6-K 1 agaq1march2021-jse.htm 6-K Document

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 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

Report on Form 6-K dated May 10, 2021

Commission File Number 001-14846

            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 QUARTERLY REPORT FOR THE THREE MONTHS ENDED 31 MARCH 2021





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 three months ended 31 March 2021
Johannesburg, 10 May 2021 - AngloGold Ashanti is pleased to provide its financial and operational update for the three-month period ended 31 March 2021.

Production of 588,000oz in Q1 2021, supported by solid production performances at AGA Mineração, Serra Grande, Obuasi and Siguiri
All-in sustaining costs increased from $1,021/oz in Q1 2020 to $1,287/oz in Q1 2021
Costs increased due to planned reinvestment and tailings compliance programme, COVID-19 impacts, drawdowns from low-grade stockpiles and inflation
Guidance remains unchanged
Obuasi production increased by 53% to 46,000oz in Q1 2021 from 30,000oz in Q4 2020 and total cash costs at Obuasi decreased by 15% to $968/oz in Q1 2021 from $1,145/oz in Q4 2020 ; Phase 1 and 2 of the Obuasi Redevelopment Project at 97% completion
Profit before taxation increased by 21% year-on-year to $279m in Q1 2021 from $231m in Q1 2020
•    Adjusted EBITDA increased by 3% year-on-year to $449m in Q1 2021 from $434m in Q1 2020; Adjusted EBITDA margin of 47% in Q1 2021
•    Adjusted net debt declined by 43% year-on-year from $1,606m in Q1 2020 to $908m in Q1 2021
•    Adjusted net debt to Adjusted EBITDA ratio improved from 0.93 times at 31 March 2020 to 0.37 times at 31 March 2021
•    Basic earnings for Q1 2021 were $203m, or 48 US cents per share, compared to $134m, or 32 US cents per share, in Q1 2020
•    Headline earnings for Q1 2021 were $203m, or 48 US cents per share, compared to $143m, or 34 US cents per share in Q1 2020
•    One fatality during Q1 2021 involving a fall-of-ground incident at Serra Grande

QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar / Imperial
Operating review
Gold
Produced- oz (000)588 630 2,806 
Sold- oz (000)608 651 2,834 
Financial review
Price received per ounce *- $/oz1,788 1,584 1,778 
Total cash costs per ounce *- $/oz999 773 790 
All-in sustaining costs per ounce *- $/oz1,287 1,021 1,037 
All-in costs per ounce *- $/oz1,446 1,214 1,185 
Gold income- $m956 882 4,322 
Cost of sales- $m677 636 2,699 
Total cash costs- $m562 455 2,074 
Gross profit- $m302 256 1,709 
Profit attributable to equity shareholders- $m203 134 946 
- US cents/share48 32 225 
Headline earnings- $m203 143 1,000 
- US cents/share48 34 238 
Profit before taxation- $m279 231 1,589 
Adjusted EBITDA *- $m449 434 2,470 
Net cash inflow from operating activities- $m149 174 1,545 
Free cash (outflow) inflow*- $m(92)743 
Total borrowings- $m2,071 3,624 2,084 
Adjusted net debt *- $m908 1,606 597 
Capital expenditure- $m210 186 757 
* Refer to "Non-GAAP disclosure" following the market update with financial information for the three months ended 31 March 2021 below and the “Glossary of Terms and Abbreviations—Glossary of Terms and Non-GAAP Metrics” in the Company’s Annual financial statements for the year ended 31 December 2020, for definitions.
$ represents US Dollar, unless otherwise stated.Rounding of figures may result in computational discrepancies.

The information on this page and in the Financial and Operating Report relates to the continuing operations of the AngloGold Ashanti group, unless otherwise indicated. The South African producing assets and related liabilities, which were sold on 30 September 2020, are recorded as discontinued operations. The Non-GAAP disclosures on pages 30-34 following the market update with financial information for the three months ended 31 March 2021 are based on the continuing operations of the AngloGold Ashanti group, where indicated. For a breakdown of results between continuing and discontinued operations, refer to the comprehensive table on page 3.

March 2021 Published 10 May 2021
Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
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Operations at a glance
for the three months ended 31 March 2021
ProductionCost of sales
All-in sustaining costs per ounce1
Total cash costs per ounce2
oz (000)
Year-on-year
% Variance 3
$m
Year-on-year
% Variance 3
$/oz
Year-on-year
% Variance 3
$/oz
Year-on-year
% Variance 3
AFRICA352 (2)(431)18 1,140 30 948 32 
DRC
Kibali - Attr. 45% 4
86 (5)(87)14 895 17 733 26 
Ghana
Iduapriem48 (29)(61)(19)1,531 77 1,115 62 
Obuasi 5
46 142 (66)— 1,234 — 968 — 
Guinea
Siguiri - Attr. 85%58 20 (75)20 1,147 (14)1,197 
Tanzania
Geita114 (15)(128)(9)1,102 34 907 38 
Non-controlling interests, exploration and other(14)24 
AUSTRALIA104 (20)(167)1,768 49 1,359 47 
Sunrise Dam46 (20)(84)13 1,856 39 1,590 55 
Tropicana - Attr. 70%58 (21)(75)(5)1,576 62 1,057 40 
Exploration and other(8)
AMERICAS132 (6)(168)(13)1,211 874 
Argentina
Cerro Vanguardia - Attr. 92.50%34 (24)(49)(22)974 (3)928 23 
Brazil
AngloGold Ashanti Mineração78 (91)(5)1,226 827 (1)
Serra Grande20 11 (23)(8)1,490 941 (5)
Non-controlling interests, exploration and other(5)(53)
OTHER2 73 
Equity-accounted joint venture included above87 14 
Continuing operations588 (7)(677)1,287 26 999 29 
SOUTH AFRICA (100) (100) (100) (100)
Mponeng (100) (100) (100) (100)
Total Surface Operations (100) (100) (100) (100)
Discontinued operations (100) (100) (100) (100)
Total continuing and discontinued operations588 (18)(677)(8)1,287 23 999 23 
1 Refer to note B under "Non-GAAP disclosure" for definition.
2 Refer to note C under "Non-GAAP disclosure" for definition.
3 Variance March 2021 quarter on March 2020 quarter - increase (decrease).
4 Equity-accounted joint venture.
5 Includes pre-production ounces in the same period in the prior year.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
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GROUP - Operating and Financial review
QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar / Imperial
Operating review
Gold
Produced – Total- oz (000)588 716 3,047 
Produced from continuing operations- oz (000)588 630 2,806 
Produced from discontinued operations- oz (000) 86 241 
Sold – Total- oz (000)608 742 3,082 
Sold from continuing operations- oz (000)608 651 2,834 
Sold from discontinued operations- oz (000) 91 248 
Price received per ounce from continuing and discontinued operations- $/oz1,788 1,576 1,768 
Price received per ounce from continuing operations *- $/oz1,788 1,584 1,778 
Price received per ounce from discontinued operations- $/oz 1,516 1,651 
All-in sustaining costs per ounce from continuing and discontinued operations- $/oz1,287 1,047 1,059 
All-in sustaining costs per ounce from continuing operations *- $/oz1,287 1,021 1,037 
All-in sustaining costs per ounce from discontinued operations- $/oz 1,227 1,296 
All-in costs per ounce from continuing and discontinued operations- $/oz1,446 1,221 1,200 
All-in costs per ounce from continuing operations *- $/oz1,446 1,214 1,185 
All-in costs per ounce from discontinued operations- $/oz 1,266 1,367 
Total cash costs per ounce from continuing and discontinued operations- $/oz999 814 819 
Total cash costs per ounce from continuing operations *- $/oz999 773 790 
Total cash costs per ounce from discontinued operations- $/oz 1,107 1,149 
 — — 
Gold income – Total- $m956 1,020 4,730 
Gold income from continuing operations- $m956 882 4,322 
Gold income from discontinued operations- $m 138 408 
Cost of sales – Total- $m677 737 2,986 
Cost of sales from continuing operations- $m677 636 2,699 
Cost of sales from discontinued operations- $m 101 287 
Total cash costs – Total- $m562 550 2,352 
Total cash costs from continuing operations- $m562 455 2,074 
Total cash costs from discontinued operations- $m 95 278 
Gross profit – Total- $m302 265 1,792 
Gross profit from continuing operations- $m302 256 1,709 
Gross profit from discontinued operations- $m 83 
Adjusted EBITDA – Total- $m449 473 2,593 
Adjusted EBITDA from continuing operations *- $m449 434 2,470 
Adjusted EBITDA from discontinued operations- $m 39 123 
Total borrowings from continuing operations- $m2,071 3,624 2,084 
Adjusted net debt from continuing operations *- $m908 1,606 597 
Profit attributable to equity shareholders – Total- $m203 169 953 
Profit attributable to equity shareholders from continuing operations- $m203 134 946 
Profit attributable to equity shareholders from discontinued operations- $m 35 
Profit attributable to equity shareholders – Total- US cents/share48 40 227 
Profit attributable to equity shareholders from continuing operations- US cents/share48 32 225 
Profit attributable to equity shareholders from discontinued operations- US cents/share 
Headline earnings- $m203 143 1,000 
- US cents/share48 34 238 
Net cash inflow from operating activities- $m149 174 1,545 
Free cash (outflow) inflow *- $m(92)743 
Capital expenditure from continuing operations (including equity-accounted joint ventures)- $m210 186 757 
Notes: Discontinued operations refer to the following South African operations: Mponeng, Mine Waste Solutions and Surface sources.
* Refer to "Non-GAAP disclosure" following the market update with financial information for the three months ended 31 March 2021 below and the “Glossary of Terms and Abbreviations—Glossary of Terms and Non-GAAP Metrics” in the Company’s Annual financial statements for the year ended 31 December 2020, for definitions.
$ represents US Dollar, unless otherwise stated.
Rounding of figures may result in computational discrepancies.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
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Free cash flow ($m) (1)
Quarter ended
Mar 2021
Quarter ended
Mar 2020
Year ended Dec 2020
Net cash inflow from operating activities from continuing operations149 174 1,545 
Net cash inflow from operating activities from discontinued operations 45 109 
Net cash inflow from operating activities149 219 1,654 
Capital expenditure(199)(170)(701)
Net cash from operating activities after capital expenditure(50)49 953 
Repayment of lease liabilities(14)(11)(47)
Finance costs accrued and capitalised(31)(37)(188)
Net cash flow after capital expenditure and interest(95)718 
Other net cash inflow from investing activities from continuing operations11 278 
Net cash outflow from investing activities from discontinued operations (10)(31)
Add backs:
Proceeds on disposal of South African assets — (200)
Acquisition of subsidiaries and loans — (2)
Cash restricted for use(6)
Cash in subsidiary sold and transferred to held for sale (3)
Proceeds from disposal of joint venture(2)— (26)
Free cash flow(92)743 
(1) Refer to note F under "Non-GAAP disclosure" for definition.
Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
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Financial and Operating Report
for the three months ended 31 March 2021

