Filed by AngloGold Limited

Pursuant to Rule 425 under the Securities Act of 1933

Subject Company: Ashanti Goldfields Company Limited

Commission File No. 1-14212

(Registration number 1944/017354/06)

(Incorporated in the Republic of South Africa)

ISIN : ZAE000043485

JSE Share Code : ANG

("AngloGold")

TRANSCRIPT OF THE THIRD QUARTER PRESENTATION

HELD ON FRIDAY 31 OCTOBER 2003

AT 11 DIAGONAL STREET, JOHANNESBURG

VIA TELECONFERENCE

Good morning Ladies and Gentlemen, good morning from here in South Africa and good afternoon to the callers we have got in Australia, Singapore and Japan. Welcome to our call. We had scheduled this call to allow us to talk about our results for the third quarter, but which we are now also going to use the opportunity to talk about our announcement last night on the merger with Ashanti.

• Bobby Godsell will talk about the Ashanti transaction and then, will briefly,

has agreed after the completion of the merger and after the receipt of

approval of the Parliament of Ghana where it is required for the undertaking

the agreement involves to issue 2 58 000 additional AngloGold ordinary

shares to the Government of Ghana. AngloGold and the Government of

Ghana have agreed on the value of the undertakings of the agreement as a

package, with a value we are confident offers our shareholders a fair

economic value exchange. In no particular order, they key provisions of the

agreement are these:

•

The mining lease relating to the Obuasi mine is currently due to

expire in 2024. Our project of course will see the mine run to way

beyond this. Although the capital expenditure necessary for the

development of Obuasi will have been incurred by this time, the mine

will continue to produce gold well beyond that date. The Government

will undertake to extend the mining lease for Obuasi Mine until 2054

on existing terms.

•

Secondly, the government of Ghana will undertake that the level of

Royalty payments will be 3% of revenue for the next fifteen years for

all of AngloGold Ashanti's mining operations in Ghana. Under current

legislation royalties vary between 3% and 12% of revenue depending

on the level of profitability of the operations concerned. Under

proposed new mining legislation this royalty rate shifts to between 4%

and 6% of revenue, again depending on the level of profitability.

Absence of this stability agreement we would face an increase in

royalties.

•

Thirdly, the corporate tax rate in Ghana, where AngloGold Ashanti

will be listed, will be 30% for the next fifteen years, although the rate

of corporate tax applicable to private companies previously

incorporated in our value model was 32,5%.

•

In the fourth instance the Government of Ghana will also undertake

that none of AngloGold Ashanti's operations in Ghana will, for the

next fifteen years, be adversely affected by any action of the Ghana

government that has the effect of imposing additional obligations on

those operations. In addition, none of the company's Ghanaian

operations will be affected adversely by changes to the level of

payments of any customs or other duties relating to mining

operations, taxes, fees and other fiscal imposts or laws relating to

exchange control, transfer of capital and dividend remittance. This

stability provision eliminates the risk of adverse changes in the fiscal

environment in Ghana and consequently is of real value in our hands.

•

Lastly, the government of Ghana will continue to holds its Golden

Share in Ashanti but has confirmed its willingness to clarify that the

rights attached to the Golden Share will apply solely to the assets and

operations of AngloGold Ashanti in Ghana. The Golden Share has

given rise to a great deal of confusion and uncertainty amongst

international investors interested in this transaction and we consider

this clarification to be of considerable benefit.

We believe that the issue of AngloGold shares for these undertakings from

the government of Ghana gives certainty and creates significant value,

particularly for the Obuasi Deeps project.

If I could now turn to the future and to the envisaged scheme of

arrangement. We have now achieved the right regulatory framework to

optimize the Obuasi mine. We have also achieved the recommendation of

our offer by the Ashanti board as well as strong support for the offer from

Ashanti's two largest shareholders, namely, Lonmin and the government

of Ghana. We can now move forward to setting in motion the process of

obtaining the Ashanti shareholder vote and the Ghanaian High Court

approval required for this proposed scheme of arrangement. It is our

belief that the process could possibly be completed within 90 days but

should not take longer than 6 months.

We look forward to the integration of these two African companies, to our

continued partnership with the government of Ghana and to our expanded

role in our development of the African global gold mining market.

