6-K 1 agamarqtr2020-6k.htm 6-K Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 or 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Report on Form 6-K dated June 5, 2020

This Report on Form 6-K shall be incorporated by reference in
our Automatic Shelf Registration Statement on Form F-3 as amended (File No. 333-230651) and
our Registration Statement on Form S-8 as amended (File No. 333-113789), to the extent not superseded by documents or reports subsequently filed by us under the Securities Act of 1933 or the Securities Exchange Act of 1934, in each case as amended


Commission file number: 001-14846


AngloGold Ashanti Limited
(Name of registrant)

76 Rahima Moosa Street
Newtown, Johannesburg, 2001
(P O Box 62117, Marshalltown, 2107)
South Africa
(Address of principal executive offices)


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

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:



Enclosures: Unaudited condensed consolidated financial statements as of March 31, 2020 and 2019 and for each of the three-month periods ended March 31, 2020 and 2019, prepared in accordance with IFRS, and related management’s discussion.

Condensed Financial statements for the quarter ended 31 March 2020 - www.AngloGoldAshanti.com


goldonwhiteprintnewa101.jpg
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 “AGA” or the “Company”)

Report
for the quarter ended 31 March 2020

COVID-19 impact to production limited due to early management intervention and portfolio diversification at 11,000oz in Q1 2020
Production of 716,000oz in Q1 2020, supported by strong performances from Kibali, Geita and Iduapriem
Profit before taxation up 182% year-on-year from $82m in Q1 2019 to $231m in Q1 2020
Adjusted EBITDA up 51% year-on-year from $288m in Q1 2019 to $434m in Q1 2020
Total borrowings up 65% year-on-year from $2,201m in Q1 2019 to $3,624m in Q1 2020
Adjusted net debt down 10% year-on-year from $1.78bn in Q1 2019 to $1.6bn in Q1 2020
Adjusted net debt to Adjusted EBITDA ratio improved to 0.93 times at 31 March 2020 (for purposes of our RCF financial maintenance covenants)
Liquidity of $2bn at 31 March 2020; Settled $700m principal and final coupon on 10-year bond and secured $1bn standby facility in April 2020
AngloGold Ashanti involved in important humanitarian efforts in the fight against the COVID-19 pandemic
Sale processes for South African portfolio and Sadiola making steady progress; Decision taken to retain Cerro Vanguardia
Regrettably, four fatalities during Q1 2020; All-injury frequency rate (AIFR) improved 35% year-on-year from 4.22 injuries per million hours worked in Q1 2019 to 2.75 injuries per million hours worked in Q1 2020

QuarterQuarterYear
endedendedended
MarMarDec
202020192019
US Dollar / Imperial
Operating review
Continuing and discontinued operations
Gold
Produced - Total- oz (000)716  752  3,281  
Produced from continuing operations *- oz (000)630  661  2,862  
Produced from discontinued operations- oz (000)86  91  419  
Sold - Total- oz (000)742  746  3,268  
Sold from continuing operations *- oz (000)651  655  2,854  
Sold from discontinued operations- oz (000)91  91  414  
Financial review
Continuing operations
Gold income- $m882  726  3,439  
Cost of sales- $m636  594  2,626  
Total cash costs- $m455  455  1,981  
Gross profit- $m256  156  904  
Price received per ounce **- $/oz1,584  1,303  1,394  
Cost of sales - Subsidiaries- $m636  594  2,626  
Cost of sales - Joint Ventures- $m76  111  428  
All-in sustaining costs per ounce - Subsidiaries **- $/oz1,063  1,027  1,017  
All-in sustaining costs per ounce - Joint Ventures **- $/oz763  770  767  
All-in costs per ounce - Subsidiaries **- $/oz1,296  1,147  1,218  
All-in costs per ounce - Joint Ventures **- $/oz704  760  785  
Total cash costs per ounce - Subsidiaries **- $/oz806  777  763  
Total cash costs per ounce - Joint Ventures **- $/oz583  663  657  
Profit before taxation- $m231  82  619  
Adjusted EBITDA **- $m434  288  1,580  
Total borrowings- $m3,624  2,201  2,204  
Adjusted net debt **- $m1,606  1,776  1,581  
Continuing and discontinued operations
Profit (loss) attributable to equity shareholders- $m169  49  (12) 
- cents/share40  12  (3) 
Headline earnings- $m143  48  379  
- cents/share34  12  91  
Net cash inflow from operating activities- $m219  67  1,047  
Capital expenditure- $m199  141  814  
* Including pre-production ounces at Obuasi.$ represents US Dollar, unless otherwise stated.
** Refer to "Non-GAAP disclosure" for definition.Rounding of figures may result in computational discrepancies.
Following the announcement of the South Africa assets sale, the South African operations are classified as an asset held for sale and recorded as a discontinued operation in the Condensed Consolidated Financial Statements for the quarter ended 31 March 2020. Refer to “Condensed Consolidated Financial Statements for the quarter ended 31 March 2020—Note 8—Discontinued operations and assets and liabilities held for sale” for further details. The discussion of operating and financial results on this page and in this Financial and Operating Report relates to the Company's continuing operations (unless the context indicates otherwise).

March 2020 Published : 5 June 2020
Condensed Consolidated Financial Statements for the quarter ended 31 March 2020 - www.AngloGoldAshanti.com
1



Operations at a glance
for the quarter ended 31 March 2020
ProductionCost of salesGross profit (loss)
All-in sustaining costs per ounce1
Total cash costs per ounce 2
oz (000)
Year-on-year
% Variance 3
$m
Year-on-year
% Variance 3
$m
Year-on-year
$m Variance 3
$/oz
Year-on-year
% Variance 3
$/oz
Year-on-year
% Variance 3
CONTINENTAL AFRICA360   (365) (5) 211  133  
DRC
Kibali - Attr. 45% 4
91  (3) (76) (11) 64  33  763   583   
Ghana
Iduapriem67   (75) 34  33   864  10  689  (1) 
Obuasi 5
19  —  —  (100) —   —  —  —  —  
Guinea
Siguiri - Attr. 85%48  (2) (63) (4)   1,334  15  1,183  10  
Mali
Morila - Attr. 40% 4
—  (100) —  (100) —  —  —  (100) —  (100) 
Sadiola - Attr. 41% 4
—  (100) —  (100) —  (3) —  (100) —  (100) 
Tanzania
Geita135  24  (140)  104  88  823  (27) 657  (30) 
Non-controlling interests, exploration and other(11) (13)   
AUSTRALIA130  (18) (161)  49  (4) 1,184  29  923  34  
Sunrise Dam57  (20) (74) (3) 18  (3) 1,336  26  1,026  20  
Tropicana - Attr. 70%73  (15) (80) 14  39   974  34  753  39  
Exploration and other(7) 45  (8) (2) 
AMERICAS140  (15) (194) 13  59   1,157  20  829  15  
Argentina
Cerro Vanguardia - Attr. 92.50%45  (13) (62) 23  25   1,005  22  754  11  
Brazil
AngloGold Ashanti Mineração77  (11) (101) 12  33   1,170  17  834  14  
Serra Grande18  (31) (26) (1)  —  1,447  31  993  35  
Non-controlling interests, exploration and other(5) (8) (5) (11) 
OTHER—  —   (146)  (2) 
Equity-accounted investments included above76  (31) (64) (30) 
Continuing operations630  (5) (636)  256  100  
SOUTH AFRICA
Mponeng49  (6) (55) (18) 26  23  1,257  (4) 1,087   
Total Surface Operations37  (5) (46)  (17) (24) 1,175  12  1,137  15  
Other—  (100) —   
Discontinued operations86  (5) (101) (10)  —  1,227   1,107   
Total continuing and discontinued operations716(5) (737)  265  100  
1 Refer to note D under “Non-GAAP disclosure” for definition.
2 Refer to note D under “Non-GAAP disclosure” for definition.
3 Variance March 2020 quarter on March 2019 quarter - increase (decrease).
4 Equity-accounted joint ventures.
5 Pre-production ounces.

