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 06, 2017

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 2017

Market update report

for the quarter ended 30 September 2017

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

(“AngloGold Ashanti” or the “Company”)

Johannesburg, 6 November 2017 - AngloGold Ashanti is pleased to provide an operational update for the quarter ended
30 September 2017. Detailed financial and operational results are provided on a six-monthly basis i.e. at the end of June
and December.

•

Third-quarter gold production rose 11% year-on-year to 997,000oz

•

AISC unchanged at $1,071/oz despite higher planned reinvestment expenditures, stronger currencies and
inflation

•

Free cash flow $88m– strong turnaround from $41m outflow in the second-quarter of 2017

•

Adjusted EBITDA $399m, up from $395m in the third quarter of 2016

•

Production, AISC, total cash costs and capital expenditure remain within original guidance

•

Net debt to Adjusted EBITDA ratio of 1.49 times, down from 1.56 in the second quarter of 2017

•

Restructuring of South African operations remains on track
All brownfields capital projects remain on track and on budget

Quarter

ended

Nine months

ended

Sep

2017

Sep

2016

Sep

2017

Sep

2016

US dollar / Imperial

Operating review
Gold

Produced

- oz (000)

997

900

2,746

2,645

Sold -

(000)

979

898

2,769

2,645

Financial review

Price received

- $/oz

1,277

1,334

1,251

1,260

All-in sustaining costs -

$/oz

1,071 1,071 1,071 965

All-in costs

- $/oz

1,142 1,166 1,143 1,044

Total cash costs

- $/oz

807 797 800 737

Gross profit

- $m

205 236 530 665

Free cash inflow / (outflow) -

88 131 (73) 239

Net debt

- $m

2,063 1,972 2,063 1,972

Capital expenditure -

251 211 705 529

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

Published: 6 November 2017

Quarter 3 2017

September 2017 Market update report - www.AngloGoldAshanti.com

FINANCIAL AND CORPORATE REVIEW

Third quarter overview

AngloGold Ashanti delivered $88m of free cash flow for the third quarter of 2017 following a strong operating performance from the

group, with production 11% higher compared with the same period last year and 9% more than the previous quarter. Each of the

operating regions showed improved production over both periods. The group remains on track to meet full-year production, cost and

capital guidance as well as to deliver on its restructuring objectives in South Africa. Our slate of brownfields projects to extend life

and improve margins, remains on track and on budget.

Production rose to 997,000oz at an all-in sustaining cost (AISC) of $1,071/oz for the quarter ended 30 September 2017 compared to

900,000oz for the quarter ended 30 September 2016. All-in sustaining costs were unchanged despite inflationary pressure on costs,

stronger currencies and the group proceeding with planned higher reinvestment expenditures, which were offset by lower

rehabilitation costs, corporate costs and exploration costs. AISC levels for the quarter were driven mainly by higher capital

expenditure levels, which are reflective of the implementation of the Company’s inward investment programme.

“Our strong production performance resulted in good free cash flow generation, despite our planned reinvestment programme and a

flat gold price,” Chief Executive Officer Srinivasan Venkatakrishnan said. “We expect a strong finish to the year at our key international

operations and continued delivery to tight timelines and budgets on our portfolio-improvement projects.”

For the third quarter of 2017, improved production performances were delivered in all regions when compared with the same quarter

in 2016, with the core South African assets continuing their improving trajectory, showing promising operating recoveries from the

prior year’s interruptions. The International Operations delivered another strong performance, driven by contributions from both mines

in Australia, AGA Mineração in Brazil and Siguiri, Geita and Iduapriem in Continental Africa. Kibali had improved margins relative to

the previous quarter, but saw lower production compared with the third quarter of 2016, due to lower tonnes treated following conveyor

downtime and issues experienced with the crusher.

Free cash flow generation was $88m for the third quarter of 2017, compared with an outflow of $41m during the second quarter of

this year, and an inflow of $131m in the third quarter of 2016. Free cash flow for the quarter was affected by the lower gold price

received, higher operating costs with some currency impact, indirect VAT receivables lock-up principally in Tanzania and the DRC

where this continues to be a challenge, and the planned increase in reinvestment capital expenditure levels.

Adjusted earnings before interest, tax, depreciation and amortisation (“Adjusted EBITDA”) stood at $399m for the quarter, up from

$395m in the third quarter of 2016, and increased by $103m, or 35%, from $296m for the second quarter of 2017.

