Group overview 2010

Key features 2010

All injury frequency rate (AIFR) improved by 11% to 11.50 per million hours worked;
Record adjusted headline earnings (excluding the impact of accelerated hedge buy-backs) of $787m, a result of improved margins due to higher received prices;
Production of 4.52Moz at a total cash cost of $638/oz is within exchange-rate adjusted guidance;
Geita, Cripple Creek & Victor and South Africa turnarounds successfully executed;
Complete elimination of the hedge book, thus providing full exposure to the prevailing gold spot price;
Securing AngloGold Ashanti’s international investment grade credit ratings;
Introduction of long-term tenor to the statement of financial position with the issue of two rated bonds maturing in 10 and 30 years and mandatory convertible bonds due in 2013; and
A full year dividend of 145 South African cents per share (approximately 20 US cents per share), 12% higher than the previous year of 130 South African cents (17 US cents per share).

4,515000oz

$1,669m

		2010	2009	% change
Gold produced	(000oz)	4,515	4,599	(2)
Average gold spot price	($/oz)	1,227	974	26
Average received gold price	($/oz)	561	751	(25)
Average received gold price excluding hedge buy-back costs ⁽¹⁾	($/oz)	1,159	925	25
Total cash costs	($/oz)	638	514	24
Total production costs	($/oz)	816	646	26
Ore Reserve ⁽²⁾	(Moz)	71	71	1
Revenue	($m)	5,514	3,916	41
Gold income	($m)	5,334	3,768	42
Adjusted headline loss ⁽³⁾	($m)	(1,758)	(50)	3,416
Adjusted headline earnings excluding hedge buy-back costs ⁽⁴⁾	($m)	787	708	11
Adjusted headline earnings excluding hedge buy-back costs	(US cents/share)	212	196	8
Dividends per ordinary share	(SA cents/share)	145	130	12
Average exchange rate	(R/$)	7.30	8.39	(13)
Exchange rate at year-end	(R/$)	6.57	7.44	(12)
Share price at year-end:
JSE	(R/share)	326.90	306.29	7
NYSE	($/share)	49.23	40.18	23
Market capitalisation at year-end	($m)	18,767	14,555	29

Note:

⁽¹⁾ Average received gold price during 2010 excluding the effects of hedge buy-back costs at $1,159/oz is 25% higher than 2009, 5.5% discount to the spot gold price and better than the guidance of 8% to 10%.
⁽²⁾ After adjusting for the Tau Lekoa sale, Ore Reserve increased by 1% from 70.6Moz to 71.2Moz.
⁽³⁾ Headline loss adjusted for unrealised non-hedge derivatives, fair value adjustments on the option component of the convertible and mandatory convertible bonds, adjustments to other commodity contracts and deferred tax thereon. Refer to Non-GAAP disclosure note 1.
⁽⁴⁾ Refer to Non-GAAP disclosure note 1.

11.50

per million
hours worked

$18.8bn