Condensed Consolidated Financial Statements for the quarter ended 31 March 2020 - www.AngloGoldAshanti.com
2


Financial and Operating Report
for the three months ended 31 March 2020

FIRST QUARTER REVIEW

AngloGold Ashanti recorded a solid operational and financial start to 2020. In February, the Company announced that the year ahead would be an important transitional year for the business, with investments in our ore bodies to improve operating flexibility and further increase reserves; progressing the redevelopment of the Obuasi Gold Mine; completing the announced sales of our Sadiola mine and our South African portfolio; continuing the reduction of debt; and progressing the feasibility studies for the future development of our Colombian projects. Good progress was made in each strategic area of focus despite the rapid spread of COVID-19 across the world during the quarter.

The Company prioritised protection of employees, communities and assets, along with support for government measures to help fight the pandemic. The geographically diverse portfolio, comprising 14 operating assets across nine countries, provided a measure of protection against disruptions caused by COVID-19, and the measures employed by governments to slow its spread. In order to further assist with business continuity, inventories of critical items were built across all sites to an average of four months and ore stockpiles were built to improve operating flexibility.

Comparison of cost of sales

The following table presents cost of sales from continuing operations for the AngloGold Ashanti group for the quarter ended 31 March 2020, the quarter ended 31 March 2019 and the year ended 31 December 2019:

Cost of sales from continuing operationsQuarterQuarterYear
endedendedended
MarchMarchDec
US Dollar million202020192019
Cost of sales636  594  2,626  
Inventory change (16)  (5) 
Amortisation of tangible assets(123) (117) (538) 
Amortisation of right of use assets(11) (10) (42) 
Amortisation of intangible assets(1) (1) (3) 
Retrenchment costs (1) (1) (4) 
Rehabilitation and other non-cash costs (29) (13) (53) 
Total cash costs455  455  1,981  
Royalties (37) (27) (137) 
Other cash costs (3) (3) (13) 
Cash operating costs415  425  1,831  

Comparison of operating performance in Q1 2020 with Q1 2019

Production from continuing operations for the first three months of 2020 was 630,000oz, compared to 661,000oz for the first three months of 2019. Production from discontinued operations for the first three months of 2020 was 86,000oz, compared to 91,000oz for the first three months of 2019. AngloGold Ashanti delivered a solid performance, despite the temporary COVID-19 related stoppages at Serra Grande in Brazil, Cerro Vanguardia in Argentina and the South African operations, which together impacted production by 11,000oz. Strong performances were delivered by Kibali, Geita and Iduapriem. Production is measured as ounces of refined gold in saleable form derived from the mining process.

Comparison of financial performance in Q1 2020 with Q1 2019

Revenue from product sales

Revenue from product sales increased by $160m to $905m in the three months ended 31 March 2020 from $745m in the corresponding period of 2019, representing a 21% increase year-on-year. The increase was due to a $281/oz, or 22% increase, in the gold price received per ounce from $1,303/oz for the three months ended 31 March 2019 to $1,584/oz for the corresponding period in 2020. The increase in revenue from product sales was partially offset by a decrease in production in Australia and the Americas.

Cost of sales

Cost of sales increased by $42m, or 7%, from $594m in the three months ended 31 March 2019 to $636m in the three months ended 31 March 2020. The increase was primarily due to a $19m inventory change and a $16m increase in rehabilitation and other non-cash costs compared to the same period last year. The increase in rehabilitation and other non-cash costs was primarily due to changes to cash flows and inflation and discount rates used in calculating rehabilitation and other non-cash costs compared to the same period in 2019.

Total cash costs

Total cash costs remained unchanged at $455m in the first quarter of 2020 when compared to the first quarter of 2019. Total cash costs include cash operating costs (which include salaries and wages, stores, explosives, timber, reagents, fuel, power, water and contractors’ costs), royalties and other cash costs.
Condensed Consolidated Financial Statements for the quarter ended 31 March 2020 - www.AngloGoldAshanti.com
3



Cash operating costs decreased from $425m in the first quarter of 2019 to $415m in the first quarter of 2020, which represents a $10m, or 2%, decrease. The decrease was primarily due to favourable gold in process and ore stockpile movements, lower service and other costs compared to the same period last year, partly offset by higher labour and contractor costs and higher costs for engineering services and other materials.

Royalty costs, which are generally calculated as a percentage of revenue, increased from $27m in the first quarter of 2019 to $37m in the first quarter of 2020, which represents a $10m, or 37% increase, primarily due to an increase in royalty costs at Geita of $5m, Iduapriem of $3m and Cerro Vanguardia of $2m. The increase in royalties is due to an increase in the gold price received compared to the same period last year.

Retrenchment costs

Retrenchments costs remained unchanged at $1m in the first quarter of 2020 when compared to the first quarter of 2019.

Rehabilitation and other non-cash costs

Rehabilitation and other non-cash costs increased by $16m, or 123%, from $13m in the three months ended 31 March 2019 to $29m in the three months ended 31 March 2020. This increase was primarily due to changes to cash flows and inflation and discount rates used in calculating rehabilitation and other non-cash costs compared to the same period in 2019.

Amortisation

Amortisation of tangible, intangible and right of use assets increased by $7m, or 5%, from $128m in the three months ended 31 March 2019 to $135m in the three months ended 31 March 2020.

Amortisation of tangible assets increased by $6m, or 5%, from $117m in the three months ended 31 March 2019 to $123m in the three months ended 31 March 2020, mainly due to higher production and deferred stripping amortisation at Iduapriem partially offset by lower production and exchange rate impacts at Tropicana.

Amortisation relating to right of use assets, as recognised in accordance with IFRS 16 Leases, increased by $1m, or 10%, from $10m in the three months ended 31 March 2019 to $11m in the three months ended 31 March 2020.

Amortisation of intangible assets remained unchanged at $1m in the first quarter of 2020 when compared to the first quarter of 2019.

Inventory change

There was a $19m inventory change from a credit of $3m in the three months ended 31 March 2019 to a charge of $16m in the three months ended 31 March 2020.

(Loss) gain on non-hedge derivatives and other commodity contracts

Loss on non-hedge derivatives and other commodity contracts increased by $18m from a profit of $5m for the three months ended 31 March 2019 to a loss of $13m for the three months ended 31 March 2020. The loss is mainly due to realised and unrealised losses on gold and oil derivative contracts.

Other expenses

Other expenses increased by $3m, or 18%, from $17m in the three months ended 31 March 2019 to $20m in the three months ended 31 March 2020. The increase was largely due to an increase in other indirect taxes in Argentina compared to the same period last year, partially offset by an insurance claim refund resulting from the Newmont litigation.

