Page 1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

Report on Form 6-K dated November 05, 2018

Commission File Number 1-14846

AngloGold Ashanti Limited

(Name of registrant)

76 Rahima Moosa Street

Newtown, 2001

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

South Africa

(Address of principal executive offices)

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

Form 20-F X

Form 40-F

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

Yes

No X

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

Yes

No X

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

Yes

No X

Enclosure: Press release:

ANGLOGOLD ASHANTI MARKET UPDATE REPORT FOR THE QUARTER

ENDED 30 SEPTEMBER 2018

September 2018 Market update report - www.AngloGoldAshanti.com

AngloGold Ashanti Limited

(Incorporated in the Republic of South Africa)

Reg. No. 1944/017354/06

ISIN. ZAE000043485 – JSE share code: ANG

CUSIP: 035128206 – NYSE share code: AU

JSE Bond Company Code - BIANG

(“AngloGold Ashanti” or the “Company”)

Market update report

for the quarter ended 30 September 2018

Johannesburg, 5 November 2018 - AngloGold Ashanti is pleased to provide an operational update for the quarter ended 30 September 2018.
Detailed financial and operational results are provided on a six-monthly basis i.e. at the end of June and December.

•

All-in sustaining costs improve year-on-year by 14%, or $151/oz, to $920/oz

•

Production from retained operations steady at 851,000oz in Q3 2018, versus 853,000oz in Q3 2017

•

Full-year production expected at top end of guidance, costs trending towards lower end, non-sustaining capex revised downwards

•

Strong production and cost improvements from Mponeng, Kibali, Iduapriem and Tropicana

•

Total cash costs improve 11% year-on-year to $722/oz

•

Free cash flow of $34m, versus $88m in Q3 2017, due mainly to lower gold price and higher working capital

•

Net debt decreased by 15% year-on-year to $1.749bn

•

Adjusted EBITDA of $355m; net debt/adjusted EBITDA ratio 1.13 times vs 1.49 times in Q3 2017

•

New, five-year $1.4bn multi-currency revolving credit facility signed, replacing existing $1bn and Australian dollar RCFs

•

Key brownfields projects in International portfolio remain on track to deliver lower-cost ounces

•

SA wage agreement reached, labour restructuring complete and several non-core surface businesses sold

•

All-injury frequency rate of 4.17 improved 41% year-on-year, no fatalities in Q3

Quarter

Nine months

ended

Sep

2018

2017

2018

2017

US dollar / Imperial

Operating review
Gold

Produced

- oz (000)

851

997

2,480

2,746

Sold

- oz (000)

834

979

2,485

2,769

Produced from retained operations

- oz (000)

851

853

2,429

2,371

Financial review

Price received

- $/oz

1,202

1,270

1,274

1,245

All-in sustaining costs

- $/oz

920

1,071

986

1,071

All-in costs

- $/oz

1,002

1,142

1,073

1,143

Total cash costs

- $/oz

722

807

788

800

Gross profit

- $m

185

205

595

530

Free cash inflow (outflow)

- $m

(17)

(73)

Net debt

- $m

1,749

2,063

1,749

2,063

Capital expenditure (including equity accounted

investments)

- $m

163

251

498

705

$ represents US dollar, unless otherwise stated.

Rounding of figures may result in computational discrepancies.

The financial information on which this market update report is based has not been reviewed and reported on by the Company's external auditors.

Published : 5 November 2018

Quarter 3 2018

September 2018 Market update report - www.AngloGoldAshanti.com

Financial and Operating Report

FINANCIAL AND CORPORATE REVIEW

Third quarter overview

AngloGold Ashanti reported a solid third quarter, demonstrating another progressive improvement in performance across its portfolio. Production
from retained operations remained steady year-on-year, as stronger output from Mponeng, in South Africa and a fully-ramped up Kibali, in the
DRC, offset a weaker quarter from both Siguiri, in Guinea and AGA Mineração, in Brazil. Free cash flow generation of $34m was weaker than
the $88m of the third quarter last year, due mainly to the lower gold price and higher working capital. The company remains committed to its
strategy of safely improving cash flows from a simpler, higher quality portfolio, while maintaining a flexible balance sheet. The all-injury frequency
rate for the quarter improved 41% year-on-year to 4.17 per million hours worked, the lowest level in the company’s history, demonstrating
ongoing focus on safety alongside fundamental operating improvements.

AngloGold Ashanti remains on track to at least meet full-year guidance on all metrics, costs are trending towards the lower end of the guided
range and production at the upper end, while capital expenditure guidance has been revised downwards. The company also remains on track
to complete the remaining restructuring of its South African cost base, where it seeks to better match its support infrastructure to the reduced
production base. The slate of brownfields projects, aimed at extending life and improving margins at key assets, remain on track. At Siguiri,
the new plant designed to enable the processing of higher grade, hard rock material, is expected to be fully commissioned by year-end, with
benefits in both costs and production to be seen next year. At Kibali, the underground ramp-up is essentially complete, with underground
mining rates steady and full-year production trending to outperform its full year guidance of 730,000 ounces, on 100% basis. At Obuasi, early
work in establishing the site has progressed, major contracts have been awarded and mobile equipment deliveries have commenced. Capital
expenditure is expected to ramp up during the fourth-quarter, and into next year.

