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Investment in principal subsidiaries and joint ventures
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Investment in principal subsidiaries and joint ventures (PDF – 51KB)

Investment in principal subsidiaries and joint ventures

For the year ended 31 December

			Shares held		Percentage held		Book value		Net loan account
	Country of	Nature of	2007	2006	2007	2006	2007	2006	2007	2006
	incorporation	business			%	%	Rm	Rm	Rm	Rm
Direct investments
Advanced Mining Software Limited	18	C	40,000	40,000	100	100	2	2	(6)	(8)
AGRe Insurance Company Limited	18	F	2	2	100	100	14	14	–	–
AngloGold American Investments Limited	5	B	1,001	1,001	100	100	849	849	(48)	(49)
AngloGold Ashanti USA Incorporated	21	B	100	100	100	100	1,197	768	–	–
AngloGold Ashanti USA Incorporated	21	B	500*	500*	100	100	655	655	–	–
AngloGold Ashanti Health (Pty) Limited	18	E	8	8	100	100	–	–	29	48
AngloGold Ashanti Holdings plc	5	B	2,077,313,678	2,077,313,678	100	100	13,823	13,172	(511)	(538)
AngloGold Offshore Investments Limited	10	B	5,000,000	5,000,000	100	100	313	272	–	–
Eastvaal Gold Holdings Limited	18	B	454,464,000	454,464,000	100	100	917	917	(604)	(602)
Masakhisane Investment Limited	18	B	100	100	100	100	–	–	5	5
Nuclear Fuels Corporation of SA (Pty) Limited	18	D	1,450,000	1,450,000	100	100	7	7	(44)	5
Rand Refinery Limited **	18	G	208,471	208,471	53.03	53.03	116	116	–	–
Xinjiang Yunhai Mining Company Limited	7	H	–	–	60	–	7	–	–	–

