AngloGold Ashanti Limited
AngloGold Ashanti Limited
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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
The restructuring of its South African portfolio for a smaller production base, now nearly complete, has kept global miner AngloGold Ashanti on track for the top end of its 4.33-3.45Moz production and the lower end of its $US990-1,060/oz AISC costs for FY2018.
Excluding its South African asset sales, Sept qtr (Q3) production was 851,000oz at $920/oz, compared to 853,000oz at $1,071/oz in Q3FY2017.
AngloGold Ashanti is targeting a March 2019 start date for the resumption of operations at its Obuasi gold mine in Ghana after awarding a 5-year underground mining services contract to African Underground Mining Services and its 30% local partner, Rocksure International.
After over 4 years in limbo, Obuasi is projected to deliver 350,000-450,000ozpa over the first 10 years, followed by 400,000-450,000ozpa over the following 10 years.
Global miner AngloGold Ashanti has completed the signing of 3-year wage agreements with unions representing over 90% of its South African mine workforce with the conclusion of a pact with the National Union of Mineworkers.
The deal with the NUM, which covers 32.8% of its employees, is the same as its settlement earlier in the week with the Association of Mining and Construction Union (48.9%), Solidarity (3.7%) and UASA (9.4%).
AngloGold has finalised 3-year wage agreements with the unions representing most of its South African employees.
The global major says the deals improves pay particularly for its entry-level workers as well as providing certainty, and includes new shift arrangements to improve productivity and safety.
Agreements have been signed with the Association of Mining and Construction Union (representing 48.9% of the workforce), Solidarity (3.7%) and UASA (9.4%).
West Australian company Matsa Resources has commenced mining at its 100%-owned Red Dog gold mine, a 26,300oz (368,000t @ 2.2g/t) 25km west of its Fortitude gold project near Laverton.
The development of the mine benefits from the ability to utilise the existing mine infrastructure at Fortitude and the camp and accommodation facilities at the Red October mine, 20km to the north.
Under an ore purchase agreement with AngloGold Ashanti Australia, all Red Dog ore will be treated at its Sunrise Dam gold mine.
Global hard-rock underground mining services provider Barminco has won a 5-year, $A700M contract extension at AngloGold Ashanti’s producing Sunrise Dam gold project in Western Australia.
The deal extends Barminco’s association with AngloGold Ashanti at Sunrise Dam that goes back to the commencement of underground operations in 2003, when the first portal was cut, with plans now in place to increase annual production well beyond the current 3Mtpa.
New study dismisses nay sayers big gold production drop predictions on Aussie FY18 gold production up 12t on FY17.
Outgoing AngloGold Ashanti CEO Srinivasan Venkatakrishnan has delivered a strong production and cost performance in the final interim result before he makes way for former Barrick Gold president Kelvin Dukshinsky next month.