AngloGold Ashanti Limited
AngloGold Ashanti Limited
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With two of Australia’s biggest gold producers in its portfolio and both still growing, South African-based international miner AngloGold Ashanti confirms its strong focus on grassroots exploration in the West Australian and northern Queensland goldfields. Ross Louthean assesses AngloGold executive Andrea Maxey’s presentation to the Diggers & Dealers in Kalgoorlie.
International miner AngloGold is targeting first ore delivery at end-2019 from the $US495-545M redevelopment of the iconic Obuasi underground mine in Ghana, with ramp-up expected during 2020 to its targeted production of up to 450,000ozpa.
South African-based international miner AngloGold Ashanti is heading towards an increase of about 10% in its June half-year (H1FY2019) headline earnings despite a slight fall in gold production to 1.554Moz, from 1.578Moz a year earlier.
With details to be announced on Aug 8, AngloGold says headline earnings are expected to be $US111-129M (H1FY2018: $99M). It expects basic earnings to be $106-122M ($33M).
Thousands of South African gold mining employees or descendants of deceased miners will be in line for payouts of between R70,000 and R500,000 after the High Court in Johannesburg approved a R5B agreed settlement with five major mining companies.
The court’s ruling that the settlement is reasonable, adequate and fair ends a complex class action on behalf of miners who contracted silicosis or tuberculosis during or after working in the nation’s gold mines since 1965.
West Australian miner Independence has exceeded contained metal production guidance for the year to June 2019 at its 100%-owned Nova project, delivering 30,708t nickel (FY19 guidance: 27,000-30,000t), 13,693t copper (11,000-12,500t) and 1,090t cobalt (850-950t).
MD-CEO Peter Bradford says the Fraser Range mine has exceeded its feasibility study forecast for each of the last five quarters.
Consultant dismisses media reports Australia running out of gold, despite 4% Mar qtr 2019 fall to 78t from Q4 18, albeit the highest Q1 output since 1998
Matsa Resources has done another deal with gold miner AngloGold Ashanti Australia (AGAA) for ore purchase/processing from Matsa’s 100%-owned Red October mine, S of Laverton in Western Australia, to be treated at AGAA’s nearby Sunrise Dam gold mine for up to 5 years.
The terms of the agreement remain confidential, but Matsa says they are based on the previous successful relationship and detailed MOU between the 2. 1st ore delivery is scheduled by the end of June 2019.
Less than a year after completing a major restructuring, AngloGold Ashanti has announced it is considering plans to divest its remaining South African assets as part of a continuing process to streamline its international gold mine portfolio.
AngloGold Ashanti says it’s on track for full year guidance despite a fall in March qtr (Q1) gold production by its international mine portfolio to 752,000oz, from 921,000oz in the Dec qtr, at AISC of $US1,009/oz (Q4FY2018: $949/oz).
Production was sustained by strong operating performances by the Iduapriem (Ghana), Tropicana (Australia) and Kibali (DR Congo) mines, offset by new plant ramp-up impacts at Siguiri (Guinea), power supply and seismic interruptions in South Africa and scheduled mill maintenance at Geita (Tanzania).
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.