ANGLOGOLD ASHANTI LIMITED - Report for the 4th quarter & year ended 31 Dec 2013

PR Newswire

London, February 18

Reportfor the fourth quarter and year ended 31 December 2013First annual production growth in nine years; 2013 production 4.105Moz at totalcash cost of $830/ozStrong Q4 production of 1,229koz, up 43% over Q4 2012 and 18% over previousquarterTotal cash costs $748/oz in Q4 -23% improvement on Q4 2012 and 8% improvementon prior quarter.All-in sustaining costs declined to $1,015/oz from $1,155/oz during theprevious quarter.Net Debt to EBITDA improved to 1.86 times, down from 2.02 times in thirdquarter.Adjusted Headline Earnings Normalised jump 49% to $164mAll Injury Frequency Rate reaches lowest ever 7.33 per million hours worked forthe year.Tropicana and Kibali deliver 106,000oz attributable production at average $532/oz cash costCorporate* and exploration costs declined 20% from previous quarter.Free cash outflow improved from $205m to $82m, after all capital, tax andinterest payments2014 production outlook estimated at between 4.2Moz to 4.5Moz. Total cash costsexpected at between $750/oz to $790/oz.2014 capital expenditures expected to decline by 31% to between $1.3bn and$1.45bn.* Including administration, marketing and other expenses. Quarter Year ended ended ended ended ended Dec Sep Dec Dec Dec 2013 2013 2012 2013 2012 US dollar / ImperialOperating reviewGold Produced - oz (000) 1,229 1,043 859 4,105 3,944 Price received 1 - $/oz 1,271 1,327 1,718 1,401 1,664 All-in sustaining cost 2 - $/oz 1,015 1,155 1,551 1,174 1,251 Total cash costs 3 - $/oz 748 809 967 830 829Financial reviewAdjusted gross profit 4 - $m 376 310 393 1,351 2,389Gross profit - $m 404 276 418 1,445 2,354(Loss) profit attributable toequity shareholders - $m (305) 1 (174) (2,230) 897 - cents/share (75) - (45) (568) 232Headline (loss) earnings - $m (276) (18) 120 78 1,208 - cents/share (68) (5) 31 20 312Adjusted headline earnings 5 - $m 45 576 19 599 988 - cents/share 11 148 5 153 255Cash flow from operatingactivities - $m 431 319 494 1,246 1,969Capital expenditure - $m 477 448 844 1,993 2,322Notes: 1. Refer to note C "Non-GAAP disclosure" for the definition. 2. Refer to note D "Non-GAAP disclosure" for the definition. 3. Refer to note E "Non-GAAP disclosure" for definition. 4. Refer to note B "Non-GAAP disclosure" for the definition 5. Refer to note A "Non-GAAP disclosure" for thedefinition.$ represents US dollar, unless otherwise stated.Rounding of figures may result in computational discrepancies.Certain statements contained in this document, other than statements ofhistorical fact, including, without limitation, those concerning the economicoutlook for the gold mining industry, expectations regarding gold prices,production, cash costs, cost savings and other operating results, return onequity, productivity improvements, growth prospects and outlook of AngloGoldAshanti's operations, individually or in the aggregate, including theachievement of project milestones, commencement and completion of commercialoperations of certain of AngloGold Ashanti's exploration and productionprojects and the completion of acquisitions and dispositions, AngloGoldAshanti's liquidity and capital resources and capital expenditures and theoutcome and consequence of any potential or pending litigation or regulatoryproceedings or environmental issues, are forward-looking statements regardingAngloGold Ashanti's operations, economic performance and financial condition.These forward-looking statements or forecasts involve known and unknown risks,uncertainties and other factors that may cause AngloGold Ashanti's actualresults, performance or achievements to differ materially from the anticipatedresults, performance or achievements expressed or implied in theseforward-looking statements. Although AngloGold Ashanti believes that theexpectations reflected in such forward-looking statements and forecasts arereasonable, no assurance can be given that such expectations will prove to havebeen correct. Accordingly, results could differ materially from those set outin the forward-looking statements as a result of, among other factors, changesin economic, social and political and market conditions, the success ofbusiness and operating initiatives, changes in the regulatory environment andother government actions, including environmental approvals, fluctuations ingold prices and exchange rates, the outcome of pending or future litigationproceedings, and business and operational risk management. For a discussion ofsuch risk factors, refer to the prospectus supplement to AngloGold Ashanti'sprospectus dated 17 July 2012 that was filed with the United States Securitiesand Exchange Commission ("SEC") on 26 July 2013. These factors are notnecessarily all of the important factors that could cause AngloGold Ashanti'sactual results to differ materially from those expressed in any forward-lookingstatements. Other unknown or unpredictable factors could also have materialadverse effects on future results. Consequently, readers are cautioned not toplace undue reliance on forward-looking statements. AngloGold Ashantiundertakes no obligation to update publicly or release any revisions to theseforward-looking statements to reflect events or circumstances after the datehereof or to reflect the occurrence of unanticipated events, except to theextent required by applicable law. All subsequent written or oralforward-looking statements attributable to AngloGold Ashanti or any personacting on its behalf are qualified by the cautionary statements herein.This communication may contain certain "Non-GAAP" financial measures. AngloGoldAshanti utilises certain Non-GAAP performance measures and ratios in managingits business. Non-GAAP financial measures should be viewed in addition to, andnot as an alternative for, the reported operating results or cash flow fromoperations or any other measures of performance prepared in accordance withIFRS. In addition, the presentation of these measures may not be comparable tosimilarly titled measures other companies may use. AngloGold Ashanti postsinformation that is important to investors on the main page of its website atwww.anglogoldashanti.com and under the "Investors" tab on the main page. Thisinformation is updated regularly. Investors should visit this website to obtainimportant information about AngloGold Ashanti.Operations at a glancefor the quarter ended 31 December 2013 Production oz Year-on-year Qtr on $/oz Year-on-year Qtr on (000) Qtr Qtr % Variance 3 % Variance 3 % % Variance Variance 4 4SOUTH AFRICA 339 98 3 1,005 (34) (12)Vaal River Operations 127 102 4 1,080 (40) (11)Great Noligwa 20 43 18 1,294 (22) (15)Kopanang 39 50 (11) 1,296 (23) 2Moab Khotsong 67 191 12 890 (56) (18)West Wits Operations 154 105 3 919 (45) (19)Mponeng 93 94 6 963 (30) (11)TauTona 5 62 129 2 852 (57) (29)Total Surface 58 71 (2) 1,039 89 5OperationsFirst Uranium SA 6 27 93 4 1,040 (215) 11Surface Operations 30 50 (9) 1,039 (29) 1INTERNATIONAL 890 29 25 992 (33) (11)OPERATIONSCONTINENTAL AFRICA 460 22 20 1,129 (26) (1)DRCKibali - Attr. 45% 7 40 - - 2,073 - -GhanaIduapriem 67 52 8 1,153 (27) 82Obuasi 63 (17) (7) 2,069 (20) 8GuineaSiguiri - Attr. 85% 75 17 9 1,116 (24) 8MaliMorila - Attr. 40% 7 12 (40) - 1,434 120 24Sadiola - Attr. 41% 7 24 (11) 20 1,639 29 (18)Yatela - Attr. 40% 7 8 (20) 60 2,226 25 50NamibiaNavachab 18 - (5) 526 (66) (19)TanzaniaGeita 154 31 21 784 (24) (14)Non-controllinginterests, explorationand otherAUSTRALASIA 169 207 173 763 (66) (52)AustraliaSunrise Dam 102 85 65 804 (59) (35)Tropicana - Attr. 70% 66 - - 640 - -Exploration and otherAMERICAS 262 2 (3) 887 (29) (7)ArgentinaCerro Vanguardia - 61 11 (3) 852 (39) 4Attr. 92.50%BrazilAngloGold Ashanti 120 7 17 891 (32) (11)MineraçãoSerra Grande 8 34 (8) (3) 956 (24) (2)United States of AmericaCripple Creek & Victor 47 (11) (32) 1,076 14 7Non-controllinginterests, explorationand othersOTHERSub-total 1,229 43 18 1,015 (35) (12)Equity accountedinvestments includedaboveAngloGold Ashanti7 Equity accountedjoint ventures.Operations at a glancefor the quarter ended 31 December 2013 Total cash costs $/oz Year-on-year Qtr on $m Year-on-year Qtr on Qtr Qtr % Variance 3 $m Variance $m Variance % 3 4 Variance 4SOUTH AFRICA 767 (34) (10) 106 14 30Vaal River Operations 762 (45) (12) 33 10 9Great Noligwa 1,032 (25) (20) 2 (2) 5Kopanang 910 (6) (5) 1 (12) (2)Moab Khotsong 596 (56) (11) 30 24 6West Wits Operations 717 (48) (12) 65 38 28Mponeng 656 (30) (13) 36 2 7TauTona 5 809 (42) (10) 29 36 20Total Surface 915 (34) - 9 (33) (6)OperationsFirst Uranium SA 6 843 (29) 6 3 (29) -Surface Operations 980 (25) (3) 6 (4) (5)INTERNATIONAL 741 (19) (6) 270 (48) 37OPERATIONSCONTINENTAL AFRICA 839 (15) 4 117 (25) (13)DRCKibali - Attr. 45% 7 471 - - 22 22 22GhanaIduapriem 966 (3) 67 7 (16) (29)Obuasi 1,354 (11) 25 (15) 36 (7)GuineaSiguiri - Attr. 85% 844 (20) (14) 17 (4) (6)MaliMorila - Attr. 40% 7 853 19 13 3 (17) (4)Sadiola - Attr. 41% 7 1,506 18 (13) (10) (25) (2)Yatela - Attr. 40% 7 1,923 22 35 (8) (7) (7)NamibiaNavachab 524 (50) 4 14 7 (1)TanzaniaGeita 543 2 (1) 89 (15) 22Non-controlling (2) (7) (3)interests,exploration andothersAUSTRALASIA 640 (56) (50) 30 30 41AustraliaSunrise Dam 685 (48) (42) 23 14 27Tropicana - Attr. 70% 569 - - 9 9 9Exploration and other (2) 7 5AMERICAS 634 (10) (3) 125 (51) 11ArgentinaCerro Vanguardia - 672 (11) 9 22 (14) (12)Attr. 92.50%BrazilAngloGold Ashanti 518 (23) (14) 69 3 32MineraçãoSerra Grande 8 712 (5) - 12 (18) (1)Cripple Creek & 825 24 11 22 (21) (7)VictorNon-controlling - (1) (2)interests,exploration and otherOTHER 5 (12) 7Sub-total 748 (23) (8) 382 (45) 75Equity accounted (6) 28 (9)investments includedaboveAngloGold Ashanti 376 (17) 661Refer to note D under "Non-GAAP disclosure" for definition2 Refer to note B under "Non-GAAP disclosure" for definition3 Variance December 2013 quarter on December 2012 quarter - increase(decrease).4 Variance December 2013 quarter on September 2013 quarter - increase(decrease).5 As from 1 January 2013, TauTona and Savuka were mined as one operation. Forpresentation purposes TauTona and Savuka have been combined for the priorquarter and prior year.6 Effective 20 July 2012, AngloGold Ashanti acquired 100% of First Uranium (Pty)Limited.7 Equity accounted joint ventures.8Effective 1 July 2012, AngloGold Ashanti increased its shareholding in SerraGrande from 50% to 100%.Rounding of figures may result in computational discrepancies.Financial and Operating ReportOVERVIEW FOR THE YEAR AND QUARTERFINANCIAL AND CORPORATE REVIEWFull-year adjusted headline earnings (AHE) were $599m, or 153 US cents pershare, compared with $988m or 255 US cents per share in 2012. Despite a 16%decline in the gold price received for the year, the company recorded solidperformance for the full year 2013 reflecting a 4% increase in production to4.105Moz and all-in sustaining costs, despite inflation, decreasing by roughly6% compared with 2012. The year-on-year improvement in production marks thefirst increase in annual production for AngloGold Ashanti in nine years.This reflected a recovery from strike activity in South Africa in 2012,substantial improvements in both direct operating and overhead costs, and theintroduction of commercial production from two new, world-class, low-cost minesin the fourth quarter. Last year (2013) marked the best year of safetyperformance in AngloGold Ashanti history, providing an anchor for solidproduction and cost results amidst a challenging gold price environment, wagenegotiations in South Africa, and a significant restructuring of corporate andoperating costs.Net loss attributable to equity shareholders for the full year was $2.23bn,compared to a profit of $897m in 2012, primarily due to a post-tax impairmentof assets and investments and inventory write-downs of $2.5bn and thewrite-offs of deferred tax assets at Ghana and CC&V of $330m.Net debt increased to $3.11bn at the end of 2013, from $3.01bn at the end ofthe third quarter of 2013, primarily as a result of project capitalexpenditures required to fund the final development phases of the Tropicanaproject in Australia and ongoing investment in the Kibali project in the DRC,both of which commenced commercial production during the fourth quarter of theyear.Free cash outflow during the fourth quarter was $82m. Improved cash flowfrom operating activities meant all interest, tax, stay-in-business capex andthe majority of $224m project capex was funded.Given an improvement in 12-month rolling EBITDA amounting to $1.67bn, Net Debtto EBITDA declined to a ratio of 1.86 times, from 2.02 times at the end of thethird quarter.Production in 2013 was 4.105Moz at a total cash cost of $830/oz, compared to3.944Moz at a total cash cost of $829/oz the previous year. Group productionbeat guidance for the year of 4.0Mozs - 4.1Mozs at total cash costs of between$815-845/oz. All-in sustaining costs for the group in 2013 was $1,174/oz, downfrom $1,251 in 2012.As a result of declines and volatility in the gold price during 2013, reservesand resources are calculated at $1,100/oz and $1,600/oz, respectively, comparedto 2012 reserves and resources calculated at $1,300/oz and $2,000/oz.Reserves at year-end 2013 were 67.9Moz, down from 74.1Moz at the end of 2012,reflecting the changes in economic assumptions due to the lower gold price,which had the most significant impacts on Geita and CC&V. Resources at 31December 2013 decreased to 233Moz, from 241.5Moz at the end of the previousyear, reflecting the reduced gold price and the resultant revision of mineralresource models, increased cut-off grades, and modified recovery factors. Thiswas partially offset by a 2.7Moz increase from exploration at Kibali and LaColosa. "Having achieved our best year on safety, we've returned to production growthfor the first time in almost a decade, thanks to new lower cost ounces fromTropicana and Kibali," Chief Executive Officer Srinivasan Venkatakrishnan said."The new production in the portfolio gives us the flexibility to rationalisemarginal production while we continue to focus closely on overhead andoperating costs."FOURTH QUARTER REVIEWNormalised adjusted headline earnings (AHE) for the fourth quarter amounted to$164m, a 49% improvement on the previous quarter's $110m. Fourth quarter AHEwere impacted by a number of non-cash accounting adjustments including $54massociated with stockpile and inventory provisions, $17m associated withoperational and corporate redundancies.Reconciliation of fourth and third quarter published to normalised AdjustedHeadline Earnings: Q3 2013 Q4 2013 $m $mAHE as published 576 45Realised fair value gain on Mandatory Convertible Bond (567) -Transaction costs $1.25bn and bridge facility costs 20 -Cost of early redemption of 3.5% May 2009 convertible bond 39 -Stockpile and inventory provisions - 54Loan and other impairments - 57Operational and corporate redundancies 42 17Insurance claim proceeds - (9)AHE normalised 110 164The fourth quarter saw another strong performance, with both production andcosts coming in better than market guidance. Production was 1,229Moz at anaverage total cash cost of $748/oz, compared to 1,043Moz at $809/oz theprevious quarter and 859,000oz at $967/oz in the fourth quarter of 2012. Solidresults during the quarter reflected strong performance from the ContinentalAfrica region, particularly at Geita and Siguiri, and from the company's assetsin Australia, with Sunrise Dam delivering high-grade production as planned fromthe Crown pillar, and the addition of low cost ounces from Tropicana. Costsbenefited from higher output, weaker local currencies and early indicationsthat a range of cost savings initiatives are gaining traction. All-insustaining costs also declined to $1,015/oz from $1,155/oz during the previousquarter.Summary of quarter-on-quarter operating and cost improvements: Improvement Improvement Q3'2013 Q2'2013 Q4'2013 Q4-vs-Q3 Q3-vs-Q2Gold Price received ($/oz) 1,271 (4%) 1,327 (7%) 1,421Gold Production (Kozs) 1,229 18% 1,043 12% 935Total cash costs ($/oz) 748* 8% 809 10% 898Corporate & marketing ($m) 37 12% 42 26% 57Exploration & evaluation ($m) 41 25% 55 30% 79 (6%)Capital expenditure ($m) 477 448 19% 556 (due to profiling)All-in sustaining** ($/oz) 1,015 12% 1,155 11% 1,302EBITDA ($m) 544 66% 327 14% 288Cash inflow from operating 431 35% 319 128% 140activities ($m)Free cash outflow ($m) (82) 60% (205) 59% (497)*Q4 2013 includes $30/oz consumable and stock impairments.**Excludes stockpiles written off.Comparing the first half of 2013 with the second half of 2013, the position isas follows: Particulars H1 H2 Improvement 2013 2013 H2 vs H1Gold Price received ($/oz) 1,529 1,297 (15%)Gold Production (Kozs) 1,834 2,272 24%Total cash costs ($/oz) 896 777* 13%Corporate & marketing costs ($m) 122 79 35%Exploration & evaluation costs ($m) 159 96 39%Capital Expenditure ($m) 1,069 925 13%All-in-sustaining costs** ($/oz) 1,288 1,114 14%EBITDA ($m) 796 871 9%Cash inflow from Operating activities ($m) 496 750 51%Free cash outflow ($m) (725) (287) 60%* Q4 2013 includes $30/oz consumable and stock provisions.