Thursday, 27th January 2005 (3319 views)

AngloGold Ashanti has revealed it is to undertake a $121 million expansion project at its Cuiaba mine, after its board approved work.

The site in south-eastern Brazil will involve mine deepening work to allow access to other bodies, which contain a considerable amount of the site's reserves.

AngloGold Ashanti CEO Bobby Godsell commented: "This decision confirms the view that Cuiaba is a world-class, long-life mine and is consistent with our value-adding strategy of growing the company through discovering or acquiring new assets or expanding existing operations."

The world number two gold miner claims that work will see production increase from 190,000 troy ounces to 250,000 ounces per year and will boost the mines life by six years to 2019.

Deepening will begin immediately in order to begin the expansion in December 2006 and allow full production by the second quarter of 2007.

 

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