Finally, I would like to turn briefly to our results for the last quarter. I think

this quarter reflects a solid set of financial results, despite the 4%

strengthening of the Rand and higher wage costs in South Africa. The

quarter indicates an operating profit, adjusted to exclude unrealized gains

on non-hedge derivatives, that decreases marginally to US$136 million,

with gold production up to 1.4 million ounces, that is after adjusting for the

sale of Jerrit Canyon mine in North America, which sale was finalized

during the quarter.

Headline earnings increased slightly to US$67 million or 30 US cents per

share.

Operationally, there were no surprises during the quarter, with cash costs

being generally well controlled in local currency terms; I think particularly in

South Africa given the significant wage increase. However, the continued

strength of these currencies against the weak US dollar saw dollar

denominated costs increased by some 6% to $237 per ounce. The

received gold price of US$364 per ounce was $10 per ounce higher than

the previous quarter and, again, higher than the spot price.

KELVIN WILLIAMS

Those who listen into this conference call follow the market as closely as

we do and know that is has been a volatile quarter, has been a volatile

quarter both in metal and in currency. The quarter saw a price range of

almost $50 between the high and the low and we saw once again the high

previously recorded in the first quarter of over $390 per ounce. In

currency we saw both a strong rally in the dollar against the Euro and then

a sharp correction back to its current lows.

There are really two important elements in the last quarter that I would like

to highlight in respect of our market and those are firstly that although

sentiment in general amongst commentators and analysts remains

confident about a US recovery both in the final quarter of this year and

going into 2004 we have seen a strong resurgence of dollar skepticism

and this has obviously been to the advantage of our metal and other

commodities.

The second element of the past quarter which has been a change on

previous quarters is that gold investment and speculation, particularly as

measured on the New York commodities exchange has risen to now

previously unrecorded high level and there is no doubt that there is a new

generation of investors into gold. This is something we have commented

on before as being of great importance to keep this price rally going and to

sustain the current robustness of the gold price. This is obviously

something we are very happy to see. Those who have entered the gold

market in the past quarter have a number of motivations; those include

obviously the fundamental directional play on the dollar but they also

reflect in the motivations a wide range of concerns and uncertainty about

global economic circumstances going forward. Once again the same

circumstances as are reflected in some of the rallies of other commodity

prices we are seeing.

I do not think there is reason to expect an early reversal of this trend

unless some fundamental and currently unforeseeable shift occurs in

economic circumstances.

These two changes in the market during the past quarter have obviously

indications for the balance between the investment and physical markets

in gold and the news in the physical market is largely negative. We must

bear in mind that this negative physical news has no particular

consequences for this price rally as it stands today; in a sense as long as

investment interest is sustained in gold we will see the price rally

sustained. Our concern for the physical market is always in the medium

and longer term that its health should be attended to so that the physical

market will be there to maintain the floor under this price as we move

within a range.

My final comment is in respect of our hedge and whilst our forward hedge

tonnage today is only slightly lower than the ledge level reported at 

 

30 June this hedge level in a sense reflects the spot price at which the

valuation is done at 30 September and conceals reductions in the delta

level of the hedge The 30 September valuation was done at a price of

$383.50 which is almost $40 higher than the spot price at which we valued

and measured the hedge previously at 30 June. Our intention is to

continue to manage actively all of the hedge positions in place and to

further to reduce our forward pricing commitments in this rising spot price

environment.

DAVE HODGSON

As Bobby has said, our results for the quarter were solid and consistent

with those achieved in June, with good performances at most operations

and an overall increase in gold production to just below 1.4 million ounces

adjusted for the sale of Jerrit Canyon.

Total cash costs were well controlled in local currency terms, notably in

South Africa where total cash costs increased by only 2% despite the

continuing Rand strength and a 10% wage increase.

In South Africa, gold production increased by 31 000 ounces or 4% to

844 000 ounces with good performances at Great Noligwa, where the

grade improved to 10,6 grams per ton and at Kopanang where team

training has had a positive effect on efficiencies with a 7% increase in

volume mined being achieved during the quarter. At Savuka, despite

improved volumes, falling grades and higher cash costs have necessitated

further cash cost initiatives and the workforce will be further reduced

during the fourth quarter. Savuka is now in an orderly closer mode with

closure anticipated in 2005.

In the East and West Africa region, Geita increased gold production by

42% - 26 000 ounces - largely due to an anticipated improvement in

recovered grades to 3.8 grams per ton. You may remember we advised of

this likelihood in the June quarterly report. Overall, the East and West

Africa region produced at a similar level to the last quarter as the Geita

increase was offset by reduced production at Morila of 15 000 ounces and

at Yatela of 11 000 ounces.

