The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Tuesday, 10th February 2004 (5253 views)

AngloGold has released its ore reserve and mineral resource statement for 2003.<BR/><BR/>The company has said that there are limited prospects for growing its South African reserve base. <BR/><BR/>To counter this, AngloGold announced the soon-to-be-completed merger with Ashanti Goldfields. <BR/><BR/>This will increase AngloGold's Ore Reserves by some 30 per cent, primarily in the form of the long-life, high-margin operations of Obuasi and Geita.<BR/><BR/>The company announced the conversion of mineral resources to ore reserves added an additional 1.8Moz of Ore Reserve at a cost of US$5.2/oz, with a further 0.8Moz added with the inclusion of the South African Moab extension.<BR/><BR/>AngloGold's total mineral resource decreased by 74.9Moz from 287.6Moz in 2002 to 212.7Moz in 2003. This was primarily due to a revision of the mining depth limit at Western Ultra Deep Levels (WUDLS) from 5km to 4.5km below datum.<BR/><BR/>In addition to this change at WUDLS, depletion as a result of mining of Mineral Resources during 2003 reduced the total mineral resource by 6.6Moz. <BR/><BR/>The total ore reserve decreased by 9.2Moz from 72.3Moz in 2002 to 63.1Moz in 2003.

 

« Back to Gold News stories