produced
- kg
/ - oz (000)
1,866
2,142
2,143
5,988
60
69
69
193
Gold sold
- kg
/ - oz (000)
2,022
2,015
2,183
5,928
65
65
70
191
Price received
- R/kg
/ - $/oz
- sold
141,641
138,455
87,671
139,984
624
609
379
612
Total cash costs
4
- R/kg
/ - $/oz
- produced
70,059
56,679
55,821
60,676
308
249
243
265
Total production costs
- R/kg
/ - $/oz
- produced
94,979
78,462
78,428
83,910
418
345
342
367
PRODUCTIVITY PER EMPLOYEE
Target
Target
- g
/ - oz
2,529
2,467
2,991
2,384
81.33
79.32
96.15
76.64
Actual
- g
/ - oz
1,796
2,511
2,151
1,972
57.74
80.72
69.16
63.39
FINANCIAL RESULTS (MILLION)
Gold income
Gold income
185
187
156
533
26
26
22
75
Cost of sales
177
168
168
502
25
24
24
71
Cash operating costs
206
178
185
567
29
25
26
80
Other cash costs
8
5
3
19
1
1
-
3
Total cash costs
214
183
188
586
30
26
26
82
Rehabilitation and other non-cash costs
3
3
4
9
-
-
1
1
Production costs
217
186
192
595
31
26
27
84
Amortisation of tangible assets
58
53
58
168
8
8
8
24
Inventory change
(98)
(71)
(82)
(260)
(14)
(10)
(11)
(37)
8
19
(12)
31
1
3
(2)
4
Realised non-hedge derivatives
102
92
36
297
14
13
5
42
109
111
23
327
15
16
3
46
Capital expenditure
54
26
17
128
8
4
2
18
1
Tonnes / Tons placed onto leach pad.
2
Gold placed / tonnes (tons) placed.
3
Gold placed into leach pad inventory.
4
Total cash cost calculation includes inventory change.
Rounding of figures may result in computational discrepancies.
Rand / Metric
Dollar / Imperial
Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
Certain statements contained in this document, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations
regarding gold prices and production, the completion and commencement of commercial operations of certain of AngloGold Ashanti’s exploration and production
projects, and its liquidity and capital resources and expenditure, contain certain forward-looking statements regarding AngloGold Ashanti’s operations, economic
performance and financial condition. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking
statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory
environment and other government actions, fluctuations in gold prices and exchange rates, and business and operational risk management. AngloGold Ashanti
undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of the annual
report on Form 20-F or to reflect the occurrence of unanticipated events. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or
any person acting on its behalf are qualified by the cautionary statements herein. For a discussion on such risk factors, refer to AngloGold Ashanti's annual report on
Form 20-F for the year ended 31 December 2006 dated 06 July 2007, which was filed with the Securities and Exchange Commission (SEC) on 09 July 2007.
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 2006 dated 06 July 2007, which was filed with the Securities and Exchange Commission (SEC) on 09 July 2007.
Administrative
information
ANGLO GOLD ASHANTI
LIMITED
Registration No. 1944/017354/06
Incorporated in the Republic of South
Africa
Incorporated in the Republic of South
Africa
Share codes:
ISIN: ZAE000043485
JSE:
JSE:
ANG
LSE:
AGD
NYSE:
AU
ASX:
AGG
GhSE (Shares):
AGA
GhSE (GhDS):
AAD
Euronext Paris:
VA
Euronext Brussels:
ANG
JSE Sponsor:
UBS
Auditors:
Ernst & Young
Offices
Registered and Corporate
76 Jeppe Street
Newtown 2001
(PO Box 62117, Marshalltown 2107)
South Africa
Telephone: +27 11 637 6000
Fax: +27 11 637 6624
Newtown 2001
(PO Box 62117, Marshalltown 2107)
South Africa
Telephone: +27 11 637 6000
Fax: +27 11 637 6624
Australia
Level 13, St Martins Tower
44 St George's Terrace
Perth, WA 6000
(PO Box Z5046, Perth WA 6831)
Australia
Telephone: +61 8 9425 4602
Fax: +61 8 9425 4662
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
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
St James's Corporate Services Limited
6 St James's Place
London SW1A 1NP
England
Telephone: +44 20 7499 3916
Fax: +44 20 7491 1989
E-mail: jane.kirton@corpserv.co.uk
Directors
Executive
M Cutifani
M Cutifani
~
(Chief Executive Officer)
N F Nicolau
S Venkatakrishnan *
S Venkatakrishnan *
Non-Executive
R P Edey * (Chairman)
Dr T J Motlatsi (Deputy Chairman)
F B Arisman
R P Edey * (Chairman)
Dr T J Motlatsi (Deputy Chairman)
F B Arisman
#
R E
Bannerman ##
Mrs E le R Bradley
J H Mensah ##
W A Nairn
Prof W L Nkuhlu
S M Pityana
S R Thompson *
Mrs E le R Bradley
J H Mensah ##
W A Nairn
Prof W L Nkuhlu
S M Pityana
S R Thompson *
* British
#
American
##Ghanaian
~ Australian
Officers
Managing Secretary: Ms Y Z Simelane
Company Secretary: Ms L Eatwell
Managing Secretary: Ms Y Z Simelane
Company Secretary: Ms L Eatwell
Contacts
Charles Carter
Telephone: +27 11 637 6385
Fax: +27 11 637 6400
E-mail: cecarter@AngloGoldAshanti.com
Telephone: +27 11 637 6385
Fax: +27 11 637 6400
E-mail: cecarter@AngloGoldAshanti.com
Himesh Persotam
Telephone: +27 11 637 6647
Fax: +27 11 637 6400
E-mail:
hpersotam@AngloGoldAshanti.com
Telephone: +27 11 637 6647
Fax: +27 11 637 6400
E-mail:
hpersotam@AngloGoldAshanti.com
General E-mail enquiries
investors@AngloGoldAshanti.com
investors@AngloGoldAshanti.com
AngloGold Ashanti website
http://www.AngloGoldAshanti.com
http://www.AngloGoldAshanti.com
PRINTED BY INCE (PTY) LIMITED
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
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
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
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
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
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
SM
BoNY maintains a direct share purchase
and dividend reinvestment plan for
ANGLO GOLD ASHANTI.
Telephone: +1-888-BNY-ADRS
BoNY maintains a direct share purchase
and dividend reinvestment plan for
ANGLO GOLD ASHANTI.
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: November 1, 2007,
By:
/s/ L Eatwell
Name:
L Eatwell
Title: Company Secretary
Title: Company Secretary