AngloGold Ashanti Limited
AngloGold Ashanti Limited
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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
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%).