AngloGold Reduces Forward Gold Sales
by 3.5 Million Ounces

By Antony Sguazzin
Bloomberg News

Johannesburg, Jan. 28 -- AngloGold Ltd., the world's second-biggest
gold company, said it has cut the amount of gold it sold at preset
prices by 3.5 million ounces over the last 12 months.

"There has been quite a substantial decline in our hedge position,"
said Steve Lenahan, AngloGold spokesman in an interview.

Lenahan did not give the total size of AngloGold's hedge position,
saying it will be released on Thursday when the company
announces its fourth-quarter earnings.

Three months ago, AngloGold had sold about 16 million ounces
of gold forward.

AngloGold sells gold forward to protect it against unexpected
decline in the metal's price, a practice known as hedging. Some
of the adjustments had been to forward-selling contracts set in
rand. The rand fell 37 percent against the U.S. dollar last year.

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