.

At Cripple Creek and Victor in North America problems are still being

experienced with chemistry in the leach pad. The 15% increase in total

cash costs are almost entirely attributable to additional chemicals

purchased to resolve the leach solution chemistry issues. Improvements

in haulage fleet availability and the scheduled construction and certification

of Phase 4B of the leach pad should see increased production going

forward.

In South America, overall gold production was down by 3%, mainly due to

lower grades recovered at Cerro Vanguardia. This is because the plant

was fed with lower grade, dry ore from a contingency stockpile while the

scrubber to handle wet but higher grade ore was installed and

commissioned. The scrubber is now operating and initial results are very

positive.

In Australia, development work associated with the underground feasibility

study at Sunrise Dam began, with the underground contract awarded and

the mobilisation of the contractor to site. The operation performed to

expectations although operating profit was down by 44% to A$5m ($3m)

due to a lower price received and lower volumes sold. Mining was

completed at Union Reefs at the end of July with lower grade stockpiles

processed through to the beginning of October when the final shutdown of

the mill took place. Minor rehabilitation work will continue at the site.

Again we have released detailed explanations of AngloGold's exploration

activities for the quarter. Several projects continue to yield encouraging

results such as the satellite exploration project at Sadiola and the deeper

mineralisation extensions at Sunrise Dam, in particular.

QUESTIONS AND ANSWERS

BRENTON SAUNDERS

Just a couple of questions with regard to the Ashanti announcement.

Could you talk me though how many shares the Ghanaian government will

end up owning in AngloGold? I am a little confused of whether this new

2.7 million is in addition to what they will be receiving on the exchange

ratio, viz a viz the 17 percent they already owned.

JONATHAN BEST

I do not know the exact number of shares but the answer in principle is

that yes these are additional shares they will receive over and above those

they will receive as shareholders. These are being paid to them as

regulator and they elected to take the regulatory concessions in shares

and they will hold up to 9 percent shares.

BRENTON SAUNDERS

Am I correct in saying that this effectively increases your merger ratio from

.29 to .31?

BOBBY GODSELL

I think this a confusion of two different things. The one is a payment for

regulatory concessions or fiscal concessions, which is a better word for it.

We could have paid in cash but the government wanted payment in

shares. We have paid them as regulators for those concessions which

amount to roughly US$100 million. The other shares they get are their

own shareholding along with other shareholders.

BRENTON SAUNDERS

And those regulatory concessions pertain to the assurance that royalties,

tax rates and security of tenure won't be disturbed?

BOBBY GODSELL

I think beyond that importantly is, as I tried to indicate, as we went through

the negotiations we sought security in the first instances but as we were

talking about the fiscal package, the stability agreement we could get, for

Obuasi Deep, a number of elements additional to what we had in our

minds in terms of our offer announcement in August, and I looked

particularly at the reduced tax rate and also at the opportunity to extend

the lease on current terms and what that obviates is a ten percent carried

interest if the lease had been extended in 2024. We have, and if you like

Jonathan can take you though our value of this package, and in some

cases it is security against for example a whole range of additional costs

including customs and excise. In other cases absolutely clear value which

we are simply paying for upfront.

IAN PRESTON (AUSTRALIA)

I wondered if you might expand a little more on Benton's question. I have

the same basic question. I am trying to understand the roughly $100

million you are paying, how much of that would you ascribe to not having

to have a 10 percent pre-carried interest you referred to after 2024? How

much of it would ascribed to royalty? Is the total pie that you would have

saved out of this significantly greater than the $100 million on a discounted

basis or is it largely all going to the government?

JONATHAN BEST

In very broad brush strokes we would be giving roughly $50 million to the

lease, $25 million to royalties and $25 million to the tax concessions which

gives you $100 million. Obviously this is not an exact science but it is

based on a ... value. Then of course there is value in the overall fiscal

stability where we won't get increases in customs duties, excise duties and

a number of other things. This is of course very difficult to value and also

we attribute some value to the clarification of the golden share because as

the legislation is written now it is a) confusing and b) could be deemed to

go up the chain to AngloGold. So those two have value to us but to put a

number to it is very difficult, but I have given you the broad stroke

numbers. So for us this is a straight value exchange.

