Page 1
background image
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 or 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
Report on Form 6-K dated
October 29, 2004
AngloGold Ashanti Limited
 
(Name of Registrant)
11 Diagonal Street
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:
 
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:
 
Enclosures:
Report for the quarter and nine months ended September 30, 2004, prepared in accordance with
International Financial Reporting Standards (IFRS )
background image
Quarter 3 2004
Report
for the quarter and nine months ended 30 September 2004
Group results for the quarter...
· Production for the quarter increased by 9% to 1.628Moz
· Total cash costs rose by 5% to $272/oz, due mainly to continued strengthening of operating currencies and the
effects of inf lation
· South African total cash costs increased by only 3% to R60,687/kg, despite a 7% mid-y ear wage increase
· Average spot gold price rose 2% to $402/oz; receiv ed price
1
of gold up $7/oz to $392/oz
· Adjusted headline earnings
2
decreased by 16% to $43m due to cost increases
Quarter
ended
Sept 2004
Quarter
ended
June
2004
Nine
months
ended
Sept 2004
Nine
months
ended
Sept 2003
Quarter
ended
Sept 2004
Quarter
ended
June
2004
Nine
months
ended
Sept 2004
Nine
months
ended
Sept 2003
Unaudited   Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
SA rand / Metric
US dollar / Imperial
Operating review
Gold
Pr oduced
- kg / oz (000)
50,623
46,330    135,370   131,457
1,628
1,490
4,352
4,226
Price received
1
- R/kg / $/oz
80,572
81,276      82,896
88,852
392
385
393
354
Total cash costs
3
- R/kg / $/oz
55,744
55,162      55,727
52,206
272
260
265
208
Total production costs
3
- R/kg / $/oz
69,582
68,659      69,166
63,716
340
324
328
254
Financial review
Operati ng profit
- R / $ million
602
203
1,520
3,607
97
26
230
463
Adjusted operating profit
4
- R / $ million
631
702
2,216
3,303
98
108
337
422
Net profit (loss)
- R / $ million
253
(70)           431
1,721
40
(12)
66
219
Headline earnings (loss)
- R / $ million
274
(22)          538
1,794
44
(5)
82
228
Adjusted headline earnings
2
- R / $ million
280
322
1,001
1,628
43
51
153
207
Capital expenditure
3
- R / $ million
1,004
1,012
2,583
2,181
156
153
393
279
Earnings (loss) per ordinary share - cents/share
Basic
96
(28)          175
773
15
(5)
27
98
Diluted
96
(28)          175
769
15
(5)
27
98
Headline
104
(9)          218
805
17
(2)
33
102
Adjusted headline
2
106
127
405
731
16
20
62
93
Dividends 
- cents/share
170
375
26
51
Notes:    1.
Price received including realised non-hedge derivatives.
2.
Headline earnings (loss) before unrealised non-hedge derivatives and fair value gains (losses) on interest rate swaps.
3.
2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.
4.
Operating profit excluding unrealised non-hedge derivatives.
$ represents US dollar, unless otherwise stated.
background image
Quarterly Report September 2004 www.AngloGoldAshanti.com
background image
Operations at a glance
for the quarter ended 30 September 2004
Price received
1
Production
Total cash costs
Cash operating
profit
2
Adjusted operating
profit
3
$/oz
%
Variance
4
oz (000)
%
Variance
4
$/oz
%
Variance
4
$m
%
Variance
4
$m
%
Variance
4
Great Noligwa
410
5
207
6
233
4
33
10
29
12
TauTona
409
5
144
(2)
253
10
22
5
13
-
Sunrise Dam
418
(1)
112
15
231
(9)
19
(17)
13
(28)
AngloGold Ashanti Brazil
370
(6)
64
(2)
130
1
16
(6)
13
(7)
Cerro Vanguardia
6
380
5
61
30
145
(22)
16
60
9
200
Kopanang
408
5
119
(2)
303
15
12
(8)
9
(10)
Cripple Creek & Victor
325
(1)
90
18
218
5
12
(8)
2
(50)
Mponeng
408
5
118
12
314
(3)
10
67
3
100
Geita
5
368
3
148
6
294
30
8
(43)
-              (100)
Bibiani
397
2
46
84
235
(1)
7
133
2
-
Sadiola
6
397
1
38
(14)
267
15
6
-
3
(25)
Serra Grande
6
363
(7)
24
4
136
9
6
-
5
-
Iduapriem
6
375
(6)
55
104
252
(18)
5
-
2
-
Yatela
6
402
2
24
(4)
233
(2)
4                   -                  2
(33)
Morila
6
361
2
37
9
248
4
3
(25)
-              (100)
Obuasi
379
(5)
94
32
300
3
3
(25)
(4)
-
Nav achab
387
(2)
18
13
301
(6)
1
(50)
1
-
Freda-Rebecca
447
7
5
25
394
(12)
1
200                 -               100
Tau Lekoa
408
5
70
(14)
406
28                 -
(100)
(4)
(500)
Ergo
409
5
53
(10)
391
-
(2)
-
(2)
-
Siguiri
6
384
-
23
35
504
31
(2)
-
(1)
50
Sav uka
409
5
43
13
451
(2)
(3)
25
(5)
29
Other
35
13
14
(13)
8
(11)
AngloGold Ashanti
392
2        1,628
9
272
5
191
2
98
(9)
1
Price recei ved includes r ealised non-hedge deri vati ves .
2
Adjusted operating pr ofit pl us amortis ation of mini ng assets less non-c ash revenues.
3
Operati ng profit excludi ng unrealised non-hedge derivati ves.
4
Varianc e September 2004 quarter on June 2004 quarter - increas e (decreas e).
5
Attributable 100% from May 2004.
6
Attributable.
Quarterly Report September 2004 www.AngloGoldAshanti.com
1
background image
Financial and operating review
OVERVIEW OF THE THIRD QUARTER
Although the September quarter was operationally better than the previous period, a favourable inventory adjustment during the second quarter and higher third quarter costs saw adjusted operating profit fall 9% to $98m. Gold production for the quarter, at 1.628Moz, increased by 9% on the second quarter's production of 1.490Moz or by 3% if the two months of Ashanti production included in the June quarter is adjusted to assume a full quarter's production. The received price of gold rose by $7/oz to $392/oz compared with an average spot price of $402/oz and total cash costs increased by 5% to $272/oz, while total production costs ro se by 5% to $340/oz.
In terms of production, Sunrise Dam in Australia had an excellent quarter, increasing by 15% to a record 112,000oz. Two of the former Ashanti asset s, Iduapriem and Bibiani, also showed significant improvement, as did Cerro Vanguardia in Argentina and Cripple Creek & Victor in the US, with production increases of 30% and 18%, respectively. In South Africa, the majority of the operations maintained their performances quarter-on-quarter, while Great Noligwa and Mponeng demonstrated a marked improvement in the area of production. Tau Lekoa and Ergo were the only South African assets that significantly underperformed this quarter, with the production of the region as a whole nevertheless increasing by 1%. Geita and Obuasi both underperformed this quarter.
As noted, total cash costs for the quarter increased by $12/oz, from $260/oz in the second quarter to $272/oz. The continued strengthening of operating currencies ($7/oz) and the effect of inflation ($8/oz) were the main contributors to this increase, with the latter primarily represented in rising diesel prices, contractor mining costs and the South African mid- year wage increase. These unit cost increases were partially offset by higher recovered grades however, and it should be noted that the South African operations managed to restrict unit costs to R60,687/kg, despite the 7% wage increase.
Corporate costs were reduced by $3m, although this benefit was offset by increases in marketing and exploration expenditures. Net financing costs decreased by $1m, while other net income
increased by $7m and taxation on adjusted headline earnings went down by $3m. The net result of these movements, together with this quarter's reduced adjusted operating profit, was a 16% decline in adjusted headline earnings to $43m.
In the previous quarter, there was an unrealised loss of $82m on non-hedge derivatives. This quarter, the loss is only $1m and consequently net profit rose from a loss of $12m in the previous quarter to a profit of $40m in the third quarter.
OPERATING RESULTS FOR THE QUARTER
SOUTH AFRICA
At Great Noligw a, volume mined increased by 6% quarter-on-quarter, due to improved face length and face advance. Mainly as a result of a better mining mix, grade improved by 7% and gold production increased by 5% to 6,427kg (207,000oz). Total cash costs increased by 1% to R47,641/kg ($233/oz) primarily due to the higher power costs over the winter months and the expected mid-year wage increase. Adjusted operating profit improved by 11% to R185m ($29m), as a result of the higher gold production. The Lost Time Injury Frequency Rate (LTIFR) deteriorated by 2% to 10.67 lost time injuries per million hours worked.
Regrettably, two employees lost their lives in falls of ground accidents.
At Kopanang, the volume mined was 2% lower than that of the previous quarter, although still in line with expectations. Gold production fell by 3% to 3,707kg (119,000oz) despite a 3% increase in tonnage treated for the quarter. Total cash costs increased by 11% to R61,912/kg ($303/oz) because of higher labour, power, explosives and support costs. Adjusted operating profit, down 19% to R56m ($9m), was unfavourably impacted by lower gold production. LTIFR improved slightly over the quarter to 11.72. Though a million fatality-free shifts were achieved on 10 July 2004, one employee died from a fall of ground accident later in the quarter.
Quarterly Report September 2004 www.AngloGoldAshanti.com
2
background image
Tau Lekoa's volume mined fell by 2% following a Department of Minerals and Energy decision to stop work on Sundays for three weeks after a fatality occurred in June. Yield fell by 9% to 3.8g/t, though there should be a slight improvement in grade in the short term.
The lower volumes and yield resulted in a 13% decrease in gold production to 2,184kg (70,000oz). Total cash costs increased by 24% to R83,134/kg ($406/oz) as a re sult of the lower gold output and the mid-year wage increase. Tau Lekoa's operating results have been significantly affected this quarter by reduced revenues and higher costs, re sulting in an adjusted operating loss of R22m ($4m). LTIFR improved by 22% to 12.56.
At Mponeng, volume mined improved by 5% to bring results up to targeted levels. Yield increased by 11% due to a higher-than-anticipated grade and gold production rose by 12% to 3,657kg (118,000oz). Despite the mid-year wage increase, total cash costs fell by 6% to R64,344/kg ($314/oz). Operating results reversed the loss recorded last quarter and benefited from the higher revenues related to the improved gold production to post an adjusted operating profit of R19m ($3m). The LTIFR deteriorated by 2% to 9.23. Half a million fatality-free shifts were achieved on 9 September 2004.
Sav uka's volume mined improved by 10% this quarter, due to additional face length from new ledging operations in the lower Carbon Leader Reef (CLR). Yield has shown an 8% improvement to 6.36g/t following a substantial increase in the recorded face value, especially in the Ventersdorp Contact Reef (VCR) on 68-75 levels. As the new ledging operations are predominantly located in higher grade areas, gold production rose by 15% to 1,340kg (43,000oz). Total cash costs decreased by 6% to R92,197/kg ($451/oz), the consequence of improved gold output, though this benefit was partially offset by the mid-year wage increase. Adjusted operating losse s decreased by 27% to R30m ($5m). LTIFR deteriorated to 17.90 and one employee died as a result of a seismic event.
At TauTona, volume mined improved by 9%, mainly due to a 3% increase in face length and a 6% improvement in face advance. Yield fell 4% as the benefit of higher face values was partially negated by increased development. Gold production fell by 2% to 4,474kg (144,000oz) as lower yield offset advantage of increased tonnes treated. Total cash
costs ro se by 6% to R51,642/kg ($253/oz) as a result of the reduced gold output and the mid- year wage increase. Adjusted operating profit fell by 1% to R86m ($13m) and the LTIFR deteriorated to 12.57. Two employees died during the quarter - one, the result of a fall of ground and the other after a slip and fall accident.
At Ergo, the tonnes treated decreased by 17% because, as the operation nears closure, the clean-up material is increasingly difficult to treat. In addition, 3.5 days were lost due to a strike by the monitoring contractor's employees. Yield increased marginally from the second quarter rate of 0.23g/t but gold production, impacted by the lower volumes, declined by 11% to 1,645kg (53,000oz). Total cash costs improved by 4% to R79,848/kg ($391/oz) as a result of lower throughput and reduced by-product losses from the closure of the acid plant. Operating losse s improved slightly from the previous quarter to R11m ($2m). LTIFR improved by 50% to 0.84.
Moab Khotsong's gold production of 80kg (2,600oz), which is up slightly from last quarter's 66kg, is not included in the South Africa region's production, as the revenue continues to be capitalised against pre-production costs.
Commercial production is scheduled for 2006. After three years of exemplary safety performance, one employee died during the quarter due to a fall of ground. LTIFR was up slightly quarter-on-quarter to 6.59.
ARGENTINA
At Cerro Vanguardia (92.5% attributable), gold production increased as planned by 30% to 61,000oz due to a 40% improvement in grade, which was a result of a better mix of high-grade ore from the pits. The improved mix compensated for a 6% decrease in ore treated, which resulted from plant operational difficulties that have since been resolved.
Total cash costs were 22% lower at $145/oz, mainly owing to higher gold production and a 3% local currency devaluation, although higher inflation and lower silver by-product revenue partially offset these benefits. Adjusted operating profit improved to $9m as a result of a 32% increase in gold revenue, including a 5% higher received price. LTIFR during the third quarter improved from 7.24 to 4.81, after the
Quarterly Report September 2004 www.AngloGoldAshanti.com
3
background image
implementation of a comprehensive risk management programme.
AUSTRALIA
Production at Sunrise Dam increased by 15% to a record 112,000oz. Recovered grade rose by 10% to 3.81g/t as mining operations moved into higher grade areas as planned. Total cash cost s decreased by 9% to A$325/oz ($231/oz) and adjusted operating profit dropped by 33% to A$18m ($13m) due to an inventory build-up in the second quarter. For the quarter, 826m of underground capital development was completed and underground drilling is in progress. The LTIFR improved significantly to 2.39.
Work continued this quarter on the November 2000 Boddington Expansion Feasibility Study update. All three parties involved remain committed to completing the study and optimising the project.
BRAZIL
At AngloGold Ashanti Brazil, gold production was marginally lower at 64,000oz. Total cash costs were 1% higher at $130/oz, mainly due to higher maintenance costs on drilling, a collective labour agreement, higher inflation and a 3% appreciation in the local currency. The effect of these factors was partially offset by a higher acid by-product credit. Adjusted operating profit fell by 7% to $13m, mainly due to a 6% decrease in the realised price. LTIFR, at 2.29, increased from the excellent safety performance of the second quarter.
At Serra Grande (50% attributable), gold production rose by 4% to 24,000oz due to a 3% increase in the ore treated. This was partially offset by a 1% reduction in recovered grade. Total cash costs were 9% higher at $136/oz primarily due to higher inflation, local currency appreciation and to a collective labour agreement. Adjusted operating profit was maintained at $5m. The first lost time injury in 16 months occurred at Serra Grande this quarter, bringing the LTIFR to 2.45.
GHANA
At Bibiani, production increased 21% from 38,000oz (normalised) to 46,000oz and total cash costs were down slightly at $235/oz. In September, there was a failure of the south pit wall adjacent to the entrance of the underground portal, resulting in the covering of a portion of the high-grade ore at the
southern end of the pit. Backfilling to remedy the wall failure will be completed in November, when the pit bottom will be re-accessed and mining of the remaining ore will recommence. Access to the underground workings has been temporarily affected by the slip but once access is secured, underground development and exploration activities will resume.
As a result of the slope failure, the fourth quarter gold production forecast has been adjusted downwards to reflect the processing of stockpile material rather than newly mined, higher-grade ores from the main pit. There were no lost time injuries this quarter.
At Iduapriem (85% attributable), gold production increased 34% on normalised second quarter production to 55,000oz and total cash costs declined to $252/oz. Though throughput at the CIP plant of 1.06Mt was lower than expected due to a gearbox problem in late September, the feed grade was higher than anticipated, resulting in better gold production at the plant. Total tonnage mined, at 5.7Mt, was in line with expectations but structural damage to an excavator will affect the mine grade in the next quarter until the problem has been fully rectified.
During the fourth quarter, a mine-to-mill study and an engineering cost review of both the processing plant and crushing and ore transfer systems will commence. The results of these exercises will aid in re-engineering the operation to reduce operating costs and optimise throughput. No lost time injuries occurred during the quarter.
At Obuasi, gold production declined 12% quarter-on-quarter from 107,000oz (normalised) to 94,000oz, primarily due to insufficient developed and drilled underground reserves, which resulted in decreased mining flexibility. As reported last quarter, new trackless mining equipment has been delivered to the mine and an operator training programme is underway to ensure that the utilisation and availability of this new equipment meets planned levels going forward. Reorganisation of the planning and technical functions is also ongoing and, combined with the new equipment delivery, should result in underground production rates being restored to planned levels over the course of the next year. Total cash costs, which
Quarterly Report September 2004 www.AngloGoldAshanti.com
4
background image
increased to $300/oz, were higher than expected, due to the impact of fixed costs and lower production levels. The LTIFR at Obuasi was 1.75.
REPUBLIC OF GUINEA
Operations at Siguiri (85% attributable) during the third quarter continued to reflect the effects of a government embargo implemented in May on fuel and the sale of gold. Although fuel deliveries have recommenced and the embargo on gold sales has been lifted, an unexpected shortage of cement supplies resulted in reduced crushing and stacking operations. Consequently, mining during the third quarter concentrated primarily on waste stripping and production decreased slightly quarter-on- normalised-quarter to 23,000oz, while total cash costs increased to $504/oz. Cement supplies have now been sourced and full production on the heap leach pad is expected by early November.
Construction of the carbon-in-pulp plant continues and, as noted last quarter, the plant is on track for commissioning during the first quarter of 2005. Production for the fourth quarter, however, will nevertheless be impacted by the delay in the CIP plant construction, as well as by the cement shortage, which prevents the current plant from operating at full capacity. The LTIFR for the quarter was 1.89.
MALI
At Morila (40% attributable), production was 9% higher than that of the previous quarter at 37,000oz, the result of an 11% increase in recovered grade. The benefit of the improved grade was partially offset by a 3% reduction in tonnage throughput, which resulted from a SAG mill gearbox replacement that took ten days in August, in addition to a motor change in the primary crusher in September.
Total cash cost s were 4% higher quarter-on-quarter at $248/oz, mainly due to inflation, althought improved grade partially counteracted this effect. Increased inflation was primarily the result of higher diesel prices and mining contractor costs. Adjusted operating profit for the quarter was $0.2m.
The plant expansion was operating at design capacity by the end of the third quarter and mining is on schedule to feed higher grade ore from Pit Three in the fourth quarter. Significantly improved grades, higher throughput and increased gold production are
expected next quarter. Negotiations regarding the productivity bonus dispute are ongoing. There were no lost time injuries during the quarter.
At Sadiola (38% attributable), gold production decreased by 14% to 38,000oz due to lower grades; feed grade was high in the previous quarter to compensate for low throughput in the first quarter. Total cash costs increased by 15% to $267/oz as a result of the grade decline and increased inflation. Adjusted operating profit decreased to $3m also owing to the grade decline. Looking ahead, both production and grade are expected to increase in the fourth quarter. There were no lost time injuries during the quarter.
Production at Yatela (40% attributable), at 24,000oz, was 4% below that of the previous quarter due to a decrease in tonnage stacked. Tonnage throughput was adversely affected by wet material chokes and poor footing conditions on the leach pad, though recovered grade, at 3.61g/t, remained consistent with that of the previous quarter.
Total cash costs went down by 2% to $233/oz, mainly due to decreased volumes and reduced economies of scale. Adjusted operating profit declined by 33% to $2m due to lower volumes mined and higher amortisation. The effect on adjusted operating profit by these factors, however, was partially mitigated by the quarter's consistent grade. A production increase is expected in the fourth quarter. LTIFR deteriorated to 1.72.
NAMIBIA
At Nav achab, gold production rose by 13% to 18,000oz due to a 7% improvement in recovered grade and a 6% increase in tonnage throughput. Total cash costs decreased by 6% to $301/oz as a result of improved volume and grade, as well as better efficiency rates. A $1m adjusted operating profit is the result of increased gold production. There were no lost time injuries this quarter.
TANZANIA
At Geita (100% attributable from May 2004), production for the third quarter decreased to 148,000oz from 168,000oz (normalised) in the
Quarterly Report September 2004 www.AngloGoldAshanti.com
5
background image
second quarter. Tonnage throughput was 7% higher, though grade decreased by 1%. Total cash costs increased 30% to $294/oz, due to increased mining contractor costs and a continued strengthening in the diesel price, while additional costs were incurred from a mill liner replacement and higher plant maintenance costs. Significant improvements in grade and gold production are expected during the fourth quarter.
Negative grade, inflation and cost variances resulted in a slight operating loss, though these factors were partially offset by favourable volume and inventory movements due to the sale of gold stock carried over from the second quarter. LTIFR deteriorated to 2.13.
USA
At Cripple Creek & Victor (67% ownership with 100% interest in production until initial loans are repaid), production was 18% higher than that of the previous quarter at 90,000oz, due to improved solution head grade through the processing plant. This improved grade is attributable to better chemistry on the leach pad and an inventory reduction. Total cash costs increased by 5% to $218/oz and adjusted operating profit decreased from $4m to $2m. The benefit of improved gold production was more than offset by inventory movements, increased amortisation expenses and higher fuel costs.
The new processing facilities at CC&V exceeded design capacity during the quarter and haul truck hours ended the period slightly above planned levels. The leach pad drilling programme highlighted last quarter was completed in
September and Phase 4C of the leach pad construction is scheduled for completion in October 2004. Results have confirmed the leach pad inventory with respect to recoverable ounces. There were no lost time injuries for the quarter.
ZIMBABWE
Freda-Rebecca produced 5,000oz for the quarter, down from 6,000oz (normalised) in the last period. Total cash costs of $394/oz were down significantly from the $447/oz previously recorded. No lost time injuries occurred during the quarter.
