Report of the independent auditors on the annual financial statements



We have audited the annual financial statements and group annual financial statements of AngloGold Ashanti Limited set out from Corporate governance to Investment in principal subsidiaries & joint venture interests on the menu alongside for the year ended 31 December 2004. These financial statements are the responsibility of the company's directors. Our responsibility is to express an opinion on these financial statements based on our audit.

Scope

We conducted our audit in accordance with statements of South African Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance that the annual financial statements are free of material misstatement.

An audit includes:

  • examining, on a test basis, evidence supporting the amounts and disclosures in the annual financial statements;
  • assessing the accounting principles used and significant estimates made by management; and
  • evaluating the overall financial statement presentation.

We believe that our audit provides a reasonable basis for our opinion.

Audit opinion

In our opinion the annual financial statements and group annual financial statements fairly present, in all material respects, the financial position of the company and the group at 31 December 2004, and the results of operations and cash flows for the year then ended in accordance with International Financial Reporting Standards and in the manner required by the Companies Act in South Africa.


Ernst & Young
Registered Accountants and Auditors
Chartered Accountants (SA)

Johannesburg
10 March 2005

Annual Report 2004