AngloGold Ashanti Limited
AngloGold Ashanti Limited
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Contractor Macmahon will operate both the openpit and underground mines at the Tropicana gold mine in Western Australia following the go-ahead by AngloGold Ashanti for the $US79.3M development of the Boston Shaker deposit with its ore reserve of 317,000oz (2.8Mt @ 3.84g/t).
Macmahon expects to start work in May on the underground mining contract, expected to be worth about $A170M over 5 years.
Go-ahead for Tropicana’s first underground development announced after feasibility study backs its potential to leverage further value from the West Australia gold mine. John Feary reports
An attempt by South Africa’s Association of Mineworkers and Construction Union to turn its four-month strike against major Sibanye into a gold and platinum sector-wide stoppage has been blocked by the Labour Court in Johannesburg.
A court ruling on Friday that a secondary strike against companies including Lonmin, Anglo American and AngloGold Ashanti would be unprotected prevents the union or its members from pursuing the action.
Australian gold production hit a record 317t for CY18, breaking the record set 21-years ago, with near future output looking good, Surbiton report
AngloGold Ashanti has posted maiden ore reserves for its FS-stage Quebradona copper and gold project, its JV with 5.224% partner B2Gold 60km SW of Medellin in Colombia. AngloGold retains 94.876%.
Attributable contained metal comprises 104.1Mt @ 1.21% for 2,769Mlb Cu and 0.66g/t for 2.22Moz Au.
AngloGold’s PFS completed last month outlined LOM production of 2.9Blb Cu, 1.4Moz Au and 21.6Moz Ag at AISC of $US0.88/lb.
The sale and closure of assets under its now-completed restructuring has seen South African-based international miner AngloGold Ashanti’s gold production for FY2018 decline 9% to 3.4Moz, from 3.755Moz a year earlier but towards the top end of its guidance.
AISC for retained operations improved to $US968/oz (FY2017: $1,017/oz).
Cash-flow from operations was $857M ($997M). Delays in DR Congo administration due to presidential elections affected Kibali loan payments, reducing free cash-flow to $217M ($125M).
Australia-based Vector Resources has completed its $US30M cash/shares acquisition of a 60%-stake in the Adidi-Kanga open pit/underground gold project in the DRC’s Ituri Province and is moving straight to DFS.
The Tropicana gold J/V has outlined a new 1.45Moz underground resource at its Western Australia operation to be integrated into the current open pit mining plan.
The PFS has confirmed the technical feasibility/potential viability of a $A95M capex mine beneath the Boston Shaker pits delivering producing 100,000oz pa over a 7-year LoM based on current indicated/inferred resources of 10.6Mt at 4.2g/t.
Australian gold mine production for the Sept 2018 qtr eased just a few thousand ounces on the previous qtr to 81t, but 6t more than in the Sept 2017 qtr.
Mining consultants Surbiton Associates’ review says Australian gold production is now comfortably more than 300tpa and worth around $A16B pa in exports, maintaining its place as the world’s 2nd largest producer after China, which produced around 440t last year.
Despite Australian gold production easing a few thousand ounces in Q3 CY18, output remains at record levels and set to top 300t in CY18