South Africa’s AngloGold Ashanti (JSE:ANG) (NYSE:AU), the world’s third-biggest producer of the precious metal, plans to boost production and extend the life of its Tropicana joint venture mine in Western Australia.
TheA$48m (about $36m) expansion of the mine, in which AngloGold has a 70% stake and Independence Group NL holds the remaining 30%, is expected to add 2.1 million ounces and extend the mine’s life by approximately seven years to 2027.
The company said the partners plan to start mining the Havana South and Boston Shaker pits before the next two major decisions are made. They plan to decide by 2020 whether to strip the Havana main pit, and then by 2022 whether to start the final stages of the Havana main pit.
This phased approach provides optionality, and the flexibility to adjust to prevailing economic conditions AngloGold said.
More to come…