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04Annual Report Annual Annual Report 04 Report www.anglogoldashanti.com 04 Report Annual 04 for the year ended 31 December 2004 Scope of the report Administrative information This Annual Report 2004 presents the operating and financial results for Mineral Resources and Ore Reserves are reported in line with the South AngloGold Ashanti Limited Directors Share Registrars the period 1 January 2004 to 31 December 2004. They have been pre- African Code for Reporting of Mineral Reserves and Resources (SAM- pared in accordance with International Financial Reporting Standards REC 2000) and the Australasian Code for Reporting of Exploration (formerly: AngloGold Limited) Executive South Africa RM Godsell (Chief Executive Officer) Computershare Investor Services 2004 (Pty) Registration No. 1944/017354/06 and US Generally Accepted Accounting Practice. The latter only applies Results, Mineral Resources and Ore Reserves (JORC 2004). JG Best Limited Incorporated in the Republic of South Africa to the financial statements which are prepared in compliance with the Competent persons in terms of all these codes have prepared, DL Hodgson Ground Floor, 70 Marshall Street ISIN: ZAE000043485 New York Stock Exchange regulations. The financial statements have reviewed and confirmed the Mineral Resources and Ore Reserves as Dr SE Johah† KBE Johannesburg 2001 Share codes: KH Williams (PO Box 61051, Marshalltown 2107) also been prepared in line with the South African Companies Act No. reported in this publication. The Annual Report 2004 contains a sum- JSE: ANG South Africa 61 of 1973 and the Listings Requirements of the JSE Securities mary of the Mineral Resources and Ore Reserves. A more detailed LSE: AGD Telephone: 0861 100 724 (in SA) Exchange South Africa (JSE). The guidelines of the King Report on breakdown that includes plans is available separately in a supplemen- NYSE: AU Non-Executive Fax: +27 11 688 5222 Corporate Governance, 2002 have also been taken into account. The tary statistics document. ASX: AGG RP Edey* (Chairman) Dr TJ Motlatsi (Deputy Chairman) [email protected] annual report is submitted to the JSE, as well as to the London, New GSE (shares): AGA GSE (GhDS): AADS FB Arisman# York, Ghana and Australian stock exchanges and the Paris and In addition, AngloGold Ashanti has for the second year produced a Euronext Paris VA Mrs E le R Bradley United Kingdom Brussels bourses. It is also submitted to the US Securities and Report to Society in conjunction with the Annual Report to ensure a Euronext Brussels: ANG CB Brayshaw Computershare Investor Services PLC Exchange Commission (SEC) on a Form 6-K. For completeness and comprehensive understanding of all aspects of the group. The Report AW Lea (Alternate: PG Whitcutt) PO Box 82 JSE Sponsor: UBS consistency in reporting, the Annual Report 2004 has been expanded to Society seeks to explain and assess the economic, social and envi- WA Nairn (Alternate: AH Calver*) The Pavilions to align with the annual report of Form 20-F as filed with the SEC. ronmental responsibilities and performance obligations the company Auditors: Ernst & Young SR Thompson* Bridgwater Road AJ Trahar Bristol BS99 7NH believes it has to its stakeholders, who include shareholders, employ- Registered and Corporate PL Zim (Alternate: DD Barber) England The most significant event of the past year was the business combina- ees, employee representatives and the communities in which it oper- Telephone: +44 870 702 0001 11 Diagonal Street # † tion of AngloGold Limited (AngloGold) with Ashanti Goldfields Company ates, as well as regional and national governments. Johannesburg 2001 *British American Ghanaian Fax: +44 870 703 6119 Limited (Ashanti). The establishment of AngloGold Ashanti Limited (PO Box 62117, Marshalltown 2107) (AngloGold Ashanti) was effective on 26 April 2004 when the former Both the Annual Report 2004 and the Report to Society 2004 are avail- South Africa Officers Australia Ashanti operations were incorporated into the group. For reporting pur- able online on the company’s website at www.anglogoldashanti.com, as Telephone: +27 11 637 6000 Managing Secretary: Ms YZ Simelane Computershare Investor Services Pty Limited poses, the effective reporting period for the combined operation began is the supplementary document on group Mineral Resources and Ore Fax: +27 11 637 6624 Company Secretary: CR Bull Level 2, 45 St George’s Terrace Perth, WA 6000 on 1 May 2004. The former Ashanti operations are therefore reported Reserves. These documents are also available on CD or in a printed (GPO Box D182 Perth WA 6840) in this report for an eight-month period only, that is, May-December version, and can be requested from the contacts listed at the end of Australia Contacts Level 13, St Martins Tower Australia 2004. this report. 