TIDMAGD
Report to shareholders
for the quarter and year ended 31 December 2010
Group results for the quarter....
Adjusted headline earnings, excluding accelerated hedge buy-back costs, $294m.
Hedge book eliminated, giving full exposure to gold price from 7 October.
Net debt of $1.3bn, better than pro-forma guidance due to robust cash
generation.
Production of 1.148Moz at a total cash cost of $672/oz; both improved on
guidance.
Strong performances from West Wits, Cerro Vanguardia and Siguiri.
Australasia region delivers strong performance of 102,000oz, with significant
cost improvement.
Uranium production of 374,000lbs.
Tropicana project approved for development after successful feasibility study.
Strong safety performance in fourth quarter with no fatal accidents.
For the year....
Adjusted headline earnings, excluding accelerated hedge buy-back costs, $787m.
Production of 4.52Moz at a total cash cost of $638/oz; within exchange-rate
adjusted guidance.
Uranium production of 1.46Mlbs on continued strong grade and recovery
performance.
Geita, Cripple Creek and South Africa turnarounds successfully executed.
Final dividend of 80 South African cents per share (approximately 11 US cents
per share), declared, resulting in a total dividend of 145 South African cents
per share (approximately 20 US cents per share) for the 2010 year.
Quarter Year Quarter Year
ended ended ended ended ended ended ended ended
Dec Sep Dec Dec Dec Sep Dec Dec
2010 2010 2010 2009 2010 2010 2010 2009
SA rand / Metric US dollar / Imperial
Operating
review
Gold
Produced - kg / oz (000) 35,703 36,129 140,418 143,049 1,148 1,162 4,515 4,599
Price
received - R/kg / $/oz 99,671 (47,750) 135,862 201,805 452 (239) 561 751
Price
received
excluding
hedge
buy-back
costs - R/kg / $/oz 303,454 267,707 271,018 246,048 1,372 1,141 1,159 925
Total
cash costs - R/kg / $/oz 148,474 151,007 149,577 136,595 672 643 638 514
Total
production
costs - R/kg / $/oz 201,465 187,695 190,889 171,795 912 800 816 646
Financial
review
Adjusted
gross (loss)
profit - Rm / $m (3,718) (8,670) (8,027) 3,686 (540) (1,229) (1,191) 412
Adjusted
gross profit
excluding
hedge
buy-back
costs - Rm / $m 3,598 2,969 10,927 10,001 522 408 1,507 1,209
Profit
(loss)
attributable
to equity
shareholders - Rm / $m 404 443 637 (2,762) 56 51 76 (320)
- cents/share 105 120 171 (765) 15 14 20 (89)
Adjusted
headline
loss - Rm / $m (5,263) (8,389) (12,210) (211) (764) (1,184) (1,758) (50)
- cents/share (1,368) (2,277) (3,283) (58) (199) (321) (473) (14)
Adjusted
headline
earnings
excluding
hedge
buy-back
costs - Rm / $m 2,026 2,184 5,652 5,795 294 303 787 708
- cents/share 527 593 1,520 1,604 76 82 212 196
Cash flow
from
operating
activities
excluding
hedge
buy-back
costs - Rm / $m 5,076 3,238 12,603 10,096 679 424 1,669 1,299
Capital
expenditure - Rm / $m 2,572 1,855 7,413 8,726 365 253 1,015 1,027
$ represents US dollar, unless otherwise stated.
Rounding of figures may result in computational discrepancies.
Operations at a glance
for the quarter ended 31 December 2010
Adjusted
Production Total cash costs gross profit (loss)
excluding hedge
buy-back costs
oz (000) % Variance 1 $/oz % Variance 1 $m $m Variance 1
SOUTH AFRICA 476 - 616 4 239 50
Great Noligwa 34 (6) 915 7 6 3
Kopanang 78 (1) 658 (1) 33 11
Moab Khotsong 76 (8) 669 22 16 (7)
Tau Lekoa - (100) - (100) - (1)
Mponeng 143 4 485 2 106 22
Savuka 11 38 885 16 4 2
TauTona 81 14 645 (12) 33 19
Surface Operations 52 (2) 536 28 42 4
CONTINENTAL AFRICA 374 - 790 9 141 32
Ghana
Iduapriem 58 2 746 30 25 3
Obuasi 66 (12) 949 14 10 6
Guinea
Siguiri - Attributable 85% 71 15 687 (2) 44 19
Mali
Morila - Attributable 40% 2 24 4 760 (4) 14 5
Sadiola - Attributable 41% 2 29 (3) 783 26 15 (1)
Yatela - Attributable 40% 2 9 (10) 1,386 4 (3) (1)
Namibia
Navachab 28 22 748 - 17 10
Tanzania
Geita 90 (3) 749 6 26 1
Non-controlling interests, exploration
and other (5) (9)
AUSTRALASIA 102 10 894 (16) 41 46
Australia
Sunrise Dam 102 10 860 (19) 44 49
Exploration and other (4) (4)
AMERICAS 196 (10) 465 7 125 (9)
Argentina
Cerro Vanguardia - Attributable 92.50% 50 4 357 (5) 39 13
Brazil
AngloGold Ashanti Brasil Mineração 85 (9) 460 11 32 (23)
Serra Grande - Attributable 50% 19 (5) 509 9 13 3
United States of America
Cripple Creek & Victor 42 (25) 558 13 27 (2)
Non-controlling interests, exploration
and other 14 -
OTHER 2 (2)
Sub-total 1,148 (1) 672 5 548 117
Equity accounted investments included above (26) (3)
AngloGold Ashanti 522 114
1 Variance December 2010 quarter on September 2010 quarter - increase
(decrease).
2 Equity accounted joint ventures.
Rounding of figures may result in computational discrepancies.
Financial and Operating Report
OVERVIEW FOR THE QUARTER
FINANCIAL AND CORPORATE REVIEW
As previously announced, AngloGold Ashanti eliminated its hedge book on 7
October 2010, ending the contractual sale of a portion of its production at
discounts to market prices. The company now has full exposure to the price of
gold, which increases its potential for cash-flow generation and earnings. Of
the $2.64bn spent to undertake this final restructuring of the hedge book,
which straddled September and October, $1.58bn was spent in the third quarter
and the remaining $1.06bn in October of the fourth quarter.
Turning to the balance sheet, strong cash generation during the quarter and the
year left the company with a net debt level (excluding the mandatory
convertible bonds) of $1.3bn, better than guidance of $1.7bn given on 11
November. Debt maturities are well spread and range from three to 30 years.
Adjusted headline earnings, excluding the hedge buy-back and related costs,
were $294m, or 76 US cents a share, compared with $303m, or 82 US cents the
previous quarter. The result is especially significant, given that the third
quarter earnings were boosted by a once-off tax credit of $82m. The company
generated cash flow from operations, excluding hedge buy back costs, of $679m.
After taking account of the hedge buy back costs, the company posted an
adjusted headline loss of $764m for the quarter and a profit attributable to
ordinary shareholders of $56m.
OPERATING RESULTS
Production and total cash costs for the three months to 31 December were both
within the guidance set by the company. Production over the period was
1.148Moz, following the sale of the Tau Lekoa mine, compared to 1.162Moz the
previous quarter. Total cash costs rose 5% to $672/oz, during a quarter again
characterized by significant appreciation in the Brazilian real, the Australian
dollar and the South African rand. Strong production performances were
delivered by several key operations, including the West Wits mines in South
Africa, Sunrise Dam in Australia, Siguiri in Guinea, Navachab in Namibia and
Cerro Vanguardia in Argentina. Uranium production was 374,000lbs, compared to
389,000lbs in the third quarter.
Guidance for the fourth quarter was 1.14Moz at a total cash cost of $675/oz,
assuming an average exchange rate of R6.75/$ and $640/oz assuming a weaker rand
at R7.25/$. This compares to an average realised exchange rate of R6.88/$ over
the quarter.
SAFETY
AngloGold Ashanti delivered a fatality free performance for only the second
time in the company's history. This demonstrates not only the strides made in
changing working practices and attitudes toward safety by every member in the
organisation, but also the possibility to work safely at depth. This
achievement provides powerful motivation to redouble efforts to eliminate
injuries from the workplace. The all-injury frequency rate ended the year at
11.5 per million hours worked - an improvement of 11% on the level of 2009.
AngloGold is in the process of implementing a new procedure for accident
investigation and incident management, as well as an electronic Workplace
Management Reporting System (WMRS) across all operations to improve incident
analysis. This will create a platform from which specific initiatives can be
developed to drive further improvements in safety.
OPERATING REVIEW
The South Africa operations produced 476,000oz at a total cash cost of $616/oz
in the fourth quarter of 2010, compared with 478,000oz at a total cash cost of
$594/oz the previous quarter. The performance was driven by another strong set
of results from the core operations, with rand-denominated costs improving by
2% from the previous quarter as management continued to focus on improving
safety and productivity. The success of the business improvement interventions
made in the region are evident in overall productivity figures for AngloGold
Ashanti's South African mines, which are 14% higher in the fourth quarter,
compared with the same period in 2009. At the West Wits operations, Mponeng,
the company's largest mine, output increased by 4% to 143,000oz due to
increased tonnages resulting from fewer safety related stoppages and improved
tramming efficiencies. The neighbouring TauTona mine delivered a 14% rise in
production to 81,000oz, driven by improved grade from higher face values,
together with increased flexibility across its high grade areas. At the Vaal
River operations, production from Moab Khotsong declined by 8% to 76,000oz due
to grade challenges arising from ore dilution and the overall mining mix.
Costs rose 22% to $669/oz. Following a successful effort in returning Great
Noligwa to profitability, production declined 6% to 34,000oz because of an
increase in off-reef mining necessitated by the geological structure
encountered during the period. Kopanang's output was marginally lower at
78,000oz as lower volumes were mined. The Surface operations, which replaced
Tau Lekoa feed with marginal ore, had a 2% decrease in production to 52,000oz.
The Continental Africa operations produced 374,000oz at a total cash cost of
$790/oz in the fourth quarter of 2010, compared with 373,000oz at a total cash
cost of $725/oz the previous quarter. Geita's production declined by 3% to
90,000oz mainly due to fewer tons of higher grade material processed compared
with the previous quarter, although this was partly offset by an increase in
overall tonnage throughput. Total cash costs increased by 6% to $749/oz.
Production from Iduapriem rose 2% to 58,000oz following improvements to plant
availability and utilisation, which offset lower grade. The 30% rise in cash
costs followed an increase in the 2010 electricity tariff which was effected in
the fourth quarter.
At Obuasi, the high level taskforce appointed in November, started work to
define the long-term turnaround strategy for the operation, which continued to
be challenged by poor blasting fragmentation and restricted ore passes, in
addition to an unplanned plant shutdown for maintenance on the tailings
facility. Production declined by 12% to 66,000oz and costs, also impacted by
the higher power price, rose 14% to $949/oz. In Guinea, Siguiri's production
rose by 15% to 71,000oz as conveyor belt modifications and consistent feed of
dry ore drove higher tonnage throughput. Total cash costs decreased by 2% to
$687/oz. Mali continued to deliver strong operational free cashflow to the
business. Production from Morila rose 4% to 24,000oz at an improved total cash
cost of $760/oz. At Yatela, output fell 10% to 9,000oz due to the lower grade
ore stacked during previous periods. Lower recovered grade at Sadiola led to a
3% drop in production to 29,000oz. Costs increased by 26% to $783/oz as new
sources of ore were accessed. In Namibia, Navachab's production jumped by 22%
to 28,000oz as higher-grade ore was mined from the base of the pit, along with
higher overall tonnages and improved performance from the operations at the
bottom of the main pit and the benefits of the dense-media-separator (DMS
plant).
The Americas operations produced 196,000oz at a total cash cost of $465/oz in
the fourth quarter of 2010, compared with 218,000oz at a total cash cost of
$433/oz the previous quarter. Cerro Vanguardia, in Argentina, delivered yet
another strong operating quarter with a 4% rise in production to 50,000oz due
to an increase in tonnages mined. Silver credits and the weaker peso helped
offset higher fuel consumption and accelerating inflation in Argentina with
total cash costs dropping 5% to $357/oz. At Cripple Creek & Victor in the
United States, production fell by 25% as planned, to 42,000oz due to stacking
ore on higher sections of the pad. Cash cost rose 13% to $558/oz. At
AngloGold Ashanti Brasil Mineração, production was 9% lower at 85,000oz due to
lower grades and a drop in tonnages caused by the performance of the Cuiabá
fleet and geomechanical problems which affected the Queiroz plant. The 11%
increase in cash costs to $460/oz reflects the stronger real as well as higher
maintenance costs and lower by-product credits. Serra Grande's production was
5% lower at 19,000oz reflecting lower grades as expected, while costs climbed
9%.
Australasia produced 102,000oz at a total cash cost of $894/oz in the fourth
quarter of 2010, compared with 93,000oz at a total cash cost of $1,064/oz the
previous quarter. Sunrise Dam, the only operating mine in the region,
delivered a significant increase in both ore tonnage and grades from the
underground section of the operation. The economies of scale achieved helped
drive down unit costs. Total cash costs improved 16% from the previous quarter
which included a lower non-cash deferred stripping charge of $160/oz.
PROJECTS
AngloGold Ashanti incurred capital expenditure of $365m during the quarter, of
which $95m was spent on growth projects. Of the growth-related capital, $54m
was spent in the Americas, $14m was spent in Continental Africa, $3m in
Australasia and $23m in South Africa.
Detailed engineering work for the refurbishment of the São Bento plant, at the
Córrego do SÃtio project in Brazil's Minas Gerais state, remains on schedule.
Manufacturing of the autoclave was also completed on schedule and the unit was
delivered in January 2011. Mine stopes and underground infrastructure were
completed on time in preparation for the beginning of ramp-up activities in
December. The Lamego mine reached full production at the end of the fourth
quarter as planned, with completion of the main surface facilities expected at
the end of April 2011. Of the 11,884m drilled at AngloGold Ashanti Córrego do
SÃtio Mineraçáo, the majority was at Córrego do SÃtio II.
In the Democratic Republic of Congo, significant progress was made on the
Kibali joint venture, operated by AngloGold Ashanti's joint venture partner
Randgold Resources. The project team has largely been assembled, with the
appointments of the project manager, construction manager, cost engineer and
financial controller. Good progress has been made on determining the
hydropower strategy, with environmental impact assessments now underway, while
procurement of items necessary for site establishment started ahead of
schedule. Road infrastructure critical to development of the project, was
completed, including a network of 28km in the site and surrounding communities
and the 179km stretch between the towns of Aru and Doko, a key staging point
for Kibali's construction. The commute between these communities, which in the
past could take several days during the rainy season, has been cut to three
hours.
Work continued on completion of a feasibility study on the Mongbwalu project,
which is due for submission to the boards of AngloGold Ashanti and Okimo, the
DRC's state-owned gold company and the 13.78% partner on the project, during
the first quarter of 2011.
In Australia, the bankable feasibility study for the Tropicana project was
completed, presented to the joint venture partners AngloGold Ashanti (70%) and
Independence Group NL (30%), and approved by their boards in November, paving
the way for the project's development. Primary state and federal environmental
approvals were received during the quarter. AngloGold Ashanti plans to announce
appointment of the EPCM and open-pit mining contract during the first quarter
of 2011. Detailed design of the plant and infrastructure construction will
commence in 2011, with construction of the 220km site access road the first
major contract. Exploration of the Havana Deeps and Boston Shaker areas
continued with a feasibility study of open pit mining at Boston Shaker approved
during the quarter. A decision on advancing Havana Deeps to pre-feasibility
stage is also expected in the March 2011 quarter.
EXPLORATION
Total exploration expenditure during the fourth quarter, inclusive of
expenditure at equity accounted joint ventures, was $65m ($23m on brownfield,
$26m on greenfield and $16m on pre-feasibility studies), compared with $72m the
previous quarter ($28m on brownfield, $19m on greenfield and $25m on
pre-feasibility studies). The following are highlights from the company's
exploration activities during the quarter. More detail on AngloGold Ashanti's
exploration programme can be found at www.anglogoldashanti.com.
During the quarter 58,823m of greenfield exploration drilling was completed at
existing priority sites and used to delineate new targets in Australia, Canada,
Guinea, Gabon, Colombia and the Solomon Islands. This compares with 98,000m
the previous quarter.
In Australia, exploration in the Tropicana joint venture (JV) during the
quarter focused on reverse circulation and diamond drill testing of targets
adjacent to the project resource. The Boston Shaker resource lies 360m north
of the Tropicana open pit resource and has been tested to a maximum vertical
depth of 230m. A full feasibility study on Boston Shaker started in September
2010, with exploration drilling suggesting potential for expansion of the open
pit resource determined in the scoping study. Significant results included:
8.0m @ 8.08 g/t Au from 242m, 6m @ 6.54 g/t Au from 82m, 13m @ 3.66 g/t Au from
33m, 11m @ 3.34 g/t Au from 48m and 16m @ 4.88 g/t Au from 397m. An
underground scoping study on Havana Deeps was completed in October 2010 and
indicates potential viability of underground mining outside the Havana open pit
resource. Drill holes targeting Havana Deeps returned further significant
results, including: 9m @ 11.7 g/t Au from 462m, 11m @ 11.2 g/t Au from 416m and
10m @ 14.5 g/t Au from 374m.
At the Saxby JV with Falcon Minerals in northwest Queensland, geochemical
results were returned for all samples from the 4,000m programme of five
pre-collared diamond drill holes completed in mid-2010. A high-grade gold
intersection of 15m @ 9.09 g/t Au from 701m was returned and further check
assays are pending.
In the Solomon Islands, exploration activities continued at the Kele and Mase
JVs with XDM Resources. At Kele, about 1,515m of diamond drilling was
completed in the quarter, along with mechanical trenching and geochemical
sampling focussed on the Babatia and Vulu prospects. Best results from the
drilling at Kele included 15.5m @ 7.89 g/t Au and 30.2m @ 2.74 g/t Au from
argillic alteration zones. Best results from trenching include 25m @ 3.1g/t Au
and 9m @ 2.99 g/t Au. At Mase, about 985m of diamond drilling was completed.
In the Americas, drilling was undertaken at four regions in Colombia.
Exploration continued at the La Colosa project in Colombia, where three rigs
are now in operation, while 3,477m was drilled at the Gramalote deposit.
Additional sampling and mapping was conducted at the Quebradona property, while
an extensive ground IP survey was completed at Loma Esperanza anomaly.
Encouraging results from infill soil sampling were received from the Falcão JV
with Horizonte Minerals in Brazil's southern Para state. In Argentina, a scout
RC drill programme at the La Volcan prospect for a total of 1,794m in 12 holes.
Assay results included some narrow mineralised quartz zones with up to 3 g/t Au
and 40 g/t Au. Deeper diamond drilling is warranted to test anticipated higher
Au grade horizons of the mineralised system.
In Continental Africa, regional exploration in the DRC continued on the 5,487km
² Kilo project, owned by Ashanti Goldfields Kilo (AGK), in which AngloGold
Ashanti has a 86.22% stake and Okimo 13.78%. Regional exploration initiatives,
including a 5,000m diamond drilling programme over key targets, commenced to
test mineralisation in and around intrusive bodies at the Mount Tsi prospect.
The first phase of a regional reconnaissance sampling and mapping programme was
completed and several regional scale anomalies identified. Trenching, detailed
mapping and sampling of these anomalies is ongoing in the northern and central
areas, with encouraging results. At the Kibali joint venture, 5,705m of
mineral-resource conversion drilling targeted planned underground
infrastructure. One hole aimed to upgrade KCD down-plunge mineral resource
from inferred to the indicated category, proved successful. Regional
exploration work on Blocks 2, 3 and 4 around the Siguiri mine in Guinea is
ongoing.
At the Saraya South extension and Foulata East targets in Block 2, a further
1,658m was drilled with a best intercept of 32m @ 5.27 g/t Au, from 4m in the
oxides. In Block 3, soil geochemistry confirms consistent anomalism along the
sediment-amphibolite contact extending a further 1.6km southward, resulting in
an anomaly with a strike length of about 6.8km, still open towards the south; a
programme to test these anomalies in underway. At Obuasi in Ghana, the
brownfield team completed 1,074m of drilling, with four new reef intersections
obtained.