OPERATING AND FINANCIAL REVIEW – CONTINUING OPERATIONS

During the first quarter of 2021, AngloGold Ashanti continued to make progress on its strategic priorities for the year, in particular its programme of reinvestment to increase reserves, extend mine lives and improve mining flexibility. The balance sheet remains in a solid position, with approximately $2.5bn in available liquidity, after paying out $197m in dividends during the quarter.

As flagged in its 2020 year-end results and the Capital Markets Day in February 2021, the Company outlined that 2021 and 2022 would be key investment years for the business. Through investments in the operating asset base, the Company expects to see brownfields-related production growth over the next five years. Guided by a rigorous capital allocation framework and supported by strong momentum from Ore Reserve conversion, the Company expects continued progress towards its strategic long-term plan. The development of additional Ore Reserve is key to enhancing operating flexibility and extending the lives of the Company’s existing mines. The Company’s focused investment programme, now in its second year, continued through the first quarter of 2021, supported by 711,810m of brownfields drilling over the three months, building on the positive momentum garnered in 2020.

During the first quarter of 2021, the Company further developed key projects across the portfolio. The Obuasi Redevelopment Project (Phases 1 and 2) was 97% complete, with Phase 2 making good progress despite challenges and delays encountered in the early part of the quarter during Ghana’s second wave of the COVID-19 pandemic. Waste stripping activities at Tropicana, Iduapriem and Sunrise Dam (Golden Delicious pit) continued and remained on schedule. At Geita, the underground portal development at Geita Hill East progressed according to plan and mining approval was received for the Nyamulilima open pit, which allowed for the commencement of pre-production activities during April. In Brazil, the Company continued its investments to decommission existing tailings dams and convert to dry stack tailings facilities at its mine sites, in order to meet deadlines as required under new legislation.

Production for the first quarter of 2021 was 588,000oz at a total cash cost of $999/oz, compared with 630,000oz at a total cash cost of $773/oz in the same period in 2020. Solid production performances were delivered at AGA Mineração, Serra Grande, Siguiri and Obuasi, more than offset by declines at other mines in the portfolio. Obuasi recorded 46,000oz in production at a total cash cost of $968/oz.

Total cash costs increased mainly as a result of lower grades and the drawdown of ore stockpiles at some of the operations while waste stripping and underground development progressed, as well as inflationary pressures recorded across most of the portfolio. Higher oil prices were a key driver of inflation across the group, exacerbated by COVID-19 impacts. The Brazil operations and Obuasi were most affected by the pandemic during the first quarter, with high rates of absenteeism affecting productivity in Brazil and ongoing challenges encountered in the rotation of expatriate workers from Australia to Ghana. In certain jurisdictions, notably Australia and Brazil, increasingly robust competition for key mining and related skills are driving salaries higher and, in some cases, causing personnel shortages in certain areas.

Cost increases were partly offset by operating efficiencies. All-in sustaining costs (AISC) rose by 26%, or $266/oz, to $1,287/oz in the first quarter of 2021, compared to $1,021/oz in the first quarter of 2020 mainly as a result of higher cash costs, increased sustaining capital expenditure in line with the reinvestment objectives across the portfolio, and lower gold sold. AISC in the first quarter of 2021 included an estimated $29/oz impact due to COVID-19.

Headline earnings for the period ended 31 March 2021 rose 42% to $203m, or 48 US cents per share, compared with $143m, or 34 US cents per share, in the first quarter of 2020. Headline earnings benefitted from the higher gold price and lower finance costs, partially offset by lower gold production and higher costs. Basic earnings attributable to equity shareholders from continuing operations for the period ended 31 March 2021 were $203m, or 48 US cents per share, compared to $134m, or 32 US cents per share, in the first quarter of 2020.

Net cash flow from operating activities was 14% lower at $149m in the first quarter of 2021, compared to $174m in the same period last year. This decrease was mainly due to a 71% increase in cash tax paid to $128m in the first quarter of 2021 from $75m paid in the corresponding quarter of 2020, mainly due to higher tax payments in Brazil on the back of higher profits earned during the quarter. The first quarter is traditionally the weakest production and cash flow quarter of the year.

For the first quarter of 2021, the Company recorded a free cash outflow of $92m, compared to an inflow of $4m in the same period last year, which included cash flow from the South African assets of $35m. Free cash flow was impacted by lower gold sold, higher cash costs, higher taxation paid, higher capital expenditure and the continued slow cash repatriation from the Kibali joint venture in the Democratic Republic of the Congo (DRC). These impacts were partially offset by the increase in the gold price received. AngloGold Ashanti received a quarterly dividend of $36m from Kibali (Jersey) Limited in the first quarter of 2021.

At the end of March 2021, the Company’s attributable share of the outstanding cash balances awaiting repatriation from the DRC was $461m. The cash is fully available for Kibali’s operational requirements. Barrick Gold Corporation (Barrick), the operator of the Kibali joint venture, continues to engage with the DRC government regarding the 2018 Mining Code and the cash repatriation. During the quarter, the DRC appointed a Cabinet and Barrick are engaging closely with the authorities to advance the cash repatriation.

Free cash flow was further negatively impacted by continued lock-ups of value added tax (VAT) at Geita and Kibali and export duties at Cerro Vanguardia (CVSA). In Tanzania, the Company calculates that net overdue recoverable VAT input credit refunds owed to it by the Tanzanian government increased by $11m during the first quarter of 2021 to $150m at 31 March 2021 from $139m at 31 December 2020. In the DRC, the Company calculates that its attributable share of the net recoverable VAT balance owed to it by the DRC government increased by $3m during the first quarter of 2021 to $72m at 31 March 2021 from $69m at 31 December 2020. In Argentina, the Company recorded no net change in the export duty receivable during the first quarter of 2021, which remained at a net amount of $23m at 31 March 2021. However, CVSA had a cash balance of $125m equivalent at 31 March 2021, of which $50m is currently eligible to be declared as dividends. Application has been made to the Argentinean Central Bank to approve this amount to be paid offshore, however, approval remains pending. The cash is fully available for CVSA’s operational requirements.

Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA) increased by 3% to $449m in the first quarter of 2021, from $434m in the first quarter of 2020. Adjusted net debt declined by 43% to $908m at 31 March 2021, from $1.606bn at 31 March
Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
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2020. The ratio of Adjusted net debt to Adjusted EBITDA improved to 0.37 times at 31 March 2021 from 0.93 times at 31 March 2020. The Company remains committed to maintaining a flexible balance sheet with an Adjusted net debt to Adjusted EBITDA target ratio of 1.0 times through the cycle. At 31 March 2021, the balance sheet remained robust, with strong liquidity comprising the $1.4bn multi-currency revolving credit facility (RCF) which was undrawn, the $150m Geita RCF of which $41m was undrawn, the South African R500m ($34m) RMB corporate overnight facility which was undrawn, and cash and cash equivalents of approximately $1.0bn, while the $65m Siguiri RCF was fully drawn.
Total capital expenditure (including equity-accounted joint ventures) increased by 13% year-on-year to $210m in the first quarter of 2021, compared to $186m in the first quarter of 2020. This increase was largely due to a 49% increase in sustaining capital expenditure to $143m in the first quarter of 2021, from $96m in the same period last year. Total growth capital expenditure declined by 26% to $67m in the first quarter of 2021 compared to $90m in the first quarter of 2020, as Phase 2 of the Obuasi Redevelopment Project approaches completion.

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 years, remains a key priority and is reflected in the higher sustaining capital expenditure recorded in the period under review. Ore reserve development improved to 12,507m in the first quarter of 2021 and this included a strong performance recorded at Cuiabá for development for the March month, including a record performance from the development contractor of 608m of development. Primary development here was on plan, with over 100m advance achieved in the priority development areas. At Serra Grande, the mine continues to drive development, achieving a record of ~50m/day in March. This investment is key to sustaining and growing the resource base and extending the lives of our mines.

Summary of quarter-on-quarter operating and cost variations:
ParticularsThree months ended Mar 2021Three months ended Mar 2020% Variance three months vs prior year three months
Operating review (Gold)
Production from continuing operations (kozs)588 630 (7)
Production from discontinued operations (kozs) 86 (100)
Production from continuing and discontinued operations (kozs)588 716 (18)
Financial review
Gold price received per ounce ($/oz) (3)
1,788 1,584 13 
Total cash costs per ounce ($/oz) (3)
999 773 29 
Corporate & marketing costs ($m) (1)
16 16 — 
Exploration & evaluation costs ($m)31 27 15 
Capital expenditure ($m)210 186 13 
All-in sustaining costs per ounce ($/oz) (2) (3)
1,287 1,021 26 
All-in costs per ounce ($/oz) (2) (3)
1,446 1,214 19 
Adjusted EBITDA ($m) (3)
449 434 
Net cash inflow from operating activities ($m)149 174 (14)
Free cash flow ($m) (3)
(92)(2,400)

(1) Includes administration and other expenses.     (2) World Gold Council standard.
(3) Refer to "Non-GAAP disclosure" following the market update with financial information for the three months ended 31 March 2021 below and the “Glossary of Terms and Abbreviations—Glossary of Terms and Non-GAAP Metrics” in the Company’s Annual financial statements for the year ended 31 December 2020, for definitions.    

GUIDANCE AND INDICATIVE OUTLOOK

Following the key strategic objectives set out at the Capital Markets Day in February 2021, AngloGold Ashanti outlined its detailed two-year guidance, as well as a five-year indicative outlook. Over the next five years the Company expects to grow production by 5.0% CAGR with production growth predominately sourced from the Company’s existing ten assets. In the outer years, the Colombian projects, if approved, will start contributing to group production. These projects will become significant contributors in the second half of the decade. Despite the Gramalote project final feasibility study being delayed, the Company's five-year indicative outlook remains intact.

For the remainder of the year, the Company will continue its reinvestment programme as it pursues key growth-driven brownfields projects across the portfolio. Key risks facing the business include the continued spread of COVID-19, higher-than-normal employee turnover rates and inflationary pressures stemming from competition for scarce skills in certain jurisdictions and from rising commodity prices. As a result of these key risks, we recognise that these factors may impact guidance. Brazil is a high-risk region for AngloGold Ashanti as the spread of COVID-19 has negatively impacted operational efficiencies while the elevated iron ore price has led to critical skills shortages, as the iron ore industry seeks to bolster its employee base. In addition, record iron ore prices as well as border closures in Australia have increased employee turnover – and scarcity of certain skills – across that country’s mining sector. AngloGold Ashanti is working closely with its employees on retention of critical skills, as well as putting in place the necessary training and graduate programmes for succession planning. As a derivative of the higher-than-normal turnover, inflationary pressures are becoming evident, and the business is working proactively to mitigate this impact though our Operational Excellence programme.

Our operations in Brazil are currently working on converting to dry-stacking operations in advance of the decommissioning their existing tailings storage facilities (TSFs). In accordance with Brazilian legislation, automated scanning stations have also been installed on TSF slopes to track and detect movement. The system is set to trigger warning sirens in line with the emergency preparedness and response plans that have been tested with affected communities. Due to the legal deadline for completion of this conversion affecting all mining companies in Brazil, competition for related skills has increased sharply across the mining sector. As the project draws toward its conclusion
Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
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later this year, additional changes to the initial scope have been made, which – along with higher wage costs – will place pressure on the capital cost for the overall compliance programme.

Despite the challenges flagged above, annual guidance remains unchanged on production, costs and capital in 2021 outlined in the table below.

We continue to enforce capital and cost discipline across the business, ensuring that we continue to deliver cash flow generation in the elevated gold price environment, while prioritising the health and wellbeing of our employees and our host communities.


Guidance
GuidanceIndicative outlook
20212022202320242025
Production (000oz)2,700 - 2,9002,825 - 3,0252,900 - 3,1503,150 - 3,4503,200 - 3,600
CostsAll-in sustaining costs ($/oz)1,130 - 1,2301,130 - 1,2301,050 -1,200950 - 1,150900 -1,150
Total cash costs ($/oz)790 - 850800 - 840
Capital expenditureTotal ($m)990 - 1,1401,120 - 1,2701,050 -1,250950 - 1,200800 - 1,100
Sustaining capex ($m)720 - 820720 - 820
Non-sustaining capex ($m)270 - 320400 - 450
OverheadsCorporate costs ($m)85 - 9085 - 90
Expensed exploration and study costs ($m)165 - 185125 - 135
Depreciation and amortisation ($m)600660
Depreciation and amortisation - included in equity-accounted earnings ($m) 130130
Interest and finance costs - income statement ($m)125115
Other operating expenses ($m)5030

Economic assumptions for 2021 are as follows: $/A$0.77, BRL5.42/$, AP98.00/$, ZAR14.97/$; and Brent $64/bbl.

Production, cost and capital expenditure forecasts include existing assets as well as the Quebradona and Gramalote projects that remain subject to approval, Mineral Resource conversion and high confidence inventory. Cost and capital forecast ranges are expressed in nominal terms. In addition, both production and cost estimates assume neither operational or labour interruptions, or power disruptions, nor further changes to asset portfolio and/or operating mines (except as described above) 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. Measures taken at our operations together with our business continuity plans aim to enable our operations to deliver in line with our production targets. We, however, remain mindful that the COVID-19 pandemic, its impacts on communities and economies, and the actions authorities may take in response to it, are largely unpredictable. Actual results could differ from guidance and/or indicative outlook and any deviation may be significant. Please refer to the Risk Factors section in AngloGold Ashanti’s annual report on Form 20-F for the year ended 31 December 2020 filed with the United States Securities and Exchange Commission (SEC). Furthermore, our five-year indicative outlook assumes that AngloGold Ashanti proceeds with the Quebradona and Gramalote projects. However, the Board has not yet made a final decision on those projects and there can be no assurance that they will materialise. A negative decision on, delay in, or other discontinuation of those projects may have a material adverse impact on our indicative outlook.

