AngloGold Ashanti (NYSE: AU) Announces Reduced Hedge Book by 1.4Moz,
to Less Than One Year's Output
(Thomson Reuters ONE) - JOHANNESBURG, SOUTH AFRICA--(Marketwire - July 31, 2009) - AngloGoldAshanti Limited (NYSE: AU) undertook an extensive restructuring ofits hedge book in July, reducing its overall commitments by about1.4Moz, in order to realize its strategy of maximizing exposure tospot gold prices."We've worked hard to strengthen our balance sheet and that gave usthe flexibility to skin the hedge book by getting it well below oneyear's production," Chief Executive Officer Mark Cutifani said. "Themarket fundamentals are extremely robust for gold, which supportedour decision move aggressively sooner rather than later, to ensure wemaximize our exposure to spot prices."The decision was taken in July 2009 to invest $797m to reduce thecompany's overall hedge position, after the successful issue in thesecond quarter of a five-year convertible bond and the receipt of thefirst tranche of the proceeds from the sale of the company'sBoddington stake. The company now expects to achieve a 7% discount tospot gold prices at $950/oz gold price, with the hedge book reducingby approximately 800,000oz a year, until it winds up at the end of2014.AngloGold Ashanti's overall hedge commitment declined to 4.47Moz atJuly 25, less than one year's production. That compares with 5.84Mozat the end of the first quarter. The committed ounces are expected todecline further, to about 4.1Moz by the end of 2009, a full yearahead of target.ContactsStewart BaileyMobile: +1 646 717 3978E-mail: sbailey(at)anglogoldashanti.comSicelo Ntuli+27 (0) 11 637 6339sntuli(at)anglogoldashanti.comAlan Fine+27 (0) 11 637 6383+27 (0) 83 3250757afine(at)anglogoldAshanti.comJoanne Jones+27 (0) 11 637 6813+27 (0) 82 896 0306jjones(at)anglgogoldashanti.comThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 31.07.2009 - 09:58 Uhr
Sprache: Deutsch
News-ID 4210
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to Less Than One Year's Output"
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