Gold Exploration in West Africa

[FL]

Guinea ended its ban on AngloGold Ashanti (AU)

Ghanaian Chronicle (Accra)
June 8, 2004

AngloGold Ashanti, the worlds largest gold miner, says the 37 day embargo that halted production at its Siguiri mine by the Guinea government, was lifted last Tuesday without explanation.

The company said production at the mine had stopped last Wednesday (June 2) after the embargo, imposed on April 24, prevented the exporting of gold and importing of diesel fuel to the mine.

The embargo was originally put in place after a vessel carrying construction supplies for the mine, was also found to be carrying arms destined for Colombia.

Mine production is said to have already restarted at the mine. Losses of around $350,000 per day were suffered during the shutdown.

Siguiri produced 58,000 ounces of gold in the first quarter, equaling 3 percent of the company's global quarterly production.