Canada: Gold-miner increases exploration spend to $43m.Byline: prashant03 Gold-mining major AngloGold Ashanti AngloGold Ashanti Limited is a global gold mining company with mines on four continents. It was formed in 2004 by the merger of AngloGold and the Ashanti Goldfields Corporation. AngloGold Ashanti Limited is now a global gold producer with 21 operations on four continents. stepped up its exploration efforts for the second quarter, spending $43-million on exploration activities, compared with the $31-million spent during the previous quarter. The company s greenfield team has made more discoveries than any of the other major gold or mining companies. The company has discovered 22,6-million ounces of gold in total from greenfield drilling at an average cost of $22/oz. AngloGold Ashanti CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Mark Cutifani comments that this shows that the company s $90-million exploration budget for this year will be money well spent. The total exploration expenditure for the second quarter, inclusive of inclusive of prep. Taking into consideration or account; including. expenditure at equity-accounted associates, was $23- million for brownfield See greenfield. exploration and $20-million for the company s greenfields exploration. Cutifani says that a joint venture agreement was signed with Laurentian Goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. to advance greenfield exploration in specific areas in Quebec, Ontario and Saskatchewan. In addition, the company formed a strate- gic partnership with Dubai-based explorer Thani Dubai, to drill and ultimately deve- lop LOP - A language based on first-order logic. ["SETHEO - A High-Perormance Theorem Prover for First-Order Logic", Reinhold Letz et al, J Automated Reasoning 8(2):183-212 (1992)]. new deposits in North Africa and the Middle East. The greenfield team also maintained its activities in Australia, the Americas, China, South-East Asia South-East Asia n → le Sud-Est asiatique South-East Asia south n → Südostasien nt South-East Asia n → , sub-Saharan Africa and Russia. Meanwhile, Cutifani says that drilling at the La Colosa prospect, in Colombia, remains suspended pending the conclusion of a public appeal process. The company is working towards a posi- tive outcome in this regard and is working closely with the Colombian government and community organisations to ensure the best possible plan for continued exploration and ultimately the development of La Colosa, he adds. Further, the prefeasibility study on the Tropicana gold project, in Australia, was completed during the quarter and a deci- sion was taken by AngloGold Ashanti and its partner, Independence Group, to proceed with a full bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. study. Tropicana, which boasts a resource of five-million ounces, presents the opportunity to gain a foothold in an important new gold district, about 300 km from Kalgoorlie, says Cutifani. The bankable study will determine whether to use contractor or owner mining, and whether to opt for gas or diesel power supplied by a third party. Once developed, the mine is expected to produce an average of between 330 000 oz/y and 410 000 oz/y, at a total cash cost of between A$590/oz and A$710/oz, over a ten-year initial life. Cutifani points out that there is potential to increase resources and mine life through additional drilling at the nearby Havana South and other prospects. Copyright : Euclid Infotech Pvt. Ltd. Provided by Syndigate.info an Albawaba.com company |
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