In the Middle East & North Africa, where AngloGold Ashanti has a joint venture
with Thani Investments, exploration work included Phase II sampling and mapping
at the Wadi Kareem and Hodine concessions in Egypt. At Hodine, diamond
drilling commenced at the Hutite prospect, to follow-up on the encouraging
results from traverse rock chip sampling of 33m @ 4.37 g/t Au, including 7.5m @
8.85 g/t Au. In Eritrea, a 10,000 line km airborne electromagnetic, magnetic
and radiometric survey commenced at the Kerkasha and Akordat North exploration
licences and will be completed in the first quarter of 2011. Thani Ashanti
entered into a binding Heads of Terms with Stratex International to explore for
epithermal gold deposits in the Afar region of Ethiopia and in Djibouti.
ANNUAL REVIEW
Adjusted headline earnings, normalised to exclude the $2.5bn post taxation cost
of restructuring the hedge book during the year, was $787m. The company
reported an adjusted headline loss of $1,758m, when taking the restructuring
cost into account. A final dividend of 80 South African cents per share
(approximately 11 US cents per share), declared, resulting in a total dividend
of 145 South African cents per share (approximately 20 US cents per share) for
the 2010 year. This represents an 11.5% increase from the total dividend paid
in 2009.
Production in 2010 declined 2% to 4.52Moz, within the range forecast by the
company at the beginning of 2010, while total cash costs rose 24% to $638/oz,
in line with exchange-rate adjusted guidance. Significant improvements were
made at the South African operations, which experienced fewer safety-related
stoppages; at Geita, where improvements related to Project ONE continued to
show results; and at Cripple Creek & Victor, where the revised pad-stacking
strategy yielded the desired outcome. The sale of Tau Lekoa, seismic impact at
Savuka, the ten week shut down at Iduapriem and ongoing operational challenges
at Obuasi contributed to the lower production. A multi-disciplinary taskforce
has been established to design and execute the turnaround strategy for Obuasi.
Uranium production reached 1.46Mlbs in 2010, compared with 1.44Mlbs the
previous year, as grades and recoveries improved.
AngloGold Ashanti also saw the acceleration of 'mining inflation' impact prices
of skilled and unskilled labour, contractors, heavy equipment and consumables
in several of its operating regions as rising metal prices spurred activity in
the global resources sector. The impact on dollar-denominated costs was
magnified by significant strengthening of the Brazilian real, the South African
rand and the Australian dollar.
Project ONE, AngloGold Ashanti's new operating model central to the achievement
of long-term productivity, safety, environmental and financial targets, was
implemented at 15 operations. To date, the business improvement initiatives
introduced since the articulation of AngloGold Ashanti's new strategy in April
2008, has improved operational cashflow by around $500m.
Tragically, there were 15 fatalities across the company's 21 mines during the
year, with 10 occurring at the South African operations. Eliminating injuries
from the workplace remains AngloGold Ashanti's most important objective and the
particular focus is being placed on the Safety Transformation component of
Project ONE to achieve this goal.
The overall quality and tenor of the balance sheet was greatly improved during
the year with the award of investment grade ratings by Standard & Poor's and
Moody's Investor Services, which paved the way for the successful issue in
April of a $700m, 10-year bond and a $300m, 30-year bond. A dual tranche
capital raising for net proceeds of $1.53bn - comprising roughly equal parts of
equity and a three-year mandatory convertible note - were concluded in
September. This created the platform for the elimination of the final 3.2Moz
hedge on 7 October. This fulfilled a long-standing strategic objective of the
company, to reduce financial risk and improve cashflow generation ability by
increasing overall exposure to the gold price. The balance sheet ended stronger
with a net debt level (excluding the mandatory convertible bond) of $1.3bn at
year end.
The company estimated in September that it would grow production from its
current operating and exploration portfolio to between 5.4Moz and 5.6Moz over
five years and estimated expansion capital of $2.4bn to be invested over the
next three years. The board approved the Sao Bento and Tropicana projects
during the course of the year and feasibility studies progressed on the Kibali
and Mongbwalu projects. In Colombia, drilling resumed on the La Colosa deposit
after a two-year hiatus and started on the Gramalote joint venture. Both assets
are undergoing feasibility studies. Greenfield exploration accelerated
dramatically from 2009, with encouraging results from Colombia, Australia, the
Solomon Islands, Egypt, Gabon and Canada's Baffin Island region.
Reserves (which were calculated at a gold price of US$850/oz) improved by
0.6Moz to end the year at 71.2Moz*, after accounting for depletion. Resources
were largely unchanged after depletion, at 220Moz*. *Restated for the sale of
Tau Lekoa.
OUTLOOK
AngloGold Ashanti's production and total cash cost guidance for the full year
2011 is expected to be 4.55Moz - 4.75Moz at a total cash cost of $660/oz to
$685/oz. This assumes an average exchange rate of R7.11/$, BRL1.70/$, A$/$0.98
and Argentinean peso 4.12/$ and an oil price of $95/barrel.
First quarter production and total cash cost guidance is expected to be 1.04Moz
at a total cash cost of between $675/oz and $700/oz. This assumes an average
exchange rate of R7.00/$, BRL1.70/$, A$/$1.00 and Argentinean peso 4.03/$ and
an oil price of $95/barrel.
Review of the Gold Market
Gold price movement and investment markets
Gold price data
During the fourth quarter, gold hit new highs in both US dollar and Euro terms,
reaching $1,431/oz and EUR1,075/oz. The gold price averaged $1,370/oz over the
period, 12% more than the preceding quarter. Although the announcement of the
much anticipated second round of quantitative easing by the Federal Reserve
helped propel bullion back above $1,400/oz level in early November, it was the
return of Sovereign risk in the Euro zone that saw gold largely maintain that
level over the balance of the quarter after Ireland became the second EU member
to accept a bailout from the European Financial Stability Fund.
Investment demand
Despite heightened Sovereign Risk in the fourth quarter, exchange traded funds
(ETF) did not reflect the same levels of growth exhibited in the second quarter
when this uncertainty first presented itself. ETF holdings remained relatively
stagnant during the quarter at 2,100 tonnes or 68Moz. On the COMEX, the largest
position for the quarter was reported at 32.6Mozs long, some 1.1Mozs less than
the largest ever long position reported. In China, retail bar investment
increased by approximately 45% and local gold supply was once again
insufficient to meet demand. As a result of this deficit, gold sold at a
premium of RMB 5/gram over the international gold price. The fourth quarter saw
the Middle East investment markets receiving a welcome boost with bar and coin
sales rising in the United Arab Emirates, Turkey and the Kingdom of Saudi
Arabia.
Official sector
The second year of the current Central Bank Accord, which commenced at the end
of September 2009, has seen sales totalling 54 tonnes in the period up to
December 2010. This is comprised almost entirely of sales from the IMF, which
has subsequently concluded its sale of 403 tonnes, with a little more than half
sold to Official Sector participants.
Jewellery sales
The fourth quarter saw the Indian gold market, still the world's largest,
growing by more than 20%. It appears 2009's poor showing has been shrugged off.
The Rupee price for a gram of gold exceeded INR2,100 for the first time ever
during the quarter and encouragingly, this new peak did not prompt a rise in
gold recycling. Dollar weakness and Rupee strength were once again the hallmark
of the quarter, which did not deter Indian buyers. Similarly, in China, the
jewellery market grew by over 8%. Consumers still favour pure gold jewellery as
an investment to safeguard from economic uncertainty and rising inflation. The
18 carat jewellery market did not fare as well due largely to its inferior
investment status and showed a small decline from the previous quarter. In the
United Arab Emirates, a strong quarter for tourism contributed to good sales of
22 carat jewellery, while Turkish exports rose marginally over the fourth
quarter, with shipments primarily to the U.S. and Russia. The Kingdom of Saudi
Arabia experienced a weaker fourth quarter with demand down by some 10% on the
previous quarter.
Mineral Resource and Ore Reserve
Mineral Resource and Ore Reserve are reported in accordance with the minimum
standards described by the Australasian Code for Reporting of Exploration
Results, Mineral Resource and Ore Reserve (JORC Code, 2004 Edition), and also
conform to the standards set out in the South African Code for the Reporting of
Exploration Results, Mineral Resource and Mineral Reserve (The SAMREC Code,
2007 edition). Mineral Resource is inclusive of the Ore Reserve component
unless otherwise stated.
Mineral Resource
When the 2009 Mineral Resource is restated to exclude the sale of Tau Lekoa
(6.2Moz), the Mineral Resource is reduced from 226.7Moz to 220.5Moz. The total
Mineral Resource remained steady, dropping slightly from 220.5Moz in 2009 to
220.0Moz in December 2010. A year-on-year increase of 5.8Moz occurred before
the subtraction of depletion and a decrease of 0.5Moz after the subtraction of
depletion. It should be noted that changes in economic assumptions from 2009 to
2010 resulted in the Mineral Resource increasing by 3.5Moz whilst exploration
and modelling resulted in an increase of 0.7Moz. The remaining increase of
1.6Moz resulted from various other factors. Depletions from the Mineral
Resource for 2009 totalled 6.3Moz.
MINERAL RESOURCE Moz
Mineral Resource as at 31 December 2009 226.7
Sale of Tau Lekoa (6.2)
Restated 2009 Mineral Resource 220.5
Reductions
Great Due to economics and depletion (2.4)
Noligwa
TauTona Transfers to Mponeng so as to improve change of mining (1.3)
Siguiri Revision to modelling procedures and increased costs (1.0)
Other Total of non-significant changes (3.6)
Additions
Vaal River An economic study demonstrated that these tailings can be 3.0
Surface economically reworked to recover uranium
West Wits 1.3
Surface
Other Total of non-significant changes 3.5
Mineral Resource as at 31 December 2010 220.0
Rounding of numbers may result in computational discrepancies.
Mineral resource has been calculated at a gold price of US$1,100/oz (2009:
US$1,025/oz).