“This is a strong operating result that shows our absolute focus on safety and margins,” Chief Executive Officer Kelvin Dushnisky said. “While
we continue to work on improving efficiencies right across our asset suite, we’re also making steady progress on our projects, which are aimed
at improving the overall quality and life of our portfolio.”

On the exploration front, the company remains committed to resource conversion and increasing the mineral inventory at mine sites, while
progressing greenfields opportunities in strategic areas, to maintain a healthy portfolio over the long term. (See the Exploration Update document
at www.anglogoldashanti.com for an update on both Brownfields and Greenfields exploration programmes.)

Production of 851,000oz for the quarter ended 30 September 2018, represents an increase of 6% compared to the second quarter of 2018,
and a 15% reduction compared to the third quarter of 2017, mainly due to the sale of assets in South Africa.

Production from retained operations for the third quarter of 2018 (excluding the Moab Khotsong, Kopanang and TauTona contribution in the
third quarter of last year), was 851,000oz at a total cash cost of $722/oz, compared with 853,000oz at $743/oz in the prior year. All-in Sustaining
Costs (AISC) for these retained operations were $920/oz, compared with $1,031/oz in the same period last year, an 11% reduction.

Production for the quarter was impacted by lower grades at AGA Mineração, partially offset by a strong performance from Continental Africa.
AISC was $920/oz during the third quarter of 2018, an improvement of $151/oz or 14% compared to the third quarter of 2017 and a $94/oz
improvement from the second quarter of 2018. This performance reflects both lower capital expenditure and improved cash costs, supported
by Operational Excellence interventions and by weaker operating currencies in key jurisdictions, notably Brazil, Argentina, Australia and South
Africa. Total cash costs decreased by 11% to $722/oz, compared to $807/oz for the third quarter of 2017.

As work continues to unlock value across the asset base, the lower contribution from higher-cost South African assets either sold or closed,
as well as the restructuring efforts in the region to match the production base with the support infrastructure, has led to an improvement in
costs. Total cash costs of $894/oz in South Africa during the third quarter of 2018 improved by 25% when compared to the second quarter of
this year and 18% when compared to the third quarter of 2017. AISC of $1,026/oz reflects a 17% improvement from the third quarter of 2017,
highlighting a strong performance at Mponeng with an AISC of $972/oz, a 21% improvement year-on-year.

Free cash inflow was $34m for the third quarter of 2018, compared with $88m in the third quarter of 2017. Free cash flow for the quarter was
affected by the 5% lower gold price received, lower sales volumes year-on-year, and adverse working capital changes, mainly comprising
timing of gold sales, pre-payments and dividends received. These negative factors were partly offset by lower capital expenditure and costs.

Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA) declined to $355m for the third quarter of 2018, from
$399m in the third quarter of 2017, due mainly to the lower gold price and fewer ounces sold.

Net debt declined by 15% to $1.749bn at 30 September 2018, from $2.063bn at the same time last year. The balance sheet remains robust,
with liquidity comprising the $1.0bn US dollar RCF undrawn as at 30 September 2018, A$310m undrawn on the A$500m Australian dollar RCF,
approximately R4.98bn available on the R5.65bn South African RCFs and other facilities, and cash and cash equivalents of $336m at
30 September 2018.

The ratio of net debt to Adjusted EBITDA at 30 September 2018 was 1.13 times compared with 1.49 times as at 30 September 2017.

Capital expenditure (including equity accounted investments) decreased by 35% from $251m for the third quarter of 2017 to $163m for the
third quarter of 2018. This decrease was largely due to planned lower capital expenditure across the portfolio, with declines led by Geita, Kibali,
AGA Mineração, and Moab Khotsong, which was sold earlier this year, and also the impact of weaker local currencies.

Total sustaining capital expenditure decreased by 36% to $140m for the quarter, compared to $219m for the third quarter of 2017. Sustaining
capital expenditure is lower year-on-year mainly because some brownfields projects have been completed or are near completion, in addition
to the impact of weaker currencies against the dollar. These projects include the new power plant and underground development at Geita, the
new underground mine at Kibali which is ramping up, and the Mponeng Below 120 Phase 1 project, now in the final stages of completion.
Capital expenditure is expected to increase again in the fourth quarter, relative to the third quarter, in line with past trends due to timing of
investment.

September 2018 Market update report - www.AngloGoldAshanti.com

Summary of quarter on prior-year quarter operating and cost variations:

Particulars

Quarter ended

30 September 2018

Quarter ended

30 September 2017

% Variation

current quarter

vs prior year

quarter

Operating review
Gold

Production (kozs)

851

997

(15)

Production from retained operations (kozs)

851

853

—

Financial review

Gold price received ($/oz)

1,202

1,270

(5)

Total cash costs ($/oz)

722

807

(11)

Corporate & marketing costs ($m) *

Exploration & evaluation costs ($m)

(14)

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

920

1,071

(14)

All-in costs ($/oz) **

1,002

1,142

(12)

Adjusted EBITDA ($m)

355

399

(11)

Cash inflow from operating activities ($m)

214

345

(38)

Cash inflow from operating activities less capital expenditure from

subsidiary entities ($m)

128

(50)

Free cash inflow ($m)

(61)

Free cash inflow excluding SAR redundancies ($m)

(55)

Capital expenditure including equity accounted investments ($m)

163

251

(35)

* Includes administration and other expenses.
** World Gold Council standard, excludes stockpiles written off.

