| Fri 18 Jan 2008, 11:35 | | ANG - AngloGold Ashanti - Anglogold Ashanti Operational Guidance For Q4 2007 |
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ANANO
ANG - AngloGold Ashanti - Anglogold Ashanti Operational Guidance For Q4 2007
AngloGold Ashanti Limited
Incorporated in the Republic of South Africa
Registration Number: 1944/017354/06)
ISIN Number:ZAE000043485
JSE Share Code: ANG
("AngloGold Ashanti/Company")
ANGLOGOLD ASHANTI OPERATIONAL GUIDANCE FOR Q4 2007
During the fourth quarter AngloGold Ashanti`s South African operations
experienced a number of planned and unplanned shutdowns due primarily to safety
interventions. This has resulted in the South African operations producing
approximately 55,000 ounces of gold less than the prior quarter. The "Safety is
our First Value" campaign was introduced on 8 November 2007, undertaken jointly
with organised labour and government representatives, together with associated
campaigns at each of our South African business units. As a result, these
operations have started to experience an encouraging improvement in safety
performance.
At the Geita mine in Tanzania, production for the fourth quarter will be 51,000
ounces below last quarter. Tonnage was adversely affected by discharge pump
failures at both mills and the treatment of harder ore. Metallurgical recovery
reduced substantially in December 2007, due to the refractive nature of ore from
Geita Hill, which was suspended and replaced with lower grade material from
stockpiles. As announced in December 2007, Richard Le Sueur, formerly manager of
the Morila joint venture in 2007, has now been appointed managing director at
Geita. This became effective in early January 2008.
Notwithstanding solid operating performances from the company`s international
operations, the impact of the fall in production in South Africa and at Geita,
in particular, has resulted in Group production of 1,368,000 ounces for the
fourth quarter. This level of production has a consequential impact on unit cash
operating costs for the quarter.
As noted in published guidance released with the third quarter 2007 results,
earnings for the fourth quarter 2007 are expected to be significantly distorted
by, amongst other things, annual accounting adjustments such as rehabilitation,
inventory, and current and deferred tax provisions.
The results for the fourth quarter and year ended 31 December 2007 will be
released on 7 February 2008.
ENDS
JSE SPONSOR : UBS
18 JANUARY 2008
Queries
South Africa Tel: Mobile:
Charles Carter +27 (0) 11 637-6385 +27 (0) 82 330 5373
E-mail: cecarter@AngloGoldAshanti.com
Himesh Persotam +27 (0) 11 637 6647 +27 (0) 82 339 3890
E-mail:hpersotam@AngloGoldAshanti.com
Certain statements made during this communication, including, without
limitation, those concerning the economic outlook for the gold mining industry,
expectations regarding gold prices, production, cash costs and other operating
results, growth prospects and the outlook of AngloGold Ashanti`s operations
including the completion and commencement of commercial operations of certain of
AngloGold Ashanti`s exploration and production projects, and its liquidity and
capital resources and expenditure, contain certain forward-looking statements
regarding AngloGold Ashanti`s operations, economic performance and financial
condition. Although AngloGold Ashanti believes that the expectations reflected
in such forward-looking statements are reasonable, no assurance can be given
that such expectations will 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, fluctuations in gold prices and
exchange rates, and business and operational risk management. For a discussion
of such factors, refer to AngloGold Ashanti`s annual report for the year ended
31 December 2006, which was distributed to shareholders on 29 March 2007.
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.
Date: 18/01/2008 11:35:02 Produced by the JSE SENS Department.
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