HomeGoldAngloGold spending US$231 million to boost production

AngloGold spending US$231 million to boost production

Aerial photo of
AngloGold’s Iduapriem
plant in Ghana, with
old heap leach heaps
in the background
Accra, Ghana — MININGREVIEW.COM — 23 May 2008 – AngloGold Ashanti – one of the world’s top gold producers – is to spend more than US$230 million (R1.75 billion) on two of its Ghana operations this year in a move directed at expanding and sustaining their life-of-mine.
Quoting the “Accra Mail”, allAfrica.com reports that the company plans to spend US$130 million (close to R1 billion) on exploration, ore reserve development and stay-in-business expenses at its Obuasi Mine.

This was revealed in a presentation in the Ghanaian capital by vice-president for Africa Christian Rampa-Luhembwe. He added that AngloGold was to spend another US$44.4 million (R330 million) in a turn-around programme aimed at sustaining and expanding the mine in order to produce more quality ounces at low cost.

Rampa-Luhembwe said that in addition the company would spend US$57 million (R430 million) to modernise its Iduapriem mine at Tarkwa, which had produced 185 000 ounces last year. The completion of the project at the end of this year would enable the mine to increase production by about 15%.

“As part of the company’s social responsibility programme,” he revealed, “AGA invested US$3 million (almost R23 million) in a comprehensive initiative against malaria three years ago. Statistics from both government and private hospitals are showing a 74% reduction in malaria cases in the Obuasi municipal area.”

This year AngloGold is replicating the success achieved at Obuasi at itsTarkwa operation in collaboration with four other mining companies,” Rampa-Luhembwe added.