Anglogold Ashanti Is Granted New Order Mining Righ
Anglogold Ashanti Is Granted New Order Mining Rights
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 IS GRANTED NEW ORDER MINING RIGHTS
AngloGold Ashanti is pleased to announce that the company has
received notification from the Director-General of Minerals and
Energy that the DME has granted its applications for new order
mining rights in terms of the Mineral Resources and Petroleum
Development Act.
This development is the culmination of a long but
constructive engagement with the DME, in which the company has
sought to ensure a positive beginning to the new mineral rights
dispensation that South Africa has entered. In terms of its
submission, three areas stand out:
- With regard to equity, in addition to recognition of its
transactions with Armgold between 1998 and 2002, the company is
committed to the development of an Employee Share Ownership
Scheme, with a value equivalent to approximately 6% of the South
African assets.
- On Employment Equity, the company has in place a plan to
ensure that a 40% HDSA representation in management is achieved
by 2009. Beyond this, the company intends to ensure that every
level of management reflects the full cultural diversity of its
South African employees.
- Each South African operation has a social plan in place,
which seeks to create lasting benefits for the communities in
which AngloGold Ashanti operates, while the company also has an
established track record of ensuring that employees facing
retrenchment are offered training for alternative employment
options.
AngloGold Ashanti believes that the new mineral rights
dispensation seeks to begin to remedy the economic legacy of
apartheid by ensuring that economic opportunity becomes
available to increasing numbers of South African citizens, while
simultaneously seeking to maintain local and international
economic confidence and to promote economic growth.
Commenting on the approval of its application, AngloGold
Ashanti CEO Bobby Godsell said: `I am delighted that the spirit
and letter of the Mining Charter has been fulfilled through this
conversion of mining rights. This decision brings certainty to
our shareholders and it offers our employees and the communities
in which we operate new opportunities for sharing in the wealth
creation of our company. I also believe that the empowerment
process initiated by government represents a vital and
legitimate investment in the future of our country.`
ends
2 August 2005
JSE Sponsor - UBS
Date: 02/08/2005 02:05:08 PM
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