The company is targeting production levels of 2.2 mn ounces in FY 2012 as compared to current production levels of 1.5 mn ounces produced in FY 2009, through projects such as Phakisa, Tshepong, Elandsrand New Mine, Doornkop South Reef and Hidden Valley. Over the near term the company expects production to marginally improve, based on various restructuring measures. The company expects FY 2010 production to be 1.6 mn ounces…

We expect spot gold prices to improve in FY 2010 from current levels. However, we also expect the South African rand to appreciate strongly against the US dollar, which will lead to a y-o-y fall in the company's rand gold price realizations in FY 2010. Furthermore, although we expect the dollar to recover against the rand in FY 2011, US dollar-denominated gold prices are expected to decline, resulting in no apparent change in the company's rand gold price realizations during…

Over our investment horizon we expect spot gold prices to improve from current levels. However, we also expect the rand to appreciate strongly against the US dollar, which will lead to a fall in the company’s rand gold price realizations in 4Q 09 and FY 2010. Furthermore, although we expect the dollar to recover against the rand in FY 2011, US dollar-denominated gold prices are expected to decline, leading to a further y-o-y fall in rand gold price realizations....