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AngloGold Ashanti Ltd and Mwana Africa Holdings (Pty) Ltd joint announcement 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") Mwana Africa Holdings (Proprietary) Limited Incorporated in the Republic of South Africa Reg. No. 2002/027269/07 ANGLOGOLD ASHANTI AGREES TO SELL THE FREDA-REBECCA GOLD MINE TO MWANA AFRICA HOLDINGS (PROPRIETARY) LIMITED AngloGold Ashanti Limited has agreed to sell its entire interests in Ashanti Goldfields Zimbabwe Limited ("Ashanti Zimbabwe") to Mwana Africa Holdings (Proprietary) Limited ("Mwana") for a cash consideration of US$2.255 million ("the Transaction). The principal and sole operating asset of Ashanti Zimbabwe is the Freda-Rebecca Gold Mine ("Freda-Rebecca"). Freda-Rebecca is situated near Bindura in Zimbabwe and produced some 51,091 ounces of gold at a cash cost of US$268 per ounce in 2003. The total Proven and Probable Ore Reserves of Freda-Rebecca as at 31 December 2003 were 300,000 ounces and at that time, Ashanti Goldfields Company Limited estimated that Freda-Rebecca had a remaining life of some 4 years. AngloGold Ashanti has no other operations or exploration activities in Zimbabwe. Both for this reason and the short remaining life and relatively small scale of Freda-Rebecca, AngloGold Ashanti had previously announced that it was considering the sale of Freda- Rebecca. Mwana, whose shareholders and directors are all African, represent a broad spectrum of experience and expertise from Angola, the Democratic Republic of Congo, Kenya, South Africa, Zambia and Zimbabwe, owns and operates the Bindura Nickel Mine which is located in close proximity to Freda-Rebecca. The Transaction is subject to, and conditional upon Mwana obtaining certain regulatory consents and approvals, including the approval of the South African Reserve Bank and all approvals in Zimbabwe necessary to implement the Transaction. Commenting on the Transaction, AngloGold Ashanti President Sam Jonah said, "The sale of Freda-Rebecca to Mwana is entirely consistent with our policy of disposing of shorter life, lower margin operations and concentrating our financial and managerial resources on the assets we believe will generate longer-term value for shareholders. We also understand that Mwana will be in a position to capitalise on the potential synergies which exist between its existing Bindura Nickel operation and Freda- Rebecca". "This acquisition is in line with our stated objective to growth and to diversify our presence in Zimbabwe and in the region. It also demonstrates our confidence in Zimbabwe as an investment destination, despite the challenges of the moment", said Kalaa Mpinga, Chairman of Mwana. Johannesburg 10 September 2004 AngloGold Ashanti Limited sponsor : UBS Date: 10/09/2004 12:49:02 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department
