Wrap Text
ANG - Anglogold Ashanti Limited and Thani Dubai Mining Limited Form Strategic
Alliance
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 LIMITED AND THANI DUBAI MINING LIMITED FORM STRATEGIC ALLIANCE
AngloGold Ashanti Limited and Thani Dubai Mining Limited are pleased to announce
the formation of a strategic alliance to explore, develop and operate mines
across the Middle East and parts of North Africa. Each company will have a 50%
interest in the alliance which will explore for gold, precious and base metals.
The alliance brings together a combination of regional business knowledge and
relationships with global exploration and mining expertise. Thani has extensive
knowledge of developing resource businesses in the Middle East and Africa, long
standing and high level relationships with national governments and major
industry players, a thorough understanding of risks associated with mineral
resource development and the requisite technical know-how.
The alliance will be led by a board, which will comprise equal numbers from
AngloGold Ashanti and Thani. Project acquisitions and exploration programmes
will be equally funded by AngloGold Ashanti and Thani, up to and including the
completion of the project prefeasibility study. Under the terms of the
agreement AngloGold would develop, manage and operate any subsequent mining
operations.
The alliance has already identified opportunities in the region and an
evaluation process of these opportunities is currently in progress. A technical
and business development group is currently being assembled and will operate
from Dubai, U.A.E.
Mark Cutifani, AngloGold Ashanti`s Chief Executive Officer commented: "We are
very pleased to enter into this alliance with a well respected and prominent UAE
based company with extensive business knowledge and relationships in the region.
We believe that the complementary skills and regional expertise that this
alliance brings will provide the mechanism for achieving the alliance`s
strategic objectives in the region."
The chairman of Thani Dubai Mining, Mr Abdulla Al Thani said: "We are very
pleased to enter into this alliance with such a well respected mining partner.
Both parties have much to contribute to this alliance which is well placed to
become one of the leading mineral resource developers in the region."
About Thani Dubai Mining Ltd:
Thani Dubai Mining Limited is a wholly owned subsidiary of a privately held
company, Thani Investments LLC, based in Dubai, United Arab Emirates. TDML is a
gold exploration company currently undertaking programmes on concessions located
in both Yemen and Egypt. The Medden concession, located near Al Mukalla, Yemen
is currently at the prefeasibility stage. SRK Consulting (Johannesburg) recently
defined Measured and Indicated Reserves of 234,000 oz Au. and an Inferred
Resource of 930,000 oz Au for the project. An extensive surface and underground
exploration program is underway at the Medden site to increase the Resources and
Reserves. At the other concessions in Yemen and Egypt, exploration programmes
consisting of surface mapping and sampling are underway to define drill targets.
End
Johannesburg
10 June 2009
JSE Sponsor: UBS
Contacts
Alan Fine (Media) Tel: +27 (0) 11 637 6383 Mobile: +27 (0) 83 250 0757
E-mail: afine@anglogoldashanti.com
Joanne Jones (Media) Tel: +27 (0) 11 637- 6813 Mobile: +27 (0) 82 896 0306
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, 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 and the company`s annual
report on Form 20-F, filed with the Securities and Exchange Commission in the
United States on May 5, 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: 10/06/2009 12:00:02 Supplied by www.sharenet.co.za
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