On 10 September, AngloGold Ashanti announced the sale of Freda-Rebecca to South Africa-based Mwana Africa Holdings for a cash consideration of $2.255m. Closure of the transaction is subject to regulatory consents and approvals.
PROSPECTS FOR THE FOURTH QUARTER AND YEAR
For the fourth quarter, AngloGold Ashanti anticipates producing approximately 1.7Moz at a total cash cost of about $262/oz, assuming the third quarter exchange rate of R6.37. For the full year, the company continues to expect to produce approximately 6.1Moz at a total cash cost of about $263/oz, assuming an exchange rate of R6.58 for the year. The $3/oz increase in the total cash cost estimate is the result of a slightly stronger rand assumption and a higher oil price.
Notes:
· All references to price received include the realised non-hedge derivatives.
· All references to adjusted operating prof it refer to operating profit excluding unrealised non-hedge derivatives.
· All references to adjusted headline earnings refer to headline earnings excluding unrealised non-hedge derivatives and
fair value gains (losses) on interest rate swaps.
· In the case of joint venture operations, all production and financial results are attributable to AngloGold Ashanti.
· Rounding of figures may result in computational discrepancies.
Quarterly Report September 2004 www.AngloGoldAshanti.com
6
background image
Exploration
AngloGold Ashanti's exploration activities are focused on discovering long-life, low-cost orebodies, utilising multi-disciplinary teams and appropriate state-of-the-art exploration techniques and technology.
In South Africa, surface drill hole MMB4 at Moab Khotsong confirmed facies and grade models of the Vaal Reef in the Lower Mine Block. The short deflection programme has been completed with assay results listed below.
Inter-
section
Depth
Corr.Width
(cm)
AU g/t
cmg/t
Repre-
senta-
tive
1          3,206.23             129.2
53.37           6,897
Yes
2          3,206.19             113.5
49.47           5,614
Yes
3          3,206.21             129.1
16.11           2,080
No
4
3,209.23               60.9
9.85              600
No
5          3,210.97             138.4
29.97           4,149
Yes
6          3,211.36             125.2
27.52           3,445
Yes
7
Results awaited
At Geita in Tanzania, down-dip extension diamond drilling at Geita Hill continues to yield positive results to the north and north-east of the pit. Drilling results at Samena and Jumanne, located 5km to the west of the Nyankanga pit, continue to be encouraging.
At Sadiola in Mali, 98% of the Phase VII infill drilling of the Hard Sulphides Project has been completed and results to date remain consistent with those
from previous drill campaigns.
Satellite oxide Mineral Resource conversion drilling was completed at FE3 Southern Extension and results continue to confirm the grade and tenor of previous drilling campaigns. Infill drilling has commenced at FE4 West.
Pit contiguous infill drilling on the Morila Shear Zone Extension was completed. A Mineral Resource estimate is in progress.
Greenfields exploration in southern Mali ceased during the rainy season. Assay results received from previous drilling at the Kola, Garalo and Banzana prospects in this area showed encouraging intersections.
At Obuasi in Ghana, underground diamond drilling continued to focus on the below 50 Level Deeps area. At Bibiani, exploration focused on the
generation of additional underground Mineral Resources.
At Siguiri in Guinea, exploration drilling focused on potential strike and depth extensions to the existing pits and the potential satellite deposits within the mining lease.
Drilling at the Kimin project in Democratic Republic of Congo has been delayed until next quarter, due to drill rig unavailability.
In Namibia at Navachab, drilling is in progress on the FW Deep project, targeting zones at depths below the known mineralisation. Drilling is in progress to assess the economic potential of Anomaly 16, situated 5km south-west of the pit.
In North America at Cripple Creek & Victor, the northern boundary of the Wildhorse Extension is being drilled to increase the Mineral Resource. Drill testing of underground targets at Hoosier Pass yielded seven widely spaced intercepts ranging from 3m at 4.0g/t to 8m at 12.1g/t and further drilling is planned.
Both the ER & Eagle projects in the West Pogo area of  Alaska were drill tested and are under evaluation. Continued positive regional exploration results in the Pogo area have led to the acquisition of additional ground. Drilling will commence in the fourth quarter in the Livengood area.
In Brazil at Lamego, drilling on the western limb and fold hinge zone of the Cabeça de Pedra target intersected sub-economic mineralisation. An exploration ramp to access the Carruagem zone was initiated during the quarter.
At Córrego do Sítio, a total of 528m of underground ore  development has been completed at Cachorro Bravo on the three principal ore horizons, at an average grade of 11.44g/t over a mean horizontal width of 2.33m.
Drilling at Carvoaria Velha-Bocaina (located 2km north-east of Cachorro Bravo) confirmed the down-plunge continuity of the known oxide mineralisation.
At Serra Grande, drilling concentrated on potential open-pit targets in the Mina I and Corpo IV areas. Results indicate potentially economic but narrow shoots at Mina I-West and
Quarterly Report September 2004 www.AngloGoldAshanti.com
7
background image
Santos Reis with grades in the 1-4g/t range over widths of 1-6m.
Target generation, drill target definition and prospect evaluation continued in various parts of Peru with drilling of new prospects planned to commence in late 2004 and early 2005.
At Cerro Vanguardia in Argentina, follow-up and Mineral Resource delineation drilling within the central area concentrated on the Loma North Sector and on the Gabriela vein.
At Sunrise Dam in Australia, drilling from surface and underground continued to focus on underground targets at Astro, Cosmo and Hammerhead, yielding positive results with the Mineral Resource likely to be increased in these areas by year-end.
Drilling at Neville, 1km north of the underground portal, has extended mineralisation 50m down-dip, confirming a new underground target.
Rotary Airblast (RAB), Reverse Circulation (RC) and diamond drilling was completed this quarter at the recently acquired Lord Byron prospect, located approximately 60km east of Sunrise Dam, extending the Mineral Resource and confirming the interpreted higher-grade shoot controls. RAB drilling identified two new targets 400m and 4km from Lord Byron where further drilling will be required.
In October, AngloGold Ashanti agreed to take a share placement in and form a strategic alliance with Red 5 Limited, an Australian-based exploration company with tenements in the Philippines.
In Mongolia, the Ikh Shankh property, a porphyry target located in the southern Gobi Desert, was tested with four drill holes but no significant mineralisation was intersected.
In China, target generation activities and project reviews are continuing.
Quarterly Report September 2004 www.AngloGoldAshanti.com
8
background image
Review of the
gold market
After the price correction of the second quarter, the
period under review saw the gold price consolidate,
and then resume the upward trend of the past three
years. The market closed at the high for the quarter of
$418/oz, $25/oz higher than the price at the close of
the second quarter. The average spot price for the
quarter of $402/oz was up by $8/oz on the average
price for the previous quarter. The trading range of
$34/oz showed a reduction in volatility in the price after
the range of $59/oz in the second quarter. See graph
1 "Gold/US$ Spot Price : 2004".
GOLD
Following the second quarter fall in the gold price on
the back of fears of a credit squeeze in China and a
hard landing for the Chinese economy, and the
associated sell-off in commodities that accompanied
this fear, the gold price has regained most of its
strength during the third quarter.
Since the end of the quarter, the price has come close
to the high of $430/oz seen in the first quarter of this
year. Whilst the gold price continues to be most
responsive to movements in the US dollar exchange
rate against the euro, the price has also shown some
independence during the quarter, rising firmly even
when there has been little movement in the currency
markets. This would seem to reflect increased investor
interest in gold as part of a broader move of investment
money towards hard assets. This pattern has been
evident in other markets during this period. This does
not necessarily signal a disconnect from the US dollar
or the US economy and gold is likely to benefit from
dollar weakness in the future. It is rather that the gold
market seems to have found supplementary reasons
for appealing to investors, to the benefit of the price
today.
Once again, the vehicle for interest in gold was
primarily the New York Commodities Exchange
(Comex), and the movement in the dollar gold spot
price reflects increasing interest in gold on the
exchange during the quarter. The net open position at
the end of September reached over 19Moz, and has
remained since then at almost 20Moz net long. This
figure is very close to the all-time high net position on
the Comex of 22.6Moz net long in the first week of
April 2004, and the gold price has tracked this interest
closely. News from the US economy in particular, and
the direction of the US dollar during the balance of this
quarter, will be important factors in the behaviour of
investors towards gold on Comex going forward.
See graph 2 "NY Comex : Nett Open Interest and Gold
Price : 2004".
PHYSICAL DEMAND
The physical market for gold remains relatively
quiet and the market is dependent on investment
demand to clear the supply/demand balance.
Nevertheless, there has been encouraging news
from some areas of a year-on-year recovery in
gold offtake. Demand for gold for jewellery in
Turkey was particularly strong in the first half of
2004, although it should be borne in mind that an
important part of this growth arises from Turkey
winning market share from Italy, the developed
world's largest gold jewellery manufacturer. The
market in mainland China also reported positive
growth due entirely to a new category of modern
18ct gold jewellery introduced by the World Gold
Council to that market. With the end of the
monsoon season and the commencement of the
auspicious period for marriages in India, there has
been some recovery in offtake in the Indian market
in spite of the higher US dollar spot prices.
CURRENCIES
Since early 2004, the US dollar has recovered
from its weakest position in the current cycle of
$1.30 to the euro. For much of this year, the dollar
has traded sideways in a range of $1.18-$1.24 to
the euro. However, most commentators see this
sideways movement as temporary and forecast an
inevitable further decline of the US currency
against both the euro and the yen.
Market forecasts project the dollar between $1.30
and $1.40 against the euro and between Y100 and
Y105 by the end of 2005. Even the exceptions to
these forecasts see the dollar only in a sideways
channel, trading between $1.15 and $1.20, rather
than any measurable strengthening of the US
currency. In structural terms, there are economic
circumstances - particularly in the shape of rising
deficits in the US economy - which would seem to
make it likely that the US dollar should weaken
further, and possibly substantially. In previous
economic cycles, budget and current account
deficits in the US have made recession almost
inevitable in order to bring economic fundamentals
back into balance. However, with the other major
economies (Japan and Europe) showing lower
growth rates and more serious economic structural
problems, and with the significant role played in
global trade flows today by China, it is not yet
certain that recession is quite as inevitable.
See graph 3 "US$/Euro Exchange Rate : 2001-
2004
Quarterly Report September 2004 www.AngloGoldAshanti.com
9
background image
A period of weakness in the South African currency
during the quarter was followed by an unexpected rate
cut of 50 basis points by the South African Reserve
Bank, which caused the market to pause briefly.
However, for the rest of the quarter, the rand
performed robustly.
The average exchange rate for the quarter of R6.37 to
the US dollar is the strongest average exchange rate
for a quarter since the final quarter of 1999. The rand
shows no sign of weakness in the current market
circumstances. In many ways, the strength of the
currency over the past two years is justified on sound
economic terms - the South African economy today is
well managed with a low budget deficit, an effective
fiscal regime and declining inflation. There is probably
more good news to come (for example, in regard to
further country risk ratings), which will bolster the
currency further in the short term.
HEDGING
As at 30 September 2004, the net delta hedge
position of AngloGold Ashanti was 12.71Moz or
395.3t, valued at the spot price of gold on that date
of $418.80/oz. This net delta position reflects a
slight increase of some 212,000oz or 6.6t in the
net size of the combined AngloGold Ashanti hedge
compared with the end of the previous quarter.
This increase is due entirely to the increase in the
delta volume of short call options in the hedge
value at a gold price $25/oz higher than the price
at which the hedge was valued on 30 June 2004.
Outright forward contracts declined quarter-on-
quarter by some 340,000oz, or 10.5t. The
marked-to-market value of the position as at
30 September 2004 was negative $1,139m, again
reflecting the sharply higher dollar price against
which the hedge was valued in comparison with
the previous valuation at 30 June 2004. The
company continues to manage its hedge positions
actively, and to reduce overall levels of pricing
commitments in respect of future production of
gold.
GRAPH 1
GOLD/US$ SPOT PRICE : 2004
370
380
390
400
410
420
430
2-Jan
30-Jan
27-Feb
26-Mar
23-Apr
21-May
18-Jun
16-Jul
13-Aug
10-Sep
8-Oct
Quarterly Report September 2004 www.AngloGoldAshanti.com
10
background image
GRAPH 2
NY COMEX : NETT OPEN INTEREST AND GOLD PRICE : 2004
GRAPH 3
US$/EURO EXCHANGE RATE : 2001-2004
Quarterly Report September 2004 www.AngloGoldAshanti.com
11
background image
Hedge position
As at 30 September 2004, the group had outstanding the following forward-pricing commitments against future production. The total net delta tonnage of the hedge of the company on this date was 12.71Moz or 395.3t (at 30 June 2004: 12.5Moz or 388.9t).
The marked-to-market value of all hedge transactions making up the hedge positions was a negativ e $1.139bn (negativ e R7.346bn) as at 30 September 2004 (as at 30 June 2004: $927.1m or R5.71bn). This v alue at 30 September 2004 was based on a gold price of $418.80/oz, exchange rates of R/$6.45 and A$/$0.7258 and the prev ailing market interest rates and v olatilities at that date.
As at 27 October 2004, the marked-to-market v alue of the hedge book was a negative $1.192bn (negativ e R7.42bn), based on a gold price of $425.50/oz and exchange rates of R/$6.2275 and A$/$0.7452 and the prev ailing market interest rates and v olatilities at the time.
These marked-to-market v aluations are not predictiv e of the f uture v alue of the hedge position, nor of future impact on the rev enue of the company. The v aluation represents the cost of buy ing all hedge contracts at the time of v aluation, at market prices and rates av ailable at the time.
Year
2004
2005
2006
2007
2008
2009-2013
Total
DOLLAR GOLD
Forward
contracts               Amount
(kg)                18,558            51,150            39,918            38,519            28,256            62,779            239,180
$
per
oz
$323                $329               $341               $343                $360               $370                  $347
Put opti ons purchased
Amount (kg)
2,264
3,381
5,481
1,455
12,581
$ per oz
$391
$347
$355
$292
$352
*Delta
( kg)                       750
496
871
50
2,167
Put
opti ons
s old
Amount
(kg)
6,532
2,799
4,354
13,685
$
per
oz                          $369
$345
$339
$355
*Delta
( kg)                       746
181
432
1,359
Call options purchas ed
Amount (kg)
6,551
8,947
1,538
2,003
19,039
$ per oz
$350
$339
$370
$361
$348
*Delta
( kg)
6,518               8,395              1,243              1,671
17,827
Call
options
sol d
Amount
(kg)                10,556            38,075            22,208            20,647              22,096          46,833            160,415
$
per
oz
$370               $383                $351               $346                 $358              $375                  $367
*Delta
( kg)
9,328            32,634            18,948            18,046              18,807           39,590            137,353
RAND GOLD
Forward
contracts
Amount
(kg)
933
933
Rand
per
kg
R116,335
R116,335
Put
opti ons
purchased
Amount
(kg)
933
1,875
2,808
Rand
per
kg
R80,538
R93,602
R89,261
*Delta
( kg)                          11
550
561
Put
opti ons
s old
Amount
(kg)
5,443
1,400
6,843
Rand
per
kg
R84,801
R88,414
R85,540
*Delta
( kg)
1,466
365
1,831
Call
options
purchased
Amount
(kg)
933
933
Rand
per
kg
R79,251
R79,251
*Delta
( kg)                       933
933
Call options sol d
Amount (kg)
4,747
5,735
6,119
746
2,986
8,958
29,291
Rand
per
kg
R91,727       R129,890       R118,721      R173,119      R187,586       R216,522          R154,850
*Delta
( kg)                    3,580
1,093
1,900                     81                360
1,854                  8,868
Quarterly Report September 2004 www.AngloGoldAshanti.com
12
background image
Year
2004
2005
2006
2007
2008
2009-2013
Total
A DOLL AR GOLD
Forward
contracts               Amount
(kg)                  5,494               4,199               9,331              8,398             3,110                6,501             37,033
A$
per
oz
A$578              A$599             A$671             A$648            A$665              A$678               A$645
Put
opti ons
purchased
Amount
(kg)
1,244
1,244
A$
per
oz
A$585
A$585
*Delta
( kg)
517                                                                                                                       517
Put
opti ons
s old
Amount
(kg)
1,400
1,244
2,644
A$
per
oz
A$574
A$553
A$564
*Delta
( kg) 481
253                                                                                                                       734
Call
options
purchas ed
Amount
(kg)
3,110                6,221             3,732             3,110                4,354              20,527
A$
per
oz
A$724              A$673            A$668            A$680              A$707               A$688
*Delta
( kg)
289                2,776             1,998             1,902                2,867                9,832
Call
options
sol d
Amount
(kg)
1,400
1,244
2,644
A$
per
oz
A$581
A$602
A$591
*Delta
( kg)                       557
573
1,130
Delta
( kg)
28,134             81,544              66,702           61,425           48,631
108,790            395,227
Total net gold:
Delta
(oz)
904,532       2,621,689        2,144,528      1,974,868    1,563,532        3,497,663      12,706,812
The f ollowing table indicates the group's currency hedge position at 30 September 2004
Year
2004
2005
2006
2007
2008
2009-2013
Total
RAND DOLLAR (000)
Forward
contracts
Amount
($)
Rand
per
$
Put
opti ons
purchased
Amount
($)
Rand
per
$
*Delta
($)
Put
opti ons
s old
Amount
($)
Rand
per
$
*Delta
($)
Call
options
purchas ed
Amount
($)
Rand
per
$
*Delta
($)
Call
options
sol d
Amount
($)
50,000
50,000
Rand
per
$
R6.54
R6.54
*Delta
($)
17,597
17,597
A DOLL AR (000)
Forward
contracts
Amount
($)
55,237
55,237
$
per
A$
A$0.59
A$0.59
Put
opti ons
purchased
Amount
($)
$ per A$
*Delta
($)
Put
opti ons
s old
Amount
($)
$ per A$
*Delta
($)
Call
options
purchas ed
Amount
($)
$ per A$
*Delta
($)
Call
options
sol d
Amount
($)
$ per A$
*Delta
($)
BRAZILIAN REAL (000)
Forward
contracts
Amount
($)
$
per
BRL
Put
opti ons
purchased
Amount
($)
3,300
600
3,900
$
per
BRL
BRL3.13
BRL3.38
BRL3.17
*Delta
($) 3,139
503
3,642
Put
opti ons
s old
Amount
($)
2,550
600
3,150
$
per
BRL
BRL2.79
BRL3.21
BRL2.87
*Delta
($) 506
415                                                                                                                        921
Call
options
purchas ed
Amount
($)
$
per
BRL
*Delta
($)
Call options sold
Amount ($)
3,300
600
3,900
$
per
BRL
BRL3.23
BRL3.55
BRL3.28
*Delta
($) 90
43                                                                                                                        133
Quarterly Report September 2004 www.AngloGoldAshanti.com
13
background image
Year
2004
2005
2006
2007
2008
2009-2013
Total
DOLLAR SILVER
Forward
contracts
Amount
(kg)
$
per
oz
Put
options
purchased
Amount
(kg)
7,776
31,104
31,104
69,984
$
per
oz $7.00
$7.00
$7.00
$7.00
*Delta
( kg)
3,781
13,977
12,731
30,489
Put
options
sold
Amount
(kg)
7,776
31,104
31,104
69,984
$
per
oz $6.06
$6.06
$6.06
$6.06
*Delta
( kg)
1,466
7,962
8,608
18,036
Call
options
purchased
Amount
(kg)
$
per
oz
*Delta ( kg)
Call options sold
Amount (kg)
7,776
31,104
31,104
69,984
$ per oz
$8.00
$8.00              $8.00
$8.00
*Delta
( kg)
1,758
11,172
14,229
27,159
*
The Delta position i ndicated above refl ects the nomi nal amount of the option multi plied by the mathematic al probability of the option bei ng exercised. This is calculated using the Bl ac k-Scholes option formul a with the ruling mar ket prices, interes t rates and vol atilities as at 30 September 2004.
Quarterly Report September 2004 www.AngloGoldAshanti.com
14
background image
Group
operating results
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Rand / Metric
Dollar / Imperial
OPERATING RESULTS
UNDERGROUND OPERATION
Milled
- 000 tonnes
/
- 000 tons
3,634
3,471
9,911
9,951
4,006
3,825
10,925
10,968
Yield
- g / t
/
- oz / t
7.40
7.43
7.62
7.96
0.216
0.217
0.222
0.232
Gold produced
- kg
/
- oz (000)
26,907
25,794
75,471
79,213
865
830
2,426
2,547
SURFACE AND DUMP RECLAMATION
Treated
- 000 tonnes
/
- 000 tons
8,439
10,140
27,714
27,779
9,303
11,178
30,549
30,621
Yield
- g / t
/
- oz / t
0.35
0.29
0.31
0.27
0.010
0.009
0.009
0.008
Gold produced
- kg
/
- oz (000)
2,921
2,963
8,621
7,484
94
95
277
240
OPEN-PIT OPERATION
Mined
- 000 tonnes
/
- 000 tons
37,407
35,522
99,983
95,484
41,234
39,156
110,212
105,253
Treated
- 000 tonnes
/
- 000 tons
5,462
4,668
13,059
10,870
6,021
5,145
14,395
11,982
Stripping ratio
- t (mined total - mined ore) / t mined ore
6.03
6.33
6.78
9.28
6.03
6.33
6.78
9.28
Yield
- g / t
/
- oz / t
2.97
2.92
3.05
3.29
0.087
0.085
0.089
0.041
Gold in ore
- kg
/
- oz (000)
15,684
11,459
32,991
19,541
504
368
1,061
628
Gold produced
- kg
/
- oz (000)
16,200
13,635
39,773
35,789
521
439
1,279
1,151
HEAP LEACH OPERATION
Mined
- 000 tonnes
/
- 000 tons
17,733
17,559
52,903
41,546
19,547
19,357
58,316
45,797
Placed
1
- 000 tonnes
/
- 000 tons
5,359
5,672
15,741
13,321
5,907
6,253
17,352
14,684
Stripping ratio
- t (mined total - mined ore) / t mined ore
1.82
2.18
2.14
2.47
1.82
2.18
2.14
2.47
Yield
2
- g / t
/
- oz / t
0.78
0.84
0.82
0.83
0.023
0.024
0.024
0.024
Gold placed
3
- kg
/
- oz (000)
4,200
4,756
12,926
11,027
135
153
416
355
Gold produced
- kg
/
- oz (000)
4,595
3,938
11,505
8,971
148
126
370
288
TOTAL
Gold produced
- kg
/
- oz (000)
50,623
46,330
135,370
131,457
1,628
1,490
4,352
4,226
Gold sold
- kg
/
- oz (000)
51,511
45,495
135,540
131,385
1,656
1,463
4,358
4,224
Price received
- R / kg
/
- $ / oz
- sold
80,572
81,276
82,896
88,852
392
385
393
354
Total cash costs
4
- R / kg
/
- $ / oz
- produced
55,744
55,162
55,727
52,206
272
260
265
208
Total production costs
4
- R / kg
/
- $ / oz
- produced
69,582
68,659
69,166
63,716
340
324
328
254
PRODUCTIVITY PER EMPLOYEE
Target
- g
/
- oz
375
385
367
238
12.05
12.39
11.79
8.30
Actual
- g
/
- oz
367
356
356
229
11.79
11.46
11.46
8.04
CAPITAL EXPENDITURE
4
- Rm
- $m
1,004
1,012
2,583
2,181
156
153
393
279
1
Tonnes (Tons) placed onto leach pad.
