Wednesday, 12th May 2004 (2657 views)

The second biggest gold producer in the world has revealed plans to boost gold output by seven million ounces by 2006.

South Africa's AngloGold Ashanti is aiming to increase output by 11 per cent from this year and to cut cash costs by 10 per cent.

The Ashanti Goldfields were taken over by AngloGold last month and by 2005 output is set to grow to 6.8 million ounces.

Cost cutting plans were first revealed when first quarter results were launched last month, with cash costs predicted to average $250 per ounce for this year.

At the presentation where latest strategies were announced, the company explained that $210 million in spending at the Obuasi mine were hoped to cut working costs by $20 per ounce within the next four years.

 

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