Indirect investments
AG Mali Holdings 1 Limited	5	B	10,002	10,002	100	100	–	–	–	–
AG Mali Holdings 2 Limited	5	B	10,002	10,002	100	100	–	–	–	–
AngloGold Argentina Limited	5	B	1	1	100	100	–	–	–	–
AngloGold Argentina S.A.	1	B	1,331,093	1,331,093	100	100	–	–	–	–
AngloGold Ashanti Australia Limited	2	B	257,462,077	257,462,077	100	100	–	–	4	2
AngloGold Ashanti (Colorado) Corp.	21	B	1,250	1,250	100	100	–	–	–	–
AngloGold Ashanti Exploration (Ghana) Limited	9	H	2	2	100	100	–	–	–	–
AngloGold Ashanti (Ghana) Limited	9	A	132,419,585	132,419,585	100	100	–	–	23	18
AngloGold Ashanti (Iduapriem) Limited	9	A	66,270	53,010	100	80	–	–	3	2
AngloGold Ashanti (Nevada) Corp.	21	B	100	100	100	100	–	–	–	–
AngloGold Ashanti North America Inc.	21	B	7,902	7,902	100	100	–	–	2	39
AngloGold Australia Investment Holdings Limited	5	B	1,000	1,000	100	100	–	–	–	–
AngloGold Australia (Sunrise Dam) Pty Limited	2	A	2	2	100	100	–	–	–	–
AngloGold Ashanti Brasil Minera??o Ltda	4	A/B	8,827,437,875	8,827,437,875	100	100	–	–	9	6
AngloGold Brazil Limited	4	B	1	1	100	100	–	–	–	–
AngloGold CV 1 Limited	5	B	11,002	11,002	100	100	–	–	–	–
AngloGold CV 2 Limited	5	B	1,002	1,002	100	100	–	–	–	–
AngloGold CV 3 Limited	5	B	1,002	1,002	100	100	–	–	–	–
AngloGold Finance Australia Holdings Limited	16	B	2	2	100	100	–	–	–	–
AngloGold Finance Australia Limited	16	B	2	2	100	100	–	–	–	–
AngloGold Geita Holdings Limited	5	B	3,513	3,513	100	100	–	–	–	–
AngloGold Investments Australasia Limited	5	B	1,000	1,000	100	100	–	–	–	–
AngloGold Investments Australia (Pty) Limited	2	B	1	1	100	100	–	–	–	–
AngloGold Investments (Sadex) Limited	5	B	1,000'A'	1,000'A'	100	100	–	–	–	–
AngloGold Morila Holdings Limited	5	B	1,000	1,000	100	100	–	–	–	–
AngloGold Namibia (Pty) Limited	17	A	10,000	10,000	100	100	–	–	1	1
AngloGold Offshore Investments Limited	5	B	422,510,000*	422,510,000*	100	100	–	–	–	–
AngloGold South America Limited	5	B	488,000	488,000	100	100	–	–	(184)	(191)
AngloGold South American Holdings Limited	5	B	1	1	100	100	–	–	–	–
Ashanti Goldfields Belgium S.A.	3	B	2,500	2,500	100	100	–	–	–	–
Ashanti Goldfields (Cayman) Limited	6	B	2	2	100	100	–	–	–	–
Ashanti Goldfields Holding (Luxembourg) S.A.	14	B	3,000,000	3,000,000	100	100	–	–	–	–
Ashanti Goldfields Kilo Scarl	8	H	15,520	15,520	86.22	86.22	–	–	6	6
Ashanti Goldfields Services Limited	20	B	588,409	588,409	100	100	–	–	–	–
Ashanti Goldfields Teberebie Limited	6	B	2	2	100	100	–	–	–	–
Ashanti Treasury Services Limited	12	I	250,000	250,000	100	100	–	–	–	–
Australian Mining & Finance (Pty) Limited	2	B	48	48	100	100	–	–	–	–
Cerro Vanguardia S.A.	1	A	13,875,000	13,875,000	92.50	92.50	–	–	1	1
Chevaning Mining Company Limited	20	B	1,000	1,000	100	100	–	–	–	–
Cluff Mineral Exploration Limited	20	B	500,000	500,000	100	100	–	–	–	–
Cluff Oil Limited	20	B	19,646,377	19,646,377	100	100	–	–	–	–
Cluff Resources Limited	20	B	93,638,562	93,638,562	100	100	–	–	–	–
Cripple Creek & Victor Gold Mining Company	21	A	–	–	67	67	–	–	–	–
Erongo Holdings Limited	5	B	13,334'A'	13,334'A'	100	100	–	–	(13)	(13)
Geita Gold Mining Limited	19	A	2	2	100	100	–	–	11	14
Golden Shamrock Mines Limited	14	B	2,000,000	2,000,000	100	100	–	–	–	–
GSM Gold S.A.	2	B	325,000	325,000	100	100	–	–	–	–
Minera??o Serra Grande S.A.	4	A	499,999,997	499,999,997	50	50	–	–	3	1
Morila Limited	13	B	1	1	50	50	–	–	–	–
Pioneer Goldfields Limited	5	B	75,000,000	75,000,000	100	100	–	–	–	–
Sadiola Exploration Limited	5	B	5,000'A'	5,000'A'	50	50	–	–	–	–
Societ? Ashanti Goldfields de Guin?e S.A.	11	A	3,486,134	3,486,134	85	85	–	–	21	16
Teberebie Goldfields Limited	9	A	2,066,667	1,860,000	100	90	–	–	–	–
							17,900	17,191	(1,292)	(1,237)
Joint ventures
Nufcor International Limited **	20	D	3,000,000	3,000,000	50	50	18	18	–	(2)
Soci?t? des Mines de Morila S.A.	15	A	400	400	40	40	–	–	1	–
Soci?t? d'Exploitation des Mines d'Or de Sadiola S.A.	15	A	38,000	38,000	38	38	–	–	1	–
Soci?t? d'Exploitation des Mines d'Or de Yatela S.A.	15	A	400	400	40	40	–	–	–	–
BGM Management Company (Pty) Ltd	2	A	3'B'	3'B'	33.33	33.33	–	–	–	–
							18	18	2	(2)

Nature of business
A	–	Mining
B	–	Investment holding
C	–	Software development
D	–	Market agent
E	–	Health care
F	–	Short-term insurance and re-assurance, captive insurance
G	–	Precious metal refining
H	–	Exploration
I	–	Treasury

Countries of incorporation
1	Argentina	8	Democratic Republic of Congo	15	Mali
2	Australia	9	Ghana	16	Malta
3	Belgium	10	Guernsey	17	Namibia
4	Brazil	11	Republic of Guinea	18	Republic of South Africa
5	British Virgin Islands	12	Isle of Man	19	Tanzania
6	Cayman Islands	13	Jersey	20	United Kingdom
7	China	14	Luxembourg	21	United States of America

*	Indicates preference shares
**	The statutory year-ends of Rand Refinery Limited and Nufcor International Limited are 30 September and 30 June respectively. The management accounts of Rand Refinery Limited and Nufcor International Limited for the periods ended 30 September and 31 December respectively, have been included in the group’s results for the year ended 31 December 2007.
In terms of IAS 27, the Environmental Rehabilitation Trust Fund is deemed to be a subsidiary.
The aggregate interest in the net profits and losses in subsidiaries is as follows:

Figures in million	2007	2006
Profit attributable to equity shareholders	205	364
Losses attributable to equity shareholders	(931)	(530)
	(726)	(166)

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