Good afternoon, and welcome to the AngloGold Ashanti Q2 2011 Earnings Results Conference Call. [Operator Instructions] Please note that this conference is being recorded. I would now like to hand the conference over to Mr. Stewart Bailey. Please go ahead.

Thank you, Priya, and everybody, welcome to the presentation by the AngloGold Ashanti executive team of our results for the quarter ended 30 June 2011. The presentation will be as follows: Mark Cutifani our CEO, will review the company's performance over the quarter, Venkat, our CFO will walk through the financials. Mark will then talk to projects and exploration before taking questions. And as customary I'll just read through a Safe Harbor statement before we commence. Certain statements made in this communication including without limitation those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash costs and another operating results, growth prospects and outlook of AngloGold Ashanti's operations, individually or in aggregate, including the completion and commencement of commercial operations of certain AngloGold Ashanti's exploration and production projects, the completion of announced mergers and acquisitions transaction, AngloGold Ashanti's liquidity and capital resources, the expenditure and outcome and consequences of any litigation proceedings and AngloGold Ashanti's Project ONE performance targets containing, certain forward-looking statements regarding AngloGold Ashanti's operations, economic performance and financial condition. Although AngloGold Ashanti believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations could prove to have been correct. Accordingly results could differ materially from those set out in the forward-looking statements as a result of among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions including environmental approvals and actions, fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion of certain of these factors, refer to AngloGold Ashanti's Annual Report for the year ended 31 December 2010, distributed to shareholders on 29 March 2011. The company's annual report on Form 20-F was filed with the SEC in the United States in May 31, 2010. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein. This communication contains certain non-GAAP financial measures. AngloGold Ashanti utilizes certain non-GAAP performance measures and ratios in managing its business. Non-GAAP financial measures could be viewed in addition to and not on us an alternative for the reported operating results of cash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use. AngloGold Ashanti posts information that is important to investors on the Main tab of its website at www.anglogoldashanti.com and under the Investors tab in the main page. This information is updated regularly. Investors should visit the website to obtain important information about AngloGold Ashanti. And with that let me hand over to Marc.

Thanks very much, Stewart. Ladies and gentlemen, I'm happy to report a record earnings results for the quarter supported by a record gold price that we reported during the quarter. Buillion touched yet another near record in recent days against the back drop of worsening sovereign-debt picture in Europe, inflation received in Asia and in much of the developing world and a gloomy deficit and great picture in the U.S. Physical offtake remains robust on the jewelry and investment front and continued buy by Central Banks, most recently South Korea. Providing additional impetus to the price decline. It appears gold is entering the perfect storm. Now to deal with things that we manage in a more direct sense, today's earning results is underpinned by improved production, strong cost control and ultimately a strong gold price. This is despite some production headwinds [indiscernible] reflecting the first quarter prove more challenging than we initially thought, as well as seismicity at TauTona which resulted in the cease and desist mining in the VCR pillar. Nevertheless, the quality of the portfolio is improving, productivities are increasing, our operations are generating more cash and delivering the returns we've promised. Despite the large number of public holidays around Easter in South Africa, our 3 largest regions registered strong production gains and demonstrated solid cost control. Production of 1.086 million ounces was broadly in line with guidance, and we delivered total cash costs of $705 an ounce, considerably better than our $760 an ounce forecast. Therefore, it's a pleasure to be the one to announce a record adjusted headline earnings of $342 million, an increase of 68% quarter-on-quarter, showing strong leverage to the rising gold price following the removal of the hedge book last year. Venkat will talk to the cash flow in a few moments, but…