Foreign exchange gains (losses)

Gains from foreign exchange movements increased by $21m from a loss of $2m for the three months ended 31 March 2019 to a gain of $19m for the three months ended 31 March 2020, mainly related to South America and Obuasi.

Finance costs and unwinding of obligations

Finance costs decreased by $3m, or 8%, from $36m in the three months ended 31 March 2019 to $33m in the three months ended 31 March 2020, mainly due to interest capitalised related to the Obuasi redevelopment project of $4m, partially offset by an increase in bank interest of $1m at AngloGold Ashanti Holdings plc. Unwinding of obligations of $10m was recorded in the three months ended 31 March 2020 compared with $8m in the three months ended 31 March 2019.

Share of associates and joint ventures’ profit

Share of associates and joint ventures’ profit increased by $24m from $34m in the three months ended 31 March 2019 to $58m in the three months ended 31 March 2020, representing a 71% increase. The increase was mainly due to an increase in earnings from Kibali as the result of an increase in the gold price received.

Profit before taxation

Profit before taxation increased by $149m from a profit of $82m in the three months ended 31 March 2019 to a profit of $231m in the three months ended 31 March 2020, representing an increase of 182%. The increase was mainly due to an increase in revenue from product sales and share of associates and joint ventures’ profit, partially offset by an increase in cost of sales.

Condensed Consolidated Financial Statements for the quarter ended 31 March 2020 - www.AngloGoldAshanti.com
4




Taxation

Taxation expense increased by $67m from an expense of $28m in the three months ended 31 March 2019 to an expense of $95m in the three months ended 31 March 2020, which represents a 239% increase. The increase was mainly attributable to higher current tax due to increased revenue and higher deferred tax mainly due to foreign exchange translation on non-monetary items in Brazil. Higher current tax in both Ghana and Geita due to higher earnings and an increase in withholding tax due to a dividend received from Geita in the first quarter of 2020 (no dividend was paid in the same period last year) also contributed to the increase. The increase was partly offset by lower tax in Australia due to higher cash costs and in Guinea due to adjustments to tax losses claimable during the five year tax holiday.

Profit attributable to equity shareholders

Net profit attributable to equity shareholders, from continuing operations, increased by $81m from a profit of $53m in the three months ended 31 March 2019 to a profit of $134m in the three months ended 31 March 2020, representing an increase of 153%. The increase was mainly due to the $160m increase in revenue from product sales, the $21m increase in gains from foreign exchange movements and the $24m increase in the share of associates and joint ventures' profit. The increase was partially offset by the $67m increase in taxation expense, the $42m increase in cost of sales and the $18m increase in the loss on non-hedge derivatives and other commodity contracts.

Discontinued operations

A profit from discontinued operations of $35m was recorded for the three months ended 31 March 2020, compared to a loss of $4m in the three months ended 31 March 2019, which represents a $39m increase. The South African operations have been accounted for as discontinued operations. Refer to “Condensed Consolidated Financial Statements for the quarter ended 31 March 2020—Note 8—Discontinued operations and assets and liabilities held for sale” for further details.

Comparison of cash flows in Q1 2020 with Q1 2019

Cash flow was strong in the first quarter of 2020, driven by the rising gold price.

Cash flows from operating activities from continuing operations

Cash flows from operating activities from continuing operations was up by $115m, or 195%, to a net inflow of $174m in the first quarter of 2020, from a net inflow of $59m in the same period last year. The increase in cash flows generated by operations compared to the same period last year was mainly due to an increase in revenue from gold sales as a result of an increase in the gold price received and an increase in dividends received from joint ventures, partially offset by an increase in production costs.

Dividends received from joint ventures was up by $10m, or 67%, to $25m in the first quarter of 2020, from $15m in the same period last year, due to a quarterly dividend of $25m received from Kibali (Jersey) Limited at the end of March. The Company’s attributable share of the outstanding cash balances awaiting repatriation from the Democratic Republic of the Congo (DRC) amounted to $252m at the end of March 2020. Barrick Gold Corporation (Barrick), the operator of the Kibali gold mine, continues to engage with the DRC government regarding the 2018 Mining Code and the cash repatriation.

Net cash outflow from operating working capital items (movements in working capital) amounted to $137m in the first quarter of 2020, compared with an outflow of $146m in the first quarter of 2019, representing a decrease of $9m, or 6%. Working capital movements were impacted by VAT which continues to be locked up at Geita and export duties at Cerro Vanguardia.

Cash flows from investing activities from continuing operations

Cash flows from investing activities from continuing operations amounted to a net outflow of $165m in the first quarter of 2020, which is $47m, or 40%, higher than a net outflow of $118m in the same period last year. The increase was mainly due to higher capital expenditure compared to the same period last year.

Cash flows from financing activities from continuing operations

Cash flows from financing activities from continuing operations amounted to a net inflow of $1,388m in the first quarter of 2020, which is a change of $1,390m from a net outflow of $2m in the first quarter of 2019.

Proceeds from borrowings increased by $1,444m from $82m in the first quarter of 2019 to $1,526m in the first quarter of 2020. This increase included drawdowns on the $1.4bn Multi-currency RCF of $1,383m ($1,350m by AngloGold Ashanti Holdings plc and $33m by AngloGold Ashanti Australia Limited), a drawdown of $87m on the R2.5bn South African RCF, offset by a comparative decrease in proceeds from borrowings of $10m on the R500m RMB corporate overnight facility and $16m on the $150m Geita RCF.

Cash outflows from repayment of borrowings increased by $19m from $43m during the first quarter of 2019 to $62m during the first quarter of 2020. This increase included the repayment of $17m on the $1.4bn Multi-currency RCF, $3m on the R500m RMB corporate overnight facility, partially offset by other small repayments of $1m not repeated in 2020.

Finance costs paid decreased by $6m from $33m in the first quarter of 2019 to $27m in the first quarter of 2020. The decrease was due to decreased finance costs of $4m related to AngloGold Ashanti Holdings plc, of $1m related to the $150m Geita RCF and of $1m related to the Australia gas pipeline lease.

In the first quarter of 2020, the Company declared and paid a dividend of $38m to its shareholders, compared to a dividend of $27m declared in the first quarter of 2019. However, the dividend declared in the first quarter of 2019 was paid in the second quarter of 2019.


Condensed Consolidated Financial Statements for the quarter ended 31 March 2020 - www.AngloGoldAshanti.com
5


Liquidity

Profit before taxation increased by $149m, or 182%, from $82m in the first quarter of 2019 to $231m in the first quarter of 2020. Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA) increased by $146m, or 51%, to $434m in the first quarter of 2020, from $288m in the first quarter of 2019.

Total borrowings increased by $1,423m, or 65%, from $2,201m at 31 March 2019 to $3,624m at 31 March 2020. Adjusted net debt decreased by $0.18bn, or 10%, to $1.6bn at 31 March 2020, from $1.78bn at the same time last year. At 31 March 2020, the group had a cash position (cash and cash equivalents) of $1.9bn after fully drawing on the $1.4bn Multi-currency RCF, whilst R1.55bn remained available on the R4bn South African facilities. On 15 April 2020, subsequent to the end of the first quarter, AngloGold Ashanti repaid the principal and final coupon of the $700m 10-year bond, which was issued in April 2010. The group is in a strong cash position, and to further bolster available liquidity following the repayment of the 2010 bond, secured additional credit facilities in April 2020 by signing a new standby credit facility of $1bn with a term of 364 days that can be extended for a further six months with the participating syndicated banks’ consent.

