AngloGold Ashanti -- AU, ANG (NYS, JSE)

    JOHANNESBURG (MarketWatch) -- The chief executive of Anglo American PLC's (AAUK) gold company Tuesday announced his resignation, just one day after the head of the mining giant's platinum company stepped down.
    AngloGold Ashanti Ltd. (AU: anglogold ashanti ltd sponsored adr) , which reported a swing into profit for the second quarter of the year, said Bobby Godsell would be retiring from the company with effect from Sept. 30. He will be succeeded by Mark Cutifani, an Australian mining engineer and chief operating officer of CVRD Inco.
    The Johannesburg-based company said net profit for the quarter was $111 million against a loss a year earlier of $54 million and a profit in the first three months of 2007 of $19 million.
    AngloGold, almost 42% owned by Anglo American, said gold production was 1.7% higher than in the first quarter at 1.349 million troy ounces, but declined to 2.675 million ounces on the year from 2.755 million ounces for the first six months.
    Cash costs for the quarter were modestly higher at $333 an ounce, from $332 an ounce in the previous quarter.
    AngloGold's shares ended Monday at ZAR296.20, down 10% on the start of the year. The blue-chip Johannesburg Top 40 index has risen almost 13% in the same time.
    Anglo Platinum Ltd.'s CEO, Ralph Havenstein, Monday said he would step down from the post, effective the end of August.
    Company Web Site: http://www.anglogold.com

    Right now the fund has an uncharacteristically large allocation to large-cap stocks, with stalwarts Newmont Mining (NEM) and Barrick Gold (ABX) taking the first two slots after bullion, each making up 9% of the overall value. Other top holdings include Gold Fields (GFI), Newcrest Mining and AngloGold Ashanti (AU), all firms with substantial market caps.

    JOHANNESBURG, SOUTH AFRICA, Jul 31, 2007 (MARKET WIRE via COMTEX) -- AngloGold Ashanti (AU: anglogold ashanti ltd sponsored adr) reported adjusted headline earnings of $82m for the second quarter of 2007, lower than that of the previous quarter, primarily due to stronger local operating currencies, higher exploration spend and continued hedge book reduction.
    Operational performance saw production up 2% on the prior quarter to 1.35Moz due to higher volumes mined, partially off-set by lower recovered grade. Total cash costs consequently remained steady at $333/oz for the quarter.
    The company continued to deliver into its maturing hedge contracts, reducing the hedge delta by 840,000oz to 8.75Moz.
    The company reaffirmed production guidance of 5.7Moz for the full year, at a forecast total cash cost of approximately $328/oz, based on the following exchange rates: R7.16/$, A$/$0.82, BRL2.00/$ and Argentinean peso 3.10/$.
    The full quarterly report can be found on the AngloGold Ashanti website at http://www.anglogoldashanti.com

    JOHANNESBURG, SOUTH AFRICA, Jul 31, 2007 (MARKET WIRE via COMTEX) -- The Chairman of AngloGold Ashanti (AU: anglogold ashanti ltd sponsored adr) , Russell Edey, this morning announced that Bobby Godsell would be retiring from the company and the board with effect from 30th September 2007. Mr. Godsell was appointed Chief Executive Officer of the Gold and Uranium Division of Anglo American in July 1995 and Chief Executive Officer of AngloGold Ashanti in April 1998.
    The company simultaneously announced the appointment of Mark Cutifani as Mr. Godsell's successor. Mr. Cutifani currently holds the position of Chief Operating Officer at CVRD Inco where he has responsibility for CVRD Inco's global nickel business. He will take up his new position in mid-September.
    Commenting on the announcement, Russell Edey said, "The board and management of AngloGold Ashanti are very fortunate to have had the benefits of Bobby's inspiration, leadership and innovative flair for the past 12 years. I have no doubt that he will continue to make a contribution to South Africa in whatever course he chooses now to follow. We believe that Mark Cutifani is a person well-suited to meet the challenges which face AngloGold Ashanti and the gold industry at large."
    Bobby Godsell said today, "It is the right time to change leaders. In Mark Cutifani, a mining engineer with a wide and impressive track record of both operating and executive experience across a range of minerals, including gold, and on several continents, we have a new leader who brings exactly the qualities and experience needed for AngloGold Ashanti's new chapter.
    "For my own part, after 34 years in corporate life I am looking forward to exploring new ways of being a constructive citizen of my country."
    Appointment of Neville Nicolau as Sole Chief Operating Officer
    Additionally, Mr. Edey today announced that Roberto Carvalho Silva, after a long and impressive career with this company and its predecessor, spanning more than three decades, has decided to leave AngloGold Ashanti in September. The board and management wish him well in his future pursuits. Neville Nicolau will become the Chief Operating Officer of the company with responsibility for all operations. Mr. Carvalho Silva will assist Mr. Nicolau in the consolidation of the two operating regions, which will commence as soon as possible.