ORE RESERVE
When the 2009 Ore Reserve is restated to exclude Tau Lekoa (0.8Moz), the 2009
Ore Reserve is reduced from 71.4Moz to 70.6Moz. Using the restated figure, the
AngloGold Ashanti Ore Reserve increased from 70.6Moz in 2009 to 71.2Moz in
December 2010. A year-on-year increase of 6.2Moz occurred before the
subtraction of 5.6Moz for depletion, resulting in an increase of 0.6Moz after
the subtraction of depletion. It should be noted that changes in the economic
assumptions from 2009 to 2010 resulted in the Ore Reserve increasing by 2.4Moz
while exploration and modelling resulted in a further increase of 3.8Moz.
ORE RESERVE Moz
Ore Reserve as at 31 December 2009 71.4
Sale of Tau Lekoa (0.8)
Restated 2009 Ore Reserve 70.6
Reductions
Geita Depletions and model changes (0.9)
Obuasi Depletions and refinements to Ore Reserve (0.7)
estimation
Siguiri Remodelling in accordance with reconciliation and (0.7)
depletion
TauTona Depletion and transfers to Mponeng, minor model (0.7)
changes
Other Total non-significant changes (1.2)
Additions
Cripple Creek & MLE2 project study incorporated 1.4
Victor
Mponeng Transfers from TauTona countered some model losses 1.2
Sadiola Additions from the Deep Suphide project 0.8
Other Total non-significant changes 1.3
Ore Reserve as at 31 December 2010 71.2
Rounding of numbers may result in computational discrepancies.
Some of the Ore Reserves previously reflected against TauTona have now been
transferred to Mponeng to facilitate the mining plan.
Ore reserve has been calculated using a gold price of US$850/oz (2009: US$800/
oz).
BY-PRODUCTS
Several by-products are recovered as a result of the processing of gold Ore
Reserve. These include 21,591t of uranium oxide from the South African
operations, 443,761t of sulphur from Brazil and 34.6Moz of silver from
Argentina. Details of by-product Mineral Resource and Ore Reserve are given in
the Mineral Resource and Ore Reserve Report 2010(1).
EXTERNAL AUDIT OF MINERAL RESOURCE
During the course of the year and as part of the rolling audit programme,
AngloGold Ashanti's 2010 Mineral Resource at the following operations were
submitted for external audit by the Australian-based company Quantitative Group
(QG):
Vaal Reef at Great Noligwa, Kopanang and Moab Khotsong mines
Cerro Vanguardia
Serra Grande
Cripple Creek and Victor
Mongbwalu
AngloGold Ashanti's 2010 Ore Reserve at the following operations were submitted
for external audit by a number of international consulting companies, namely:
Geita AMC
Obuasi AMC
Siguiri AMC
Sunrise Dam: underground Optiro
Cripple Creek and Victor Pincock Allen and Holt
Cerro Vanguardia Xstract
Serra Grande Xstract
Brasil Mineração - Cuiabá Xstract
The company has been informed that the audits identified no material
shortcomings in the process by which AngloGold Ashanti's Mineral Resource and
Ore Reserve were evaluated. It is the company's intention to continue this
process so that each of its operations will be audited, on average, every three
years.
COMPETENT PERSONS
The information in this report relating to exploration results, Mineral
Resource and Ore Reserve is based on information compiled by the Competent
Persons. These individuals are identified in the expanded Mineral Resource and
Ore Reserve Report 2010(1). The Competent Persons consent to the inclusion of
Exploration Results, Mineral Resource and Ore Reserve information in this
report, in the form and context in which it appears.
During the past decade, the company has developed and implemented a rigorous
system of internal and external reviews of Exploration Results, Mineral
Resource or Ore Reserve. A documented chain of responsibility exists from the
Competent Persons at the operations to the company's Mineral Resource and Ore
Reserve Steering Committee. Accordingly, the Chairman of the Mineral Resource
and Ore Reserve Steering Committee, VA Chamberlain, MSc (Mining Engineering),
BSc (Hons) (Geology), MGSSA, MAusIMM, assumes responsibility for the Mineral
Resource and Ore Reserve processes for AngloGold Ashanti and is satisfied that
the Competent Persons have fulfilled their responsibilities.
(1)A detailed breakdown of Mineral Resource and Ore Reserve is provided in the
Mineral Resource and Ore Reserve Report 2010, which will be available on or
about 31 March 2011 on the AngloGold Ashanti website
(www.anglogoldashanti.com), from where it may be downloaded as a PDF file using
Adobe Acrobat Reader. The report will also be available in printed format on
request from the AngloGold Ashanti offices at the addresses given at the back
of the Annual Financial Statements.
MINERAL RESOURCE BY COUNTRY (ATTRIBUTABLE) INCLUSIVE OF ORE RESERVE
Contained Contained
Tonnes Grade
Category gold gold
million g/t
as at 31 December 2010 tonnes Moz
South Africa Measured 26.51 15.30 405.52 13.04
Indicated 753.04 2.76 2,075.87 66.74
Inferred 40.82 13.81 563.55 18.12
Total 820.38 3.71 3,044.94 97.90
Democratic Republic of the Congo Measured 0.00 - 0.00 0.00
Indicated 59.67 3.64 217.41 6.99
Inferred 30.54 3.27 99.94 3.21
Total 90.21 3.52 317.35 10.20
Ghana Measured 77.12 4.83 372.49 11.98
Indicated 83.38 3.82 318.84 10.25
Inferred 105.26 3.71 390.99 12.57
Total 265.76 4.07 1,082.33 34.80
Guinea Measured 43.18 0.65 28.28 0.91
Indicated 101.78 0.77 78.19 2.51
Inferred 77.77 0.85 66.11 2.13
Total 222.73 0.77 172.58 5.55
Mali Measured 15.52 1.36 21.17 0.68
Indicated 54.86 1.79 98.07 3.15
Inferred 19.87 1.66 32.98 1.06
Total 90.24 1.69 152.22 4.89
Namibia Measured 23.30 0.86 20.09 0.65
Indicated 72.57 1.28 92.78 2.98
Inferred 23.33 1.13 26.41 0.85
Total 119.20 1.17 139.28 4.48
Tanzania Measured 0.00 - 0.00 0.00
Indicated 80.32 3.37 270.88 8.71
Inferred 21.95 3.62 79.57 2.56
Total 102.27 3.43 350.46 11.27
Australia Measured 34.88 1.74 60.55 1.95
Indicated 35.49 2.85 101.12 3.25
Inferred 19.84 2.90 57.63 1.85
Total 90.21 2.43 219.30 7.05
Argentina Measured 11.12 1.50 16.63 0.53
Indicated 20.86 3.82 79.69 2.56
Inferred 10.20 3.19 32.55 1.05
Total 42.18 3.06 128.87 4.14
Brazil Measured 11.18 6.39 71.43 2.30
Indicated 15.60 6.10 95.14 3.06
Inferred 30.80 6.81 209.73 6.74
Total 57.57 6.54 376.31 12.10
Colombia Measured 0.00 - 0.00 0.00
Indicated 15.78 0.93 14.75 0.47
Inferred 414.06 0.98 406.06 13.06
Total 429.85 0.98 420.81 13.53
United States of America Measured 283.04 0.78 221.76 7.13
Indicated 216.53 0.73 157.18 5.05
Inferred 79.61 0.75 59.66 1.92
Total 579.18 0.76 438.60 14.10
Total Measured 525.84 2.32 1,217.92 39.16
Indicated 1,509.88 2.38 3,599.94 115.74
Inferred 874.07 2.32 2,025.18 65.11
Total 2,909.79 2.35 6,843.04 220.01
Rounding of figures may result in computational discrepancies.
MINERAL RESOURCE BY COUNTRY (ATTRIBUTABLE) EXCLUSIVE OF ORE RESERVE
Contained Contained
Tonnes Grade
Category gold gold
million g/t
as at 31 December 2010 tonnes Moz
South Africa Measured 15.29 17.73 271.14 8.72
Indicated 563.41 1.65 927.58 29.82
Inferred 19.64 18.69 367.04 11.80
Total 598.34 2.62 1,565.75 50.34
Democratic Republic of the Congo Measured 0.00 - 0.00 0.00
Indicated 26.23 2.93 76.72 2.47
Inferred 30.54 3.27 99.94 3.21
Total 56.77 3.11 176.66 5.68
Ghana Measured 29.69 6.96 206.52 6.64
Indicated 34.46 2.45 84.26 2.71
Inferred 105.26 3.71 391.01 12.57
Total 169.41 4.02 681.79 21.92
Guinea Measured 4.46 0.80 3.59 0.12
Indicated 34.07 0.77 26.22 0.84
Inferred 77.77 0.85 66.11 2.13
Total 116.30 0.82 95.91 3.08
Mali Measured 4.69 0.75 3.50 0.11
Indicated 18.27 1.69 30.79 0.99
Inferred 19.09 1.70 32.37 1.04
Total 42.05 1.59 66.66 2.14
Namibia Measured 9.03 0.58 5.24 0.17
Indicated 42.83 1.11 47.50 1.53
Inferred 23.33 1.13 26.41 0.85
Total 75.20 1.05 79.15 2.54
Tanzania Measured 0.00 - 0.00 0.00
Indicated 41.62 2.93 121.83 3.92
Inferred 21.95 3.62 79.57 2.56
Total 63.57 3.17 201.40 6.48
Australia Measured 10.83 0.93 10.10 0.32
Indicated 12.10 2.92 35.29 1.13
Inferred 19.84 2.90 57.63 1.85
Total 42.77 2.41 103.02 3.31
Argentina Measured 1.36 3.61 4.91 0.16
Indicated 16.70 2.20 36.72 1.18
Inferred 9.95 2.97 29.56 0.95
Total 28.01 2.54 71.18 2.29
Brazil Measured 6.37 6.15 39.19 1.26
Indicated 8.35 6.10 50.93 1.64
Inferred 28.08 6.78 190.31 6.12
Total 42.81 6.55 280.44 9.02
Colombia Measured 0.00 - 0.00 0.00
Indicated 15.78 0.93 14.75 0.47
Inferred 414.06 0.98 406.06 13.06
Total 429.85 0.98 420.81 13.53
United States of America Measured 135.85 0.75 102.38 3.29
Indicated 137.77 0.71 98.42 3.16
Inferred 69.52 0.77 53.85 1.73
Total 343.14 0.74 254.66 8.19
Total Measured 217.57 2.97 646.57 20.79
Indicated 951.59 1.63 1,551.01 49.87
Inferred 839.05 2.15 1,799.86 57.87
Total 2,008.21 1.99 3,997.44 128.52
Rounding of figures may result in computational discrepancies.