**Excludes stockpiles written off.Cash flow from operating activities increased 35% to $431m in the fourthquarter, from $319m in the third quarter of 2013. Total capital expenditureduring the fourth quarter was $477m (including joint ventures), compared with$448m the previous quarter and $844m in the fourth quarter of 2012. Of thetotal capital spent, project capital expenditure during the fourth quarter of2013 amounted to $224m. Net free cash flow, after all capital, tax and interestcosts, improved to negative $82m in the fourth quarter, from negative $205m inthe third quarter of 2013, reflecting improved costs and higher production. Particulars Q4 Q4 Improvement 2012 2013 Y vs YGold Price received ($/oz) 1,718 1,271 (26%)Gold Production (Kozs) 859 1,229 43%Total cash costs ($/oz) 967 748 23%Corporate & marketing costs ($m) 85 37 56%Exploration & evaluation costs ($m) 124 41 67%Capital Expenditure ($m) 844 477 43%All-in-sustaining costs** ($/oz) 1,551 1,015 35%EBITDA ($m) 364 544 49%Cash inflow from Operating activities ($m) 494 432 (13%)Free cash outflow ($m) (447) (82) 82%**Excludes stockpiles written off.A two-part financing was completed in December of 2013 on the South Africandebt facilities, providing a more diverse funding platform compared to theprevious funding platform which relied solely on the commercial paper (CP)market. The first part of the financing is a 5-year revolving credit facility(RCF) at R1.5bn with similar terms and conditions and a similar financialcovenant as those in our US$ credit facility.The second part of the financing package is a three year-bond at R750m (thishas a floating rate of Johannesburg Interbank Agreed Rate - JIBAR +175 bps),providing the ability to fund short term requirements from the CP market with aback-up in South African rand RCF.UPDATE ON CAPITAL PROJECTSThe company is pleased to announce the successful commissioning of two new goldprojects in the last week of September - Tropicana and Kibali. Together, theseprojects are expected to add attributable production of 550,000oz to 600,000ozin 2014 at a combined average total cash cost of less than $700/oz."Our operators and project teams persevered in delivering our two new,high-quality projects ahead of schedule, despite a challenging environment fordeveloping new assets," Srinivasan Venkatakrishnan, Chief Executive Officer ofAngloGold Ashanti, said. "Along with our aggressive approach to optimising cashflow, we are positioning AngloGold Ashanti to deliver leverage to shareholdersin a rising gold price environment."Tropicana commissioned ahead of schedule. The Tropicana gold project, a jointventure between AngloGold Ashanti (70%) and Independence Group NL (30%) pouredits first gold on 26 September 2013, ahead of schedule and on budget. Projectclose-out activities are in progress, and costs remain on budget.During the fourth quarter, focus remained on maintaining steady stateperformance in the Tropicana plant which approached 90% plant availability atyear-end. The project produced 95kozs (67kozs attributable) in the fourthquarter.At the Kibali project, a joint venture between state-owned Sokimo (10%),AngloGold Ashanti (45%) and operator Randgold Resources (45%), steadyproduction ramp-up progress is being made by Randgold Resources. During thefourth quarter the Kibali plant ramp-up was on schedule with the oxide circuitproducing 88kozs (40kozs attributable) at a total cash cost of $471/oz. InDecember, the primary crusher and mill for the sulphide circuit werecommissioned. Decline development and sinking of the main shaft sink areprogressing well. The focus for 2014 will be commissioning of the sulphidecircuit in the second quarter, decline access to the underground ore zone byyear end, and ongoing shaft sinking. The total project capital cost remainswithin the board approved budget.The Relocation Action Plan (RAP) is also nearing completion, with a total of4,216 new houses built and the Church scheduled to be completed by the end ofMarch 2014.In the Americas, the Mine Life Extension project at CC&V ($585m approved costover 5 years) is progressing on schedule. This Project is intended to extendthe production life of CC&V to 2025 and add over 2Mozs of gold production overthe life of the mine. The project adds a 2Mtpa mill to process higher gradeore, a 200Mt valley heap leach facility, associated facilities, and replacementmine fleet. Over 700,000 man-hours of work have been completed and there hasbeen one lost time injury.Project expenditure to date at the end of 2013 at CC&V was $197m. The mill ison track for mechanical completion in the late stages of 2014 and commissioning/production ramp up in the fourth quarter of 2014, with full productionscheduled to begin in 2015. In 2013, mill engineering was completed and millconcrete construction is 50% complete whilst the Colorado State highwayrealignment was completed. The valley heap leach facility (VLF and associatedgold recovery plant (ADR) schedule is as follows:• 2014: complete lining the pregnant solution pond area (triple linedarea) and start filling the area for the ADR2 (the gold recovery plant)platform;• 2015: complete the ADR2 pad, construct the ADR2 plant (the goldrecovery plant), and start loading ore on the first phase VLF2; and• 2016: commission ADR2/VLF2 and start gold production.Obuasi ramp decline continues according to schedule. Management continues toconsult with stakeholders around options to improve ability to execute project.UPDATE ON COST OPTIMISATION AND PORTFOLIO REVIEWCost optimisation and portfolio review: A process remains underway to improveefficiency across the business, to identify long-term savings in the company'sdirect and indirect cost base and to optimise capital expenditure. Mine planshave been adjusted and in some cases stockpiled inventories are being processedwith a view to further reduce costs and improve cash flow. In addressingcorporate costs, headcount reductions have been made during 2013 across theglobal employee base, including capital contractors and other serviceproviders. The exit from exploration activities in non-core regions is goingaccording to plan.A binding agreement was signed on 10 February 2014 to sell the Navachab mine toa wholly-owned subsidiary of QKR Corporation Limited for an upfrontconsideration based on an enterprise value of $110 million, adjusted forAngloGold Ashanti Namibia's net debt and working capital position on thescheduled closing date of the transaction. The upfront consideration is payablein cash on the Closing Date. In addition, under the terms of the agreement,AngloGold Ashanti will receive a net smelter return paid quarterly for sevenyears following the second anniversary of the closing date of the transaction,subject to an average gold price of $1,350 per ounce and capped at 18,750ounces sold per quarter. The transaction is subject to fulfilment of a numberof conditions precedent, including Namibian and South African regulatory andthird party approvals."We are executing on our strategy to focus our efforts on assets of scale thatdrive value in the business," said Charles Carter, AngloGold Ashanti'sExecutive Vice President of Strategy and Business Development. "We're pleasedto have reached agreement to sell Navachab for fair value in the midst of adifficult market - we believe that QKR is the right group to take Navachabforward."Furthermore, Project 500 (P500), a cost optimisation initiative which waslaunched in early 2013 to deliver an annual reduction in Anglogold Ashanti'soperating cost base of approximately $500 million over an 18 month period,realised an initial savings of approximately 25% in 2013, with furthersignificant savings anticipated in 2014. The first phase of P500 reliedprimarily on the identification and realisation of reduction initiatives thatwere known by the operations, but required support in planning, scheduling,resourcing or execution.In the South Africa region, cost cuts at Moab Khotsong were carried out throughstaff and contractor reductions, deferment of projects as well as consumablesavings through various campaigns. The fourth quarter savings at Moab Khotsongfrom the project approximated $6m. The implementation of P500 principles ison-going and has now been deployed at all business units in the South Africaregion to identify key interventions and core focus points on cost control,which are anticipated to yield positive results in 2014.In Argentina at Cerro Vanguardia, initiatives designed to develop efficienciesand production improvements continued during the fourth quarter of 2013 andincluded underground mine design optimization, extension of tyres' operationallife, optimisation and stabilisation of Carbon-in-Leach and regenerationcircuits.In Brazil, as anticipated, the potential savings identified are around $34mwith most of the initiatives anticipated to be realised in 2014, a smallportion having been realised in 2013. A strong cost and cash management programwas implemented in 2013 which led to improved cost and capital expenditurecontrol. These initiatives contemplated productivity improvements, optimisationof operational processes, reductions on power and materials pricing andconsumption, as well as reductions in administrative expenses such as travel,external services and consultancies.Although the first phase of P500 is anticipated to deliver value until the endof 2014, it has become necessary to consider the next phase of savings to bedelivered thereafter. Phase 2 will continue the P500 approach of co-ordinatingcross-functional experts from across the company to work with operationalmanagement to identify further cost and revenue enhancement opportunities inkey areas. Given that there are numerous interventions across multipledisciplines, this role includes assisting site management to prioritise andintegrate improvements into the group's plans, supported with appropriatemodels and processes. Phase 2 will build on the learning of Phase 1, andinclude a review of all previous and potential operational improvements.Some cost reduction opportunities for the next phase have been identifiedfollowing discussions with operational and technical Senior Vice Presidents.These include, among others:The procurement of global strategic commodities (including fuel and power);Third-party contracts and contractors;Labour planning;Working capital and stores' inventory optimization; andStay-in-business capitalSOUTH AFRICAN LABOUR UPDATEThe 2013 wage negotiations were concluded on 10 September 2013 when amulti-year agreement was reached between South Africa's major gold producers,represented in a collective bargaining forum led by the Chamber of Mines, andthree of the four unions (the National Union of Mineworkers, United Associationof South Africa and Solidarity). While the Association of Mineworkers andConstruction Union (AMCU), which participated in the central levelnegotiations, did not sign the agreement, its members benefited from the wageincreases of the agreement from its effective date of 1 July 2013.On 20 January 2014, AMCU served notice to the gold companies that it intendedto call a strike by its members on 23 January 2014, demanding higher wages. Inresponse, the Chamber of Mines, representing the gold mining companies in SouthAfrica, applied for an interdict against the strike given that wages hadalready been settled. The Labour Court postponed its judgement to 30 January2014, ordering AMCU not to strike until a judgement was delivered. On 30January, the Court granted an interim interdict, declared the threatened AMCUstrike unprotected and ruling that AMCU must return to court on 14 March 2014to explain why this interim interdict should not be made permanent. Thejudgement was awarded, with costs.TECHNOLOGY AND INNOVATION UPDATEDuring the quarter ended December 2013, the Technology Innovation Consortiumhas made considerable progress in prototype development pertaining to the keytechnologies that are intended to establish the base for a safe, automatedmining method intended for use at AngloGold Ashanti's deep-level undergroundmining operations.Reef Boring (Stoping): In the fourth quarter of 2013, three 660mm single passholes were drilled with the newly designed Atlantis reamer.The last hole, hole 17, was of critical importance to the project and it wasaimed at proving the technical viability of drilling holes that are immediatelyadjacent to one another (skin-to-skin) in order to ensure maximum orebodyextraction. This was done successfully. The next holes will be drilledskin-to-skin to verify the results obtained in the first test after which theoverlapping drilling configuration will be tested. The newly designed Atlantis660mm reamer performed well in testing in terms of penetration rates, speed andalso produced cuttings of constant size. This reamer delivered much improvedsize cuttings and significantly reduced the amount of vibrations on thedrilling machine. The average time taken to complete the holes was 3.5 days,which compared favourably with the Atlantis single pass 540mm hole, despite thebigger diameter.Site Equipping: During the fourth quarter, site equipping, opening up anddevelopment of the future production sites progressed according to schedulewith the exception of the TauTona mine VCR site. A fire that occurred on 75Level at TauTona mine led to the site establishment work being halted in the 67Level VCR production site until safe ventilation conditions can bere-established. An alternative site that will accommodate the rig intended forthis site has already been identified at the Moab Khotsong mine with theplanning for site establishment having been concluded. The first productionsite which is a TauTona Carbon Leader Reef site is on schedule to start inApril 2014.Machine Manufacturing: The design of a machine for medium reefs (width 40-80cm)and the machine design for narrow reefs (width 0-40cm) were concluded and theorders for manufacturing have been placed.Ultra High Strength Backfill (UHSB)Enhancements to the batch mixing process progressed well, increasing the mixvolumes and reducing the preparation time of the UHSB. A replica of theunderground production site mixers have been constructed on surface for testingto ensure operational readiness. Construction of the underground backfill plantcommenced in December 2013 and is scheduled to coincide with the start-up ofthe first production site in April 2014.Stress monitoring instrumentation installed within the filled holes isproducing real time data. Early monitoring has indicated that the performanceand effectiveness of the UHSB is satisfactory and that the effect of reefboring extraction on the surrounding rock mass has been minimised.SAFETYAfter three consecutive months with no fatality, December unfortunately sawfatal incidents at Moab Khotsong and Obuasi, each resulting in a singlefatality, both of which are being thoroughly investigated to ascertain theunderlying causes. Improvements to prevent the recurrence of such incidentshave been identified and are in the process of being implemented.Much still needs to be done to reach our goals of zero harm, however, 2013 sawthe following outcomes from our operating and safety teams with 80% of theoperations having set new safety records:This is the lowest number of fatalities recorded in any year in AnglogoldAshanti's history (at a group level, South African Regional level and at theInternational operational level). The company's fatality rate for 2013 was0.05, a 50% improvement over 2012;The South Africa region made significant inroads in 2013 to improve its safetyperformance, particularly at West Wits which had a difficult first 5 months ofthe year, but ended up without a fatality in the last 7 months of the year.Vaal River Region recorded 17 months without a fatality prior to the accidentat Moab that happened at year-end;Lost time injury, All injury, and Accident severity rates all saw animprovement of at least 7% when compared to the previous year.The focus continues on Major Hazard Management through identification andmonitoring of critical controls and High Potential Incidents (HPIs) with a viewof enhancing organisational learning and institutionalising change in order toimprove our safety record as we go into 2014. HPIs correlate well with fatalincidents experienced by the business in the past and are used as learningopportunities to prevent future occurrence.OPERATING HIGHLIGHTSFor the year ended December 2013, the South African operations produced1,302Moz at a total cash cost of $850/oz. In 2012, the region produced 1,212Mozat a total cash cost of $873/oz. Production for the fourth quarter was339,000oz at a total cash cost of $767/oz and all-in sustaining costs of $1,005/oz. When compared to the same quarter the previous year, the regiondemonstrated a strong improvement in production and costs partially given thatthe fourth quarter of 2012 was impacted by strike activity. Notably, all-insustaining costs in the fourth quarter for the region saw a decline of 34% whencompared to fourth quarter in 2012 and 12% when compared to the third quarterin 2013.At the West Wits operations, the fourth quarter performance was adverselyaffected by continued increase in seismic activity, safety stoppages anddeterioration in grades. Production was 154,000oz at total cash cost of $717/ozcompared to 149,000oz at $814/oz in the previous quarter. The decrease in cashcosts for the West Wits operations is testimony to the vigorous costoptimisation measures that have been implemented. During the fourth quarter,TauTona successfully embarked on an energy optimisation project which hasgenerated positive results.Vaal River operations saw an increase in production in the fourth quarter to127,000oz at a total cash cost of $762/oz despite experiencing the subsequenteffects of the previous quarter's fire at the Kopanang mine. Production in theprevious quarter was 122,000oz at a total cash cost of $867/oz. The averagegrade recovered at Moab Khotsong increased by 53% year-on-year. This favourableyield was achieved through a reduction in dilution due to a decrease in stopingwidth and a higher average reef grade being mined, as planned. Moab Khotsongwas the lowest cost producer for the South African region at a total cash costof $596/oz.Surface operations saw another strong operating quarter with production at58,000oz at a total cash cost of $915/oz, as tonnage ramp-up incorporating theBusiness Process Framework (BPF) at Mine Waste Solutions helped ensure thathigher tonnages are being treated than in the past. Production in the previousquarter was 59,000oz at a total cash cost of $915/oz. Grades continue toimprove as Vaal River tailings now supplement the Mine Waste Solutionstailings. Although the uranium circuit at Mine Waste Solutions startedcommissioning in January 2014, harsh weather conditions, logistical and safetychallenges were encountered during the fourth quarter of 2013, resulting incompletion now anticipated by the end of the first quarter in 2014. Completionof this circuit will not only allow uranium production, but is expected to alsoimprove gold recovery rates. Since the acquisition of First Uranium, AngloGoldAshanti's operating protocols have led to improved efficiencies and regulatorycompliance at this operation and will endeavour to improve this performancegoing forward.The Continental Africa Region production for the year ended 31 December 2013was 1,460Moz at a total cash cost $869/oz. In 2012, the region produced1,521Moz at a total cash cost of $830/oz. In the fourth quarter, the regionproduced 460,000oz at a total cash cost of $839/oz and at all-in sustainingcosts of $1,129/oz. In the fourth quarter of 2012, the region's production was376,000oz at a total cash cost of $986/oz. In the third quarter of 2013 theregion delivered 383,000oz at a total cash cost of $804/oz.Average daily throughput for the region continued to increase throughout theyear. The quarter saw the commencement of commercial production at Kibali, anew world class project located in the DRC, which delivered 40,000oz in itsmaiden operational quarter at a total cash cost of $471/oz.In Ghana, Iduapriem's fourth quarter production increased by 8% to 67,000ozcompared to the third quarter, as a result of a 5% increase in recovered grade,due to access to higher grade ore sources in the Ajopa and Block 8 pits,together with a 5% increase in tonnage throughput as a result of 5% additionalproduction days in the quarter. Production achieved in the fourth quarterrepresents the highest quarterly production performance in the last nine years.Total cash costs, however, increased to $966/oz mainly due to non-cash year-endadjustments of $371/oz to the carrying values of the ore stockpile.At Obuasi, production in the fourth quarter decreased by 7% to 63,000ozcompared to the third quarter due to a 17% decrease in recovered grade as aresult of an unplanned variation in the mining plan necessitated by a technicalfailure of the Agitator shaft, partly offset by an 11% increase in tonnagethroughput as a result of an increase in surface tonnes processed. Total cashcosts consequently increased to $1,354/oz quarter-on-quarter.In the Republic of Guinea, Siguiri's production in the fourth quarter increased9% to 75,000oz, compared to the third quarter, as the operation achieved itseighth straight quarter of exceeding production targets. Tonnage throughput wasthe highest ever achieved for a quarter as well as the month of December sinceCarbon-In-Pulp production commenced. This is as a result of increasedefficiency both at the plant and mining operations, whilst recovered gradeincreased by 1%. Total cash costs consequently decreased by 14% to $844/ozquarter-on-quarter, as a result of the higher production together with lowermining costs resulting from a lower mine stripping ratio.At Geita, in Tanzania, production in the fourth quarter increased by 21% to154,000oz compared to the third quarter, as a result of an 11% increase intonnage throughput due to additional production days, improved plantavailability and utilisation together with a 9% increase in recovered grade.Total cash costs decreased by 1% to $543/oz quarter-on-quarter, due to thehigher production.In the Americas, production for the year ended December 2013 was 1,001Moz, attotal cash cost of $671/oz. In 2012, the region produced 953,000oz at a totalcash costs of $669/oz. Production in the fourth quarter remained stablecompared to the previous quarter at 262,000oz at a total cash cost of $634/ozand at all-in sustaining costs of $887/oz. Production was 258,000oz at totalcash cost of $703/oz the same quarter a year ago. The third quarter 2013production was 270,000oz at a total cash cost of $656/oz.In Argentina, at Cerro Vanguardia production, for the year ended 31 December2013, was 10% higher than in 2012, the highest annual production for the last10 years, mainly due to the effect of higher grade and treated tonnes.Production for the fourth quarter was 61,000oz at a total cash cost of $672/oz.The operation saw a 3% reduction in production quarter-on-quarter, mainly dueto lower grades, which also had an impact on total cash cost at $672/oz, 9%higher quarter-on-quarter. Rising costs were partially compensated byfavourable efficiencies related to lower mine contractor costs, lowermaintenance costs, weaker exchange rate and lower royalties paid. Silverproduction (92.5% attributable) at 825,307oz was a 5% increase compared to theprevious quarter.In Brazil, operations had a strong performance producing 154,000oz at a totalcash cost of $560/oz in the fourth quarter of 2013 compared to 138,000oz at atotal cash cost of $629/oz in the previous quarter.At Cripple Creek & Victor production for the fourth quarter was 47,000oz at atotal cash cost of $825/oz. Compared to the previous quarter, this was 32%lower due to the timing of the pad placement sequencing as ore was stackedfurther from the liner during the fourth quarter which delayed production.Higher cost ounces placed on the heap leach pad, longer waste hauls, and lowerrecoverable grades in more ore tons mined impacted negatively on the costs.Third quarter production was 69,000oz at a total cash cost of $744/oz.In Australia, production for the year ended December 2013 was 342,000oz attotal cash cost of $1,047/oz. Compared to the 2012 year, the region produced257,000oz at a total cash costs of $1,211/oz. The fourth quarter produced169,000oz at a total cash cost of $640/oz and at all-in sustaining costs of$763/oz. Production was 55,000oz at a total cash cost of $1,462/oz, for thefourth quarter of 2012. In the third quarter 2013 production was 62,000oz attotal cash cost of $1,270/oz. The significant increase in the fourth quarterproduction was due to a strong operating quarter at Sunrise Dam and thecommencement of mining at Tropicana.Sunrise Dam's production in the fourth quarter increased by 65% to 102,000oz,primarily as a result of planned higher volumes and grades of ore mined in thecrown pillar portion of the open pit. Mill throughput averaged 10,147 tonnesper day and the mining of the Crown Pillar was successfully completed. Totalcash costs decreased 42% to $685/oz, quarter-on-quarter, favourably impacted byimproved grade and higher volumes mined from the open pit.As a result of a change to grade control and mine design, combined withimproved productivity, underground mining costs improved.EXPLORATIONTotal exploration and evaluation (including technology) expenditure during thefourth quarter, inclusive of expenditure at equity accounted joint ventures,was $54m ($23m on Brownfield, $15m on Greenfield and $16m on pre-feasibilitystudies), compared with $176m during the same quarter the previous year ($51mon Brownfield, $69m on Greenfield and $56m, on pre-feasibility studies).In Colombia, exploration continued at the Nuevo Chaquiro target, Quebradonaproject, in a joint venture with B2Gold (AngloGold Ashanti 86%). Diamonddrilling recommenced late in the quarter following a short halt to refinetargeting based on an updated geological and structural model. The latestdrillhole, CHA-048, will test the continuation of the high-grade zoneapproximately 200m to the northwest of CHA-039, with results that are expectedin the first quarter of 2014. At year end, the drillhole was still above thetarget zone, however visually, there is significant chalcopyrite mineralizationassociated with early quartz diorite porphyry dykes that are similar to thoseintersected in CHA-039.The completion of the enhanced pre-feasibility study for Gramalote wascompleted in November 2013. Rather than proceeding into full feasibility andplacing orders for long lead capital items and following discussions with ourJV partner, the focus for 2014 has moved to securing Environmental ImpactAssessments (EIA) permits from the government, given current depressed goldprices.In Australia, aircore drilling progressed solidly at the Tropicana JV(AngloGold Ashanti 70%) during the quarter with several prospects tested in thecore of the Tropicana JV tenement package. Encouraging results were returnedfrom shallow aircore drilling at the near-mine Phoenix prospect, located 16kmnorth of Tropicana Gold Mine (TGM), and from the regional Lichini prospect,approximately 90km southwest of TGM. Promising results were also returned fromfirst pass diamond drilling at Madras prospect approximately 25km south of TGM.Follow-up work is planned for these targets in 2014. Geophysical surveys werecompleted at a number of target areas within the Tropicana JV in the fourthquarter, including airborne EM and magnetic surveys and ground based IP and EMsurveys. Results from these surveys are currently being assessed and will beused to plan follow-up work in 2014. At the Nyngan JV (AGA: 70%), inducedpolarisation geophysical surveying was progressed over key prospective areasand aims to assist in delineating targets for drill testing in 2014.In Guinea, exploration work continued on the Kounkoun trend in Blocks 3 and 4(AngloGold Ashanti 85) with reverse circulation drilling at KK1 North (Block 3)completed for 3,558m and 153 line km of IP surveying completed at Kouremale(Block 4). The KK1 North drill programme aimed to test the continuity ofmineralisation along the turbidite/chlorite-magnetite-shale contact for adistance of 2km to the north of the KK1 deposit. At Block 3, IP surveyingcontinued to delineate NS-trending structural features, prospective for goldmineralisation, which will be tested by diamond drilling in the first quarterof 2014.Detailed information on the exploration activities and studies both forbrownfields and greenfields is available on the AngloGold Ashanti website (www.anglogoldashanti.com ).DIVIDENDGiven a volatile gold price, AngloGold Ashanti's Board of Directors has electedto prioritise its cash flow at this stage for debt repayment and for thecompletion of existing capital growth projects, namely the Kibali undergroundmine and sulphide circuit in the DRC, the expansion of the Cripple Creek &Victor mine in the US, and the life extension project at its Mponeng mine inSouth Africa. AngloGold Ashanti, therefore, will not pay a final dividend andwill review this position again at the half year in light of the prevailinggold price, debt levels and progress on its projects.OUTLOOKGold production for 2014 is estimated at between 4.2Moz to 4.5Moz. Theseestimates factor in the production from Tropicana (340 to 370koz) and Kibali(250 to 275koz) and exclude production from Navachab (some 30 to 35koz) for aperiod of six months. Total cash costs are estimated at between $750/oz to $790/oz and "all in sustaining costs" at $1,025/oz to $1,075/oz, at an averageexchange rate of R11/$, BRL2.45/$, A$0.85/$ and AP6.50/$ and fuel at $100/barrel.Gold production for the first quarter of 2014 (which is always a weak quarter)is estimated at 950koz to 1000koz. Total cash costs are estimated at between$800/oz to $850/oz at an average exchange rate of R11/$, BRL2.45/$, A$0.85/$and AP6.45/$ and fuel at $100/barrel.For 2014, capital expenditure is anticipated to be between $1.3bn and $1.45bn(including defined project capital of $400m and deferred stripping $113m).Corporate costs and marketing expenditure are estimated at $120m to $140m.Spending on expensed exploration, study and evaluation spend (including equityaccounted JV's), is anticipated to be $150m to $175m. Depreciation andamortisation is anticipated to be $800m, while interest and finance costs areexpected to be $290m (income statement) and $250m (cash flow statement).Known or unpredictable factors could have material adverse effects on ourfuture results. Please refer to the Risk Factors section in AngloGold Ashanti'sprospectus supplement to its prospectus dated 17 July 2012, filed with theUnited States Securities and Exchange Commission ("SEC") on 26 July 2013 andavailable on the SEC's homepage at http://www.sec.gov.MINERAL RESOURCE AND ORE RESERVEThe AngloGold Ashanti Mineral Resource and Ore Reserve are reported inaccordance with the minimum standards described by the Australasian Code forReporting of Exploration Results, Mineral Resource and Ore Reserve (JORC Code,2012 Edition), and also conform to the standards set out in the South AfricanCode for the Reporting of Exploration Results, Mineral Resource and MineralReserve (The SAMREC Code, 2007 edition and amended July 2009). Mineral Resourceis inclusive of the Ore Reserve component unless otherwise stated. In complyingwith revisions to the JORC code the company has reviewed the changes to itsMineral Resource and Ore Reserve and concluded that none are material to theoverall valuation of the company. AngloGold Ashanti has therefore resolved notto provide the detailed reporting as defined in Table 1 of the code. Thecompany will however continue to provide the high level of detail it has inprevious years in order to comply with the transparency requirements of thecode.AngloGold Ashanti strives to actively create value by growing its major asset -the Mineral Resource and Ore Reserve. This drive is based on an active,well-defined brownfields exploration program, innovation in both geologicalmodelling and mine planning and continual optimisation of its asset portfolio.GOLD PRICEThe following local prices of gold were used as a basis for estimation in theDecember 2013 declaration: Local prices of gold Gold Price South Africa Australia Brazil Argentina US$/oz ZAR/kg AUD/oz BRL/oz ARS/oz 2013 Ore Reserve 1,100 360,252 1,249 2,551 6,186 2013 Mineral Resource 1,600 434,112 1,606 3,304 8,106The JORC and SAMREC Codes require the use of reasonable economic assumptions.These include long-range commodity price forecasts which are prepared in-house.MINERAL RESOURCEThe total Mineral Resource decreased from 241.5Moz in December 2012 to 233.0Mozin December 2013. A gross annual decrease of 2.8Moz occurred before depletion,while the net decrease after allowing for depletion is 8.5Moz. Changes ineconomic assumptions from December 2012 to December 2013 resulted in a 12.9Mozdecrease to the Mineral Resource, whilst exploration and modelling resulted inan increase of 10.7Moz. Depletion from the Mineral Resource for the yeartotalled 5.8Moz.MINERAL RESOURCE MozMineral Resource as at 31 December 2012 241.5ReductionsKopanang Negative exploration results defined a large uneconomic area (2.5)Savuka Depletions and transfers to TauTona and Mponeng (3.0)Obuasi Revised domaining of Mineral Resource models (2.4)Geita Gold price resulted in an increased cut-off (1.6)CC&V Gold price, model grade and recovery factors (2.1)Other Total of non-significant changes (3.8)AdditionsMponeng Transfers from Savuka Mineral Resource 1.7Kibali Positive exploration results 2.0La Colosa Exploration growth tempered by reduced economics 1.2Other Total of non-significant changes 2.6DisposalsKibali Kibali South Inferred Mineral Resource was transferred to (0.6) SOKIMOMineral Resource as at 31 December 2013 233.0Rounding of numbers may result in computational discrepancies.Mineral Resources have been estimated at a gold price of US$1,600/oz (2012:US$2,000/oz).ORE RESERVEThe AngloGold Ashanti Ore Reserve reduced from 74.1Moz in December 2012 to67.9Moz in December 2013. This gross annual decrease of 6.2 Moz includesdepletion of 5.0Moz. The balance of 1.2 Moz reductions in Ore Reserve, resultsfrom changes in economic assumptions between 2012 and 2013 which resulted in areduction of 3.4Moz to the Ore Reserve, whilst exploration and modellingchanges resulted in an increase of 2.2Moz.ORE RESERVE MozOre Reserve as at 31 December 2012 74.1ReductionsSavuka Depletions and transfers to TauTona and Mponeng (0.5)Moab Khotsong Model changes and depletions (0.5)Sadiola Model changes, economics and depletions (0.7)Geita Economic changes had a significant negative effect (1.5)CC&V Lower gold price (1.2)Other Total non-significant changes (3.0)AdditionsMponeng Mainly due to net effect of transfer from Savuka 0.8Other Total non-significant changes 0.4Ore Reserve as at 31 December 2013 67.9Rounding of numbers may result in computational discrepancies.Ore reserves have been calculated using a gold price of US$1,100/oz (2012:US$1,300/oz).BY-PRODUCTSSeveral by-products are recovered as a result of the processing of gold OreReserves. These include 57,897t of Uranium oxide from the South Africanoperations, 382,766t of Sulphur from Brazil and 29.6Moz of silver fromArgentina.COMPETENT PERSONSThe information in this report relating to exploration results, MineralResources and Ore Reserves is based on information compiled by or under thesupervision of the Competent Persons as defined in the JORC or SAMREC Codes.All Competent Persons are employed by Anglogold Ashanti, unless statedotherwise, and have sufficient experience relevant to the style ofmineralisation and type of deposit under consideration and to the activitywhich they are undertaking. The Competent Persons consent to the inclusion ofExploration Results, Mineral Resource and Ore Reserve information in thisreport, in the form and context in which it appears.During the past decade, the company has developed and implemented a rigoroussystem of internal and external reviews aimed at providing assurance in respectof Ore Reserve and Mineral Resource estimates. The following operations weresubject to an external audit in line with the policy that each operation /project will be reviewed by an independent third party on average once everythree years:Mineral Resource and Ore Reserve at Kopanang and Great Noligwa MinesMineral Resource and Ore Reserve at TauTona MineOre Reserve at Kibali MineMineral Resource at GramaloteThe external audits were conducted by the following companies AMEC (Kopanang,Great Noligwa, TauTona and Gramalote) and Snowden (Kibali Mine). Certificatesof sign off have been received from all companies conducting the externalaudits to state that the Mineral Resource and/or Ore Reserve comply with theJORC Code and the SAMREC Code.Numerous internal Mineral Resource and Ore Reserve process reviews werecompleted by suitably qualified Competent Persons from within AnglogoldAshanti. A documented chain of responsibility exists from the Competent Personsat the operations to the company's Mineral Resource and Ore Reserve SteeringCommittee. Accordingly, the Chairman of the Mineral Resource and Ore ReserveSteering Committee, VA Chamberlain, MSc (Mining Engineering), BSc (Hons)(Geology), MGSSA, FAusIMM, assumes responsibility for the Mineral Resource andOre Reserve processes for AngloGold Ashanti and is satisfied that the CompetentPersons have fulfilled their responsibilities.A detailed breakdown of Mineral Resource and Ore Reserve and backup detail isprovided on the AngloGold Ashanti website (www.anglogoldashanti.com).MINERAL RESOURCE BY REGION (ATTRIBUTABLE) INCLUSIVE OF ORE RESERVE Tonnes Grade Contained Containedas at 31 December 2013 Category million g/t gold gold tonnes Moz South Africa Region Measured 164.79 2.48 409.37 13.16 Indicated 949.84 2.07 1 968.70 63.30 Inferred 51.36 10.78 553.96 17.81 Total 1 165.99 2.51 2 932.03 94.27 Continental Africa Region Measured 110.41 2.32 256.30 8.24 Indicated 475.62 2.52 1 197.92 38.51 Inferred 290.50 2.39 693.66 22.30 Total 876.52 2.45 2 147.88 69.06 Australasia Measured 35.57 1.65 58.87 1.89 Indicated 70.92 2.10 148.71 4.78 Inferred 20.05 3.04 60.92 1.96 Total 126.54 2.12 268.51 8.63 Americas Measured 293.87 1.06 310.12 9.97 Indicated 277.67 1.26 349.90 11.25 Inferred 1 268.53 0.98 1 239.20 39.84 Total 1 840.07 1.03 1 899.22 61.06 Total Measured 604.64 1.71 1 034.66 33.27 Indicated 1 774.04 2.07 3 665.23 117.84 Inferred 1 630.45 1.56 2 547.74 81.91 Total 4 009.13 1.81 7 247.63 233.02Rounding of figures may result in computational discrepancies.MINERAL RESOURCE BY REGION (ATTRIBUTABLE) EXCLUSIVE OF ORE RESERVE Tonnes Grade Contained Containedas at 31 December 2013 Category million g/t gold gold tonnes Moz South Africa Measured 15.33 18.11 277.65 8.93 Indicated 230.62 3.71 856.27 27.53 Inferred 17.00 18.74 318.52 10.24 Total 262.95 5.52 1 452.43 46.70 Continental Africa Measured 22.89 3.68 84.32 2.71 Indicated 244.05 2.24 546.35 17.57 Inferred 289.56 2.39 691.73 22.24 Total 556.50 2.38 1 322.40 42.52 Australasia Measured 3.21 0.87 2.80 0.09 Indicated 43.29 1.97 85.30 2.74 Inferred 20.05 3.04 60.92 1.96 Total 66.55 2.24 149.02 4.79 Americas Measured 152.12 0.95 145.07 4.66 Indicated 203.04 1.04 211.91 6.81 Inferred 1 265.98 0.97 1 225.98 39.42 Total 1 621.13 0.98 1 582.96 50.89 Total Measured 193.55 2.63 509.83 16.39 Indicated 720.99 2.36 1 699.83 54.65 Inferred 1 592.59 1.44 2 297.16 73.86 Total 2 507.13 1.80 4 506.82 144.90Rounding of figures may result in computational discrepancies.ORE RESERVE BY REGION (ATTRIBUTABLE) Tonnes Grade Contained Containedas at 31 December 2013 Category million g/t gold gold tonnes Moz South Africa Proved 150.77 0.68 102.05 3.28 Probable 731.97 1.17 859.08 27.62 Total 882.75 1.09 961.13 30.90 Continental Africa Proved 67.88 2.22 150.35 4.83 Probable 250.06 2.44 608.99 19.58 Total 317.93 2.39 759.34 24.41 Australasia Proved 32.37 1.73 56.08 1.80 Probable 27.16 2.30 62.33 2.00 Total 59.53 1.99 118.41 3.81 Americas Proved 140.68 1.05 148.17 4.76 Probable 78.25 1.61 126.06 4.05 Total 218.93 1.25 274.23 8.82 Total Proved 391.70 1.17 456.65 14.68 Probable 1 087.44 1.52 1 656.45 53.26 Total 1 479.14 1.43 2 113.11 67.94Rounding 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 2013 2013 2012 2013 2012US Dollar million Notes Reviewed Reviewed Reviewed Reviewed ReviewedRevenue 2 1,474 1,415 1,490 5,708 6,632Gold income 2 1,418 1,374 1,398 5,497 6,353Cost of sales 3 (1,042) (1,064) (1,005) (4,146) (3,964)Gain (loss) on non-hedge 28 (34) 25 94 (35)derivatives and othercommodity contractsGross profit 404 276 418 1,445 2,354Corporate administration, (37) (42) (85) (201) (291)marketing and otherexpensesExploration and evaluation (41) (55) (124) (255) (395)costsOther operating expenses 4 (1) (7) (6) (19) (47)Special items 5 (90) (92) (402) (3,410) (402)Operating profit (loss) 235 80 (199) (2,440) 1,219Dividends received 2 - - - 5 7Interest received 2 15 8 12 39 43Exchange gain 4 10 - 14 8Finance costs and unwinding 6 (75) (89) (67) (296) (231)of obligationsFair value adjustment on (12) (46) - (58) -$1.25bn bondsFair value adjustment on - - 17 9 83option component ofconvertible bondsFair value adjustment on - 44 65 356 162mandatory convertible bondsShare of associates and 7 4 25 (42) (162) (30)joint ventures' profit(loss)Profit (loss) before 171 32 (214) (2,533) 1,261taxationTaxation 8 (426) (38) 46 333 (346)(Loss) profit for the (255) (6) (168) (2,200) 915periodAllocated as follows:Equity shareholders (305) 1 (174) (2,230) 897Non-controlling interests 50 (7) 6 30 18 (255) (6) (168) (2,200) 915Basic (loss) earnings per -75 0 (45) (568) 232ordinary share (cents) (1)(3)Diluted (loss) earnings per -75 (9) (57) (631) 177ordinary share (cents) (2)(1) Calculated on the basic weighted average number of ordinary shares.(2) Calculated on the diluted weighted average number of ordinary shares.(3) The basic earnings per ordinary share for the September 2013 quarter end is0.26 cents.Rounding of figures may result in computational discrepancies.The reviewed financial statements for the quarter and year ended 31 December2013 have been prepared by the corporate accounting staff of AngloGold AshantiLimited headed by Mr John Edwin Staples, the Group's Chief Accounting Officer.This process was supervised by Mr Richard Duffy, the Group's Chief FinancialOfficer and Mr Srinivasan Venkatakrishnan, the Group's Chief ExecutiveOfficer. The financial statements for the quarter and year ended 31 December2013 were reviewed, but not audited, by the Group's statutory auditors, Ernst &Young Inc. A copy of their unmodified review report is available forinspection at the company's head office.Group statement ofcomprehensiveincome Quarter Quarter Quarter Year Year ended ended ended ended ended December September December December December 2013 2013 2012 2013 2012US Dollar million Reviewed Reviewed Reviewed Reviewed Reviewed(Loss) profit forthe period (255) (6) (168) (2,200) 915Items that may bereclassifiedsubsequently toprofit or lossExchange (85) (8) (35) (433) (92)differences ontranslation offoreign operationsNet gain (loss) on - 3 (10) (23) (27)available-for-salefinancial assetsRelease on 1 4 12 30 16impairment ofavailable-for-salefinancial assets(note 5)Release on - (1) - (1) -disposal ofavailable-for-salefinancial assetsCash flow hedges 1 - - 1 -Deferred taxation - - 2 2 6thereon 2 6 4 9 (5)Items that willnot bereclassified toprofit or loss:Actuarial gain 52 (13) (14) 69 (14)(loss) recognisedDeferred taxation - - - - (9)rate changethereonDeferred taxation (15) 3 3 (20) 3thereon 37 (10) (11) 49 (20)Other (46) (12) (42) (375) (117)comprehensive lossfor the period,net of taxTotal (301) (18) (210) (2,575) 798comprehensive(loss) income forthe period, net oftaxAllocated asfollows:Equity (351) (11) (216) (2,605) 780shareholdersNon-controlling 50 (7) 6 30 18interests (301) (18) (210) (2,575) 798Rounding of figures may result in computational discrepancies.Group statement of financial position As at As at As at December September December 2013 2013 2012US Dollar million Notes Reviewed Reviewed ReviewedASSETSNon-current assetsTangible assets 4,815 4,800 7,776Intangible assets 267 288 315Investments in associates and joint ventures 1,327 1,233 1,047Other investments 131 134 167Inventories 586 602 610Trade and other receivables 29 29 79Deferred taxation 177 541 97Cash restricted for use 31 30 29Other non-current assets 41 7 7 7,404 7,664 10,127Current assetsOther investments 1 - -Inventories 1,053 1,064 1,213Trade and other receivables 369 425 472Cash restricted for use 46 36 35Cash and cash equivalents 648 786 892 2,117 2,311 2,612Non-current assets held for sale 15 153 150 - 2,270 2,461 2,612TOTAL ASSETS 9,674 10,125 12,739EQUITY AND LIABILITIESShare capital and premium 11 7,006 6,988 6,742Accumulated losses and other reserves (3,927) (3,555) (1,269)Shareholders' equity 3,079 3,433 5,473Non-controlling interests 28 (22) 21Total equity 3,107 3,411 5,494Non-current liabilitiesBorrowings 3,633 3,583 2,724Environmental rehabilitation and other 963 1,057 1,238provisionsProvision for pension and post-retirement 152 179 221benefitsTrade, other payables and deferred income 4 2 10Derivatives - - 10Deferred taxation 579 593 1,084 5,331 5,414 5,287Current liabilitiesBorrowings 258 326 859Trade, other payables and deferred income 820 835 979Bank overdraft 20 25 -Taxation 81 54 120 1,179 1,240 1,958Non-current liabilities held for sale 15 57 60 - 1,236 1,300 1,958Total liabilities 6,567 6,714 7,245TOTAL EQUITY AND LIABILITIES 9,674 10,125 12,739Rounding of figures may result in computationaldiscrepancies.Group statement of cash flows Quarter Quarter Quarter Year Year ended ended ended ended ended December September December December December 2013 2013 2012 2013 2012US Dollar million Reviewed Reviewed Reviewed Reviewed ReviewedCash flows from operatingactivitiesReceipts from customers 1,479 1,396 1,471 5,709 6,523Payments to suppliers and (1,039) (1,048) (960) (4,317) (4,173)employeesCash generated from operations 440 348 511 1,392 2,350Dividends received from joint - 10 18 18 72venturesTaxation refund 22 - 54 23 54Taxation paid (31) (39) (89) (187) (507)Net cash inflow from operating 431 319 494 1,246 1,969activitiesCash flows from investingactivitiesCapital expenditure (372) (327) (663) (1,501) (1,925)Interest capitalised and paid - 2 (5) (5) (12)Expenditure on intangible (17) (18) (28) (68) (79)assetsProceeds from disposal of 2 1 1 10 5tangible assetsOther investments acquired (18) (17) (17) (91) (97)Proceeds from disposal of 15 16 13 81 86investmentsInvestments in associates and (78) (120) (132) (472) (349)joint venturesProceeds from disposal of - - - 6 20associates and joint venturesLoans advanced to associates (14) (3) (1) (41) (65)and joint venturesLoans repaid by associates and - 31 1 33 1joint venturesDividends received - - 6 5 7Proceeds from disposal of - - 6 2 6subsidiaryCash in subsidiary acquired - - - - 5Cash in subsidiary disposed - - (31) - (31)Reclassification of cash 3 (5) - (2) -balances to held for saleassetsAcquisition of subsidiary and - - - - (335)loan(Increase) decrease in cash (13) (2) 28 (20) (3)restricted for useInterest received 10 4 11 23 36Loans advanced - - (45) - (45)Net cash outflow from investing (482) (438) (856) (2,040) (2,775)activitiesCash flows from financingactivitiesProceeds from issue of share - - - - 2capitalProceeds from borrowings 238 1,640 220 2,344 1,432Repayment of borrowings (260) (1,058) (5) (1,486) (217)Finance costs paid (42) (58) (56) (200) (145)Acquisition of non-controlling - - - - (215)interestRevolving credit facility and (2) (29) (1) (36) (30)bond transaction costsDividends paid (11) 3 (22) (62) (236)Net cash (outflow) inflow from (77) 498 136 560 591financing activitiesNet (decrease) increase in cash (128) 379 (226) (234) (215)and cash equivalentsTranslation (5) (1) (5) (30) (5)Cash and cash equivalents at 761 383 1,123 892 1,112beginning of periodCash and cash equivalents at 628 761 892 628 892end of period (1)Cash generated from operationsProfit (loss) before taxation 171 32 (214) (2,533) 1,261Adjusted for:Movement on non-hedge (28) 34 (25) (94) 35derivatives and other commoditycontractsAmortisation of tangible assets 202 153 219 775 830Finance costs and unwinding of 75 89 67 296 231obligationsEnvironmental, rehabilitation (37) (8) (15) (66) (17)and other expenditureSpecial items 88 76 389 3,399 402Amortisation of intangible 9 6 1 24 5assetsFair value adjustment on 12 46 - 58 -$1.25bn bondsFair value adjustment on option - - (17) (9) (83)component of convertible bondsFair value adjustment on - (44) (65) (356) (162)mandatory convertible bondsInterest received (15) (8) (12) (39) (43)Share of associates and joint (4) (25) 42 162 30ventures' profit (loss)Other non-cash movements 7 8 8 25 79Movements in working capital (40) (11) 133 (250) (218) 440 348 511 1,392 2,350Movements in working capitalIncrease in inventories (26) (18) (115) (142) (324)Decrease (increase) in trade 20 31 70 69 (110)and other receivables (Decrease) increase in trade, (34) (24) 178 (177) 216 other payables and deferred income (40) (11) 133 (250) (218)(1) The cash and cash equivalents balance at 31 December 2013 includes a bankoverdraft included in the statement of financial position as part of currentliabilities of $20m (September 2013: $25m).Rounding of figures may result in computational discrepanciesGroup Statement of Changes in Equity Share Cash Available capital Other Accumu- flow for and capital lated hedge saleUS Dollar million premium reserves losses reserve reserveBalance at 31 December 2011 - as 6,689 171 (1,300) (2) 18previously reportedRestated for IFRIC 20 adjustments (46)(1)Restated for IAS 19R adjustments (1) (5)Balance at 31 December 2011 6,689 171 (1,351) (2) 18 - restatedProfit for the period 897Other comprehensive loss (5)Total comprehensive income (loss) - - 897 - (5)Shares issued 53Share-based payment for share awards 15 net of exercisedDisposal of