AngloGold Ashanti updates second quarter guidance
On 31 March 2009 AngloGold Ashanti guided second quarter production of 1.140Moz, with cash costs in a range of $465/oz to $485/oz, depending on currency assumptions. The company will report production of 1.127Moz for the second quarter, 1% below forecast, with cash costs within the guided range.
The slightly lower production is due to a number of safety-related stoppages at the Vaal River mines, and the closure on 22 May of Savuka mine due to a series of seismic events which damaged the sub-shaft infrastructure, as previously disclosed. Offsetting these production shortfalls are improved performances from Obuasi in Ghana and Geita in Tanzania, together with continued strong performances from Mponeng and TauTona in South Africa and the company's South American operations. The other operations in Africa, Australia and North America performed in line with expectations.
AngloGold Ashanti will release full second quarter results on 31 July 2009.
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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 as amended on May 6, 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.
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