Guidance for 2018

Guidance

Notes

Production (000oz)

3,325 - 3,450

Includes two months production from Moab Khotsong

and Kopanang at ~30koz per month

Costs

All-in sustaining costs ($/oz)

990 - 1,060

See economic assumptions below

Total cash costs ($/oz)

770 - 830

Overheads

Corporate costs ($m)

70 - 80

Expensed exploration and study costs ($m)

115 - 125

Including equity accounted joint ventures

Capex

Total ($m)

770 - 860

Previously $800m - $920m. Reduction due to the

downward revision of non-sustaining capital

expenditure.

Sustaining capex ($m)

600 - 670

Non-sustaining capex ($m)

170 - 190

Previously $200m - $250m. Reduction relates mainly

to the shift of some Obuasi-related expenditure into

2019.

The 2018 guidance remains on track for all operating metrics, with production expected at the top end of the range and costs trending towards
the lower end of the range. The guidance for non-sustaining capex was revised downwards. Economic assumptions are as follows: ZAR13.17/$,
$/A$0.75, BRL3.67/$, AP29.09/$; Brent $74/bl.

Both production and cost estimates assume neither operational or labour interruptions, or power disruptions, nor further changes to asset
portfolio and/or operating mines and have not been reviewed by our external auditors. Other unknown or unpredictable factors could also have
material adverse effects on our future results and no assurance can be given that any expectations expressed by AngloGold Ashanti will prove
to have been correct. Please refer to the Risk Factors section in AngloGold Ashanti’s annual report on Form 20-F for the year ended
31 December 2017, filed with the United States Securities and Exchange Commission (SEC).

Safety update

There were no fatalities during the third quarter ended 30 September 2018. We remain vigilant and focused on our safe production strategy
and on intensifying our safety practices for a sustainable improvement in this area. The group All-Injury Frequency Rate, the broadest measure
of workplace safety, for the first nine months of the year was 5.16 injuries per million hours worked, from 7.79 in the same period last year, an
improvement of 34%. In the three months through September, the AIFR was 4.17, compared to 7.08 in the third quarter of last year.

September 2018 Market update report - www.AngloGoldAshanti.com

Operating Highlights

The Americas region produced 192,000oz at a total cash cost of $607/oz for the third quarter of 2018 compared to 213,000oz at a total cash
cost of $673/oz in the third quarter of 2017. AISC was $817/oz for the third quarter of 2018, compared to $989/oz in the third quarter of 2017.

In Brazil, production was 121,000oz at a total cash cost of $687/oz for the third quarter of 2018, compared to 142,000oz at a total cash cost
of $715/oz in the third quarter of 2017. AISC was $916/oz for the third quarter of 2018, compared to $1,060/oz in the third quarter of 2017.

Production from AngloGold Ashanti Mineração was lower year-on-year, mainly due to lower grades and reduced volumes mined at Cuiabá

and Córrego do Sítio (CdS). At

Cuiabá, p

roduction was impacted by lower feed grades and changes in the mine plan, while at CdS, output

was impacted by delays in environmental licensing as well variances in the geological model. A daily compliance tracking process has been
implemented to monitor and reduce deviations to the revised plan.

Total cash costs were impacted by lower production and some cost escalations, partially compensated by cost management initiatives, new
shift configurations and favourable exchange rate effects during the quarter.

At Serra Grande, production for the third quarter of 2018 improved to 34,000oz at a total cash cost of $587/oz, compared to 30,000oz at a
total cash cost of $799/oz for the third quarter of 2017. Production is reflective of higher feed grades and recoveries due to improved performance
in crushing, milling and leaching areas. There were temporary delays in receiving an environmental license, waste dump permits and
commencement of operations in the new open pit.

In Argentina, Cerro Vanguardia's production was maintained at 71,000oz, while total cash costs improved by 19%, to $456/oz for the third
quarter of 2018, compared to $566/oz in the third quarter of 2017. Production was impacted by variability in the mining model while higher
tonnes treated were offset by lower tonnes placed in the heap leach. Silver production increased 28% year-on-year, in line with the mine plan.

Total cash costs were 19% lower compared to the third quarter of 2017, mainly as a result of the devaluation of the Argentinian peso against
the US dollar. In addition, favourable efficiencies were derived mainly from lower consumption of the fuel, services and consumables, as well
as lower heap leach costs given fewer tonnages. Unfavourable stockpile movements, caused by lower tonnes mined and higher tonnes treated,
had a negative impact on costs, which was in addition to the inflationary impact on payroll costs.

The Continental Africa region produced 391,000oz at a total cash cost of $718/oz for the third quarter of 2018, compared to 380,000oz at a
total cash cost of $696/oz in the third quarter of 2017. AISC was $834/oz for the third quarter of 2018, compared to $946/oz in the third quarter
of 2017. Production increased due to the increased production at the Kibali mine by 55% and 10% from Iduapriem, more than offsetting the
decrease in production at Siguiri by 35%.

In the DRC, Kibali produced an attributable 101,000oz at a total cash cost of $510/oz for the third quarter of 2018, compared to 65,000oz at
a total cash cost of $781/oz in the third quarter of 2017. Production increased given higher underground tonnage treated and a one-third
increase in overall grades. Total cash cost decreased by 35% mainly due to higher production, partly offset by inflationary increases and the
increased royalties implemented through the new mining code.