subsidiaryAcquisition of non-controlling (144)interestDividends paid (215)Dividends of subsidiariesTranslation (9) 7Balance at 31 December 2012 - 6,742 177 (806) (2) 13restatedBalance at 31 December 2012 - 6,742 177 (806) (2) 13restatedLoss for the period (2,230)Other comprehensive income (loss) 1 8Total comprehensive (loss) income - - (2,230) 1 8Shares issued 264Share-based payment for share awards (13) net of exercised (2)Dividends paid (40)Dividends of subsidiariesTranslation (28) 15 (3)Balance at 31 December 2013 7,006 136 (3,061) (1) 18(1) Refer note 14. Rounding of figures may result in computational discrepancies.Group Statement of Changes in Equity Foreign Actuarial currency Non- (losses) translation controlling TotalUS Dollar million gains reserve Total interests equityBalance at 31 December 2011 - as (78) (469) 5,029 137 5,166previously reportedRestated for IFRIC 20 (46) (46)adjustments (1)Restated for IAS 19R adjustments 5 - -(1)Balance at 31 December 2011 (73) (469) 4,983 137 5,120 - restatedProfit for the period 897 18 915Other comprehensive loss (20) (92) (117) (117)Total comprehensive income (20) (92) 780 18 798(loss)Shares issued 53 53Share-based payment for share 15 15awards net of exercisedDisposal of subsidiary - (45) (45)Acquisition of non-controlling (144) (71) (215)interestDividends paid (215) (215)Dividends of subsidiaries - (17) (17)Translation 3 1 (1) -Balance at 31 December 2012 - (90) (561) 5,473 21 5,494restatedBalance at 31 December 2012 - (90) (561) 5,473 21 5,494restatedLoss for the period (2,230) 30 (2,200)Other comprehensive income 49 (433) (375) (375)(loss)Total comprehensive (loss) 49 (433) (2,605) 30 (2,575)incomeShares issued 264 264Share-based payment for share (13) (13)awards net of exercised (2)Dividends paid (40) (40)Dividends of subsidiaries - (23) (23)Translation 16 - -Balance at 31 December 2013 (25) (994) 3,079 28 3,107(1) Refer note 14.Segmental reportingAngloGold Ashanti's operating segments are being reported based on thefinancial information provided to the Chief Executive Officer and the ExecutiveCommittee, collectively identified as the Chief Operating Decision Maker(CODM). Individual members of the Executive Committee are responsible forgeographic regions of the business. Quarter ended Year ended Dec Sep Dec Dec Dec 2013 2013 2012 2013 2012 Reviewed Reviewed Reviewed Reviewed Reviewed US Dollar millionGold incomeSouth Africa 428 452 344 1,810 2,013Continental Africa 568 530 651 2,111 2,609Australasia 192 83 94 441 426Americas 335 359 413 1,425 1,656 1,523 1,424 1,501 5,787 6,704Equity-accounted investments (105) (50) (103) (290) (351)included above 1,418 1,374 1,398 5,497 6,353Gross profit (loss)South Africa 134 42 117 510 651Continental Africa 117 130 142 475 959Australasia 30 (11) - (9) 78Americas 125 114 176 516 736Corporate and other 5 (2) 17 - 41 410 273 452 1,492 2,465Equity-accounted investments (6) 3 (34) (47) (111)included above 404 276 418 1,445 2,354Capital expenditureSouth Africa 112 116 187 451 583Continental Africa 212 198 304 839 925Australasia 35 49 189 285 369Americas 116 83 163 410 409Corporate and other 2 2 2 8 36 477 448 844 1,993 2,322Equity-accounted investments (94) (103) (142) (411) (303)included above 383 345 702 1,582 2,019 Quarter ended Year ended Dec Sep Dec Dec Dec 2013 2013 2012 2013 2012 Reviewed Reviewed Reviewed Reviewed Reviewed oz (000)Gold productionSouth Africa 339 329 171 1,302 1,212Continental Africa 460 382 376 1,460 1,521Australasia 169 62 55 342 258Americas 262 270 258 1,001 953 1,229 1,043 859 4,105 3,944 As at As at As at Dec Sep Dec 2013 2013 2012 Reviewed Reviewed Unaudited US Dollar millionTotal assets (1)South Africa 2,325 2,441 3,082Continental Africa 3,391 3,568 4,846Australasia 1,108 1,168 1,045Americas 2,203 2,232 2,878Corporate and other 647 716 888 9,674 10,125 12,739(1) During the 2013 year, pre tax impairments, derecognition of goodwill,tangible assets and intangible assets of $3,029m were accounted for in SouthAfrica ($311m), Continental Africa ($1,776m) and in the Americas ($942m).Rounding of figures may result in computational discrepancies.Notesfor the quarter and year ended 31 December 20131. Basis of preparationThe financial statements in this quarterly report have been prepared inaccordance with the historic cost convention except for certain financialinstruments which are stated at fair value. The group's accounting policiesused in the preparation of these financial statements are consistent with thoseused in the annual financial statements for the year ended 31 December 2012except for the adoption of new standards and interpretations effective1 January 2013 (refer note 14).The financial statements of AngloGold Ashanti Limited have been prepared incompliance with IAS 34, IFRS as issued by the International AccountingStandards Board, The Financial Reporting Guidelines as issued by the SouthAfrican Institute of Chartered Accountants, JSE Listings Requirements and inthe manner required by the South African Companies Act, 2008 (as amended) forthe preparation of financial information of the group for the quarter and yearended 31 December 2013.2. Revenue Quarter ended Year ended Dec Sep Dec Dec Dec 2013 2013 2012 2013 2012 Reviewed Reviewed Reviewed Reviewed Reviewed US Dollar millionGold income 1,418 1,374 1,398 5,497 6,353By-products (note 3) 39 32 75 149 206Dividends received - - - 5 7Royalties received (note 5) 1 1 5 18 23Interest received 15 8 12 39 43 1,474 1,415 1,490 5,708 6,6323. Cost of sales Quarter ended Year ended Dec Sep Dec Dec Dec 2013 2013 2012 2013 2012 Reviewed Reviewed Reviewed Reviewed Reviewed US Dollar millionCash operating costs 858 805 824 3,274 3,172Insurance reimbursement - - - - (30)By-products revenue (note 2) (39) (32) (75) (149) (206) 819 773 749 3,125 2,936Royalties 32 30 22 129 164Other cash costs 10 12 10 43 35Total cash costs 861 815 782 3,297 3,135Retrenchment costs 16 44 2 69 10Rehabilitation and other non-cashcosts (11) 6 16 18 67Production costs 866 865 800 3,384 3,212Amortisation of tangible assets 202 153 219 775 830Amortisation of intangible assets 9 6 1 24 5Total production costs 1,077 1,025 1,020 4,183 4,047Inventory change (35) 39 (15) (37) (83) 1,042 1,064 1,005 4,146 3,9644. Other operating expenses Quarter ended Year ended Dec Sep Dec Dec Dec 2013 2013 2012 2013 2012 Reviewed Reviewed Reviewed Reviewed Reviewed US Dollar millionPension and medical definedbenefit provisions (1) 5 2 14 37Claims filed by former employeesin respect of loss of employment,work-related accident injuriesand diseases, governmental fiscalclaims and care and maintenanceof old tailings operations 2 2 4 5 10 1 7 6 19 475. Special items Quarter ended Year ended Dec Sep Dec Dec Dec 2013 2013 2012 2013 2012 Reviewed Reviewed Reviewed Reviewed Reviewed US Dollar millionImpairment and derecognition ofgoodwill, tangible assets andintangible assets (note 9) 36 8 354 3,029 356Impairment of other investments(note 9) 1 4 12 30 16Impairment reversal of intangibleassets (note 9) - - - - (10)Impairment of other receivables - - - - 1Net loss (profit) on disposal andderecognition of land, mineralrights, tangible assets andexploration properties (note 9) - 1 1 (2) 15Royalties received (note 2) (1) (1) (5) (18) (23)Indirect tax expenses and legalclaims 7 5 33 43 40Inventory write-off due to fire atGeita - - - 14 -Net insurance proceeds on Geitaclaim (13) - - (13) -Legal fees and other costs relatedto contract termination andsettlement costs 16 - 21 19 21Profit on partial disposal of RandRefinery Limited (note 9) - - (14) - (14)Write-down of stockpiles and heapleach to net realisable value andother stockpile adjustments 38 - - 216 -Retrenchment costs 4 16 - 24 -Write-off of a loan - - - 7 -Costs on early settlement ofconvertible bonds and transactioncosts on the $1.25bn bond andstandby facility 2 59 - 61 - 90 92 402 3,410 402During the year ended 31 December 2013, impairment, derecognition of assets andwrite-down of inventories to net realisable value and other stockpileadjustments include the following:The group reviews and tests the carrying value of its mining assets (includingore-stock piles) when events or changes in circumstances suggest that thecarrying amount may not be recoverable.During June 2013, consideration was given to a range of indicators including adecline in gold price, increase in discount rates and reduction in marketcapitalisation. As a result, certain cash generating units' recoverableamounts, including Obuasi and Geita in Continental Africa, Moab Khotsong inSouth Africa and CC&V and AGA Mineração in the Americas, did not support theircarrying values and impairment losses were recognised during 2013. Theimpairment for these cash generating units represents 80% of the totalimpairment and range between $200m and $700m per cash generating unit on a posttaxation basis.The indicators were re-assessed as at 31 December 2013 as part of the annualimpairment assessment cycle and the conditions that arose in June 2013 werelargely unchanged and no further cash generating unit impairments arose. Investments in Inventory equity-accounted write-down Tangible Intangible Asset associates and and other Pre-tax Goodwill asset asset derecognition joint ventures stockpile sub Taxation Post-tax impairment impairment impairment (1) impairment adjustments total thereon total US Dollar millionSouth - 308 - 3 - 1 312 (86) 226AfricaContinental - 1,651 20 105 179 200 2,155 (564) 1,591AfricaAmericas 15 910 16 1 - 15 957 (333) 624Corporate - - - - 16 - 16 - 16and other 15 2,869 36 109 195 216 3,440 (983) 2,457 (1) The Mongbwalu project in the Democratic Republic of the Congo wasdiscontinued.Impairment calculation assumptions as at 31 December 2013 - goodwill, tangibleand intangible assetsManagement assumptions for the value in use of tangible assets and goodwillinclude:the gold price assumption represents management's best estimate of the futureprice of gold. A long-term real gold price of $1,269/oz (2012: $1,584/oz) isbased on a range of economic and market conditions that will exist over theremaining useful life of the assets.Annual life of mine plans take into account the following:proved and probable Ore Reserve;value beyond proved and probable reserves (including exploration potential)determined using the gold price assumption referred to above;In determining the impairment, the real pre-tax rate, per cash generating unitranged from 6.21% to 18.07% which was derived from the group's weighted averagecost of capital (WACC) and risk factors consistent with the basis used in 2012.At 31 December 2013, the group WACC was 7.30% (real post-tax) which is 204basis points higher than in 2012 of 5.26%, and is based on the average capitalstructure of the group and three major gold companies considered to beappropriate peers. In determining the WACC for each cash generating unit,sovereign and mining risk factors are considered to determine country specificrisks. Project risk has been applied to cash flows relating to certain minesthat are deep level underground mining projects below infrastructure in SouthAfrica and Continental Africa region;foreign currency cash flows translated at estimated forward exchange rates andthen discounted using appropriate discount rates for that currency;cash flows used in impairment calculations are based on life of mine planswhich range from 3 years to 47 years; andvariable operating cash flows are increased at local Consumer Price Indexrates.Rounding of figures may result in computational discrepancies.Impairment calculation assumptions - Investments in equity-accounted associatesand joint venturesThe impairment indicators considered the quoted share price, current financialposition and decline in anticipated operating results. Included in share ofequity-accounted investments' loss of $162m is an impairment of $195m and animpairment reversal of $31m.Net realisable value calculation assumptions as at 31 December 2013 - InventoryImpairments of $178m were raised at 30 June 2013 to net realisable value basedon a spot price of $1,200. Additional impairments of $38m were raised at 31December 2013 due to stockpile abandonments and other specific adjustments. Thepractice of writing down inventories to the lower of cost or net realisablevalue is consistent with the view that assets should not be carried in excessof amounts expected to be realised from their sale or use.6. Finance costs and unwinding of obligations Quarter ended Year ended Dec Sep Dec Dec Dec 2013 2013 2012 2013 2012 Reviewed Reviewed Reviewed Reviewed Reviewed US Dollar millionFinance costs 67 76 47 247 167Unwinding of obligations,accretion of convertible bondsand other discounts 8 13 20 49 64 75 89 67 296 2317. Share of associates and joint ventures' profit (loss) Quarter ended Year ended Dec Sep Dec Dec Dec 2013 2013 2012 2013 2012 Reviewed Reviewed Reviewed Reviewed Reviewed US Dollar millionRevenue 117 62 122 334 383Operating and other expenses (93) (67) (116) (295) (334)Special items (18) (1) 4 (20) 8Net interest received (paid) 1 1 3 4 2Profit (loss) before taxation 7 (5) 13 23 59Taxation (2) (2) (8) (21) (30)Profit (loss) after taxation 5 (7) 5 2 29Net (impairment) reversal ofinvestments in associates andjoint ventures (note 9)(1) (1) 31 (45) (164) (57)Loss on disposal of loan to jointventure (note 9) - - (2) - (2) 4 25 (42) (162) (30)(1) During the September 2013 quarter, a loan of $31m was recovered which wasimpaired in 2012.8. Taxation Quarter ended Year ended Dec Sep Dec Dec Dec 2013 2013 2012 2013 2012 Reviewed Reviewed Reviewed Reviewed Reviewed US Dollar millionSouth African taxation Mining tax 1 (4) (28) 7 54 Non-mining tax - - 8 1 18 Prior year over provision (25) - (3) (26) (3) Deferred taxationTemporary differences 13 8 27 (39) 65Unrealised non-hedge derivativesand other commodity contracts 8 (9) 7 25 (10)Change in estimated deferred taxrate - - (8) - (9)Change in statutory tax rate - - - - (131) (3) (5) 2 (32) (16)Foreign taxation Normal taxation 96 25 56 160 354 Prior year over provision - (9) (14) (8) (9) Deferred taxation(1)Temporary differences 333 27 (90) (453) (21)Change in statutory tax rate - - - - 38 429 43 (48) (301) 362 426 38 (46) (333) 346(1) Included in temporary differences in Foreign taxation is a tax crediton impairments, derecognition of assets of $915m and write-down of inventoriesof $68m. During the fourth quarter, deferred tax assets of $270m and $60m werederecognised in Ghana and CC&V respectively.9. Headline (loss) earnings Quarter ended Year ended Dec Sep Dec Dec Dec 2013 2013 2012 2013 2012 Reviewed Reviewed Reviewed Reviewed Reviewed US Dollar millionThe (loss) profit attributable toequity shareholders has beenadjusted by the following toarrive at headline (loss)earnings:(Loss) profit attributable toequity shareholders (305) 1 (174) (2,230) 897Impairment and derecognition ofgoodwill, tangible assets andintangible assets (note 5) 36 8 354 3,029 356Impairment reversal of intangibleassets (note 5) - - - - (10)Net loss (profit) on disposal andderecognition of land, mineralrights, tangible assets andexploration properties (note 5) - 1 1 (2) 15Impairment of other investments(note 5) 1 4 12 30 16Profit on partial disposal ofRand Refinery Limited (note 5) - - (14) - (14)Net impairment (reversal) ofinvestments in associates andjoint ventures (note 7) 1 (31) 45 164 57Loss on disposal of loan to jointventures (note 7) - - 2 - 2Special items of associates andjoint ventures 2 - - 2 (4)Taxation on items above - currentportion 1 - - - (1)Taxation on items above -deferred portion (12) (1) (106) (915) (106) (276) (18) 120 78 1,208Headline (loss) earnings perordinary share (cents) (1) (68) (5) 31 20 312Diluted headline (loss) earningsper ordinary share (cents) (2) (68) (13) 15 (62) 251(1) Calculated on the basic weighted average number of ordinary shares.