IAN PRESTON (AUSTRALIA)

So clearly the value that you ascribed to all of those areas was greater

than $100 million? Would we be correct in saying that?

JONATHAN BEST

Intuitively yes. But how much I don't know unless you can help us put a

value to the fiscal stability package and by putting a value to the

clarification of the gold share in the mind of investors.

IAN PRESTON (AUSTRALIA)

But the actual area you can tangibly look at, i.e. tax rate, not having to give

a 10 percent pre-carried interest, lower royalty, no changes in import

duties, those types of things, am I correct in the assumption that in your

valuation that would have cost more than $100 million if you had not made

this deal.

BOBBY GODSELL

I think the direct answer is, as Jonathan has indicated, where it is easy to

do simple arithmetic calculations to get to a number of around $100

million. Over and above that you have the security aspects we were

looking for; the stability aspects we were looking for so in a way if you like

the tangible value is neutral and beyond that we have the security of the

fiscal stabilization, the early lease extension and other issues.

HILTON SHOAN

The additional shares could you give a percentage, including the

additional shares you are going to be issuing to the government of Ghana

what the percentage holding they will hold in the enlarged and merged

company Ashanti AngloGold or AngloGold Ashanti?

BOBBY GODSELL

They will go up roughly 1 percent from 2,3 to 3,3.

PETER TOWNSEND

Two quick questions. One on Morila. Grade down almost 2 grams per ton

this quarter and further declines are expected. Can you give an indication

of what sort of grades you might be looking at over the next year or so and

then Savuka anything on the corporate front there? It is continuing to

make a loss in close down mode. Is there something we can expect might

be sold out of AngloGold soon?

DAVE HODGSON

Yes the grades have dropped from 9,5 to 7,5 grams per ton. We do see

them reducing further to 6,5 grams per ton this year and we see them

going below that next year. Obviously, we keep going we are still drilling

and are trying to improve that but that is how we see he grades declining

going forward.

With respect to Savuka. Yes we had a plan to close it in close-mode over

the next two years. As you know there are some relationships between

Savuka and Tau Tona, notably the shared plant and some pumping

arrangements; we would be very careful about a sale but should we get

the right offer of a sale from someone who can agree with us about how

we are resolve the issues about pumping and the plant treatment, we

would obviously consider that as we would for any other offer for an asset

M ISMAIL

Just looking at Ashanti almost being in the bag right now, can we expect -

you are going to get an additional  +_ 27 million additional - ounces of

reserves added to your current profile you trimming back on Greenfield

type exploration and maybe give us an indication of what the growth looks

like, excluding Ashanti, for AngloGold going forward?

JONATHAN BEST

On the question of greenfields expenditure, we won't specifically wind it

back because of Ashanti. We have projects going and those projects will

keep going. One of determinants of how fast they go will also be how

much money we have available to spend on exploration. Does that

answer your exploration question?

BOBBY GODSELL

On the growth, if I understood your question - without Ashanti where was

AngloGold going? The answer to that as we have indicated our aspiration

was to go to 6,5 million ounces by 2006 and back in the light of the 10 or

so organic growth projects that we have talked about, a couple of them are

almost completed, a number of them board approved and the others in

earlier stages of planning. Of course what will change when you put these

two companies together is that we will be looking at Ashanti's organic

growth potential and we will be looking at our own and we will rank them

and we will do that of course in the light of where the gold price and

exchange rates are and what the cash generation capacity of this

company is. Part of this company's character is to be a significant

dividend payer and we intend to continue that character. But I suspect

there will continue to be organic growth; we obviously will re-prioritise our

projects in the light of what we get from Ashanti. Currently, we are pretty

confident about the robustness of the vast majority of those projects.

JONATHAN BEST

Coming back to what Bobby said about 6 to 6,5, that profile stays in tact

but you have to put it in the context that since we made that statement we

have sold Jerrit Canyon; we have now wound back Savuka and to the

extent that we dispose of any other assets, the slope of the line remains

the same but it is no longer fixed to 6,5 it is probably going to be closer to

5,5 to 6.

N ISMAIL

One last question. Bobby this is probably for you and probably fateful as

well to ask it. You mentioned 90 days to six months. Can you give us a

better idea of the time line; what are the hurdles you have to jump over in

getting to your final merger with Ashanti?