The group manages capital using various financial metrics including the ratio of Adjusted net debt to Adjusted EBITDA (gearing). Both the calculation of Adjusted net debt and Adjusted EBITDA to test compliance with the financial maintenance covenants included in the group’s revolving credit facility agreements is based on the formulae included in those agreements. For purposes of those financial maintenance covenants, the ratio of Adjusted net debt to Adjusted EBITDA (as such terms are defined in the revolving credit facility agreements) should not exceed 3.5 times. The revolving credit facilities also permit the group to have a leverage ratio of greater than 3.5 times but less than 4.5 times, subject to certain conditions, for one measurement period not exceeding six months, during the tenor of the facilities. The ratio of Adjusted net debt to Adjusted EBITDA at 31 March 2020 was 0.93 times compared with 1.00 times as at 31 December 2019.

Capital expenditure

Capital expenditure for continuing and discontinued operations (including equity-accounted investments) increased by 41% year-on-year to $199m in the first quarter of 2020, compared to $141m in the first quarter of 2019. This increase was largely due to an increase in growth capital expenditure at Obuasi, where $53m was spent in the first quarter of 2020 on the redevelopment of the project, as well as a capital expenditure of $25m on advancing the feasibility study relating to the Quebradona project. Total sustaining capital expenditure increased by $5m, or 5%, to $109m in the first quarter of 2020, compared to $104m in the first quarter of 2019. The strategy of improving operating flexibility through investment in Ore Reserve Development and Reserve Conversion at sites with high geological potential over the next two to three years, remains intact.

COVID-19

The World Health Organization declared the COVID-19 outbreak a pandemic on 11 March 2020. The accelerating spread of the COVID-19 virus and the extraordinary steps taken by governments across the world to slow it down, have caused significant disruption to normal operating conditions for businesses across the world.

AngloGold Ashanti has worked alongside authorities and key stakeholders in each operating country to assist public health efforts and to help slow the spread of the virus. Comprehensive measures have been taken to help protect the well-being of our employees and communities.

Inventories of critical spares have been built to cover between three and six months of operations, depending on a number of factors including the resilience of the supply chains in each jurisdiction, lead times for specific items and available storage capacity. Those stocks are now at an average of four months across the portfolio. We remain in close contact with our suppliers, many of which are maintaining inventories in the respective regions for critical items.

We have also identified contingency plans to counter potential disruptions across a wide range of activities in connection with the ongoing COVID-19 outbreak and are building ore stockpiles to provide additional operating flexibility where possible.

We have further worked with our associate partners of Rand Refinery (Pty) Limited in Johannesburg to ensure inbound transport of gold doré from our African operations through accredited private charters when commercial airlines have suspended operations. The transport of refined gold from Johannesburg to clients and bullion banks abroad has been ensured by the same means, achieving refining and sale of our product despite challenges caused by border closures.

The impact from COVID-19 in the first quarter of 2020 to production from continuing and discontinued operations was 11,000oz.

Temporary suspensions that were in place during the months of March and April at Serra Grande in Brazil, at Cerro Vanguardia in Argentina and at the South African operations have since been lifted, other than the Mponeng mine. Serra Grande is back to operating at normal levels and Cerro Vanguardia is processing stockpiles and operating at near-planned production rates. In South Africa, surface processing operations were cleared to restart on 6 April 2020. The Mponeng underground mine started its ramp-up on 15 April 2020 and production resumed on 4 May 2020 following safe start-up and screening procedures.

On 24 May 2020, following the detection of the first positive COVID-19 case amongst its workforce at Mponeng, the Company voluntarily halted its operations at the Mponeng mine in order to facilitate contact tracing and to again deep clean and sanitize the workplace and key infrastructure. The Mponeng mine restarted operations on 1 June 2020 and ramped up to 50% production capacity by the 4th of June 2020.

All of AngloGold Ashanti’s mines are now operating normally, other than the Mponeng mine which is operating at 50% capacity, in line with current government regulations.





Condensed Consolidated Financial Statements for the quarter ended 31 March 2020 - www.AngloGoldAshanti.com
6


Summary of Q1 2020 versus Q1 2019 operating and cost variations:
ParticularsQ1 2020Q1 2019%
Variance
Q1 2020 vs
Q1 2019
Operating review
Gold production from continuing operations (kozs)630  661  (5) 
Gold production from discontinued operations (kozs)86  91  (5) 
Gold production from continuing and discontinued operations (kozs)716  752  (5) 
Financial review
Continuing operations
Gold income ($m)882  726  21  
Gold price received per ounce ($/oz) (3)
1,584  1,303  22  
Corporate & marketing costs ($m) (1)
16  20  (20) 
Exploration & evaluation costs ($m)27  25   
Cost of sales - Subsidiaries ($m)636  594   
Cost of sales - Joint Ventures ($m)76  111  (32) 
All-in sustaining costs per ounce - Subsidiaries ($/oz) (2) (3)
1,063  1,027   
All-in sustaining costs per ounce - Joint Ventures ($/oz) (2) (3)
763  770  (1) 
All-in costs per ounce - Subsidiaries ($/oz) (2) (3)
1,296  1,147  13  
All-in costs per ounce - Joint Ventures ($/oz) (2) (3)
704  760  (7) 
Total cash costs per ounce - Subsidiaries ($/oz) (3)
806  777   
Total cash costs per ounce - Joint Ventures ($/oz) (3)
583  663  (12) 
Profit before taxation ($m)231  82  182  
Adjusted EBITDA ($m) (3)
434  288  51  
Continuing and discontinued operations
Capital expenditure ($m)199  141  41  

(1) Includes administration and other expenses.
(2) World Gold Council standard.
(3) Refer to “Non-GAAP disclosure” for definition.


SAFETY UPDATE

Regrettably, there were four fatalities in the first quarter of 2020 which occurred in two separate safety incidents in March at the Mponeng mine. The first incident occurred on 5 March 2020 when three of our colleagues were fatally injured by a fall of ground, caused by a large seismic incident roughly 3.6km below surface. The second took place on 16 March 2020 in a tragic accident during an underground horizontal transport incident, which fatally injured one employee. Subsequent to the quarter end, an employee of Covalent Water, a wholly owned subsidiary in South Africa, passed away as a result of injuries sustained in an electricity-related incident.

The All-injury frequency rate (AIFR) for the group has improved by 2% to 2.75 injuries per million hours worked in the first quarter of 2020, compared to 2.80 injuries per million hours worked in the fourth quarter of 2019. AIFR for the first quarter in 2019 was 4.22 injuries per million hours worked. Our safe production strategy has yielded improvements overall, with 22 consecutive months having passed without a fatality across any of our operations before the tragic incidents during the first quarter of 2020. AIFR measures workplace safety in terms of the total number of injuries and fatalities that occur per million hours worked (by employees and contractors).

AngloGold Ashanti recognises that all our stakeholders have a direct and material interest in the way in which we, as a business, prepare for and respond to the impact of the COVID-19 pandemic on our operations, our communities and the regions and countries in which we operate. We are guided by our values and aim to protect the health of our employees and host communities, while working to ensure business continuity.