2
Gold placed / tonnes (tons) placed.
3
Gold placed into leach pad inventory.
4
2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.
Quarterly Report September 2004 www.AngloGoldAshanti.com
15
background image
Group
income statement
Quarter
Quarter
Quarter Nine months Nine months
ended
ended
ended
ended
ended
September
June
September
September
September
2004
2004
2003
2004
2003
SA Rand million
Notes
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Gold income
4,171
3,705
3,735
11,173
11,580
Cost of sales
2
(3,651)
(3,091)
(2,821)
(9,323)
(8,638)
520
614
914
1,850
2,942
Non-hedge derivatives
82
(411)
390
(330)
665
Operating profit
602
203
1,304
1,520
3,607
Corporate administration and other expenses
(84)
(105)
(46)
(265)
(213)
Market development costs
(30)
(22)
(29)
(78)
(94)
Exploration costs
(75)
(72)
(68)
(206)
(215)
Interest receivable
63
72
56
219
191
Other net income (expenses)
13
(35)
(31)
(32)
(130)
Finance costs
(129)
(112)
(77)
(385)
(217)
Fair value gains (losses) on interest rate swaps
24
(15)
7
(10)
7
Profit (loss) before exceptional items
384
(86)
1,116
763
2,936
Amortisation of goodwill
(48)
(54)
(54)
(153)
(168)
Impairment of mining assets
(8)
-
(252)
(8)
(347)
Profit on disposal of assets and subsidiaries
36
7
280
63
336
Profit (loss) on ordinary activities before taxation
364
(133)
1,090
665
2,757
Taxation
3
(72)
87
(334)
(133)
(938)
Profit (loss) on ordinary activities after taxation
292
(46)
756
532
1,819
Minority interest
(39)
(24)
(27)
(101)
(98)
Net profit (loss)
253
(70)
729
431
1,721
Operating profit
602
203
1,304
1,520
3,607
Unrealised non-hedge derivatives
29
499
(300)
696
(304)
Adjusted operating profit
631
702
1,004
2,216
3,303
Headline earnings
Net profit (loss)
253
(70)
729
431
1,721
Amortisation of goodwill
48
54
54
153
168
Impairment of mining assets
8
-
252
8
347
Profit on disposal of assets and subsidiaries
(36)
(7)
(280)
(63)
(336)
Current and deferred taxation on exceptional items
3
1
1
(81)
9
(106)
Headline earnings (loss)
274
(22)
674
538
1,794
Unrealised non-hedge derivatives and fair value 
gains (losses) on interest rate swaps
5
514
(307)
706
(311)
3
1
(170)
130
(243)
145
280
322
497
1,001
1,628
Earnings (loss) per ordinary share (cents) 
- Basic
96
(28)
327
175
773
- Diluted
96
(28)
326
175
769
- Headline
104
(9)
303
218
805
- Adjusted headline
106
127
223
405
731
Dividends 
 - Rm
453
837
- cents per share
170
375
The results have been prepared in accordance with International Financial Reporting Standards (IFRS)
Adjusted headline earnings
Adjusted operating profit 
The operating profit has been adjusted by the 
following to arrive at adjusted operating profit:
The net profit has been adjusted by the following to 
arrive at headline earnings:
Deferred tax on unrealised non-hedge derivatives and fair 
value gains (losses) on interest rate swaps
Quarterly Report September 2004 www.AngloGoldAshanti.com
16
background image
Group
income statement
Quarter
Quarter
Quarter Nine months Nine months
ended
ended
ended
ended
ended
September
June
September
September
September
2004
2004
2003
2004
2003
US Dollar million
Notes
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Gold income
653
563
505
1,704
1,482
Cost of sales
2
(572)
(470)
(381)
(1,423)
(1,107)
81
93
124
281
375
Non-hedge derivatives
16
(67)
52
(51)
88
Operating profit
97
26
176
230
463
Corporate administration and other expenses
(13)
(16)
(6)
(40)
(27)
Market development costs
(5)
(3)
(4)
(12)
(12)
Exploration costs
(12)
(11)
(9)
(31)
(28)
Interest receivable
10
11
8
33
24
Other net income (expenses)
2
(5)
(4)
(5)
(17)
Finance costs
(20)
(17)
(11)
(58)
(28)
Fair value gains (losses) on interest rate swaps
3
(2)
1
(1)
1
Profit (loss) before exceptional items
62
(17)
151
116
376
Amortisation of goodwill
(7)
(8)
(7)
(23)
(21)
Impairment of mining assets
(1)
-
(35)
(1)
(47)
Profit on disposal of assets and subsidiaries
5
-
38
9
45
Profit (loss) on ordinary activities before taxation
59
(25)
147
101
353
Taxation
3
(13)
15
(46)
(19)
(122)
Profit (loss) on ordinary activities after taxation
46
(10)
101
82
231
Minority interest
(6)
(2)
(4)
(16)
(12)
Net profit (loss)
40
(12)
97
66
219
Operating profit
97
26
176
230
463
Unrealised non-hedge derivatives
1
82
(40)
107
(41)
Adjusted operating profit
98
108
136
337
422
Headline earnings
Net profit (loss)
40
(12)
97
66
219
Amortisation of goodwill
7
8
7
23
21
Impairment of mining assets
1
-
35
1
47
Profit on disposal of assets and subsidiaries
(5)
-
(38)
(9)
(45)
Current and deferred taxation on exceptional items
3
1
(1)
(11)
1
(14)
Headline earnings (loss)
44
(5)
90
82
228
Unrealised non-hedge derivatives and fair value 
gains (losses) on interest rate swaps
(2)
84
(41)
108
(42)
3
1
(28)
18
(37)
21
43
51
67
153
207
Earnings (loss) per ordinary share (cents) 
- Basic
15
(5)
44
27
98
- Diluted
15
(5)
43
27
98
- Headline
17
(2)
40
33
102
- Adjusted headline
16
20
30
62
93
Dividends ~ 
 - $m
68
113
- cents per share
26
51
The results have been prepared in accordance with International Financial Reporting Standards (IFRS). 
~ Dividends are translated at actual rates on date of payment.
Adjusted headline earnings
Adjusted operating profit 
The operating profit has been adjusted by the following 
to arrive at adjusted operating profit:
Deferred tax on unrealised non-hedge derivatives and fair 
value gains (losses) on interest rate swaps
The net profit has been adjusted by the following to 
arrive at headline earnings:
Quarterly Report September 2004 www.AngloGoldAshanti.com
17
background image
Group
balance sheet
As at
As at
As at
As at
September
June
December
September
2004
2004
2003
2003
SA Rand million
Unaudited
Unaudited
Audited
Unaudited
ASSETS
Non-current assets
Tangible assets
35,450
34,079
18,427
17,711
Intangible assets
2,636
2,524
2,749
2,735
Investments in associates
42
43
47
151
Other investments
239
133
86
193
Inventories
(1)
142
137
47
14
Other non-current assets
493
520
1,011
844
Derivatives
796
832
630
563
39,798
38,268
22,997
22,211
Current assets
Inventories
2,531
2,374
2,003
1,767
Trade and other receivables
1,790
1,873
1,461
1,316
Cash and cash equivalents
2,846
3,458
3,367
3,765
Current portion of other non-current assets
390
385
59
62
Derivatives
1,984
1,904
2,515
2,762
9,541
9,994
9,405
9,672
TOTAL ASSETS
49,339
48,262
32,402
31,883
EQUITY AND LIABILITIES
Equity
20,178
19,782
11,222
11,056
Non-current liabilities
Borrowings
8,360
8,088
5,383
5,758
Provisions
2,162
2,117
1,832
1,744
Deferred taxation
8,463
8,268
3,986
4,011
Derivatives
2,854
2,123
2,194
1,647
21,839
20,596
13,395
13,160
Current liabilities
Current portion of borrowings
2,078
2,125
2,340
2,264
Trade and other payables
2,841
2,940
2,339
2,049
Taxation
130
157
164
267
Derivatives
2,273
2,662
2,942
3,087
7,322
7,884
7,785
7,667
TOTAL EQUITY AND LIABILITIES
49,339
48,262
32,402
31,883
The results have been prepared in accordance with International Financial Reporting Standards (IFRS).
(1)
Relates to heap leach operations.
Quarterly Report September 2004 www.AngloGoldAshanti.com
18
background image
Group
balance sheet
As at
As at
As at
As at
September
June
December
September
2004
2004
2003
2003
US Dollar million
Unaudited
Unaudited
Audited
Unaudited
ASSETS
Non-current assets
Tangible assets
5,474
5,473
2,764
2,552
Intangible assets
407
405
412
394
Investments in associates
7
7
7
22
Other investments
37
21
13
28
Inventories
(1)
22
22
7
2
Other non-current assets
76
83
153
121
Derivatives
123
134
94
81
6,146
6,145
3,450
3,200
Current assets
Inventories
391
381
300
255
Trade and other receivables
276
301
219
189
Cash and cash equivalents
440
555
505
542
Current portion of other non-current assets
60
62
9
9
Derivatives
306
306
377
398
1,473
1,605
1,410
1,393
TOTAL ASSETS
7,619
7,750
4,860
4,593
EQUITY AND LIABILITIES
Equity
3,116
3,177
1,684
1,593
Non-current liabilities
Borrowings
1,291
1,299
807
830
Provisions
334
340
275
251
Deferred taxation
1,307
1,328
598
578
Derivatives
440
341
329
237
3,372
3,308
2,009
1,896
Current liabilities
Current portion of borrowings
321
341
351
326
Trade and other payables
439
471
350
295
Taxation
20
25
25
39
Derivatives
351
428
441
445
1,131
1,265
1,167
1,104
TOTAL EQUITY AND LIABILITIES
7,619
7,750
4,860
4,593
The results have been prepared in accordance with International Financial Reporting Standards (IFRS).
(1)
Relates to heap leach operations.
Quarterly Report September 2004 www.AngloGoldAshanti.com
19
background image
Group
cash flow statement
Quarter
Quarter
Quarter Nine months
Nine months
ended
ended
ended
ended
ended
September
June
September
September
September
2004
2004
2003
2004
2003
SA Rand million
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Cash flows from operating activities 
Cash generated from operations
1,367
781
1,043
2,698
3,626
Interest received
53
61
46
186
161
Environmental and other expenditure
(38)
(13)
(41)
(68)
(125)
Dividends received from associates
-
-
-
-
9
Finance costs
(189)
(78)
(67)
(442)
(211)
Taxation paid
(32)
(56)
(51)
(193)
(677)
Net cash inflow from operating activities
1,161
695
930
2,181
2,783
Cash flows from investing activities 
Capital expenditure
(1,004)
(1,012)
(661)
(2,583)
(1,687)
Proceeds from disposal of mining assets
14
9
5
49
18
Investments acquired
(98)
(2)
-
(101)
(3)
Proceeds from disposal of investments
-
-
351
-
351
(Acquisition) disposal of subsidiary
(235)
(802)
-
(1,037)
8
Net loans advanced
50
74
12
126
12
Net cash outflow from investing activities
(1,273)
(1,733)
(293)
(3,546)
(1,301)
Cash flows from financing activities 
Proceeds from issue of share capital
4
1
21
16
41
Share issue expenses
-
(1)
(1)
(1)
(2)
Proceeds from borrowings
173
60
2,182
6,970
2,330
Repayment of borrowings
(257)
(1,379)
(366)
(4,828)
(780)
Dividends paid
(453)
(59)
(882)
(1,270)
(2,442)
Net cash (outflow) inflow from financing activities
(533)
(1,378)
954
887
(853)
Net (decrease) increase in cash and cash equivalents
(645)
(2,416)
1,591
(478)
629
Translation
33
6
(156)
(43)
(408)
Opening cash and cash equivalents
3,458
5,868
2,330
3,367
3,544
Closing cash and cash equivalents
2,846
3,458
3,765
2,846
3,765
Cash generated from operations 
Profit (loss) on ordinary activities before taxation
364
(133)
1,090
665
2,757
Adjusted for: 
Non-cash movements
(43)
(28)
4
(25)
133
Movement on non-hedge derivatives
45
425
(337)
659
(351)
Amortisation of mining assets
660
600
391
1,706
1,284
Deferred stripping costs
(15)
(40)
(104)
(129)
(235)
Interest receivable
(63)
(72)
(56)
(219)
(191)
Finance costs
129
112
77
385
217
Amortisation of goodwill
48
54
54
153
168
Impairment of mining assets
8
-
252
8
347
Profit on disposal of assets and subsidiaries
(36)
(7)
(280)
(63)
(336)
Movement in working capital
270
(130)
(48)
(442)
(167)
1,367
781
1,043
2,698
3,626
Movement in working capital 
(Increase) decrease in inventories
(162)
(157)
(1)
(123)
54
Decrease (increase) in trade and other receivables
273
(168)
207
48
192
Increase (decrease) in trade and other payables
159
195
(254)
(367)
(413)
270
(130)
(48)
(442)
(167)
The results have been prepared in accordance with International Financial Reporting Standards (IFRS).
Quarterly Report September 2004 www.AngloGoldAshanti.com
20
background image
Group
cash flow statement
Quarter
Quarter
Quarter Nine months
Nine months
ended
ended
ended
ended
ended
September
June
September
September
September
2004
2004
2003
2004
2003
US Dollar million
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Cash flows from operating activities 
Cash generated from operations
196
101
145
417
457
Interest received
8
9
6
28
20
Environmental and other expenditure
(5)
(2)
(5)
(10)
(15)
Dividends received from associates
-
-
-
-
1
Finance costs
(29)
(12)
(9)
(67)
(27)
Taxation paid
(5)
(9)
(11)
(29)
(83)
Net cash inflow from operating activities
165
87
126
339
353
Cash flows from investing activities 
Capital expenditure
(156)
(153)
(88)
(393)
(216)
Proceeds from disposal of mining assets
2
1
1
7
3
Investments acquired
(15)
-
-
(15)
-
Proceeds from disposal of investments
-
-
45
-
45
(Acquisition) disposal of subsidiary
(39)
(126)
-
(165)
1
Net loans advanced
8
11
1
19
1
Net cash outflow from investing activities
(200)
(267)
(41)
(547)
(166)
Cash flows from financing activities 
Proceeds from issue of share capital
1
-
3
3
6
Share issue expenses
-
-
-
-
-
Proceeds from borrowings
42
22
296
1,061
314
Repayment of borrowings
(51)
(213)
(48)
(736)
(100)
Dividends paid
(68)
(9)
(119)
(190)
(309)
Net cash (outflow) inflow from financing activities
(76)
(200)
132
138
(89)
Net (decrease) increase in cash and cash equivalents
(111)
(380)
217
(70)
98
Translation
(4)
1
14
5
31
Opening cash and cash equivalents
555
934
311
505
413
Closing cash and cash equivalents
440
555
542
440
542
Cash generated from operations 
Profit (loss) on ordinary activities before taxation
59
(25)
147
101
353
Adjusted for: 
Non-cash movements
(9)
(3)
(1)
(6)
16
Movement on non-hedge derivatives
5
70
(45)
102
(47)
Amortisation of mining assets
104
91
53
261
164
Deferred stripping costs
(2)
(6)
(14)
(19)
(30)
Interest receivable
(10)
(11)
(8)
(33)
(24)
Finance costs
20
17
11
58
28
Amortisation of goodwill
7
8
7
23
21
Impairment of mining assets
1
-
35
1
47
Profit on disposal of assets and subsidiaries
(5)
-
(38)
(9)
(45)
Movement in working capital
26
(40)
(2)
(62)
(26)
196
101
145
417
457
Movement in working capital 
(Increase) in inventories
(13)
(29)
(19)
(29)
(43)
Decrease (increase) in trade and other receivables
53
(29)
14
1
(25)
(Decrease) increase in trade and other payables
(14)
18
3
(34)
42
26
(40)
(2)
(62)
(26)
The results have been prepared in accordance with International Financial Reporting Standards (IFRS).
Quarterly Report September 2004 www.AngloGoldAshanti.com
21
background image
Statement of
changes in equity
Ordinary
Equity
Other
share
portion of
Foreign
compre-
capital and
convertible
currency
hensive
Retained
Minority
premium
bond
reserves
translation
income
earnings
Total
interest
Equity
SA Rand million
Balance at December 2002
9,607
-
138
360
(1,583)
3,853
12,375
347
12,722
Movements on other comprehensive 
income
(55)
(55)
(55)
Net profit
1,721
1,721
98
1,819
Dividends paid
(2,337)
(2,337)
(105)
(2,442)
Ordinary shares issued
39
39
39
Translation
(1,138)
193
(945)
(82)
(1,027)
Balance at September 2003
9,646
-
138
(778)
(1,445)
3,237
10,798
258
11,056
Balance at December 2003
9,668
-
138
(755)
(2,031)
3,848
10,868
354
11,222
Movements on other comprehensive
income
605
605
605
Net profit
431
431
101
532
Dividends paid
(1,201)
(1,201)
(69)
(1,270)
Ordinary shares issued
9,316
9,316
9,316
Issue of convertible bond
533
533
533
At acquisition
-
22
22
Translation
(811)
40
(771)
(11)
(782)
Balance at September 2004
18,984
533
138
(1,566)
(1,386)
3,078
19,781
397
20,178
US Dollar million
Balance at December 2002
1,120
-
16
43
(185)
449
1,443
40
1,483
Movements on other comprehensive 
income
(8)
(8)
(8)
Net profit
219
219
12
231
Dividends paid
(296)
(296)
(13)
(309)
Ordinary shares issued
5
5
5
Translation
265
4
(155)
(15)
94
193
(2)
191
Balance at September 2003
1,390
-
20
(112)
(208)
466
1,556
37
1,593
Balance at December 2003
1,450
-
21
(113)
(304)
577
1,631
53
1,684
Movements on other comprehensive
income
92
92
92
Net profit
66
66
16
82
Dividends paid
(180)
(180)
(10)
(190)
Ordinary shares issued
1,369
1,369
1,369
Issue of convertible bond
82
82
82
At acquisition
-
3
3
Translation
113
-
(128)
(2)
12
(4)
(1)
(5)
Balance at September 2004
2,932
82
21
(241)
(214)
475
3,055
61
3,116
The results have been prepared in accordance with International Financial Reporting Standards (IFRS).
Attributable equity holders of the group
Non -
distribu-
table
Quarterly Report September 2004 www.AngloGoldAshanti.com
22
background image
Notes
1.
Basis of preparation
The financial statements have been prepared in accordance with the historic cost convention except for certain financial instruments which are stated at fair value. 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 2003.
The interim group financial statements of AngloGold Ashanti Limited have been prepared in accordance with International Financial Reporting Standards (IAS34), South African Statements of Generally Accepted Accounting Practices (AC127), in compliance with the JSE Securities Exchange South Africa and in the manner required by the South African Companies Act, 1973 for the preparation of financial information of the Group for the quarter and nine months ended 30 September 2004.
Where the presentation or classification of an item has been amended, comparative amounts have been reclassified to ensure comparability with the current period. The amendments have been made to provide the users of the financial statements with additional information.
2.