ORE RESERVE BY COUNTRY (ATTRIBUTABLE)
Contained Contained
Tonnes Grade
Category gold gold
million g/t
as at 31 December 2010 tonnes Moz
South Africa Proved 12.03 8.24 99.07 3.19
Probable 191.99 4.41 845.74 27.19
Total 204.02 4.63 944.81 30.38
Democratic Republic of the Congo Proved - - - -
Probable 33.44 4.21 140.69 4.52
Total 33.44 4.21 140.69 4.52
Ghana Proved 44.01 3.13 137.85 4.43
Probable 49.30 4.41 217.28 6.99
Total 93.31 3.81 355.13 11.42
Guinea Proved 39.05 0.62 24.38 0.78
Probable 67.44 0.74 49.71 1.60
Total 160.49 0.70 74.08 2.38
Mali Proved 4.96 2.23 11.03 0.35
Probable 39.18 1.78 69.82 2.24
Total 44.14 1.83 80.86 2.60
Namibia Proved 14.27 1.02 14.49 0.47
Probable 29.74 1.45 42.99 1.38
Total 44.01 1.31 57.48 1.85
Tanzania Proved - - - -
Probable 40.92 3.20 131.06 4.21
Total 40.92 3.20 131.06 4.21
Australia Proved 24.05 2.10 50.45 1.62
Probable 23.39 2.81 65.83 2.12
Total 47.44 2.45 116.28 3.74
Argentina Proved 9.54 1.22 11.63 0.37
Probable 8.57 5.32 45.62 1.47
Total 18.10 3.16 57.25 1.84
Brazil Proved 6.91 5.80 40.06 1.29
Probable 7.40 5.26 38.88 1.25
Total 14.30 5.52 78.94 2.54
United States of America Proved 147.19 0.81 119.37 3.84
Probable 78.76 0.75 58.76 1.89
Total 225.95 0.79 178.13 5.73
Total Proved 302.00 1.68 508.32 16.34
Probable 570.12 2.99 1,706.39 54.86
Total 872.12 2.54 2,214.71 71.20
Rounding of figures may result in computational discrepancies.
Group income statement
Quarter Quarter Quarter Year Year
ended Ended ended Ended ended
December September December December December
2010 2010 2009 2010 2009
SA Rand million Notes Unaudited Unaudited Unaudited Unaudited Audited
Revenue 2 11,095 10,668 9,514 40,135 31,961
Gold income 10,614 10,372 9,234 38,833 30,745
Cost of sales 3 (7,016) (6,659) (6,219) (25,833) (23,220)
Loss on non-hedge derivatives and other
commodity contracts 4 (529) (1,041) (2,706) (5,136) (11,934)
Gross profit (loss) 3,069 2,672 309 7,864 (4,409)
Corporate administration and other expenses (488) (350) (359) (1,491) (1,275)
Market development costs (30) (26) (10) (98) (87)
Exploration costs (338) (440) (442) (1,446) (1,217)
Other operating (expenses) income 5 (27) (50) 58 (149) (80)
Special items 6 (208) (424) 4,761 (894) 5,209
Operating profit (loss) 1,978 1,382 4,317 3,786 (1,859)
Interest received 119 58 133 311 444
Exchange gain (loss) 93 (113) 527 18 852
Fair value adjustment on option component of
convertible bonds (280) (166) (66) 39 (249)
Finance costs and unwinding of obligations 7 (357) (285) (268) (1,203) (1,146)
Fair value loss on mandatory convertible bonds (222) (160) - (382) -
Share of equity accounted investments' profit 63 151 227 467 785
Profit (loss) before taxation 1,394 867 4,870 3,036 (1,173)
Taxation 8 (878) (318) (1,522) (2,018) (1,172)
Profit (loss) for the period 516 549 3,348 1,018 (2,345)
Allocated as follows:
Equity shareholders 404 443 3,179 637 (2,762)
Non-controlling interests 112 106 169 381 417
516 549 3,348 1,018 (2,345)
Basic profit (loss) per ordinary share (cents) 1 105 120 867 171 (765)
Diluted profit (loss) per ordinary share (cents)
2 105 120 865 171 (765)
1 Calculated on the basic weighted average number of ordinary shares
2 Calculated on the diluted weighted average number of ordinary share
Rounding of figures may result in computational discrepancies.
Group income statement
Quarter Quarter Quarter Year Year
ended ended ended ended ended
December September December December December
2010 2010 2009 2010 2009
US Dollar million Notes Unaudited Unaudited Unaudited Unaudited Audited
Revenue 2 1,613 1,461 1,273 5,514 3,916
Gold income 1,543 1,420 1,236 5,334 3,768
Cost of sales 3 (1,021) (911) (833) (3,550) (2,813)
Loss on non-hedge derivatives and other
commodity contracts 4 (77) (152) (363) (702) (1,533)
Gross profit (loss) 445 357 40 1,082 (578)
Corporate administration and other expenses (71) (48) (48) (206) (154)
Market development costs (5) (4) (1) (14) (10)
Exploration costs (49) (60) (59) (198) (150)
Other operating (expenses) income 5 (4) (7) 8 (20) (8)
Special items 6 (31) (60) 636 (126) 691
Operating profit (loss) 285 178 576 518 (209)
Interest received 17 8 18 43 54
Exchange gain (loss) 14 (16) 71 3 112
Fair value adjustment on option component of
convertible bonds (41) (24) (9) (1) (33)
Finance costs and unwinding of obligations 7 (52) (39) (36) (166) (139)
Fair value loss on mandatory convertible bonds (33) (22) - (55) -
Share of equity accounted investments' profit 9 21 30 63 94
Profit (loss) before taxation 199 106 650 405 (121)
Taxation 8 (127) (41) (204) (276) (147)
Profit (loss) for the period 72 65 446 129 (268)
Allocated as follows:
Equity shareholders 56 51 424 76 (320)
Non-controlling interests 16 14 22 53 52
72 65 446 129 (268)
Basic profit (loss) per ordinary share (cents) 1 15 14 116 20 (89)
Diluted profit (loss) per ordinary share (cents) 2 14 14 115 20 (89)
1 Calculated on the basic weighted average number of ordinary shares.
2 Calculated on the diluted weighted average number of ordinary shares.
Rounding of figures may result in computational discrepancies.
Group statement of comprehensive income
Quarter Quarter Quarter Year Year
ended ended ended ended ended
December September December December December
2010 2010 2009 2010 2009
SA Rand million Unaudited Unaudited Unaudited Unaudited Audited
Profit (loss) for the period 516 549 3,348 1,018 (2,345)
Exchange differences on translation of foreign
operations (759) (1,100) (618) (1,766) (2,645)
Share of equity accounted investments' other
comprehensive expense (income) 1 2 - (1) -
Net loss on cash flow hedges - - (140) - (132)
Net loss on cash flow hedges removed from
equity and reported in gold income - - 181 279 1,155
Hedge ineffectiveness on
cash flow hedges - - 15 - 40
Realised gain (loss) on hedges of capital items 1 - 2 3 (12)
Deferred taxation thereon - (1) (13) (99) (263)
1 (1) 45 183 788
Net gain on available-for-sale financial assets 298 43 346 440 482
Release on disposal of available-for-sale
financial assets (194) - - (235) -
Deferred taxation thereon - - (5) 13 (13)
104 43 341 218 469
Actuarial (loss) gain recognised (175) - 88 (175) 88
Deferred taxation thereon 47 - (28) 47 (28)
(128) - 60 (128) 60
Other comprehensive expense
for the period net of tax (781) (1,056) (172) (1,494) (1,328)
Total comprehensive (expense) income
for the period net of tax (265) (507) 3,176 (476) (3,673)
Allocated as follows:
Equity shareholders (377) (613) 3,007 (857) (4,099)
Non-controlling interests 112 106 169 381 426
(265) (507) 3,176 (476) (3,673)
Rounding of figures may result in computational discrepancies.
Group statement of comprehensive income
Quarter Quarter Quarter Year Year
ended ended ended ended ended
December September December December December
2010 2010 2009 2010 2009
US Dollar million Unaudited Unaudited Unaudited Unaudited Audited
Profit (loss) for the period 72 65 446 129 (268)
Exchange differences on translation of foreign
operations 123 151 (45) 213 318
Share of equity accounted investments' other
comprehensive expenses - 1 - - -
Net loss on cash flow hedges - - (17) - (16)
Net loss on cash flow hedges removed from
equity and reported in gold income - - 26 38 138
Hedge ineffectiveness on
cash flow hedges - - 2 - 5
Realised gain (loss) on hedges of capital items - - 1 - (1)
Deferred taxation thereon - - (3) (13) (35)
- - 9 25 91
Net gain on available-for-sale financial assets 41 5 41 60 57
Release on disposal of available-for-sale
financial assets (26) - - (32) -
Deferred taxation thereon - - (1) 2 (2)
15 5 40 30 55
Actuarial (loss) gain recognised (24) - 10 (24) 10
Deferred taxation thereon 6 - (3) 6 (3)
(18) - 7 (18) 7
Other comprehensive income
for the period net of tax 120 157 11 250 471
Total comprehensive income
for the period net of tax 192 222 457 379 203
Allocated as follows:
Equity shareholders 176 208 435 326 150
Non-controlling interests 16 14 22 53 53
192 222 457 379 203
Rounding of figures may result in computational discrepancies.