Net debt as at 30 September 2017 was $2.063bn, up from $1.972bn at the same time last year, but lower than the $2.151bn posted

at the end of the second quarter of 2017. Accordingly, net debt to Adjusted EBITDA ratio was 1.49 times as at

30 September 2017, compared with 1.26 times as at 30 September 2016, but slightly lower than the 1.56 times as at the end of the

last quarter. The current net debt to Adjusted EBITDA ratio remains well below the covenant ratio of 3.5 times under our revolving

credit facilities (“RCFs”).

The balance sheet remains robust with strong liquidity and long-dated maturities providing significant financial flexibility. Undrawn

facilities as at 30 September 2017 comprise approximately $910m available under the $1bn US dollar RCF, A$250m undrawn on the

A$500m Australian dollar RCF, approximately R1.335bn available from South African facilities, and cash and cash equivalents at the

end of the quarter of $177m compared to $276m, at the end of the third quarter of 2016.

Total capital expenditure (including equity accounted investments) increased by $40m during the third quarter, from $211m for the

third quarter of 2016 to $251m for the third quarter of 2017. Project capital expenditure during the quarter amounted to $32m, up

from $25m during the third quarter of 2016. Capital expenditure is expected to increase again in the fourth quarter, in line with past

trends due to timing of the expenditures.

Total sustaining capital expenditure increased by 18% to $219m for the quarter, compared to $186m for the third quarter of 2016.

Sustaining capital expenditure for the International Operations increased by 33% to $186m, compared to $140m for the third quarter

of 2016. Sustaining capital projects include the planned new power plant and underground development at Geita, increased

underground development at Kibali as the new underground mine ramps up, capitalised stripping at Iduapriem at the cut-back of the

Teberebie pit, and the recovery improvement initiatives at Sunrise Dam. It is anticipated that the sustaining capital expenditure will

peak in the last quarter of the year, in line with the plans.

September 2017 Market update report - www.AngloGoldAshanti.com

The outlook for the full year remains unchanged as follows:

• Production between 3.6Moz and 3.75Moz;

• Capital expenditure between $950m and $1,050m;

• Total cash costs between $750/oz and $800/oz; and

• AISC between $1,050/oz and $1,100/oz.

Assuming average exchange rates against the US dollar of 13.20ZAR (Rand), 3.20BRL (Brazil Real), 0.77AUD (Aus$) and 16.75ARS
(Argentina Peso), with oil at $48/bl on average for the year.

Both production and cost estimates assume no labour or other interruptions, or 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
2016, filed with the United States Securities and Exchange Commission.

Comparison of the third quarter 2017 performance versus the previous quarter and the same quarter last year is shown below:

Particulars

Q3 2017

Q2 2017

Improved

Q vs Q

Q3 2016

Improved

Qtr vs prior

Yr Qtr

Gold Production (kozs)

997

918

9% 900 11%

Gold price received ($/oz)

1,277

1,256

2% 1,334

-4%

Total cash costs ($/oz)

807

781

3% 797 1%

Corporate & marketing costs ($m) *

-6% 17 0%

Exploration & evaluation costs ($m)

-6% 42

-31%

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

1,071

1,082

-1% 1,071

All-in costs ($/oz) **

1,142

1,150

-1% 1,166

-2%

Adjusted EBITDA ($m)

399

296

35% 395 1%

Capital expenditure ($m)

251 238 5% 211 19%

Cash inflow from operating activities ($m)

345

228

51% 386

-11%

Free cash inflow / outflow ($m)

(41)

315% 131

-33%

Free cash inflow / outflow ($m) excl. tender premium and
SAR redundancies

(39)

344%

161

-41%

Includes administration and other expenses.

** World Gold Council standard, excludes stockpiles written off

The underlying operational performance in the third quarter of 2017 was stronger than the same quarter last year, but in 2016 the
group benefitted from inter-alia the following four factors namely: a higher US dollar gold price; much weaker currencies notably the
SA Rand and Brazilian Real and lower capital spend as compared to a high reinvestment year like 2017. In addition, free cash flow
for 2017 was adversely impacted by the VAT lock-ups at both Geita and Kibali.

FINANCIAL AND OPERATING REPORT

Safety Update

The All-Injury Frequency Rate (AIFR) of the group, the broadest measure of workplace safety, for the quarter ended September 2017
was 6.98 per million hours worked, a 6% improvement from 7.42 in the second quarter of the year. Sadiola, Yatela, Siguiri, Iduapriem,
Obuasi, La Colosa, Gramalote, Quebradona and Greenfields Exploration achieved an injury free quarter.