Cost of sales
Quarter ended
Nine months ended
Quarter ended
Nine months ended
Sept 2004
June 2004
Sept 2004
Sept 2003
Sept 2004
June 2004
Sept 2004
Sept 2003
Unaudited     Unaudited    Unaudited      Unaudited     Unaudited     Unaudited     Unaudited      Unaudited
SA Rand million
US Dollar million
Cash operating costs
2,762
2,492
7,349
7,202
434
378
1,122
923
Other cash costs
97
80
236
193
15
13
36
25
Total cash costs
2,859
2,572
7,585
7,395
449
391
1,158
948
Retrenchment costs
12
7
44
13
2
1
7
2
Rehabilitation & other non-cash costs
50
43
134
65
7
7
19
8
Production costs
2,921
2,622
7,763
7,473
458
399
1,184
958
Amortisation of mining assets
660
600
1,706
1,284
104
91
261
164
Total production costs
3,581
3,222
9,469
8,757
562
490
1,445
1,122
Inventory change
70
(131)         (146)          (119)             10
(20)            (22)            (15)
3,651
3,091
9,323
8,638
572
470
1,423
1,107
3. Taxation
Quarter ended
Nine months ended
Quarter ended
Nine months ended
Sept 2004
June 2004
Sept 2004
Sept 2003
Sept 2004
June 2004
Sept 2004
Sept 2003
Unaudited     Unaudited     Unaudited      Unaudited    Unaudited     Unaudited     Unaudited      Unaudited
SA Rand million
US Dollar million
Normal taxation
(19)
49
108
489
(3)
8
16
61
Deferred taxation
89
33
259
410
14
6
39
54
Deferred tax on unrealised non-hedge 
derivatives and fair value gains (losses) 
on interest rate swaps
1
(170)         (243)            145
1
(28)            (37)             21
Taxation on exceptional items
1
1
9
(106)
1
(1)                 1
(14)
72
(87)
133
938
13
(15)
19
122
Quarterly Report September 2004 www.AngloGoldAshanti.com
23
background image
4.       Capital
commitments
Sept 2004
June 2004
Dec
2003
Sept 2003
Sept 2004
June 2004
Dec
2003
Sept 2003
SA Rand million
US Dollar million
Orders plac ed and outstanding 
on capital contracts at the 
prevailing rate of exchange
1,005
885
650
864
155
142
150
118
5.      Shares
Quarter ended
Nine months ended
Sept 2004
June 2004
Sept 2003
Sept 2004
Sept 2003
Authorised s hare capital:
Ordinary shares of 25 SA cents each
400,000,000
400,000,000     400,000,000       400,000,000     400,000,000
A redeemable preference shares of
50 SA cents each
2,000,000
2,000,000           2,000,000           2,000,000         2,000,000
B redeemable preference shares of
1 SA cent each
778,896
778,896               778,896              778,896            778,896
Issued share capital:
Ordinary
shares
264,439,294
264,403,394        222,946,842     264,439,294   222,946,842
A redeemable preference shar es
2,000,000
2,000,000             2,000,000          2,000,000        2,000,000
B redeemable preference shar es
778,896
778,896                778,896              778,896           778,896
Weighted average number of ordinary 
shares for the period
Basic ordinary shares
264,412,359
253,046,275        222,772,159      246,954,457   222,772,159
Diluted number of ordinary shares
279,796,974
268,430,890        223,817,500      259,138,623   223,817,500
During the quarter, 35,900 ordinary shares were allotted in terms of the AngloGold Share Incentive Scheme. All the preference shares are held by a wholly-owned subsidiary company.
6.       Exchange rates
Sept 2004
June 2004
Dec 2003
Sept 2003
Rand/US dollar average for the year to date
6.57
6.67
7.55
7.82
Rand/US dollar average for the quarter
6.37
6.59
6.74
7.40
Rand/US dollar closing
6.48
6.23
6.67
6.94
Rand/Australian dollar average for the year to date
4.80
4.94
4.90
4.94
Rand/Australian dollar average for the quarter
4.52
4.70
4.82
4.88
Rand/Australian
dollar
closing
4.69                     4.33                     5.02                      4.73
7.      Attributable
interest
Although AngloGold Ashanti holds a 66.7 % interest in Cripple Creek & Victor Gold Mining Company Limited, it is currently entitled to receive 100% of the cash flows from the operation until the loan, extended to the joint venture by AngloGold USA Inc., is repaid.
8.       Announcements
8.1     On 5 August 2004, AngloGold Ashanti announced the sale of its Union Reefs assets to the Burnside
Joint Venture, comprising subsidiaries of Northern Gold NL (50%) and Harmony Gold Mining Company Limited (50%), for a total consideration of A$4m. The Burnside Joint Venture is responsible for all future obligations associated with the assets, including remaining site rehabilitation and reclamation.
Quarterly Report September 2004 www.AngloGoldAshanti.com
24
background image
8.2     The government of Guinea advised AngloGold Ashanti on 25 August 2004 that the embargo on the
export of gold bullion from that country by AngloGold Ashanti had been lifted.
8.3     In a joint announcement on 10 September 2004, AngloGold Ashanti confirmed its agreement to sell
its entire interest in Ashanti Goldfields Zimbabwe Limited to Mwana Africa Holdings (Pty) Limited for a cash consideration of $2.255m. The sole operating asset of Ashanti Goldfields Zimbabwe Limited is the Freda-Rebecca Gold Mine.
8.4
On 11 October 2004 AngloGold Ashanti announced that it had signed an agreement with Philippines explorer Red 5 Limited to subscribe for a 12.3% stake in the expanded issued capital of Red 5 for a cash consideration of A$5.5m. This placement will be used to fund the exploration activities along strike from current mineral resources at the Siana Project, and to test the nearby porphyry gold-copper targets in the Surigao region of the Republic of the Philippines.
9.       Dividend
Interim dividend No. 96 of 170 South African cents or 14.9591 UK pence or 2,484.82 cedis per share was paid to registered shareholders on 27 August 2004, while a dividend of 7.7486 Australian cents per CHESS Depositary Interest (CDI) was paid on the same day. On 30 August 2004, a dividend of 24.8482 cedis per Ghanaian Depositary Share (GhDS) was paid to holders thereof. Each CDI represents one-fifth of an ordinary share, and 100 GhDSs represents one ordinary share. A dividend was paid to holders of American Depositary Receipts (ADRs) on 7 September 2004 at a rate of 25.62 US cents per American Depositary Share (ADS). Each ADS represents one ordinary share.
10.     The group financial statements for the quarter and nine months ended 30 September 2004 were
authorised for issue in accordance with a resolution of the directors passed on 27 October 2004. AngloGold Ashanti is a limited liability company incorporated in the Republic of South Africa.
By order of the Board
R P EDEY
R M GODSELL
Chairman
Chief Executive Officer
27 October 2004
Quarterly Report September 2004 www.AngloGoldAshanti.com
25
background image
Segmental
reporting
for the quarter and nine months ended September 2004
Quarter
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
September
June
September
September
September
2004
2004
2003
2004
2003
2004
2004
2003
2004
2003
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
SA Rand million
US Dollar million
1. Gold income South Africa
1,934
1,903
2,292
5,838
6,601
303
289
310
888
846
Argentina
169
129
112
414
459
27
20
15
63
58
Australia
286
273
279
806
936
45
41
38
123
120
Brazil
267
258
268
774
843
42
39
36
118
108
Ghana
531
353
-
877
-
83
53
-
136
-
Guinea
142
-
-
148
-
22
-
-
23
-
Mali
239
267
365
782
1,248
38
42
50
119
160
Namibia
47
45
40
132
149
7
7
5
20
19
Tanzania
359
299
216
874
521
56
45
29
133
67
USA
182
167
163
502
823
28
25
22
77
104
Zimbabwe
15
11
-
26
-
2
2
-
4
-
4,171
3,705
3,735
11,173
11,580
653
563
505
1,704
1,482
2. Adjusted operating profit
1
South Africa
321
306
607
1,131
1,881
49
48
82
174
241
Argentina
61
14
16
99
145
9
3
2
15
18
Australia
71
109
31
241
143
11
17
4
37
18
Brazil
147
157
131
423
443
23
23
18
64
56
Ghana
4
-
-
4
-
1
-
-
1
-
Guinea
(10)
(16)
-
(26)
-
(2)
(2)
-
(4)
-
Mali
38
48
137
183
508
6
8
19
28
65
Namibia
6
5
1
19
49
1
1
-
3
6
Tanzania
-
46
67
123
116
-
7
9
18
15
USA
10
26
19
39
7
2
4
3
6
2
Zimbabwe
(5)
(4)
-
(9)
-
-
(1)
-
(1)
-
Corporate
(12)
11
(5)
(11)
11
(2)
-
(1)
(4)
1
631
702
1,004
2,216
3,303
98
108
136
337
422
3. Cash operating profit
2
South Africa
508
484
700
1,660
2,142
79
75
95
253
274
Argentina
104
60
59
228
289
16
10
8
35
36
Australia
114
149
73
363
279
18
23
10
56
35
Brazil
183
192
173
528
578
29
29
23
80
74
Ghana
103
52
-
155
-
16
7
-
24
-
Guinea
(13)
(16)
-
(29)
-
(2)
(3)
-
(5)
-
Mali
84
95
209
325
733
13
14
28
49
93
Namibia
12
10
2
31
54
2
2
-
5
7
Tanzania
48
89
92
242
176
8
14
13
36
23
USA
76
85
83
239
300
12
13
12
36
39
Zimbabwe
1
(2)
-
(1)
-
-
-
-
-
-
Corporate
3
24
4
34
37
-
3
-
6
5
1,223
1,222
1,395
3,775
4,588
191
187
189
575
586
1
Operating profit excluding unrealised non-hedge derivatives.
2
Adjusted operating profit plus amortisation of mining assets less non-cash revenues.
The results have been prepared in accordance with International Financial Reporting Standards (IFRS).
Based on risks and returns the directors consider that the primary reporting format is by business segment. The directors consider that there is only one business segment being mining, extraction and production of gold. Therefore the disclosures for the primary segment have already been given in the abbreviated financial statements. The secondary reporting format is by geographical analysis by origin.
Quarterly Report September 2004 www.AngloGoldAshanti.com
26
background image
Segmental reporting (continued)
Quarter
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
September
June
September
September
September
2004
2004
2003
2004
2003
2004
2004
2003
2004
2003
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
4.     Gold production
South Africa
24,495
24,233
26,265
72,067
76,393
789
779
844
2,317
2,455
Argentina
1,894
1,449
1,291
4,440
4,687
61
47
41
143
151
Australia
3,496
3,008
3,345
9,207
10,390
112
97
108
296
334
Brazil
2,740
2,732
2,575
7,807
7,431
88
88
83
251
239
Ghana
6,079
3,820
-
9,899
-
195
123
-
318
-
Guinea
705
535
-
1,240
-
23
17
-
40
-
Mali
3,078
3,213
4,395
9,643
14,363
99
103
142
311
462
Namibia
572
503
559
1,535
1,780
18
16
18
49
57
Tanzania
4,592
4,339
2,745
11,825
6,646
148
140
88
380
214
USA
2,804
2,373
2,065
7,414
9,767
90
76
66
238
314
Zimbabwe
168
125
-
293
-
5
4
-
9
-
50,623
46,330
43,240
135,370
131,457
1,628
1,490
1,390
4,352
4,226
Quarter
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
September
June
September
September
September
2004
2004
2003
2004
2003
2004
2004
2003
2004
2003
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
SA Rand million
US Dollar million
5. Capital expenditure
1
South Africa
520
510
574
1,446
1,505
80
77
77
219
192
Argentina
21
27
34
63
60
3
4
4
10
8
Australia
50
45
38
140
88
8
7
5
21
11
Brazil
61
83
66
188
171
10
12
9
29
21
Ghana
105
65
-
171
-
16
10
-
26
-
Guinea
141
111
-
252
-
22
17
-
38
-
Mali
12
18
29
48
87
2
4
4
7
11
Namibia
12
101
7
118
16
2
15
1
18
2
Tanzania
15
19
22
40
54
2
3
3
6
7
USA
48
18
56
82
187
7
3
8
12
24
Zimbabwe
7
2
-
9
-
1
-
-
1
-
Corporate
12
13
6
26
13
3
1
-
6
3
1,004
1,012
832
2,583
2,181
156
153
111
393
279
1
2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.
As at
As at
As at
As at
As at
As at
September
June
December
September
June
December
2004
2004
2003
2004
2004
2003
Unaudited
Unaudited
Audited
Unaudited
Unaudited
Audited
6. Total assets South Africa
13,253
13,174
12,867
2,047
2,116
1,930
Argentina
1,934
1,811
2,035
299
291
305
Australia
4,271
3,898
4,457
660
626
668
Brazil
2,062
1,825
1,898
318
293
285
Ghana
11,545
10,997
-
1,783
1,766
-
Guinea
1,378
1,167
-
213
187
-
Mali
2,329
2,186
2,171
360
351
326
Namibia
219
200
200
34
32
30
Tanzania
7,148
6,960
2,586
1,104
1,118
388
USA
2,685
2,564
2,796
415
412
418
Zimbabwe
-
50
-
-
8
-
Corporate
2,515
3,430
3,392
386
550
510
49,339
48,262
32,402
7,619
7,750
4,860
The results have been prepared in accordance with International Financial Reporting Standards (IFRS).
SA Rand million
US Dollar million
kg
oz (000)
Quarterly Report September 2004 www.AngloGoldAshanti.com
27
background image
Key
operating results
PER REGION & OPERATION
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
SA Rand / US Dollar
Capital expenditure
1
- Rm
Capital expenditure
1
- $m
SOUTH AFRICA
520
510
1,446
1,505
80
77
219
192
Vaal River 
Great Noligwa Mine
48
65
161
220
7
10
25
28
Kopanang Mine
58
61
165
176
9
9
25
22
Tau Lekoa Mine
41
40
115
83
6
6
17
11
Surface Operations
40
20
64
-
6
3
10
-
Moab Khotsong
119
110
344
361
19
17
52
46
Ergo
-
-
-
-
-
-
-
-
West Wits 
Mponeng Mine
103
98
290
375
16
15
44
48
Savuka Mine
12
15
41
111
2
2
6
14
TauTona Mine
99
101
266
179
15
15
40
23
ARGENTINA
21
27
63
60
3
4
10
8
Cerro Vanguardia - Attributable 92.50%
20
25
59
55
3
4
9
7
Minorities and exploration
1
2
4
5
-
-
1
1
AUSTRALIA
50
45
140
88
8
7
21
11
Sunrise Dam
43
43
125
81
7
6
19
10
Minorities and exploration
7
2
15
7
1
1
2
1
BRAZIL
61
83
188
171
10
12
29
21
AngloGold Ashanti Brazil
51
55
140
135
8
8
21
17
Serra Grande - Attributable 50%
4
9
17
16
1
1
3
2
Minorities and exploration
6
19
31
20
1
3
5
2
GHANA
105
65
171
-
16
10
26
-
Bibiani
14
13
27
-
2
2
4
-
Iduapriem - Attributable 85%
8
3
11
-
1
1
2
-
Obuasi
83
48
131
-
13
7
20
-
Minorities and exploration
-
1
2
-
-
-
-
-
GUINEA
141
111
252
-
22
17
38
-
Siguiri - Attributable 85%
120
94
214
-
19
14
33
-
Minorities and exploration
21
17
38
-
3
3
5
-
MALI
12
18
48
87
2
4
7
11
Morila - Attributable 40%
-
1
5
29
-
1
1
4
Sadiola - Attributable 38%
9
12
28
18
1
2
4
2
Yatela - Attributable 40%
3
5
15
40
1
1
2
5
NAMIBIA
12
101
118
16
2
15
18
2
Navachab
12
101
118
16
2
15
18
2
TANZANIA
15
19
40
54
2
3
6
7
Geita - Attributable 100% May 2004
15
19
40
54
2
3
6
7
USA
48
18
82
187
7
3
12
24
Cripple Creek & Victor J.V.
48
18
82
167
7
3
12
21
Jerritt Canyon J.V. - Attributable 70%
-
-
-
20
-
-
-
3
ZIMBABWE
7
2
9
-
1
-
1
-
Freda-Rebecca
7
2
9
-
1
-
1
-
OTHER
12
13
26
13
3
1
6
3
ANGLOGOLD ASHANTI
1,004
1,012
2,583
2,181
156
153
393
279
1
2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.
Quarterly Report September 2004 www.AngloGoldAshanti.com
28
background image
Key
operating results
PER REGION & OPERATION
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
Metric
Yield - g/t
Gold produced - kg
SOUTH AFRICA
24,495
24,233
72,067
76,393
Vaal River 
Great Noligwa Mine
10.60
9.95
10.44
10.37
6,427
6,121
18,414
18,493
Kopanang Mine
6.96
7.35
7.42
6.96
3,707
3,821
11,279
11,582
Tau Lekoa Mine
3.80
4.17
3.88
4.31
2,184
2,509
6,788
7,518
Surface Operations
0.76
0.55
0.62
0.61
1,061
940
2,818
2,704
Ergo
0.24
0.23
0.24
0.20
1,645
1,855
5,419
4,716
West Wits 
Mponeng Mine
8.65
7.80
8.30
8.99
3,657
3,266
10,157
11,820
Savuka Mine
6.36
5.87
6.07
5.83
1,340
1,162
3,601
4,521
TauTona Mine
10.49
10.88
11.14
12.05
4,474
4,559
13,591
15,020
Surface Operations
-
-
-
0.88
-
-
-
19
ARGENTINA
1,894
1,449
4,440
4,687
Cerro Vanguardia - Attributable 92.50%
8.93
6.39
7.07
7.11
1,894
1,449
4,440
4,687
AUSTRALIA
3,496
3,008
9,207
10,390
Sunrise Dam
3.81
3.47
3.37
3.15
3,496
3,008
9,196
8,233
Union Reefs
-
-
-
1.06
-
-
11
2,157
BRAZIL
2,740
2,732
7,807
7,431
AngloGold Ashanti Brazil
7.96
7.48
7.63
6.38
1,998
2,003
5,636
5,192
Serra Grande - Attributable 50%
7.78
7.87
7.77
7.91
742
729
2,171
2,239
GHANA
6,079
3,820
9,899
-
Bibiani
2.10
1.79
1.97
-
1,417
788
2,205
-
Iduapriem - Attributable 85%
1.83
1.48
1.72
-
1,706
838
2,544
-
Obuasi
3.25
3.18
3.22
-
2,956
2,194
5,150
-
GUINEA
705
535
1,240
-
Siguiri - Attributable 85%
1.14
1.12
1.13
-
705
535
1,240
-
MALI
3,078
3,213
9,643
14,363
Morila - Attributable 40%
3.40
3.06
3.53
8.66
1,143
1,058
3,533
8,391
Sadiola - Attributable 38%
2.36
2.82
2.76
2.67
1,196
1,386
3,967
3,774
Yatela - Attributable 40%
3.61
3.61
3.60
2.88
739
769
2,143
2,198
NAMIBIA
572
503
1,535
1,780
Navachab
1.56
1.46
1.52
1.79
572
503
1,535
1,780
TANZANIA
4,592
4,339
11,825
6,646
Geita - Attributable 100% May 2004
3.42
3.46
3.57
3.07
4,592
4,339
11,825
6,646
USA
2,804
2,373
7,414
9,767
Cripple Creek & Victor J.V.
0.57
0.59
0.61
0.33
2,804
2,373
7,414
6,456
Jerritt Canyon J.V. - Attributable 70%
-
-
-
7.15
-
-
-
3,311
ZIMBABWE
168
125
293
-
Freda-Rebecca
1.70
1.60
1.66
-
168
125
293
-
ANGLOGOLD ASHANTI
50,623
46,330
135,370
131,457
Underground Operations
7.40
7.43
7.62
7.96
26,907
25,794
75,471
79,213
Surface and Dump Reclamation
0.35
0.29
0.31
0.27
2,921
2,963
8,621
7,484
Open-pit Operations
2.97
2.92
3.05
3.29
16,200
13,635
39,773
35,789
Heap leach Operations
2
0.78
0.84
0.82
0.83
4,595
3,938
11,505
8,971
50,623
46,330
135,370
131,457
1
Yield excludes surface operations. Attributable production at Moab Khotsong yielded 184 kilograms which will be capitalised against pre-production costs
2
The yield is calculated on gold placed into leach pad inventory / tonnes placed onto leach pad.
Quarterly Report September 2004 www.AngloGoldAshanti.com
29
background image
Key
operating results
PER REGION & OPERATION
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
Metric
Productivity per employee - g
Gold sold - kg
SOUTH AFRICA
260
256
252
212
24,504
24,213
72,048
76,368
Vaal River 
Great Noligwa Mine
309
286
283
219
6,428
6,117
18,409
18,491
Kopanang Mine
222
230
225
172
3,708
3,817
11,275
11,582
Tau Lekoa Mine
175
201
183
173
2,185
2,506
6,786
7,516
Surface Operations
1,123
952
951
656
1,061
939
2,817
2,703
Ergo
291
330
321
267
1,645
1,855
5,417
4,716
West Wits 
Mponeng Mine
260
231
239
242
3,660
3,263
10,156
11,814
Savuka Mine
142
123
125
105
1,341
1,161
3,600
4,511
TauTona Mine
319
324
319
296
4,476
4,555
13,588
15,016
Surface Operations
-
-
-
-
-
-
-
19
ARGENTINA
994
814
818
1,057
1,865
1,438
4,518
4,791
Cerro Vanguardia 
- Attributable 92.50%
994
814
818
1,057
1,865
1,438
4,518
4,791
AUSTRALIA
2,915
2,391
2,483
2,308
3,511
3,011
9,229
10,399
Sunrise Dam
3,289
2,827
2,880
2,952
3,511
3,010
9,217
8,222
Union Reefs
-
-
123
1,654
-
1
12
2,177
BRAZIL
604
687
551
451
2,760
2,703
7,835
7,406
AngloGold Ashanti Brazil
639
640
600
442
2,002
2,014
5,661
5,229
Serra Grande 
- Attributable 50%
1,053
861
910
948
758
689
2,174
2,177
GHANA
303
303
303
-
6,106
3,800
9,906
-
Bibiani
677
1,024
770
-
1,417
788
2,205
-
Iduapriem - Attributable 85%
737
609
689
-
1,706
845
2,551
-
Obuasi
189
210
197
-
2,983
2,167
5,150
-
GUINEA
242
273
255
-
1,391
-
1,391
-
Siguiri 
- Attributable 85%
242
273
255
-
1,391
-
1,391
-
MALI
1,358
1,380
1,393
2,312
3,026
3,344
9,616
14,323
Morila - Attributable 40%
1,367
1,353
1,504
3,983
1,067
1,089
3,443
8,348
Sadiola - Attributable 38%
1,767
1,967
1,882
1,847
1,220
1,375
3,989
3,772
Yatela - Attributable 40%
981
914
869
1,065
739
880
2,184
2,203
NAMIBIA
731
783
747
512
588
538
1,586
1,685
Navachab
731
783
747
512
588
538
1,586
1,685
TANZANIA
1,129
1,159
1,185
1,119
4,790
3,949
11,635
6,646
Geita - Attributable 100% May 2004
1,129
1,159
1,185
1,119
4,790
3,949
11,635
6,646
USA
2,980
2,513
2,625
2,085
2,802
2,375
7,483
9,767
Cripple Creek & Victor J.V.