    Unions last week declared a dispute with AngloGold Ashanti Ltd. (AU: anglogold ashanti ltd sponsored adr) , Gold Fields Ltd. (GFI: gold fields ltd) and Harmony Gold Mining Co. (HMY: harmony gold mng ltd sponsored adr HMY) , which are being represented in negotiations by the Chamber of Mines.

    SAN FRANCISCO (MarketWatch) -- Gold producers unwound their hedges against a drop in the price of gold at a faster pace in the second quarter, said a study released Monday by London consultancy Virtual Metals with Mitsui Global Precious Metals and Toronto's Haliburton Mineral Services. Gold producers took off 5.4 million ounces of hedges, the largest volume since removing 7.1 million ounces' worth in the second quarter of 2002, and the largest ever as a percent of total gold hedges. Newmont Mining Corp.'s (NEM:
    Newmont Mining Corporation) removal of hedges led the way, as the Denver, Colo. producer cut its position by 2 million ounces, followed by reductions by Lihir Gold Ltd. (LIHR: lihir gold ltd sponsored adr) and AngloGold Ashanti (AU:
    anglogold ashanti ltd sponsored adr) . Some analysts think dehedging supports gold prices. End of Story

    JOHANNESBURG (Dow Jones)--South Africa's largest coal and gold producers are set to sign formal wage agreements with trade unions this week, the Chamber of Mines said Tuesday.
    The Chamber, which negotiated biennial wage deals on behalf of employers, said separate signing ceremonies for the two industry sectors are set for Thursday in Johannesburg.
    The recently agreed pay agreements will be signed by the Chamber and the National Union of Mineworkers, Solidarity and the United Associate of South Africa.

    Link: http://www.businessday.co.za/P…iendly.aspx?ID=BD4A577064



    Posted to the web on: 02 October 2007


    Anglo’s move to sell AngloGold Ashanti stake knocks share


    James Macharia


    --------------------------------------------------------------------------------
    Reuters


    ANGLO American said yesterday it would sell about half of its stake in gold miner AngloGold Ashanti as part of its strategy to focus on core commodities.


    Anglo American shares rose 2,73% to R470 on the JSE, while AngloGold fell 6,96% to R303,50 , having touched an intra day low of R299 . Traders said there were fears that the sale might be carried out at a big discount.


    Anglo holds a 41,8% stake in AngloGold, the world’s third-biggest gold producer. Anglo said it planned to sell 61-million ordinary shares, worth about R18,8bn, and that its remaining representatives on AngloGold’s board would resign once its stake fell below 20%.


    The sale follows a similar sale last year by Anglo, which is selling units to focus more closely on its core business of platinum, diamonds, base metals and coal.


    Anglo sold 10% of its holding in AngloGold in April this year .


    “There is a perception that a lot of shares in AngloGold will be on the market. It is also not clear at what price they will be sold, so this has affected the share somewhat,” Afrifocus Securities portfolio manager Ferdi Heyneke said.


    AngloGold also dragged the gold sector index 3,9% lower, as Gold Fields slipped 2,33% and Harmony 2,54%.



    “I would suppose some hedge funds are selling Gold Fields and Harmony (shares) so as to get some more of AngloGold at a discount,” a Cape-Town based gold analyst said.