Group statement of financial position
As at As at As at
December September December
2010 2010 2009
SA Rand million Note Unaudited Unaudited Audited
ASSETS
Non-current assets
Tangible assets 40,600 41,489 43,263
Intangible assets 1,277 1,296 1,316
Investments in associates and equity accounted joint ventures 4,087 4,329 4,758
Other investments 1,555 1,627 1,302
Inventories 2,268 2,268 2,508
Trade and other receivables 1,000 994 788
Derivatives 6 8 40
Deferred taxation 131 88 451
Cash restricted for use 214 214 394
Other non-current assets 59 92 63
51,197 52,405 54,883
Current assets
Inventories 5,848 5,860 5,102
Trade and other receivables 1,625 1,588 1,419
Derivatives - 453 2,450
Current portion of other non-current assets 4 2 3
Cash restricted for use 69 84 87
Cash and cash equivalents 3,776 9,313 8,176
11,322 17,300 17,237
Non-current assets held for sale 110 114 650
11,432 17,414 17,887
TOTAL ASSETS 62,629 69,819 72,770
EQUITY AND LIABILITIES
Share capital and premium 11 45,678 45,598 39,834
Retained earnings and other reserves (19,470) (19,159) (18,276)
Non-controlling interests 815 916 966
Total equity 27,023 27,355 22,524
Non-current liabilities
Borrowings 16,877 17,363 4,862
Environmental rehabilitation and other provisions 3,873 3,332 3,351
Provision for pension and post-retirement benefits 1,258 1,187 1,179
Trade, other payables and deferred income 110 119 108
Derivatives 1,158 947 1,310
Deferred taxation 5,910 5,776 5,599
29,186 28,724 16,409
Current liabilities
Current portion of borrowings 886 1,864 9,493
Trade, other payables and deferred income 4,630 4,061 4,332
Derivatives - 7,316 18,770
Taxation 882 499 1,186
6,398 13,740 33,781
Non-current liabilities held for sale 22 - 56
6,420 13,740 33,837
Total liabilities 35,606 42,464 50,246
TOTAL EQUITY AND LIABILITIES 62,629 69,819 72,770
Net asset value - cents per share 8,532 8,654 6,153
Rounding of figures may result in computational discrepancies.
Group statement of financial position
As at As at As at
December September December
2010 2010 2009
US Dollar million Note Unaudited Unaudited Audited
ASSETS
Non-current assets
Tangible assets 6,180 5,961 5,819
Intangible assets 194 186 177
Investments in associates and equity accounted joint ventures 622 622 640
Other investments 237 234 175
Inventories 345 326 337
Trade and other receivables 152 143 106
Derivatives 1 1 5
Deferred taxation 20 13 61
Cash restricted for use 33 31 53
Other non-current assets 9 13 8
7,793 7,530 7,381
Current assets
Inventories 890 842 686
Trade and other receivables 247 228 191
Derivatives - 65 330
Current portion of other non-current assets 1 - -
Cash restricted for use 10 12 12
Cash and cash equivalents 575 1,338 1,100
1,723 2,485 2,319
Non-current assets held for sale 16 17 87
1,739 2,502 2,406
TOTAL ASSETS 9,532 10,032 9,787
EQUITY AND LIABILITIES
Share capital and premium 11 6,627 6,615 5,805
Retained earnings and other reserves (2,638) (2,817) (2,905)
Non-controlling interests 124 132 130
Total equity 4,113 3,930 3,030
Non-current liabilities
Borrowings 2,569 2,495 654
Environmental rehabilitation and other provisions 589 479 451
Provision for pension and post-retirement benefits 191 170 159
Trade, other payables and deferred income 17 17 14
Derivatives 176 136 176
Deferred taxation 900 830 753
4,442 4,127 2,207
Current liabilities
Current portion of borrowings 135 268 1,277
Trade, other payables and deferred income 705 584 582
Derivatives - 1,051 2,525
Taxation 134 72 159
974 1,975 4,543
Non-current liabilities held for sale 3 - 7
977 1,975 4,550
Total liabilities 5,419 6,102 6,757
TOTAL EQUITY AND LIABILITIES 9,532 10,032 9,787
Net asset value - cents per share 1,299 1,243 828
Rounding of figures may result in computational discrepancies.
Group statement of cash flows
Quarter Quarter Quarter Year Year
ended ended ended ended ended
December September December December December
2010 2010 2009 2010 2009
SA Rand million Unaudited Unaudited Unaudited Unaudited Audited
Cash flows from operating activities
Receipts from customers 10,955 10,566 9,596 39,717 31,473
Payments to suppliers and employees (5,944) (7,105) (5,889) (26,682) (20,896)
Cash generated from operations 5,011 3,461 3,707 13,035 10,577
Dividends received from equity accounted investments 218 116 136 939 751
Taxation paid (153) (339) (233) (1,371) (1,232)
Cash utilised for hedge buy-back costs (7,312) (11,021) - (18,333) (6,315)
Net cash (outflow) inflow from operating activities (2,236) (7,783) 3,610 (5,730) 3,781
Cash flows from investing activities
Capital expenditure (2,470) (1,771) (2,243) (7,108) (8,656)
Proceeds from disposal of tangible assets 12 468 1,814 500 9,029
Other investments acquired (152) (432) (229) (832) (750)
Acquisition of associates and equity accounted joint ventures (100) (48) (2,638) (319) (2,646)
Proceeds on disposal of associate - - - 4 -
Loans advanced to associates and equity accounted joint
ventures - - (17) (22) (17)
Loans repaid from associates and equity accounted joint
ventures - - - - 3
Proceeds from disposal of investments 578 280 196 1,039 680
Decrease (increase) in cash restricted for use 8 142 19 182 (91)
Interest received 59 57 129 232 445
Loans advanced (8) 4 - (41) (1)
Repayment of loans advanced 2 - 2 3 4
Net cash outflow from investing activities (2,071) (1,300) (2,967) (6,362) (2,000)
Cash flows from financing activities
Proceeds from issue of share capital 31 5,596 39 5,656 2,384
Share issue expenses (31) (113) (39) (144) (84)
Proceeds from borrowings 1,880 7,139 162 16,666 24,901
Repayment of borrowings (2,400) (21) (57) (12,326) (24,152)
Finance costs paid (398) (46) (180) (821) (946)
Mandatory convertible bonds transaction costs (30) (155) - (184) -
Dividends paid (139) (264) (43) (846) (474)
Net cash (outflow) inflow from financing activities (1,087) 12,136 (118) 8,001 1,629
Net (decrease) increase in cash and cash equivalents (5,394) 3,053 525 (4,091) 3,410
Translation (70) (347) (677) (236) (672)
Cash and cash equivalents at beginning of period 9,313 6,607 8,328 8,176 5,438
Cash and cash equivalents at end of period (1) 3,849 9,313 8,176 3,849 8,176
Cash generated from operations
Profit (loss) before taxation 1,394 867 4,870 3,036 (1,173)
Adjusted for:
Movement on non-hedge derivatives and other commodity
contracts 499 241 2,281 2,946 14,417
Amortisation of tangible assets 1,341 1,240 1,152 5,022 4,615
Finance costs and unwinding of obligations 357 285 268 1,203 1,146
Environmental, rehabilitation and other expenditure 470 53 (70) 535 (47)
Special items 279 542 (4,708) 1,076 (5,148)
Amortisation of intangible assets 7 4 4 18 18
Deferred stripping 156 237 205 921 (467)
Fair value adjustment on option component of convertible bonds 280 166 66 (39) 249
Fair value loss on mandatory convertible bonds 222 160 - 382 -
Interest received (119) (58) (133) (311) (444)
Share of equity accounted investments' profit (63) (151) (227) (467) (785)
Other non-cash movements 133 88 (675) 250 (853)
Movements in working capital 55 (213) 674 (1,537) (951)
5,011 3,461 3,707 13,035 10,577
Movements in working capital
(Increase) decrease in inventories (101) 306 (183) (667) 634
Decrease (increase) in trade and other receivables (200) (80) 438 (781) 106
Increase (decrease) in trade and other payables 356 (439) 419 (89) (1,691)
55 (213) 674 (1,537) (951)
(1) The cash and cash equivalents balance at 31 December 2010 includes cash and
cash equivalents included on the statement of financial position as part of
non-current assets held for sale of R73m.
Rounding of figures may result in computational discrepancies.
Group statement of cash flows
Quarter Quarter Quarter Year Year
ended ended ended ended ended
December September December December December
2010 2010 2009 2010 2009
US Dollar million Unaudited Unaudited Unaudited Unaudited Audited
Cash flows from operating activities
Receipts from customers 1,589 1,441 1,283 5,448 3,845
Payments to suppliers and employees (925) (995) (805) (3,734) (2,500)
Cash generated from operations 664 446 478 1,714 1,345
Dividends received from equity accounted investments 39 25 19 143 101
Taxation paid (24) (47) (32) (188) (147)
Cash utilised for hedge buy-back costs (1,061) (1,550) - (2,611) (797)
Net cash (outflow) inflow from operating activities (382) (1,126) 465 (942) 502
Cash flows from investing activities
Capital expenditure (350) (242) (281) (973) (1,019)
Proceeds from disposal of tangible assets 2 64 242 69 1,142
Other investments acquired (23) (58) (29) (114) (89)
Acquisition of associates and equity accounted joint ventures (15) (6) (353) (44) (354)
Proceeds on disposal of associate - - - 1 -
Loans advanced to associates and equity accounted joint
ventures - - (2) (3) (2)
Loans repaid from associates and equity accounted joint
ventures - - - - -
Proceeds from disposal of investments 80 38 25 142 81
Decrease (increase) in cash restricted for use 2 19 2 25 (10)
Interest received 8 8 17 32 55
Loans advanced (1) - - (6) -
Repayment of loans advanced - - - - 1
Net cash outflow from investing activities (297) (177) (379) (871) (195)
Cash flows from financing activities
Proceeds from issue of share capital 4 790 5 798 306
Share issue expenses (4) (16) (5) (20) (11)
Proceeds from borrowings 276 1,011 29 2,316 2,774
Repayment of borrowings (324) (3) (22) (1,642) (2,731)
Finance costs paid (58) (8) (23) (115) (111)
Mandatory convertible bonds transaction costs (4) (22) - (26) -
Dividends paid (20) (37) (6) (117) (56)
Net cash (outflow) inflow from financing activities (130) 1,715 (22) 1,194 171
Net (decrease) increase in cash and cash equivalents (809) 412 64 (619) 478
Translation 57 60 (72) 105 47
Cash and cash equivalents at beginning of period 1,338 866 1,108 1,100 575
Cash and cash equivalents at end of period (1) 586 1,338 1,100 586 1,100
Cash generated from operations
Profit (loss) before taxation 199 106 650 405 (121)
Adjusted for:
Movement on non-hedge derivatives and other commodity
contracts 72 43 306 408 1,787
Amortisation of tangible assets 195 170 154 690 555
Finance costs and unwinding of obligations 52 39 36 166 139
Environmental, rehabilitation and other expenditure 69 8 (9) 78 (6)
Special items 42 76 (629) 152 (683)
Amortisation of intangible assets 1 - - 2 2
Deferred stripping 23 32 27 125 (48)
Fair value adjustment on option component of convertible bonds 41 24 9 1 33
Fair value loss on mandatory convertible bonds 33 22 - 55 -
Interest received (17) (8) (18) (43) (54)
Share of equity accounted investments' profit (9) (21) (30) (63) (94)
Other non-cash movements 19 13 (90) 37 (115)
Movements in working capital (56) (58) 72 (299) (50)
664 446 478 1,714 1,345
Movements in working capital
Increase in inventories (85) (63) (35) (236) (155)
Decrease (increase) in trade and other receivables (46) (34) 55 (142) (45)
Increase in trade and other payables 75 39 52 79 150
(56) (58) 72 (299) (50)
(1) The cash and cash equivalents balance at 31 December 2010 includes cash and
cash equivalents included on the statement of financial position as part of
non-current assets held for sale of $11m.
