Sunday, February 12, 2006

AngloGold Ashanti under reserves pressure

Bullish for the Price of Gold (POG) :

AngloGold Ashanti under reserves pressure
Brendan Ryan
Posted: Fri, 10 Feb 2006
[] -- Like Harmony and Gold Fields before it, AngloGold Ashanti has reported a drop in its ore reserves which have fallen 19,8% to 63,3Moz at the end of December from 78,9Moz a year previously.

The development underscores the continuing pressure on the world’s gold majors to find the ounces necessary to replace the huge volumes of gold they are mining out annually which amounted to 6,2Moz for AngloGold Ashanti during 2005.

AngloGold Ashanti CEO Bobby Godsell is predicting a drop in annual production to between 5,8Moz and 6M0z for 2006 after which he expects the group’s output to recover to between 6,3Moz and 6,5Moz during 2007. read more...



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