You are currently viewing our desktop site, do you want to visit our Mobile web app instead?

AngloGold aims to produce 350 000–400 000 oz of gold a year from Ghana mine

The initial capital expenditure for the mine remains in the range of $495 million to $545 million.
Image: Nadine Hutton/Bloomberg

This article has been corrected since it was first published.

AngloGold Ashanti said it expects its Obuasi gold mine in Ghana to produce about 350,000 to 400,000 ounces per year for the first ten years, after achieving its first gold pour since it was suspended five years ago.

The initial capital expenditure for the mine, which has been in the process of redevelopment since last year, remains in the range of $495 million to $545 million, the company said on Thursday.

“Following a ramp-up period, AngloGold Ashanti estimates mining at a rate of 2,000 tons [of gold-bearing ore] per day from Obuasi during 2020, climbing to 4,000 tons per day by year-end,” it said.

Get access to Moneyweb's financial intelligence and support quality journalism for only
R63/month or R630/year.
Sign up here, cancel at any time.

COMMENTS   8

You must be signed in to comment.

SIGN IN SIGN UP

2000 tons of gold per day? really? So in less than 200 days they will produce more gold than the total amount that was mined in all of history! good for them! Then why is the price of gold not down to $10 per ounce at the moment? Cleary the market does not believe the statistics in this article.

2000 tons of ore maybe.

Why should I ever read an article on Moneyweb ever?

I think they mean 2.0 tons per day – which is still very high. Many places use a comma instead of a decimal point.

I suspect there is a big mistake with the numbers here.

Maybe it should have been OZ and not T.

Clearly written by some idijit without any comprehension.

Gold bearing rock?

Exactly! The rock that contains the gold before processing.
Not 2000 tonnes of “gold” per day.

Now here’s something the KARATBARS crowd can throw around, stating their gold is backed by production from this Ghana mine (since no-one can find their “lost city of El Dorado” claim of a Madagascar gold mine)

2,000t per day = two comma zero zero zero ton per day

2 000t per day = two thousand ton per day

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

NEWSLETTERS WEB APP SHOP PORTFOLIO TOOL TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: