AngloGold Ashanti Limited
AngloGold Ashanti Limited
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Ghana government ratification of new regulatory and fiscal agreements are helping clear the way for the redevelopment of the Obuasi gold project as a modern, mechanised mine.
Plans by AngloGold Ashanti to revive its Obuasi gold mine in Ghana can move ahead after parliament ratified new regulatory and fiscal agreements over the mothballed high-grade, long-life deposit.
AngloGold is continuing a $US31M FEED and preparatory work program announced in Feb 2018 to transform Obuasi into a modern, productive operation.
CEO Srinivasan Venkatakrishnan says the redevelopment can support at least 20 years of production at very competitive costs.
(SOVEREIGN RISK) International miners set to assess legal action after DR Congo ignores their opposition to implement a hotly contested new mining code.
South African gold miner Harmony Gold has raised $US82M via a 55M shares issue to pay down the outstanding $150M bridge loan to partly fund the recent $300M acquisition of the Moab Khotsong Gold Mine from AngloGold Ashanti.
UBS, JP Morgan, Absa and Nedbank arranged the accelerated book-build.
South African gold miner AngloGold Ashanti plans to cut 2,000 jobs from the roughly 8,200 employed at its domestic operations to further cut costs, Reuters reports.
South Africa’s National Union of Mineworkers (NUM) has submitted gold sector wage hike demands of up to 37% over 2-years, according to a document submitted to the Chamber of Mines seen by Reuters.
Departing CEO Venkat sees the benefits in lower costs and higher earnings from AngloGold Ashanti's smaller and more efficient project portfolio.
A 27% increase in production from its Australian mines has highlighted a steady March qtr by AngloGold Ashanti.
Q1 gold production by the South African international miner was 824,000oz, compared to 830,000oz in the March 2017 qtr. AISC improved to $US1,029/oz (Q1FY2017: $1,060/oz).
AngloGold says, when closed and sold mines are excluded, retained operations production rose 6% to 773,000oz at $1,002/oz.
It's maintaining FY2018 guidance at 3.325-3.45Moz at $990-1,060/oz.
(LITIGATION) Six leading South African gold miners have committed to comprehensive compensation payouts for mineworkers suffering silicosis and/or tuberculosis from working in dusty gold mine environments.
South African miners Harmony Gold, African Rainbow, Anglo American SA, AngloGold Ashanti, Gold Fields and Sibanye-Stillwater have agreed to pay up to ZAR500,000 in compensation for former mine workers suffering the lung diseases silicosis and turberculosis.
The companies have previously estimated their combined costs of the settlement will be about ZAR5B.
The settlement comes after 3 years of negotiations with lawyers representing the claimants in a class action.