2,980
2,513
2,625
2,196
2,802
2,375
7,483
6,456
Jerritt Canyon J.V. - Attributable 70%
-
-
-
1,899
-
-
-
3,311
ZIMBABWE
114
83
98
-
168
125
293
-
Freda-Rebecca
114
83
98
-
168
125
293
-
ANGLOGOLD ASHANTI
367
356
356
229
51,511
45,495
135,540
131,385
Quarterly Report September 2004 www.AngloGoldAshanti.com
30
background image
Key
operating results
PER REGION & OPERATION
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
SA Rand / Metric
Total cash costs
1
- R/kg
Total production costs
1
- R/kg
SOUTH AFRICA
60,687
59,016
60,447
54,616
69,905
68,085
69,777
61,659
Vaal River 
Great Noligwa Mine
47,641
47,340
48,609
47,118
52,938
52,764
54,288
51,698
Kopanang Mine
61,912
55,814
59,146
53,598
68,664
62,249
65,797
59,513
Tau Lekoa Mine
83,134
67,030
76,152
62,239
95,789
78,451
88,236
68,102
Surface Operations
45,233
49,274
49,388
47,657
45,233
49,274
49,388
47,669
Ergo
79,848
82,869
81,258
86,239
88,536
89,777
89,012
93,242
West Wits 
Mponeng Mine
64,344
68,486
66,931
51,682
77,390
81,698
79,869
62,893
Savuka Mine
92,197
97,928
95,864
97,008
105,703
115,465
114,076
107,789
TauTona Mine
51,642
48,572
49,486
41,684
64,828
61,076
62,126
50,113
Surface Operations
-
-
-
60,686
-
-
-
60,686
ARGENTINA
29,825
39,673
35,685
36,433
51,374
68,938
62,758
65,177
Cerro Vanguardia
 - Attributable 92.50%
29,780
39,673
35,561
36,433
51,210
68,938
62,479
65,177
AUSTRALIA
49,472
56,053
55,508
61,414
62,905
70,305
69,838
75,758
Sunrise Dam
47,223
53,942
53,040
56,934
59,743
67,013
66,310
73,026
BRAZIL
26,195
27,087
27,353
32,036
36,780
37,285
38,328
46,453
AngloGold Ashanti Brazil
26,689
27,300
27,935
34,824
37,606
37,993
39,184
49,424
Serra Grande - Attributable 50%
27,961
26,504
27,525
25,570
36,727
35,340
36,703
39,561
GHANA
55,621
60,284
57,768
-
77,956
84,018
80,935
-
Bibiani
48,201
50,177
48,907
-
71,190
75,617
72,773
-
Iduapriem - Attributable 85%
51,750
65,545
57,646
-
70,431
84,258
77,476
-
Obuasi
61,411
61,905
61,622
-
85,541
86,944
86,139
-
GUINEA
103,589
82,013
94,288
-
117,083
109,599
114,150
-
Siguiri - Attributable 85%
103,589
82,013
94,288
-
117,083
109,599
114,150
-
MALI
50,334
49,833
46,725
35,624
66,390
65,422
62,652
52,086
Morila - Attributable 40%
51,129
50,383
44,577
23,779
71,095
72,640
65,470
39,904
Sadiola - Attributable 38%
54,745
49,087
50,057
51,464
66,988
61,607
62,619
67,215
Yatela - Attributable 40%
48,110
50,423
52,332
53,651
64,171
62,370
66,159
72,618
NAMIBIA
61,773
67,876
64,885
63,000
71,690
76,372
72,770
65,861
Navachab
61,773
67,876
64,885
63,000
71,690
76,372
72,770
65,861
TANZANIA
60,159
48,015
51,060
52,318
77,414
64,139
66,095
62,111
Geita - Attributable 100% May 2004
60,159
48,015
51,060
52,318
77,414
64,139
66,095
62,111
USA
45,652
44,915
45,673
57,456
63,060
58,443
62,446
84,398
Cripple Creek & Victor J.V.
44,691
44,081
44,682
49,537
62,099
57,610
61,455
77,843
Jerritt Canyon J.V. - Attributable 70%
-
-
-
69,686
-
-
-
94,657
ZIMBABWE
80,110
95,120
86,529
-
126,732
115,258
121,825
-
Freda-Rebecca
80,110
95,120
86,529
-
126,732
115,258
121,825
-
ANGLOGOLD ASHANTI
55,744
55,162
55,727
52,206
69,582
68,659
69,166
63,716
1
2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.
Quarterly Report September 2004 www.AngloGoldAshanti.com
31
background image
Key
operating results
PER REGION & OPERATION
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
SA Rand
Cash operating profit - Rm
1
Adjusted operating profit - Rm
2
SOUTH AFRICA
509
483
1,659
2,142
321
305
1,131
1,881
Vaal River 
Great Noligwa Mine
212
190
634
722
185
166
561
673
Kopanang Mine
78
89
285
309
56
69
223
272
Tau Lekoa Mine
2
33
53
154
(22)
6
(19)
128
Surface Operations
38
33
100
118
38
33
100
118
Ergo
(11)
(14)
(18)
(20)
(11)
(14)
(18)
(23)
West Wits 
Mponeng Mine
65
39
180
348
19
(1)
56
248
Savuka Mine
(18)
(28)
(61)
(86)
(30)
(41)
(100)
(96)
TauTona Mine
143
141
486
597
86
87
328
561
ARGENTINA
97
56
211
268
57
14
93
136
Cerro Vanguardia - Attributable 92.50%
97
56
211
268
57
14
93
136
AUSTRALIA
123
154
383
300
81
117
267
171
Sunrise Dam
124
156
389
267
82
119
273
140
Union Reefs
(1)
(2)
(6)
33
(1)
(2)
(6)
31
BRAZIL
139
152
400
438
111
125
317
337
AngloGold Ashanti Brazil
104
113
292
294
82
92
229
223
Serra Grande - Attributable 50%
35
39
108
144
29
33
88
114
GHANA
95
50
145
-
1
-
1
-
Bibiani
41
17
58
-
11
-
11
-
Iduapriem - Attributable 85%
30
6
36
-
12
2
14
-
Obuasi
24
27
51
-
(22)
(2)
(24)
-
GUINEA
(13)
(16)
(29)
-
(10)
(13)
(23)
-
Siguiri - Attributable 85%
(13)
(16)
(29)
-
(10)
(13)
(23)
-
MALI
80
94
307
734
34
48
165
508
Morila - Attributable 40%
22
25
108
515
1
3
39
383
Sadiola - Attributable 38%
33
44
135
144
19
28
88
88
Yatela - Attributable 40%
25
25
64
75
14
17
38
37
NAMIBIA
12
9
30
54
6
5
19
49
Navachab
12
9
30
54
6
5
19
49
TANZANIA
46
89
235
176
(2)
45
116
116
Geita - Attributable 100% May 2004
46
89
235
176
(2)
45
116
116
USA
79
87
247
311
13
27
47
19
Cripple Creek & Victor J.V.
79
87
247
270
13
27
47
55
Jerritt Canyon J.V. - Attributable 70%
-
-
-
41
-
-
-
(36)
ZIMBABWE
2
(2)
-
-
(5)
(4)
(9)
-
Freda-Rebecca
2
(2)
-
-
(5)
(4)
(9)
-
OTHER
54
66
187
165
24
33
92
86
ANGLOGOLD ASHANTI
1,223
1,222
3,775
4,588
631
702
2,216
3,303
1
Adjusted operating profit plus amortisation of mining assets less non-cash revenues.
2
Operating profit excluding unrealised non-hedge derivatives.
Quarterly Report September 2004 www.AngloGoldAshanti.com
32
background image
Key
operating results
PER REGION & OPERATION
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
Imperial
Yield - oz/t
Gold produced - oz (000)
SOUTH AFRICA
789
779
2,317
2,455
Vaal River 
Great Noligwa Mine
0.309
0.290
0.304
0.302
207
196
592
594
Kopanang Mine
0.203
0.214
0.216
0.203
119
122
363
372
Tau Lekoa Mine
0.111
0.122
0.113
0.126
70
81
218
242
Surface Operations
0.022
0.016
0.018
0.018
35
31
90
87
Ergo
0.007
0.007
0.007
0.006
53
59
174
152
West Wits 
Mponeng Mine
0.252
0.227
0.242
0.262
118
105
327
380
Savuka Mine
0.186
0.171
0.177
0.170
43
38
116
145
TauTona Mine
0.306
0.317
0.325
0.351
144
147
437
483
ARGENTINA
61
47
143
151
Cerro Vanguardia - Attributable 92.50%
0.261
0.186
0.206
0.207
61
47
143
151
AUSTRALIA
112
97
296
334
Sunrise Dam
0.111
0.101
0.098
0.092
112
97
296
265
Union Reefs
-
-
-
0.031
-
-
-
69
BRAZIL
88
88
251
239
AngloGold Ashanti Brazil
0.232
0.218
0.223
0.187
64
65
181
167
Serra Grande - Attributable 50%
0.227
0.230
0.227
0.231
24
23
70
72
GHANA
195
123
318
-
Bibiani
0.061
0.052
0.058
-
46
25
71
-
Iduapriem - Attributable 85%
0.053
0.043
0.050
-
55
27
82
-
Obuasi
0.095
0.093
0.094
-
94
71
165
-
GUINEA
23
17
40
-
Siguiri - Attributable 85%
0.033
0.033
0.033
-
23
17
40
-
MALI
99
103
311
462
Morila - Attributable 40%
0.099
0.089
0.103
0.252
37
34
114
270
Sadiola - Attributable 38%
0.069
0.082
0.080
0.078
38
44
128
121
Yatela - Attributable 40%
0.105
0.105
0.105
0.084
24
25
69
71
NAMIBIA
18
16
49
57
Navachab
0.046
0.042
0.044
0.052
18
16
49
57
TANZANIA
148
140
380
214
Geita - Attributable 100% May 2004
0.100
0.101
0.104
0.090
148
140
380
214
USA
90
76
238
314
Cripple Creek & Victor J.V.
0.017
0.017
0.018
0.020
90
76
238
207
Jerritt Canyon J.V. - Attributable 70%
-
-
-
0.216
-
-
-
107
ZIMBABWE
5
4
9
-
Freda-Rebecca
0.050
0.047
0.048
-
5
4
9
-
ANGLOGOLD ASHANTI
1,628
1,490
4,352
4,226
Underground Operations
0.216
0.217
0.222
0.232
865
830
2,426
2,547
Surface and Dump Reclamation
0.010
0.009
0.009
0.008
94
95
277
240
Open-pit Operations
0.087
0.085
0.089
0.041
521
439
1,279
1,151
Heap leach Operations
2
0.023
0.024
0.024
0.024
148
126
370
288
1,628
1,490
4,352
4,226
1
Yield excludes surface operations. Attributable production at Moab Khotsong yielded 5,900 ounces which will be capitalised against pre-production costs
2
The yield is calculated on gold placed into leach pad inventory / tonnes placed onto leach pad.
Quarterly Report September 2004 www.AngloGoldAshanti.com
33
background image
Key
operating results
PER REGION & OPERATION
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
Imperial
Productivity per employee - oz
Gold sold - oz (000)
SOUTH AFRICA
8.37
8.23
8.10
6.83
788
778
2,317
2,456
Vaal River 
Great Noligwa Mine
9.94
9.21
9.10
7.03
207
196
592
594
Kopanang Mine
7.14
7.41
7.23
5.53
119
122
363
372
Tau Lekoa Mine
5.61
6.46
5.88
5.56
70
81
218
242
Surface Operations
36.11
30.61
30.58
21.11
34
30
90
87
Ergo
9.37
10.61
10.32
8.60
53
59
174
152
West Wits 
Mponeng Mine
8.37
7.44
7.70
7.79
118
105
327
380
Savuka Mine
4.55
3.97
4.02
3.39
43
38
116
145
TauTona Mine
10.25
10.41
10.26
9.52
144
146
437
483
Surface Operations
-
-
-
-
-
-
-
1
ARGENTINA
31.95
26.18
26.29
33.97
60
46
145
154
Cerro Vanguardia - Attributable 92.50%
31.95
26.18
26.29
33.97
60
46
145
154
AUSTRALIA
93.72
76.86
79.85
74.19
113
97
296
334
Sunrise Dam
105.74
90.88
92.60
94.91
113
97
296
264
Union Reefs
-
-
-
53.19
-
-
-
70
BRAZIL
19.42
22.09
17.72
14.50
88
87
252
238
AngloGold Ashanti Brazil
20.53
20.58
19.29
14.20
64
65
182
168
Serra Grande - Attributable 50%
33.87
27.67
29.26
30.48
24
22
70
70
GHANA
9.73
9.75
9.74
-
197
122
319
-
Bibiani
21.75
32.92
24.76
-
46
25
71
-
Iduapriem - Attributable 85%
23.70
19.59
22.17
-
55
27
82
-
Obuasi
6.06
6.75
6.34
-
96
70
166
-
GUINEA
7.79
8.78
8.19
-
45
-
45
-
Siguiri - Attributable 85%
7.79
8.78
8.19
-
45
-
45
-
MALI
43.66
44.37
44.79
74.32
97
108
309
460
Morila - Attributable 40%
43.95
43.51
48.36
128.04
34
35
111
268
Sadiola - Attributable 38%
56.80
63.24
60.50
59.39
39
44
128
121
Yatela - Attributable 40%
31.54
29.38
27.95
34.25
24
28
70
71
NAMIBIA
23.49
25.19
24.03
16.46
19
17
51
54
Navachab
23.49
25.19
24.03
16.46
19
17
51
54
TANZANIA
36.31
37.26
38.09
35.99
154
127
374
214
Geita - Attributable 100% May 2004
36.31
37.26
38.09
35.99
154
127
374
214
USA
95.82
80.80
84.41
67.05
90
76
241
314
Cripple Creek & Victor J.V.
95.82
80.80
84.41
70.59
90
76
241
208
Jerritt Canyon J.V. - Attributable 70%
-
-
-
61.07
-
-
-
106
ZIMBABWE
3.66
2.67
3.16
-
5
4
9
-
Freda-Rebecca
3.66
2.67
3.16
-
5
4
9
-
ANGLOGOLD ASHANTI
11.79
11.46
11.46
8.04
1,656
1,463
4,358
4,224
Quarterly Report September 2004 www.AngloGoldAshanti.com
34
background image
Key
operating results
PER REGION & OPERATION
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
US Dollar / Imperial
Total cash costs
1
- $/oz
Total production costs
1
- $/oz
SOUTH AFRICA
297
279
286
218
342
321
331
246
Vaal River 
Great Noligwa Mine
233
223
230
189
259
249
257
207
Kopanang Mine
303
263
280
214
335
294
312
238
Tau Lekoa Mine
406
316
361
249
468
370
418
272
Surface Operations
221
232
234
190
221
232
234
190
Ergo
391
391
384
344
433
424
421
372
West Wits 
Mponeng Mine
314
323
317
207
378
386
379
251
Savuka Mine
451
462
454
387
516
545
540
430
TauTona Mine
253
229
234
166
317
289
294
200
Surface Operations
-
-
-
248
-
-
-
248
ARGENTINA
146
187
169
145
251
325
297
259
Cerro Vanguardia - Attributable 92.50%
145
187
169
145
250
325
296
259
AUSTRALIA
242
265
263
244
307
332
331
301
Sunrise Dam
231
255
251
227
292
317
314
291
BRAZIL
128
128
129
128
179
176
181
185
AngloGold Ashanti Brazil
130
129
132
139
183
179
186
197
Serra Grande - Attributable 50%
136
125
130
102
179
167
174
158
GHANA
271
288
278
-
381
400
390
-
Bibiani
235
237
236
-
347
358
351
-
Iduapriem - Attributable 85%
252
309
277
-
343
397
373
-
Obuasi
300
292
296
-
418
410
414
-
GUINEA
504
386
453
-
571
516
548
-
Siguiri - Attributable 85%
504
386
453
-
571
516
548
-
MALI
245
235
221
142
323
309
297
208
Morila - Attributable 40%
248
238
211
95
346
344
310
159
Sadiola - Attributable 38%
267
232
237
205
327
291
297
267
Yatela - Attributable 40%
233
238
247
214
312
295
313
290
NAMIBIA
301
320
308
252
350
360
345
263
Navachab
301
320
308
252
350
360
345
263
TANZANIA
294
226
244
209
378
302
315
248
Geita - Attributable 100% May 2004
294
226
244
209
378
302
315
248
USA
223
212
217
226
308
276
296
332
Cripple Creek & Victor J.V.
218
208
212
197
303
272
291
310
Jerritt Canyon J.V. - Attributable 70%
-
-
-
270
-
-
-
366
ZIMBABWE
394
447
417
-
623
543
589
-
Freda-Rebecca
394
447
417
-
623
543
589
-
ANGLOGOLD ASHANTI
272
260
265
208
340
324
328
254
1
2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.
Quarterly Report September 2004 www.AngloGoldAshanti.com
35
background image
Key
operating results
PER REGION & OPERATION
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
US Dollar
Cash operating profit - $m
1
Adjusted operating profit - $m
2
SOUTH AFRICA
78
73
254
274
49
46
174
241
Vaal River 
Great Noligwa Mine
33
30
97
93
29
26
86
87
Kopanang Mine
12
13
43
40
9
10
34
35
Tau Lekoa Mine
-
4
9
19
(4)
1
(2)
16
Surface Operations
6
5
16
15
6
5
16
15
Ergo
(2)
(2)
(2)
(3)
(2)
(2)
(2)
(3)
West Wits 
Mponeng Mine
10
6
27
45
3
-
8
32
Savuka Mine
(3)
(4)
(10)
(12)
(5)
(7)
(16)
(13)
TauTona Mine
22
21
74
77
13
13
50
72
Surface Operations
-
-
-
-
-
-
-
-
ARGENTINA
16
10
33
34
9
3
15
17
Cerro Vanguardia - Attributable 92.50%
16
10
33
34
9
3
15
17
AUSTRALIA
19
23
59
37
13
18
41
21
Sunrise Dam
19
23
60
33
13
18
42
17
Union Reefs
-
-
(1)
4
-
-
(1)
4
BRAZIL
22
23
61
55
18
19
49
42
AngloGold Ashanti Brazil
16
17
44
37
13
14
35
28
Serra Grande - Attributable 50%
6
6
17
18
5
5
14
14
GHANA
15
7
22
-
-
-
-
-
Bibiani
7
3
10
-
2
-
2
-
Iduapriem - Attributable 85%
5
-
5
-
2
-
2
-
Obuasi
3
4
7
-
(4)
-
(4)
-
GUINEA
(2)
(2)
(4)
-
(1)
(2)
(3)
-
Siguiri - Attributable 85%
(2)
(2)
(4)
-
(1)
(2)
(3)
-
MALI
13
14
47
94
5
8
25
65
Morila - Attributable 40%
3
4
17
66
-
1
6
49
Sadiola - Attributable 38%
6
6
20
18
3
4
13
11
Yatela - Attributable 40%
4
4
10
10
2
3
6
5
NAMIBIA
1
2
5
7
1
1
3
6
Navachab
1
2
5
7
1
1
3
6
TANZANIA
8
14
36
23
-
8
17
15
Geita - Attributable 100% May 2004
8
14
36
23
-
8
17
15
USA
12
13
37
40
2
4
7
2
Cripple Creek & Victor J.V.
12
13
37
35
2
4
7
7
Jerritt Canyon J.V. - Attributable 70%
-
-
-
5
-
-
-
(5)
ZIMBABWE
1
(1)
-
-
-
(1)
(1)
-
Freda-Rebecca
1
(1)
-
-
-
(1)
(1)
-
OTHER
8
11
25
22
2
4
10
13
ANGLOGOLD ASHANTI
191
187
575
586
98
108
337
422
1
Adjusted operating profit plus amortisation of mining assets less non-cash revenues.
2
Operating profit excluding unrealised non-hedge derivatives.
Quarterly Report September 2004 www.AngloGoldAshanti.com
36
background image
Development
Development values represent actual results of sampling, no allowances having been made for adjustments necessary in estimating ore reserves.
