RNS Number:1166O
Ashanti Goldfields Company Ld
30 July 2003


                       ASHANTI GOLDFIELDS COMPANY LIMITED


                                 PRESS RELEASE

FOR IMMEDIATE RELEASE                                             30 JULY 2003


                           SECOND QUARTER REPORT 2003


Ashanti set to improve upon first two quarters' operational performance


Overview

Total gold production in the second quarter was 370,978 ounces, 8% lower than
the 403,734 ounces recorded in the second quarter of last year but in line with
the previously announced lower production profile for the first half of 2003.


Having successfully replaced the damaged mill pinion at Obuasi, substantially
completed the waste stripping in Nyankanga at Geita, and with the progress made
on the plant expansion at Iduapriem, Ashanti believes it has laid the foundation
to improve upon its first two quarters' operational performance.


Cash operating costs for the Group rose from US$192 to US$222 per ounce mainly
as a result of lower gold production, the impact of increased wages and fuel
prices, higher costs of other inputs and increased costs associated with the
Nyankanga pit cut back at Geita.


During the quarter, Ashanti completed the sale of its rights in the Mampon
concession to Golden Star Resources Limited for US$9.5 million consideration.


Ashanti's earnings (including an exceptional gain of US$7.0 million after tax of
US$0.8 million arising from the sale of the Mampon property) were US$14.8
million. Earnings, excluding the exceptional gain and related tax, were US$7.8
million, down US$11.0 million on the corresponding period last year, but up
US$1.0 million on the previous quarter. The reduction in earnings compared with
last year was mainly in line with the previously announced lower production
profile for the first half of 2003 and higher cash operating costs, offset
partially by higher spot prices. Earnings per share before exceptional items for
the quarter were US$0.06 (2002: US$0.17) and after exceptional items were
US$0.12 (2002: loss US$0.03).


During the quarter, Ashanti repaid US$10.0 million towards its Revolving Credit
Facility reducing the amounts drawn under the facility from US$149.0 million to
US$139.0 million.


On the safety front, the Group maintained its strong safety standard with the
Group's Lost Time Injury Frequency Rate (LTIFR) of 0.24 injuries per 200,000
hours worked as compared to 0.38 for the corresponding period in 2002.


Underground exploration at Obuasi continued to yield encouraging results both
above and below 50 level. On 41 level, the three intersections from the 252
cross cut near the BSVS shaft returned 11.5 g/t over 8.2 metres, 11.2 g/t over
27.3 metres and 7.5 g/t over 15.38 metres. On 58 level, two intersections from
155 and 206 cross cuts yielded 41.9 g/t over 3.1 metres and 26.9 g/t over 6.6
metres respectively. At Geita, exploration drilling continued to yield good
results at Nyankanga West and Geita Hill.


Ashanti has been advised by the Government of Ghana (the "Government") that it
has appointed a consortium led by Societe-Generale to act as advisers to the
Government as a shareholder, holder of the golden share in Ashanti and as a
regulator of the mining industry in Ghana, and to assist the Government in
arriving at a decision on the proposed merger of Ashanti and AngloGold.



   *Quarter's earnings of US$14.8 million including exceptional gain of
    US$7.0 million

   *Total gold production of 370,978 ounces, 8% lower than last year

   *Cash operating cost of US$222 per ounce, up US$30 per ounce on last year,
    but marginally better than first quarter 2003

   *Rights to Mampon concession sold for US$9.5 million consideration

   *Amounts drawn under the Revolving Credit Facility reduced by US$10.0
    million

   *Continued encouraging results from exploration at Obuasi and Geita

   *Group's safety record improved further during the quarter

                         3 months to    3 months to    6 months to    6 months to
Highlights                30 June 03     30 June 02     30 June 03     30 June 02
Financial (US$m)
Total turnover                 128.3          141.2          257.2          278.1
Earnings before
exceptional items                7.8           18.8           14.6           36.3
Earnings after
exceptional items               14.8           (3.7)          21.6           12.8
Total operating
profit
before exceptional              13.6           27.2           25.3           52.5
items

Group EBITDA before
exceptional items               28.4           44.1           54.7           84.0
Total EBITDA before
exceptional items               33.0           53.2           64.3          101.6
Earnings per share
before
exceptional items (US$)         0.06           0.17           0.11           0.32

Earnings per share
after
exceptional items (US$)         0.12          (0.03)          0.17           0.11

Gold Production (ounces)
Total                        370,978        403,734        751,907        813,118
Attributable                 352,795        385,907        716,135        777,743

Gold Price (US$ per ounce)
Realised by Ashanti              346            350            342            342
Spot price                       349            315            350            304

Production Costs (US$ per ounce)
Cash operating costs             222            192            223            191
Royalties                         11              9             11              9
Depreciation and                  51             63             51             60
amortisation

Total                            284            264            285            260



Operations Review


Ghana

Obuasi

Obuasi's gold production for the quarter was 125,447 ounces approximately 10,000
ounces short of its annualized target, but 5,396 ounces above the 120,051 ounces
achieved in the second quarter of 2002. The shortfall in production was due to
the lower than planned feed grade, 6.92 g/t compared to the target of 7.40 g/t,
and low milled tonnage at the Sulphide Treatment Plant (STP). At US$202 per
ounce, the cash operating cost for the quarter was marginally below the US$205
per ounce achieved in the second quarter last year.

Mining. Underground production of 600,000 tonnes was lower than the 609,000
tonnes reported in the second quarter of 2002 while the head grade at 7.26 g/t
is a decrease on the 7.45 g/t reported for the same period last year. The
decrease in mined grades reflects the higher proportion of the total mined
tonnage now arising from the lower grade ore blocks where bulk mining open
stoping methods are being applied.

Underground infrastructure. In June, the development crews working on 50 level
at the BSVS were relocated to the 51 level loading box excavation section of the
shaft to complete excavation of the chamber ahead of civils work and shaft
equipping which is scheduled to commence in the fourth quarter.

Surface. A total of 152,000 tonnes grading 2.11 g/t was mined from the Homase,
Kunka and T3 open pits during the quarter, compared with 29,000 tonnes at 2.48 
g/t for the corresponding period in 2002.

Processing. Throughput at STP was 582,000 tonnes, the same as that for the
corresponding period of last year whilst the head grade increased to 6.92 g/t
from 6.88 g/t. and recovery decreased to 83.2% from 84.6%. Gold production at
STP was 107,710 ounces compared to 109,006 ounces in the second quarter of 2002.
Production tonnage was affected by a damaged mill pinion on the SAG mill which
necessitated operating the mill at a reduced throughput rate. The mill pinion
was changed and the girth gear turned at the end of the second quarter. Gold
production at the Oxide Treatment Plant (OTP) was 7,050 ounces whilst the
Tailings Treatment Plant produced 10,687 ounces in the quarter compared to
11,024 ounces for the corresponding period in 2002.

