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ANG - Anglogold Ashanti - Market Update
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 MARKET UPDATE
AngloGold Ashanti expects first-quarter production of approximately 1.1 million
ounces, 2.5 percent below previous guidance of 1.13 million ounces and this is
anticipated to have a proportionate impact on per unit cash costs.
The shortfall in output is due primarily to the slow start-up of the company`s
South African mines following the traditional Christmas break, as well as
stoppages undertaken by management to improve safety. AngloGold Ashanti`s Geita
mine also experienced a plant breakdown which contributed to lower production
volumes. These issues have now been resolved and all other mines either achieved
or exceeded their first-quarter targets with strong performances from Sunrise
Dam, Siguiri and Obuasi, which is successfully achieving its turnaround targets.
Full-year guidance remains unchanged at 4.9 million to 5.0 million ounces at a
total cash cost of $435 to $450 an ounce, based on these previously stated
assumptions: R9.75/$, A$0.675/$, BRL2.25/$, Argentinean pesos 3.65/$ and fuel
at US$50 per barrel.
"We`ve successfully addressed a number of challenges in the first quarter, while
continuing our drive to improve safety," Chief Executive Officer Mark Cutifani
said. "I`m confident that we remain well placed to meet our objectives for the
year."
ENDS
2 April 2009
JOHANNESBURG
JSE SPONSOR: UBS
Contacts
Charles Carter Tel: +27(0)116376385 Mobile: +27(0)823305373
E-mail: cecarter@AngloGoldAshanti.com
Stewart Bailey (USA) Tel: +1646717-3978
E-Mail: sbailey@AngloGoldAshanti.com
Alan Fine (Media) Tel: +27(0)11637-6383 Mobile: +27(0)832500757
E-Mail: afine@AngloGoldAshanti.com
Joanne Jones (Media) Tel: +27(0)11637-6813 Mobile: +27(0)828960306
E-mail: jjones@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 and completion of acquisitions and
dispositions, AngloGold Ashanti`s liquidity and capital resources, including its
intentions and ability to refinance its $1 billion convertible bond, and
expenditure and the outcome and consequences of any pending litigation
proceedings, 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 2008,
which was distributed to shareholders on 27 March 2009. 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.anglgoldashanti.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: 02/04/2009 12:00:02 Supplied by www.sharenet.co.za
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