Rounding of figures may result in computational discrepancies.
Group statement of changes in equity
Equity holders of the parent
Cash Available Foreign
Share Other flow for Actuarial currency
capital & capital Retained hedge sale (losses) translation
SA Rand million Premium reserves Earnings reserve reserve gains reserve
Balance at 31 December 2008 37,336 799 (22,765) (1,008) (18) (347) 8,959
(Loss) profit for the year (2,762)
Other comprehensive income (expense) 779 469 60 (2,645)
Total comprehensive (expense) income - - (2,762) 779 469 60 (2,645)
Shares issued 2,582
Shares issue expenses (84)
Share-based payment for share awards
net of exercised 122
Dividends paid (392)
Dividends of subsidiaries
Equity transaction of joint venture 306
Translation (33) 180 55 (37) 2
Balance at 31 December 2009 39,834 1,194 (25,739) (174) 414 (285) 6,314
Profit for the year 637
Other comprehensive (expense) income (1) 183 218 (128) (1,766)
Total comprehensive (expense) income - (1) 637 183 218 (128) (1,766)
Shares issued 5,988
Shares issue expenses (144)
Share-based payment for share awards
net of exercised 92
Dividends paid (492)
Dividends of subsidiaries
Transfers to other reserves 25 (25)
Translation (35) 157 1 (64) 4
Balance at 31 December 2010 45,678 1,275 (25,437) (15) 568 (409) 4,548
US Dollar million
Balance at 31 December 2008 5,485 85 (2,361) (107) (2) (37) (635)
(Loss) profit for the year (320)
Other Comprehensive income 90 55 7 318
Total comprehensive (expense) income - - (320) 90 55 7 318
Shares issued 331
Shares issue expenses (11)
Share-based payment for share awards
net of exercised 15
Dividends paid (45)
Dividends of subsidiaries
Equity transaction of joint venture 37
Translation 24 (18) (6) 3 (8)
Balance at 31 December 2009 5,805 161 (2,744) (23) 56 (38) (317)
Profit for the year 76
Other comprehensive income (expense) 25 30 (18) 213
Total comprehensive income (expense) - - 76 25 30 (18) 213
Shares issued 842
Shares issue expenses (20)
Share-based payment for share awards
net of exercised 13
Dividends paid (67)
Dividends of subsidiaries
Transfers to other reserves 3 (3)
Translation 17 (15) (1) (6
Balance at 31 December 2010 6,627 194 (2,750) (2) 86 (62) (104)
Rounding of figures may result in computational discrepancies.
Group statement of changes in equity
Non-
controlling Total
SA Rand million Total interests equity
Balance at 31 December 2008 22,956 790 23,746
(Loss) profit for the year (2,762) 417 (2,345)
Other comprehensive income (expense) (1,337) 9 (1,328)
Total comprehensive (expense) income (4,099) 426 (3,673)
Shares issued 2,582 2,582
Shares issue expenses (84) (84)
Share-based payment for share awards
net of exercised 122 122
Dividends paid (392) (392)
Dividends of subsidiaries - (83) (83)
Equity transaction of joint venture 306 306
Translation 167 (167) -
Balance at 31 December 2009 21,558 966 22,524
Profit for the year 637 381 1,018
Other comprehensive (expense) income (1,494) (1,494)
Total comprehensive (expense) income (857) 381 (476)
Shares issued 5,988 5,988
Shares issue expenses (144) (144)
Share-based payment for share awards
net of exercised 92 92
Dividends paid (492) (492)
Dividends of subsidiaries - (469) (469)
Transfers to other reserves - -
Translation 63 (63) -
Balance at 31 December 2010 26,208 815 27,023
US Dollar million
Balance at 31 December 2008 2,428 83 2,511
(Loss) profit for the year (320) 52 (268)
Other Comprehensive income 470 1 471
Total comprehensive (expense) income 150 53 203
Shares issued 331 331
Shares issue expenses (11) (11)
Share-based payment for share awards
net of exercised 15 15
Dividends paid (45) (45)
Dividends of subsidiaries - (11) (11)
Equity transaction of joint venture 37 37
Translation (5) 5 -
Balance at 31 December 2009 2,900 130 3,030
Profit for the year 76 53 129
Other comprehensive income (expense) 250 250
Total comprehensive income (expense) 326 53 379
Shares issued 842 842
Shares issue expenses (20) (20)
Share-based payment for share awards
net of exercised 13 13
Dividends paid (67) (67)
Dividends of subsidiaries - (64) (64)
Transfers to other reserves - -
Translation (5) 5 -
Balance at 31 December 2010 3,989 124 4,113
Segmental reporting
for the quarter and year ended 31 December 2010
AngloGold Ashanti has implemented IFRS 8 "Operating Segments" with effect from
1 January 2009. AngloGold Ashanti's operating segments are being reported based
on the financial information provided to the Chief Executive Officer and the
Executive Management team, collectively identified as the Chief Operating
Decision Maker ("CODM"). As a result of changes in management structure and
reporting from 1 January 2010, the CODM has changed its reportable segments.
Individual members of the Executive Management team are responsible for
geographic regions of the business. Comparative information has been presented
on a consistent basis. Navachab which was previously included in Southern
Africa now forms part of Continental Africa and North and South America has
been combined into Americas. Southern Africa has been renamed to South Africa.
The Johannesburg corporate office was previously included in Southern Africa
and now forms part of "Other".
Quarter ended Year ended
Dec Sep Dec Dec Dec
2010 2010 2009 2010 2009
Unaudited Unaudited Unaudited Unaudited Audited
SA Rand million
Gold income
South Africa 4,499 4,633 3,469 16,056 13,625
Continental Africa 3,654 3,490 3,920 13,604 11,723
Australasia 988 711 848 3,391 1,819
Americas 2,073 2,082 1,823 8,202 6,552
11,214 10,916 10,060 41,253 33,719
Equity accounted investments
included above (600) (544) (826) (2,420) (2,974)
10,614 10,372 9,234 38,833 30,745
Quarter ended Year ended
Dec Sep Dec Dec Dec
2010 2010 2009 2010 2009
Unaudited Unaudited Unaudited Unaudited Audited
SA Rand million
Gross profit (loss)
South Africa (345) 2,742 242 3,180 (1,778)
Continental Africa 4,412 (573) (74) 4,219 (976)
Australasia (513) (992) 31 (1,452) (1,325)
Americas (317) 1,636 344 2,664 735
Other 13 28 86 171 244
3,250 2,841 629 8,782 (3,100)
Equity accounted investments
included above (180) (168) (320) (918) (1,309)
3,069 2,672 309 7,864 (4,409)
Quarter ended Year ended
Dec Sep Dec Dec Dec
2010 2010 2009 2010 2009
Unaudited Unaudited Unaudited Unaudited Audited
SA Rand million
Adjusted gross profit excluding hedge
buy-back costs
South Africa 1,652 1,374 880 4,580 4,556
Continental Africa 971 795 920 3,314 2,856
Australasia 279 (38) 57 217 473
Americas 863 979 896 3,563 3,181
Other 13 28 88 171 243
3,778 3,137 2,841 11,845 11,309
Equity accounted investments
included above (180) (168) (320) (918) (1,308)
3,598 2,969 2,521 10,927 10,001
Rounding of figures may result in computational discrepancies.
Segmental reporting (continued)
Quarter ended Year ended
Dec Sep Dec Dec Dec
2010 2010 2009 2010 2009
Unaudited Unaudited Unaudited Unaudited Audited
kg
Gold production (1)
South Africa 14,801 14,859 13,418 55,528 55,908
Continental Africa 11,623 11,600 12,993 46,390 49,292
Australasia 3,175 2,894 3,331 12,313 12,477
Americas 6,105 6,776 7,025 26,187 25,372
35,703 36,129 36,767 140,418 143,049
Quarter ended Year ended
Dec Sep Dec Dec Dec
2010 2010 2009 2010 2009
Unaudited Unaudited Unaudited Unaudited Audited
SA Rand million
Capital expenditure
South Africa 1,009 731 931 3,096 3,228
Continental Africa 685 439 510 1,708 1,654
Australasia 71 72 60 290 1,599
Americas 782 604 737 2,270 2,157
Corporate and other 25 9 36 49 88
2,572 1,855 2,275 7,413 8,726
Equity accounted investments
included above (102) (84) (33) (305) (70)
2,470 1,771 2,242 7,108 8,656
As at As at As at
Dec Sep Dec
2010 2010 2009
Unaudited Unaudited Audited
SA Rand million
Total assets
South Africa 16,226 16,394 17,061
Continental Africa 26,060 26,896 29,401
Australasia 3,644 3,466 4,494
Americas 13,855 13,918 14,642
Corporate and other 3,384 9,667 7,739
63,169 70,341 73,337
Equity accounted investments
included above (540) (522) (567)
62,629 69,819 72,770
(1) Gold production includes equity accounted investments.