(2) Calculated on the diluted weighted average number of ordinary shares of405,546,908 for the year ended December 2013 and 405,002,405 for the quarterended December 2013.10. Number of shares Quarter ended Year ended Dec Sep Dec Dec Dec 2013 2013 2012 2013 2012 Reviewed Reviewed Reviewed Reviewed ReviewedAuthorised number of shares:Ordinary shares of 25 SA cents each 600,000,000 600,000,000 600,000,000 600,000,000 600,000,000E ordinary shares of 25 SA cents each 4,280,000 4,280,000 4,280,000 4,280,000 4,280,000A redeemable preference shares of 50 SA cents each 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000B redeemable preference shares of 1 SA cents each 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000Issued and fully paid number of shares:Ordinary shares in issue 402,628,406 402,271,116 383,320,962 402,628,406 383,320,962E ordinary shares in issue 712,006 1,579,674 1,617,752 712,006 1,617,752Total ordinary shares: 403,340,412 403,850,790 384,938,714 403,340,412 384,938,714A redeemable preference shares 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000B redeemable preference shares 778,896 778,896 778,896 778,896 778,896In calculating the basic and diluted number of ordinary shares outstanding forthe period, the following were taken into consideration:Ordinary shares 402,462,266 386,931,984 383,197,618 389,184,639 382,757,790E ordinary shares 1,062,510 1,590,750 1,999,566 1,460,705 2,392,316Fully vested options 1,477,629 1,599,773 1,232,070 1,979,920 1,616,239Weighted averagenumber of shares 405,002,405 390,122,507 386,429,254 392,625,264 386,766,345Dilutive potentialof share options - - - - 1,840,199Dilutive potentialof convertible bonds - 15,747,913 18,140,000 12,921,644 33,524,615Diluted number ofordinary shares 405,002,405 405,870,420 404,569,254 405,546,908 422,131,159Rounding of figures may result in computational discrepancies.11. Share capital and premium As at Dec Sep Dec 2013 2013 2012 Reviewed Reviewed Reviewed US Dollar MillionBalance at beginning of period 6,821 6,821 6,782Ordinary shares issued 259 246 46E ordinary shares issued and cancelled (6) - (7)Sub-total 7,074 7,067 6,821Redeemable preference shares held within thegroup (53) (53) (53)Ordinary shares held within the group (6) (10) (10)E ordinary shares held within the group (9) (16) (16)Balance at end of period 7,006 6,988 6,74212. Exchange rates Dec Sep Dec 2013 2013 2012 Unaudited Unaudited UnauditedZAR/USD average for the year to date 9.62 9.45 8.20ZAR/USD average for the quarter 10.12 9.96 8.67ZAR/USD closing 10.45 10.02 8.45AUD/USD average for the year to date 1.03 1.02 0.97AUD/USD average for the quarter 1.08 1.09 0.96AUD/USD closing 1.12 1.07 0.96BRL/USD average for the year to date 2.16 2.12 1.95BRL/USD average for the quarter 2.27 2.29 2.06BRL/USD closing 2.34 2.23 2.05ARS/USD average for the year to date 5.48 5.28 4.55ARS/USD average for the quarter 6.07 5.58 4.80ARS/USD closing 6.52 5.79 4.9213. Capital commitments Dec Sep Dec 2013 2013 2012 Reviewed Reviewed Reviewed US Dollar MillionOrders placed and outstanding on capitalcontracts at the prevailing rate of exchange (1) 437 640 1,075(1) Includes capital commitments relating to associates and joint ventures.Rounding of figures may result in computational discrepancies.Liquidity and capital resourcesTo service the above capital commitments and other operational requirements,the group is dependent on existing cash resources, cash generated fromoperations and borrowing facilities.Cash generated from operations is subject to operational, market and otherrisks. Distributions from operations may be subject to foreign investment,exchange control laws and regulations and the quantity of foreign exchangeavailable in offshore countries. In addition, distributions from joint venturesare subject to the relevant board approval.The credit facilities and other finance arrangements contain financialcovenants and other similar undertakings. To the extent that externalborrowings are required, the group's covenant performance indicates thatexisting financing facilities will be available to meet the above commitments.To the extent that any of the financing facilities mature in the near future,the group believes that sufficient measures are in place to ensure that thesefacilities can be refinanced.14. Change in accounting policiesThe following accounting standards, amendments to standards and newinterpretations have been adopted with effect from 1 January 2013:IFRS 7 Amendment - Disclosures - Offsetting Financial Assets and Financial LiabilitiesIFRS 10 Consolidated Financial StatementsIFRS 11 Joint ArrangementsIFRS 12 Disclosure of Interests in Other EntitiesIFRS 13 Fair Value MeasurementIFRSs Annual Improvements 2009 - 2011IAS 1 Amendment - Presentation of Items of Other Comprehensive IncomeIAS 19 Employee Benefits (revised)IAS 27 Separate Financial Statements (Revised 2011)IAS 28 Investments in Associates and Joint Ventures (Revised 2011)IAS 36 Amendment - Recoverable Amount Disclosures for Non-financial AssetsIFRIC Stripping Costs in the Production Phase of a Surface Mine20New standards and amendments which have an impact on the interim consolidatedfinancial statements of the group are described below:IAS 1 Presentation of Financial Statements. The group adopted the amendments toIAS 1 which required it to group other comprehensive income items by those thatwill be reclassified and those that will not be subsequently reclassified toprofit and loss. The amendment affected presentation and had no impact on thegroup's financial position or performance.The accounting policies adopted are significantly consistent with those of theprevious financial year, except for the changes arising due to the adoption ofIFRIC 20 "Stripping Costs in the Production Phase of a Surface Mine" and theadoption of IAS 19 "Employee Benefits" (revised) (IAS 19) which becameeffective for annual reporting periods beginning on or after 1 January 2013.IFRIC 20 clarifies when an entity should recognise waste removal costs that areincurred in surface mining activity during the production phase of the mine("production stripping costs") as an asset. The interpretation impacts the wayin which the group accounts for production stripping costs.IAS 19 includes a number of amendments to the accounting for defined benefitplans, including actuarial gains and losses that are now recognised in othercomprehensive income (OCI) and permanently excluded from profit and loss;expected returns on plan assets that are no longer recognised in profit orloss, instead, there is a requirement to recognise interest on the net definedbenefit liability (asset) in profit or loss, calculated using the discount rateused to measure the defined benefit obligations, and unvested past servicecosts are now recognised in profit or loss at the earlier of when theamendment occurs or when the related restructuring or termination costs arerecognised. Other amendments include new disclosures.In case of the group, the transition to IAS 19 had no impact on the net definedbenefit plan obligations due to the difference in accounting for interest onplan assets. The effect of the adoption of IAS 19 is explained in Note 14.2.14.1 IFRIC 20 "Stripping Costs in the Production Phase of a Surface Mine"Prior to the issuance of IFRIC 20, the accounting for production strippingcosts have been based on general IFRS principles and the Framework, as IFRS hadno specific guidance.Previously for group accounting purposes stripping costs incurred in open-pitoperations during the production phase to remove additional waste were eithercapitalised to mine development costs or charged to operating costs on thebasis of the average life of mine stripping ratio and the average life of minecosts per tonne. The cost of stripping in any period reflected the averagestripping rates for the orebody as a whole.IFRIC 20 provides specific guidance for accounting of production strippingcosts in the production phase of a surface mine. IFRIC 20 differs from the lifeof mine average strip ratio approach as follows:The level at which production stripping costs are to be assessed, i.e. at acomponent level rather than a life of mine level; andThe way in which any stripping activity assets are to be depreciated.In addition, specific transitional rules are provided to deal with any openingdeferred stripping balances the group may have recognised under its previousaccounting policy. The impact as a consequence of moving from a life of minestrip ratio to a strip ratio applicable to a component of an orebody is asfollows:TransitionIFRIC 20 has been applied retrospectively to production stripping costsincurred on or after the beginning of the earliest period presented, which forthe group, for the year ended 31 December 2013, is 1 January 2011. Anypreviously recognised asset balance(s) that resulted from stripping activity isto be reclassified as part of an existing asset to which the stripping activityrelated, to the extent that there remains an identifiable component of theorebody with which the predecessor stripping asset can be associated.If there is no identifiable component of the orebody to which the predecessorasset relates, the asset is written off via opening accumulated losses at thebeginning of the earliest periods presented, i.e. 1 January 2011.Impact of IFRIC 20For purposes of the quarterly results, the adoption of IFRIC 20 at thetransition date of 1 January 2011; the adjustments required for the financialreporting period from the transition date until the beginning of the precedingperiod presented, i.e. 1 January 2011 to 31 December 2011; and the adjustmentsrequired for the financial reporting period 1 January 2012 to 31 December 2012,had the following cumulative impact on accumulated losses as at 1 January 2012and 31 December 2012: 1 January 2012 31 December 2012 As IFRIC 20 As IFRIC 20US Dollar previously adjustments Adjusted previously adjustments Adjustedmillion reported (1) balance reported (1) balanceAccumulatedlossesOpening balance (1,300) - (1,300) (823) - (823)Derecognisedeferredstrippingbalances notmeeting therequirements ofIFRIC 20 - (99) (99) - (99) (99)Reversals ofdeferredstrippingmovements underpreviousapproach - 18 18 - 7 7Additionalproductionstripping costscapitalised interms of IFRIC20 - 158 158 - 312 312Amortisation ofdeferredstrippingassetscapitalised interms of IFRIC20 - (57) (57) - (94) (94)Adjustment toinventoryvaluations as aresult ofdeferredstripping assetadjustments - (66) (66) - (74) (74)Effect onequityaccountedinvestments'profit (loss) - (11) (11) - (13) (13)Tax effect - 11 11 - (15) (15)Non-controllinginterests - - - - 1 1Adjustedopeningaccumulatedlosses(2) (1,300) (46) (1,346) (823) 25 (798)(1) The IFRIC 20 adjustments including transition adjustments; reversal ofhistorical accounting for deferred stripping; and the accounting for deferredstripping in line with the requirements of IFRIC 20.(2) Adjusted opening accumulated losses before the impact of IAS 19 -refer 14.2.Impact on the comparative informationThe adoption of IFRIC 20 had the following impact on the comparativeinformation for the quarter ended 31 December 2012: As IFRIC 20 previously adjustments AdjustedUS Dollar million reported (1) balanceTangible assetsOpening balance - 1 January 2012 6,525 20 6,545Reversals of deferred stripping movements 5 (5) -under previous approachProduction stripping costs capitalised in - 88 88terms of IFRIC 20Amortisation of deferred stripping assets - (17) (17)Other movements in tangible assets 259 - 259Adjusted closing balance - 30 June 2012 6,789 87 6,876Reversals of deferred stripping movements 6 (6) -under previous approachProduction stripping costs capitalised in - 40 40terms of IFRIC 20Amortisation of deferred stripping assets - (7) (7)Other movements in tangible assets 825 - 825Adjusted closing balance - 30 September 2012 7,620 114 7,733Reversals of deferred stripping movements - - -under previous approachProduction stripping costs capitalised in - 26 26terms of IFRIC 20Amortisation of deferred stripping assets - (13) (13)Other movements in tangible assets 28 1 29Adjusted closing balance - 31 December 2012 7,648 128 7,776(1) The IFRIC 20 adjustments including transition adjustments; reversal ofhistorical accounting for deferred stripping; and the accounting for deferredstripping in line with the requirements of IFRIC 20. 31 December 2012 As IFRIC 20 previously adjustments AdjustedUS Dollar million reported (1) balanceInventoryClosing balance 1,287 - 1,287Adjustment to inventory valuation as a resultof deferred stripping asset adjustments - (74) (74)Adjusted closing balance 1,287 (74) 1,213(1) The IFRIC 20 adjustments include the effect on the inventory valuationof the reversal of historical accounting for deferred stripping and theaccounting for deferred stripping in line with the requirements of IFRIC 20. Quarter ended Year ended 31 December 2012 31 December 2012 As IFRIC 20 As IFRIC 20US Dollar previously adjustments Adjusted previously adjustments Adjustedmillion reported (1) balance reported (1) balanceProfit or loss(Loss) profitbefore taxation (234) - (234) 1,171 - 1,171Decrease(increase) incash costsincluded in costof sales due to: - 37 37 - 135 135- Reversals ofdeferredstrippingmovements underpreviousapproach - (2) (2) - (11) (11)- Productionstripping costscapitalised interms of IFRIC20 - 29 29 - 154 154- Adjustment toinventoryvaluation as aresult ofdeferredstripping assetadjustments - 10 10 - (8) (8)Increase in costof sales due toamortisation ofcapitalisedproductionstripping costsin terms ofIFRIC 20 - (13) (13) - (37) (37)Effect onequity-accountedinvestments'profit (loss) - 2 2 - (2) (2)Sub-total (234) 26 (208) 1,171 96 1,267Taxation 52 (7) 45 (322) (26) (348)- Normaltaxation (15) (3) (18) (413) (1) (414)- Deferredtaxation 67 (4) 63 91 (25) 66Adjusted (loss)profit (182) 19 (163) 849 70 919The IFRIC 20 adjustments include transition adjustments; reversal of historicalaccounting for deferred stripping; and the accounting for deferred stripping inline with the requirements of IFRIC 20. Quarter ended Year ended 31 December 2012 31 December 2012 As IFRIC 20 As IFRIC 20US Dollar previously adjustments Adjusted previously adjustments Adjustedmillion reported (1) balance reported (1) balanceOthercomprehensiveincome(Loss) profitas previously (182) - (182) 849 - 849reportedAdjustment toprofit as aresult of - 19 19 - 70 70deferredstripping assetadjustmentsOther movementsin other (47) - (47) (122) 1 (121)comprehensiveincomeAdjusted totalcomprehensive(loss) income (229) 19 (210) 727 71 798for the period,net of tax(1) The IFRIC 20 adjustments including transition adjustments; reversal ofhistorical accounting for deferred stripping; and the accounting for deferredstripping in line with the requirements of IFRIC 20.14.2 Employee benefitsThe group operates defined benefit pension plans, which require contributionsto be made to separately administered funds.IAS 19 (revised) has been applied retrospectively from 1 January 2011. As aresult, expected returns on plan assets of defined benefit plans are notrecognised in profit or loss. Instead, interest on net defined benefitobligation is recognised in profit or loss, calculated using the discount rateused to measure the net pension obligation or asset. Impact of transition to IAS 19:No impact was recorded in the statement of financial position on the definedbenefit plan obligations nor on total shareholders' equity as the impact onlyaffected the pension cost recorded in the income statement and theconsequential effect on actuarial gains and losses recognised in OCI.The impact on the adjusted opening accumulated losses, the statement ofcomprehensive income and the statement of changes in equity (note 14.1) are setout below: 1 January 31 December US Dollar million 2012 2012Total equity as previously reported 5,166 5,469Effect of IFRIC 20 adjustments per 14.1 (46) 25Adjustment to accumulated losses due to therequirements of IAS 19 (5) (8)Adjustment to actuarial gain due to the requirementsof IAS 19 5 8Adjusted total equity 5,120 5,494 Quarter Year ended ended 31 31 December December US Dollar million 2012 2012Total comprehensive incomeOpening balance per 14.1 (210) 798Decrease in profit and loss due to the recognition ofinterest on net defined benefit obligation instead ofexpected return on plan assets in terms of IAS 19 (6) (6)Deferred tax thereon 2 2Decrease in other comprehensive loss due to the decrease inactuarial loss as a result of the recognition of interest onnet defined benefit obligation instead of expected return onplan assets in terms of IAS 19 6 6Deferred tax thereon (2) (2)Adjusted total comprehensive income (210) 798There was no impact on the group's consolidated statement of cash flows.Rounding of figures may result in computational discrepancies.14.3 Effect of Accounting Policy changes on earnings per share and headlineearnings per share Quarter ended Year ended 31 December 31 December 2012 2012Basic earnings per ordinary sharePreviously reported basic (loss) earnings perordinary share (cents) (49) 215(Decrease) increase in basic (loss) earnings perordinary share (cents) (4) 17Restated basic (loss) earnings per ordinary share(cents) (45) 232Diluted earnings per ordinary sharePreviously reported diluted earnings per ordinaryshare (cents) (60) 161(Decrease) increase in diluted (loss) earnings perordinary share (cents) (3) 16Restated diluted (loss) earnings per ordinary share(cents) (57) 177Headline earnings per ordinary sharePreviously reported headline earnings per ordinaryshare (cents) 28 296Increase in headline earnings per ordinary share(cents) 3 16Restated headline earnings per ordinary share (cents) 31 312Diluted headline earnings per ordinary sharePreviously reported diluted headline