OPERATING HIGHLIGHTS

Continuing operations

In the Continental Africa region, subsidiaries produced 250,000oz (excluding pre-production ounces) at a cost of sales of $289m and a total cash cost per ounce of $765/oz for the quarter ended 31 March 2020, compared to 223,000oz (excluding pre-production ounces) at a cost of sales of $275m and a total cash cost per ounce of $900/oz for the quarter ended 31 March 2019. Joint ventures produced 91,000oz at a cost of sales of $76m and a total cash cost per ounce of $583/oz for the quarter ended 31 March 2020, compared to 115,000oz at a cost of sales of $111m and a total cash cost per ounce of $663/oz for the quarter ended 31 March 2019.

In Tanzania, Geita delivered another strong performance, increasing production by 24% year-on-year to 135,000oz at a cost of sales of $140m and a total cash cost per ounce of $657/oz for the quarter ended 31 March 2020, compared to 109,000oz at a cost of sales of $136m and a total cash cost per ounce of $939/oz for the quarter ended 31 March 2019. The production performance was boosted by a 35% year-on-year increase in tonnes milled mainly as a result of downtime at the ball mill for planned maintenance in the first quarter of 2019. Consistent blend feed resulted in higher recoveries in the first quarter of 2020 compared to the same period in 2019. Cost of sales increased as a result of higher deferred stripping amortisation relating to tangible assets and unfavourable movements in gold inventory, partly offset by lower cash operating costs compared to the same period last year. Total cash cost per ounce benefitted from higher production volumes,
Condensed Consolidated Financial Statements for the quarter ended 31 March 2020 - www.AngloGoldAshanti.com
7


improved mining rates and an increase in the ore stockpile movement compared to the same period last year. These were partly offset by higher royalty costs and lower recovered grades in the first quarter of 2020 compared to the same quarter last year.

In Ghana, Iduapriem’s production increased by 5% year-on-year to 67,000oz at a cost of sales of $75m and a total cash cost per ounce of $689/oz for the quarter ended 31 March 2020, compared to 64,000oz at a cost of sales of $56m and a total cash cost per ounce of $693/oz for the quarter ended 31 March 2019. Production increased as a result of a 5% increase in grade due to mining higher grade ore from Blocks 7 and 8 in the Teberebie pit, as per the mining plan. Cost of sales increased as a result of higher deferred stripping amortisation and higher rehabilitation and other non-cash costs compared to the same period last year. Total cash costs per ounce decreased in line with increased production volumes, partly offset by higher mining costs and royalties paid during the first quarter of 2020 compared to the same period last year.

In Guinea, Siguiri produced 48,000oz at a cost of sales of $74m and a total cash cost per ounce of $1,183/oz for the quarter ended 31 March 2020, compared to 49,000oz at a cost of sales of $78m and a total cash cost per ounce of $1,078/oz for the quarter ended 31 March 2019. The mine saw an increase in tonnes treated during the first quarter of 2020, reflecting the added hard rock processing capacity that came on stream at the end of the first quarter of 2019. Recovered grades were 18% lower when compared to the same period last year. This is attributable to the type of ore blend fed to the Carbon-in-Leach (CIL) Combination Plant which resulted in high washed residues and increasing solution tail values. Cost of sales decreased mainly as a result of favourable inventory movements as more ore tonnes were mined to the stockpile in the first quarter of 2020, partly offset by higher total cash costs and marginally higher amortisation relating to tangible assets compared to the same period last year. Total cash costs per ounce increased mainly due to higher processing costs and other costs attributable to the operational challenges that were experienced at the mine compared to the same quarter of 2019.

In the DRC, Kibali produced 91,000oz at a cost of sales of $76m and a total cash cost per ounce of $583/oz for the quarter ended 31 March 2020, compared to 93,000oz at a cost of sales of $86m and a total cash cost per ounce of $575/oz for the quarter ended 31 March 2019. Production was lower year-on-year as a result of a planned reduction in plant throughput and the processing of lower grade material from the Sessenge and KCD pits in the first quarter of 2020 compared to the same period last year. Cost of sales decreased mainly as a result of a decrease in amortisation compared to the same period last year. Total cash costs per ounce increased due to lower production and higher stockpile utilisation compared to the same period in the prior year. The higher hydropower mix achieved during the first quarter of 2020 delivered benefits in lower power cost compared to the same period last year.

In Mali, at Morila, the mine continues to reprocess tailings material according to plan with the objective of concluding re-processing by the end of 2020. At Sadiola, which is currently in limited operations, the mine continues its stockpile treatment plan.

The Americas region produced 140,000oz at a cost of sales of $194m and a total cash cost per ounce of $829/oz for the quarter ended 31 March 2020, compared to 165,000oz at a cost of sales of $171m and a total cash cost per ounce of $719/oz in the quarter ended 31 March 2019. Cost of sales increased as a result of unfavourable movements in gold inventory and an increase in royalties compared to the same period last year. Total cash costs per ounce were higher reflecting lower production and cost escalations across the region in the first quarter of 2020 compared to the same period last year. Production for the region was adversely impacted by lower grades, geotechnical issues in the underground areas in Brazil, unexpected heavy rainfalls and the effects of the COVID-19 pandemic, including the temporary suspension of mining activities at Serra Grande and Cerro Vanguardia, in the first quarter of 2020 compared to the same period last year.

In Brazil, at AngloGold Ashanti Mineração, production was 77,000oz at a cost of sales of $101m and a total cash cost per ounce of $834/oz for the quarter ended 31 March 2020, compared to 86,000oz at a cost of sales of $90m and a total cash cost per ounce of $733/oz for the same period last year. Production was lower due to the impact of model changes affecting the access to the high grade orebody at Cuiabá as well as the unexpectedly long and heavy rain season which affected output from the open pit mine at the Córrego do Sítio (CdS) complex in the first quarter of 2020 compared to the same period last year. At Cuiabá, the mine introduced a new underground support standard and revised mining sequence to address the deteriorating ground conditions which were previously flagged in 2019. Longer and heavier than normal rains, which extended from October 2019 to March 2020, were the strongest rainfalls experienced in the State of Minas Gerais in the last 110 years. The underground section was impacted by geotechnical issues, reworks which delayed blasts, low utilisation of equipment due to absenteeism caused by COVID-19 and a shutdown of the autoclave for unplanned maintenance. Cost of sales increased as a result of unfavourable movements in gold inventory and an increase in rehabilitation and other non-cash costs compared to the same period last year. Total cash costs per ounce increased as a result of a decrease in production compared to the same period last year.

Serra Grande produced 18,000oz at a cost of sales of $26m and a total cash cost per ounce of $993/oz for the first quarter of 2020, compared to 26,000oz at a cost of sales of $26m and a total cash cost per ounce of $736/oz in the same quarter last year, due to lower grades. Ramp-up of production began on 5 April 2020, following the suspension of operations which took effect on 27 March 2020 as a result of measures taken by the State of Goiás to limit the spread of COVID-19. Total cash costs per ounce were higher year-on-year in the first quarter of 2020 as a consequence of lower production, partially offset by a favourable movement in the exchange rate of the Brazilian Real against the US Dollar compared to the same period last year.

