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Business & Finance | May 6, 2004

Asia, AngloGold Ashanti's long terms focus

GNA

Accra, May 6, GNA - AngloGold Ashanti, the world's largest gold miner, says it would maintain its operations in South Africa, but did not see it as a growth area for future mine prospects.

This is in view of the fact that Anglogold, which merged recently with Ghana's Ashanti Goldfields Company, had concluded just before the deal was struck that the area, "was not a big growth area".

Officials of Anglogold, who made this known to the Ghana News Agency weeks to the event, said 62 million dollars would be used for exploration this year, with a focus on Asia, East Africa and West Africa.

This is despite the fact that it had some key projects and two long-life assets in the Southern African portfolio, "most of the projects are ounce replacements rather than growth areas" The Company has opened an office in Ulan Bator, in Mongolia and is carrying out exploration that might lead to some drilling projects later this year.

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