The third largest gold mining company in the world has taken one step closer to redeveloping one of its flagship operations as it receives the all-important environmental greenlight.
AngloGold Ashanti announced in a statement this week that its pans to redevelop the Obuasi Gold Mine have been given a boost as Ghana’s Environmental Protection Agency has issued environmental permits.
Announced back in February, AngloGold plans to take the Obuasi Gold mine and turn it into a “modern, productive, long-life high margin operation.”
The mine has been in limited operating phase since 2014, but through a redevelopment operation AngloGold hopes to establish a production rate of around 2,000t of gold per day for its first operating year.
As part of phase two, which will see refurbishment of underground materials handling system., shafts and ventilation and construction of a primary crusher, AngloGold will look to producer around 5,000t per day over the following three years.
Long term ambitions for the mine will see an average production rate of around 350,000oz to 450,000oz over the first 10 years and 400,000oz to 450,000oz over the next ten.
Phase one will see between$450m and $500m spent in capital expenditure before a much smaller expenditure planned for phase two of around $94m.
“With the key permitting and regulatory process complete, we will continue to progress the redevelopment of the Obuasi mine as a modern, productive, operation that will benefit a range of key stakeholders for at least two decades,” AngloGold Ashanti Chief Executive Officer, Srinivasan Venkatakrishnan, said.
“We’d like to thank the Government of Ghana and its agencies for their responsive and constructive approach to our negotiations and the regulatory process, showing the alignment of both parties in advancing this important investment into the country.”