AngloGold Ashanti Limited
AngloGold Ashanti Limited
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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.
Australia-based Firefinch, formerly Mali Lithium, has poured 1st gold at its 80%-owned Morila Gold Mine in SW Mali under the company’s ownership, and is expected to notch up an above estimate 4,000oz-4,100oz in the month of November at all-in-costs of about $US1,000oz-$1,100oz.
Morila, acquired from Barrick Gold and AngloGold Ashanti for $29M in Nov 2020, has measured-indicated-inferred resources of 1.49Moz within 39.3Mt @ 1.17g/t), with excellent potential to increase that.
New 80% owner Firefinch has lifted total measured, indicated and inferred gold resources to 1.49Moz (39.3Mt @ 1.17g/t) as its consulting mining engineers begin mine design and scheduling for the rejuvenation of the Morila project in SW Mali, acquired from Barrick Gold and AngloGold Ashanti for $US29M in Nov 2020.
West Australian mining and construction contractor DDB has been named preferred supplier of drilling services for the Golden Delicious gold project at international miner AngloGold Ashanti’s Sunrise Dam operation in the Eastern Goldfields.
The contract awarded by AngloGold’s long-term mining services company Carey Mining is expected to see DDB commence operations at Golden Delicious from late-Dec and continue for about 24 months.
Global miner AngloGold Ashanti has suspended its 92.5%-owned Cerro Vanguardia gold mine in Argentina for 10 days after detecting an undisclosed number of COVID-19 cases among the workforce.
While operations are expected to resume on Nov 20, AngloGold will allow only essential movements to and from the site for a further 10 days.
AngloGold says essential activities will continue while the Santa Cruz mine site is fully sanitised in coordination with health and labour authorities.