Quarter ended September 2004
Statistics are shown in metric units
Advance
Sampled
metres
metres
channel
gold
uranium
width cm
g/t
cm.g/t
kg/t
cm.kg/t
VAAL RIVER
Great Noligwa Mine 
Vaal reef
3,952
382
117.4
18.03
2,117
0.88
103.50
"C" reef
-
-
-
-
-
-
-
Kopanang Mine 
Vaal reef
6,515
1,086
13.0
227.00
2,951
4.15
53.90
"C" reef
-
-
-
-
-
-
-
Tau Lekoa Mine 
Ventersdorp Contact reef
4,428
1,072
81.5
9.62
784
0.10
7.99
Moab Khotsong Mine 
Vaal reef
3,400
44
117.5
22.77
2,675
0.03
3.00
WEST WITS
TauTona Mine 
Ventersdorp Contact reef
124
-
-
-
-
-
-
Carbon Leader reef
4,965
62
23.3
101.16
2,357
-
-
Savuka Mine 
Ventersdorp Contact reef
505
-
-
-
-
-
-
Carbon Leader reef
740
184
30.1
96.54
2,906
-
-
Mponeng Mine 
Ventersdorp Contact reef
5,311
1,136
79.5
33.58
2,670
-
-
Statistics are shown in imperial units
Advance
Sampled
feet
feet
channel
gold
uranium
width inches
oz/t
ft.oz/t
lb/t
ft.lb/t
VAAL RIVER
Great Noligwa Mine 
Vaal reef
12,966
1,253
46.22
0.53
2.04
1.76
6.78
"C" reef
-
-
-
-
-
-
-
Kopanang Mine 
Vaal reef
21,375
3,563
5.12
6.62
2.82
8.30
3.54
"C" reef
-
-
-
-
-
-
-
Tau Lekoa Mine 
Ventersdorp Contact reef
14,528
3,517
32.09
0.28
0.75
0.20
0.53
Moab Khotsong Mine 
Vaal reef
11,155
144
46.26
0.66
2.56
0.06
0.23
WEST WITS
TauTona Mine 
Ventersdorp Contact reef
407
-
-
-
-
-
-
Carbon Leader reef
16,291
203
9.17
2.95
2.25
-
-
Savuka Mine 
Ventersdorp Contact reef
1,658
-
-
-
-
-
-
Carbon Leader reef
2,427
604
11.85
2.82
2.78
-
-
Mponeng Mine 
Ventersdorp Contact reef
17,425
3,727
31.30
0.98
2.56
-
-
Quarterly Report September 2004 www.AngloGoldAshanti.com
37
background image
South Africa
VAAL RIVER
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
GREAT NOLIGWA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS 
UNDERGROUND OPERATION Area mined
- 000 m²
/
- 000 ft²
111
105
315
312
1,197
1,125
3,391
3,357
Milled
- 000 tonnes
/
- 000 tons
606
615
1,764
1,784
668
678
1,945
1,966
Yield
- g / t
/
- oz / t
10.60
9.95
10.44
10.37
0.309
0.290
0.304
0.302
Gold produced
- kg
/
- oz (000)
6,427
6,121
18,414
18,493
207
196
592
594
Gold sold
- kg
/
- oz (000)
6,428
6,117
18,409
18,491
207
196
592
594
Price received
- R / kg
/
- $ / oz
- sold
84,210
82,152
85,949
91,339
410
389
407
366
Total cash costs
1
- R
/
- $
- ton milled
505
471
507
488
72
65
70
57
- R / kg
/
- $ / oz
- produced
47,641
47,340
48,609
47,118
233
223
230
189
Total production costs
1
- R / kg
/
- $ / oz
- produced
52,938
52,764
54,288
51,698
259
249
257
207
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
312
295
286
273
10.02
9.48
9.20
8.79
Actual
- g
/
- oz
309
286
283
219
9.94
9.21
9.10
7.03
Target
- m²
/
- ft²
5.06
4.80
4.73
4.02
54.51
51.63
50.87
43.29
Actual
- m²
/
- ft²
5.35
4.89
4.84
3.69
57.59
52.63
52.10
39.68
FINANCIAL RESULTS (MILLION) 
Gold income
508
481
1,491
1,597
80
73
227
205
Cost of sales
357
337
1,021
1,015
56
51
155
130
Cash operating costs
303
287
886
978
48
43
135
126
Other cash costs
3
3
9
8
-
1
1
1
Total cash costs
306
290
895
986
48
44
136
127
Retrenchment costs
3
3
13
1
-
1
2
-
Rehabilitation and other non-cash costs
5
6
19
9
1
1
3
1
Production costs
314
299
927
996
49
46
141
128
Amortisation of mining assets
27
24
73
49
4
4
11
6
Inventory change
16
14
21
(30)
3
1
3
(4)
151
144
470
582
24
22
72
75
Realised non-hedge derivatives
34
22
91
91
5
4
14
12
Adjusted operating profit
185
166
561
673
29
26
86
87
Capital expenditure
1
48
65
161
220
7
10
25
28
1
2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.
Quarterly Report September 2004 www.AngloGoldAshanti.com
38
background image
South Africa
VAAL RIVER
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
KOPANANG MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS UNDERGROUND OPERATION Area mined
- 000 m²
/
- 000 ft²
118
121
351
361
1,269
1,301
3,780
3,885
Milled
- 000 tonnes
/
- 000 tons
533
520
1,520
1,664
588
573
1,676
1,834
Yield
- g / t
/
- oz / t
6.96
7.35
7.42
6.96
0.203
0.214
0.216
0.203
Gold produced
- kg
/
- oz (000)
3,707
3,821
11,279
11,582
119
122
363
372
Gold sold
- kg
/
- oz (000)
3,708
3,817
11,275
11,582
119
122
363
372
Price received
- R / kg
/
- $ / oz
- sold
83,764
82,361
85,860
91,475
408
390
407
365
Total cash costs
1
- R
/
- $
- ton milled
431
410
439
373
61
56
61
43
- R / kg
/
- $ / oz
- produced
61,912
55,814
59,146
53,598
303
263
280
214
Total production costs
1
- R / kg
/
- $ / oz
- produced
68,664
62,249
65,797
59,513
335
294
312
238
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
211
212
210
177
6.79
6.80
6.76
5.69
Actual
- g
/
- oz
222
230
225
172
7.14
7.41
7.23
5.53
Target
- m²
/
- ft²
6.69
6.71
6.64
5.35
72.03
72.23
71.51
57.54
Actual
- m²
/
- ft²
7.06
7.29
7.00
5.36
76.00
78.42
75.38
57.65
FINANCIAL RESULTS (MILLION) 
Gold income
293
300
915
1,004
46
45
139
129
Cost of sales
254
246
745
787
39
37
113
101
Cash operating costs
227
211
660
736
36
32
100
94
Other cash costs
2
3
7
7
-
1
1
1
Total cash costs
229
214
667
743
36
33
101
95
Retrenchment costs
-
-
2
1
-
-
-
-
Rehabilitation and other non-cash costs
3
4
10
5
-
-
2
1
Production costs
232
218
679
749
36
33
103
96
Amortisation of mining assets
22
20
62
37
3
3
9
5
Inventory change
-
8
4
1
-
1
1
-
39
54
170
217
7
8
26
28
Realised non-hedge derivatives
17
15
53
55
2
2
8
7
Adjusted operating profit
56
69
223
272
9
10
34
35
Capital expenditure
1
58
61
165
176
9
9
25
22
1
2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.
Quarterly Report September 2004 www.AngloGoldAshanti.com
39
background image
South Africa
VAAL RIVER
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
TAU LEKOA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS UNDERGROUND OPERATION 
Area mined
- 000 m²
/
- 000 ft²
107
109
322
312
1,151
1,169
3,461
3,361
Milled
- 000 tonnes
/
- 000 tons
575
602
1,751
1,746
634
664
1,931
1,925
Yield
- g / t
/
- oz / t
3.80
4.17
3.88
4.31
0.111
0.122
0.113
0.126
Gold produced
- kg
/
- oz (000)
2,184
2,509
6,788
7,518
70
81
218
242
Gold sold
- kg
/
- oz (000)
2,185
2,506
6,786
7,516
70
81
218
242
Price received
- R / kg
/
- $ / oz
- sold
83,544
82,373
85,708
91,375
408
390
406
364
Total cash costs
1
- R
/
- $
- ton milled
316
279
295
268
45
38
41
31
- R / kg
/
- $ / oz
- produced
83,134
67,030
76,152
62,239
406
316
361
249
Total production costs
1
- R / kg
/
- $ / oz
- produced
95,789
78,451
88,236
68,102
468
370
418
272
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
222
221
219
176
7.15
7.12
7.03
5.67
Actual
- g
/
- oz
175
201
183
173
5.61
6.46
5.88
5.56
Target
- m²
/
- ft²
9.21
9.24
9.10
7.43
99.08
99.47
97.93
80.00
Actual
- m²
/
- ft²
8.55
8.70
8.66
7.19
91.98
93.63
93.23
77.34
FINANCIAL RESULTS (MILLION) 
Gold income
172
198
550
650
27
30
84
83
Cost of sales
205
201
601
558
32
30
91
71
Cash operating costs
180
166
512
519
29
25
78
67
Other cash costs
2
1
5
4
-
-
1
1
Total cash costs
182
167
517
523
29
25
79
68
Retrenchment costs
1
1
3
2
-
-
-
-
Rehabilitation and other non-cash costs
2
3
7
3
-
1
1
-
Production costs
185
171
527
528
29
26
80
68
Amortisation of mining assets
24
27
72
26
4
3
11
3
Inventory change
(4)
3
2
4
(1)
1
-
-
(33)
(3)
(51)
92
(5)
-
(7)
12
Realised non-hedge derivatives
11
9
32
36
1
1
5
4
Adjusted operating profit
(22)
6
(19)
128
(4)
1
(2)
16
Capital expenditure
1
41
40
115
83
6
6
17
11
1
2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.
Quarterly Report September 2004 www.AngloGoldAshanti.com
40
background image
South Africa
VAAL RIVER
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
SURFACE OPERATIONS
Rand / Metric
Dollar / Imperial
OPERATING RESULTS Milled
- 000 tonnes
/
- 000 tons
1,387
1,720
4,539
4,427
1,529
1,896
5,004
4,880
Yield
- g / t
/
- oz / t
0.76
0.55
0.62
0.61
0.022
0.016
0.018
0.018
Gold produced
- kg
/
- oz (000)
1,061
940
2,818
2,704
35
31
90
87
Gold sold
- kg
/
- oz (000)
1,061
939
2,817
2,703
34
30
90
87
Price received
- R / kg
/
- $ / oz
- sold
83,173
82,425
85,131
91,415
406
391
404
363
Total cash costs
- R
/
- $
- ton milled
35
27
31
29
5
4
4
3
- R / kg
/
- $ / oz
- produced
45,233
49,274
49,388
47,657
221
232
234
190
Total production costs
- R / kg
/
- $ / oz
- produced
45,233
49,274
49,388
47,669
221
232
234
190
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
784
726
677
322
25.19
23.33
21.77
10.34
Actual
- g
/
- oz
1,123
952
951
656
36.11
30.61
30.58
21.11
FINANCIAL RESULTS (MILLION) 
Gold income
84
74
227
235
13
12
35
30
Cost of sales
50
44
139
129
8
7
21
16
Cash operating costs
48
46
139
129
8
7
21
16
Other cash costs
-
-
-
-
-
-
-
-
Total cash costs
48
46
139
129
8
7
21
16
Retrenchment costs
-
-
-
-
-
-
-
-
Rehabilitation and other non-cash costs
-
-
-
-
-
-
-
-
Production costs
48
46
139
129
8
7
21
16
Amortisation of mining assets
-
-
-
-
-
-
-
-
Inventory change
2
(2)
-
-
-
-
-
-
34
30
88
106
5
5
14
14
Realised non-hedge derivatives
4
3
12
12
1
-
2
1
Adjusted operating profit
38
33
100
118
6
5
16
15
Capital expenditure
40
20
64
-
6
3
10
-
Quarterly Report September 2004 www.AngloGoldAshanti.com
41
background image
South Africa
ERGO
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
ERGO
Rand / Metric
Dollar / Imperial
SURFACE AND DUMP RECLAMATION 
Material treated
- 000 tonnes
/
- 000 tons
6,770
8,173
22,645
23,307
7,462
9,010
24,961
25,691
Yield
- g / t
/
- oz / t
0.24
0.23
0.24
0.20
0.007
0.007
0.007
0.006
Gold produced
- kg
/
- oz (000)
1,645
1,855
5,419
4,716
53
59
174
152
Gold sold
- kg
/
- oz (000)
1,645
1,855
5,417
4,716
53
59
174
152
Price received
- R / kg
/
- $ / oz
- sold
83,658
81,990
85,821
87,624
409
389
407
347
Total cash costs
- R
/
- $
- ton treated
19
19
19
17
3
3
3
2
- R / kg
/
- $ / oz
- produced
79,848
82,869
81,258
86,239
391
391
384
344
Total production costs
- R / kg
/
- $ / oz
- produced
88,536
89,777
89,012
93,242
433
424
421
372
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
236
274
262
275
7.59
8.82
8.43
8.85
Actual
- g
/
- oz
291
330
321
267
9.37
10.61
10.32
8.60
FINANCIAL RESULTS (MILLION) 
Gold income
129
145
439
408
20
22
67
52
Cost of sales
149
166
483
436
24
25
73
55
Cash operating costs
131
153
438
405
21
23
67
52
Other cash costs
1
1
2
2
-
-
-
-
Total cash costs
132
154
440
407
21
23
67
52
Retrenchment costs
1
-
2
1
-
-
-
-
Rehabilitation and other non-cash costs
13
13
40
29
2
2
6
4
Production costs
146
167
482
437
23
25
73
56
Amortisation of mining assets
-
-
-
3
-
-
-
-
Inventory change
3
(1)
1
(4)
1
-
-
(1)
(20)
(21)
(44)
(28)
(4)
(3)
(6)
(3)
Realised non-hedge derivatives
9
7
26
5
2
1
4
-
Adjusted operating profit
(11)
(14)
(18)
(23)
(2)
(2)
(2)
(3)
Capital expenditure
-
-
-
-
-
-
-
-
Quarterly Report September 2004 www.AngloGoldAshanti.com
42
background image
South Africa
WEST WITS
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
MPONENG MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS UNDERGROUND OPERATION 
Area mined
- 000 m²
/
- 000 ft²
84
80
236
253
905
864
2,540
2,719
Milled
- 000 tonnes
/
- 000 tons
423
419
1,224
1,315
466
462
1,349
1,449
Yield
- g / t
/
- oz / t
8.65
7.80
8.30
8.99
0.252
0.227
0.242
0.262
Gold produced
- kg
/
- oz (000)
3,657
3,266
10,157
11,820
118
105
327
380
Gold sold
- kg
/
- oz (000)
3,660
3,263
10,156
11,814
118
105
327
380
Price received
- R / kg
/
- $ / oz
- sold
83,588
81,991
85,590
88,380
408
388
406
352
Total cash costs
1
- R
/
- $
- ton milled
557
534
555
465
79
74
77
54
- R / kg
/
- $ / oz
- produced
64,344
68,486
66,931
51,682
314
323
317
207
Total production costs
1
- R / kg
/
- $ / oz
- produced
77,390
81,698
79,869
62,893
378
386
379
251
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
240
232
232
190
7.71
7.45
7.45
6.10
Actual
- g
/
- oz
260
231
239
242
8.37
7.44
7.70
7.79
Target
- m²
/
- ft²
5.81
5.66
5.51
4.55
62.59
60.90
59.26
48.96
Actual
- m²
/
- ft²
5.98
5.68
5.56
5.18
64.41
61.18
59.88
55.77
FINANCIAL RESULTS (MILLION) 
Gold income
289
256
823
1,023
45
39
125
131
Cost of sales
287
268
813
796
45
41
124
102
Cash operating costs
233
222
673
683
37
33
103
88
Other cash costs
2
2
7
6
-
-
1
1
Total cash costs
235
224
680
689
37
33
104
89
Retrenchment costs
-
1
2
2
-
-
-
-
Rehabilitation and other non-cash costs
2
1
5
2
-
1
1
-
Production costs
237
226
687
693
37
34
105
89
Amortisation of mining assets
46
40
124
100
7
6
19
13
Inventory change
4
2
2
3
1
1
-
-
2
(12)
10
227
-
(2)
1
29
Realised non-hedge derivatives
17
11
46
21
3
2
7
3
Adjusted operating profit
19
(1)
56
248
3
-
8
32
Capital expenditure
1
103
98
290
375
16
15
44
48
1
2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.
Quarterly Report September 2004 www.AngloGoldAshanti.com
43
background image
South Africa
WEST WITS
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
SAVUKA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS UNDERGROUND OPERATION 
Area mined
- 000 m²
/
- 000 ft²
44
40
123
121
475
424
1,321
1,304
Milled
- 000 tonnes
/
- 000 tons
211
198
594
775
232
218
654
854
Yield
- g / t
/
- oz / t
6.36
5.87
6.07
5.83
0.186
0.171
0.177
0.170
Gold produced
- kg
/
- oz (000)
1,340
1,162
3,601
4,521
43
38
116
145
Gold sold
- kg
/
- oz (000)
1,341
1,161
3,600
4,511
43
38
116
145
Price received
- R / kg
/
- $ / oz
- sold
83,878
81,915
85,680
88,726
409
388
407
353
Total cash costs
1
- R
/
- $
- ton milled
587
575
581
566
84
79
80
66
- R / kg
/
- $ / oz
- produced
92,197
97,928
95,864
97,008
451
462
454
387
Total production costs
1
- R / kg
/
- $ / oz
- produced
105,703
115,465
114,076
107,789
516
545
540
430
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
142
136
138
124
4.55
4.36
4.45
3.98
Actual
- g
/
- oz
142
123
125
105
4.55
3.97
4.02
3.39
Target
- m²
/
- ft²
4.87
4.64
4.59
4.09
52.40
49.96
49.43
44.03
Actual
- m²
/
- ft²
4.66
4.18
4.26
2.82
50.17
45.00
45.86
30.39
FINANCIAL RESULTS (MILLION) 
Gold income
106
91
291
389
17
14
44
50
Cost of sales
142
136
409
497
23
21
63
64
Cash operating costs
122
113
341
472
20
17
52
61
Other cash costs
1
2
4
4
-
-
1
1
Total cash costs
123
115
345
476
20
17
53
62
Retrenchment costs
-
1
10
5
-
-
1
1
Rehabilitation and other non-cash costs
6
6
17
4
1
1
3
-
Production costs
129
122
372
485
21
18
57
63
Amortisation of mining assets
12
13
39
10
2
3
6
1
Inventory change
1
1
(2)
2
-
-
-
-
(36)
(45)
(118)
(108)
(6)
(7)
(19)
(14)
Realised non-hedge derivatives
6
4
18
12
1
-
3
1
Adjusted operating profit
(30)
(41)
(100)
(96)
(5)
(7)
(16)
(13)
Capital expenditure
1
12
15
41
111
2
2
6
14
1
2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.
Quarterly Report September 2004 www.AngloGoldAshanti.com
44
background image
South Africa
WEST WITS
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
TAUTONA MINE
Rand / Metric
Dollar / Imperial
OPERATING RESULTS UNDERGROUND OPERATION 
Area mined
- 000 m²
/
- 000 ft²
75
69
213
224
803
736
2,295
2,410
Milled
- 000 tonnes
/
- 000 tons
426
419
1,220
1,246
470
462
1,345
1,374
Yield
- g / t
/
- oz / t
10.49
10.88
11.14
12.05
0.306
0.317
0.325
0.351
Gold produced
- kg
/
- oz (000)
4,474
4,559
13,591
15,020
144
147
437
483
Gold sold
- kg
/
- oz (000)
4,476
4,555
13,588
15,016
144
146
437
483
Price received
- R / kg
/
- $ / oz
- sold
84,090
82,055
86,038
88,297
409
389
407
352
Total cash costs
1
- R
/
- $
- ton milled
542
529
551
502
77
73
76
58
- R / kg
/
- $ / oz
- produced
51,642
48,572
49,486
41,684
253
229
234
166
Total production costs
1
- R / kg
/
- $ / oz
- produced
64,828
61,076
62,126
50,113
317
289
294
200
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
365
338
344
297
11.75
10.87
11.05
9.56
Actual
- g
/
- oz
319
324
319
296
10.25
10.41
10.26
9.52
Target
- m²
/
- ft²
5.36
5.15
5.15
4.53
57.75
55.46
55.45
48.78
Actual
- m²
/
- ft²
5.32
4.85
5.00
4.41
57.24
52.20
53.86
47.52
FINANCIAL RESULTS (MILLION) 
Gold income
354
357
1,102
1,295
55
54
167
166
Cost of sales
290
286
841
765
45
44
128
99
Cash operating costs
229
219
665
705
36
33
101
91
Other cash costs
2
3
7
7
-
1
1
1
Total cash costs
231
222
672
712
36
34
102
92
Retrenchment costs
-
-
5
1
-
-
1
-
Rehabilitation and other non-cash costs
2
2
9
4
-
-
1
-
Production costs
233
224
686
717
36
34
104
92
Amortisation of mining assets
57
54
158
36
9
8
24
5
Inventory change
-
8
(3)
12
-
2
-
2
64
71
261
530
10
10
39
67
Realised non-hedge derivatives
22
16
67
31
3
3
11
5
Adjusted operating profit
86
87
328
561
13
13
50
72
Capital expenditure
1
99
101
266
179
15
15
40
23
1
2003 restated to reflect the change in accounting treatment of ore reserve development expenditure.