Regrettably, there was a fatality in the South Africa region during the quarter. This fatality was a result of medical complications that
followed a serious injury sustained earlier in the year.

During the quarter, all the South African operations had passed one million fatality-free shifts. The International Operations recorded
375 days without a fatal accident, as at the end of the quarter.

September 2017 Market update report - www.AngloGoldAshanti.com

On 1 September 2017, AngloGold Ashanti was awarded South Africa’s most prestigious safety accolade at the annual MineSAFE
Conference, for the Mining Company with the best safety improvements, achieved at its ultra-deep mines. The Company’s West Wits
gold plants were also recognised as Best in Class in the processing plants category.

“Safety is, and always will be, our first priority. We have made strides to improve safety in recent years – and in particular the past 15
months – but the fatal accidents since the end of the quarter at our South African Operations, have demonstrated again that victory
can never be declared in this regard. We will be focusing closely on our safe production strategy and also intensifying our search for
continuous improvement,” Venkatakrishnan said.

OPERATING HIGHLIGHTS

The South Africa region produced 261,000oz at a total cash cost of $1,088/oz for the third quarter of 2017 compared to 235,000oz
at a total cash cost of $997/oz for the same quarter in 2016. Total cash costs increased year-on-year due to inflationary pressures,
mainly from increases in consumables and power costs, lower grades, stronger currencies and unfavourable gold in-process
movements. These were partially compensated by higher volumes and cost efficiencies, which included efficient power consumption
and business improvement initiatives.

In West Wits, production was 93,000oz at a total cash cost of $1,337/oz for the third quarter of 2017 compared to 86,000oz at a total
cash cost of $1,106/oz for the same quarter in 2016. Production increased as Mponeng’s performance improved by 10% due to higher
tonnages treated, in part reflecting recovery from safety-related production interruptions experienced in the same quarter in 2016.
Following the plan to restructure the South African mines, TauTona’s performance was negatively impacted by the downscaling of
operations in anticipation of the transition to care and maintenance, with the final blast occurring on 15 September 2017.

At Vaal River, production was 114,000oz at a total cash cost of $942/oz for the third quarter of 2017, compared to 100,000oz at a total
cash cost of $889/oz in the same quarter in 2016. Production increased from strong performances at both Moab Khotsong and
Kopanang as the mines recovered from safety related production interruptions in the same quarter in 2016. Moab Khotsong, which
delivered improved tonnages year-on-year, was the lowest cash cost producer for the South African region during the quarter at
$757/oz. At Kopanang, the quarter was dominated by proceedings of the Section 189 process along with the potential disposal of the
mine as was announced on 15 September 2017.

Surface Operations produced 51,000oz at a total cash cost of $963/oz for the third quarter of 2017, compared to 47,000oz at a total
cash cost of $1,026/oz in the same quarter in 2016. The production increase was driven by Mine Waste Solutions which, during the
month of September, achieved its highest production level since its acquisition by us in 2012. Tonnages processed increase by 6%
year-on-year, with improved volumes reclaimed across all the respective sites. Studies to improve current trends in gold recoveries
are continuing and operations remain suspended at the flotation and uranium circuit.

The Vaal River surface sources suffered a decline in production as a result of the suspension of the processing of the Kopanang
Marginal Ore Dump (MOD) due to the low grade received and low mill availability, as well as challenges experienced at the Mis pah
Gold Plant resulting from the sticky nature of the MOD material. West Wits Surface Sources also saw a slight reduction in MOD tonnes
treated.

The Continental Africa region produced 380,000oz at a total cash cost of $696/oz for the third quarter of 2017 compared to 333,000oz
at a total cash cost of $760/oz for the same quarter in 2016. Production increased by 14% compared with the third quarter of 2016,
driven by strong contributions from Geita and Siguiri and a solid performance by Iduapriem.

At Siguiri, production was 83,000oz, up 32% compared with production of 63,000oz the third quarter of 2016 driven by higher ore
tonnes treated given the softer nature of the ore, higher plant utilisation, and 26% higher average recovered grades from mining the
new Seguelen pit which commenced in the first quarter this year. Geita’s production was up 21% compared with the same quarter of
last year, mainly driven by higher grades mined, supported by the underground ore. Iduapriem’s production increased by 5%, driven
by higher volumes treated from higher plant utilisation, whilst production at Kibali decreased compared with the same quarter of last
year. Kibali’s production was impacted by lower plant throughput resulting in 6% lower tonnes treated during the quarter compared to
the same period last year, due to conveyor downtime and challenges experienced with the crusher which are being addressed. The
final commissioning of Kibali’s underground operations and the integration and automation of the vertical shaft in the last quarter of
this year, remains on a tight schedule and is key for Kibali to achieve its production target of 610,000oz (100%).