Exploration. Underground exploration yielded good results both above and below
50 level. On 41 level, three intersections from the 252 crosscut in the vicinity
of the BSVS returned 11.5 g/t over 8.2 metres, 11.2 g/t over 27.3 metres and 7.5
g/t over 15.38 metres; on 58 level, intersections of 41.9 g/t over 3.1 metres
and 26.9 g/t over 6.6 metres were returned at the 155 and 206 crosscut positions
respectively which are located near to the KMS section. Development was
completed in the 19 south crosscut on 50 level which is located close to the
Adansi shaft and a diamond drill rig will be relocated there in July to commence
testing the deeper levels in the north section of the mine.

Iduapriem/Teberebie

Second quarter gold production at Iduapriem was 57,090 ounces compared with
39,769 ounces produced in the second quarter last year when there was a fire in
the elution section of the plant. In June, 19,484 ounces were produced from the
expanded CIL plant. At the end of the quarter, most of the outstanding
commissioning works on the expanded CIL plant were complete and the new and old
circuits within the plant were largely integrated and performing to design
specification. The first phase of overland conveyor and primary crushing section
of the upgrade was commissioned during the second quarter and work is ongoing to
commission the second phase. The cash operating costs were US$225 per ounce
compared to US$226 per ounce for the corresponding quarter last year. Cash
operating costs should decrease once the second phase of the conveyor/crusher
component of the project is completed eliminating the high interim ore re-handle
costs. Relative to the same quarter last year, gold production from the heap
leach operation reduced from 8,559 ounces to 4,929 ounces because of lower
recovery associated with harder feed material and lower tonnage throughput.

Bibiani

Bibiani produced 52,867 ounces of gold from processing 623,000 tonnes of ore at
3.41 g/t. Metallurgical recovery was 77.4% and the cash operating cost was
US$208 per ounce. Production for the corresponding period in 2002 was 61,219
ounces from 634,000 tonnes at 3.72 g/t and a metallurgical recovery of 80.8%, at
US$183 per ounce. The lower tonnage, grade and metallurgical recovery resulted
in the lower gold production.

The increase in the cash operating cost reflects the lower gold production and
the increased depth of the pit.

Further progress was made on the underground decline and development to access
the old levels below the final pit elevation was on schedule. The third deep
exploration hole, drilled to a depth of 1,254 metres intersected mineralisation
returning 4.9 g/t over 8.0 metres (including 13.2 g/t over 2.1 metres). A
secondary deflection from the same hole intersected the shear zone at the
predicted point returning 8.0 g/t over 1.3 metres.

During the quarter, work commenced on removing the flotation plant and regrind
mill from Obuasi and installing and re-commissioning this plant at Bibiani in
the fourth quarter 2003. This is expected to improve recovery to approximately
85%.

Guinea

Siguiri (85% owned)

Siguiri gold production of 64,130 ounces compared to 79,077 ounces achieved in
the second quarter of 2002. Stacked tonnage increased to 2.56 million tonnes
from 2.47 million tonnes whilst the feed grade declined to 1.15 g/t from 1.18 g/
t. The reduction in production was due to increased gold in process as the
higher-grade ore was stacked towards the end of the quarter as well as the lower
than planned feed grades and stacked tonnage in the first quarter. The cash
operating cost for the quarter was US$274 per ounce compared to US$185 per ounce
for the same period last year reflecting the lower production, an increased rate
of cement consumption to cater for a higher SAP to CAP ore blend and increased
fuel prices.

The feasibility of the CIP plant expansion project is under review following
recent difficulties with and termination of the construction contract.
Discussions are curently underway with potential replacement contractors.
Expenditure to date of approximately US$7.2 million continues to be capitalised
pending the outcome of the project review.

Zimbabwe

Freda-Rebecca

Freda-Rebecca gold production for the quarter was 9,560 ounces compared with
27,214 ounces in the second quarter of 2002. This was principally due to a
shortfall in higher grade underground ore production resulting from low
availability of loaders, haul trucks and blasthole drill rigs caused by a
shortage of critical component spares. Mill throughput in the second quarter was
304,000 tonnes at 1.46 g/t compared to 287,000 tonnes at 3.48 g/t for the
corresponding period in 2002. Metallurgical recovery was impacted by the low
grades and frequent mill shut downs due to power interruptions and recovery
decreased to 66.9% from the 86.9% achieved in the second quarter of 2002.
Management continues to negotiate with the Central Bank and suppliers to secure
foreign exchange and an adequate supply of spare parts in order to effect the
production recovery plan.

Tanzania

Geita (50% owned)

Gold production at Geita was 123,767 ounces compared with 152,809 ounces
produced in the second quarter of 2002. Plant feed for the quarter was 1.49
million tonnes at 2.82 g/t compared to 1.24 million tonnes at 4.10 g/t for the
corresponding period last year. Mining activities were concentrated on the
Nyankanga cut 3 waste strip in order to access higher grade ore and at the end
of June, the mining face had reached the splays in the higher grade mineralised
zone. By the middle of August the main high-grade zone should be exposed and
third quarter gold production is therefore forecast to increase significantly.
Cash operating costs rose to US$214 per ounce from US$156 per ounce in the
corresponding second quarter as a result of the lower gold production and the
increase in strip ratio, reflecting the cut back required for the enlarged
optimised pit.



Summary of production and cash operating costs per ounce

                                          Iduapriem/
                                Obuasi     Teberebie      Bibiani      Siguiri

3 months to 30 June 2003
Production (ounces)            125,447        57,090       52,867       64,130
Cost per ounce (US$)               202           225          208          274

3 months to 30 June 2002
Production (ounces)            120,051        39,769       61,219       79,077
Cost per ounce (US$)               205           226          183          185

6 months to 30 June 2003
Production (ounces)            257,365       104,336      104,138      134,141
Cost per ounce (US$)               203           241          221          256

6 months to 30 June 2002
Production (ounces)            260,147        87,613      121,025      148,219
Cost per ounce (US$)               196           208          184          205

                                      Freda-                            Total/
                                     Rebecca            Geita          Average

3 months to 30 June 2003
Production (ounces)                    9,560           61,884          370,978
Cost per ounce (US$)                     262              214              222

3 months to 30 June 2002
Production (ounces)                   27,214           76,404          403,734
Cost per ounce (US$)                     224              156              192

6 months to 30 June 2003
Production (ounces)                   26,505          125,422          751,907
Cost per ounce (US$)                     264              208              223