Kibali is on track to exceed its production guidance of 730,000oz for the year, as the operation has met or exceeded designed capacity on
throughput, recovery and hoisting capacity. Kibali has also reached an agreement with the Ministry of Finance on the reimbursement of
outstanding TVA (value added tax), which amounts to $218m in total. The agreement allows for $40m to be paid up-front, while the balance
will be settled on an offset basis. The Ministry has also agreed to exempt local goods and services purchased by Kibali, from TVA.

In Ghana, Iduapriem produced 64,000oz at a total cash cost of $827/oz for the third quarter of 2018, compared to 58,000oz at a total cash
cost of $786/oz for the third quarter of 2017. Production increased by 10% as a result of an 8% increase in recovered grade, due to mining of
marginally higher ore-grade areas and higher recovery in the current period. There was also an increase in tonnage treated, due to continued
improvements in plant reliability and utilisation. Total cash costs, however, increased by 5% mainly due to the higher fuel price, and an increase
in mining costs.

At Obuasi the redevelopment project for recommencing operations continues, with the commencement of production on schedule for the end
of next year.

In Tanzania, Geita produced 151,000oz at a total cash cost of $735/oz for the third quarter of 2018, compared to 152,000oz at a total cash
cost of $586/oz in the third quarter of 2017. A 10% increase in recovered grade, due to higher grade ore from Nyankanga Cut 8 pit and continued
improvements in underground operations, was offset by a 10% decrease in tonnes treated mainly as a result of operational challenges
experienced during the period, including unplanned downtime to repair the ball mill end-plate and primary crusher. Total cash costs increased
due to the higher operational underground mining costs relative to open pit, as well as higher stripping costs, elevated fuel prices, inflationary
pressures and the additional royalties and clearance fees.

In Guinea, Siguiri produced 54,000oz at a total cash cost of $823/oz for the third quarter of 2018, compared to 83,000oz at a total cash cost
of $704/oz in the third quarter of 2017. The mine saw a 26% decrease in tonnes treated and lower recoveries due to limited flexibility experienced
during plant stoppages following the integration of the Carbon-In Leach commissioning. Additionally, production was impacted by a 12%
decrease in recovered grade due to treatment of lower-grade stockpiles from the Kozan and Bidini pits, compared to the same period a year
ago when the high-grade Seguelen pit was more prevalent. Total cash costs were higher year-on-year mainly due to the decline in production.
This was partly offset by lower mining activity costs from mining lower volumes and shorter haulage distances, operational excellence initiatives,
and favourable movement in ore stockpiles.

In Mali, Sadiola produced 14,000oz at a total cash cost of $912/oz for the third quarter of 2018, compared to 15,000oz at a total cash cost of
$902/oz in the third quarter of 2017. Production dropped 7% year-on-year primarily due to lower recovered grades. Total cash costs per ounce
produced for the third quarter of 2018 were higher compared to the third quarter of 2017 as a result of greater drawdowns of ore stockpiles.
All-in sustaining costs per ounce sold for the third quarter of 2018 were lower compared to the third quarter of 2017 as a result of lower sustaining

September 2018 Market update report - www.AngloGoldAshanti.com

capital expenditures. Mining activity ceased during the second quarter of 2018, while processing of remaining ore stockpiles continued. Morila’s
production was 7,000oz at a total cash cost of $1,180/oz for the third quarter of 2018.

The Australia region produced 148,000oz at a total cash cost of $748/oz for the third quarter of 2018, compared to 143,000oz at a total cash
cost of $825/oz in the third quarter of 2017. AISC for the third quarter of 2018 was $1,082/oz compared to $1,133/oz in the third quarter of
2017.

Production at Sunrise Dam was 61,000oz at a total cash cost of $1,013/oz for the third quarter of 2018, compared to 63,000oz at a total cash
cost of $922/oz during the third quarter of 2017. Production was impacted by 6% lower metallurgical recovery and marginally lower mill
throughput, resulting from anticipated delays to improvements from the ramp-up of the new flotation-fine grind circuit. Commissioning of the
new circuit is now complete, with the High Intensity Grind mill now working to specification, after premature wear issues were addressed.
Higher total cash costs for the period were largely due to the lower gold production.

At Tropicana, production was 87,000oz at a total cash cost of $536/oz for the third quarter of 2018, compared to 80,000oz at a total cash cost
of $686/oz during the third quarter of 2017. Production was boosted by a 5% increase in head grade and a 2% increase in mill throughput.
Installation of the second 6MW ball mill in the Tropicana processing plant has progressed well. Commissioning remains on schedule and is
expected to occur before year end. Increased production and favourable inventory movement contributed to the 22% drop in the total cash
costs for the period.

The South African operations produced 120,000oz at a total cash cost of $894/oz during the third quarter of 2018, compared to 261,000oz
at a total cash cost of $1,088/oz in the third quarter of 2017. Production from retained operations, excluding Moab Khotsong and Kopanang
(both sold) and TauTona (closed), was 3% higher year-on-year, from 117,000oz to 120,000oz.