Total cash costs dropped mainly due to the increased production in the region. At Iduapreim, total cash costs were lower than the
prior year quarter as deferred stripping activities at the Cut 3 Teberebie and pre-stripping activities at the Cut 1 Teberebie pit were
undertaken. At Siguiri, the higher recovered grades impacted positively on cash costs as mining was undertaken in the Seguelen pit
in the current quarter.

The Americas region produced 213,000oz at a total cash cost of $673/oz for the third quarter of 2017 compared to 211,000oz at a
total cash cost of $588/oz for the same quarter in 2016. Production improvement in the region is attributable to higher tonnes mined
and treated at AGA Mineração. Total cash costs were impacted by the end of the rebate programme on Argentina’s Patagonia ports
and lower feed grades in Argentina and some mines in Brazil.

September 2017 Market update report - www.AngloGoldAshanti.com

Cerro Vanguardia’s production was flat at 71,000oz at a total cash cost of $566/oz for the third quarter of 2017 compared to a total
cash cost of $529/oz for the same quarter in 2016. Despite higher tonnes treated and higher heap-leach tonnes placed during the
quarter compared to same period last year, lower grades impacted negatively on production due to the variability of the mining model.
The by-product income was lower for the quarter ended 30 September 2017 because of the lower average silver price. Total cash
costs were higher compared to same period last year mainly due to cessation of the rebate programme on Argentina’s Patagonia
ports in December 2016. Costs were also impacted by inflationary pressures. These negative effects on costs were partially offset by
favourable stockpile movements due to higher volumes of stockpile inventory, and a weaker exchange rate reflecting the peso’s
depreciation against the dollar.

Brazil produced 142,000oz at a total cash cost of $715/oz for the third quarter of 2017 compared to 139,000oz at a total cash cost of
$614/oz for the same quarter in 2016. Production was higher due to higher volumes treated, despite lower grades at AGA Mineração.
Total cash costs in Brazil increased reflecting lower feed grades and costs related to higher volume treated, inflation related increases
as well as the unfavourable exchange rate.

AGA Mineração produced 112,000oz at a total cash cost of $692/oz for the third quarter of 2017 compared to 107,000oz at a total
cash cost of $609/oz for the same quarter in 2016. Production increased mainly due to a higher production from the Córrego do Sítio
complex, with higher tonnes and higher grades from both oxide and sulphide mining, in line with the revised mine plan. Total cash
costs were higher compared to same period last year due to higher tonnes treated as well as lower grades from the Cuiaba complex.
Cuiaba complex experienced operational challenges, which included geotechnical problems and delays in development that
prevented access to high grade areas. These are being addressed and will translate into improvements in the forthcoming quarters.

At Serra Grande, production was 30,000oz at a total cash cost of $799/oz for the third quarter of 2017 compared to 32,000oz at a
total cash cost of $628/oz for the same quarter in 2016. Production decreased for the quarter reflecting operational issues, unplanned
lower feed grades from the open pit, higher underground dilution, model changes and rock mechanical problems.

On 19 October 2017, Newmont Mining Co. filed a lawsuit in the United States District Court for the Southern District of New York
against AngloGold Ashanti and certain related parties, alleging that AngloGold Ashanti and such parties did not provide Newmont
with certain information relevant to its purchase of the Cripple Creek and Victor Gold Mining Company in 2015 during the negotiation-
and-sale process. We believe the lawsuit is without merit and we intend to vigorously defend against it.

The Australia region produced 143,000oz at a total cash cost of $825/oz for the third quarter of 2017 compared to 121,000oz at a
total cash cost of $864/oz for the same quarter in 2016. Production increased by 18% compared to same period last year driven by
higher mill throughput; increased grades and metallurgical recoveries. Total cash costs decreased assisted by the production increase
together with lower maintenance and processing costs at Sunrise Dam, partially offset by the impact of deferred waste adjustments
at Tropicana.