SAFETY UPDATE

Regrettably, one fatality occurred in February 2021 when a miner at the Serra Grande mine in Brazil was fatally injured in a fall-of-ground related incident during blasting preparation activities. Following a thorough review of the incident, corrective measures have been put in place.

The All-injury frequency rate (AIFR) based on continuing operations, the broadest measure of workplace safety, for the group has deteriorated with 2.64 injuries per million hours worked for the quarter ended 31 March 2021, compared to 1.24 injuries per million hours worked in the first quarter of 2020. These incidents are mainly low consequence incidents, which is reflected in the severity rate that has showed a consistent downward trend over the last three quarters. More specifically, in Brazil, the recent COVID-19 wave complexity adds a layer of risk on the safety protocols in the business. Action plans to address the upward trend in the abovementioned areas are in place at an operational level.

COVID-19

AngloGold Ashanti continues to respond to the evolving COVID-19 pandemic while contributing to the global effort to stop the spread of the virus and provide public health and economic relief to local communities. The Company has taken a number of proactive steps to protect employees, host communities and the business itself. These steps have been in line with the Company's values, the requirements of the countries in which we operate, and guidelines provided by the World Health Organisation (WHO). The health and well-being of our employees and our host communities remains a key priority for us.

Multiple waves of the outbreak are being experienced in several of our operating jurisdictions, coinciding with the prevalence of new, more contagious variants of the virus. Continued diligence is being observed to strict health protocols and vigilance in relation to business continuity including supply chain. We remain mindful that the COVID-19 pandemic, its impacts on communities and economies, and the actions authorities may take in response to it, are subject to change.
Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
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During the first quarter of 2021, our Brazilian operations and the Obuasi mine were most affected as new variants of the virus caused greater community infections, leading to an increase in general absenteeism and the number of employees in quarantine and isolation, with a consequent impact on productivity at those operations. While infection rates in Brazil and Ghana have since declined from those recent peaks, the number of cases in Brazil – and in several other countries in South America – remains high. In addition, Cerro Vanguardia continues to operate at between 60% to 80% mining capacity due to ongoing inter-provincial travel restrictions in Argentina, which continues to prevent certain employees from travelling to the site.

Access to vaccines is currently limited to national health authorities and the countries where AngloGold Ashanti operates, and have started with their first phase of roll-out programmes. Our operations in Ghana and Guinea have been included in the first phase roll-out plans. At the end of March, in Ghana, Obuasi and Iduapriem have already administered first doses covering 33% and 67% of the workforce respectively. Siguiri has also administered first doses covering 33% of the workforce and 100% coverage of identified high risk individuals. We continue to monitor developments in this regard, both locally and across the jurisdictions that we operate in, as well as continue to implement and strengthen controls onsite and at communities.

The impact on production from COVID-19 in the first quarter of 2021 was estimated at 4,000oz, compared to an estimated impact of 8,000oz in the first quarter of 2020. The COVID-19 impact on AISC in the first quarter of 2021 was estimated at $29/oz (about 2%) (including $23/oz related to costs incurred and $6/oz related to lost production), compared to an estimated impact of $14/oz during the first quarter of 2020. Consumable inventory levels were increased at certain operations to mitigate potential supply chain challenges resulting from the pandemic. In addition, it contributed to delays at Obuasi mainly in respect of mining.

OPERATING HIGHLIGHTS

African Operations

The Africa region produced 352,000oz at a total cash cost of $948/oz for the quarter ended 31 March 2021, compared to 360,000oz at a total cash cost of $717/oz for the quarter ended 31 March 2020. The region’s AISC for the first quarter of 2021 was $1,140/oz, compared to $879/oz for the same period in 2020.

In Ghana, Iduapriem produced 48,000oz at a total cash cost of $1,115/oz for the quarter ended 31 March 2021, compared to 67,000oz at a total cash cost of $689/oz for the same period last year. The decrease in production was a result of lower tonnes treated together with a 26% drop in recovered grades in the first quarter of 2021 due to depletion of Teberebie Cut 1 ore. Total cash costs increased in line with decreased production, increased drawdowns in ore stockpiles and due to inflationary increases in relation to reagent, fuel and labour costs. These increases were partially offset by a decrease in royalties as a result of lower volumes sold.

Obuasi's production has continued to ramp up since achieving commercial level of production on 1 October 2020. Obuasi produced 46,000oz at a total cash cost of $968/oz in the first quarter of 2021, compared to a production of 30,000oz at a total cash cost of $1,145/oz in the fourth quarter of 2020. This increase in production was mainly driven by higher throughput and improvement in grade as the mine continued its transition into Phase 2 of commissioning. The Obuasi mine was not in commercial production during the first quarter of last year when there was pre-production of 19,000oz.

In the DRC, Kibali produced 86,000oz at a total cash cost of $733/oz for the quarter ended 31 March 2021, compared to 91,000oz at a total cash cost of $583/oz for the same period last year. Despite an increase in tonnes treated, production declined as a result of an 11% drop in grade as lower grades were mined from the open pits compared to the first quarter of 2020. Total cash costs increased in the first quarter of 2021 due to lower production and increased ore stockpile costs as a result of a drawdown in the stockpiles to compensate for the lower grades mined.

In Guinea, production at Siguiri was 58,000oz at a total cash cost of $1,197/oz for the quarter ended 31 March 2021, compared to 48,000oz at a total cash cost of $1,183/oz for the same period last year. The higher production was primarily due to an increase in recovered grades from improved plant recoveries due to CIL conversion during the last quarter of 2020, and higher-grade ore mined in the first quarter of 2021. Total cash costs came in 1% higher year-on-year as lower operating costs were more than offset by inflationary pressures, metal inventory movements and higher royalties resulting from higher gold price and additional volumes sold in the first quarter of 2021.

In Tanzania, Geita’s production was 114,000oz at a total cash cost of $907/oz for the quarter ended 31 March 2021, compared to 135,000oz at a total cash cost of $657/oz for the same period last year. Tonnes treated were lower due to the SAG mill reline and pinion alignment. This decrease in production was further impacted by a 10% decrease in grade, resulting from lower-grade ore mined from the underground operations. Higher total cash costs for the period were driven by additional ore stockpile costs due to depletion of stockpiles in the first quarter of 2021 compared to an increase of stockpile in the same period last year, as well as inflationary pressures. The increase in total cash costs was partially offset by lower mining costs as a result of cessation of open pit mining in the first quarter of 2021, together with a decrease in royalties as a result of lower gold volumes sold.

International Operations

The Americas region produced 132,000oz at a total cash cost of $874/oz for the quarter ended 31 March 2021, compared to 140,000oz at a total cash cost of $829/oz for the quarter ended 31 March 2020. The region’s AISC for the first quarter of 2021 was $1,211/oz, compared to $1,157/oz for the same period in 2020.

In Brazil, operations produced 98,000oz at a total cash cost of $850/oz in the first quarter of 2021, compared to 95,000oz at a total cash cost of $851/oz in the same period last year. AISC for the first quarter of 2021 was $1,281/oz, compared to $1,200/oz for same period last year. The increase in AISC was primarily due to increased sustaining capital expenditure mainly relating to the Ore Reserve meters developed and the TSF project currently underway to facilitate the decommissioning of existing TSFs and transition to the new dry stacking methodology, as required by law, which was partly offset by a weaker exchange rate of the Brazilian Real against the US Dollar.

At AngloGold Ashanti Mineração, production for the first quarter of 2021 was 78,000oz at a total cash cost of $827/oz, compared to 77,000oz at a total cash cost of $834/oz in the same period last year. Production was impacted by low grades in both mine complexes, despite the increase in tonnes of ore mined. Total cash cost for the first quarter of 2021 was lower year-on-year due to increased production
Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
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and the favourable movement in the exchange rate of the Brazilian Real against the US Dollar. This decrease was partially offset by lower grades and increased operational costs for spare parts and equipment rental as well as increased mine contractor costs.
At Serra Grande, production for the first quarter of 2021 was 20,000oz at a total cash cost of $941/oz, compared to 18,000oz at a total cash cost of $993/oz in the same period last year. The 11% increase in production reflected higher grades and the success of the changes in the production strategy, notwithstanding the operational impacts of the fatality experienced in February 2021. Total cash costs were 5% lower year-on-year, given the increased production and the favourable movement in the exchange rate of the Brazilian Real against the US Dollar, partly offset by negative COVID-19 impacts and inflationary pressures.