Quarterly Report September 2004 www.AngloGoldAshanti.com
45
background image
Argentina
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
CERRO VANGUARDIA - Attributable 92.50%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS OPEN-PIT OPERATION 
Mined
- 000 tonnes
/
- 000 tons
4,424
4,386
12,733
11,557
4,876
4,834
14,035
12,740
Treated
- 000 tonnes
/
- 000 tons
212
227
628
659
234
250
692
727
Stripping ratio
- t (mined total - mined ore) / t mined ore
18.99
19.05
19.08
18.37
18.99
19.05
19.08
18.37
Yield
- g / t
/
- oz / t
8.93
6.39
7.07
7.11
0.261
0.186
0.206
0.207
Gold in ore
- kg
/
- oz (000)
1,987
1,524
4,621
4,880
64
49
149
157
Gold produced
- kg
/
- oz (000)
1,894
1,449
4,440
4,687
61
47
143
151
Gold sold
- kg
/
- oz (000)
1,865
1,438
4,518
4,791
60
46
145
154
Price received
- R / kg
/
- $ / oz
- sold
78,062
76,430
78,080
84,477
380
361
370
333
Total cash costs
- R / kg
/
- $ / oz
- produced
29,780
39,673
35,561
36,433
145
187
169
145
Total production costs
- R / kg
/
- $ / oz
- produced
51,210
68,938
62,479
65,177
250
325
296
259
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
1,226
962
970
1,644
39.43
30.94
31.19
52.87
Actual
- g
/
- oz
994
814
818
1,057
31.95
26.18
26.29
33.97
FINANCIAL RESULTS (MILLION) 
Gold income
157
120
383
425
25
19
58
54
Cost of sales
99
105
287
302
16
16
43
39
Cash operating costs
43
48
125
137
7
7
19
18
Other cash costs
13
10
33
34
2
1
5
4
Total cash costs
56
58
158
171
9
8
24
22
Rehabilitation and other non-cash costs
-
1
1
2
-
-
-
-
Production costs
56
59
159
173
9
8
24
22
Amortisation of mining assets
40
42
118
132
7
7
18
17
Inventory change
3
4
10
(3)
-
1
1
-
58
15
96
123
9
3
15
15
Realised non-hedge derivatives
(1)
(1)
(3)
13
-
-
-
2
Adjusted operating profit
57
14
93
136
9
3
15
17
Capital expenditure
20
25
59
55
3
4
9
7
Quarterly Report September 2004 www.AngloGoldAshanti.com
46
background image
Australia
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
SUNRISE DAM
Rand / Metric
Dollar / Imperial
OPERATING RESULTS OPEN-PIT OPERATION 
Volume mined
- 000 bcm
/
- 000 bcy
3,820
4,171
12,001
15,474
4,996
5,454
15,697
20,240
Treated
- 000 tonnes
/
- 000 tons
919
866
2,733
2,612
1,013
955
3,013
2,880
Stripping ratio
- t (mined total - mined ore) / t mined ore
8.28
8.94
10.04
16.27
8.28
8.94
10.04
16.27
Yield
- g / t
/
- oz / t
3.81
3.47
3.37
3.15
0.111
0.101
0.098
0.092
Gold produced
- kg
/
- oz (000)
3,496
3,008
9,196
8,233
112
97
296
265
Gold sold
- kg
/
- oz (000)
3,511
3,010
9,217
8,222
113
97
296
264
Price received
- R / kg
/
- $ / oz
- sold
85,869
88,462
91,908
92,045
418
422
437
366
Total cash costs
- R / kg
/
- $ / oz
- produced
47,223
53,942
53,040
56,934
231
255
251
227
Total production costs
- R / kg
/
- $ / oz
- produced
59,743
67,013
66,310
73,026
292
317
314
291
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
2,653
2,552
2,452
3,132
85.31
82.03
78.82
100.70
Actual
- g
/
- oz
3,289
2,827
2,880
2,952
105.74
90.88
92.60
94.91
FINANCIAL RESULTS (MILLION) 
Gold income
286
273
804
741
45
41
123
95
Cost of sales
220
148
574
618
34
22
88
79
Cash operating costs
158
156
469
451
25
24
71
58
Other cash costs
7
6
19
18
1
1
3
2
Total cash costs
165
162
488
469
26
25
74
60
Rehabilitation and other non-cash costs
2
2
6
6
-
-
1
1
Production costs
167
164
493
475
26
25
75
61
Amortisation of mining assets
42
37
116
127
6
5
18
16
Inventory change
11
(53)
(35)
16
2
(8)
(5)
2
66
125
230
123
11
19
35
16
Realised non-hedge derivatives
16
(6)
43
17
2
(1)
7
1
Adjusted operating profit
82
119
273
140
13
18
42
17
Capital expenditure
43
43
125
81
7
6
19
10
Quarterly Report September 2004 www.AngloGoldAshanti.com
47
background image
Brazil
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
ANGLOGOLD ASHANTI BRAZIL
Rand / Metric
Dollar / Imperial
OPERATING RESULTS UNDERGROUND OPERATION 
Mined
- 000 tonnes
/
- 000 tons
226
220
630
676
249
242
695
745
Treated
- 000 tonnes
/
- 000 tons
205
214
608
673
226
236
671
743
Yield
- g / t
/
- oz / t
8.13
7.91
7.94
6.99
0.237
0.231
0.232
0.204
Gold produced
- kg
/
- oz (000)
1,669
1,694
4,832
4,710
54
55
155
152
SURFACE AND DUMP RECLAMATION 
Treated
- 000 tonnes
/
- 000 tons
-
-
-
24
-
-
-
26
Yield
- g / t
/
- oz / t
-
-
-
1.90
-
-
-
0.055
Gold produced
- kg
/
- oz (000)
-
-
-
45
-
-
-
1
OPEN-PIT OPERATION 
Mined
- 000 tonnes
/
- 000 tons
7
28
82
599
8
31
91
660
Treated
- 000 tonnes
/
- 000 tons
7
23
47
33
8
26
52
36
Stripping ratio
- t (mined total - mined ore) / t mined ore
-
0.23
0.74
17.11
-
0.23
0.74
17.11
Yield
- g / t
/
- oz / t
3.18
3.54
3.64
3.64
0.093
0.103
0.106
0.106
Gold in ore
- kg
/
- oz (000)
24
77
172
126
1
3
6
4
Gold produced
- kg
/
- oz (000)
22
83
172
120
1
3
6
4
HEAP LEACH OPERATION 
Mined
- 000 tonnes
/
- 000 tons
766
638
1,613
2,595
844
704
1,778
2,861
Placed
1
- 000 tonnes
/
- 000 tons
69
46
135
84
76
51
149
92
Stripping ratio
- t (mined total - mined ore) / t mined ore
10.31
12.93
10.96
30.08
10.31
12.93
10.96
30.08
Yield
2
- g / t
/
- oz / t
3.33
4.45
3.77
2.81
0.097
0.130
0.110
0.082
Gold placed
3
- kg
/
- oz (000)
230
204
510
235
7
7
16
8
Gold produced
- kg
/
- oz (000)
307
226
632
317
10
7
20
10
TOTAL Yield
4
- g / t
/
- oz / t
7.96
7.48
7.63
6.38
0.232
0.218
0.223
0.187
Gold produced
- kg
/
- oz (000)
1,998
2,003
5,636
5,192
64
65
181
167
Gold sold
- kg
/
- oz (000)
2,002
2,014
5,661
5,229
64
65
182
168
Price received
- R / kg
/
- $ / oz
- sold
75,680
83,520
78,639
91,527
370
393
372
364
Total cash costs
- R / kg
/
- $ / oz
- produced
26,689
27,300
27,935
34,824
130
129
132
139
Total production costs
- R / kg
/
- $ / oz
- produced
37,606
37,993
39,184
49,424
183
179
186
197
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
586
576
556
433
18.85
18.53
17.88
13.92
Actual
- g
/
- oz
639
640
600
442
20.53
20.58
19.29
14.20
FINANCIAL RESULTS (MILLION) 
Gold income
149
150
429
458
23
23
65
59
Cost of sales
70
76
216
256
11
12
32
34
Cash operating costs
52
53
153
176
8
8
23
23
Other cash costs
2
2
5
5
-
1
1
1
Total cash costs
53
55
157
181
8
9
24
24
Rehabilitation and other non-cash costs
-
-
-
5
-
-
-
1
Production costs
53
55
158
186
8
9
24
25
Amortisation of mining assets
22
21
63
71
3
3
9
9
Inventory change
(5)
-
(5)
(1)
(1)
-
(1)
-
79
74
213
202
12
11
32
25
Realised non-hedge derivatives
3
18
16
21
1
3
2
3
Adjusted operating profit
82
92
229
223
13
14
35
28
Capital expenditure
51
55
140
135
8
8
21
17
1
Tonnes / Tons placed onto leach pad.
2
Gold placed / tonnes (tons) placed.
3
Gold placed into leach pad inventory.
4
Total yield excludes the heap leach operation.
Quarterly Report September 2004 www.AngloGoldAshanti.com
48
background image
Brazil
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
SERRA GRANDE - Attributable 50%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS UNDERGROUND OPERATION 
Mined
- 000 tonnes
/
- 000 tons
95
92
281
280
104
101
309
309
Treated
- 000 tonnes
/
- 000 tons
95
92
280
283
105
102
308
312
Yield
- g / t
/
- oz / t
7.78
7.87
7.77
7.91
0.227
0.230
0.227
0.231
Gold produced
- kg
/
- oz (000)
742
729
2,171
2,239
24
23
70
72
Gold sold
- kg
/
- oz (000)
758
689
2,174
2,177
24
22
70
70
Price received
- R / kg
/
- $ / oz
- sold
74,408
83,035
77,059
91,350
363
391
365
363
Total cash costs
- R / kg
/
- $ / oz
- produced
27,961
26,504
27,525
25,570
136
125
130
102
Total production costs
- R / kg
/
- $ / oz
- produced
36,727
35,340
36,703
39,561
179
167
174
158
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
860
839
838
890
27.64
26.96
26.93
28.60
Actual
- g
/
- oz
1,053
861
910
948
33.87
27.67
29.26
30.48
FINANCIAL RESULTS (MILLION) 
Gold income
56
51
162
191
9
8
26
24
Cost of sales
28
24
80
85
4
4
12
11
Cash operating costs
20
19
58
55
3
3
9
7
Other cash costs
1
-
2
2
-
-
-
-
Total cash costs
21
19
60
57
3
3
9
7
Rehabilitation and other non-cash costs
-
-
-
1
-
-
-
-
Production costs
21
19
60
58
3
3
9
7
Amortisation of mining assets
6
6
20
30
1
1
3
4
Inventory change
-
(1)
-
(3)
-
-
-
-
28
27
82
106
5
4
14
13
Realised non-hedge derivatives
1
6
6
8
-
1
-
1
Adjusted operating profit
29
33
88
114
5
5
14
14
Capital expenditure
4
9
17
16
1
1
3
2
Quarterly Report September 2004 www.AngloGoldAshanti.com
49
background image
Ghana
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
BIBIANI
Rand / Metric
Dollar / Imperial
OPERATING RESULTS UNDERGROUND OPERATION 
Mined
- 000 tonnes
/
- 000 tons
1
2
3
-
2
2
4
-
Treated
- 000 tonnes
/
- 000 tons
21
2
23
-
23
2
25
-
Yield
- g / t
/
- oz / t
0.18
3.28
0.40
-
0.005
0.096
0.012
-
Gold produced
- kg
/
- oz (000)
4
5
9
-
-
-
-
-
OPEN-PIT OPERATION 
Mined
- 000 tonnes
/
- 000 tons
1,258
729
1,987
-
1,386
804
2,190
-
Treated
- 000 tonnes
/
- 000 tons
654
440
1,094
-
721
485
1,206
-
Stripping ratio
- t (mined total - mined ore) / t mined ore
1.58
2.83
1.93
-
1.58
2.83
1.93
-
Yield
- g / t
/
- oz / t
2.16
1.78
2.01
-
0.063
0.052
0.059
-
Gold in ore
- kg
/
- oz (000)
1,457
522
1,979
-
47
17
64
-
Gold produced
- kg
/
- oz (000)
1,413
783
2,196
-
46
25
71
-
TOTAL Yield
- g / t
/
- oz / t
2.10
1.79
1.97
-
0.061
0.052
0.058
-
Gold produced
- kg
/
- oz (000)
1,417
788
2,205
-
46
25
71
-
Gold sold
- kg
/
- oz (000)
1,417
788
2,205
-
46
25
71
-
Price received
- R / kg
/
- $ / oz
- sold
81,397
82,555
81,811
-
397
391
395
-
Total cash costs
- R / kg
/
- $ / oz
- produced
48,201
50,177
48,907
-
235
237
236
-
Total production costs
- R / kg
/
- $ / oz
- produced
71,190
75,617
72,773
-
347
358
351
-
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
492
1,244
516
-
15.82
40.00
16.59
-
Actual
- g
/
- oz
677
1,024
770
-
21.75
32.92
24.76
-
FINANCIAL RESULTS (MILLION) 
Gold income
117
66
183
-
18
10
28
-
Cost of sales
104
65
169
-
16
10
26
-
Cash operating costs
63
36
99
-
9
6
15
-
Other cash costs
6
3
9
-
1
-
1
-
Total cash costs
69
39
108
-
10
6
16
-
Rehabilitation and other non-cash costs
-
1
1
-
1
-
1
-
Production costs
69
40
109
-
11
6
17
-
Amortisation of mining assets
31
20
51
-
5
3
8
-
Inventory change
4
5
9
-
-
1
1
-
13
1
14
-
2
-
2
-
Realised non-hedge derivatives
(2)
(1)
(3)
-
-
-
-
-
Adjusted operating profit
11
-
11
-
2
-
2
-
Capital expenditure
14
13
27
-
2
2
4
-
Quarterly Report September 2004 www.AngloGoldAshanti.com
50
background image
Ghana
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
IDUAPRIEM - Attributable 85%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS OPEN-PIT OPERATION 
Mined
- 000 tonnes
/
- 000 tons
5,178
3,315
8,493
-
5,707
3,655
9,362
-
Treated
- 000 tonnes
/
- 000 tons
932
542
1,474
-
1,028
597
1,625
-
Stripping ratio
- t (mined total - mined ore) / t mined ore
5.50
4.80
5.21
-
5.50
4.80
5.21
-
Yield
- g / t
/
- oz / t
1.79
1.48
1.67
-
0.052
0.043
0.049
-
Gold in ore
- kg
/
- oz (000)
1,582
1,019
2,601
-
51
33
84
-
Gold produced
- kg
/
- oz (000)
1,666
802
2,468
-
53
26
79
-
HEAP LEACH OPERATION 
Mined
- 000 tonnes
/
- 000 tons
2
23
25
-
1
26
27
-
Placed
1
- 000 tonnes
/
- 000 tons
-
9
9
-
-
10
10
-
Stripping ratio
- t (mined total - mined ore) / t mined ore
-
-
-
-
-
-
-
-
Yield
2
- g / t
/
- oz / t
-
-
-
-
-
-
-
-
Gold placed
3
- kg
/
- oz (000)
-
-
-
-
-
-
-
-
Gold produced
- kg
/
- oz (000)
40
36
76
-
1
1
2
-
TOTAL Yield
4
- g / t
/
- oz / t
1.83
1.48
1.72
-
0.053
0.043
0.050
-
Gold produced
- kg
/
- oz (000)
1,706
838
2,544
-
55
27
82
-
Gold sold
- kg
/
- oz (000)
1,706
845
2,551
-
55
27
82
-
Price received
- R / kg
/
- $ / oz
- sold
76,841
84,757
81,179
-
375
400
391
-
Total cash costs
- R / kg
/
- $ / oz
- produced
51,750
65,545
57,646
-
252
309
277
-
Total production costs
- R / kg
/
- $ / oz
- produced
70,431
84,258
77,476
-
343
397
373
-
PRODUCTIVITY PER EMPLOYEE Target
- g
/
- oz
628
807
646
-
20.20
25.96
20.77
-
Actual
- g
/
- oz
737
609
689
-
23.70
19.59
22.17
-
FINANCIAL RESULTS (MILLION) 
Gold income
143
75
218
-
23
11
34
-
Cost of sales
123
70
193
-
20
10
30
-
Cash operating costs
84
51
135
-
13
8
21
-
Other cash costs
8
4
12
-
2
-
2
-
Total cash costs
92
55
147
-
15
8
23
-
Rehabilitation and other non-cash costs
2
1
3
-
1
-
1
-
Production costs
94
56
150
-
16
8
24
-
Amortisation of mining assets
27
15
42
-
4
2
6
-
Inventory change
2
(1)
1
-
-
-
-
-
-
-
20
5
25
-
3
1
4
-
Realised non-hedge derivatives
(8)
(3)
(11)
-
(1)
(1)
(2)
-
Adjusted operating profit
12
2
14
-
2
-
2
-
-
-
Capital expenditure
8
3
11
-
1
1
2
-
1
Tonnes / Tons placed onto leach pad.
2
Gold placed / tonnes (tons) placed.
3
Gold placed into leach pad inventory.
4
Total yield excludes the heap leach operation.
Quarterly Report September 2004 www.AngloGoldAshanti.com
51
background image
Ghana
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
OBUASI
Rand / Metric
Dollar / Imperial
OPERATING RESULTS UNDERGROUND OPERATION 
Mined
- 000 tonnes
/
- 000 tons
475
330
805
-
524
363
887
-
Treated
- 000 tonnes
/
- 000 tons
475
344
819
-
523
379
902
-
Yield
- g / t
/
- oz / t
5.45
5.39
5.42
-
0.159
0.157
0.158
-
Gold produced
- kg
/
- oz (000)
2,587
1,852
4,439
-
83
60
143
-
SURFACE AND DUMP RECLAMATION 
Treated
- 000 tonnes
/
- 000 tons
283
247
530
-
312
272
584
-
Yield
- g / t
/
- oz / t
0.76
0.68
0.72
-
0.022
0.020
0.021
-
Gold produced
- kg
/
- oz (000)
215
168
383
-
7
5
12
-
OPEN-PIT OPERATION 
Mined
- 000 tonnes
/
- 000 tons
649
583
1,232
-
716
643
1,359
-
Treated
- 000 tonnes
/
- 000 tons
151
99
250
-
166
109
275
-
Stripping ratio
- t (mined total - mined ore) / t mined ore
6.95
6.93
6.94
-
6.95
6.93
6.94
-
Yield
- g / t
/
- oz / t
1.02
1.76
1.31
-
0.030
0.051
0.038
-
Gold in ore
- kg
/
- oz (000)
-
354
354
-
-
11
11
-
Gold produced
- kg
/
- oz (000)
153
175
328
-
5
6
11
-
TOTAL Yield
- g / t
/
- oz / t
3.25
3.18
3.22
-
0.095
0.093
0.094
-
Gold produced
- kg
/
- oz (000)
2,956
2,194
5,150
-
94
71
165
-
Gold sold
- kg
/
- oz (000)
2,983
2,167
5,150
-
96
70
166
-
Price received
- R / kg
/
- $ / oz
- sold
77,736
84,892
80,747
-
379
400
388
-
Total cash costs
- R / kg
/
- $ / oz
- produced
61,411
61,905
61,622
-
300
292
296
-
Total production costs
- R / kg
/
- $ / oz
- produced
85,541
86,944
86,139
-
418
410
414
-
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
187
238
183
-
6.00
7.65
5.88
-
Actual
- g
/
- oz
189
210
197
-
6.06
6.75
6.34
-
FINANCIAL RESULTS (MILLION) 
Gold income
250
192
442
-
39
29
68
-
Cost of sales
254
186
440
-
40
28
68
-
Cash operating costs
170
127
297
-
26
20
46
-
Other cash costs
11
9
20
-
2
1
3
-
Total cash costs
181
136
317
-
28
21
49
-
Retrenchment costs
7
-
7
-
1
-
1
-
Rehabilitation and other non-cash costs
-
-
-
-
-
-
-
-
Production costs
188
136
324
-
29
21
50
-
Amortisation of mining assets
64
55
119
-
10
8
18
-
Inventory change
2
(5)
(3)
-
1
(1)
-
-
(4)
6
2
-
(1)
1
-
-
Realised non-hedge derivatives
(18)
(8)
(26)
-
(3)
(1)
(4)
-
Adjusted operating profit
(22)
(2)
(24)
-
(4)
-
(4)
-
Capital expenditure
83
48
131
-
13
7
20
-
Quarterly Report September 2004 www.AngloGoldAshanti.com
52
background image
Guinea
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
SIGUIRI - Attributable 85%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS HEAP LEACH OPERATION 
Mined
- 000 tonnes
/
- 000 tons
2,657
1,029
3,686
-
2,928
1,135
4,063
-
Placed
1
- 000 tonnes
/
- 000 tons
307
593
900
-
339
653
992
-
Stripping ratio
- t (mined total - mined ore) / t mined ore
2.52
0.46
1.53
-
2.52
0.46
1.53
-
Yield
2
- g / t
/
- oz / t
1.14
1.12
1.13
-
0.033
0.033
0.033
-
Gold placed
3
- kg
/
- oz (000)
350
663
1,013
-
12
21
33
-
Gold produced
- kg
/
- oz (000)
705
535
1,240
-
23
17
40
-
Gold sold
- kg
/
- oz (000)
1,391
-
1,391
-
45
-
45
-
Price received
- R / kg
/
- $ / oz
- sold
80,101
-
81,491
-
384
-
390
-
Total cash costs
- R / kg
/
- $ / oz
- produced
103,589
82,013
94,288
-
504
386
453
-
Total production costs
- R / kg
/
- $ / oz
- produced
117,083
109,599
114,150
-
571
516
548
-
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
520
566
506
-
16.71
18.21
16.28
-
Actual
- g
/
- oz
242
273
255
-
7.79
8.78
8.19
-
FINANCIAL RESULTS (MILLION) 
Gold income
127
-
127
-
20
-
20
-
Cost of sales
127
9
136
-
20
1
21
-
Cash operating costs
71
42
113
-
10
7
17
-
Other cash costs
2
2
4
-
1
-
1
-
Total cash costs
73
44
117
-
11
7
18
-
Rehabilitation and other non-cash costs
4
3
7
-
1
-
1
-
Production costs
77
47
124
-
12
7
19
-
Amortisation of mining assets
7
11
18
-
1
2
3
-
Inventory change
43
(49)
(6)
-
7
(8)
(1)
-
-
-
-
(9)
(9)
-
-
(1)
(1)
-
Realised non-hedge derivatives
(10)
(4)
(14)
-
(1)
(1)
(2)
-
Adjusted operating profit
(10)
(13)
(23)
-
(1)
(2)
(3)
-
-
-
Capital expenditure
120
94
214
-
19
14
33
-
1
Tonnes / Tons placed onto leach pad.
2
Gold placed / tonnes (tons) placed.
3
Gold placed into leach pad inventory.