AISC for the third quarter of 2018 was $1,026/oz, 17% lower compared to $1,240/oz for the third quarter of 2017. Total cash costs decreased
18% year-on-year, from $894/oz in the third quarter of 2018 compared to $1,088/oz in the third quarter of 2017, reflecting the restructuring
efforts in the region and the weaker rand relative to the dollar.

Production at Mponeng was up 25% year-on-year, mainly due to higher in-situ reef grade and improved mining practices. Total cash costs
were 17% lower than the same period a year ago. This strong performance at Mponeng was slightly offset by a weaker operating performance
at the Surface Operations which were negatively impacted by volume processed and recoveries (attributed to volume mined from base of
reclaimed TSF). These issues have been systematically addressed and it is expected that recovery improvements will show by the end of the
year.

The Kareerand Tailings Storage Facility expansion, to allow for treatment of tailings in the retained Vaal River operations, is undergoing a
feasibility study expected to be submitted for review in March 2019.

At Mine Waste Solutions, the Aachen

high shear reactor technology for the refractory portion of the feedstock was commissioned in October

and is expected to help to improve recoveries.

CORPORATE UPDATE

Update on wage negotiations in South Africa
AngloGold Ashanti in South Africa reached a three-year wage agreement with all its trade unions, effective from July 2018. The wage agreement
includes wage increases over three years as well as a new shift arrangement with all employee trade unions. The unions are Association of
Mining and Construction Union (AMCU), which represents 48.9% of AngloGold Ashanti’s workforce in South Africa, Solidarity, which represents
3.7% and the UASA Union, which represents 9.4% as well as the National Union of Mineworkers, which represents 32.8%. All employees in
the South Africa region are covered in the signed agreement, including the rest of the employees not affiliated to any trade union, who fall into
the worker categories according to the agreement.

Mponeng reached a new shift arrangement agreement with all the trade unions as part of the safe production strategy to ensure safe work
places and practices and it is expected to result in an improvement in face time and increased operational efficiency. We view the agreement
as an important step in the process to improve productivity and the resulting improvement in remuneration for our employees - particularly
those at the entry level - while providing certainty for three years, as we work to return the South African operations to profitability.

For further details on the agreement see the announcement the Company made on 17 September 2018 on:

https://www.anglogoldashanti.com/

investors/announcements/

Restructuring of the South African Portfolio
The restructuring of the asset portfolio continues in South Africa, focused on protecting the longer-term sustainability of the business by ensuring
that both on- and off-mine cost structures are appropriate for the significantly smaller production base. The Section 189 consultation process,
which envisaged the reduction of about 2,000 jobs from the South African workforce, is complete, with forced job losses mitigated by the sale
of some assets, including healthcare facilities and rail networks in the Vaal River region, and the acceptance of voluntary severance packages
by some employees, resulting in a lower number of forced retrenchments, which will be less than 200 in total, with a further 942 Voluntary
Separations (VSP), and the balance representing the success in securing job loss avoidance measures.

Debt refinance
At the end of October 2018, AngloGold Ashanti signed a new 5-year Revolving Credit Facility (RCF), with a syndicate of 14 banks. The new
RCF is for an amount of US$1.4bn and is a multi-currency facility, allowing for a drawing in A$ in addition to US$, up to a maximum of A$500m.
This new single facility replaces the US$1bn RCF and A$500m RCF put in place in 2014.

September 2018 Market update report - www.AngloGoldAshanti.com

Changes to Board of Directors
In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, on 22 August 2018, AngloGold Ashanti announced the
appointment of Alan Ferguson and Jochen Tilk as independent non-executive directors to its board of directors, with effect from1 October 2018
and 1 January 2019, respectively.

PROJECTS UPDATES

Kibali
The Kibali project is now complete with underground mining fully operational. The last major work was on the Azambi hydropower plant which
has been completed and the plant was commissioned in September 2018. Construction work for the next phase of the tailings storage facility,
which was initiated at the end of 2017, is on schedule for completion during the fourth quarter of 2018.

Obuasi
Following receipt of all the requisite Government and environmental approvals in June 2018, redevelopment of the Obuasi high-grade orebody
has started in earnest. Establishment of the project and operating teams is progressing. Detailed design continued and is focused on process
plant critical path procurement and contracts. The contract for demolition of redundant plant has been awarded. Detailed plant refurbishment
planning commenced. Orders for the underground mining fleet were placed and delivery has commenced. The underground mining contract
was awarded in late October to African Mining Alliance LTD, a 70/30 Joint Venture between AUMS and Rocksure International. Preparatory
underground works commenced to facilitate a timely start by the underground contractor. Operational readiness activities commenced with
the design of the mine operating systems. The project is being developed in 2 stages. The first is to achieve production at 2,000tpd with first
gold at the end of 2019. The second phase is to achieve production at 4,000tpd by end 2020.

In terms of the original Obuasi project announcement in February 2018, initial project capital of $450-500m was expected to be spent for the
period until the end of 2020. The additional mining fleet purchase will now add around $45m to the project capital estimate, but is expected to
have a resultant favourable impact on contract rates over the period of the contract and is estimated to improve AISC by approximately $25/oz.

Given the timing of permit approvals earlier this year, some capital expenditure has moved into 2020. The latest outlook on the spend profile
is 15% - 55% - 30% over the period 2018 through 2020. Production is scheduled to start at the end of next year.