6 months to 30 June 2002
Production (ounces)                   50,300          145,814          813,118
Cost per ounce (US$)                     225              151              191



Exploration

East Africa
Tanzania

Geita

During the quarter, exploration drilling continued at Nyankanga West and East
and at Geita Hill. At Nyankanga West, positive results were reported from
preliminary drilling undertaken to follow up on the earlier drilled high grade
intersection reported from hole NYDD0097 (15 metres grading 20.16 g/t). Better
follow up results included intersections of 5 metres grading 34.39 g/t from 179
metres in hole NYDD136; 23 metres @ 5.21 g/t from 113 metres in hole NYDD0138;
and 18 metres @ 2.39 g/t from 136 metres in hole NYDD0139. This drilling
confirms the presence of a relatively shallow (< 200 metres), moderate to high
grade zone of mineralisation immediately west of the currently designed
Nyankanga pit margin. Additional follow up holes have been planned for the third
quarter to further define the geometry and extent of the mineralisation after
which a preliminary resource estimation will be undertaken.

Core drilling at Geita Hill continues to produce positive results. Continuity of
mineralisation between the Geita Main and North East Extension deposits was
proved with better intersections of 9 metres grading 3.4g/t from 216 metres in
hole GHDD0114; 22 metres @ 2.1g/t from 273 metres in hole GHDD0115; and 18
metres @ 2.8g/t from 244 metres in hole GHDD0116.

Tanzania Regional

Stream sediment sampling results on the Kigosi reconnaissance licence in the
south western part of the Lake Victoria Goldfields are currently being followed
up.

D.R. Congo

Ashanti considers the recent stationing of French troops in Bunia under the
auspices of the United Nations as a positive step in the quest for peace and
stability in the general area.

West Africa
Guinea

At Siguiri, exploration drilling concentrated on the SEK area (the general area
surrounding the Bidini, Eureka Hill, Sanu Tinti and Tubani pits) and defined
several small resources in both laterite and saprolite.

Mali

Auger drilling assay results from the M'pebougoula and Koumantou Exploration
Authorisations were disappointing with no anomalous areas for further follow up
being defined.

Sierra Leone

A low entry option agreement was signed with respect to AFCAN's Nimini Hills
project in eastern Sierra Leone whereby Ashanti can earn a 80% equity interest.
The area of interest is centred on a significant two square kilometre plus 0.5 
g/t soil geochemical anomaly outlined by a previous EU sponsored aid survey in an
area of complexly folded Archaean banded ironstone formations. Initial fieldwork
is being focused on verifying this geochemical anomaly.

Ghana

In Ghana, stream and soil sampling and trenching continued on the Sefwi Asafo,
Sefwi Sui, Sefwi Boako and Subriso prospecting licences. Shallow reverse
circulation drilling commenced on the Subriso concession, 50 kilometres north of
Bibiani at the end of the quarter.

Cote d'Ivoire

It is understood that during the second quarter, progress was made towards
resolving the political and security situation in Cote d'Ivoire. It is expected
that exploration field work will recommence during the second half of the year.


Gold Production Summary

                   3 months to     3 months to     6 months to     6 months to
                  30 June 2003    30 June 2002    30 June 2003    30 June 2002

Obuasi
Underground Mining
Ore production             600             609           1,183           1,199
(000 tonnes)
Ore grade (g/t)           7.26            7.45            7.60            7.47

Surface Mining
(Homase)
Ore production             152              29             324              29
(000 tonnes)
Ore grade (g/t)           2.11            2.48            2.39            2.48
Waste mined (000           430              72           1,303              72
tonnes)
Strip ratio                2.8             2.5             4.0             2.5

Sulphide
Treatment Plant
Ore processed              582             582           1,162           1,165
(000 tonnes)
Head grade (g/t)          6.92            6.88            6.95            7.44
Recovery (%)              83.2            84.6            83.9            85.9
Gold produced          107,710         109,006         217,945         239,432
(ounces)

Pompora Treatment Plant
Ore processed                -               -               -               -
(000 tonnes)
Head grade (g/t)             -               -               -               -
Recovery (%)                 -               -               -               -
Gold produced                -              21               -             195
(ounces)

Oxide Treatment Plant
Ore processed              162               -             390               -
(000 tonnes)
Head grade (g/t)          1.90               -            1.84               -
Recovery (%)              71.2               -            78.2               -
Gold produced            7,050               -          18,047               -
(ounces)

Tailings Treatment Plant
Ore processed              452             433             952             873
(000 tonnes)
Head grade (g/t)          2.30            2.38            2.22            2.31
Recovery (%)              32.0            33.2            31.5            31.7
Gold produced           10,687          11,024          21,373          20,520
(ounces)

Obuasi Total Processed
Ore processed            1,197           1,015           2,505           2,038
(000 tonnes)
Head grade (g/t)          4.49            4.96            4.35            5.24
Recovery (%)              72.6            74.0            73.6            75.8
Total gold             125,447         120,051         257,365         260,147
produced (ounces)

Obuasi Production
Distribution
Obuasi                 107,710         109,027         217,945         239,627
underground
(ounces)
Obuasi surface           7,050               -          18,047               -
(ounces)
Obuasi tailings         10,687          11,024          21,373          20,520
(ounces)
Obuasi total           125,447         120,051         257,365         260,147
(ounces)

Iduapriem
Mining
Ore production             956           1,161           1,843           2,101
(000 tonnes)
Ore grade (g/t)           1.87            1.63            1.81            1.62
Waste mined (000         3,994           4,062           7,469           8,260
tonnes)
Strip ratio                4.2             3.5             4.1             3.9

CIL Plant
Ore processed              911             642           1,755           1,298
(000 tonnes)
Head grade (g/t)          1.97            1.85            1.84            1.93
Recovery (%)              90.4            81.6            89.5            91.1
Gold produced           52,161          31,210          92,948          69,501
(ounces)

Heap Leach (Iduapriem/
Teberebie)
Ore stacked (000           271             306             578             805
tonnes)
Head grade (g/t)          1.55            1.09            1.33            1.09
Recovery (%)              36.5            79.8            46.1            64.2
Gold produced            4,929           8,559          11,388          18,112
Iduapriem total         57,090          39,769         104,336          87,613
(ounces)


Gold Production Summary

                   3 months to     3 months to     6 months to     6 months to
                  30 June 2003    30 June 2002    30 June 2003    30 June 2002

Bibiani
Mining
Ore production             859             707           1,520           1,051
(000 tonnes)
Ore grade (g/t)           3.13            3.85            3.51            3.68
Waste mined (000         1,288           3,000           3,416           6,003
tonnes)
Strip ratio                1.5             4.2             2.2             5.7

CIL Plant
Ore processed              623             634           1,234           1,211
(000 tonnes)
Head grade (g/t)          3.41            3.72            3.38            3.60
Recovery (%)              77.4            80.8            77.7            81.9
Gold produced           52,867          61,219         104,138         121,025
(ounces)

Siguiri
Mining
Ore production           2,325           2,483           4,859           4,396
(000 tonnes)
Ore grade (g/t)           1.17            1.21            1.16            1.22
Waste mined (000         1,392           1,788           3,669           4,018
tonnes)
Strip ratio                0.6             0.7             0.8             0.9

Heap Leach
Ore stacked (000         2,554           2,465           5,030           4,855
tonnes)
Head grade (g/t)          1.15            1.18            1.11            1.17
Recovery (%)              68.2            84.8            74.7            81.2
Gold produced           64,130          79,077         134,141         148,219
(ounces)

Freda-Rebecca
Underground Mining
Ore production              98             285             268             548
(000 tonnes)
Ore grade (g/t)           2.55            2.96            2.57            3.09

Surface Mining
Ore production              24              66              42             110
(000 tonnes)
Ore grade (g/t)           1.91            2.61            1.86            2.52

Processing
Ore processed              304             287             648             570
(000 tonnes)
Head grade (g/t)          1.46            3.48            1.17            3.33
Recovery (%)              66.9            86.9            74.4            84.2
Gold produced            9,560          27,214          26,505          50,300
(ounces)

Geita
Surface Mining
Ore mined (000           1,316           1,023           2,353           2,839
tonnes)
Grade (g/t)               2.88            3.63            2.94            3.49
Waste mined (000        15,697           9,684          28,160          15,234
tonnes)
Strip ratio               11.0             9.5            12.2             5.4

Processing
CIL Plant
Ore processed            1,493           1,240           2,890           2,438
(000 tonnes)
Head grade (g/t)          2.82            4.10            2.95            4.00
Recovery (%)              91.5            93.3            91.5            92.3
Gold produced          123,767         152,809         250,844         291,628
(ounces)
Ashanti's 50%           61,884          76,404         125,422         145,814
share (ounces)

Group Summary
Managed gold           309,094         327,330         626,485         667,304
production
(ounces)
Geita JV 50%            61,884          76,404         125,422         145,814
Sub-total              370,978         403,734         751,907         813,118
Less minority           18,183          17,827          35,772          35,375
interests
Group                  352,795         385,907         716,135         777,743
Attributable
Total (ounces)



Financial Review

Earnings

Ashanti's earnings for the second quarter were US$14.8 million. This included an
exceptional gain after tax of US$7.0 million, arising from the sale of the
Mampon property. Earnings for the second quarter (excluding the exceptional gain
and related tax) were US$7.8 million, down US$11.0 million on the corresponding
period last year, but up US$1.0 million on the previous quarter. The reduction
in earnings compared to last year is as a result of the previously announced
lower production profile for the first half of 2003 and higher cash operating
costs, offset partially by higher spot prices.


Earnings per share before exceptional items for the second quarter were US$0.06
(2002: US$0.17) and after exceptional items US$0.12 (2002: loss US$0.03).


Earnings before exceptional items for the six months to 30 June 2003 were
US$14.6 million compared to US$36.3 million in 2002. Earnings after exceptional
items of US$7.0 million were US$21.6 million (2002: US$12.8 million).


Revenue

Total spot revenue for the quarter was US$129.4 million, equivalent to US$349
per ounce (2002: US$315 per ounce). Total hedging income for the quarter was
negative US$1.1 million, comprising US$3.2 million of deferred hedging income
and US$4.3 million of net cash payments in respect of maturing hedge contracts
for both the Ashanti and Geita hedge books. Total realised price for the quarter
was US$346 per ounce (2002: US$350 per ounce). Based on year to date total
revenue of US$257.2 million (2002: US$278.1 million) the realised gold price
equates to US$342 per ounce (2002: US$342 per ounce).


Hedging

At 30 June 2003 Ashanti had 4.5 million ounces protected at an average price of
US$360 per ounce, with commitments of 6.4 million ounces. The mark-to-market
valuation of the Ashanti hedge book at 30 June 2003 was negative US$108 million
based on a spot price of US$346 per ounce. Ashanti's 50% share of Geita's hedge
book was negative US$39 million.


Cash Operating Costs

Total cash operating costs for the second quarter were US$222 per ounce, up
US$30 per ounce on last year and similar to the previous quarter. Costs, as in
the first quarter, were mainly impacted by lower production, increased wages and
fuel prices, higher costs of other inputs, increased costs associated with the
Nyankanga pit cut-back at Geita and higher ore rehandling at Iduapriem.


Profit

Total operating profit before exceptional items for the quarter was US$13.6
million (2002: US$27.2 million). Non-mine site exploration expenditure written
off in the second quarter was US$0.9 million bringing year to date to US$1.6
million. Corporate administration expenditure for the quarter was US$6.3 million
and year to date US$12.3million.


Interest charge for the quarter of US$4.6 million was US$1.7 million lower than
last year following the refinancing in June 2002 and lower interest rates.


Exceptional Item

In June 2003 Ashanti sold its interest in the Mampon property near Obuasi to
Bogoso Gold Limited and Golden Star Resources Limited for a cash consideration
of US$9.5 million resulting in a profit on sale before taxes of US$7.8 million.


Tax

The tax charge for the quarter was US$1.8 million and comprised US$0.8 million
tax on the sale of the Mampon property, US$0.8 million in respect of Geita's
profits subject to United Kingdom tax and other tax of US$0.2 million.


Cash Flows and Balance Sheet

Cash inflow from operating activities for the quarter was US$15.3million (2002:
US$21.8 million) and US$32.1 million for the year to date (2002: US$45.0
million). Net interest payments in the quarter were US$2.2 million compared to
US$5.1 million last year, which included the final interest payment on the
exchangeable notes.


Capital expenditure for the quarter of US$20.5 million (2002: US$15.7 million)
included US$8.6 million at Obuasi, US$4.3 million at Iduapriem and US$5.9
million at Siguiri.


In May, US$6.6 million was raised from the exercise of a further 2.18 million
warrants. As a result the stated capital increased to 130.8 million shares (31
December 2002: 127.5 million shares) and 2.5 million warrants remain
outstanding.