In Argentina, Cerro Vanguardia produced 34,000oz at a total cash cost of $928/oz for the first quarter of 2021, compared to 45,000oz at a total cash cost of $754/oz in the same period last year. Production was lower year-on-year mainly due to lower grades as planned for the current year in line with the life-of-mine plan, and further impacted by COVID-19 restrictions that continue to affect mine accessibility and limit our ability to operate the mine at full capacity. Stockpile drawdowns caused by lower ore tonnes mined also affected production negatively. Total cash costs were higher in the first quarter of 2021 compared to the same period last year mainly due to inflationary pressures (mainly salary increases) implemented during July 2020 and January 2021 and higher heap-leach costs. These negative effects on total cash costs were partially offset by a weaker Argentinean Peso against the US Dollar and higher by-product income derived from the higher average silver price. AISC for the first quarter of 2021 was $974/oz, compared to $1,005/oz for same period last year.

In the Australia region, production for the quarter ended 31 March 2021 was 104,000oz at a total cash cost of $1,359/oz, compared to 130,000oz at a total cash cost of $923/oz for the quarter ended 31 March 2020. The region’s AISC for the first quarter of 2021 was $1,768/ oz, compared to $1,184/oz for the same period in 2020.

Sunrise Dam produced 46,000oz at a total cash cost of $1,590/oz for the first quarter of 2021, compared to 57,000oz at a total cash cost of $1,026/oz during the same period last year. Production was lower year-on-year due to a combination of lower mill throughput, lower head grades as a consequence of unfavourable grade reconciliations, and lower metallurgical recoveries related to the lower head grade. Total cash costs were higher year-on-year primarily due to lower production, lower grades, ore stockpile drawdowns and inflationary pressures. This increase was partially offset by favourable efficiencies due to a significantly higher amount of ore purchased in the first quarter of 2020.

Tropicana’s production was 58,000oz at a total cash cost of $1,057/oz for the first quarter of 2021, compared to 73,000oz at a total cash cost of $753/oz during the same period last year. Production decreased as increases in mill throughput and metallurgical recovery were more than offset by a planned 25% drop in the mill feed grade to 1.26 grams per tonne. Mill feed was supplemented by stockpile drawdowns while mining focused on waste removal in the Havana Stage 2 cutback. Total cash costs were negatively impacted by lower production, unfavourable inventory movement and inflationary pressures. The Boston Shaker underground mine remains on track to achieve full production levels by the end of 2021.

UPDATE ON CAPITAL PROJECTS
Obuasi Redevelopment Project

At Obuasi, operations continued to ramp up and Phase 1 gold production increased to 46,000oz during the first quarter of 2021, up from 30,000oz in the fourth quarter of 2020. AISC for the first quarter of 2021 was $1,234/oz.

Phase 2 of the redevelopment project is at an advanced stage, with construction of Phase 1 and 2 having reached 97% completion at the end of the first quarter of 2021. Commissioning of the Phase 2 milling circuit continued in early 2021 as planned, with final commissioning expected in the second quarter of 2021. The underground material handling system, paste-fill plant, the GCVS ventilation shaft and new high-voltage switchyard are expected to be completed by the end of the first half of 2021. The COVID-19 related equipment manufacturing and delivery delays we experienced in 2020 have now largely been addressed.

During the first quarter of 2021, the ramp-up of mining production continued to be impacted by absenteeism due to COVID-19 isolations, quarantines and travel restrictions. The Phase 2 ramp-up to 4,000 tonnes per day of ore mined and processed continues to progress during the second quarter of 2021, with full ramp-up expected in the third quarter of 2021.

Achieving optimal crew rotations, especially with respect to skilled expatriate workers (in particular, those based in Australia), continues to present a challenge for both the Company and its contractors amid the ongoing pandemic. This challenge is mainly caused by travel and other restrictions imposed by governments globally as well as the scarcity of skilled expatriate workers willing to travel internationally when presented with opportunities closer to home. The Company continues to take mitigating measures, including intensifying training programmes for local personnel, in line with our strategic localisation initiatives, and recruitment of skilled operators from across the African continent, to address such issues.

Sunrise Dam

Ore mining began in the Golden Delicious open pit during the first quarter of 2021 ahead of schedule. Higher grade open pit ore will begin to displace stockpiled mill feed in the second quarter of 2021, and will contribute 3m tonnes of ore over the next 18 months, lifting the overall mill head grade. The accelerated underground exploration programme is yielding encouraging results in the main mining front at Vogue and in areas outside thereof. Development is already being directed into the new Frankie zone, which is closer to the surface in the north of the mine, near existing infrastructure. This zone may have potential for higher grades at volumes that would sustain a separate mining area that can lower the overall cost base. Aggressive drilling is continuing to bring forward the delivery of ore from Frankie, and a small parcel of high grade ore is expected at the end of this year. Encouraging exploration results have highlighted the potential of the Carey zone and further extended Vogue, which remains open down plunge. Exploration is also targeting the area between the Carey Upper and Carey zones and the Flamingo and Eastern Ramps targets in the shallower areas of the mine. Operational Excellence work is focused on productivity improvements in the underground fleet and investigation of an option to mine high grade remnant ore in the Western Shear zone.


Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
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Colombian projects

Quebradona

At Quebradona, AngloGold Ashanti's wholly-owned project, the feasibility study (FS) continued to progress in the first quarter of 2021. The FS is expected to be completed in the first half of 2021. As part of the environmental permitting process, a public hearing will be required for the Quebradona project and confirmation on the date of the public hearing is pending.

The project is expected to treat approximately 6.2m tonnes of ore per annum in order to produce approximately 3.0bn pounds of copper and approximately 1.5Moz of gold over a potential 23-year life.

Gramalote

At Gramalote, based on a review of the FS results to date, the joint venture partners AngloGold Ashanti and B2Gold Corp. believe that there is strong potential for a more robust project, by releasing a number of technical constraints that were initially applied due to certain permit conditions and further optimising project design.

The project team has identified project optimisation opportunities, including potential reductions in capital and operating costs, as well as improved operability and sustainability. In addition, development and review of the updated Mineral Resource estimate has indicated that further value is available through additional drilling of the inferred portions of the Mineral Resource area, both within and adjacent to the designed pit.

The project partners are currently reviewing a revised feasibility study budget which would allow the final feasibility study to incorporate the identified optimisation potential and a decision is expected to be announced shortly. A revised schedule and budget for the proposed optimisations, continued sustainability projects, further exploration and completion of a final feasibility study is being developed. In light of this, the delivery of a final FS for the Gramalote project will be postponed to the second quarter of 2022.

CORPORATE UPDATE

Notice in terms of Section 45(5)(a) of the South African Companies Act, No. 71 of 2008, as amended

Notice is hereby given in terms of Section 45(5)(a) of the Companies Act, No. 71 of 2008, as amended (the “Companies Act”), that the board of directors of the Company (the “Board”) at a meeting held on 7 May 2021, authorised the Company to provide direct or indirect financial assistance for the period from 7 May 2021 to 31 May 2022 to any one or more related or inter-related companies of the Company in terms of Section 45 of the Companies Act, pursuant to the authority granted to the Board for two years by the Company’s shareholders at the annual general meeting held on 4 May 2021.

The aggregate financial exposure of the Company in respect of any financial assistance in terms of this Board resolution is approximately R500m. Any financial assistance provided by the Company is to be provided in accordance with the Companies Act.

Tropicana Update

On 13 April 2021, IGO Limited, the Company’s current joint venture partner, announced it had entered into a binding agreement for the sale of its 30% interest in the Tropicana joint venture to Regis Resources for A$903m, subject to the Company waiving its right to pre-empt the Regis Resources offer on the same price and terms. AngloGold Ashanti, which owns 70% of the Tropicana joint venture and is the mine’s operator, subsequently decided to waive its pre-emptive right over the 30% stake in the Tropicana gold mine, paving the way for Regis Resources to acquire the stake from IGO Limited.

Tanzania Arbitration Proceedings Update

On 13 July 2017, Geita Gold Mining Limited and Samax Resources Limited initiated arbitration against the government of Tanzania arising from the enactment by the government of certain legislation that purports to make a number of changes to the operating environment of Tanzania’s extractive industries, including mining. Since January 2019, the arbitral proceedings have been stayed several times in order to afford the parties the opportunity to achieve an amicable resolution of the dispute. On 7 May 2021 the parties concluded a standstill agreement in terms of which the parties have agreed to further stay the arbitration proceedings for a period of 18 months.

