Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Johannesburg Stock Exchange  >  AngloGold Ashanti Limited    ANGJ   ZAE000043485

SummaryChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

ANGLOGOLD ASHANTI LTD.ADR : Tropicana Gold Project Ore Reserve increase

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/26/2011 | 10:20am CET

Tropicana Gold Project Ore Reserve increaseTuesday, July 26, 2011
The Ore Reserve estimate for the Tropicana Gold Project in Western Australia has increased by 540,000 ounces.

The Tropicana Gold Project, 330 kilometres east-northeast of Kalgoorlie, is part of the Tropicana Joint Venture, owned by AngloGold Ashanti Australia Ltd (70% and manager) and Independence Group NL (30%).

The Mineral Resource and Ore Reserve at Tropicana was updated as at June 30, 2011, to reflect recent increases in the gold price and changes to the resource model through increased drill density in the Havana South and Boston Shaker zones.

The Measured, Indicated and Inferred Mineral Resource estimate increased slightly to 78.6 million tonnes grading 2.12 grams Au per tonne containing 5.36 million ounces of gold, while the Ore Reserve estimate increased more significantly to 56.4 Mt grading 2.16 g/t Au containing 3.91 Moz of gold (see Table 1).

Table1
100% BasisMineral ResourceOre ReserveMtg/tMozMtg/tMozDec - 1076.52.155.2847.92.193.37Jun - 1178.62.125.3656.42.163.91Change2.2-0.130.088.40.030.54
The increased Ore Reserve estimate was primarily due to the inclusion of the Boston Shaker pit, which added 243,000 oz, and conversion of Inferred Resources into Indicated status at Havana South, which added a further 257,000 oz Au. The use of higher gold prices (see Table 2) also had a positive impact.
Table2
Gold PriceMineral ResourceOre ReserveUS$A$A$/US$US$A$A$/US$Dec - 101100.01309.50.84880.01100.00.80Jun - 111600.01400.01.141100.01210.00.91Change500.090.50.30220.0108.80.11
The majority of drilling included in the estimate was infill drilling, and as such, the changes to the Mineral Resource are relatively small, largely reflecting changes in the gold price and cut-off grade.

Drilling is continuing in the Swizzler area (between the Tropicana and Havana pits) and at Havana Deeps. A pre-feasibility study is being carried out on open pit and underground mining options of the Havana Deeps mineralisation and is anticipated to add to Mineral Resource.

The Boards of AngloGold Ashanti and Independence approved development of the Tropicana Gold Project in November last year. Based on Mineral Resource and Ore Reserve estimates at that time, the approved project was to produce between 470,000-490,000 ounces of gold per annum in its first three years of production and would average 330,000-350,000 oz pa over the life of the operation, which was estimated to be at least 10 years. Cash costs were forecast to be A$580/oz-A$600/oz in the first three years.

The effect of increases in Mineral Resource and Ore Reserves since November 2010 has not been reflected in these production or cash cost forecasts.

The capital cost, including pre-production expenditure, is estimated to be A$690-A$740 million (real).

Construction of 220 kilometres of new road from Pinjin to Tropicana began in the June quarter and detailed engineering design is underway, ahead of plant construction starting in early 2012.

The project remains on schedule to pour first gold in the December quarter of 2013.

ENDS
Contacts
Tel:E-mail:
Alan Fine (Media)+27 (0) 11 637 6383 / +27 (0) 83 250 0757afine@anglogoldashanti.com
Andrea Maxey (Investors & Media)+61 8 8425 4603 / +61 400 072 199amaxey@anglogoldashanti.com.au
Stewart Bailey (Investors)+1 212 836 4303 / +1 646 338 4337sbailey@anglogoldashanti.com

Disclaimer

Certain statements made in this communication, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash costs and other operating results, growth prospects and outlook of AngloGold Ashanti?s operations, individually or in the aggregate, including the completion and commencement of commercial operations of certain of AngloGold Ashanti?s exploration and production projects, the completion of announced mergers and acquisitions transactions, AngloGold Ashanti?s liquidity and capital resources, and expenditure and the outcome and consequences of any litigation proceedings or environmental issues, contain certain forward-looking statements regarding AngloGold Ashanti?s operations, economic performance and financial condition. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions including environmental approvals and actions, fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion of certain of these factors, refer to AngloGold Ashanti's annual report for the year ended 31 December 2010, which was distributed to shareholders on 29 March 2011. The company?s 2010 annual report on Form 20-F, was filed with the Securities and Exchange Commission in the United States on May 31, 2011. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today?s date or to reflect the occurrence of unanticipated events. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.

AngloGold Ashanti posts information that is important to investors on the main page of its website at www.anglogoldashanti.com and under the "Investors" tab on the main page. This information is updated regularly. Investors should visit this website to obtain important information about AngloGold Ashanti.