During the quarter, Ashanti paid down US$10.0 million of its Revolving Credit
Facility, reducing the amounts drawn to US$139.0 million. At the quarter end,
the Group's gross debt level (excluding the 50% share of the non-recourse Geita
project finance loan) was lower at US$245.7 million (31 March 2003:US$255.9
million) analysed as follows:

                                                                          US$m
US$200 million Revolving Credit Facility ("RCF")                         139.0
Iduapriem/Teberebie project finance loans                                 22.1
Other loans (net of deferred loan fees)                                    9.6
                                                                         170.7
Mandatorily Exchangeable Notes ("MENs")                                   75.0
Ashanti Group's gross debt as at 30 June 2003                            245.7


Other Matters

Ashanti has been advised by the Government of Ghana (the "Government") that it
has appointed a consortium led by Societe-Generale, to act as financial advisers
to the Government as a shareholder, holder of the golden share in Ashanti and as
a regulator of the mining industry in Ghana, and to assist the Government in
arriving at a decision on the proposed merger of Ashanti and AngloGold.


In Zimbabwe, Temple Assets (Private) Limited has been appointed as the
Depositary, in replacement of Deloitte & Touche Executor & Trust Company
(Private) Limited, to hold the Ashanti ordinary shares on behalf of holders of
the Zimbabwe Depositary Receipts. This change took effect from 1 June 2003.



Independent Review Report to Ashanti Goldfields Company Limited

Introduction

We have been instructed by the company to review the financial information for
the six months ended 30 June 2003 which comprises the profit and loss account,
the balance sheets, the cash flow statement and related notes 1 to 3 and we have
read the other information contained in the second quarter report and considered
whether it contains any apparent misstatements or material inconsistencies with
the financial information.


This report is made solely to the company in accordance with Bulletin 1999/4
issued by the Auditing Practices Board. Our work has been undertaken so that we
might state to the company those matters we are required to state to them in an
independent review report and for no other purpose.To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone, other
than the company, for our review work, for this report, or for the conclusions
we have formed.


Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the United Kingdom Financial Services Authority which requires that the
accounting policies and presentation applied to the interim figures should be
consistent with those applied in preparing the preceding annual accounts except
where any changes, and the reasons for them, are disclosed.


Review work performed

We conducted our review in accordance with guidance contained in United Kingdom
Bulletin 1999/4 issued by the United Kingdom Auditing Practices Board. A review
consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with United Kingdom Auditing Standards and therefore
provides a lower level of assurance than an audit. Accordingly, we do not
express an audit opinion on the financial information.


Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2003.


Deloitte &Touche - Accra

Chartered Accountants

29 July 2003


Group Profit and Loss Account

Unaudited

                                            3 months to               3 months to
                                           30 June 2003              30 June 2002

                                               Interest
                                               in joint
                                  Group         venture     Total           Group
                          Note     US$m            US$m      US$m            US$m

Turnover                     2    109.0            19.3     128.3           118.7

Cash operating costs         2    (69.2)          (13.2)    (82.4)          (65.5)
Other costs                        (8.1)           (0.9)     (9.0)           (6.1)
Exceptional costs                     -               -         -           (22.5)
Royalties                          (3.3)           (0.6)     (3.9)           (3.0)
Depreciation and                  (17.2)           (2.2)    (19.4)          (22.8)
amortisation

Total costs                       (97.8)          (16.9)   (114.7)         (119.9)

Operating profit/(loss)      2     11.2             2.4      13.6            (1.2)

Share of operating profit of        2.4                                       5.9
joint venture

Total operating profit             13.6                                       4.7

Exceptional profit on sale of       7.8                                         -
investment

Profit before interest             21.4                                       4.7
and taxation

Net interest payable: group        (3.4)                                     (5.2)
                      joint        (1.2)                                     (1.1)
                      venture
Profit/(loss) before               16.8                                      (1.6)
taxation

Tax:      group                    (1.0)                                     (2.1)
          joint                    (0.8)                                        -
          venture
Profit/(loss)after                 15.0                                      (3.7)
taxation

Minority interests                 (0.2)                                        -

Profit/(loss)attributable to       14.8                                      (3.7)
shareholders
Dividends                             -                                         -

Retained profit/(loss)             14.8                                      (3.7)
for the period

Earnings per share
(US$):
before exceptionals                0.06                                      0.17
after exceptionals                 0.12                                     (0.03)




                                           6 months to               6 months to
                                          30 June 2003              30 June 2002

                                              Interest
                                              in joint
                                 Group         venture     Total           Group
                                  US$m            US$m      US$m            US$m

Turnover                         218.6            38.6     257.2           235.6

Cash operating costs            (141.7)          (26.1)   (167.8)         (133.3)
Other costs                      (15.5)           (1.7)    (17.2)          (12.5)
Exceptional costs                    -               -         -           (23.5)
Royalties                         (6.7)           (1.2)     (7.9)           (5.8)
Depreciation and                 (34.5)           (4.5)    (39.0)          (42.8)
amortisation

Total costs                     (198.4)          (33.5)   (231.9)         (217.9)

Operating profit/(loss)           20.2             5.1      25.3            17.7

Share of operating profit of 
joint venture                      5.1                                      11.3


Total operating profit            25.3                                      29.0

Exceptional profit on sale of      7.8                                         -
investment

Profit before interest and        33.1                                      29.0
taxation

Net interest payable: group       (7.0)                                    (10.1)
                      joint       (2.3)                                     (2.2)
                      venture
Profit/(loss) before              23.8                                      16.7
taxation

Tax:      group                   (1.0)                                     (3.9)
          joint venture           (0.8)                                        -

Profit/(loss)after taxation       22.0                                      12.8

Minority interests                (0.4)                                        -

Profit/(loss)attributable to      21.6                                      12.8
shareholders
Dividends                            -                                         -

Retained profit/(loss) for the    21.6                                      12.8
period

Earnings per share (US$):
before exceptionals               0.11                                      0.32
after exceptionals                0.17                                      0.11



Group Balance Sheet

Unaudited

                                                                As at          As at
                                As at 30 June            30 June 2002    31 Dec 2002
                                       2003
                                Interest in
                     Group    joint venture     Total           Group          Group
                      US$m             US$m      US$m            US$m           US$m

Fixed assets
Intangible            16.0             53.3      69.3            18.0           17.3
assets
Tangible assets      607.0            109.0     716.0           601.0          602.7
Investments
- Geita joint         93.2            (93.2)        -            90.8           91.2
venture
- Loans to joint      31.1                -      31.1            32.6           32.6
venture and other
investments

                     747.3                      816.4           742.4          743.8

Current assets
Stocks                72.9             10.2      83.1            72.9           76.6
Debtors due within     9.3             17.1      26.4            20.9           14.0
one year
Debtors due after     12.5                -      12.5               -            8.8
more than one
year
Cash                  39.2              8.6      47.8            78.5           41.3