Sunrise Dam’s production was 63,000oz, up 24% compared to production of 51,000oz during the same period last year as a result of
higher mill throughput, increased grades, and improved metallurgical recoveries. Strong production is anticipated in the last quarter
as high-grade stopes are mined in the Cosmo ore zone. Tropicana’s production was driven by the mill throughput which increased by
15% during the quarter due to plant de-bottlenecking. Capital spend is expected to be higher in the last quarter at both Sunrise Dam
and Tropicana as construction advances on the Recovery Enhancement Project and a wall raise on the tailings facility is undertaken
at Sunrise Dam. At Tropicana, the increase will be driven by the Fines Pulping Project in the processing plant and expansion of the
village to support Long Island. Work on the Long Island Study is expected to be completed in the latter part of the year.

CORPORATE UPDATE

Section 189 and South Africa Asset sales

On 28 June 2017, AngloGold Ashanti announced it would embark on a restructuring of its South African business to stem
unaffordable losses by placing some operations on care and maintenance and affecting as many as 8,500 people. The statutory
consultation process with labour unions relating to the restructuring of its South African business, was concluded on 28 August
2017. During – and subsequent to - this process, job loss avoidance measures were explored, including Voluntary Severance
Packages, transfers, and sale of assets, among others. A dignified and respectful engagement with the affected employees is
currently underway, and we anticipate concluding the bulk of the current restructuring process at TauTona and Savuka by the end
of the fourth quarter, as planned. A summary of the number of employees affected will be provided once this difficult process is
complete. Kopanang Mine and the West Gold Plant have been suspended from the Section 189 restructuring process pending
conclusion of the agreed sale to Heaven Sent SA Sunshine Investment Company Limited, which controls the local Village Main
Reef operation, as announced on 19 October 2017 (“the Kopanang Disposal”).

Following the conclusion of the disposal of the Moab Mining Sale Assets to Harmony Gold Mining Company Limited, as announced
on 19 October 2017, and the Kopanang Disposal, AngloGold Ashanti will cease to have underground mining operations in the Vaal
River region in South Africa. AngloGold Ashanti will retain the long-life Mine Waste Solutions tailings retreatment operation, as well
as the surface rock-dump reclamation operations in the Vaal River region, which will continue to be treated through the Kopanang
gold plant, which will also be retained by AngloGold Ashanti. These two operations in the Vaal River region together with the long-
life Mponeng mine in the West Wits region will form AngloGold Ashanti’s operating base in South Africa.

September 2017 Market update report - www.AngloGoldAshanti.com

Once the restructuring and the asset sales are completed, AngloGold Ashanti anticipates that about 13% of its production will come
from its South African assets. The proceeds from the sale will be applied to reduce debt, further improving the company’s bal ance
sheet flexibility as it invests in the high-return brownfield projects that will improve the overall quality of its portfolio.

Legislation changes in Tanzania

At the end of June 2017, the Government of Tanzania (GoT), enacted the Natural Wealth and Resources (Permanent Sovereignty)
Act, No 5 of 2017, the Natural Wealth and Resources Contract (Review and Re-Negotiation of Unconscionable Terms) Act, No 6 of
2017 and the Written Laws (Miscellaneous Amendments) Act, No 7 of 2017. AngloGold Ashanti’s subsidiaries continue to seek a
constructive dialogue with the GoT, and its agencies, to gain assurances that Geita Mine will not be affected by these legal and fiscal
changes.

On 13 July 2017, AngloGold Ashanti announced that its subsidiaries in Tanzania made a decision to take the precautionary step of
safeguarding their interests under the Mine Development Agreement (MDA), by commencing arbitration proceedings under the rules
of the United Nations Commission on International Trade Law, as provided for in the MDA.

For the full release, please refer to the announcement on the Company’s Web site.

Despite the dispute over the legal basis for the increased royalty rate, from 4% to 6%, and the imposition of 1% clearing fee for the
export of gold, Tanzanian officials have insisted upon receipts of such payments as a condition of the release of exports. Whilst our
subsidiaries in Tanzania do not accept that they are bound to pay either new levy, these royalties and fees are being paid under
protest to ensure continued processing of export shipments. The impact of these additional royalties and levies currently is
approximately $20m on an annualised basis. The lack of input VAT refunds has resulted in approximately $40m increase in working
capital for the first nine months of the year. The company continues to engage with the revenue authorities to secure the refunds
due.

UPDATE ON CAPITAL PROJECTS

Obuasi
AngloGold Ashanti remains in advanced and constructive talks with the Government of Ghana with respect to a Development and
other agreements, that will create the necessary regulatory and fiscal certainty required before a decision can be made on whether
and how to proceed with the development of its high-grade Obuasi gold deposit into a modern, mechanised and highly productive
gold-mining operation.