    He said AngloGold’s share price would see some respite after the current batch of shares was sold , but would come under pressure again when Anglo decided to sell its remaining stake.


    The analyst said the stoppage of output at AngloGold’s Mponeng underground mine for checks after four miners were killed in a rock fall last week had also cast a cloud over its shares.


    “If they have stopped (output), that could also be having an impact,” he said.


    Mponeng produced 600000oz of gold last year out of AngloGold’s total of 2,6-million ounces in SA alone.


    AngloGold’s incoming CE, Mark Cutifani, has said he wanted to cut fatalities at AngloGold as a top priority.


    One gold analyst said the timing was good for Anglo, with spot gold at $746,30/oz, a 28-year peak, and that it left AngloGold free to pursue its goals.


    AngloGold earlier this year called on Anglo to make a quick sale of its stake to allow AngloGold to focus on its strategy.


    A second analyst said it was positive for AngloGold that Anglo would place shares with funds rather than sell to a rival. “I would prefer this method, because that way AngloGold will remain independent. If the stake were sold to another company, it might swallow AngloGold and delist it or sell it in bits,” securities firm T Sec gold analyst Nick Goodwin said.


    He said a foreign buyer might have sold the South African assets and kept the international asset base.


    The long-awaited whittling down of Anglo’s stake also meant AngloGold could pursue its strategy free of control from Anglo.


    Und - 5% in Frankfurt. Versteht jemand was hier los ist? ?(

    South African Miners Strike
    To Highlight Safety Issues


    ...


    "There is a substantial absence from work today in response to the NUM call for the protest action," said Steve Lenahan, spokesman for AngloGold Ashanti Ltd., the world's third-largest producer of gold. He said any employees who do show up for work Tuesday will spend their time on training and other safety-related activities.


    AngloGold is expecting an unspecified impact on production in the current quarter as a result of accidents that have forced the temporary suspension of operations and management's focus on safety, Mr. Lenahan said.


    ...

    Foreign producers break ground as gold prices rise


    ...


    The ranking pushes South Africa into second place, the first time the gold giant has lost its top ranking since 1905, GFMS said. South Africa, whose late 19th century gold rush led to the founding of mining heavyweight Anglo American Plc (AAUK: anglo amern plc adr new) (UK:AAL) and is home to global producers Gold Fields Ltd. (GFI: gold fields ltd new sponsored adr) (ZA:GFI) and AngloGold Ashanti Ltd. (AU: anglogold ashanti ltd sponsored adr) (ZA:ANG) , saw its production decline 8% to 272 metric tons.

    JOHANNESBURG, SOUTH AFRICA, Jan 18, 2008 (MARKET WIRE via COMTEX) -- AngloGold Ashanti (AU: anglogold ashanti ltd sponsored adr) operational guidance for Q4 2007.
    During the fourth quarter AngloGold Ashanti's South African operations experienced a number of planned and unplanned shutdowns due primarily to safety interventions. This has resulted in the South African operations producing approximately 55,000 ounces of gold less than the prior quarter. The "Safety is our First Value" campaign was introduced on 8 November 2007, undertaken jointly with organised labour and government representatives, together with associated campaigns at each of our South African business units. As a result, these operations have started to experience an encouraging improvement in safety performance.
    At the Geita mine in Tanzania, production for the fourth quarter will be 51,000 ounces below last quarter. Tonnage was adversely affected by discharge pump failures at both mills and the treatment of harder ore. Metallurgical recovery reduced substantially in December 2007, due to the refractive nature of ore from Geita Hill, which was suspended and replaced with lower grade material from stockpiles. As announced in December 2007, Richard Le Sueur, formerly manager of the Morila joint venture in 2007, has now been appointed managing director at Geita. This became effective in early January 2008.
    Notwithstanding solid operating performances from the company's international operations, the impact of the fall in production in South Africa and at Geita, in particular, has resulted in Group production of 1,368,000 ounces for the fourth quarter. This level of production has a consequential impact on unit cash operating costs for the quarter.
    As noted in published guidance released with the third quarter 2007 results, earnings for the fourth quarter 2007 are expected to be significantly distorted by, amongst other things, annual accounting adjustments such as rehabilitation, inventory, and current and deferred tax provisions.
    The results for the fourth quarter and year ended 31 December 2007 will be released on 7 February 2008.
    Certain statements made during this communication, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash costs and other operating results, growth prospects and the outlook of AngloGold Ashanti's operations including the completion and commencement of commercial operations of certain of AngloGold Ashanti's exploration and production projects, and its liquidity and capital resources and expenditure, 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 2006, which was distributed to shareholders on 29 March 2007. 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.