Sadiola Sulphide Project
Agreement with the Government of Mali, on the terms for investment in the Sadiola Sulphide Project, is needed to prevent the mine being
placed on suspended exploitation (care and maintenance), once processing of the stockpiles is complete midway through next year. While
this agreement has not yet been reached, AngloGold Ashanti and IAMGOLD, who collectively own an 82% interest in Sadiola, have initiated
a process to identify third parties that may be interested in acquiring their collective interests in Sadiola. The process is at a very preliminary
stage and there is no certainty of its outcome.

Mponeng Project
Phase 1 and 2
The fatal accident in April at 126 level, impacted on the Ore Reserve Development (ORD) and some of the construction activities. The water
management infrastructure construction is currently behind schedule with the piping installation still outstanding. Construction of ore-handling

infrastructure is complete. Progress on ORD at 126 level also encountered areas with a high geological complexity, which required additional
secondary support, slowing advance rates.

The reef pass between 123 and 126 level has also been delayed due to contractor non-performance. A replacement contractor has been
secured.

Geita Power Plant
The construction of a $43m power plant at our Geita mine has been completed, with the new 40Mw facility producing its first electricity in
August 2018. The world-class plant, built to support the mine’s operations over the long-term, will play a key role in ensuring stable, reliable
energy supply for mining and processing activities at Geita mine. This will not only ensure stable operations for the Geita mine, but also provide
a stable source of power for the extension of the life of the mine. The new energy generating capability is expected to be more efficient with
lower operational and maintenance costs.

Siguiri Combination Project
The Siguiri Combination Project is nearing completion with commissioning of the various phases of construction underway. The combination
plant aims to treat hard and soft ore to optimise efficiencies of the current plant. The current circuit is designed to treat soft oxide which is
currently depleting.

The combination project comprises a crushing plant, milling circuit, Carbon-in-Leach (CIL) plant, an upgrade of the elution circuit and a new
power plant to meet the demands of additional power requirements. The project is at an advanced stage and nearing completion in its execution.
The trash screen and the CIL tanks were commissioned in August, enabling the plant to process transitional material. Additionally, the main
tower crane as well as several belts within the current plant have been completed and commissioned.

Construction of the new mill is complete, which includes the mill feed structure, the cyclone cluster and other elements. The final conveyor
structures have also been installed and the necessary Electrification and Instrumentation (E&I) work for quality assurance purposes is underway.

At the power plant, the necessary performance testing of the new Wartsila engines to determine the readiness of the plant has taken place
and it is expected that the plant will shortly be handed-over by the contractor.

September 2018 Market update report - www.AngloGoldAshanti.com

Operations at a glance

for the quarters ended 30 September 2018, 30 June 2018 and 30 September 2017

Production

oz (000)

