/ 14 April 2000

ASHANTI ANNOUNCES PRE-TAX LOSS

GHANAIAN mining company Ashanti Goldfields, which was brought to the brink of collapse by severe cash-flow problems, announced on Wednesday a pre-tax loss and record gold production. For the year ending December 31, Ashanti said its earnings before exceptional items dropped to $66,1-million dollars from $73,9-million the year earlier. After an exceptional charge of $250-million dollars arising from the collapse of hedging contracts, pre-tax loss for the year was $153,7-million against a profit of $43,1-million the year earlier. Turnover was $582,1-million against $600,3-million. In a statement here, the company said gold production has reached a record amount of 1,56-million ounces.