Anglogold Ashanti publishes annual report for 2004
AngloGold Ashanti Limited
(formerly AngloGold 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 PUBLISHES ANNUAL REPORT FOR 2004
AngloGold Ashanti published its Annual Report for 2004 today.
In their letter to shareholders, CEO Bobby Godsell and President Sam Jonah
said that the key strategic event of 2004 had been the completion of the
AngloGold Ashanti business combination. From the outset the objective had been
to combine the two companies into a `long-life, low-cost, high-margin investment
opportunity, bringing together the best that both had to offer, by way of
orebodies, capital and human resources`.
They noted that the positive relationship between the company and the South
African government was proving to be an advantage in converting mining rights in
terms of the new Act. `We realise that we are dealing with unprecedented areas
of law and regulation in this process and we continue to have constructive
interactions with the Department of Minerals and Energy to deal with
uncertainties which the process reveals.`
Discussing the issue of HIV/AIDS in South Africa, they said that every
AngloGold Ashanti employee had access to several convenient and confidential
voluntary counselling testing (VCT) facilities. During 2004, some 4,000
employees had made use of these centres and around 10,000 since the programme
had begun. They reported that 706 employees were on anti-retroviral therapy.
`The improvement in their state of health and their immune systems is
impressive,` they commented.
Looking ahead, Godsell and Jonah said the company faced three key challenges:
- to manage production costs in the face of strong operating currencies,
rising mining contractor costs, higher energy prices and high transport charges;
- to manage the hedge book against the background of what seemed to be a
sustained stronger spot gold price; and
- to achieve gradual and steady improvement in the performance of Obuasi
mine in Ghana.
ends
Johannesburg
30 March 2005
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