earnings perordinary share (cents) 13 236Increase in diluted headline earnings per ordinaryshare (cents) 2 15Restated diluted headline earnings per ordinary share(cents) 15 251Rounding of figures may result in computational discrepancies.15. Non-current assets and liabilities held for sale Effective 30 April 2013, AngloGold Ashanti announced its plan to sellthe Navachab mine in Namibia. The Navachab gold mine is situated close toKaribib, about 170 kilometres northwest of the Namibian capital, Windhoek. Itis included in the Continental Africa reporting segment. The open-pit mine,which began operations in 1989, has a processing plant that handles 120,000metric tons a month. The mine produced 63,000 ounces of gold in 2013 (2012:74,000 ounces).On 10 February 2014, AngloGold Ashanti announced that it signed a bindingagreement to sell Navachab to a wholly-owned subsidiary of QKR Corporation Ltd(QKR). The agreement provides for an upfront consideration based on anenterprise value of US$110 million which will be adjusted to take into accountNavachab's net debt and working capital position on the closing date of thetransaction. The upfront consideration is payable in cash on the closing date.In addition, AngloGold Ashanti will receive deferred consideration in the formof a net smelter return (NSR). The NSR is to be paid quarterly for a period ofseven years following the second anniversary of the closing date and will bedetermined at 2% of ounces sold by Navachab during a relevant quarter subjectto a minimum average gold price of US$1,350 per ounce being achieved and cappedat a maximum of 18,750 ounces sold per quarter.The transaction is subject to fulfilment of a number of conditions precedent,including Namibian and South African regulatory and third party approvals,which are expected to be obtained over the next several months. Navachab is nota discontinued operation and is not viewed as part of the core assets of thecompany.16. Financial risk management activitiesBorrowingsThe $1.25bn bonds and the mandatory convertible bonds settled in September2013, are carried at fair value. The convertible bonds, settled 99.1% in August2013 and in full in November 2013, and rated bonds are carried at amortisedcost and their fair values are their closing market values at the reportingdate. The interest rate on the remaining borrowings is reset on a short-termfloating rate basis, and accordingly the carrying amount is considered toapproximate fair value. As at Dec Sep Dec 2013 2013 2012 Reviewed Reviewed ReviewedCarrying amount 3,891 3,909 3,583Fair value 3,704 3,690 3,730DerivativesThe fair value of derivatives is estimated based on ruling market prices,volatilities, interest rates and credit risk and includes all derivativescarried in the statement of financial position.Embedded derivatives and the conversion features of convertible bonds areincluded as derivatives on the statement of financial position.The following inputs were used in the valuation of the conversion features ofthe convertible bonds: Quarter Quarter Quarter ended ended ended Dec Sep Dec 2013 2013 2012Market quoted bond price % - 100 103.9Fair value of bonds excluding conversion feature 100% - 102.6Fair value of conversion feature % - - 1.3Total issued bond value $m - 6.6 732.5The option component of the convertible bonds is calculated as the differencebetween the price of the bonds including the option component (bond price) andthe price excluding the option component (bond floor price).Derivative assets (liabilities) comprise the following: Assets Liabilities Assets Liabilities Assets Liabilities non- non- non- non- non- non- hedge hedge hedge hedge hedge hedge accounted accounted accounted accounted accounted accountedUS Dollar December 2013million September 2013 December 2012Embeddedderivatives - - - - - (1)Optioncomponentofconvertiblebonds - - - - - (9)Totalderivatives - - - - - (10)The group uses the following hierarchy for determining and disclosing the fairvalue of financial instruments:Level 1: quote prices (unadjusted) in active markets for identical assetsor liabilities;Level 2: inputs other than quoted prices included in level 1 that areobservable for the asset or liability, either directly (as prices) orindirectly (derived from prices); andLevel 3: inputs for the asset or liability that are not based onobservable market data (unobservable inputs).The following tables set out the group's financial assets and liabilitiesmeasured at fair value by level within the fair value hierarchy:Type of instrument Level Level Level 1 2 3 TotalUS Dollar million December 2013Assets measured at fair valueAvailable-for-sale financial assetsEquity securities 47 - - 47Liabilities measured at fair valueFinancial liabilities at fair value throughprofit or lossOption component of convertible bonds - - - -Embedded derivatives - - - -Mandatory convertible bonds - - - -$1.25bn bonds 1,353 - - 1,353 Level Level Level Level Level Level 1 2 3 Total 1 2 3 TotalUS Dollar million September 2013 December 2012Assets measured at fair valueAvailable-for-sale financialassetsEquity securities 45 2 - 47 69 2 - 71Liabilities measured at fairvalueFinancial liabilities at fairvalue through profit or lossOption component of convertiblebonds - - - - - 9 - 9Embedded derivatives - - - - - 1 - 1Mandatory convertible bonds - - - - 588 - - 588$1.25bn bonds 1,315 - - 1,315 - - - -Rounding of figures may result in computational discrepancies.17. ContingenciesAngloGold Ashanti's material contingent liabilities and assets at 31 Decemberare detailed below:Contingencies and guarantees Dec Dec 2013 2012 Reviewed Restated US Dollar millionContingent liabilitiesGroundwater pollution (1) - -Deep groundwater pollution - Africa (2) - -Indirect taxes - Ghana (3) 28 23Litigation - Ghana (4) (5) 97 -ODMWA litigation (6) - -Other tax disputes - AngloGold Ashanti Brasil MineraçãoLtda (7) 38 38Sales tax on gold deliveries - Mineração Serra GrandeS.A.(8) 101 156Other tax disputes - Mineração Serra Grande S.A.(9) 16 19Tax dispute - AngloGold Ashanti Colombia S.A.(10) 188 161Tax dispute - Cerro Vanguardia S.A.(11) 63 -Contingent assetsIndemnity - Kinross Gold Corporation (12) (60) (90)Royalty - Tau Lekoa Gold Mine (13) - -Financial GuaranteesOro Group (Pty) Limited (14) 10 12 481 319Groundwater pollution - AngloGold Ashanti has identified groundwatercontamination plumes at certain of its operations, which have occurredprimarily as a result of seepage. Numerous scientific, technical and legalstudies have been undertaken to assist in determining the magnitude of thecontamination and to find sustainable remediation solutions. The group hasinstituted processes to reduce future potential seepage and it has beendemonstrated that Monitored Natural Attenuation (MNA) by the existingenvironment will contribute to improvements in some instances. Furthermore,literature reviews, field trials and base line modelling techniques suggest,but are not yet proven, that the use of phyto-technologies can address the soiland groundwater contamination. Subject to the completion of trials and thetechnology being a proven remediation technique, no reasonable estimate can bemade for the obligation.Deep groundwater pollution - The group has identified a flooding and futurepollution risk posed by deep groundwater in certain underground mines inAfrica. Various studies have been undertaken by AngloGold Ashanti since 1999.Due to the interconnected nature of mining operations, any proposed solutionneeds to be a combined one supported by all the mines located in these goldfields. As a result, in South Africa, the Department of Mineral Resources andaffected mining companies are now involved in the development of a "RegionalMine Closure Strategy". In view of the limitation of current information forthe accurate estimation of a liability, no reasonable estimate can be made forthe obligation.Indirect taxes - AngloGold Ashanti (Ghana) Limited (AGAG) received a taxassessment for the 2006 to 2008 and for the 2009 to 2011 tax years followingaudits by the tax authorities which related to various indirect taxes amountingto $28m (2012: $23m). Management is of the opinion that the indirect taxes werenot properly assessed and the company has lodged an objection.Litigation - On 11 October 2011, AGAG terminated its commercial arrangementswith Mining and Building Contractors Limited (MBC) relating to certainunderground development, construction on bulkheads and diamond drillingservices provided by MBC in respect of the Obuasi mine. On 8 November 2012, asa result of this termination, AGAG and MBC concluded a separation agreementthat specified the terms on which the parties agreed to sever their commercialrelationship. On 23 July 2013, MBC commenced proceedings against AGAG in theHigh Court of Justice (Commercial Division) in Accra, Ghana, and served a writof summons that claimed a total of approximately $97m in damages. MBC assertsvarious claims for damages, including, among others, as a result of the breachof contract, non-payment of outstanding historical indebtedness by AGAG and thedemobilisation of equipment, spare parts and material acquired by MBC for thebenefit of AGAG in connection with operations at the Obuasi mine in Ghana. MBChas also asserted various labour claims on behalf of itself and certain of itsformer contractors and employees at the Obuasi mine. On 9 October 2013, AGAGfiled a motion in court to refer the action or a part thereof to arbitration.This motion was set to be heard on 25 October 2013, however, on 24 October2013, MBC filed a motion to discontinue the action with liberty to reapply. Theapplication was granted and the matter will accordingly remain dormant untilMBC reapply. AGAG intends to vigorously defend any forthcoming claims.Litigation - AGAG received a summons on 2 April 2013 from Abdul Waliyu and 152others in which the plaintiffs allege that they were or are residents of theObuasi municipality or its suburbs and that their health has been adverselyaffected by emission and/or other environmental impacts arising in connectionwith the current and/or historical operations of the Pompora Treatment Plant(PTP) which was decommissioned in 2000. The claim is to award general damages,special damages for medical treatment and punitive damages, as well as severalorders relating to the operation of the PTP. AGAG has filed a notice ofintention to defend. In view of the limitation of current information for theaccurate estimation of a liability, no reasonable estimate can be made for theobligation.Occupational Diseases in Mines and Works Act (ODMWA) litigation - On 3 March2011, in Mankayi vs. AngloGold Ashanti, the Constitutional Court of SouthAfrica held that section 35(1) of the Compensation for Occupational Injuriesand Diseases Act, 1993 does not cover an "employee" who qualifies forcompensation in respect of "compensable diseases" under the OccupationalDiseases in Mines and Works Act, 1973 (ODMWA). This judgement allows suchqualifying employee to pursue a civil claim for damages against the employer.Following the Constitutional Court decision, AngloGold Ashanti has becomesubject to numerous claims relating to silicosis and other Occupational LungDiseases (OLD), including several potential class actions and individualclaims.For example, on or about 21 August 2012, AngloGold Ashanti was served with anapplication instituted by Bangumzi Bennet Balakazi ("the Balakazi Action") andothers in which the applicants seek an order declaring that all mine workers(former or current) who previously worked or continue to work in specifiedSouth African gold mines for the period owned by AngloGold Ashanti and who havesilicosis or other OLD constitute members of a class for the purpose ofproceedings for declaratory relief and claims for damages. In the event theclass is certified, such class of workers would be permitted to instituteactions by way of a summons against AngloGold Ashanti for amounts as yetunspecified. On September 4, 2012, AngloGold Ashanti delivered its notice ofintention to defend this application. AngloGold Ashanti also delivered a formalrequest for additional information that it requires to prepare its affidavitsin respect to the allegations and the request for certification of a class.In addition, on or about 8 January 2013, AngloGold Ashanti and its subsidiaryFree State Consolidated Gold Mines (Operations) Limited, alongside other miningcompanies operating in South Africa, were served with another application tocertify a class ("the Nkala Action"). The applicants in the case seek to havethe court certify two classes namely: (i) current and former mineworkers whohave silicosis (whether or not accompanied by any other disease) and who workor have worked on certain specified gold mines at any time from 1 January 1965to date; and (ii) the dependants of mineworkers who died as a result ofsilicosis (whether or not accompanied by any other disease) and who worked onthese gold mines at any time after 1 January 1965. AngloGold Ashanti filed anotice of intention to oppose the application.On 21 August 2013, an application was served on AngloGold Ashanti, for theconsolidation of the Balakazi Action and the Nkala Action, as well as a requestfor an amendment to change the scope of the classes the court was requested tocertify in the previous applications that were brought. The applicants nowrequest certification of two classes (the "silicosis class" and the"tuberculosis class"). The silicosis class which the applicants now request thecourt to certify would consist of certain current and former mineworkers whohave contracted silicosis, and the dependants of certain deceased mineworkerswho have died of silicosis (whether or not accompanied by any other disease).The tuberculosis class would consist of certain current and former mineworkerswho have or had contracted pulmonary tuberculosis and the dependants of certaindeceased mineworkers who died of pulmonary tuberculosis (but excludingsilico-tuberculosis).In October 2012, a further 31 individual summonses and particulars of claimwere received relating to silicosis and/or other OLD. The total amount beingclaimed in the 31 summonses is approximately $7 million. On 22 October 2012,AngloGold Ashanti filed a notice of intention to oppose these claims. AngloGoldAshanti has also served a notice of exception to the summonses which, ifsuccessful, is expected to require the plaintiffs to redraft the particulars ofclaim to correct certain errors. The exception was heard on 3 October 2013.Judgement has been reserved.It is possible that additional class actions and/or individual claims relatingto silicosis and/or other OLD will be filed against AngloGold Ashanti in thefuture. AngloGold Ashanti will defend all current and subsequently filed claimson their merits. Should AngloGold Ashanti be unsuccessful in defending any suchclaims, or in otherwise favourably resolving perceived deficiencies in thenational occupational disease compensation framework that were identified inthe earlier decision by the Constitutional Court, such matters would have anadverse effect on its financial position, which could be material. The Companyis unable to reasonably estimate its share of the amounts claimed.Other tax disputes - In November 2007, the Departamento Nacional de ProduçãoMineral (DNPM), a Brazilian federal mining authority, issued a tax assessmentagainst AngloGold Ashanti Brazil Mineração Ltda (AABM) in the amount of $19m(2012: $21m) relating to the calculation and payment by AABM of the financialcontribution on mining exploitation (CFEM) in the period from 1991 to 2006.AngloGold Ashanti Limited's subsidiaries in Brazil are involved in variousother disputes with tax authorities. These disputes involve federal taxassessments including income tax, royalties, social contributions and annualproperty tax. The amount involved is approximately $19m (2012: $17m).Management is of the opinion that these taxes are not payable.Sales tax on gold deliveries - In 2006, Mineração Serra Grande S.A. (MSG),received two tax assessments from the State of Goiás related to payments ofstate sales taxes at the rate of 12% on gold deliveries for export from oneBrazilian state to another during the period from February 2004 to the end ofMay 2006. The first and second assessments are approximately $62m (2012: $96m;2011: attributable share $54m) and $39m (2012: $60m; 2011: attributable share$34m) respectively. In November 2006, the administrative council's secondchamber ruled in favour of MSG and fully cancelled the tax liability related tothe first period. In July 2011, the administrative council's second chamberruled in favour of MSG and fully cancelled the tax liability related to thesecond period. The State of Goiás has appealed to the full board of the Stateof Goiás tax