BOBBY GODSELL

On language, I think it is much better to describe these as steps and not

hurdles. I don't see any hurdles at all. Hurdles we have had plenty of. If

you want to take the athletic analogy, we have done the hurdles and now

we have the final sprint to the winning line. The two great uncertainties

about time is that we may well be subject to a comprehensive review by

the United States Security and Exchange Commission of this proposal,

equally we could not have such a review. There is a provision where for a

transaction of this size the transacting party can request what is described

as a no action letter, effectively no comprehensive review. We will

proceed immediately with that application but we cannot predict its

outcome but we think there are good grounds whereby that exchange

does not need to conduct a comprehensive review. That SEC review, if

we take our experience in Normandy, took six weeks to complete.

Obviously other things are going on concurrently. The other uncertainty is

that in terms o Ghanaian law which governs this transaction the scheme of

arrangement as is common in South Africa and in the United Kingdom is

subject to court approval in terms of, particularly, the fairness of the

process. In Ghana there is a requirement for the court to appoint an

individual auditor who has to conduct a review of the proposed transaction

and its process and deliver its report. There is very limited experience of

the role of this individual and the process and how long it ill take, again we

will be doing everything we can to expedite the process. Particularly in the

light of those two uncertainties we offer the guidance of best case of 90

days and worst case of 120 days.

JONATHAN BEST

If I can just add to that in a little more detail. The no action letter Bobby

referred to from the SEC is given to us that they can rely on the court. If

they determine that the Ghanaian court cannot be relied on they will force

us to do a full prospectus.

BOBBY GODSELL

We are aware of both these possibilities and we will push it as soon as we

can. We want to get on with this now, putting these companies together

and get started with Obuasi Deep and start to reap the value benefits that

we promised our shareholders.

STEVE SHEPARD

Congratulations on another good result. Could you perhaps address a

little more the issue of ranking your projects? The question is, will your

commitments to Ashanti influence your willingness or ability to fund, say,

Boddington, which my understanding is would require considerable

capex?

BOBBY GODSELL

It is simply not possible to tell you the outcome of a review until we have

done it. That is the first thing. What we are committed to do is make

money out of mining gold and therefore when we look at projects we look

at the risk and reward of the project and we rank them accordingly. That

said, I think I speak for my management team, is that our enthusiasm for

Boddington remains absolutely. Probably in strategic terms where this

company is, it wants to be ahead in the scramble for ounces. We see a

positive scenario for the gold price; we see all the gold majors under great

pressure to find tomorrows ounces and we are very keen to be out there

finding tomorrows ounces and we don't have geographic preferences.

The fact is that Boddington is a very long life though relatively marginal

grade operation. If we can achieve from its owners a sensible agreement

on how to prudently develop this project I suspect that this project will

continue to be on our books post the merger review.

STEVE SHEPARD

One last question if I may. Very briefly is it possible for you to update us

on any developments on your exploration programme in perhaps Peru or

any other excitement you have come across?

GORDON WYLIE : HEAD OF EXPLORATION AND GEOLOGY IN

ANGLOGOLD

We have several projects in Peru. The main one is the La Rescatada

project in southern Peru. We have had mixed results over the last few

months. We have metallurgical issues that we have to resolve and about

three outside targets that have to be drilled. We should be able to make a

decision at the end of December. That is a summary of what is happening

in Peru.

DAVID HORTON (AUSTRALIA)

On the shares being issued to the Ghanaian government. Are there any

restrictions in what they may do with those? Are they free if they wish to

dispose of them at their leisure?

JONATHAN BEST

Yes they are. But they have told us that they are long term holders of

AngloGold shares and that was the motivation of them asking to be paid

for the fiscal concessions in shares rather than cash.

DAVID HORTON

And the Golden Share, is that completely independent of the holding? Is it

attached to the assets rather than a holding in AngloGold.

JONATHAN BEST

For practical purposes that is correct.

DAVID HORTON

Thinking about the Ashanti hedge book. What flexibility do you have there

to restructure that?

KELVIN WILLIAMS

We have every bit the same flexibility as we have within our own hedge

book. There are no oddities or anomalies in their hedge book that would

stop us addressing a restructuring of their forward pricing commitments as

soon as we have responsibility for it.

DAVID HORTON

Could AngloGold gold be delivered into that book? Could it be mixed into

the AngloGold pool or is it quarantined into certain production lines?

