Ashanti Announces Appointment of New International Treasurer and Review of Risk Management Policies.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 11, 2000 Ashanti Goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. Company Limited (Ashanti) has appointed Mark Arnesen as Managing Director - International Treasury. Mark Arnesen will commence his appointment at the end of this month. He will be responsible for management of Ashanti's financial risk management programmes, treasury operations, and co-ordination of banking relationships, reporting to the Chief Financial Officer, Mark Keatley. Mr. Arnesen formerly served, prior to a recent period of consulting work, as Corporate Treasurer of Billiton Plc, the international base metals group. He has 17 years' experience in financial management, of which eleven years were spent in treasury and corporate finance with the Gencor and Billiton groups, including serving as Treasurer, successively, of Alusaf, Gencor and Billiton. At Billiton, he established the international treasury in The Hague, Netherlands, and negotiated a number of international loan facilities, including a US$1.5 billion revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. He managed the risk management programmes for commodity prices, forex, and interest rates at Gencor and Billiton. Mr. Arnesen, a South African citizen, is a member of the South African Institute of Chartered Accountants The South African Institute of Chartered Accountants (usually referred to as SAICA) is a non-profit organisation that represents the interests of the Accounting profession. It is the only body responsible for conferring the designation CA(SA). , and holds Bachelor of Commerce The Bachelor of Commerce is a bachelor's degree in business management, accounting and economic fields. The degree is also known as the Bachelor of Commerce and Administration (BCA). and Bachelor of Accounting degrees from the University of the Witwatersrand Due to the 1959 Extension of University Education Act the school was only allowed to register a small number of black students for most of the apartheid era, even though several notable black anti-apartheid leaders graduated from the university. . He is a member of the South African Association The Association for Promoting the Discovery of the Interior Parts of Africa, commonly known as the African Association, founded June 9 1788[1], was a British society dedicated to the exploration of West Africa. of Corporate Treasurers, and an Associate Member of the UK Association of Corporate Treasurers The Association of Corporate Treasurers (or ACT for short) was founded in 1979. It is the only British professional body specialising in the profession of corporate treasury. . The new appointment forms part of a restructuring and ongoing review of Ashanti's Treasury and Corporate Finance Departments. The restructuring is designed to strengthen further the Company's capabilities, systems, policies, and procedures in the areas of treasury management and corporate finance. Specifically in the area of gold hedging activities, the Board is reviewing the Company's strategy and policies to incorporate all lessons learned from recent developments. The Board is utilising the services of the international consultants, Standard Risk and Treasury Management Services, based in South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. , to provide independent analysis and reporting. The restructuring is being designed and implemented in parallel with the conclusion of the current negotiations with the Company's hedge counterparties and bankers concerning the provision and renewal of banking facilities. Ashanti's former Group Treasurer, Mona Caesar-Addo, has resigned from the Company to pursue other professional interests. The Company wishes her well in her new undertakings. |
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