JORC Compliance: The information in this report that relates to Ore Reserves is based on information compiled by Marek Janas, a full time employee of AngloGold Ashanti Australia Ltd, who is a member of the AusIMM. Marek Janas has sufficient experience relative to the type and style of mineral deposit under consideration, and to the activity which has been undertaken, to qualify as a Competent Person (or Recognised Mining Professional) as defined in the 2004 Edition of the JORC Code. Marek Janas consents to the release of this reserve based on the information in the form and context in which it appears.

The information in this report that relates to Mineral Resources is based on information compiled by Mark Kent, a full-time employee of AngloGold Ashanti Australia Ltd, who is a member of the AusIMM. Mark Kent has sufficient experience relative to the type and style of mineral deposit under consideration, and to the activity which has been undertaken, to qualify as a Competent Person (or Recognised Mining Professional) as defined in the 2004 Edition of the JORC Code. Mark Kent consents to the release of this resource based on the information in the form and context in which it appears.

The information in this report that relates to Exploration Results is based on information compiled by Mark Doyle, a full-time employee of AngloGold Ashanti Australia Ltd, who is a member of the AusIMM. Mark Doyle has sufficient experience relative to the type and style of mineral deposit under consideration and to the activity that has been undertaken, to qualify as a Competent Person (or Recognised Mining Professional) as defined in the 2004 Edition of the JORC Code. Mark Doyle consents to the release of this resource based on the information in the form and context in which it appears.

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ANGLOGOLD ASHANTI LIMITED
09:14a ANGLOGOLD ASHANTI : resumes dividends on free cash flow jump
09:09a ANGLOGOLD ASHANTI : Dividend Declaration - Dividend number 118
08:02aDJANGLOGOLD ASHANTI : Swings to 2016 Profit -- 2nd Update
06:52aDJANGLOGOLD ASHANTI : Swings to 2016 Profit -- Update
06:42aDJANGLOGOLD ASHANTI : Swings to 2016 Profit
02/16ANGLOGOLD ASHANTI LIMITED : annual earnings release
02/13 ANGLOGOLD ASHANTI : Notice of acquisition of interest in AngloGold Ashanti secur..
02/11 ANGLOGOLD ASHANTI : Government will revive Anglogold Ashanti- President Akufo-Ad..
02/10 ANGLOGOLD : charter could crush us
02/10 ANGLOGOLD ASHANTI : Bounces Back
More news
Sector news : Gold Mining
02/16 AGNICO EAGLE MINES : to invest $1.2 billion in Arctic gold mines
02/15 GOLDCORP : Canadian gold miner Goldcorp profit beats market forecast
02/15 SOROS LIQUIDATED BARRICK GOLD SHARES : filing
02/14 BARRICK GOLD : Acacia Mining sees 2017 as 'critical year' for new projects
02/12DJNEWCREST MINING : First-Half Profit More Than Doubles
More sector news : Gold Mining
News from SeekingAlpha
02/20 Tracking John Paulson's Paulson & Company Portfolio - Q4 2016 Update
02/08 SANDSTORM GOLD : This Is Excellent News
02/06 Discounts And Dividends In Gold Closed-End Funds
02/02 AngloGold +3% after upbeat preview of 2016 results
02/02 PREMARKET GAINERS / LOSERS AS OF 9 : 10 am
Advertisement
Financials ($)
Sales 2016 4 248 M
EBIT 2016 770 M
Net income 2016 393 M
Debt 2016 1 912 M
Yield 2016 0,38%
P/E ratio 2016 16,70
P/E ratio 2017 12,11
EV / Sales 2016 1,67x
EV / Sales 2017 1,53x
Capitalization 5 184 M
More Financials
Chart ANGLOGOLD ASHANTI LIMITED
Duration : Period :
AngloGold Ashanti Limited Technical Analysis Chart | ANGJ | ZAE000043485 | 4-Traders
Full-screen chart
Technical analysis trends ANGLOGOLD ASHANTI...
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 15,6 $
Spread / Average Target 23%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Srinivasan Venkatakrishnan Chief Executive Officer & Executive Director
Sipho Mila Pityana Independent Non-Executive Chairman
Christopher Bernard Sheppard Chief Operating Officer-South Africa
Kandimathie Christine Ramon Chief Financial Officer & Executive Director
Graham J. Ehm Executive Vice President-Planning & Technical
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
ANGLOGOLD ASHANTI LIMI..17.07%5 184
BARRICK GOLD CORP.22.50%23 504
NEWMONT MINING CORP8.63%19 643
NEWCREST MINING LIMITE..13.53%13 500
SAUDI ARABIAN MINING C..--.--%12 526
AGNICO EAGLE MINES LTD8.86%10 552
More Results