In Argentina, Cerro Vanguardia's production decreased by 13% to 45,000oz at a cost of sales of $67m and a total cash cost per ounce of $754/oz for the first quarter of 2020, compared to 52,000oz at a cost of sales of $55m and a total cash cost per ounce of $677/oz for the first quarter of 2019. Production was mainly impacted by planned lower grades according to the current life of mine plan and by the effects of the COVID-19 pandemic. Following the suspension of operations which took effect on 21 March 2020 as a result of the Argentinean government’s measures in response to the COVID-19 pandemic, Cerro Vanguardia restarted milling operations on 6 April 2020. Cost of sales increased as a result of unfavourable movements in gold inventory and an increase in rehabilitation and other non-cash costs compared to the same period last year. Total cash costs per ounce increased year-on-year in the first quarter of 2020 mainly due to salary increases, higher energy consumption and higher costs for maintenance services, explosives and other materials and spare parts compared to the same period last year. This increase was partially offset by a weaker exchange rate of the Argentinean Peso against the US Dollar, higher by-product income derived from higher volumes sold as well as higher average silver price. Lower heap leach costs and favourable stockpile movements due to higher tonnes mined also had a positive impact on total cash costs per ounce.

The Australia region produced 130,000oz at a cost of sales of $161m and a total cash cost per ounce of $923/oz for the first quarter of 2020, compared to 158,000oz at a cost of sales of $151m and a total cash cost per ounce of $687/oz in the first quarter of 2019.

Production at Sunrise Dam was 57,000oz at a cost of sales of $74m and a total cash cost per ounce of $1,026/oz for the first quarter of 2020, compared to 72,000oz at a cost of sales of $76m and a total cash cost per ounce of $854/oz for the first quarter of 2019. The lower
Condensed Consolidated Financial Statements for the quarter ended 31 March 2020 - www.AngloGoldAshanti.com
8


head grade in the first quarter of 2020, which was in line with the mine plan, impacted production negatively. This was however, partially offset by a 3% increase in mill throughput. Stoping flexibility continues to improve and underground exploration drilling was ahead of forecast for the first quarter of 2020. A key focus for Sunrise Dam is to deliver the development and drilling needed to grow its Ore Reserves and, at the end of the first quarter of 2020, exploration drilling was on track. Cost of sales decreased as a result of a weaker exchange rate of the Australian Dollar against the US Dollar compared to the same period last year. Total cash costs per ounce increased as a result of a decrease in production compared to the same period last year.

Tropicana produced 73,000oz at a cost of sales of $80m and a total cash cost per ounce of $753/oz for the first quarter of 2020, compared to 86,000oz at a cost of sales of $70m and a total cash cost per ounce of $541/oz for the first quarter of 2019. The planned 15% drop in production followed the completion of grade streaming in 2019 and reflected a 16% drop in the mill feed grade to 1.52 g/t, which was partly offset by minor increases in mill throughput. In line with the mine plan, ore mined from the Havana South, Boston Shaker and Havana 02 pits was supplemented by stockpile drawdowns to fill the mill as waste mining was carried out as part of the Havana Stage 1 cutback. The Boston Shaker underground mine remains on track to begin production in the second half of 2020 with key underground infrastructure progressing to schedule. Cost of sales increased primarily as a result of an increase in other service costs and unfavourable movements in gold inventory partially offset by a decrease in amortisation and a weaker exchange rate of the Australian Dollar against the US Dollar compared to the same period last year. Total cash costs per ounce increased as a result of unfavourable inventory movements, higher mining costs per tonne and a decrease in production compared to the same period last year.

During the first quarter of 2020 Tropicana gold production reached the 3-million-ounce milestone, just seven years after the mine poured first gold. When construction of the mine was approved Ore Reserves (at 100%) totalled 3.3Moz and since then the operation has averaged production of approximately 470,000oz per annum.

Discontinued operations

The South African region produced 86,000oz at a cost of sales of $101m and a total cash cost per ounce of $1,107/oz for the quarter ended 31 March 2020, compared to 91,000oz at a cost of sales of $112m and a total cash cost per ounce of $1,036/oz for the quarter ended 31 March 2019.

Mponeng produced 49,000oz at a cost of sales of $55m and a total cash cost per ounce of $1,087/oz in the first quarter of 2020, compared to 53,000oz at a cost of sales of $67m and a total cash cost per ounce of $1,073/oz in the first quarter of 2019. Production decreased compared to the same quarter last year mainly because of the extended Christmas break, with a later start-up in January. Production was also impacted by poor ground conditions, safety stoppages due to fatalities and the unplanned closure beginning on 27 March 2020 due to government restrictions related to COVID-19. Preparation for production from the Mponeng underground operation resumed on 22 April 2020, with half of the usual staff complement, in compliance with the South African lockdown regulations as amended on 16 April 2020. Production from the mine resumed on 4 May 2020 after following safe start-up procedures. On 24 May 2020, following the detection of the first positive COVID-19 case amongst its workforce at Mponeng, the Company voluntarily halted its operations at the Mponeng mine in order to facilitate contact tracing and to again deep clean and sanitize the workplace and key infrastructure. The Mponeng mine restarted operations on 1 June 2020 and ramped up to 50% production capacity by the 4th of June 2020. Cost of sales decreased as a result of a decrease in rehabilitation and other non-cash costs, a decrease in amortisation and a weaker exchange rate of the South African Rand against the US Dollar compared to the same period last year. Total cash costs per ounce increased as a result of a decrease in production and inflationary increases on labour and consumables.

Surface Operations produced 37,000oz at a cost of sales of $46m and a total cash cost per ounce of $1,137/oz in the first quarter of 2020, compared to 39,000oz at a cost of sales of $44m and a total cash cost per ounce of $987/oz in the first quarter of 2019. Mine Waste Solutions processed lower tonnes during the first quarter of 2020 compared to the same period last year due to increased floor cleaning activities at Sulphur Pay Dam (SPD) tailings storage facility (TSF), which negatively affected throughput, despite the higher-grade profile of the floor cleaning material. Inclement weather disruptions further contributed to the low tonnage performance. Initiatives are being investigated to assist with the tonnage shortfall which include high volume trucking contracts to supplement the SPD volume with Buffels TSF material as well as remote mining operations to mitigate inclement weather stoppages. Cost of sales increased as a result of an increase in cash operating costs (in particular, an increase in other service costs), partially offset by a weaker exchange rate of the South African Rand against the US Dollar compared to the same period last year. Total cash costs per ounce increased as a result of inflationary increases on labour and consumables and a decrease in production compared to the same period last year.

The West Wits surface operations’ production declined in the first quarter of 2020 compared to the same period last year due to poor mill availability, the mining mix which had higher TSF proportions resulting in lower plant efficiency and the Eskom electricity load shedding. A lower recovery factor was achieved at Vaal River Surface sources while inefficiencies with fine carbon management were also experienced, which further contributed to the lower recovery achieved. The carbon management issue has since been rectified. Access to Margaret and Scott marginal ore dumps was secured for ore treatment, which will maintain a higher grade and better recovery compared to the treatment of TSF material. Despite the nationwide lockdown, effective on 27 March 2020, AngloGold Ashanti was granted permission by the South African Department of Mineral Resources and Energy for the limited restart of its Surface Operations in South Africa, which recommenced operations on a limited basis on 6 April 2020.

UPDATE ON CAPITAL PROJECTS

Obuasi Redevelopment Project
In Ghana, the Obuasi redevelopment project continued to make good progress, following the first pour of gold in December 2019, considering the country's responses and restrictions implemented due to the COVID-19 pandemic.