Ghana Arbitration Proceedings Update

On 11 October 2011, AngloGold Ashanti (Ghana) Limited (AGAG) terminated Mining and Building Contractors Limited’s (MBC) underground development agreement, construction on bulkheads agreement and diamond drilling agreement at Obuasi mine. The parties reached agreement on the terms of the separation and concluded a separation agreement in November 2012. In February 2014, AGAG was served with a demand issued by MBC claiming a total of $97m. In December 2015, the proceedings were stayed in the High Court pending arbitration. In February 2016, MBC submitted the matter to arbitration. The arbitration panel was constituted and held an arbitration management meeting to address initial procedural matters in July 2019. In May 2020, the Ghana Arbitration Centre granted MBC’s request to stay the arbitral proceedings indefinitely to enable it and AGAG to explore possible settlement. On 12 April 2021, the parties executed a settlement agreement to resolve the matter.

EXPLORATION UPDATE

For detailed disclosure on the exploration work done during the three months ended 31 March 2021, see the Exploration Update document on the Company’s website at www.anglogoldashanti.com on both Brownfields and Greenfields exploration programmes.
Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
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GROUP – INCOME STATEMENT
QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar millionNotesUnauditedUnauditedAudited
Continuing operations
Revenue from product sales2979 905 4,427 
Cost of sales3(677)(636)(2,699)
Loss on non-hedge derivatives and other commodity contracts (13)(19)
Gross profit 302 256 1,709 
Corporate administration, marketing and other expenses(16)(16)(68)
Exploration and evaluation costs(31)(27)(124)
Impairment, derecognition of assets and profit (loss) on disposal (1)(1)
Other (expenses) income4(2)(20)(57)
Operating profit253 192 1,459 
Interest income14 27 
Dividends received — 
Foreign exchange and other (losses) gains(15)19 — 
Finance costs and unwinding of obligations5(30)(43)(177)
Share of associates and joint ventures' profit657 58 278 
Profit before taxation279 231 1,589 
Taxation7(70)(95)(625)
Profit for the period from continuing operations209 136 964 
Discontinued operations
Profit from discontinued operations 35 
Profit for the period209 171 971 
Allocated as follows:
Equity shareholders
- Continuing operations203 134 946 
- Discontinued operations 35 
Non-controlling interests
- Continuing operations6 18 
209 171 971 
Basic profit per ordinary share (US cents) (1)
Earnings per ordinary share from continuing operations48 32 225 
Earnings per ordinary share from discontinued operations 
Basic profit per ordinary share (US cents)48 40 227 
Diluted profit per ordinary share (US cents) (2)
Earnings per ordinary share from continuing operations48 32 225 
Earnings per ordinary share from discontinued operations 
Diluted profit per ordinary share (US cents)48 40 227 
(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 2021 have been prepared by the corporate accounting staff of AngloGold Ashanti Limited headed by Ms. Alexandra Strobl (CA (SA)), the Group's VP: Finance. This process was supervised by Mr. Ian Kramer (CA (SA)), the Group's Interim Chief Financial Officer and Ms. Kandimathie Christine Ramon (CA (SA)), the Group's Interim Chief Executive Officer.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
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GROUP – STATEMENT OF COMPREHENSIVE INCOME
QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar millionUnauditedRestated
Unaudited
Audited
Profit for the period209 171 971 
Items that will be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations (1)
(5)(71)38 
Items that will not be reclassified subsequently to profit or loss:
Exchange differences on translation of non-foreign operations (1)
3 (56)(16)
Net (loss) gain on equity investments(60)(25)98 
Actuarial gain recognised — 10 
Deferred taxation thereon2 (6)
(55)(79)86 
Other comprehensive (loss) income for the period, net of tax(60)(150)124 
Total comprehensive income for the period, net of tax149 21 1,095 
Allocated as follows:
Equity shareholders
- Continuing operations143 38 1,121 
- Discontinued operations (19)(44)
Non-controlling interests
- Continuing operations6 18 
149 21 1,095 
(1) Exchange differences arising on translation of foreign and non-foreign operations have been restated to reflect those that will be reclassified subsequently to profit or loss and those that
will not be reclassified subsequently to profit or loss. Refer to note 15.
Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
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GROUP – STATEMENT OF FINANCIAL POSITION
As atAs atAs at
MarMarDec
202120202020
US Dollar millionNotesUnauditedUnauditedAudited
ASSETS
Non-current assets
Tangible assets2,977 2,603 2,884 
Right of use assets142 136 142 
Intangible assets129 109 131 
Investments in associates and joint ventures1,675 1,608 1,651 
Other investments128 51 188 
Inventories56 77 69 
Trade, other receivables and other assets256 129 235 
Deferred taxation19 68 
Cash restricted for use32 31 31 
5,414 4,812 5,338 
Current assets
Inventories684 691 733 
Trade, other receivables and other assets251 223 229 
Cash restricted for use36 32 42 
Cash and cash equivalents1,011 1,870 1,330 
1,982 2,816 2,334 
Assets held for sale 522 — 
1,982 3,338 2,334 
Total assets7,396 8,150 7,672 
EQUITY AND LIABILITIES
Share capital and premium97,219 7,209 7,214 
Accumulated losses and other reserves(3,579)(4,588)(3,519)
Shareholders' equity3,640 2,621 3,695 
Non-controlling interests51 38 45 
Total equity3,691 2,659 3,740 
Non-current liabilities
Borrowings1,790 2,741 1,789 
Lease liabilities115 107 116 
Environmental rehabilitation and other provisions686 728 731 
Provision for pension and post-retirement benefits83 78 83 
Trade, other payables and provisions5 
Deferred taxation262 243 246 
2,941 3,903 2,973 
Current liabilities
Borrowings129 739 142 
Lease liabilities37 37 37 
Trade, other payables and provisions525 505 627 
Taxation71 73 153 
Shareholders for dividends2 — — 
764 1,354 959 
Liabilities held for sale 234 — 
764 1,588 959 
Total liabilities3,705 5,491 3,932 
Total equity and liabilities7,396 8,150 7,672 

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
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GROUP – STATEMENT OF CASH FLOWS
QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar millionNotesUnauditedUnauditedAudited
Cash flows from operating activities
Receipts from customers957 930 4,411 
Payments to suppliers and employees(723)(706)(2,583)
Cash generated from operations11234 224 1,828 
Dividends received from joint ventures36 25 148 
Taxation refund7 — — 
Taxation paid(128)(75)(431)
Net cash inflow (outflow) from operating activities from continuing operations149 174 1,545 
Net cash inflow (outflow) from operating activities from discontinued operations 45 109 
Net cash inflow (outflow) from operating activities149 219 1,654 
Cash flows from investing activities
Capital expenditure(199)(170)(701)
Interest capitalised and paid(4)(4)(17)
Acquisition of intangible assets — (1)
Dividends from other investments — 
Proceeds from disposal of tangible assets1 — 
Other investments and assets acquired(12)— (8)
Proceeds from disposal of other investments 
Proceeds from disposal of joint ventures2 — 26 
Loans repaid by associates and joint ventures — 12 
Proceeds on disposal of discontinued assets and subsidiaries — 200 
Recognition of joint operation - cash — 
Decrease (increase) in cash restricted for use6 (6)(9)
Interest received14 27 
Net cash inflow (outflow) from investing activities from continuing operations(192)(165)(448)
Net cash inflow (outflow) from investing activities from discontinued operations (10)(31)
Cash in subsidiaries sold and transferred to held for sale (6)
Net cash inflow (outflow) from investing activities(192)(181)(476)
Cash flows from financing activities
Proceeds from borrowings 1,526 2,226 
Repayment of borrowings (62)(2,310)
Repayment of lease liabilities(14)(11)(47)
Finance costs – borrowings(36)(25)(110)
Finance costs – leases(2)(2)(8)
Other borrowing costs — (33)
Dividends paid(197)(38)(47)
Net cash inflow (outflow) from financing activities from continuing operations(249)1,388 (329)
Net (decrease) increase in cash and cash equivalents(292)1,426 849 
Translation(27)(12)25 
Cash and cash equivalents at beginning of period1,330 456 456 
Cash and cash equivalents at end of period1,011 1,870 1,330 