                     133.9             35.9     169.8           172.3          140.7

Creditors: amounts
falling due within
one year
Creditors           (116.5)           (15.8)   (132.3)         (148.3)        (131.1)
Borrowings            (7.8)           (10.8)    (18.6)          (12.9)          (2.7)

                    (124.3)           (26.6)   (150.9)         (161.2)        (133.8)

Net current            9.6              9.3      18.9            11.1            6.9
assets

Total assets less    756.9                      835.3           753.5          750.7
current
liabilities

Creditors: amounts
falling due after
more than one
year
Creditors            (15.0)           (39.9)    (54.9)          (47.4)         (24.0)
Borrowings          (237.9)           (35.2)   (273.1)         (291.0)        (254.2)

Provisions for       (24.3)            (3.3)    (27.6)          (20.2)         (25.0)
liabilities and
charges

                     479.7                      479.7           394.9          447.5

Capital and
reserves
Stated capital       598.4                                      587.0          588.2
Reserves            (120.3)                                    (194.1)        (141.9)

Equity               478.1                                      392.9          446.3
shareholders'
funds
Equity minority        1.6                                        2.0            1.2
interests

                     479.7                                      394.9          447.5


The financial information for the second quarter and six months ended 30 June 2003
were approved by the Board of directors on 29 July 2003 and signed on its behalf by:

S E Jonah                    S Venkatakrishnan
Director                     Director







Group Cash Flow Statement

Unaudited

                   3 months to     3 months to     6 months to     6 months to
                  30 June 2003    30 June 2002    30 June 2003    30 June 2002
                          US$m            US$m            US$m            US$m

Cash inflow from          15.3            21.8            32.1            45.0
operating activities

Returns on
investments and
servicing of finance
Interest                   0.2             0.2             0.3             0.3
received
Interest paid             (2.4)           (5.3)           (4.9)          (13.4)

Net cash outflow
from returns on
investments
and service of            (2.2)           (5.1)           (4.6)          (13.1)
finance

Taxation
Corporate tax                -            (1.1)              -            (1.7)
paid

Capital
expenditure and
financial
investments
Purchase of              (20.5)          (15.7)          (37.6)          (30.6)
tangible fixed
assets
Sale of                    9.5               -             9.5               -
investment

Net cash outflow
from capital
expenditure and
financial                (11.0)          (15.7)          (28.1)          (30.6)
investment

Cash inflow/               2.1            (0.1)           (0.6)           (0.4)
(outflow) before
use of liquid
resources and
financing
Management of              2.5             4.9             8.5            11.6
liquid
resources

Cash inflow                4.6             4.8             7.9            11.2
before
financing

Financing
Loans drawn                  -           265.0               -           265.0
down
Loan                     (11.4)         (270.8)          (12.3)         (280.4)
repayments
Issue of                   6.6            41.8            10.2            41.8
shares

Net cash                  (4.8)           36.0            (2.1)           26.4
(outflow)/inflow
from financing

(Decrease)/               (0.2)           40.8             5.8            37.6
increase in
cash



Reconciliation of net 
cash flow to movement in 
net debt

(Decrease)/               (0.2)           40.8             5.8            37.6
increase in
cash
Decrease in               (2.5)           (4.9)           (8.5)          (11.6)
liquid
resources

                          (2.7)           35.9            (2.7)           26.0
Cash outflow              11.4             5.8            12.3            15.4
from decrease in
debt
Other                     (0.2)            4.1            (0.5)            3.9

Movement in net            8.5            45.8             9.1            45.3
debt
Net debt at             (215.0)         (271.2)         (215.6)         (270.7)
beginning of
period

Net debt at end         (206.5)         (225.4)         (206.5)         (225.4)
of period



Notes to the Financial Information

1.          Basis of Preparation

The unaudited results for the six months ended 30 June 2003 have been prepared
in accordance with the accounting policies set out in the Annual Report and
Accounts for the year ended 31 December 2002.

2. Operating Profit Analysis by Business Area
6 months to 30 June 2003                            Idua-
                                      Obuasi        priem    Bibiani    Siguiri
Production ounces                      257,365    104,336    104,138    134,141
US$ million
Revenue - spot                          90.0         36.4       36.6       47.0
Revenue - hedging                          -            -          -          -
                                        90.0         36.4       36.6       47.0
Operating costs                        (52.3)       (25.1)     (23.0)     (34.3)
Other costs                                -         (0.6)      (0.2)      (0.8)
Royalties                               (3.0)        (1.1)      (1.1)      (1.5)
EBITDA                                  34.7          9.6       12.3       10.4
Depreciation and amortisation          (15.4)        (2.9)      (4.7)      (7.8)
Operating profit/(loss)                 19.3          6.7        7.6        2.6
30.6.2003
Operating profit/(loss)                  7.5          5.3        5.8        3.8
30.6.2002

6 months to 30 June 2003                Freda-    Hedging    Explora-    Corp.
                                       Rebecca     income        tion    Admin
Production ounces                       26,505          -           -        -
US$ million
Revenue - spot                             9.2          -           -        -
Revenue - hedging                            -       (0.6)          -        -
                                           9.2       (0.6)          -        -
Operating costs                           (7.0)         -           -        -
Other costs                                  -          -        (1.6)   (12.3)
Royalties                                    -          -           -        -
EBITDA                                     2.2       (0.6)       (1.6)   (12.3)
Depreciation and amortisation             (3.1)         -           -     (0.6)
Operating profit/(loss)   30.6.2003       (0.9)      (0.6)       (1.6)   (12.9)
Operating profit/(loss)   30.6.2002        3.6       27.1        (2.3)   (33.1)*

*Includes refinancing and restructuring costs of US$23.5 million.



6 months to 30 June 2003
                                            Group         Geita         Total
Production ounces                         626,485       125,422       751,907
US$ million
Revenue - spot                              219.2          43.8         263.0
Revenue - hedging                            (0.6)         (5.2)         (5.8)
                                            218.6          38.6         257.2
Operating costs                            (141.7)        (26.1)       (167.8)
Other costs                                 (15.5)         (1.7)        (17.2)
Royalties                                    (6.7)         (1.2)         (7.9)
EBITDA                                       54.7           9.6          64.3
Depreciation and amortisation               (34.5)         (4.5)        (39.0)
Operating profit/(loss)   30.6.2003          20.2           5.1          25.3
Operating profit/(loss)   30.6.2002          17.7          11.3          29.0