administrative council. In November 2011 (first case) and June2012 (second case), the administrative council's full board approved thesuspension of proceedings and the remittance of the matter to the Department ofSupervision of Foreign Trade (COMEX) for review and verification. On 28 May2013, the Full Board of the State of Goiás Tax Administrative Council ruled infavour of the State of Goiás, however reduced the penalties of the two taxassessments from 200% to 80%. The company is considering legal optionsavailable in this matter, since it believes that both assessments are inviolation of federal legislation on sales taxes. MSG will be required toprovide a bank guarantee to the tax authorities for the possible taxes payable.Other tax disputes - MSG received a tax assessment in October 2003 from theState of Minas Gerais related to sales taxes on gold. The tax administratorsrejected the company's appeal against the assessment. The company is nowappealing the dismissal of the case. The assessment is approximately $16m(2012: $19m).Tax dispute - AngloGold Ashanti Colombia S.A. (AGAC) received notice from theColombian Tax Office (DIAN) that it disagreed with the company's tax treatmentof certain items in the 2011 and 2010 income tax returns. On 23 October 2013AGAC received the official assessments from the DIAN which established that anestimated additional tax of $35m will be payable if the tax returns areamended. Penalties and interest for the additional tax are expected to be$153m, based on Colombian tax law. The company believes that it has applied thetax legislation correctly. AGAC requested that DIAN reconsider its decision andthe company has been officially notified that DIAN will review its earlierruling. This review is anticipated to take twelve months, at the end of whichAGAC may file suit if the ruling is not reversed.Tax dispute - On 12 July 2013, Cerro Vanguardia S.A. received a notificationfrom the Argentina Tax Authority requesting corrections to the 2007, 2008 and2009 income tax returns of about $18m relating to the non-deduction of taxlosses previously claimed on hedge contracts. Penalties and interest on thedisputed amounts are estimated at a further $45m. Management is of the opinionthat the taxes are not payable.Indemnity - As part of the acquisition by AngloGold Ashanti of the remaining50% interest in MSG during June 2012, Kinross Gold Corporation (Kinross) hasprovided an indemnity to a maximum amount of BRL255m ($109m at 31 December 2013exchange rates) against the specific exposures discussed in items 8 and 9above. At 31 December 2013, the company has estimated that the maximumcontingent asset is $60m (2012: $90m).Royalty - As a result of the sale of the interest in the Tau Lekoa Gold Mineduring 2010, the group is entitled to receive a royalty on the production of atotal of 1.5Moz by the Tau Lekoa Gold Mine and in the event that the averagemonthly rand price of gold exceeds R180,000/kg (subject to an inflationadjustment). Where the average monthly rand price of gold does not exceedR180,000/kg (subject to an inflation adjustment), the ounces produced in thatquarter do not count towards the total 1.5Moz upon which the royalty ispayable.The royalty is determined at 3% of the net revenue (being gross revenue lessstate royalties) generated by the Tau Lekoa assets. Royalties on 413,246ozproduced have been received to date. Royalties of $1m (2012: $1m) were receivedduring the quarter.Provision of surety - The company has provided surety in favour of a lender ona gold loan facility with its associate Oro Group (Pty) Limited and one of itssubsidiaries to a maximum value of $10m (2012: $12m). The probability of thenon-performance under the suretyships is considered minimal. The suretyshipagreements have a termination notice period of 90 days.18. Concentration of tax risk There is a concentration of tax risk in respect of recoverable valueadded tax, fuel duties and appeal deposits from the Tanzanian government. The recoverable value added tax, fuel duties and appeal deposits aresummarised as follows: 2013 US Dollar millionRecoverable fuel duties (1) 18Recoverable value added tax 49Appeal deposits 4Fuel duty claims are required to be submitted after consumption of the relatedfuel and are subject to authorisation by the Customs and Excise authorities.19. Borrowings AngloGold Ashanti's borrowings are interest bearing.20. AnnouncementsThe following significant public announcements were made by AngloGold Ashantion the dates specified during the period under the review and up to the date ofthe release of the quarterly results on 19 February 2014:On 9 October 2013, AngloGold Ashanti Holdings Finance plc notified holders ofan optional redemption of the 3.50 per cent Guaranteed Convertible Bonds due in2014.On 11 November 2013, AngloGold Ashanti Holdings Finance plc announcedredemption of all of its outstanding 3.50 per cent Guaranteed Convertible Bondsdue in 2014.On 20 January 2014, the Association of Mineworkers and Construction Union(AMCU) served notice that it intended to call a strike by its gold miningindustry members on 23 January 2014, demanding higher wages for its members. Inresponse, the Chamber of Mines, representing the gold mining houses in SouthAfrica, applied for an interdict against the strike given that wages hadalready been settled. The Labour Court initially postponed its judgement to 30January 2014 ordering AMCU not to strike until then and on that date, the Courtdeclared the threatened AMCU strike unprotected.On 17 February 2014, AngloGold Ashanti announced that as a result of hisincreasing portfolio of professional commitments, Mr Tito Mboweni has decidednot to stand for re-election as non-executive director at the Annual GeneralMeeting to be held in May, 2014. Mr Mboweni also stood down as chairman on thesame date. Mr Sipho Pityana, was elected unanimously by the board to take overfrom Mr Mboweni.21. Subsequent eventsOn 10 February 2014, AngloGold Ashanti announced that it signed a bindingagreement to sell Navachab (refer note 15).By order of the BoardS M PITYANA S VENKATAKRISHNANChairman Chief Executive Officer17 February 2014 Non-GAAP disclosure From time to time AngloGold Ashanti Limited may publicly disclose certain "Non-GAAP" financial measures in the course of its financial presentations, earnings releases, earnings conference calls and otherwise. The group uses certain Non-GAAP performance measures and ratios in managing the business and may provide users of this financial information with additional meaningful comparisons between current results and results in prior operating periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the reported operating results or any other measure of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures that other companies use.A Adjusted headline earnings Quarter ended Year ended Dec Sep Dec Dec Dec 2013 2013 2012 2013 2012 Unaudited Unaudited Unaudited Unaudited Unaudited US Dollar million Headline (loss) earnings (276) (18) 120 78 1,208 (note 9) (Gain) loss on unrealised (28) 34 (25) (94) 35 non-hedge derivatives and other commodity contracts Deferred tax on unrealised 8 (9) 7 25 (10) non-hedge derivatives and other commodity contracts (note 8) Derecognition of deferred 330 - - 330 - tax assets Fair value adjustment on 12 46 - 58 - $1.25bn bonds Fair value adjustment on - - (17) (9) (83) option component of convertible bonds Fair value adjustment on - 523 (65) 211 (162) mandatory convertible bonds Adjusted headline earnings 45 576 19 599 988 Adjusted headline earnings 11 148 5 153 255 per ordinary share (cents) (1) (1) Calculated on the basic weighted average number of ordinary shares.B Adjusted gross profit Quarter ended Year ended Dec Sep Dec Dec Dec 2013 2013 2012 2013 2012 Unaudited Unaudited Unaudited Unaudited Unaudited US Dollar million Reconciliation of gross profit to adjusted gross profit: Gross profit 404 276 418 1,445 2,354 (Gain) loss on unrealised (28) 34 (25) (94) 35 non-hedge derivatives and other commodity contracts Adjusted gross profit 376 310 393 1,351 2,389C Price received Quarter ended Year ended Dec Sep Dec Dec Dec 2013 2013 2012 2013 2012 Unaudited Unaudited Unaudited Unaudited Unaudited US Dollar million / Imperial Gold income (note 2) 1,418 1,374 1,398 5,497 6,353 Adjusted for (15) (21) (19) (77) (135) non-controlling interests 1,403 1,353 1,379 5,420 6,218 Realised loss on other 6 6 5 26 10 commodity contracts Associates and joint 105 50 103 290 351 ventures' share of gold income including realised non-hedge derivatives Attributable gold income 1,514 1,409 1,487 5,736 6,579 including realised non-hedge derivatives Attributable gold sold - 1,191 1,062 865 4,093 3,953 oz (000) Revenue price per unit - $/ 1,271 1,327 1,718 1,401 1,664 oz Rounding of figures may result in computational discrepancies. Quarter ended Year ended Dec Sep Dec Dec Dec 2013 2013 2012 2013 2012 Unaudited Unaudited Unaudited Unaudited Unaudited US Dollar million / ImperialD All-in sustaining costs Cost of sales (note 3) 1,042 1,064 1,005 4,146 3,964 Amortisation of tangible (211) (159) (220) (799) (835) and intangible assets (note 3) Adjusted for 2 1 2 6 7 decommissioning amortisation Inventory writedown to net 38 - - 216 - realisable value and other stockpile adjustments (note 5) Corporate administration 36 41 85 199 290 and marketing related to current operations Associates and joint 90 52 66 234 229 ventures' share of costs Sustaining exploration and 16 14 49 94 152 study costs Total sustaining capex 253 232 375 999 1,236 All-in sustaining costs 1,265 1,245 1,362 5,095 5,043 Adjusted for (16) (19) (20) (71) (99) non-controlling interests All-in sustaining costs 1,249 1,226 1,342 5,024 4,944 adjusted for non-controlling interests Gold sold - oz (000) 1,191 1,062 865 4,093 3,953 All-in sustaining cost per 1,048 1,155 1,551 1,227 1,251 unit - $/oz All-in sustaining cost 1,015 1,155 1,551 1,174 1,251 (excluding stockpile write-offs) per unit - $/ozE Total costs Total cash costs (note 3) 861 815 782 3,297 3,135 Adjusted for (20) (22) (14) (110) (95) non-controlling interests and non-gold producing companies Associates and joint 79 50 64 219 230 ventures' share of total cash costs Total cash costs adjusted 920 843 831 3,406 3,270 for non-controlling interests and non-gold producing companies Retrenchment costs (note 3) 16 44 2 69 10 Rehabilitation and other (11) 6 16 18 67 non-cash costs (note 3) Amortisation of tangible 202 153 219 775 830 assets (note 3) Amortisation of intangible 9 6 1 24 5 assets (note 3) Adjusted for 17 7 (12) 14 (31) non-controlling interests and non-gold producing companies Equity-accounted associates 17 2 2 23 7 and joint ventures' share of production costs Total production costs 1,170 1,061 1,059 4,329 4,158 adjusted for non-controlling interests and non-gold producing companies Gold produced - oz (000) 1,229 1,043 859 4,105 3,944 Total cash cost per unit - 748 809 967 830 829 $/oz Total production cost per 952 1,017 1,233 1,054 1,054 unit - $/ozF EBITDA Operating profit (loss) 235 80 (199) (2,440) 1,219 Retrenchment costs (note 3) 16 44 2 69 10 Amortisation of tangible 202 153 219 775 830 assets (note 3) Amortisation of intangible 9 6 1 24 5 assets (note 3) Impairment and 36 8 354 3,029 356 derecognition of goodwill, tangible and intangible assets (note 5) Impairment reversal of - - - - (10) intangible assets (note 5) Impairment of other 1 4 12 30 16 investments (note 5) Net loss (profit) on - 1 1 (2) 15 disposal and derecognition of assets (note 5) (Gain) loss on unrealised (28) 34 (25) (94) 35 non-hedge derivatives and other commodity contracts Write-down of stockpiles 38 - - 216 - and heap leach to net realisable value and other stockpile adjustments (note 5) Write-off of a loan to - - - 7 - SOKIMO (note 5) Share of equity-accounted 34 (4) 13 53 67 associates and joint ventures' EBITDA Profit on partial disposal - - (14) - (14) of subsidiary Rand Refinery Limited (note 5) 544 327 364 1,667 2,529G Interest cover EBITDA (note F) 544 327 364 1,667 2,529 Finance costs (note 6) 67 76 47 247 167 Capitalised finance costs - (2) 4 5 12 67 74 51 252 179 Interest cover - times 8 4 7 7 14 As at As at As at Dec Sep Dec 2013 2013 2012 Unaudited Unaudited Unaudited US Dollar millionH Net asset value - cents per share Total equity 3,107 3,411 5,494 Mandatory convertible bonds - - 588 3,107 3,411 6,082 Number of ordinary shares 403 404 385 in issue - million (note 10) Net asset value - cents per 770 845 1,580 share Total equity 3,107 3,411 5,494 Mandatory convertible bonds - - 588 Intangible assets (267) (288) (315) 2,840 3,123 5,767 Number of ordinary shares 403 404 385 in issue - million (note 10) Net tangible asset value - 704 773 1,498 cents per shareI Net debt Borrowings - long-term 3,633 3,583 2,724 portion Borrowings - short-term 258 326 271 portion Bank overdraft 20 25 - Total borrowings (1) 3,911 3,934 2,995 Corporate office lease (25) (26) (31) Unamortised portion of the 2 (2) 53 convertible and rated bonds Fair value adjustment on (58) (46) - $1.25bn bonds Cash restricted for use (77) (66) (64) Cash and cash equivalents (648) (786) (892) Net debt excluding 3,105 3,008 2,061 mandatory convertible bonds (1) Borrowings exclude the mandatory convertible bonds (note H). Rounding of figures may result in computational discrepancies.Administrative informationAngloGold Ashanti LimitedRegistration No. 1944/017354/06Incorporated in the Republic of South AfricaShare codes:ISIN: ZAE000043485JSE: ANGLSE: (Shares) AGDLES : (Dis) AGDNYSE: AUASX: AGGGhSE: (Shares) AGAGhSE: (GhDS) AADJSE Sponsor: UBS (South Africa) (Pty) LtdAuditors: Ernst & Young Inc.OfficesRegistered and Corporate76 Jeppe StreetNewtown 2001(PO Box 62117, Marshalltown 2107)South AfricaTelephone: +27 11 637 6000Fax: +27 11 637 6624AustraliaLevel 13, St Martins Tower44 St George's TerracePerth, WA 6000(PO Box Z5046, Perth WA 6831)AustraliaTelephone: +61 8 9425 4602Fax: +61 8 9425 4662GhanaGold HousePatrice Lumumba Road(PO Box 2665)AccraGhanaTelephone: +233 303 772190Fax: +233 303 778155United Kingdom SecretariesSt James's Corporate Services LimitedSuite 31, Second Floor107 CheapsideLondonEC2V 6DNTelephone: 020 7796 8644Fax: 020 7796 8645E-mail: [email protected] Duffy^ (Chief Financial Officer)S Venkatakrishnan*§ (Chief Executive Officer)Non-ExecutiveSM Pityana^ (Chairman)R Gasant^Ms N P January-Bardill^M J Kirkwood*Prof L W Nkuhlu^TT Mboweni^S M Pityana^R J Ruston~* British^South African~ Australian§ IndianOfficersGroup General Counsel andCompany Secretary: Ms M E Sanz PerezInvestor Relations ContactsSouth AfricaStewart BaileyTelephone: +27 637 6031Mobile: +27 81 032 2563E-mail: [email protected] MgidiTelephone: +27 637 6763Mobile: +27 82 374 8820E-mail: [email protected] StatesSabrina BrockmanTelephone: +1 212 858 7702Mobile: +1 646 379 2555E-mail: [email protected] E-mail [email protected] Ashanti websitehttp://www.AngloGoldAshanti.comCompany secretarial [email protected] Ashanti posts information that is important to investors on the mainpage of its website at www.anglogoldashanti.com and under the "Investors" tabon the main page. This information is updated regularly. Investors should visitthis website to obtain important information about AngloGold Ashanti.PUBLISHED BY ANGLOGOLD ASHANTIShare RegistrarsSouth AfricaComputershare Investor Services (Pty) LimitedGround Floor, 70 Marshall StreetJohannesburg 2001(PO Box 61051, Marshalltown 2107)South AfricaTelephone: (SA only) 0861 100 950Fax: +27 11 688 5218Website : [email protected] KingdomSharesJerseyComputershare Investor Services (Jersey) LtdQueensway HouseHilgrove StreetSt HelierJersey JE1 1ESTelephone: +44 870 889 3177Fax: +44 (0) 870 873 5851Depositary InterestsComputershare Investor Services PLCThe PavillionsBridgwater RoadBristol BS99 6ZYEnglandTelephone: +44 (0) 870 702 0000Fax: +44 (0) 870 703 6119AustraliaComputershare Investor Services Pty LimitedLevel 2, 45 St George's TerracePerth, WA 6000(GPO Box D182 Perth, WA 6840)AustraliaTelephone: +61 8 9323 2000Telephone: (Australia only) 1300 55 2949Fax: +61 8 9323 2033GhanaNTHC LimitedMartco HouseOff Kwame Nkrumah AvenuePO Box K1A 9563 AirportAccraGhanaTelephone: +233 302 229664Fax: +233 302 229975ADR DepositaryThe Bank of New York Mellon ("BoNY")BNY Shareowner ServicesPO Box 358016Pittsburgh, PA 15252-8016United States of AmericaTelephone: +1 800 522 6645 (Toll free in USA)or +1 201 680 6578 (outside USA)E-mail: [email protected]: www.bnymellon.com.com\shareownerGlobal BuyDIRECTSMBoNY maintains a direct share purchase and dividend reinvestment plan forAngloGold Ashanti.Telephone: +1-888-BNY-ADRS

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ANGLOGOLD ASHANTI LIMITED - Report for the 4th quarter & year ended 31 Dec 2013

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