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
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GROUP – STATEMENT OF CHANGES IN EQUITY
Share capital and premiumOther
capital reserves
(Accumulated losses)
Retained
earnings
Fair value through OCIActuarial (losses) gains
Foreign currency translation reserve (1)
TotalNon-controlling interestsTotal equity
US Dollar million
Balance at 31 December 20197,199 83 (3,268)45 (10)(1,409)2,640 36 2,676 
Profit for the period169 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 on disposal and derecognition of equity investments(4)— — 
Translation(9)— — 
Balance at 31 March 20207,209 64 (3,125)18 (9)(1,536)2,621 38 2,659 
Balance at 31 December 20207,214 77 (2,341)131 1 (1,387)3,695 45 3,740 
Profit for the period203 203 6 209 
Other comprehensive loss(57)(1)(2)(60)(60)
Total comprehensive income (loss)  203 (57)(1)(2)143 6 149 
Shares issued5 5 5 
Share-based payment for share awards net of exercised(4)(4)(4)
Dividends declared(199)(199)(199)
Balance at 31 March 20217,219 73 (2,337)74  (1,389)3,640 51 3,691 

(1) Foreign currency translation reserve includes a loss of $1,393m (Dec 2020: $1,396m; Mar 2020: $1,436m) that will not re-cycle through the Income statement on disposal of non-foreign operations, and a gain of $4m (Dec 2020: $9m; Mar 2020: $100m loss) relating to foreign operations that will re-cycle through the Income statement on disposal.
Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
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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
202120202020
US Dollar millionUnauditedUnauditedAudited
Africa678 575 2,769 
Australia191 209 989 
Americas241 238 1,211 
1,110 1,022 4,969 
Equity-accounted joint ventures included above(154)(140)(647)
Continuing operations956 882 4,322 
Discontinued operations - South Africa 138 408 
956 1,020 4,730 

By-product revenue        
QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar millionUnauditedUnauditedAudited
Africa1 
Australia1 — 
Americas21 22 99 
23 23 106 
Equity-accounted joint ventures included above — (1)
Continuing operations23 23 105 
Discontinued operations - South Africa — 
23 23 106 

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
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Segmental reporting (continued)    

Cost of sales        
QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar millionUnauditedUnauditedAudited
Africa431 365 1,572 
Australia167 161 705 
Americas168 194 764 
Corporate and other(2)(8)(2)
764 712 3,039 
Equity-accounted joint ventures included above(87)(76)(340)
Continuing operations677 636 2,699 
Discontinued operations - South Africa 101 287 
677 737 2,986 

Gross profit        
QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar millionUnauditedUnauditedAudited
Africa249 211 1,201 
Australia25 49 286 
Americas93 59 532 
Corporate and other2 (2)
369 320 2,017 
Equity-accounted joint ventures included above(67)(64)(308)
Continuing operations302 256 1,709 
Discontinued operations - South Africa 83 
302 265 1,792 

Amortisation        
QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar millionUnauditedUnauditedAudited
Africa59 89 349 
Australia28 34 160 
Americas35 35 163 
Corporate and other1 
123 159 674 
Equity-accounted joint ventures included above(23)(24)(104)
100 135 570 

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
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Segmental reporting (continued)

Capital expenditure
QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar millionUnauditedUnauditedAudited
Africa107 92 397 
Australia50 33 143 
Americas53 61 217 
Continuing operations210 186 757 
Discontinued operations - South Africa 13 35 
210 199 792 
Equity-accounted joint ventures included above(11)(16)(56)
199 183 736 

Total assets
As atAs atAs at
MarMarDec
202120202020
US Dollar millionUnauditedUnauditedAudited
South Africa 577 — 
Africa4,016 3,659 3,956 
Australia1,005 849 1,044 
Americas1,578 1,433 1,626 
Corporate and other797 1,632 1,046 
7,396 8,150 7,672 

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
18


Notes
for the three months ended 31 March 2021

1 Basis of preparation

The financial statements in this report have been prepared in accordance with the historic cost convention except for certain financial instruments which are stated at fair value. While AngloGold Ashanti has prepared interim financial statements for the three months ended 31 March 2021, its normal reporting periods remain unchanged. Accordingly, the group prepares interim financial statements for the six months ended 30 June and 31 December, and annual financial statements for the year ended 31 December. The group’s accounting policies used in the preparation of these financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2020, except for the adoption of new or amended standards applicable from 1 January 2021, which had no material impact on the financial statements of the group.

The market update with financial information of AngloGold Ashanti has been prepared in compliance with the framework concepts and the measurement and recognition requirements of the International Financial Reporting Standard, IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB), the South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides as issued by the Accounting Practices Committee, the Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the JSE Listings Requirements and in the manner required by the South African Companies Act, No. 71 of 2008 (as amended) for the preparation of financial information of the group for the three months ended 31 March 2021. These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto as at and for the year ended 31 December 2020.



2 Revenue
QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar millionUnauditedUnauditedAudited
Gold income9568824,322
By-products 2323105
Revenue from product sales9799054,427


3 Cost of sales
QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar millionUnauditedUnauditedAudited
Cash operating costs519 415 1,881 
Royalties40 37 181 
Other cash costs3 12 
Total cash costs562 455 2,074 
Retrenchment costs 
Rehabilitation and other non-cash costs(7)29 32 
Amortisation of tangible assets85 123 521 
Amortisation of right of use assets14 11 47 
Amortisation of intangible assets1 
Inventory change22 16 21 
677 636 2,699 

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
19


4 Other expenses (income)
QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar millionUnauditedUnauditedAudited
Government fiscal claims, cost of old tailings operations and other expenses(1)12 20 
Pension and medical defined benefit provisions2 
Royalty received(1)(1)(2)
Royalty receivables impaired — 
Retrenchment and related costs1 — — 
Legal fees and project costs 
Refund from insurance claim (5)(5)
Other indirect taxes1 11 23 
2 20 57 

5 Finance costs and unwinding of obligations
QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar millionUnauditedUnauditedAudited
Finance costs - borrowings2431130
Finance costs - leases228
Unwinding of obligations 41039
3043177
The interest included within finance costs is calculated at effective interest rates.

6 Share of associates and joint ventures' profit
QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar millionUnauditedUnauditedAudited
Revenue162 148 677 
Operating costs and other expenses(90)(80)(353)
Profit on sale of joint ventures — 19 
Net interest received2 
Profit before taxation74 71 348 
Taxation(17)(13)(70)
Profit after taxation57 58 278 


Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
20


7 Taxation
QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar millionUnauditedUnauditedAudited
South African taxation
Normal taxation — 
Deferred taxation
Other temporary differences (1)
 (6)74 
 (6)75 
Foreign taxation
Normal taxation62 93 553 
Prior year under provision — 
Deferred taxation
Temporary differences (2)
5 10 
Prior year over provision — (6)
Change in estimate3 (2)(14)
70 101 550 
70 95 625 
(1) Included in other temporary differences in South African taxation for the year ended 31 December 2020 are deferred tax assets of $78m, which were derecognised during the fourth quarter of 2020; $9m thereof as part of the disposal of the South African assets and the remaining $69m on consideration of future recoverability.

(2) Temporary differences in Foreign taxation for the quarter ended 31 March 2021 include amounts giving rise to deferred tax assets (limited to generated taxable income) at Obuasi of $12m (Dec 2020: $7m).

Income tax uncertainties
AngloGold Ashanti operates in numerous countries around the world and accordingly is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. Some of these tax regimes are defined by contractual agreements with local government, and others are defined by the general corporate income tax laws of the country. The group has historically filed, and continues to file, all required income tax returns and to pay the taxes reasonably determined to be due. In some jurisdictions, tax authorities are yet to complete their assessments for previous years. The tax rules and regulations in many countries are highly complex and subject to interpretation. From time to time, the group is subject to a review of its historic income tax filings and in connection with such reviews, disputes can arise with the tax authorities over the interpretation or application of certain rules in respect of the group’s business conducted within the country involved. Significant judgement is required in determining the worldwide provisions for income taxes due to the complexity of legislation. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business.

Irrespective of whether potential economic outflows of matters have been assessed as probable or possible, individually significant matters are included below, to the extent that disclosure does not prejudice the group.