3 months to 30 June 2003                            Idua-
                                         Obuasi     priem    Bibiani    Siguiri
Production ounces                       125,447    57,090     52,867     64,130
US$ million
Revenue - spot                             43.7      19.9       18.6       22.4
Revenue - hedging                             -         -          -          -
                                           43.7      19.9       18.6       22.4
Operating costs                           (25.3)    (12.8)     (11.0)     (17.6)
Other costs                                   -      (0.3)      (0.1)      (0.5)
Royalties                                  (1.4)     (0.6)      (0.6)      (0.7)
EBITDA                                     17.0       6.2        6.9        3.6
Depreciation and amortisation              (7.5)     (1.6)      (2.4)      (3.8)
Operating profit/(loss)   30.6.2003         9.5       4.6        4.5       (0.2)
Operating profit/(loss)   30.6.2002         3.0       1.9        3.1        4.7



3 months to 30 June 2003                Freda-    Hedging    Explora-    Corp.
                                       Rebecca     income        tion    Admin
Production ounces                        9,560          -           -        -
US$ million
Revenue - spot                             3.3          -           -        -
Revenue - hedging                            -        1.1           -        -
                                           3.3        1.1           -        -
Operating costs                           (2.5)         -           -        -
Other costs                                  -          -        (0.9)    (6.3)
Royalties                                    -          -           -        -
EBITDA                                     0.8        1.1        (0.9)    (6.3)
Depreciation and amortisation             (1.6)         -           -     (0.3)
Operating profit/(loss)   30.6.2003       (0.8)       1.1        (0.9)    (6.6)
Operating profit/(loss)   30.6.2002        1.3       13.3        (1.3)   (27.2)*



3 months to 30 June 2003
                                             Group        Geita          Total
Production ounces                          309,094       61,884        370,978
US$ million
Revenue - spot                               107.9         21.5          129.4
Revenue - hedging                              1.1         (2.2)          (1.1)
                                             109.0         19.3          128.3
Operating costs                              (69.2)       (13.2)         (82.4)
Other costs                                   (8.1)        (0.9)          (9.0)
Royalties                                     (3.3)        (0.6)          (3.9)
EBITDA                                        28.4          4.6           33.0
Depreciation and amortisation                (17.2)        (2.2)         (19.4)
Operating profit/(loss)   30.6.2003           11.2          2.4           13.6
Operating profit/(loss)   30.6.2002           (1.2)         5.9            4.7






                           3 months to    3 months to    6 months to    6 months to
                               30 June        30 June        30 June        30 June
 3.  Reconciliation of            2003           2002           2003           2002
     Total Costs
                                  US$m           US$m           US$m           US$m
     Cash operating
     costs
     Obuasi                       25.3           24.6           52.3           51.1
     Iduapriem                    12.8            9.0           25.1           18.2
     Bibiani                      11.0           11.2           23.0           22.3
     Siguiri                      17.6           14.6           34.3           30.4
     Freda-Rebecca                 2.5            6.1            7.0           11.3
     Geita (50%)                  13.2           11.9           26.1           22.0
     Total cash operating         82.4           77.4          167.8          155.3
     costs
     Corporate                     6.3            4.3           12.3            8.9
     administration
     costs
     Exploration costs             0.9            1.3            1.6            2.3
     Other costs                   1.8            1.3            3.3            2.9
     Royalties                     3.9            3.7            7.9            7.1
     Depreciation and             19.4           26.0           39.0           49.1
     amortisation
     Exceptional costs               -           22.5              -           23.5
     Total costs                 114.7          136.5*         231.9          249.1*

*Includes Geita's costs of US$16.6 million for three months to 30 June 2002 and 
US$31.2 million for the six months to 30 June 2002.



Hedging Commitments

The table below shows all forward and option positions that Ashanti had as at 30
June 2003:

                                   2003         2004         2005         2006
Forward Sales
(ounces)                        413,636      657,992      648,996      538,000
(US$/ounce)                         347          355          352          359
Calls:
Sold (ounces)                   305,350      496,180      498,728      210,256
Sold (US$/ounce)                    343          341          350          366
Bought (ounces)                 101,100      101,880      134,000       49,432
Bought (US$/ounce)                  345          359          352          370
Subtotal (ounces)               204,250      394,300      364,728      160,824
Summary:
Protected (ounces)              413,636      657,992      648,996      538,000
Committed (ounces)              617,886    1,052,292    1,013,724      698,824

Total committed ounces as a percentage of total forecast production (excluding
Geita production for the period of the project finance, 2003-2007)

Lease Rate Swap (ounces)      2,367,000    2,587,000    2,251,000    1,915,000
Deferred Hedging Income               6           11
(US$m)



                                       2007         2008       2009       2010
Forward Sales
(ounces)                            451,200      358,325    413,450    383,450
(US$/ounce)                             360          370        362        366
Calls:
Sold (ounces)                       291,076      260,535     70,970     28,250
Sold (US$/ounce)                        363          365        368        350
Bought (ounces)                     125,396            -          -          -
Bought (US$/ounce)                      370            -          -          -
Subtotal (ounces)                   165,680      260,535     70,970     28,250
Summary:
Protected (ounces)                  451,200      358,325    413,450    383,450
Committed (ounces)                  616,880      618,860    484,420    411,700

Total committed ounces as a percentage of total forecast production (excluding
Geita production for the period of the project finance, 2003-2007)

Lease Rate Swap (ounces)          1,579,000    1,318,000    982,000    646,000
Deferred Hedging Income (US$m)




                                       2011       2012       2013       Totals
Forward Sales
(ounces)                            268,250    215,313    186,500    4,535,112
(US$/ounce)                             367        374        365          360
Calls:
Sold (ounces)                        84,250     77,188     28,000    2,350,783
Sold (US$/ounce)                        384        387        401          355
Bought (ounces)                           -          -          -      511,808
Bought (US$/ounce)                        -          -          -          358
Subtotal (ounces)                    84,250     77,188     28,000    1,838,975
Summary:
Protected (ounces)                  268,250    215,313    186,500    4,535,112
Committed (ounces)                  352,500    292,501    214,500    6,374,087

Total committed ounces as a percentage of total forecast production (excluding
Geita production for the period of the project finance, 2003-2007)     50%

Lease Rate Swap (ounces)            310,000    130,000          -
Deferred Hedging Income (US$m)                                              17


Forward Sales:

A total of 4.54 million ounces have been sold forward at an average price of
US$360 per ounce.

Call Options:

Ashanti has sold 2.35 million ounces of call options at an average strike price
of US$355 per ounce. As a partial offset, Ashanti has bought 0.51 million ounces
of call options at an average strike price of US$358 per ounce.

Gold Lease Rate Swaps:

As of 30 June 2003, a maximum of 2.59 million ounces of Ashanti's hedged
production will be exposed to the floating 3 month lease rate at any one time.

