AngloGold Ashanti Limited
AngloGold Ashanti Limited
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The ‘perfect storm’ of events that have dragged the performance of its Morila Super Pit have left new miner Firefinch relying on increased resource and reserve estimates and a new mine plan to restore its fortunes.
CEO Alberto Calderon is confident the new operating model international major AngloGold Ashanti it introduced to follow up an organisation-wide restructuring is delivering improved operational performance after a steady March qtr.
Q1 production of 588,000oz gold at AISC of $US1,405/oz, while behind the 659,000oz at $1,389/oz in the previous period, keeps AngloGold on track for its FY2022 guidance of 2.55-2.8Moz at $1,295-1,425/oz.
The impact of a wall slip at the narrow base level of the Rosemont main pit at its Duketon complex, coupled with other operational challenges, have pushed West Australian miner Regis Resources to reduce FY22 group gold production guidance by 10% to 420,000-475,000oz at AISC of $A1,425-1,500/oz from its previous forecast of 460,000-515,000oz at $1,290-1,365/oz.
Mali miner Firefinch is fully funded to execute aggressive growth plans at its 80%-owned Morila gold mine after receiving firm commitments from existing and new investors to raise $A100M through the placement of 149.3M shares at 67cps, an 8% discount to its 10-day volume weighted average price.
AngloGold Ashanti’s Quebradona copper project in Colombia will be delayed by the shelving of an environmental permissioning process, Reuters reports.
A company spokesperson says it needs to be officially notified of a decision so it can understand why it was taken before it can prepare a new request. The project has not yet announced a start day.
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.
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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.