It makes one noise that sounds like air being released. It's not even similar to talking. This is a non-story.

Animal behaviour: Elephants are capable of vocal learning
There are a few mammalian species that can modify their vocalizations in response to auditory experience1 — for example, some marine mammals use vocal imitation for reproductive advertisement, as birds sometimes do. Here we describe two examples of vocal imitation by African savannah elephants, Loxodonta africana, a terrestrial mammal that lives in a complex fission–fusion society.

Elephants Imitate Sounds As A Form Of Social Communication
ScienceDaily (June 1, 2005) — Elephants learn to imitate sounds that are not typical of their species, the first known example after humans of vocal learning in a non-primate terrestrial mammal. The discovery, reported in today's Nature, further supports the idea that vocal learning is important for maintaining individual social relationships among animals that separate and reunite over time, like dolphins and whales, some birds, and bats.