Thank you, Mark. Good morning, ladies and gentlemen. I'll be covering the following 3 areas in today's presentation: Second quarter financial results, free cash flow and balance sheet, outlook for the third quarter and full year 2011. Adjusted headline earnings of $342 million represents a record quarter earnings for AngloGold Ashanti. This comes from the back of a 4.5% increase in production as well as another quarter where we enjoyed full exposure to the spot price and tight cost management. Earnings were positively impacted by improved performances from our key assets, in Continental Africa, the Americas and South Africa. We also realized $30 million after tax from the sale of our Ayanfuri royalty to Franco Nevada during this period. But this was partially negated by an increase in our South American rehabilitation provisions amounting to $25 million. Adjusted headline earnings per share was up at $0.89 and ZAR 0.601 for the quarter. Earlier in the presentation, Mar, outlined how the hedge takeouts, improved prices and most importantly operational improvements have played an important part improving our earnings and cash flow. Continuing on that theme, our second quarter 2011 earnings is a good demonstration of the earnings leverage AngloGold Ashanti now commands in a rising gold price environment. Ladies and gentlemen, I'm going to walk you through this slowly. Second quarter of 2010, i.e., last year, saw adjusted headline earnings of $129 million. If we adjust for the 8.6% discount to spot due to the legacy hedge, which we then had, the adjusted headline earnings would've amounted to $229 million had we enjoyed full spot price exposures there. This compares to the adjusted headline earnings of $342 million for the current quarter and represents a 49%, I repeat, 49% increase on this basis. It is worth pointing out that during this…

Thanks very much, Venkat. As we pointed out in February, the $850 an ounce we used to calculate reserves and the $1,100 an ounce for resources, we believe we're somewhat conservative relative to many of our North American peers. Consequently, we run the numbers at $1,100 an ounce for reserves and $1,600 an ounce for resources. The result of the new assumptions, as well as incremental exploration success has delivered 6% increase in our resource base to 232.6 million ounces. Obuasi and Geita, the biggest contributors are adding 5.9 million ounces and 1.9 million ounces, respectively. At La Colosa drilling has added another 3.8 million ounces taking the deposit to more than 16 million ounces and at higher grade, by the way, and reaffirmed the scale of the opportunity we have with this operation. At the same time, reserves have grown by more than 4% to 74 million ounces with gains at Geita, Cripple Creek and Obuasi. Our mineral endowment remains the bedrock of our growth ambitions and a key focus along with generating annual returns as we continue to grow shareholder value. We continue to make good headway on project development as we push towards our 5.5 million-ounce target. And the affordability of our blend of green- and brownfields growth options remains a key competitive advantage, and for those of you that we've talked to in detail, we often point out that it costs us about a $2,500 an ounce across the portfolio to bring in new production ounce of gold against the North American average of around $4,000. That average has not been adjusted for the most recent capital cost increases we've seen announced over the last few days. So we believe our competitive position continues to improve and so we're very proud of what the guys have…

[Operator Instructions] The first question comes from Martin Roher of MSR Capital Management.

You threw out some interesting longer-term numbers, if I heard you correctly. On cost reduction, did I hear that the $650 million that you've already achieved could possibly grow to $1 billion over some period of time and on production the 5.5 million ounce target, what time frame are those numbers realistic for?

Marty, on the $650 million, the $650 million free cash flow improvement that we've generated is a combination of increasing tonnages through de-bottlenecking of the operations, reduced costs within the business, improving grades as a function of changing mining methods and also as a function of improved recoveries of both gold and silver. And they are replicable audited results that carry our cash flow going forward. What we've set for the team, we set an initial $500 million target for 5 years. We've delivered that target within 3. What we've set for the team in the next 3 years is to try and get that number to $1 billion as part of that Project ONE rollout. So that's in the next 3 years. So it's a combination of continuing improvements in our production, as well as cost reductions and grade improvements as a consequence of changing mining methods. It's interesting to note, that across our operations, we've made adjustments to the mining methodologies to 50% of our operations to squeeze more value. So that's part of that $650 million. And we think we're only about 30% of the way through the program. I know a few of your colleagues have been through the wall rooms here and have seen the depth and breadth of our changed models, and I think it will be fair to say that we're pretty confident we'll get that additional $350 million in terms of fundamental operating improvement over the next 3 years. An example would be the 15% real cost reduction that we've delivered across our South African operations over the last 18 months. It's been a very good example of what we've been doing as we've implemented Project ONE over that same 18 months. So we're very pleased with that. In terms of your second question, Marty, we believe that we'll hit the 5.5 million-ounce production target in the 2014, 2015 range. We've got an aggressive target for the team to try and get there in 2014. And certainly on the numbers we see today, we can get there. But bearing in mind, there's always some potential for risk. We certainly see that we'll get it in the 2014, 2015 period.

Priya, if there are no further questions, we can certainly wrap up.

We don't have any more questions. Would you like to make any closing comments?

Thank you, Priya. We're very happy to present, and thanks for the opportunity.

Thank you very much.