AngloGold Ashanti Limited
AngloGold Ashanti Limited
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AngloGold Ashanti is continuing a voluntary suspension of its Mponeng mine in South Africa’s West Wits mining district after processing of COVID-19 tests yielded 196 positive results from 651 tests processed. The vast majority of individuals were asymptomatic, with the balance showing very mild symptoms.
The company ordered a comprehensive screening, contact tracing and testing program initiative after a positive COVID-19 case was detected last week.
AngloGold Ashanti has credited solid performances from its diverse portfolio of 14 mines in 9 countries for a solid operational and financial start to 2020, a transitional year for the South African international miner following the sales of its Sadiola mine in Mali and its South African portfolio.
March qtr (Q1) gold production of 716,000oz at AISC of $US1,047/oz, including the loss of 11,000oz gold and $18/oz due to COVID-19 restrictions, compares to 902,000oz at $957/oz in the previous period.
Harmony Gold Mining plans to raise up to $US200M via a share issue to fund part of its purchase of AngloGold Ashanti’s last remaining assets in South Africa, Reuters reports.
The assets for sale include the Mponeng mine, the world’s deepest gold mine, for about $300M and would make Harmony the country’s largest gold producer.
Nickel-gold miner IGO is buying an up to 18.4% stake in fellow Australian zinc miner/metals explorer New Century Resources by taking up to $A27M ($US17.12M) of a $51.1M New Century capital raising at $0.15cps.
The 2 company have also agreed to a strategic collaboration spanning New Century's existing tenements, or other mining assets, primarily within the clean energy metals sector.
(CORONAVIRUS)
The geographical diversity of its asset portfolio and multiple cashflow streams have helped AngloGold Ashanti maintain its credit rating as it emerges from the initial crunch of coronavirus restrictions.
Easing COVID-19 restrictions have enabled international miner AngloGold Ashanti to resume operations at its mines in Argentina, Brazil and South Africa.
Its 92.5%-owned Cerro Vanguardia in Argentina, suspended since March 21, has ramped up to capacity since April 6 initially processing stockpiles.
At its wholly owned Serra Grande underground complex in Brazil, AngloGold has been ramping up production since April 5 after measures taken by local authorities enabled it to end the suspension that began on March 27.
International miner AngloGold Ashanti has put a figure of 30,000-40,000oz on the anticipated impact of quarantines, lockdowns and suspensions affecting its operations in Argentina, Brazil and South Africa due to COVID-19 pandemic measures.
The loss of production represents less than 2% of the annual production from AngloGold’s diversified portfolio of 14 assets in nine countries.
Despite the forecast losses, AngloGold says it’s currently on track for the FY2020 production guidance of 3.05-3.3Moz announced in Feb.
AngloGold Ashanti confirmed its South African operations - including the Mponeng mine, Mine Waste Solutions and surface rock-dump processing sites – will go to care & maintenance from midnight on March 26 under the nationwide COVID-19 lockdown ordered by President Cyril Ramaphosa.
The lockdown is scheduled to last for 3 weeks. AngloGold is working on plans aimed at regaining lost production once operations resume.
Country-wide restrictions on travel and border closings have resulted in the suspension of mining activities until the end of March of operations at AngloGold Ashanti’s 92.5%-owned Cerro Vanguardia mine in Santa Cruz province, Argentina.
AngloGold’s only Argentinian mine produced 219,000oz gold at AISC of $US859/oz in FY2019 and is scheduled to account for 6% of FY2020 output.
Rescuers have located the bodies of three miners killed in a rockfall about 3.5km below the surface that followed a magnitude 2 earth tremor at AngloGold Ashanti’s Mponeng gold mine 75km SW of Johannesburg in South Africa.
Four other miners were rescued with non life-threatening injuries after the fall of ground on Thursday.