AngloGold Ashanti Limited
AngloGold Ashanti Limited
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International miner AngloGold Ashanti has confirmed expectations it will not resume underground gold production until next year at its Obuasi mine in Ghana following the death of a worker in a sill pillar failure in May.
AngloGold says underground ore will be used only to replenish the run-of-mine stockpile for the rest of this year.
With gold production resuming in Jan 2022, it expects to achieve a ramp-up to the full 4,000 tons daily mining rate by end-June.
Global major AngloGold Ashanti has entered a definitive agreement to acquire the 80.5% of shares it does not already own in Canadian miner Corvus Gold, a deal that further consolidates ownership of the large Beatty gold district in Nevada, USA.
The offer of $C4.10 cash per share equates to a total transaction cost of about $US370M and values Corvus at about $570M.
(REGULATION)
The international mining sector have reacted with cautious optimism to the assurances of support for their continued investment and operations from the military leaders of the Guinean coup that toppled strongman President Alpha Condé.
Assurances by the leaders of the weekend military coup in Guinea have been welcomed by several international miners operating in the West African nation, one of the world’s major producers of bauxite and rich in minerals including iron ore, gold and diamonds.
Coup leader Colonel Mamady Doumbouya has urged mining companies to continue their operations and exempted them from a nationwide curfew.
International mining companies operating in Guinea have reported no impact on operations following the overthrow of President Alpha Conde on Sunday, with AngloGold Ashanti noting its Siguiri gold mine is operating normally.
South African-based AngloGold is maintaining close contact with mine management at Siguiri, 850km NE of Conakry, which produced 117,000oz gold at AISC of $US1,225/oz for the June half-year (H1FY2021). Its priority remains the safety of employees.
The decision by AngloGold Ashanti and its new 30% JV partner Regis Resources in Western Australia’s Tropicana gold mine to proceed with a final cutback to mine deeper ore in the Havana pit will translate into a $A470M revenue boost for contractor Macmahon.
The cutback, to extend the life of the openpit mine by four years from 2023 to 2027, will add 155Mt to the material to be mined from 2024.
AngloGold Ashanti has slashed its production guidance for the year to Dec 2021 due to the suspension of its Obuasi mine in Ghana following a fatal ground fall, with the international gold major now factoring in zero production for the rest of the year.
The acquisition of a 30% stake in the Tropicana project promises a material step-up in scale for Australian miner Regis Resources after posting gold production of 372,870oz at AISC of $A1,373/oz for the June year (FY21), up from 352,042oz at $1,246/oz in the previous year.
The result included two months’ contribution of 17,317oz at $2,121/oz for its share of production from AngloGold Ashanti’s 70%-owned Tropicana mine and a strong 355,553oz from its Duketon Operations.
Specialist contractor African Mining Services will extend its involvement with AngloGold Ashanti’s 275,000ozpa Iduapriem openpit gold mine in western Ghana for a further 5 years following the award of a new $US470M contract to its newly established AMAX JV with leading local company Maxmass.
Its 60% share of the contract will add over $280M to the work in hand for AMS, which has been active at Iduapriem since 2012.
Mali’s Morila mine, once one of the world’s highest grade gold producers for majors Barrick Gold and AngloGold Ashanti, has passed a significant operation milestone with the successful first production blast for new owner Firefinch by contractor EGTF.