Key features 2009

2009, a year of delivery on commitments

LTIFR improved by 10% to 6.57 per million hours worked
Received gold price at record levels – average for the year of $925/oz, excluding hedge buy-back costs
Strong local operating currencies negatively affect costs and margins
Significant reduction in hedge book commitments – down by 35%
Statement of financial position improved and net debt reduced by 32%
Return on net capital employed increased to 17.7% excluding hedge buy-back costs
Optimisation of portfolio and business restructuring, resulting in improved capital efficiencies

		2009	2008	% change
Gold produced	(000oz)	4,599	4,982	(8)
Average gold spot price	($/oz)	974	872	12
Average received gold price ⁽¹⁾	($/oz)	751	485	55
Total cash costs	($/oz)	514	444	16
Total production costs	($/oz)	646	567	14
Ore Reserve ⁽²⁾	(Moz)	71	75	(5)
Revenue	($m)	3,916	3,743	5
Gold income	($m)	3,768	3,619	4
Gross (loss) profit	($m)	(578)	594	(197)
Adjusted gross profit (loss) ⁽³⁾	($m)	412	(384)	207
Adjusted headline loss ⁽⁴⁾	($m)	(50)	(897)	94
Adjusted headline loss per share	(US cents)	(14)	(283)	95
Dividends per share	(US cents)	17	11	55
Average exchange rate	(R/$)	8.39	8.25	2
Exchange rate at year-end	(R/$)	7.44	9.46	(21)
Share price at year-end:
JSE	(R/share)	306.29	252.00	21
NYSE	($/share)	40.18	27.71	45
Market capitalisation at year-end	($m)	14,555	9,795	49

⁽¹⁾	Average received gold price excluding the effects of the hedge buy-back costs is $925/oz in 2009 and $702/oz in 2008.
⁽²⁾	After adjusting for the Boddington sale, Ore Reserve increased by 5% from 68.2Moz to 71.4Moz.
⁽³⁾	Gross (loss) profit excluding unrealised non-hedge derivatives and other commodity contracts. Refer to Non-GAAP disclosure note 2.
⁽⁴⁾	Headline loss excluding unrealised non-hedge derivatives, fair value adjustments on the option component of the convertible bond, adjustments other commodity contracts and deferred tax thereon. Refer to Non-GAAP disclosure note 1.

6.57

4.6 Moz

$3.8 bn

ANGLOGOLD ASHANTI Annual Financial Statements 2009