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AngloGold Ashanti forms exploration alliance with Thani Dubai Mining

Published: 10:45 12 Jun 2009 AEST

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Multiple listed gold producer AngloGold Ashanti (NYSE: AU; JSE: ANG; ASX: AGG; LSE: AGD) has inked a deal with Middle East based company Thani Dubai Mining Limited to form a strategic alliance to explore, develop and operate mines across the Middle East and parts of North Africa.

AngloGold Ashanti is the third largest gold producer in the world and produced 5 million ounces of gold from its operations in 2008 – an estimated 7% of global production.

Thani Dubai Mining is a wholly owned subsidiary of a privately held company, Thani Investments LLC, based in Dubai, United Arab Emirates. TDM is a gold exploration company currently undertaking programmes on concessions located in both Yemen and Egypt.

AngloGold and Thani will have a 50% interest in the alliance which will explore for gold, precious and base metals. Thani has extensive knowledge of developing resource businesses in the Middle East and Africa, long standing and high level relationships with national governments and major industry players, a thorough understanding of risks associated with mineral resource development and the requisite technical know-how.

Mark Cutifani, AngloGold Ashanti’s Chief Executive Officer said he was pleased to enter into this alliance with a well respected and prominent UAE based company with extensive business knowledge and relationships in the region.

Project acquisitions and exploration programmes will be equally funded by AngloGold Ashanti and Thani, up to and including the completion of the project prefeasibility study. Under the terms of the agreement AngloGold would develop, manage and operate any subsequent mining operations.

The alliance has already identified opportunities in the region and an evaluation process of these opportunities is currently in progress. A technical and business development group is currently being assembled and will operate from Dubai, U.A.E.

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