    Queries


    South Africa
    Charles Carter
    Tel: +27 (0) 11 637-6385
    Mobile: +27 (0) 82 330 5373
    E-mail: Email Contact


    Himesh Persotam
    Tel: +27 (0) 11 637 6647
    Mobile: +27 (0) 82 339 3890
    E-mail: Email Contact





    SOURCE: AngloGold Ashanti

    LONDON (MarketWatch) -- South African miners are expecting output to resume as early as this week, after voluntary power outages left the gold-producing industry there at a standstill.


    Leading South African mining companies suspended operations on Friday after they agreed to curtail the use of electricity at the request of the state-run utility Eskom, which is struggling to generate enough power to meet the country's rising needs.
    South Africa is the world's second-largest gold producer.
    AngloGold Ashanti (AU: anglogold ashanti ltd sponsored adr) said over the weekend that it expects a phased return to normal operations with a ramp-up of additional power later in the week.

    AngloGold Ashanti to restart production


    NEW YORK (MarketWatch) -- AngloGold Ashanti (AU: anglogold ashanti ltd) said Tuesday that it has started the process to restart production after a meeting with South Africa's state-owned power supplier Eskom. The gold miner said it expects all mines to return to full production by the end of next week, but it is currently unable to estimate the operating and financial consequences. Fellow gold producer Gold Fields Ltd. (GFI: gold fields ltd new sponsored adr) also reported Tuesday that Eskom has said 80% of total average power consumption will be restored to its mines by Tuesday night. South Africa's largest gold miners, which operate the deepest mines in the world, were forced to suspend operations last week due to a power shortage.

    Gold Bump


    Bloomberg reports AngloGold Ashanti (AU) and other gold miners in South Africa are uncertain of when production will resume. Mining activities were shut down last Friday after state-run utility Eskom requested gold, diamond, and platinum miners operate at a minimum due to power shortages. But industry leaders are currently meeting with Eskom and discussing ways in which they may reduce sector demand by 10%. Furthermore, AU CEO Mark Cutifani said he is confident the reduction target can be achieved without jeopardizing workplace safety or production. For context on gold, read Professor Lance Lewis’ article Central Banks Pushing Gold.



    From the Bull Pen: Gold stocks were hit hard last Friday when the news was announced. But Professor Lewis said the panic was a gift because the country needs the money and the companies will work something out with Eskom. Bulls may play AU and GoldFields (GFI); sell-stops below $40 and $14 respectively.

    JOHANNESBURG, SOUTH AFRICA, Jan 28, 2008 (MARKET WIRE via COMTEX) -- AngloGold Ashanti (AU: anglogold ashanti ltd sponsored adr) will release its fourth quarter and 2007 year end results on 7 February 2008.
    A live presentation will take place at AngloGold Ashanti's corporate office in Johannesburg, South Africa at 10h00 (SA Time).
    An international conference call will also take place on the same day at 16h00 (SA Time).
    Kindly RSVP to tcotterell@anglogoldashanti.com by 5 February 2008 if you are attending the live presentation together with your car registration details for parking confirmation.
    Presentation details


    Time: 10.00 (South Africa)
    Venue: AngloGold Ashanti Corporate Office
    Address: 76 Jeppe Street, Newtown


    The live presentation will also be webcast and made available on the AngloGold Ashanti website http://www.anglogoldashanti.com.
    International Conference call details
    An international earnings conference call will take place on the same day at 16h00, South Africa time (US EST: 09h00; UK: 14h00; Sydney: 1h00 (8 February)). Participants can access the call by dialing one of the following numbers and referencing 'AngloGold Ashanti':