Rounding of figures may result in computational discrepancies.
Segmental reporting
for the quarter and year ended 31 December 2010
AngloGold Ashanti has implemented IFRS 8 "Operating Segments" with effect from
1 January 2009. AngloGold Ashanti's operating segments are being reported based
on the financial information provided to the Chief Executive Officer and the
Executive Management team, collectively identified as the Chief Operating
Decision Maker ("CODM"). As a result of changes in management structure and
reporting from 1 January 2010, the CODM has changed its reportable segments.
Individual members of the Executive Management team are responsible for
geographic regions of the business. Comparative information has been presented
on a consistent basis. Navachab which was previously included in Southern
Africa now forms part of Continental Africa and North and South America has
been combined into Americas. Southern Africa has been renamed to South Africa.
The Johannesburg corporate office was previously included in Southern Africa
and now forms part of "Other".
Quarter ended Year ended
Dec Sep Dec Dec Dec
2010 2010 2009 2010 2009
Unaudited Unaudited Unaudited Unaudited Audited
US Dollar million
Gold income
South
Africa 654 634 465 2,207 1,665
Continental
Africa 532 478 525 1,868 1,435
Australasia 143 98 113 466 221
Americas 301 285 244 1,124 805
1,630 1,495 1,346 5,665 4,126
Equity
accounted
investments
included
above (87) (75) (111) (331) (358)
1,543 1,420 1,236 5,334 3,768
Quarter ended Year ended
Dec Sep Dec Dec Dec
2010 2010 2009 2010 2009
Unaudited Unaudited Unaudited Unaudited Audited
US Dollar million
Gross
profit
(loss)
South
Africa (50) 375 32 429 (255)
Continental
Africa 640 (86) (10) 604 (116)
Australasia (75) (139) 4 (206) (168)
Americas (46) 226 46 357 89
Other 2 4 11 23 28
471 380 83 1,207 (422)
Equity
accounted
investments
included
above (26) (23) (43) (125) (156)
445 357 40 1,082 (578)
Quarter ended Year ended
Dec Sep Dec Dec Dec
2010 2010 2009 2010 2009
Unaudited Unaudited Unaudited Unaudited Audited
US Dollar million
Adjusted
gross
profit
excluding
hedge
buy-back
costs
South
Africa 239 189 118 634 539
Continental
Africa 141 109 123 455 351
Australasia 41 (5) 8 33 56
Americas 125 134 120 487 390
Other 2 4 11 23 28
548 431 380 1,632 1,364
Equity
accounted
investments
included
above (26) (23) (43) (125) (156)
522 408 337 1,507 1,209
Quarter ended Year ended
Dec Sep Dec Dec Dec
2010 2010 2009 2010 2009
Unaudited Unaudited Unaudited Unaudited Audited
oz (000)
Gold
production
(1)
South
Africa 476 478 431 1,785 1,797
Continental
Africa 374 373 418 1,492 1,585
Australasia 102 93 107 396 401
Americas 196 218 226 842 816
1,148 1,162 1,182 4,515 4,599
Quarter ended Year ended
Dec Sep Dec Dec Dec
2010 2010 2009 2010 2009
Unaudited Unaudited Unaudited Unaudited Audited
US Dollar million
Capital
expenditure
South
Africa 144 100 121 424 385
Continental
Africa 97 60 66 234 198
Australasia 10 10 8 40 177
Americas 111 82 94 311 258
Corporate
and other 3 1 4 6 9
365 253 293 1,015 1,027
Equity
accounted
investments
included
above (15) (11) (4) (42) (8)
350 242 289 973 1,019
As at As at As at
Dec Sep Dec
2010 2010 2009
Unaudited Unaudited Audited
US Dollar million
Total
assets
South
Africa 2,469 2,356 2,295
Continental
Africa 3,966 3,864 3,954
Australasia 555 498 604
Americas 2,109 2,000 1,970
Corporate
and other 515 1,389 1,041
9,614 10,107 9,864
Equity
accounted
investments
included
above (82) (75) (77)
9,532 10,032 9,787
Administrative information
AngloGold Ashanti Limited
Registration No. 1944/017354/06
Incorporated in the Republic of South Africa
Share codes:
ISIN: ZAE000043485
JSE: ANG
LSE: AGD
NYSE: AU
ASX: AGG
GhSE (Shares): AGA
GhSE (GhDS): AAD
Euronext Paris: VA
Euronext Brussels: ANG
JSE Sponsor: UBS
Auditors: Ernst & Young Inc
Offices
Registered and Corporate
76 Jeppe Street
Newtown 2001
(PO Box 62117, Marshalltown 2107)
South Africa
Telephone: +27 11 637 6000
Fax: +27 11 637 6624
Australia
Level 13, St Martins Tower
44 St George's Terrace
Perth, WA 6000
(PO Box Z5046, Perth WA 6831)
Australia
Telephone: +61 8 9425 4602
Fax: +61 8 9425 4662
Ghana
Gold House
Patrice Lumumba Road
(PO Box 2665)
Accra
Ghana
Telephone: +233 303 772190
Fax: +233 303 778155
United Kingdom Secretaries
St James's Corporate Services Limited
6 St James's Place
London SW1A 1NP
England
Telephone: +44 20 7499 3916
Fax: +44 20 7491 1989
E-mail: jane.kirton@corpserv.co.uk
Directors
Executive
M Cutifani (Chief Executive Officer)
S Venkatakrishnan * (Chief Financial Officer)
Non-Executive
T T Mboweni ? (Chairman)
Dr T J Motlatsi ? (Deputy Chairman)
F B Arisman #
R Gasant ?
W A Nairn ?
Prof L W Nkuhlu ?
F Ohene-Kena +
S M Pityana ?
* British # American
Australian ? South African
+ Ghanaian
Officers
Company Secretary: Ms L Eatwell
Investor Relations Contacts
South Africa
Renee Swan
Mobile: +27 79 523 9714
Fax: +27 11 637 6400
E-mail: rswan@AngloGoldAshanti.com
United States
Stewart Bailey
Telephone: +1-212-836-4303
Mobile: +1-646-717-3978
E-mail: sbailey@AngloGoldAshanti.com
General E-mail enquiries
investors@AngloGoldAshanti.com
AngloGold Ashanti website
http://www.AngloGoldAshanti.com
Company secretarial E-mail
Companysecretary@AngoGoldAshanti.com
AngloGold Ashanti posts information that is important to investors on the main
page of its website at www.anglogoldashanti.com and under the "Investors" tab
on the main page. This information is updated regularly. Investors should
visit this website to obtain important information about AngloGold Ashanti.
PUBLISHED BY ANGLOGOLD ASHANTI
PRINTED BY INCE (PTY) LIMITED
Share Registrars
South Africa
Computershare Investor Services (Pty) Limited
Ground Floor, 70 Marshall Street
Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: 0861 100 950 (in SA)
Fax: +27 11 688 5218
web.queries@computershare.co.za
United Kingdom
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 7NH
England
Telephone: +44 870 702 0000
Fax: +44 870 703 6119
Australia
Computershare Investor Services Pty Limited
Level 2, 45 St George's Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 2949 (in Australia)
Fax: +61 8 9323 2033
Ghana
NTHC Limited
Martco House
Off Kwame Nkrumah Avenue
PO Box K1A 9563 Airport
Accra
Ghana
Telephone: +233 303 229664
Fax: +233 303 229975
ADR Depositary
The Bank of New York Mellon ("BoNY")
BNY Shareowner Services
PO Box 358016
Pittsburgh, PA 15252-8016
United States of America
Telephone: +1 800 522 6645 (Toll free in USA) or +1 201 680 6578 (outside USA)
E-mail: shrrelations@mellon.com
Website: www.bnymellon.com.comshareowner
Global BuyDIRECTSM
BoNY maintains a direct share purchase and dividend reinvestment plan for
AngloGold Ashanti.
Telephone: +1-888-BNY-ADRS
Certain statements made in this communication, including, without limitation,
those concerning AngloGold Ashanti's strategy to reduce its gold hedging
position including the extent and effects of the reduction, the economic
outlook for the gold mining industry, expectations regarding gold prices,
production, cash costs and other operating results, growth prospects and
outlook of AngloGold Ashanti's operations, individually or in the aggregate,
including the completion and commencement of commercial operations of certain
of AngloGold Ashanti's exploration and production projects, the resumption of
production at AngloGold Ashanti's mines in Ghana, the completion of announced
mergers and acquisitions transactions, AngloGold Ashanti's liquidity and
capital resources, and expenditure and the outcome and consequences of any
litigation proceedings or environmental issues, contain certain forward-looking
statements regarding AngloGold Ashanti's operations, economic performance and
financial condition. Although AngloGold Ashanti believes that the expectations
reflected in such forward-looking statements are reasonable, no assurance can
be given that such expectations will prove to have been correct. Accordingly,
results could differ materially from those set out in the forward-looking
statements as a result of, among other factors, changes in economic and market
conditions, success of business and operating initiatives, changes in the
regulatory environment and other government actions including environmental
approvals and actions, fluctuations in gold prices and exchange rates, and
business and operational risk management. For a discussion of certain of these
factors, refer to AngloGold Ashanti's annual report for the year ended
31 December 2009, which was distributed to shareholders on 30 March 2010. The
company's annual report on Form 20-F, was filed with the Securities and
Exchange Commission in the United States on 19 April 2010 and as amended on
18 May 2010. AngloGold Ashanti undertakes no obligation to update publicly or
release any revisions to these forward-looking statements to reflect events or
circumstances after today's date or to reflect the occurrence of unanticipated
events. All subsequent written or oral forward-looking statements attributable
to AngloGold Ashanti or any person acting on its behalf are qualified by the
cautionary statements herein. AngloGold Ashanti posts information that is
important to investors on the main page of its website at
www.anglogoldashanti.com and under the "Investors" tab on the main page. This
information is updated regularly. Investors should visit this website to
obtain important information about AngloGold Ashanti.
END
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