KELVIN WILLIAMS

I would be a bit cautious about that. It is certainly quarantined to any

source of metal but there certainly will be a corporate counter party in the

contract itself. My own experience in these matters is substitution is

absolutely possible. In strict sense we could deliver AngloGold against

Ghanaian commitments. It would not matter to the counter party.

DAVID HORTON

Thinking about the time line you answered quite well previously Jonathan

would it be more along the lines that you will see the Ghanaian law

unfold with the court appointed auditor taking his own time to assess it and

then the SEC to review whether they find those undertakings acceptable

and then the SEC or would they run in parallel? Just trying to get a view

here on how it might actually work.

JONATHAN BEST

Essentially, it was as Bobby explained. The SEC first, because they have

to clear the documentation or elect not to review the documentation

approach shareholders. The shareholders receive the documentation and

then they vote on the documentation; then the court convenes to

determine whether or not the process has been fair. And it is in that

sequence. The only wild card in this is the court reporter in that the way it

is envisaged in Ghanaian law is that the court reporter will opine after the

court but we have asked the court to consider bringing it forward, in other

words that it is a parallel process and the court reporter works on his view

of whether the price is fair or not while we go through the regulatory

process of the SEC and the Ghanaian court.

JUSTIN BROWN

After you have concluded the transaction with Ashanti, how long would it

take you to bed down the merger and what kind of time period would you

look to for more acquisitions and my third part of the question, any kind of

production target you have long term, in terms of ounces. Would you look

to take your annual production to 8 or 9 million or 10 million in the long

term.

BOBBY GODSELL

If I could have a go at your first questions. Winning a bid is one thing.

Integrating the companies and realizing the promised synergies and

benefits is quite another. Our minds have turned entirely to the second.

We will attempt to do this as well as possible and as quickly as possible

and at the end this would be equally on those two things.

What I would say is that a perverse benefit of the protracted time scale of

this transaction is that we have got to know the assets and particularly the

management team of Ashanti very well. We think very highly of them.

There is a network of personal relationships now and I would envisage the

integration process of being very rapid. I have indicated on a number of

occasions that we would want to get going with Obuasi Deep absolutely as

quickly as possible.

In one of those nice events where timing smiles on you rather than frowns

on you we are just completing the decade long project development of

Moab Khotsong under the extraordinary able leadership of Danie Spies.

He and his team become available pretty much right now and can play a

role in the development or Obuasi Deep and that would be our intention. I

would indicted that we would be getting to think about this as a integrated

company we started to think about it this way yesterday - I think that the

integration will be absolutely on a fast track and we would be looking at

also to work to do things to optimize production from assets like Obuasi in

its existing operations where we think that the improvement of some

technologies and the spending of some additional stay in business capital

could see real increases in production.

Conceptually, we have never run this company with the aim of being a 5,

6, 7 or 8 million ounce production. Conceptually we have tried to run this

company driven by financial return targets for our shareholders not volume

of production targets and that will absolutely remain. All our would say is

what we would like to do is of course grow our market share of the world

gold mining industry and I mean this broadly. We would like to increase

our market capitalization, which clearly this deal does. We would like to

increase the liquidity and trade of our shares which will also occur. We

would like to grow our earnings and particularly we would like to grow our

returns. The only other thing I would say that is we do not intend to stand

behind anyone else in the scramble for future new profitable ounces.

As to further acquisitions. What this company does is it grows its existing

businesses, it explores for new ounces. It does brownfields exploration

where we have been singularly successful over the last three years and

looks opportunistically at opportunities to acquire new assets and we are

going to carry on doing that.

This quarter's results shows that the entire AngloGold Management team

wasn't camped in Accra finishing the Ashanti deal. Conversely, as we bed

this deal down and run the operations well we will keep our eye open for

opportunities to create value through M & A activities. On that when we

have deals we announce them and we do not speculate on deals before

we do that.

JUSTIN BROWN

Just follow up on what you said there. Are you looking to move some of

your existing managers, mine managers or other personnel to Obuasi

Deeps or other Ashanti operations?

BOBBY GODSELL

We are a global company. We have recently moved a managed from the

Union Reefs mine in Australia to a mine in Mali. Size in itself is not

important. Size offers the potential for value creation and it enables you to

look at talent in a number of geographic pools and against a number of

experienced backgrounds. Yes I certainly think there will be a movement

of South Africans into Ghana but by the same token there is going to be a

movement of Ghanaians into South Africa, particularly into the corporate

office because they have strengths in a number of areas where we need

established strengths in corporate and I am sure there is going to be a

movement of Ghanaians around the world. At the Geita mine there is a

significant Ghanaian presence. The good people this people are going to

go to the best projects irrespective of where they are.