Construction of Phase 2 (to achieve a capacity of 4,000 tonnes per day) reached 54.9% completion. Concrete works, structural steel erection, mechanical equipment installation and tailings facility earthworks progressed well. While procurement is almost complete, some manufacturing and deliveries have been delayed due to lockdowns in supply countries, while international travel restrictions and country lockdowns have also hampered mobilisation of critical skills. The areas most impacted are the KRS shaft which is required to increase mining capacity to 4,000 tonnes per day, and the SAG/Ball Mill installation which is required for the process plant to achieve 4,000 tonnes per day. Based on current circumstances it is expected that Phase 2 commissioning and ramp-up will be delayed. The project remains on budget.
Condensed Consolidated Financial Statements for the quarter ended 31 March 2020 - www.AngloGoldAshanti.com
9



Ramp-up of Phase 1 operations (2,000 tonnes per day) progressed well. The process plant achieved design parameters by the end of the first quarter. Plan run time progressively improved as commissioning issues in a refurbished plant were resolved. However, international travel restrictions and the encouragement by home countries for expatriates to return home, had some impact on mining operations. The mining contractor (a 70:30 Joint Venture between African Mining Services and Rocksure International, a Ghanaian company) has been supportive and many skilled expatriate operators have remained on site. The training focus and skills transfer to the Ghanaian workforce are achieving good outcomes. Nevertheless, the mine is currently operating at approximately 80% capacity. As a result of the COVID-19 impacts, the declaration of Phase 1 commercial production has been delayed.

In April 2020, AngloGold Ashanti Ghana partnered with national and local health authorities to increase proactive testing in the Obuasi town and at the mine, which included voluntary tests of asymptomatic individuals. Proactive testing has identified asymptomatic cases, including individuals at mine site. All positive cases are required to self-isolate for four weeks per Ghana’s national health protocols, while their contacts must self-quarantine. The early detection of asymptomatic individuals has been key in the process of containing the spread of the disease and to help ensure minimised impact on the business. The mine’s management is awaiting delivery of additional testing equipment, in order to continue its own ongoing proactive testing of employees.

Tropicana - Boston Shaker
At the Boston Shaker underground mine at Tropicana, the primary escape way was successfully installed in the first quarter of 2020 after raise boring finished on target in February 2020. The overhead power line, high voltage electrical feed and underground power distribution was commissioned in the first quarter of 2020. The primary ventilation fan chamber has been prepared. A third drilling jumbo has been mobilised in line with the mining plan. Optimisation work on level spacing and other initiatives to maximise gold extraction are ongoing.

Colombian projects
At Quebradona, the Feasibility Study (FS) continues to progress and during the first quarter of 2020 the National Environmental Licensing Authority of Colombia conducted a site evaluation as part of the Environmental Impact Study (EIA). While the work on the FS is still progressing, the COVID-19 context will likely result in a delay in the completion of the FS.

At Gramalote, it was decided to suspend drilling of the Inferred Mineral Resource following extensive consultation with the surrounding communities and the Colombian government in view of the national state of emergency and government-mandated quarantine measures. Our joint venture partner, B2Gold Corp, which manages the project, will continue to progress the FS where possible and expects that the suspension of drilling will likely delay the completion of the FS.

CORPORATE UPDATE

Asset sales
The sale processes for our South African portfolio and Sadiola continue to progress.

In respect of the sale of the South African portfolio, both AngloGold Ashanti and Harmony Gold Mining Company Limited remain committed to the fulfilment of the conditions precedent and completion of the transaction. Certain conditions precedent have already been fulfilled, including the South African Competition Tribunal approving the transaction, without conditions, on 29 April 2020, based on the recommendation of the South African Competition Commission. The parties continue to target a completion date of 30 June 2020, subject to any impact that the COVID-19 pandemic may have on the fulfilment of the remaining conditions precedent.

In respect of the sale of Sadiola, all parties (AngloGold Ashanti, IAMGOLD Corporation and Allied Gold Corp) remain committed to the fulfilment of the conditions precedent and completion of the transaction. Good progress has been made in the fulfilment of conditions precedent, including positive discussions with the Government of Mali and despite the impacts of the COVID-19 pandemic, including travel bans, which have delayed the progress against the originally anticipated timeline when the sale agreement was executed in December 2019.

At Cerro Vanguardia in Argentina, after an extensive sale process and thorough review of the offers received, it has been concluded that the maximum potential value from the remaining resource endowment of the operation will be better realised inside the AngloGold Ashanti portfolio, resulting in the decision to retain the asset. Cerro Vanguardia’s management team will focus on seeking opportunities to unlock further reserves and extend the life of mine.

Newmont litigation
On 18 March 2020, the United States District Court for the Southern District of New York dismissed all causes of actions in the lawsuit filed by Newmont Corp. (formerly Newmont Mining Corp.), against AngloGold Ashanti and certain related parties in 2017, and ordered the case to be closed. Newmont Corp. did not appeal the judgement.


Condensed Consolidated Financial Statements for the quarter ended 31 March 2020 - www.AngloGoldAshanti.com
10



GROUP - INCOME STATEMENT


QuarterQuarterYear
endedendedended
MarMarDec
202020192019
US Dollar millionNotesUnauditedUnauditedAudited
Continuing operations
Revenue from product sales2905  745  3,525  
Cost of sales3(636) (594) (2,626) 
(Loss) gain on non-hedge derivatives and other commodity contracts(13)   
Gross profit 256  156  904  
Corporate administration, marketing and other expenses(16) (20) (82) 
Exploration and evaluation costs(27) (25) (112) 
Impairment, derecognition of assets and profit (loss) on disposal(1) (1) (6) 
Other (expenses) income4(20) (17) (83) 
Operating profit192  93  621  
Interest income  14  
Foreign exchange gains (losses)19  (2) (12) 
Finance costs and unwinding of obligations5(43) (44) (172) 
Share of associates and joint ventures' profit658  34  168  
Profit before taxation231  82  619  
Taxation7(95) (28) (250) 
Profit for the period from continuing operations136  54  369  
Discontinued operations
Profit (loss) from discontinued operations835  (4) (376) 
Profit (loss) for the period171  50  (7) 
Allocated as follows:
Equity shareholders
- Continuing operations134  53  364  
- Discontinued operations35  (4) (376) 
Non-controlling interests
- Continuing operations   
171  50  (7) 
Basic profit (loss) per ordinary share (cents) (1)
Earnings per ordinary share from continuing operations
32  13  87  
Earnings (loss) per ordinary share from discontinued operations (1) (90) 
Basic profit (loss) per ordinary share (cents)40  12  (3) 
Diluted profit (loss) per ordinary share (cents) (2)
Earnings per ordinary share from continuing operations32  13  87  
Earnings (loss) per ordinary share from discontinued operations (1) (90) 
Diluted profit (loss) per ordinary share (cents)40  12  (3) 
(1) Calculated on the basic weighted average number of ordinary shares.
(2) Calculated on the diluted weighted average number of ordinary shares.
The financial statements for the three months ended 31 March 2020 have been prepared by the corporate accounting staff of AngloGold Ashanti Limited headed by Mr Ian Kramer (CA (SA)), the Group's SVP: Finance. This process was supervised by Ms Kandimathie Christine Ramon (CA (SA)), the Group's Chief Financial Officer and Mr Kelvin Dushnisky (B.Sc. (Honours); M.Sc; J.D.), the Group's Chief Executive Officer.