    From North America:
    Toll 1 412 858 4600
    Toll-free 1 800 860 2442
    From the UK:
    Toll 020 7107 0611
    Toll-free 0 800 917 7042
    From Australia:
    Toll-free 1 800 350 100
    From South Africa:
    Toll 011 535 3600
    Toll-free 0 800 200 648


    Conference call replay details
    A replay will be available two hours after the call on 7 February 2008 through to 17 February 2008. To access the replay, dial one of the following numbers and reference the playback code 2645#


    From North America:
    Toll 1 412 317 0088
    Toll-free 1 877 344 7529
    From the UK:
    Toll-free 0 808 234 6771
    From Australia:
    Toll-free 1 800 091 250
    From South Africa:
    Toll 011 305 2030


    As usual, a live webcast of the conference call, as well as the company's full quarterly results, will be available on http://www.anglogoldashanti.com.


    Contact:


    Himesh Persotam
    Telephone: +27 (0) 11 637 6647
    Mobile: +27 (0) 82 339 3890
    Email: Email Contact


    SOURCE: AngloGold Ashanti

    JOHANNESBURG, SOUTH AFRICA, Jan 29, 2008 (MARKET WIRE via COMTEX) -- AngloGold Ashanti (AU: anglogold ashanti ltd sponsored adr) begins process to restart production.
    Following a meeting this morning between Eskom and industrial electricity consumers, AngloGold Ashanti has commenced the process of bringing back into production all of its underground mines and their associated gold treatment plants. It is anticipated that all mines will be back in full production by the end of next week.
    These plans are based on an expectation that AngloGold Ashanti will be able to draw on 90% of its demand prior to last week's shut-down. Indications are that it will not immediately be in a position to process surface sources in the Vaal River area due to the reduced power supply. However, the company will continue to consider means of increasing energy efficiency measures in discussions with Eskom in order to bring surface sources to account so as to return to normal production.
    It is not possible at this time to estimate the operating and financial consequences of the current events. Further details will be provided when the company presents its results for the fourth quarter on 7 February 2008.
    Certain statements made during this communication, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash costs and other operating results, growth prospects and the outlook of AngloGold Ashanti's operations including the completion and commencement of commercial operations of certain of AngloGold Ashanti's exploration and production projects, and its liquidity and capital resources and expenditure, 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 2006, which was distributed to shareholders on 29 March 2007. 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.
    In connection with the proposed merger transaction involving AngloGold Ashanti and Golden Cycle Gold Corporation, AngloGold Ashanti will file with the SEC a registration statement on Form F-4 and GCGC will mail a proxy statement/prospectus to its stockholders, and each will be filing other documents regarding the proposed transaction with the U.S. Securities and Exchange Commission ("SEC") as well. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The final proxy statement/prospectus will be mailed to GCGC's stockholders. Stockholders will be able to obtain a free copy of the proxy statement/prospectus, as well as other filings containing information about AngloGold Ashanti and GCGC, without charge, at the SEC's Internet site ( http://www.sec.gov). Copies of the proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the proxy statement/prospectus can also be obtained, without charge, by directing a request to AngloGold Ashanti, 76 Jeppe Street, Newtown, Johannesburg, 2001 (PO Box 62117, Marshalltown, 2107) South Africa, Attention: Investor Relations, +27 11 637 6385, or to Golden Cycle Gold Corporation, 1515 S. Tejon, Suite 201, Colorado Springs, CO 80906, Attention: Chief Executive Officer, (719) 471-9013.


    Queries


    South Africa
    Steven Lenahan
    Tel: +27 (0) 11 637 6248
    Mobile: +27 (0) 83 308 2200
    E-mail: Email Contact


    Alan Fine
    Tel: +27 (0) 11 637 6383
    Mobile: +27 (0) 83 250 0757
    E-mail: Email Contact


    SOURCE: AngloGold Ashanti

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