Underground milled /

treated

000 tonnes

Surface milled / treated

000 tonnes

Open-pit treated

000 tonnes

Underground Recovered

grade

g/tonne

Surface Recovered grade

g/tonne

Open-pit Recovered grade

g/tonne

Sep-18

Jun-18

Sep-17

Sep-18

Jun-18

Sep-17

Sep-18

Jun-18

Sep-17

Sep-18

Jun-18

Sep-17

Sep-18

Jun-18

Sep-17

Sep-18

Jun-18

Sep-17

Sep-18

Jun-18

Sep-17

SOUTH AFRICA

120

100

261

277

232

933

8,453

8,624

9,421

—

8.77

7.58

6.89

0.15

0.16

0.17

—

Vaal River Operations

—

114

—

489

—

7.24

—

Kopanang

—

176

—

5.32

—

Moab Khotsong

—

313

—

8.32

—

West Wits Operations

277

232

432

—

8.77

7.58

6.67

0.61

0.38

—

Mponeng

277

232

289

—

8.77

7.58

6.77

0.61

0.38

—

TauTona

—

143

—

6.46

—

Total Surface Operations

—

8,403

8,565

9,421

—

0.15

0.15

0.17

—

First Uranium SA

—

6,740

6,691

7,087

—

0.11

0.12

0.13

—

Surface Operations

—

1,663

1,873

2,335

—

0.30

0.28

—

Other

—

INTERNATIONAL OPERATIONS

731

705

736

2,359

2,339

2,084

—

7,751

8,287

8,851

4.00

3.80

3.78

—

1.67

1.51

1.62

CONTINENTAL AFRICA

391

380

675

684

341

—

5,814

6,443

6,885

5.58

5.44

5.59

—

1.45

1.26

1.44

DRC
Kibali - Attr. 45%

101

346

324

193

—

617

603

635

6.38

5.98

6.42

—

1.52

1.47

1.24

Ghana
Iduapriem

—

1,341

1,373

1,306

—

1.48

1.56

1.37

Obuasi

—

Guinea
Siguiri - Attr. 85%

—

1,926

2,370

2,611

—

0.87

0.89

0.99

Mali
Morila - Attr. 40%

—

470

534

566

—

0.50

0.42

0.35

Sadiola - Attr. 41%

—

523

538

514

—

0.85

0.90

0.92

Tanzania
Geita

151

130

152

329

360

149

—

937

1,026

1,253

4.73

4.96

4.52

—

3.35

2.21

3.25

AUSTRALASIA

148

145

143

698

745

713

—

1,702

1,621

1,672

2.34

2.27

2.21

—

1.74

1.75

1.71

Australia
Sunrise Dam

698

745

713

—

309

264

313

2.34

2.27

2.21

—

0.82

1.33

1.24

Tropicana - Attr. 70%

—

1,393

1,357

1,359

—

1.95

1.83

1.82

AMERICAS

192

180

213

986

911

1,030

—

235

222

294

4.09

3.82

4.27

—

6.64

6.93

5.41

Argentina
Cerro Vanguardia - Attr. 92.50%

—

234

207

224

5.76

6.75

7.03

—

6.65

7.32

6.20

Brazil
AngloGold Ashanti Mineração

112

630

584

665

—

3.98

3.73

4.73

—

Serra Grande

276

237

289

—

3.87

2.95

2.49

—

3.13

1.52

2.88

Total

851

805

997

2,636

2,571

3,017

8,453

8,624

9,421

7,751

8,287

8,851

4.50

4.14

4.74

0.15

0.16

0.17

1.67

1.51

1.62

September 2018 Market update report - www.AngloGoldAshanti.com

Operations at a glance (continued)

for the quarters ended 30 September 2018, 30 June 2018 and 30 September 2017

Total cash costs

All-in sustaining costs

Sustaining ORD / Stripping

capex

Other sustaining capex

Non sustaining capex

Gross profit (loss)

$/oz

Sep-18

Jun-18

Sep-17

Sep-18

Jun-18

Sep-17

Sep-18

Jun-18

Sep-17

Sep-18

Jun-18

Sep-17

Sep-18

Jun-18

Sep-17

Sep-18

Jun-18

Sep-17

SOUTH AFRICA

894

1,186

1,088

1,026

1,327

1,240

(15)

(8)

Vaal River Operations

—

942

—

1,088

—

(1)

Kopanang

—

1,459

—

1,545

—

(1)

(8)

Moab Khotsong

—

757

—

921

—

West Wits Operations

812

1,248

1,337

972

1,413

1,532

(9)

(23)

Mponeng

811

1,231

972

972

1,413

1,227

(9)

TauTona

—

2,109

—

2,174

—

(26)

Total Surface Operations

1,060

1,102

963

1,136

1,197

1,041

—

(5)

(2)

First Uranium SA

819

875

799

908

990

884

—

(2)

(4)

Surface Operations

1,424

1,444

1,195

1,481

1,512

1,273

—

(5)

(3)

Other

—

INTERNATIONAL OPERATIONS

695

772

714

879

950

996

101

193

206

214

CONTINENTAL AFRICA

718

794

696

834

917

946

101

111

DRC
Kibali - Attr. 45%

510

643

781

626

814

1,112

Ghana
Iduapriem

827

749

786

977

899

1,014

—

Obuasi

—

Guinea
Siguiri - Attr. 85%

823

766

704

874

724

789

—

(1)

Mali
Morila - Attr. 40%

1,180

1,131

1,024

1,294

1,529

1,163

—

(1)

(1)

—

Sadiola - Attr. 41%

912

1,010

902

1,009

1,090

1,028

—

Tanzania
Geita

735

890

586

877

1,049

915

—

Non-controlling interests, exploration and other

—

AUSTRALASIA

748

843

825

1,082

1,084

1,133

—

Australia
Sunrise Dam

1,013

1,029

922

1,412

1,307

1,254

—

(1)

Tropicana - Attr. 70%

536

650

686

804

852

951

—

Exploration and other

—

(4)

(5)

(7)

AMERICAS

607

667

673

817

916

989

—

Argentina
Cerro Vanguardia - Attr. 92.50%

456

443

566

627

621

821

—

Brazil
AngloGold Ashanti Mineração

727

820

692

924

1,094

1,027

—

Serra Grande

587

847

799

896

1,298

1,183

—

(1)

Non-controlling interests, exploration and other

—

Sub-total

722

815

807

920

1,014

1,071

105

111

OTHER

—

(3)

Total

105

114

217

201

210

Equity accounted investments included above

(32)

(24)

(5)

Total

185

177

205

September 2018 Market update report - www.AngloGoldAshanti.com

Development Sampling

for the quarter ended 30 September 2018

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

Reserves.
Statistics are shown in metric units

Advanced

Sampled

metres

Sampled

Avg. ore body

gold

(total)*

metres

thickness (cm)

Avg. g/t

Avg. cm.g/t

SOUTH AFRICA

WEST WITS

Mponeng

Ventersdorp Contact reef

2,077

406

39.20

50.28

1,971

CONTINENTAL AFRICA

Geita

3,535

1,136

3.20

5.03

—

SOUTH AMERICA

AngloGold Ashanti Mineração

Mina de Cuiabá

2,412

1,281

0.80

3.65

—

Lamego

1,179

617

60.00

2.96

—

Córrego do Sitio Mina I

2,556

434

—

3.24

—

CVSA

Cerro Vanguardia

2,207

985

400.00

3.10

—

Statistics are shown in imperial units

Advanced

Sampled

feet

Sampled

Avg. ore body

gold

(total)*

feet thickness (inches)

