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AngloGold Ashanti CFO comments at UBS Resources Conference, SYDNEY 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 CFO COMMENTS AT UBS RESOURCES CONFERENCE, SYDNEY Speaking at the UBS Resources Conference in Sydney earlier today, Jonathan Best, AngloGold Ashanti"s CFO, said the company faced a tough second quarter. He said revenue would be impacted by a US dollar spot price some $15 lower than in the March quarter. Price volatility, with the price trading in a $50 range, was likely to see AngloGold Ashanti"s received price somewhat lower than spot. The Rand was 17 cents stronger against the US dollar over the period, translating to an increase of some $7 per ounce in the company"s dollar denominated cash costs. Best said AngloGold expected to meet the annual production target previously indicated of 5.3 million ounces and to be at, or close to, its previously targeted cash cost of $254/oz for the year. Although production from Ashanti"s operations continued to suffer from the effects of under-capitalization, good progress was being made with the integration of the Ashanti assets and the enlarged company. The newly combined management team had implemented a number of measures to optimise production over the life of these assets. Best said as the company had previously indicated these measures were expected to take four to six quarters to become apparent. He said notwithstanding these present challenges, the future held great promise - the combination of Ashanti"s ounce-rich, people-rich operations with the capital and technology resources of AngloGold gave the company an outstanding opportunity to create value and extend the productive life of these assets. In addition, the newly combined company had an organic growth pipeline of seven approved projects, which would add some 17 million ounces to the company"s production profile. A further five projects are under consideration; if approved, these would add a further 13 million ounces. Neither of these categories of project includes the promise of Obuasi Deeps, which will be confirmed by a multi-year drilling programme now underway. In regard to greenfields exploration, AngloGold Ashanti continues to examine targets in what are for the company `new frontier" regions, including Russia and China. Finally the company will continue its activities aimed at both broadening and deepening the customer base for gold jewellery. Johannesburg 30 June 2004 Ends Queries Tel e-mail Andrea Maxey +61 8 9425 4604 amaxey@anglogoldashanti.com.au Steve Lenahan +27 1 637 6248 slenahan@anglogoldashanti.com Michael Clements +27 1 637 6647 mclements@anglogoldashanti.com Charles Carter +1 800 417 9255 cecarter@anglogoldashanti.com Disclaimer Except for the historical information contained herein, there are matters discussed in this news release that are forward-looking statements. Such statements are only predictions and actual events or results may differ materially. For a discussion of important factors including, but not limited to development of the Company"s business, the economic outlook in the gold mining industry, expectations regarding gold prices and production, and other factors, which could cause actual results to differ materially from such forward-looking statements, refer to the Company"s annual report on the Form 20-F for the year ended 31 December 2003 which was filed with the Securities and Exchange Commission on 19 March 2004. Date: 30/06/2004 08:13:15 AM Supplied by www.sharenet.co.za Produced by the JSE SENS Department
