May 17, 2020

REPORT: Mining Investments for Chile to Reach $105 Billion By 2023

Codelco
Report
Operations
Cochilco
Admin
2 min
REPORT: Mining Investments for Chile to Reach $105 Billion By 2023
Chiles mining industry is heating up. According to a new report by the state copper commission Cochilco, investments in the countrys mining sector are e...

Chile’s mining industry is heating up. According to a new report by the state copper commission Cochilco, investments in the country’s mining sector are expected to reach $105 billion between 2014 and 2023.

Of the total investment, it’s reported $81 billion will go towards the copper industry while $23 billion will be used for gold, silver, iron ore another industrial mineral projects.

The massive investment will also include $28 billion in allocated funds for Codelco, the state-owned copper mining company, for new mines and the expansion of one of its major projects.

"Certain projects are currently facing delays," Cochilco executive VP Sergio Hernández said.

According to Hernández, some projects may be running behind schedule as a result of delays in securing permits or meeting new environmental and social standards, but nothing has been terminated.

"There are no trust issues here; mining investors are confident. No project has fallen through.”

Mining investments in Chile will feature 14 companies that are looking to implement medium or large-scale mining projects in the country for the first time, according to the report by Cochilco.

The planned investment will also include nine new mining projects with an estimated investment of $8.9 billion, including seven for copper.

Cochilco said once all projects are completed, the country’s copper production will exceed six million tons by 2015 and eight million tons by 2025. Gold production is expected to rise as well, increasing by 191 percent to 149,480kg a year.

Chile, the world’s top copper producer, has been battling sliding prices, rising costs and falling ore grades.

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Apr 19, 2021

AngloGold Ashanti establishes BG Umoja JV in Tanzania

AngloGoldAshanti
Geita
Gold
Sustainability
Daniel Brightmore
3 min
AngloGold Ashanti, Geita, Tanzania, BG Umoja
AngloGold Ashanti’s BG Umoja JV has been awarded a $186mn two-year contract for the Nyankanga and Geita Hill underground mining projects in Tanzania...

AngloGold Ashanti, in line with it s strategy to ensure a sustainable contribution to the economies of host countries, has established the BG Umoja joint venture (JV), in Tanzania.

Awarded a $186m two-year mining contract for the Nyankanga and Geita Hill underground mining projects, the 80/20 joint venture is a partnership between Africa Underground Mining Services (AUMS) Tanzania, a subsidiary of Australia’s Perenti Group, and local drilling services and mining- supply company, Geofields Tanzania Limited. 

The partnership is modelled on a similar underground mining joint venture at the Company’s Obuasi Redevelopment Project in Ghana between AUMS Ghana and Accra-based, wholly Ghanaian-owned Rocksure and will help build local specialised mining capacity.

AngloGold Ashanti

“We’re working with our experienced mining contractors to assist in establishing local joint ventures for long-term transfer of sustainable skills, and to continue building on our sustainable local procurement programmes,” commented Sicelo Ntuli, AngloGold Ashanti’s Chief Operating Officer: Africa. 

“AngloGold Ashanti is building sustainable local procurement programmes that will allow it to stimulate economic and social development at all of its operations, evidenced by the significant contribution Geita has made to the fiscus and people of Tanzania.”

AngloGold Ashanti’s annual expenditure with indigenous Tanzanian suppliers has almost tripled to $162mn since 2016. The company’s local team in Tanzania has set itself an ambitious target of 60% to 70% of all expenditures with indigenous Tanzanian companies, by 2025.

Scope 3 Emissions

In addition, AngloGold Ashanti’s Geita Gold Mine has awarded a two-year fuel transportation contract, worth approximately $10.8m a year, to two local contractors - one of which is originally from Geita. This is in line with the mine’s commitment to contribute to the economies of host communities. The Geita-based company was part of Geita Mine’s supply chain capacity building initiative for host community suppliers, a partnership between the Mine and the National Economic Empowerment Council.

To influence Scope 3 emissions, trucks are to be compliant with EURO IV emissions standards, tankers are to be made of an aluminium alloy material to reduce weight and the age of the fleet will be maintained at less than six years.

Diversity & Inclusion

The contractors already employ women fuel tanker drivers, fulfilling the Mine’s requirements for diversity and inclusion. The two contractors both own workshop facilities in Geita town and participate in social initiatives aimed at uplifting the lives of host community residents.

AngloGold Ashanti has been operating at Geita Gold Mine for more than 20 years, with the project initially a single pit mine, evolving now to a predominantly underground operation, employing 5,700 employees and contractors.

Earlier this year, the Government of Tanzania recognized AngloGold Ashanti’s contribution to the economy of the country, awarding it for its outstanding performance in a number of areas, including environmental and safety performance, corporate social investment, the best taxpayer in the mining sector, the runners up in local business content and overall best performer in the mining sector in Tanzania in 2019/2020.

Geita Gold Mine

Geita, one of AngloGold Ashanti’s flagship mines, is located in north-western Tanzania in the Lake Victoria goldfields of Mwanza region, about 120km from Mwanza and 4km west of the town of Geita. It has been in operation as a large-scale mine since 2000.

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