AngloGold Ashanti Uncovers High-Grade Gold In A Game-Changing Find In The US.he Obuasi mine in Ghana saw a positive recovery in Q4 2023, gaining momentum after a slowdown in Q3 2023.
AngloGold Ashanti has significantly discovered additional gold, and the quality is notably higher.
The precious metals miner generated $314 million (R6 billion) in cash inflows for the second half of 2023. They’ve unveiled a substantial gold resource discovery, totaling 9.1 million ounces, in Nevada, USA, a sought-after haven for the metal.
The market embraced the announcement, leading to a 3.66% increase in AngloGold shares, closing at R346.84 on Friday. Intra-day, the shares reached a peak of R356.73, marking a 6.6% surge. Over three years, the shares have gained 17.01%.
On Friday, AngloGold revealed that following a $73 million investment in brownfield exploration in Nevada and the completion of 129km of drilling, it has officially verified a substantial inferred mineral deposit of precious metal at the Merlin gold deposit under its Expanded Silicon Project.
The mining company declared the completion of 129 kilometers of drilling in Nevada projects, incurring an exploration cost of $73.9 million, primarily focused on the Merlin deposit within the Expanded Silicon Project. These efforts yielded outstanding results, leading to the confirmation of an initial Inferred Mineral Resource of 9.1 million ounces.
AngloGold Ashanti’s pursuit of heightened cost-efficiency and mine life extension aligns with its decision to migrate its primary listing to the NYSE. This move aims to improve access to the world’s largest capital market and enhance its positioning among the most highly valued companies in the gold industry.
During the quarter ending September 2023, AngloGold Ashanti achieved a 3% rise in gold production, reaching 673,000 ounces compared to the preceding June quarter. This increase is attributed to higher processed ore tonnes, partially offset by lower grades.
Yet, for the nine months leading to September 2023, the production of 1.909 million ounces is less than the 1.971 million ounces from the same period last year. This decline is due to production challenges at the Siguiri mine in Guinea, leading to a loss of approximately 29,000 ounces of gold. Additionally, the suspension of waste deposition at the Cuiabá mine in Brazil resulted in the loss of around 5,000 ounces of gold due to the transition to gold-in-concentrate production.
AngloGold Ashanti CEO Alberto Calderon stated, “Gold production demonstrated improvement in the third quarter of 2023, and we anticipate a further increase throughout the remaining year, aligning with our guidance.
He mentioned that the company is intensifying efforts to boost competitiveness compared to its peers, with a heightened emphasis on the decarbonization of operations.
Advancements in the decarbonization program have been noted at the Geita site in Tanzania and the Tropicana site in Western Australia. AngloGold Ashanti is currently gearing up to link the mine site to the Tanzanian grid, which boasts a significant proportion of its power mix from renewable sources. Simultaneously, at Tropicana, initial project activities have begun for the establishment of a 62MW wind and solar facility.