Avg. oz/t

Avg. ft.oz/t

SOUTH AFRICA

WEST WITS

Mponeng

Ventersdorp Contact reef

6,814

1,332

15.43

1.47

1.89

CONTINENTAL AFRICA

Geita

11,599

3,728

1.26

0.15

—

SOUTH AMERICA

AngloGold Ashanti Mineração

Mina de Cuiabá

7,912

4,203

0.31

0.11

—

Lamego

3,867

2,023

23.62

0.09

—

Córrego do Sitio Mina I

8,384

1,425

—

0.09

—

CVSA

Cerro Vanguardia

7,242

3,231

157.48

0.09

—

* This includes total "on-reef" and "off-reef" development metres

September 2018 Market update report - www.AngloGoldAshanti.com

Administration and corporate

information

AngloGold Ashanti Limited

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

Share codes:

ISIN: ZAE000043485
JSE: ANG
NYSE: AU
ASX: AGG
GhSE: (Shares) AGA
GhSE: (GhDS) AAD

JSE Sponsor:
Deutsche Securities (SA) Proprietary Limited

Auditors: Ernst & Young Inc.

Offices

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

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

Ghana
Gold House
Patrice Lumumba Road
(PO Box 2665)
Accra
Ghana
Telephone: +233 303 773400
Fax: +233 303 778155

Directors

Executive
KPM Dushnisky

(Chief Executive Officer)

KC Ramon

(Chief Financial Officer)

Non-Executive
SM Pityana

(Chairman)

AM Ferguson*
AH Garner

R Gasant

DL Hodgson

NP January-Bardill

MJ Kirkwood*
MDC Richter

RJ Ruston~

* British

Canadian

American

~ Australian

South African

Officers
Executive Vice President – Legal, Commercial and

Governance and Company Secretary:
ME Sanz Perez

Investor Relations contacts

Stewart Bailey
Telephone: +27 11 637 6031
Mobile: +27 81 032 2563
E-mail: sbailey@anglogoldashanti.com

Fundisa Mgidi
Telephone: +27 11 637 6763
Mobile: +27 82 821 5322
E-mail: fmgidi@anglogoldashanti.com

Sabrina Brockman
Telephone: +1 646 880 4526
Mobile: +1 646 379 2555
E-mail: sbrockman@anglogoldashantina.com

General e-mail enquiries
Investors@anglogoldashanti.com

AngloGold Ashanti website
www.anglogoldashanti.com

Company secretarial e-mail
Companysecretary@anglogoldashanti.com

AngloGold Ashanti posts information that is important to

investors on the main page of its website at

www.anglogoldashanti.com and under the “Investors” tab

on the main page. This information is updated regularly.

Investors should visit this website to obtain important

information about AngloGold Ashanti.

PUBLISHED BY ANGLOGOLD ASHANTI

Share Registrars

South Africa

Computershare Investor Services (Pty) Limited

Rosebank Towers, 15 Biermann Avenue,

Rosebank, 2196

(PO Box 61051, Marshalltown 2107)

South Africa

Telephone: 0861 100 950 (in SA)

Fax: +27 11 688 5218

Website : queries@computershare.co.za

Australia
Computershare Investor Services Pty Limited

Level 11, 172 St George's Terrace

Perth, WA 6000

(GPO Box D182 Perth, WA 6840)

Australia

Telephone: +61 8 9323 2000

Telephone: 1300 55 2949 (Australia only)

Fax: +61 8 9323 2033

Ghana
NTHC Limited

Martco House

Off Kwame Nkrumah Avenue

PO Box K1A 9563 Airport

Accra

Ghana

Telephone: +233 302 235814/6

Fax: +233 302 229975

ADR Depositary
BNY Mellon (BoNY)

BNY Shareowner Services

PO Box 30170

College Station, TX 77842-3170

United States of America

Telephone: +1 866-244-4140 (Toll free in USA) or

+1 201 680 6825 (outside USA)

E-mail: shrrelations@cpushareownerservices.com

Website: www.mybnymdr.com

Global BuyDIRECT

BoNY maintains a direct share purchase and dividend

reinvestment plan for ANGLOGOLD ASHANTI.

Telephone: +1-888-BNY-ADRS

Forward-looking

statements

Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry,
expectations regarding gold prices, production, total cash costs, all-in sustaining costs, all-in costs, cost savings and other operating results, productivity improvements, growth prospects
and outlook of AngloGold Ashanti’s operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial
operations of certain of AngloGold Ashanti’s exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti’s
liquidity and capital resources and capital expenditures and the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental health and
safety issues, are forward-looking statements regarding AngloGold 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 actual results, performance or achievements to differ materially from the anticipated
results, performance or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-
looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in
the forward-looking statements as a result of, among other factors, changes in economic, social and political and market conditions, the success of business and operating initiatives,
changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or
future litigation proceedings, and business and operational risk management. For a discussion of such risk factors, refer to AngloGold Ashanti’s annual reports on Form 20-F filed with
the United States Securities and Exchange Commission. These factors are not necessarily all of the important factors that could cause AngloGold Ashanti’s actual results to differ
materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future results. Consequently,
readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these
forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law.
All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.

Non-GAAP financial measures
This communication may contain certain “Non-GAAP” financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business.
Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures of
performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use.

SIGNATURES

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

AngloGold Ashanti Limited
Date: November 05, 2018

By:

/s/ M E SANZ PEREZ________

Name: M E Sanz Perez
Title:

EVP: Group Legal, Commercial & Governance