Quarterly Report September 2004 www.AngloGoldAshanti.com
53
background image
Mali
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
MORILA - Attributable 40%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS OPEN-PIT OPERATION 
Volume mined
- 000 bcm
/
- 000 bcy
1,015
786
2,795
2,720
1,328
1,028
3,656
3,558
Mined
- 000 tonnes
/
- 000 tons
2,770
2,175
7,641
6,982
3,053
2,397
8,423
7,697
Treated
- 000 tonnes
/
- 000 tons
336
346
1,000
969
371
382
1,102
1,069
Stripping ratio
- t (mined total - mined ore) / t mined ore
4.07
4.11
4.53
4.63
4.07
4.11
4.53
4.63
Yield
- g / t
/
- oz / t
3.40
3.06
3.53
8.66
0.099
0.089
0.103
0.252
Gold produced
- kg
/
- oz (000)
1,143
1,058
3,533
8,391
37
34
114
270
Gold sold
- kg
/
- oz (000)
1,067
1,089
3,443
8,348
34
35
111
268
Price received
- R / kg
/
- $ / oz
- sold
74,580
74,061
76,825
85,873
361
353
363
341
Total cash costs
- R / kg
/
- $ / oz
- produced
51,129
50,383
44,577
23,779
248
238
211
95
Total production costs
- R / kg
/
- $ / oz
- produced
71,095
72,640
65,470
39,904
346
344
310
159
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
1,939
2,302
2,174
3,652
62.33
74.02
69.89
117.41
Actual
- g
/
- oz
1,367
1,353
1,504
3,983
43.95
43.51
48.36
128.04
FINANCIAL RESULTS (MILLION) 
Gold income
78
79
261
716
12
12
40
92
Cost of sales
78
78
226
335
12
12
35
43
Cash operating costs
53
48
139
150
8
7
21
19
Other cash costs
6
6
18
50
1
1
3
6
Total cash costs
58
54
157
200
9
8
24
25
Rehabilitation and other non-cash costs
2
1
5
4
-
-
1
1
Production costs
60
55
162
204
9
8
25
26
Amortisation of mining assets
21
22
69
132
3
3
11
17
Inventory change
(3)
1
(5)
(1)
-
1
(1)
-
-
1
35
381
-
-
5
49
Realised non-hedge derivatives
1
2
4
2
-
1
1
-
Adjusted operating profit
1
3
39
383
-
1
6
49
Capital expenditure
-
1
5
29
-
1
1
4
Quarterly Report September 2004 www.AngloGoldAshanti.com
54
background image
Mali
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
SADIOLA - Attributable 38%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS OPEN-PIT OPERATION 
Volume mined
- 000 bcm
/
- 000 bcy
576
751
2,145
2,719
753
981
2,806
3,557
Mined
- 000 tonnes
/
- 000 tons
1,161
1,386
4,092
5,050
1,279
1,528
4,510
5,566
Treated
- 000 tonnes
/
- 000 tons
507
493
1,439
1,412
559
543
1,586
1,556
Stripping ratio
- t (mined total - mined ore) / t mined ore
1.91
1.17
1.40
2.59
1.91
1.17
1.40
2.59
Yield
- g / t
/
- oz / t
2.36
2.82
2.76
2.67
0.069
0.082
0.080
0.078
Gold produced
- kg
/
- oz (000)
1,196
1,386
3,967
3,774
38
44
128
121
Gold sold
- kg
/
- oz (000)
1,220
1,375
3,989
3,772
39
44
128
121
Price received
- R / kg
/
- $ / oz
- sold
81,273
82,614
84,261
90,233
397
392
399
359
Total cash costs
- R / kg
/
- $ / oz
- produced
54,745
49,087
50,057
51,464
267
232
237
205
Total production costs
- R / kg
/
- $ / oz
- produced
66,988
61,607
62,619
67,215
327
291
297
267
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
1,742
1,676
1,826
2,170
56.00
53.89
58.72
69.75
Actual
- g
/
- oz
1,767
1,967
1,882
1,847
56.80
63.24
60.50
59.39
FINANCIAL RESULTS (pILLION) 
Gold income
99
115
337
337
16
18
51
43
Cost of sales
80
86
248
252
13
14
38
32
Cash operating costs
59
60
175
171
9
10
27
22
Other cash costs
7
8
24
23
1
1
4
3
Total cash costs
66
68
199
194
10
11
31
25
Rehabilitation and other non-cash costs
-
1
3
3
-
1
-
-
Production costs
66
69
202
197
10
12
31
25
Amortisation of mining assets
14
16
47
56
3
2
7
7
Inventory change
-
1
(1)
(1)
-
-
-
-
19
29
89
85
3
4
13
11
Realised non-hedge derivatives
-
(1)
(1)
3
-
-
-
-
Adjusted operating profit
19
28
88
88
3
4
13
11
Capital expenditure
9
12
28
18
1
2
4
2
Quarterly Report September 2004 www.AngloGoldAshanti.com
55
background image
Mali
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
YATELA - Attributable 40%
Rand / Metric
Dollar / Imperial
OPERATING RESULTS 
HEAP LEACH OPERATION
Mined
- 000 tonnes
/
- 000 tons
1,308
1,985
6,259
5,163
1,442
2,187
6,900
5,692
Placed
1
- 000 tonnes
/
- 000 tons
254
303
815
763
280
334
899
841
Stripping ratio
- t (mined total - mined ore) / t mined ore
3.71
4.91
5.27
7.78
3.71
4.91
5.27
7.78
Yield
2
- g / t
/
- oz / t
3.61
3.61
3.60
2.88
0.105
0.105
0.105
0.084
Gold placed
3
- kg
/
- oz (000)
918
1,094
2,934
2,336
30
35
94
75
Gold produced
- kg
/
- oz (000)
739
769
2,143
2,198
24
25
69
71
Gold sold
- kg
/
- oz (000)
739
880
2,184
2,203
24
28
70
71
Price received
- R / kg
/
- $ / oz
- sold
83,310
83,553
84,502
88,491
402
395
400
352
Total cash costs
- R / kg
/
- $ / oz
- produced
48,110
50,423
52,332
53,651
233
238
247
214
Total production costs
- R / kg
/
- $ / oz
- produced
64,171
62,370
66,159
72,618
312
295
313
290
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
1,270
1,044
1,084
1,326
40.82
33.58
34.85
42.64
Actual
- g
/
- oz
981
914
869
1,065
31.54
29.38
27.95
34.25
FINANCIAL RESULTS (MILLION) 
Gold income
62
73
185
195
10
12
28
25
Cost of sales
48
56
147
158
8
9
22
20
Cash operating costs
31
34
99
104
5
5
15
13
Other cash costs
5
5
13
14
1
-
2
2
Total cash costs
36
39
112
118
6
5
17
15
Rehabilitation and other non-cash costs
1
1
4
4
-
1
1
-
Production costs
37
40
116
122
6
6
18
15
Amortisation of mining assets
11
8
26
38
2
1
4
5
Inventory change
-
8
5
(2)
-
2
-
-
14
17
38
37
2
3
6
5
Realised non-hedge derivatives
-
-
-
-
-
-
-
-
Adjusted operating profit
14
17
38
37
2
3
6
5
Capital expenditure
3
5
15
40
1
1
2
5
1
Tonnes / Tons placed onto leach pad.
2
Gold placed / tonnes (tons) placed.
3
Gold placed into leach pad inventory.
Quarterly Report September 2004 www.AngloGoldAshanti.com
56
background image
Namibia
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
NAVACHAB
Rand / Metric
Dollar / Imperial
OPERATING RESULTS 
OPEN-PIT OPERATION 
Volume mined
- 000 bcm
/
- 000 bcy
395
15
410
1,023
517
19
536
1,338
Mined
- 000 tonnes
/
- 000 tons
1,421
39
1,461
2,820
1,566
43
1,610
3,108
Treated
- 000 tonnes
/
- 000 tons
367
345
1,011
993
404
381
1,114
1,094
Stripping ratio
- t (mined total - mined ore) / t mined ore
3.45
0.33
3.19
1.11
3.45
0.33
3.19
1.11
Yield
- g / t
/
- oz / t
1.56
1.46
1.52
1.79
0.046
0.042
0.044
0.052
Gold produced
- kg
/
- oz (000)
572
503
1,535
1,780
18
16
49
57
Gold sold
- kg
/
- oz (000)
588
538
1,586
1,685
19
17
51
54
Price received
- R / kg
/
- $ / oz
- sold
79,318
83,549
83,233
88,310
387
396
395
350
Total cash costs
- R / kg
/
- $ / oz
- produced
61,773
67,876
64,885
63,000
301
320
308
252
Total production costs
- R / kg
/
- $ / oz
- produced
71,690
76,372
72,770
65,861
350
360
345
263
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
510
405
479
610
16.40
13.02
15.40
19.62
Actual
- g
/
- oz
731
783
747
512
23.49
25.19
24.03
16.46
FINANCIAL RESULTS (MILLION) 
Gold income
47
44
132
149
7
7
20
19
Cost of sales
41
39
113
100
6
6
17
13
Cash operating costs
35
34
99
95
6
6
15
12
Other cash costs
-
-
1
1
-
-
-
-
Total cash costs
35
34
100
96
6
6
15
12
Rehabilitation and other non-cash costs
-
-
1
-
-
(1)
-
-
Production costs
35
34
101
96
6
5
15
12
Amortisation of mining assets
6
4
11
5
-
1
2
1
Inventory change
-
1
1
(1)
-
-
-
-
6
5
19
49
1
1
3
6
Realised non-hedge derivatives
-
-
-
-
-
-
-
-
Adjusted operating profit
6
5
19
49
1
1
3
6
Capital expenditure
12
101
118
16
2
15
18
2
Quarterly Report September 2004 www.AngloGoldAshanti.com
57
background image
Tanzania
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
GEITA - Attributable 100% May 2004
Rand / Metric
Dollar / Imperial
OPERATING RESULTS 
OPEN-PIT OPERATION 
Volume mined
- 000 bcm
/
- 000 bcy
2,743
4,367
8,361
8,343
3,587
5,677
10,936
10,913
Mined
- 000 tonnes
/
- 000 tons
10,673
11,236
29,701
22,178
11,765
12,386
32,740
24,447
Treated
- 000 tonnes
/
- 000 tons
1,342
1,253
3,316
2,161
1,479
1,382
3,655
2,382
Stripping ratio
- t (mined total - mined ore) / t mined ore
6.73
6.60
7.40
9.94
6.73
6.60
7.40
9.94
Yield
- g / t
/
- oz / t
3.42
3.46
3.57
3.07
0.100
0.101
0.104
0.090
Gold produced
- kg
/
- oz (000)
4,592
4,339
11,825
6,646
148
140
380
214
Gold sold
- kg
/
- oz (000)
4,790
3,949
11,635
6,646
154
127
374
214
Price received
- R / kg
/
- $ / oz
- sold
75,601
76,043
75,793
79,286
368
357
360
318
Total cash costs
- R / kg
/
- $ / oz
- produced
60,159
48,015
51,060
52,318
294
226
244
209
Total production costs
- R / kg
/
- $ / oz
- produced
77,414
64,139
66,095
62,111
378
302
315
248
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
889
1,187
977
1,426
28.59
38.18
31.41
45.84
Actual
- g
/
- oz
1,129
1,159
1,185
1,119
36.31
37.26
38.09
35.99
FINANCIAL RESULTS (MILLION) 
Gold income
359
299
874
521
56
45
133
67
Cost of sales
364
256
766
411
57
38
117
53
Cash operating costs
260
193
562
324
41
29
86
42
Other cash costs
16
16
42
24
3
2
6
3
Total cash costs
276
209
604
348
44
31
93
45
Rehabilitation and other non-cash costs
2
2
5
5
-
1
1
-
Production costs
278
211
609
353
44
32
93
45
Amortisation of mining assets
77
68
173
60
12
10
26
8
Inventory change
9
(23)
(16)
(2)
1
(4)
(3)
-
(5)
43
108
110
(1)
7
16
14
Realised non-hedge derivatives
3
2
8
6
1
1
1
1
Adjusted operating profit
(2)
45
116
116
-
8
17
15
Capital expenditure
15
19
40
54
2
3
6
7
Quarterly Report September 2004 www.AngloGoldAshanti.com
58
background image
USA
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
CRIPPLE CREEK & VICTOR J.V.
Rand / Metric
Dollar / Imperial
OPERATING RESULTS 
HEAP LEACH OPERATION 
Mined
- 000 tonnes
/
- 000 tons
13,001
13,885
41,320
33,788
14,331
15,305
45,548
37,245
Placed
1
- 000 tonnes
/
- 000 tons
4,728
4,722
13,882
12,474
5,212
5,206
15,302
13,751
Stripping ratio
- t (mined total - mined ore) / t mined ore
1.51
2.14
1.91
1.99
1.51
2.14
1.91
1.99
Yield
2
- g / t
/
- oz / t
0.57
0.59
0.61
0.33
0.017
0.017
0.018
0.020
Gold placed
3
- kg
/
- oz (000)
2,702
2,795
8,469
8,457
87
89
272
272
Gold produced
- kg
/
- oz (000)
2,804
2,373
7,414
6,456
90
76
238
207
Gold sold
- kg
/
- oz (000)
2,802
2,375
7,483
6,456
90
76
241
208
Price received
- R / kg
/
- $ / oz
- sold
66,620
68,941
67,129
86,389
325
327
319
344
Total cash costs
4
- R / kg
/
- $ / oz
- produced
44,691
44,081
44,682
49,537
218
208
212
197
Total production costs
- R / kg
/
- $ / oz
- produced
62,099
57,610
61,455
77,843
303
272
291
310
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
2,813
2,857
2,789
2,641
90.45
91.85
89.67
84.93
Actual
- g
/
- oz
2,980
2,513
2,625
2,196
95.82
80.80
84.41
70.59
FINANCIAL RESULTS (MILLION) 
Gold income
182
167
502
539
28
25
76
69
Cost of sales
174
137
455
502
27
20
69
65
Cash operating costs
125
127
381
430
20
19
58
55
Other cash costs
8
4
17
15
1
-
3
2
Total cash costs
134
131
398
445
21
19
61
57
Rehabilitation and other non-cash costs
(7)
(7)
(21)
(32)
(1)
(1)
(3)
(4)
Production costs
127
124
377
413
20
18
57
53
Amortisation of mining assets
66
60
200
215
10
9
30
28
Inventory change
(19)
(47)
(122)
(126)
(3)
(7)
(18)
(16)
8
30
47
37
1
5
7
4
Realised non-hedge derivatives
5
(3)
-
18
1
(1)
-
3
Adjusted operating profit
13
27
47
55
2
4
7
7
Capital expenditure
48
18
82
167
7
3
12
21
1
Tonnes / Tons placed onto leach pad.
2
Gold placed / tonnes (tons) placed.
3
Gold placed into leach pad inventory.
4
Total cash cost calculation includes inventory change.
Quarterly Report September 2004 www.AngloGoldAshanti.com
59
background image
Zimbabwe
Quarter
Quarter
Nine months
Nine months
Quarter
Quarter
Nine months
Nine months
ended
ended
ended
ended
ended
ended
ended
ended
September
June
September
September
September
June
September
September
2004
2004
2004
2003
2004
2004
2004
2003
FREDA-REBECCA
Rand / Metric
Dollar / Imperial
OPERATING RESULTS 
UNDERGROUND OPERATION 
Mined
- 000 tonnes
/
- 000 tons
63
45
108
-
69
50
119
-
Treated
- 000 tonnes
/
- 000 tons
63
45
108
-
69
50
119
-
Yield
- g / t
/
- oz / t
1.83
1.68
1.77
-
0.053
0.049
0.052
-
Gold produced
- kg
/
- oz (000)
114
77
191
-
4
2
6
-
OPEN-PIT OPERATION 
Mined
- 000 tonnes
/
- 000 tons
105
60
165
-
114
67
181
-
Treated
- 000 tonnes
/
- 000 tons
36
33
69
-
40
36
76
-
Stripping ratio
- t (mined total - mined ore) / t mined ore
1.91
0.84
1.40
-
1.91
0.84
1.40
-
Yield
- g / t
/
- oz / t
1.48
1.48
1.48
-
0.043
0.043
0.043
-
Gold in ore
- kg
/
- oz (000)
81
70
151
-
3
2
5
-
Gold produced
- kg
/
- oz (000)
53
49
102
-
1
2
3
-
TOTAL Yield
- g / t
/
- oz / t
1.70
1.60
1.66
-
0.050
0.047
0.048
-
Gold produced
- kg
/
- oz (000)
168
125
293
-
5
4
9
-
Gold sold
- kg
/
- oz (000)
168
125
293
-
5
4
9
-
Price received
- R / kg
/
- $ / oz
- sold
90,962
88,265
89,809
-
447
418
435
-
Total cash costs
- R / kg
/
- $ / oz
- produced
80,110
95,120
86,529
-
394
447
417
-
Total production costs
- R / kg
/
- $ / oz
- produced
126,732
115,258
121,825
-
623
543
589
-
PRODUCTIVITY PER EMPLOYEE 
Target
- g
/
- oz
178
203
179
-
5.73
6.52
5.76
-
Actual
- g
/
- oz
114
83
98
-
3.66
2.67
3.16
-
FINANCIAL RESULTS (MILLION) 
Gold income
15
11
26
-
3
1
4
-
Cost of sales
20
15
35
-
3
2
5
-
Cash operating costs
13
12
25
-
2
2
4
-
Other cash costs
-
-
-
-
-
-
-
-
Total cash costs
13
12
25
-
2
2
4
-
Rehabilitation and other non-cash costs
-
1
1
-
-
-
-
-
Production costs
13
13
26
-
2
2
4
-
Amortisation of mining assets
7
2
9
-
1
-
1
-
Inventory change
-
-
-
-
-
-
-
-
(5)
(4)
(9)
-
-
(1)
(1)
-
Realised non-hedge derivatives
-
-
-
-
-
-
-
-
Adjusted operating profit
(5)
(4)
(9)
-
-
(1)
(1)
-
Capital expenditure
7
2
9
-
1
-
1
-
Quarterly Report September 2004 www.AngloGoldAshanti.com
60
background image
Quarterly Report September 2004 www.AngloGoldAshanti.com
background image
Certain statements contained in this document, including, without limitation, those concerning the economic outlook for the gold mini ng
industry, expectations regarding gold prices and production, the completion and commence ment of commercial operations of certain of
AngloGold Ashanti's exploration and production proj ects, and its li quidity and capital resources and ex penditure, contain certain forward-
looking stateme nts regarding AngloGold Ashanti's operations, economic performance and financial condi tion. Although AngloGold Ashanti
believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations
will prov e to hav e been correct. Accordingl y, results could differ materially from those set out i n the forward-looking statements as a result of,
among other factors, changes in economic and market conditi ons, success of business and operating i nitiativ es, changes in the regulatory
environment and other government actions, fluctuations in gold prices and exchange rates, and business and operational risk management. For
a discussion on such risk factors, refer to AngloGold's annual report on Form 20-F for the year ended 31 December 2003, which was filed wi th
the Securities and Exchange Commission (SEC) on 19 March 2004.
Administrative
information
A
NGLO
G
OLD
A
SHANTI
L
IMITED
(f ormerly: AngloGold Limited)
Registration No. 1944/017354/06
Incorporated in the Republic of South
Af rica
ISIN: ZAE000043485
Share codes:
JSE:
ANG
LSE:
AGD
NYSE:
AU
ASX:
AGG
GSE:
AGA
Euronext Paris:
VA
Euronext Brussels:
ANG BB
JSE Sponsor:
UBS
Auditors:
Ernst & Young
Contacts
South Africa
Steve Lenahan
Telephone: +27 11 637 6248
Fax: +27 11 637 6400
E-mail:
slenahan@AngloGoldAshanti.com
Michael Clements
Telephone: +27 11 637 6647
Fax: +27 11 637 6400
E-mail:
mclements@AngloGoldAshanti.com
United States of America
Charles Carter
Telephone: (800) 417 9255 (toll f ree in
USA and Canada) or +1 212 750 7999
Fax: +1 212 750 5626
E-mail:
cecarter@AngloGoldAshanti.com
Australia
Andrea Maxey
Telephone: +61 8 9425 4604
Fax: +61 8 9425 4662
E-mail:
amaxey @AngloGoldAshanti.com.au
General E-mail enquiries
inv estors@AngloGoldAshanti.com
AngloGold Ashanti website
http://www.AngloGoldAshanti.com
PRINTED BY INCE (PTY) LIMITED
Directors
Executive
R M Godsell (Chief Executive Officer)
J G Best
D L Hodgson
Dr S E Jonah KBE
K H Williams
Non-Executive
R P Edey * (Chairman)
Dr T J Motlatsi (Deputy Chairman)
F B Arisman
#
Mrs E le R Bradley
C B Brayshaw
A W Lea (Alternate: P G Whitcutt)
W A Nairn (Alternate: A H Calver *)
S R Thompson *
A J Trahar
P L Zim (Alternate: D D Barber)
* British
#
American
**Ghanaian
Offices
Registered and Corporate
Managing Secretary: Ms Y Z Simelane
Company Secretary: C R Bull
11 Diagonal Street
Johannesburg 2001
(PO Box 62117, Marshalltown 2107)
South Af rica
Telephone: +27 11 637 6000
Fax: +27 11 637 6624
Australia
Lev el 13, St Martins Tower
44 St George's Terrace
Perth, WA 6000
(PO Box Z5046, Perth WA 6831)
Australia
Telephone: +61 8 9425 4604
Fax: +61 8 9425 4662
Ghana
Gold House
Patrice Lumumba Road
(P O Box 2665)
Accra
Ghana
Telephone: +233 21 772190
Fax: +233 21 775947
United Kingdom Secretaries
St James's Corporate Services Limited
6 St James's Place
London SW1A 1NP
England
Telephone: +44 20 7499 3916
Fax: +44 20 7491 1989
Share Registrars
South Africa
Computershare Inv estor Services
2004 (Pty ) Limited
Ground Floor, 70 Marshall Street
Johannesburg 2001
(PO Box 61051, Marshalltown
2107)
South Af rica
Telephone: 0861 100 724 (in SA)
web.queries@computershare.co.za
United Kingdom
Computershare Inv estor Serv ices
PLC
P O Box 82
The Pav ilions
Bridgwater Road
Bristol BS99 7NH
England
Telephone: +44 870 702 0001
Fax: +44 870 703 6119
Australia
Computershare Inv estor Serv ices
Pty Limited
Lev el 2, 45 St George's Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 7010 (in
Australia)
Fax: +61 8 9323 2033
Ghana
NTHC Limited
Martco House
Off Kwame Nkrumah Av enue
POBox K1A 9563 Airport
Accra
Ghana
Telephone: +233 21 238492-3
Fax: +233 21 229975
ADR Depositary
The Bank of New York ("BoNY")
101 Barclay Street
22nd Floor
New York, NY 10286
United States of America
Telephone: +1 888 269 2377
Fax: +1 212 571 3050/3052
Global BuyDIRECT
SM
BoNY maintains a direct share
purchase and div idend
reinv estment plan for A
NGLO
G
OLD
A
SHANTI
. Telephone: +1-888-BNY-
ADRS
background image
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AngloGold Ashanti Limited
Date: October 29, 2004
By: /s/ C R BULL
Name: C R Bull 
Title: Company Secretary