44 St George’s Terrace South Africa Telephone: +61 8 9323 2000 Perth, WA 6000 Steve Lenahan Telephone: 1300 55 7010 (in Australia) (PO Box Z5046, Perth WA 6831) Telephone: +27 11 637 6248 Fax: +61 8 9323 2033 Australia Fax: +27 11 637 6400 Telephone: +61 8 9425 4604 E-mail: [email protected] Ghana Fax: +61 8 9425 4662 Michael Clements NTHC Limited* Telephone: +27 11 637 6647 Martco House Ghana Fax: +27 11 637 6400 Off Kwame Nkrumah Avenue Gold House E-mail: [email protected] PO Box K1A 9563 Airport Patrice Lumumba Road Accra (PO Box 2665) United States of America Telephone: +233 21 238492-3 Accra Charles Carter Fax: +233 21 229975 Ghana Telephone: (800) 417 9255 (toll free in USA Telephone: +233 21 772190 and Canada) *GhDS registrars Fax: +233 21 778155 or +1 212 750 7999 Fax: +1 212 750 5626 ADR Depositary E-mail: [email protected] United Kingdom Secretaries The Bank of New York (“BoNY”) St James’s Corporate Services Limited Investor Services, PO Box 11258 6 St James’s Place Australia Church Street Station London SW1A 1NP Andrea Maxey New York, NY 10286-1258 England Telephone: +61 8 9425 4604 United States of America Telephone: +44 20 7499 3916 Fax: +61 8 9425 4662 Telephone: +1 888 269 2377 (Toll free Certain forward-looking statements Fax: +44 20 7491 1989 E-mail: [email protected] in USA) or +9 610 382 7836 outside USA) Certain statements contained in this document including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding General E-mail enquiries E-mail: [email protected] Website: http://www.stockbny.com gold prices, production, cash costs and other operating results, growth prospects and outlook of AngloGold Ashanti's operations, including the completion and com- [email protected] mencement of commercial operations of certain of AngloGold Ashanti’s exploration and production projects, its liquidity and capital resources and expenditure, contain Global BuyDIRECTSM certain forward-looking statements regarding AngloGold Ashanti’s operations, economic performance and financial condition. Although AngloGold Ashanti believes that AngloGold Ashanti website http://www.AngloGoldAshanti.com BoNY maintains a direct share purchase and the expectations and the outcome and consequence of any pending litigation proceedings reflected in such forward-looking statements are reasonable, no assurance can dividend reinvestment plan for AngloGold 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 Ashanti. of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other gov- Telephone: +1-888-BNY-ADRS ernment action, fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion of such factors, refer to the risk factors as detailed in the corporate governance section of this Annual Report 2004. In addition to this publication, AngloGold Ashanti has produced an annual report on Form 20-F, The Annual Report 2004 is available in printed or CD format from the contacts whose details appear above or on the Internet at the above website which was filed with the US Securities and Exchange Commission (SEC) on or about 30 March 2005, for the year ended 31 December 2004. address. In addition, AngloGold Ashanti has produced the Form 20-F (a report required by the Securities and Exchange Commission in the United States), copies of which are available on or about 30 March 2005, free of charge on EDGAR at www.sec.gov, or from the contacts detailed herein. Throughout this document, US dollar, dollar or $ refers to US dollars, unless otherwise stated. Supplementary information on Mineral Resources, Ore Reserves and development, prepared on a business unit basis, is obtainable from the above sources as well as in PDF format on the AngloGold Ashanti website. Plans of the South Africa region underground workings are also available on request. Produced by: Russell & Associates ANGLOGOLD ASHANTI ANNUAL REPORT 2004 Contents 1 Key features 2004 – financial 2 Key features 2004 – operational 3 Letter from the chairman and deputy chairman 4 Letter from the chief executive officer and president 5 One-year forecast – 2005 6 Group value-added statement 7 Summarised group financial results 8 Summarised group operating results 11 Information on the group 12 Directors and executive management 15 Business overview 17 Review of operations 22 Rights to mine and title to properties 49 Global exploration 54 Mineral Resources and Ore Reserves 57 Financial review
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