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ANG - Anglogold Ashanti - Update on Ghanaian operations
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 - UPDATE ON GHANAIAN OPERATIONS
AngloGold Ashanti announced on 19 February 2010, that processing operations
had been suspended at its Iduapriem mine in Ghana pending the establishment of a
temporary tailings storage facility at the mine. AngloGold Ashanti is
announcing today that it has applied for a permit from the Environmental
Protection Agency of Ghana ("EPA") for the construction of this facility and
expects gold production to resume at Iduapriem in April. The Company is
accelerating the establishment of a water treatment plant and a new tailings
storage facility which it aims to commission in the third quarter of 2010 and
early 2011 respectively.
During the above period of suspension, the mining operations have continued
at Iduapriem for most of the duration and certain plant maintenance scheduled
for later this year has been brought forward and completed. The Company
continues to assess the rescheduling of production at the mine, with a view to
recovering some of the lost production during the remainder of 2010.
At its Obuasi mine in Ghana, AngloGold Ashanti has suspended the operation of
gold processing pending the implementation of a revised water management
strategy to reduce contaminants contained in its discharge. Details of the
strategy have been submitted to the EPA. The essence of the revised plan is to
utilise existing infrastructure for the containment and treatment of water on
site. The consequence of this is that production from the mine will be around
20,000 to 25,000 ounces lower than anticipated for second quarter of 2010,
during which time alternative mining strategies already identified will be
refined and implemented to mitigate further shortfalls. With the support and
guidance of the EPA, the mine intends to establish additional water holding and
treatment facilities progressively over the next 18 months.
In 2009, Iduapriem and Obuasi mines produced 190,000 ounces and 381,000
ounces of gold respectively and together accounted for some 12% of AngloGold
Ashanti`s global production. AngloGold Ashanti will provide an update of its
full year guidance, taking into account the stoppages at Iduapriem and the above
disruption at Obuasi, on or before it releases its first quarter results on 7
May 2010.
ENDS
30 March 2010
Contacts
Tel: Mobile:
Alan Fine (Media) +27(0)116376383 +27(0)833250757
E-mail: fine@AngloGoldAshanti.com
Joanne Jones (Media) +27(0)116376813 +27(0)828960306
E-mail: jjones@AngloGoldAshanti.com
Sicelo Ntuli (Investors) +27(0)116376339 +27(0)716080991
E-mail: sntuli@anglogoldashanti.com
Stewart Bailey (Investors) +1 212 836 4303 +1 646 338 4337
E-mail: sbailey@anglogoldashanti.com
Certain statements made in this communication, including, without limitation,
those concerning AngloGold Ashanti`s strategy to reduce its gold hedging
position including the extent and effects of the reduction, the economic outlook
for the gold mining industry, expectations regarding gold prices, production,
cash costs and other operating results, growth prospects and outlook of
AngloGold Ashanti`s operations, individually or in the aggregate, including the
completion and commencement of commercial operations of certain of AngloGold
Ashanti`s exploration and production projects, the resumption of production at
AngloGold Ashanti`s mines in Ghana, the completion of announced mergers and
acquisitions transactions, AngloGold Ashanti`s liquidity and capital resources,
and expenditure and the outcome and consequences of any litigation proceedings
or environmental issues, 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 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 2009, which was
distributed to shareholders on 30 March 2010. The company`s annual report on
Form 20-F, will be filed with the Securities and Exchange Commission in the
United States no later than June 30, 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.
AngloGold Ashanti posts information that is important to investors on the main
page of its website at www.anglogoldashanti.com and under the "Investors" tab on
the main page. This information is updated regularly. Investors should visit
this website to obtain important information about AngloGold Ashanti.
Date: 30/03/2010 09:14:03 Supplied by www.sharenet.co.za
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