Siguiri
At Siguiri, AngloGold Ashanti is investing about $115m over a little over two years to add a hard-rock plant to the current processing
infrastructure, providing the ability to develop the significant sulphide-ore potential that exists on the current concession. The company
is also building a new power plant at an additional cost of $43m, to provide electricity to the new facility.

As at the end of September, $58.5m has been spent on the project and a total of $141.9m committed. The project remains on
schedule and the costs are currently forecast within budget. All major commitments have now been concluded. The mill shells arrived
on site in September, and off-site fabrication and sourcing of electrical and instrumentation equipment and cabling, continued during
the quarter. Major contractors have mobilised on site and transition to a new mining contractor is set to commence in February 2018.

Kibali
At Kibali, the ramp up of the underground mine which will supplement, and eventually replace open-pit production is currently
underway. The underground operation and the integration and automation of the vertical shaft are proceeding to the final
commissioning and automation stage. It is expected that the mine will see significant increase in production once the final shaft
commissioning has been completed. The anticipated completion of the underground mine is in the fourth quarter of the year. The
vertical shaft construction progressed well during the quarter, completing the underground materials handling system. Paving of the
haulage level and automation development also progressed, targeting the full commissioning and ramp up of shaft ore delivery
system in the last quarter of the year.

Construction of the tailings return water detox facility was completed and commissioned during the quarter, facilitating bett er water
management. The only major capital project following the underground development would be the Gorumbwa resettlement project,
stripping activities mainly at the Pakaka and Kombokolo pits, and the third hydropower station, Azambi which is on schedule to deliver
its first power in the second quarter of 2018.

Sadiola Sulphide Project
At Sadiola, AngloGold Ashanti and joint-venture partner IAMGOLD Corporation are evaluating a project to add sulphide-ore
processing capability to the plant. Discussions with the Government of Mali continue regarding the Sadiola Sulphide Project. Despite
the benefits the project would generate locally and to the Government of Mali, there has been no resolution around the terms critical
to moving the project forward.

Mponeng Phase 1 and 2 Project
Anglogold Ashanti is extending the life of its Mponeng mine initially through the phase 1 project which accesses deeper, higher-grade
ore through the development of a decline below the current secondary shaft. Phase 2, under evaluation, would deepen the secondary
shaft to further extend life. The completion of the Mponeng Phase 1 project is expected in the second quarter of 2018. An additional

September 2017 Market update report - www.AngloGoldAshanti.com

ventilation hole is being created from decline 3 to 116 level to create more ventilation capacity, along with an ore pass down to 126
level to ease ore handling logistics on 123 level.

The completion of the water management infrastructure on 127 level was delayed during the quarter due to flooding of the emergency
pump station and pump station panels. The emergency pump station is still under construction in the bottom of the decline system.
Commissioning is expected by year end.

The construction and commissioning of the ore handling infrastructure to 126 level is expected to be completed by the end of the first
half of 2018 after which the 126 level ramp-up to steady state ore reserve development will commence. The revised geological
resource model associated with the Ventersdorp Contact Reef is currently under review.

The feasibility study for the Mponeng life of mine project has recommenced, after being interrupted at the end of May 2017. The
interruption was planned in order to complete a geotechnical study to determine the most appropriate position of the infrastructure
relative to tolerable levels of rock stress. The study has resumed and the related revised schedule forecasts completion during the
first quarter of 2018.

For details on exploration work done during the quarter, see the Exploration Update document on the Company website.

The financial information, including any forward-looking information, set out in this market update report has not been reviewed and
reported on by the Company’s external auditors. Outlook data is forward-looking information which is further discussed on the back
cover of this document.