Argentina - Cerro Vanguardia SA
The Argentina Tax Authority has challenged the deduction of certain hedge losses, with tax and penalties amounting to $7m (2020: $8m). Management has appealed this matter which has been heard by the Tax Court, with final evidence submitted in 2017. The matter is pending and judgement is expected in the next 24 months. Management is of the opinion that the hedge losses were claimed correctly and no provision has therefore been made.

Brazil - AGA Mineração and Serra Grande
The Brazil Tax Authority has challenged various aspects of the companies’ tax returns for periods from 2003 to 2016 which individually and in aggregate are not considered to be material. Based on engagement with the Brazil Tax Authority, certain amounts have been allowed and assessments reduced, whilst objections have been lodged against the remainder of the findings. In December 2019, Serra Grande received a tax assessment of $18m (2020: $20m) relating to the amortisation of goodwill on the acquisition of mining interests, which is permitted as a tax deduction when the acquirer is a domiciled entity. Management is of the opinion that the Brazil Tax Authority is unlikely to succeed in this matter. This is supported by external legal advice and therefore no provision has been made.

Colombia - La Colosa and Gramalote
The tax treatment of exploration expenditure has been investigated by the Colombian Tax Authority which resulted in claims for taxes and penalties of $81m(1) (2020: $86m) pertaining to the 2010 to 2014 tax years.

These assessments were appealed in 2016 (in the case of La Colosa) and resulted in an adverse judgement on 22 October 2018, in the Administrative Court of Cundinamarca. An appeal was lodged and all arguments submitted to the Council of State on 21 August 2018, with an expected judgement in the next 12 to 18 months as at 31 March 2021. The deduction of exploration costs is prohibited from 2017 onwards following a change in legislation. Subsequent to this date, exploration costs have been treated in accordance with the amended legislation. In July 2019, the Supreme Administrative Court issued a ruling that duplicate penalties may not be charged. The impact of the ruling is that certain penalties will be waived, which reduces the overall exposure by $52m (2020: $76m). The matter is pending and may take two to four years to be resolved. Management is of the opinion that the Colombian Tax Authority is unlikely to succeed in this matter and therefore no provision has been made.
(1) Includes reduction of overall exposure by $52m (2020: $76m) as described above.
Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
21



Ghana - Iduapriem
The Ghana Revenue Authority completed a tax audit during the third quarter of 2020 for the 2018 year of assessment claiming a tax liability of $15m (2020: $15m). The claim relates to corporate income taxes, where certain business expenses have been disallowed as a deduction for tax purposes. Management filed an objection to the assessment in September 2020 and is of the opinion that the Ghana Revenue Authority is unlikely to succeed in this matter and therefore no provision has been made.

Guinea - Siguiri
The Guinea Tax Authority has challenged certain aspects of the Company’s tax return for the 2010 year of assessment totalling $8m (attributable) (2020: $8m (attributable)). Management has objected to the assessment. However provision has been made for a portion of the total claims amounting to $2m (attributable) (2020: $2m (attributable)).

Tanzania - Geita
The Tanzania Revenue Authority has raised audit findings on various tax matters for years from 2009 to 2019 amounting to $262m (2020: $254m) including an adjusted tax assessment relating to the years from 2015 to 2017 of $8m received in February 2021. In addition, the Tanzania Revenue Authority has issued Agency Notices on various local bank accounts of the Company in Tanzania, enforcing payments from those bank accounts, despite the matters being on appeal. In order to continue operating its bank accounts and to not impact operations, Geita paid various amounts under protest. Management has objected and appealed through various levels of the legislative processes. Management is of the opinion that the claims of the Tanzania Revenue Authority are unlikely to succeed.
In addition, it should be noted that amendments passed to Tanzanian legislation in 2017 amended the 2010 Mining Act and new Finance Act. Effective from 1 July 2017, the gold mining royalty rate increased to 6% (from 4%) and further a 1% clearing fee on the value of all minerals exported was imposed. The group has been paying the higher royalty and clearing fees since this date, under protest, and is of the view that this is in contravention of its Mining Development Agreement.

Tax impacts of COVID-19
As a result of the COVID-19 pandemic, governments have responded with various stimulus packages, to provide relief to companies and individuals, to ensure business and employment continuity. This has been achieved through various tax and employment concessions, over varying periods, mostly commencing in April 2020. In North America, the US Government passed the Coronavirus Aid, Relief and Economic Security (CARES) Act on 27 March 2020. The bill provides various tax relief and incentives such as accelerated access to tax attributes created under the Tax Cuts and Jobs Act of 2017 (TCJA) and resulted in an alternative minimum tax refund of $7m received during the first quarter of 2021. Other tax jurisdictions have provided tax relief in various forms to companies which will impact on tax planning and tax payments in the light of the uncertainty created by the pandemic. Management continues to evaluate these tax measures and applies them when appropriate.


Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
22


8 Headline earnings
QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar millionUnauditedUnauditedAudited
The profit (loss) attributable to equity shareholders has been adjusted by the following to arrive at headline earnings (loss):
Profit attributable to equity shareholders203 169 953 
Net impairment reversal on held for sale assets (1)
 (26)(17)
(Profit) loss on disposal of discontinued operations (2)80 
Taxation on profit (loss) on disposal of discontinued operations 
Profit on disposal of joint ventures (1)
 — (19)
Net loss on disposal of tangible assets (1)
 
Headline earnings203 143 1,000 
Headline earnings per ordinary share (US cents) (2)
48 34 238 
Diluted headline earnings per ordinary share (US cents) (3)
48 34 238 
(1) Tax effect has not been disclosed as the tax is less than $1m.
(2) Calculated on the basic weighted average number of ordinary shares.
(3) Calculated on the diluted weighted average number of ordinary shares.
Number of shares
Ordinary shares417,005,830 415,578,197 416,399,307 
Fully vested options1,829,548 2,263,237 2,634,209 
Weighted average number of shares418,835,378 417,841,434 419,033,516 
Dilutive potential of share options— 644,570 447,934 
Dilutive number of ordinary shares418,835,378 418,486,004 419,481,450 

9 Share capital and premium
As atAs atAs at
MarMarDec
202120202020
US Dollar million

UnauditedUnauditedAudited
Share capital
Authorised:
600,000,000 ordinary shares of 25 SA cents each23 23 23 
2,000,000 A redeemable preference shares of 50 SA cents each — — 
5,000,000 B redeemable preference shares of 1 SA cents each — — 
30,000,000 C redeemable preference shares at no par value — — 
23 23 23 
Issued and fully paid:
417,254,176 (Dec 2020: 416,890,087; Mar 2020: 416,340,033) ordinary shares in issue of 25 SA cents each17 17 17 
2,000,000 A redeemable preference shares of 50 SA cents each — — 
778,896 B redeemable preference shares of 1 SA cent each — — 
17 17 17 
Treasury shares held within the group
2,778,896 A and B redeemable preference shares — — 
17 17 17 
Share premium
Balance at beginning of period7,250 7,235 7,235 
Ordinary shares issued5 10 15 
7,255 7,245 7,250 
Less: held within the group
Redeemable preference shares(53)(53)(53)
Balance at end of period7,202 7,192 7,197 
Share capital and premium7,219 7,209 7,214 

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
23


10 Borrowings

AngloGold Ashanti’s borrowings are interest bearing.
As atAs atAs at
MarMarDec
202120202020
US Dollar millionUnauditedUnauditedAudited
Change in liabilities arising from financing activities:
Reconciliation of borrowings (excluding lease liabilities)
A reconciliation of the total borrowings included in the statement of financial position is set out in the following table:
Opening balance1,931 2,033 2,033 
Proceeds from borrowings 1,526 2,226 
Repayment of borrowings (62)(2,310)
Finance costs paid on borrowings(38)(26)(114)
Interest charged to the income statement26 32 115 
Other borrowing cost — (15)
Deferred loan fees — 
Translation (23)(8)
Closing balance1,919 3,480 1,931 
Reconciliation of finance costs paid (excluding lease finance costs)
A reconciliation of the finance costs paid included in the statement of cash flows is set out in the following table:
Finance costs paid on borrowings38 26 114 
Capitalised finance cost(4)(4)(17)
Commitment fees, environmental guarantees fees and other2 13 
Total finance costs paid36 25 110 
Reconciliation of lease liabilities
Opening balance153 171