INSIDE JOB
ANGLOGOLD ASHANTI
Global miner AngloGold Ashanti is looking inwards to expand. In Australia, the world’s third-largest gold miner is already seeing dividends from brownfields projects designed to increase production, lower costs and extend mine life at its optimised Tropicana and Sunrise Dam assets.
DESPITE historically low volatility across most asset classes in 2017, gold performed remarkably well with flows into global gold-backed exchange-traded funds (ETFs) totalling $US8.2 billion.
January is traditionally a strong month for gold, but it’s been a stronger than usual start to 2018.
Money has been piling into gold-backed ETFs, with investors lured by the biggest annual rally in seven years, according to Bloomberg.
In Australia the timing is good; gold production is forecast to increase in 2018, driven by new projects and mine expansions.
South Africa’s AngloGold Ashanti is backing its well performing Australian assets, Sunrise Dam and the Tropicana JV.
Here, it has focused on increasing production, lowering costs and extending life of mine via low CAPEX expansions and upgrades.
A key part of its global portfolio, Sunrise Dam and Tropicana (Anglo 70 per cent) are responsible for about 522,000 ounces per annum, or 15 per cent of portfolio production.
Sunrise Dam and Tropicana production increased 18 per cent to 143,000oz for the third quarter of 2017 compared to 121,000oz for the same quarter in 2016.
This result was driven by higher mill throughput, increased grades and metallurgical recoveries.
Total cash costs fell, assisted by production increases together with lower maintenance and
Sunrise Dam.
Tropicana’s production was driven by the mill throughput, which increased by 15 per cent during the quarter due to plant de-bottlenecking. processing costs at
A New Sunrise
55km south of Laverton in WA, Sunrise celebrated its 20th anniversary in 2017 – and with a long track record of consistently growing reserves and resources, the company sees a long future ahead.
After more than 17 years of operation, the open pit was completed in 2013 to a depth of 490m below surface.