The lease rate swaps can be broken down into the following types (under all of
these contracts Ashanti receives a certain lease rate income, which can be
regarded as compensation for the lease rate exposure that Ashanti takes on).

Volume (ozs) Fixed   Description
             Rate
 2,402,000    1.80%  Ashanti pays a quarterly floating rate and receives a
                     quarterly weighted average fixed rate of 1.90%.

   360,000    2.00%  Ashanti pays a quarterly floating rate and receives a fixed
                     amount of dollars at maturity. The quarterly amount is
                     rolled until maturity of each forward contract. The fixed
                     amount for each contract is calculated using the formula:
                     Volume*YearsToMaturity*302*2.00%. The next rate set is in
                     2004.
Total
2,762,000


Mark-to-market valuations

On 30 June 2003, the portfolio had a negative marked-to-market value of US$108.2
million. This valuation was based on a spot price of US$346 and the then
prevailing applicable US interest rates, gold forward rates, volatilities and
guidelines provided by the Risk Management Committee of the Board. The delta at
that time was 5.3 million ounces. This implies that a US$1 increase in the price
of gold would have a US$5.3 million negative impact (approximate) on the
marked-to-market valuation of the hedge book. Movements in US interest rates,
gold lease rates, volatilities and time will also have a sizeable impact on the
marked-to-market. All these variables can change significantly over short time
periods and can consequently materially affect the marked-to-market valuation.


The approximate breakdown by type of the marked-to-market valuation at 30 June
2003 was as follows:
                                                                          US$m
Forward contracts                                                        (53.2)
European Call options (net sold)                                         (65.3)
Lease rate swaps                                                          10.3
                                                                        (108.2)

Geita Hedging

The table below shows Ashanti's portion of hedging commitments for Geita as at
30 June 2003. This represents half of Geita's hedge commitments.

                                        2003             2004             2005

Forward Sales (ounces)               101,625          195,558          174,828
(US$/ounce)                              284              289              294

Puts:
Bought (ounces)                       10,694           25,586           24,350
(US$/ounce)                              292              291              291

Summary:
Protected (ounces)                   112,319          221,144          199,178

Committed (ounces)                   101,625          195,558          174,828

Lease Rate Swap                      156,301          116,774           76,301



                                        2006             2007            Total

Forward Sales (ounces)                94,576          120,938          687,525
(US$/ounce)                              296              298              292

Puts:
Bought (ounces)                       18,115           23,390          102,135
(US$/ounce)                              291              292              291

Summary:
Protected (ounces)                   112,691          144,328          789,660

Committed (ounces)                    94,576          120,938          687,525

Lease Rate Swap                       41,420                -                -


Marked-to-market valuation:

On 30 June 2003, the Geita portfolio had a negative marked-to-market value of
US$78.8 million (Ashanti's portion: negative US$39.4 million). This valuation
was based on a spot price of US$346 per ounce and the then prevailing US
interest rates, gold forward rates, volatilities and guidelines provided by the
Risk Management Committee of the Board.



Forward Looking Statements

This report contains a number of statements relating to plans, forecasts and
future results of Ashanti Goldfields Company Limited ("Ashanti") that are
considered "forward looking statements" as defined in the Private Securities
Litigation Reform Act 1995 of the United States of America including but not
limited to those related to future working capital, future production levels,
operating costs and plans for diversification. Ashanti may also make written or
oral forward-looking statements in its presentations, periodic reports and
filings with the various regulatory authorities, in its annual report to
shareholders, in its offering circulars and prospectuses, in press releases and
other written materials and in oral statements made by its officers, directors
or employees to third parties. These forward looking statements include
statements about our beliefs, hopes, projections and expectations, and may
include statements regarding future plans, objectives or goals, anticipated
production or construction commencement dates, construction completion dates,
working capital, expected costs, production output, the anticipated productive
life of mines, projected cashflows, debt levels, and marked-to-market values of
and cashflows from the hedgebook.

Such statements are based on current plans, information, intentions, estimates
and projections and certain external factors which may be beyond the control of
Ashanti and, therefore, undue reliance should not be placed on them. These
statements are subject to risks and uncertainties that could cause actual
occurrences to differ materially from the forward looking statements, such as
the risks that Ashanti may not be able to achieve the levels of production and
operating costs it has projected. Additional risk factors affecting Ashanti are
set out in Ashanti's filings with the US Securities and Exchange Commission.

Ashanti can give no assurances that such results, including the actual
production or commencement dates, construction completion dates, costs or
production output or anticipated life of the projects and mines, projected
cashflows, debt levels, and marked-to-market values of and cashflows from the
hedgebook, will not differ materially from the forward looking statements
contained in this report. Such forward looking statements are not guarantees of
future performance and involve known and unknown risks, uncertainties and other
factors collectively referred to as "Risk Factors", many of which are beyond the
control of Ashanti, which may cause actual results to differ materially from
those expressed in the statements contained in this report. These Risk Factors
include leverage, gold price volatility, changes in interest rates, hedging
operations, reserves estimates, exploration and development, mining, yearly
output, power supply, Ghanaian political risks, environmental regulation, labour
relations, general political risks, control by principal shareholders, Ghanaian
statutory provisions, dividend flows and litigation. For example, future
revenues from projects or mines described herein will be based in part upon the
market price of gold, which may vary significantly from current levels. Such
variations, if materially adverse, may impact the timing or feasibility of the
developments of a particular project or the expansion of specified mines.

Other factors that may affect the actual construction or production commencement
dates, costs or production output and anticipated lives of mines include the
ability to produce profitably and transport gold extracted therefrom to
applicable markets, the impact of foreign currency exchange rates, the impact of
any increase in the costs of inputs, and activities by governmental authorities
where such projects or mines are being explored or developed, including
increases in taxes, changes in environmental and other regulations and political
uncertainty. Likewise the cashflows from and marked-to-market values of the
hedgebook can be affected by, inter alia, gold price volatility, US interest
rates, gold lease rates and active management of the hedgebook.

Forward looking statements speak only as of the date they are made, and except
as required by law, or unless required to do so by the Listing Rules of the UK
Listing Authority, Ashanti undertakes no obligation to update publicly any of
them in light of new information or future events.



Enquiries

Ashanti Goldfields Company Limited

Kweku Awotwi
MD Responsible for Public Affairs               Tel: (+233)21 772331
Ernest Abankroh
Company Secretary                               Tel: (+233)21 774977
Corinne Gaisie
UK Representative                               Tel: (+44)20 7256 9938

Golin Harris
Kevin Kirkeby
Federico Brigatti                               Tel: (+1-212) 697 9191
website: www.ashantigold.com



                      This information is provided by RNS
            The company news service from the London Stock Exchange
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