JUSTIN BROWN

If I may ask just one more question. The various different lock outs and

agreements you have reached, does this exclude any counter bid by any

other gold major? Regarding the SEC exemption. You yourself said

there was not much experience in Ghana regarding a deal of this size.

Given that lack of experience do you still expect the SEC to grant you the

exemption you are expecting.

JONATHAN BEST

With regard to the SEC; the view that the SEC takes is not whether or not

the Ghanaian court has experience in this sort of thing. What they do is

look to see if the Ghanaian court are competent from a legal perspective to

be fair.

BOBBY GODSELL

The argument is overwhelming on the side of Ghana. It has got a very

well developed legal system, it found its foundations in English law and we

can see no reason whatsoever why it should not be deemed to be a

competent jurisdiction.

On the lock out all I would say is that with the board supporting us twice

with the two major shareholders supporting us and there already having

been a competitive offer, I think people have had a chance to make up

their minds and I think we go forward now to a shareholder vote where I

would be equally positive of a positive outcome.

ERIC ONTSTADT

Could you give us an idea of how the current quarter is progressing

operational as well as in terms of earnings?

BOBBY GODSELL

It is not our nature to comment on quarters between quarters. We are

obviously part of modern corporate governance and if anything occurs that

was going to give a significant, as has been defined by various

regulations, change in our business we are required to give a trading

update. We have not had the need in the current quarter to give a trading

update and I really think that life gets really complicated if you go anything

beyond that.

ERIC ONSTADT

In terms of the big investment you need to do in Ghana are there any

issues in terms of the South African foreign exchange controls?

JONTHAN BEST

Yes, obviously there are certain foreign exchange controls but a lot of the

cash we will need to put into Ghana will come from offshore sources. For

instance we have $260 undrawn on our facilities. Having said that too the

South Africa Reserve Bank has given us dispensation where it will allow

us to take out R2 billion to invest in African companies so we have the

ability to take out, at the current exchange rate, around $180 million from

South Africa as well.

HILTON SHOAN

A brief question please. The quarterlies so far have been characterized if

you will by the strong Rand and if you will differing strategies to deal with

that. For instance we have had some closures; we have had Harmony

talking about continuous operations and yesterday Goldfields talking about

moving away from the more marginal of some of their deposits and

concentrating on the higher grades. What would AngloGold's strategy be

at this stage please.

DAVE HODGSON

We obviously look at how we can best mine our ore reserves . In areas

where we have the more marginal mines such as Tau Lekoa or areas of

Mponeng, we certainly look at our mining plans to make sure that the area

we are mining contribute to the operating profits. So we don't have any

plans to cut back in any particular areas at the moment. We have

mentioned that we were looking at cost initiatives at Savuka because that

is one of our areas where we are under strain. But in the other cases we

don't see major changes other than reviewing some of the mining plans in

areas where we are more marginal.

BOBBY GODSELL

I would just like to add that we have Moab Khotsong coming on line so

along with the labour decreases at Savuka we have the need for additional

labour coming from Moab Khotsong and we envisage a business as usual

going forward. We are not in mass retrenchment mode at all.

DAVE HODGSON

Our natural attrition in the South African region is of the order of 250

people a month, so the labour reductions at Savuka would be absorbed

into the current working operations.

STUART BAILEY

Just referring back to last night's announcement and the $106 million

dollars paid for the royalties standstill agreement. Is that something you

had envisaged doing in other jurisdictions in which you operate, for

example Tanzania or even South Africa?

BOBBY GODSELL

The answer to that is that in any new investment you will look at the fiscal

regime. If you are able to strike agreements that enhance value it is good

business to recognize that value. I think in principle absolutely.

JONATHAN BEST

If I could just comment on that. We are coming into this in the middle of

the process. Very often we are looking to develop new mines, for instance

in Mali, you have what you call convention where the government make

certain concessions and you pay certain royalties. We have a similar

situation in South America where our predecessor sat down at Cerro

Vanguardia sat down and said "for these concessions, we will pay this

royalty" and it is not an uncommon thing in the industry.

STUART BAILEY

So you don't envisage a situation where you might have three or four

different governments owning shares in AngloGold?

BOBBY GODSELL

No this is a unique case.