September 2017 Market update report - www.AngloGoldAshanti.com

Operations at a glance

for the quarters ended 30 September 2017, 30 June 2017 and 30 September 2016

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-17

Jun-17

Sep-16

Sep-17

Jun-17

Sep-16

Sep-17

Jun-17

Sep-16

Sep-17

Jun-17

Sep-16

Sep-17

Jun-17

Sep-16

Sep-17

Jun-17

Sep-16

Sep-17

Jun-17

Sep-16

SOUTH AFRICA

Vaal River Operations

Kopanang

Moab Khotsong

West Wits Operations

Mponeng

TauTona

Total Surface Operations

First Uranium SA

Surface Operations

Other

INTERNATIONAL OPERATIONS

CONTINENTAL AFRICA

DRC

Kibali - Attr. 45%

Ghana

Iduapriem

Obuasi

Guinea

Siguiri - Attr. 85%

Mali

Morila - Attr. 40%

Sadiola - Attr. 41%

Tanzania

Geita

Non-controlling interests,

exploration and other

AUSTRALASIA

Australia

Sunrise Dam

Tropicana - Attr. 70%

Exploration and other

AMERICAS

Argentina

Cerro Vanguardia - Attr. 92.50%

Brazil

AngloGold Ashanti Mineração

Serra Grande

Non-controlling interests,

exploration and other

Total

261

237

235

114

100

736

681

665

380

351

333

152

124

126

143

128

121

213

202

211

112

102

107

933

864

788

489

480

393

176

196

142

313

284

251

432

374

383

289

238

248

143

137

135

2,084

2,034

1,804

341

252

178

193

191

178

149

713

813

689

713

813

689

1,030

969

936

665

592

574

289

305

298

9,421

8,944

9,473

9,421

8,944

9,473

7,087

6,453

6,659

2,335

2,491

2,815

8,851

8,499

8,483

6,885

6,752

6,720

635

643

701

1,306

1,278

1,242

2,611

2,548

2,489

566

593

369

514

515

497

1,253

1,174

1,423

1,672

1,489

1,494

313

192

313

1,359

1,298

1,180

294

257

269

224

201

228

6.89

6.68

7.34

7.24

6.45

7.89

5.32

4.67

5.46

8.32

7.68

9.27

6.67

7.15

7.02

6.77

7.60

7.14

6.46

6.36

6.78

3.78

3.38

3.59

5.59

4.77

4.09

6.42

4.91

4.09

4.52

4.34

2.21

1.67

1.76

2.21

1.67

1.76

4.27

4.45

4.84

7.03

8.31

8.26

4.73

5.05

5.37

2.49

2.37

3.08

0.17

0.17

0.15

0.17

0.17

0.15

0.13

0.13

0.10

0.28

0.27

0.28

- - -

1.62

1.63

1.60

1.44

1.43

1.42

1.24

1.61

1.98

1.37

1.41

1.38

0.99

1.01

0.79

0.35

0.34

0.92

0.87

1.08

3.25

3.06

2.68

1.71

1.77

1.69

1.24

1.15

1.11

1.82

1.86

1.85

5.41

6.24

5.68

6.20

7.25

6.29

2.88

2.63

2.30

997

918

900

3,017

2,898

2,592

9,421

8,944

9,473

8,851

8,499

8,483

4.74

4.36

4.73

0.17

0.18

0.15

1.62

1.63

1.60

Rounding of figures may result in computational discrepancies.

September 2017 Market update report - www.AngloGoldAshanti.com

Operations at a glance (continued)

for the quarters ended 30 September 2017, 30 June 2017 and 30 September 2016

Total cash costs

$/oz

All-in sustaining costs

$/oz

ORD / Stripping capex

Other sustaining capex

Non sustaining capex

Gross profit (loss)

Sep-17

Jun-17 Sep-16 Sep-17

Jun-17 Sep-16

SOUTH AFRICA

Vaal River Operations

Kopanang

Moab Khotsong

West Wits Operations

Mponeng

TauTona

Total Surface Operations

First Uranium SA

Surface Operations

Other

INTERNATIONAL OPERATIONS

CONTINENTAL AFRICA

DRC

Kibali - Attr. 45%

Ghana

Iduapriem

Obuasi

uinea

Siguiri - Attr. 85%

Mali

Morila - Attr. 40%

Sadiola - Attr. 41%

Tanzania

Geita

Non-controlling interests,

exploration and other

AUSTRALASIA

Australia

Sunrise Dam

Tropicana - Attr. 70%

Exploration and other

AMERICAS

Argentina

Cerro Vanguardia - Attr. 92.50%

Brazil

AngloGold Ashanti Mineração

Serra Grande

Non-controlling interests,

exploration and other

Sub-total

1,088

1,037

997

942

916

889

1,459

1,175

1,345

757

808

736

1,337

1,229

1,106

972

974

885

2,109

1,760

1,536

963

945

1,026

799

732

969

1,195

1,222

1,073

714

689

724

696

687

760

781

859

756

786

785

914

704

728

837

1,024

963

1,424

902

742

1,062

586

504

590

825

815

864

922

1,080

1,131

686

597

614

673

613

588

566

450

529

692

654

609

799

861

628

1,240

1,201

1,211

1,088

1,070

1,078

1,545

1,334

1,579

921

960

911

1,532

1,454

1,378

1,227

1,197

1,161

174

1,988

1,800

1,041

996

1,155

884

768

1,169

1,273

1,288

1,142

996

1,013

995

946

992

946

1,112

1,405 957

1,014

1,064

981

789

805

934

1,163

1,072

1,659

1,028

832

1,112

915

899

895

1,133

1,120

1,266

1,254

1,320

1,333

951

919

1,118

989

977

928

821

735

741

1,027

1,051

1,024

1,183

1,338

1,115

11 11

15 15

10 10

6 5

- -

9 8

- -

28 9

- -

5 4

- -

11 10

1 1

101

20 4

9 10

5 4

- 1

6 6

- -

1 15

- 1

- -

2 -

- -

(8)