Condensed Consolidated Financial Statements for the quarter ended 31 March 2020 - www.AngloGoldAshanti.com
11



GROUP – STATEMENT OF COMPREHENSIVE INCOME

QuarterQuarterYear
endedendedended
MarMarDec
202020192019
US Dollar millionUnauditedUnauditedAudited
Profit (loss) for the period171  50  (7) 
Items that will be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations(127) (4)  
Items that will not be reclassified subsequently to profit or loss:
Net (loss) gain on equity investments(25) (10)  
Actuarial gain recognised—  —   
Deferred taxation thereon   
(23) (8) 10  
Other comprehensive (loss) income for the period, net of tax(150) (12) 14  
Total comprehensive income for the period, net of tax21  38   
Allocated as follows:
Equity shareholders
- Continuing operations38  41  378  
- Discontinued operations(19) (4) (376) 
Non-controlling interests
- Continuing operations   
21  38   

Condensed Consolidated Financial Statements for the quarter ended 31 March 2020 - www.AngloGoldAshanti.com
12



GROUP – STATEMENT OF FINANCIAL POSITION

As atAs at
MarDec
20202019
US Dollar millionNotesUnauditedAudited
ASSETS
Non-current assets
Tangible assets2,603  2,592  
Right of use assets136  158  
Intangible assets109  123  
Investments in associates and joint ventures1,608  1,581  
Other investments51  76  
Inventories77  93  
Trade, other receivables and other assets129  122  
Deferred taxation68  105  
Cash restricted for use31  31  
4,812  4,881  
Current assets
Other investments—  10  
Inventories691  632  
Trade, other receivables and other assets223  250  
Cash restricted for use32  33  
Cash and cash equivalents1,870  456  
2,816  1,381  
Assets held for sale8522  601  
3,338  1,982  
Total assets8,150  6,863  
EQUITY AND LIABILITIES
Share capital and premium107,209  7,199  
Accumulated losses and other reserves(4,588) (4,559) 
Shareholders' equity2,621  2,640  
Non-controlling interests38  36  
Total equity2,659  2,676  
Non-current liabilities
Borrowings2,741  1,299  
Lease liabilities107  126  
Environmental rehabilitation and other provisions728  697  
Provision for pension and post-retirement benefits78  100  
Trade, other payables and provisions 15  
Deferred taxation243  241  
3,903  2,478  
Current liabilities
Borrowings739  734  
Lease liabilities37  45  
Trade, other payables and provisions505  586  
Taxation73  72  
1,354  1,437  
Liabilities held for sale8234  272  
1,588  1,709  
Total liabilities5,491  4,187  
Total equity and liabilities8,150  6,863  

Condensed Consolidated Financial Statements for the quarter ended 31 March 2020 - www.AngloGoldAshanti.com
13



GROUP – STATEMENT OF CASH FLOWS

QuarterQuarterYear
endedendedended
MarMarDec
202020192019
US Dollar millionNotesUnauditedUnauditedAudited
Cash flows from operating activities
Receipts from customers930  747  3,535  
Payments to suppliers and employees(706) (676) (2,433) 
Cash generated from operations12224  71  1,102  
Dividends received from joint ventures25  15  77  
Taxation refund—  —   
Taxation paid(75) (27) (228) 
Net cash inflow from operating activities from continuing operations174  59  958  
Net cash inflow from operating activities from discontinued operations45   89  
Net cash inflow from operating activities219  67  1,047  
Cash flows from investing activities
Capital expenditure(170) (118) (703) 
Interest capitalised and paid(4) —  (6) 
Proceeds from disposal of tangible assets—    
Other investments acquired—  —  (9) 
Proceeds from disposal of other investments —   
Investments in associates and joint ventures—  (2) (5) 
Loans advanced to associates and joint ventures—  —  (3) 
Loans repaid by associates and joint ventures—  —  23  
Increase in cash restricted for use(6) —  —  
Interest received  14  
Net cash outflow from investing activities from continuing operations(165) (118) (683) 
Net cash outflow from investing activities from discontinued operations(10) (14) (54) 
Cash in subsidiaries sold and transferred to held for sale(6) —  (6) 
Net cash outflow from investing activities(181) (132) (743) 
Cash flows from financing activities
Proceeds from borrowings1,526  82  168  
Repayment of borrowings(62) (43) (123) 
Repayment of lease liabilities(11) (8) (42) 
Finance costs - borrowings(25) (30) (128) 
Finance costs - leases(2) (3) (9) 
Dividends paid(38) —  (43) 
Net cash inflow (outflow) from financing activities from continuing operations1,388  (2) (177) 
Net increase (decrease) in cash and cash equivalents1,426  (67) 127  
Translation(12) —  —  
Cash and cash equivalents at beginning of period456  329  329  
Cash and cash equivalents at end of period1,870  262  456  



Condensed Consolidated Financial Statements for the quarter ended 31 March 2020 - www.AngloGoldAshanti.com
14


GROUP – STATEMENT OF CHANGES IN EQUITY

Equity holders of the parent
US Dollar millionShare capital and premium
Other
capital reserves
(Accumulated losses)
Retained earnings
Fair value through OCI
Actuarial gains (losses)Foreign currency translation reserveTotalNon-controlling interestsTotal equity
Balance at 31 December 20187,171  96  (3,227) 37  (12) (1,413) 2,652  42  2,694  
Profit for the year49  49   50  
Other comprehensive loss(8) (4) (12) (12) 
Total comprehensive income (loss)—  —  49  (8) —  (4) 37   38  
Shares issued14  14  14  
Share-based payment for share awards net of exercised(13) (13) (13) 
Dividends declared(27) (27) (27) 
Translation(1)  —  —  
Balance at 31 March 20197,185  83  (3,206) 29  (11) (1,417) 2,663  43  2,706  
Balance at 31 December 20197,199  83  (3,268) 45  (10) (1,409) 2,640  36  2,676  
Profit for the year169  169   171  
Other comprehensive loss(23) (127) (150) (150) 
Total comprehensive income (loss)—  —  169  (23) —  (127) 19   21  
Shares issued10  10  10  
Share-based payment for share awards net of exercised(10) (10) (10) 
Dividends paid(38) (38) (38) 
Transfer of gain on disposal of equity investments (4) —  —  
Translation(9)   —  —  
Balance at 31 March 20207,209  64  (3,125) 18  (9) (1,536) 2,621  38  2,659  

Condensed Consolidated Financial Statements for the quarter ended 31 March 2020 - www.AngloGoldAshanti.com
15


Segmental reporting

AngloGold Ashanti’s operating segments are being reported based on the financial information provided to the Chief Executive Officer and the Executive Committee, collectively identified as the Chief Operating Decision Maker (CODM). Individual members of the Executive Committee are responsible for geographic regions of the business.


Gold income  
QuarterQuarterYear
endedendedended
MarMarDec
202020192019
US Dollar millionUnauditedUnauditedAudited
Continental Africa575  463  2,203  
Australia209  204  851  
Americas238  204  1,000  
1,022  871  4,054  
Equity-accounted investments included above(140) (145) (615) 
Continuing operations882  726  3,439  
Discontinued operations - South Africa138  114  554  
1,020  840  3,993  

By-product revenue  
QuarterQuarterYear
endedendedended
MarMarDec
2020