AngloGold Ashanti Limited
AngloGold Ashanti Limited
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Australian-based miner Firefinch has made a major step towards the resumption of mining at its 80%-owned Morila Superpit in Mali with the start of dewatering the site that produced 7.5Moz gold for former owners Barrick Gold and AngloGold Ashanti between 2000 and 2020.
Since completing the $US28.9M acquisition of the mine 6 months ago, Firefinch has ramped up production through its 4.5Mtpa mill initially from tailings retreatment and moving on shortly to satellite openpits and stockpiles.
Regis Resources has signed a conditional binding agreement with IGO to acquire IGO’s 30% of the Tropicana Gold Project, 330km ENE of Kalgoorlie in Western Australia, for $A903M cash.
International gold major AngloGold Ashanti is extending its relationship with African Underground Mining Services at its flagship Geita mining complex in the Lake Victoria Goldfields of NW Tanzania, awarding the Perenti group company a new two-year contract worth $US186M.
The contract includes the Geita Hill underground development, which is expected to increase AUMS’ scope of works and revenue run rate as work ramps up to production late this year.
African-focused mining services company Capital will extend its working relationship with the Geita gold mine in Tanzania to 19 years with the award by AngloGold Ashanti of expanded surface and underground contracts. The three-year contracts, commencing April 1, are anticipate to generate $US65M revenues.
Exec chairman Jamie Boyton says the expanded awards at Geita, where it has been providing drilling services since 2006, maintain Capital’s focus on long-term minesite contracts with premier clients.
AngloGold Ashanti has established a ‘clear and credible path’ to extended, high-return growth with the identification of 6Moz in new ore reserves after the first 12 months of a multi-year investment program.
Interim CEO Christine Ramon has declared international miner AngloGold Ashanti has established “a clear and credible path to disciplined, high-return growth” with significant growth in reserves and plans to boost production by up to 15% within 5 years.
After producing 3.05Moz gold in FY2020, AngloGold aims to reach 3.2-3.6Moz by 2025 with growth coming mainly from the ramp-up of the Obuasi mine in Ghana and incremental improvements from existing assets in the next two years.
New gold producer Firefinch has lifted indicated/inferred resources at its Morila Gold Mine in SW Mali to 2.2Moz contained from 1.3Moz, with the grade up from 1.2g/t to 1.6g/t, the bulk of which is open pittable.
Studies are underway to target production of 150,000oz-200,000oz pa from a Morila superpit using existing infrastructure. The increase takes global resources for the entire Morila project up to 2.35Moz.
West Australian miner IGO’s 100%-owned Nova nickel-copper-cobalt mine posted lower Dec qtr (Q2FY21) production of 7,024t (Q1: 7,276t) Ni and 3,171t (3,278t) Cu while favourable by-product pricing improved cash costs to $A2.10/lb Ni ($2.25/lb).
MD-CEO Peter Bradford says, having passed the 100,000t nickel milestone, Nova is expected to maintain production guidance while cash costs continue to benefit from by-product pricing.
Western Australia-based Firefinch has exceeded guidance with 4,228oz of gold produced in Dec 2020 from processing tailings at the Morila gold openpit mine in SW Mali, taking its total to 7,683oz since the company acquired 80% of the mothballed mine from Barrick Gold and AngloGold Ashanti for $US29M on Nov 11, 2020.
The previous prediction was 4,000oz-4,100oz. Firefinch has also reaffirmed a production target of 10,000oz-10,500oz for the Mar 2021 qtr (Q1 21).
International miner AngloGold Ashanti is forecasting its strongest free cash-flow generation in almost a decade for FY2020 after making significant progress on its strategy to be a leading global gold mine with 10 producing assets across a geographically diverse portfolio.
After withdrawing its initial guidance in March due to COVID-19 uncertainty, the company says it’s on-track to meet its revised guidance of 3.03-3.1Moz gold at AISC of $US1,060-1,120/oz. It will be the eighth consecutive year of meeting guidance.