(4)

(7)

(23)

(20)

(3)

(26)

(22)

(13)

(2)

(4)

214

171

202

111

(12)

(2)

(1)

(7)

(5)

(2)

(1)

807

781

797

1,071

1,082

1,071

105

124

111

OTHER

Total

105

124 94

114 90 92 32

24 25

210

184 246

(5)

6 (10)

Equity accounted investments included above

AngloGold Ashanti

205

190

236

Rounding of figures may result in computational discrepancies.

September 2017 Market update report - www.AngloGoldAshanti.com

Development Sampling

for the quarter ended 30 September 2017

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

metres

(total)*

Sampled

metres

Avg. ore body

thickness (cm)

gold

uranium

Avg. g/t

Avg. cm.g/t

Avg. kg/t

Avg. cm.kg/t

SOUTH AFRICA

VAAL RIVER

Kopanang
Vaal reef

Moab Khotsong
Moab Khotsong Vaal reef

WEST WITS

Mponeng
Ventersdorp Contact reef

TauTona
TauTona Carbon Leader reef

CONTINENTAL AFRICA

Geita

SOUTH AMERICA

AngloGold Ashanti Mineração
Mina de Cuiabá

Lamego

Córrego do Sitio Mina I

Serra Grande
Mina III

Mina Nova

CVSA
Cerro Vanguardia

539

2,457

1,775

767

3,440

3,092

1,079

2,480

2,932

831

2,539

114

386

296

1,202

1,561

429

788

4,698

3,084

883

12.3

94.7

54.8

26.0

425.0

0.7

60.0

400.0

67.40

46.38

40.62

52.58

4.90

7.23

2.29

4.36

2.79

2.17

4.30

829

4,392

2,226

1,367

5.81

1.00

0.27

8.00

Statistics are shown in imperial units

Advanced

feet

(total)*

Sampled

feet

Avg. ore body

thickness (inches)

gold

uranium

Avg. oz/t

Avg. ft.oz/t

Avg. lb/t

Avg. ft.lb/t

SOUTH AFRICA

VAAL RIVER

Kopanang
Vaal reef

Moab Khotsong
Moab Khotsong Vaal reef

WEST WITS

Mponeng
Ventersdorp Contact reef

TauTona
TauTona Carbon Leader reef

CONTINENTAL AFRICA

Geita

SOUTH AMERICA

AngloGold Ashanti Mineração
Mina de Cuiabá

Lamego

Córrego do Sitio Mina I

Serra Grande
Mina III

Mina Nova

CVSA
Cerro Vanguardia

1,768

8,060

5,824

2,516

11,286

10,143

3,541

8,135

9,620

2,727

8,330

374

1,266

971

256

3,943

5,122

1,406

2,586

15,413

10,118

2,898

4.84

37.28

21.57

10.24

167.32

0.27

23.62

157.48

1.97

1.35

1.18

1.53

0.14

0.21

0.07

0.13

0.08

0.06

0.13

0.79

4.20

2.13

1.31

11.62

2.00

0.54

4.69

6.21

0.46

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

September 2017 Market update report - www.AngloGoldAshanti.com

Administration and corporate information

NGLO

OLD

SHANTI

IMITED

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, W A 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

S Venkatakrishnan*

(Chief Executive Officer)

KC Ramon

(Chief Financial Officer)

Non-Executive

SM Pityana

(Chairman)

A Garner

R Gasant

DL Hodgson

NP January-Bardill

MJ Kirkwood*

M Richter

RJ Ruston~

SV Zilwa^

* British

Indian

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.

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, W A 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 A

NGLO

OLD

SHANTI

Telephone: +1-888-BNY-ADRS

PUBLISHED BY ANGLOGOLD ASHANTI

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. 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.

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 06, 2017

By:

/s/ M E SANZ PEREZ________

Name:

M E Sanz Perez

Title:

EVP: Group Legal, Commercial & Governance