AngloGold Ashanti plans building location of gold-mine for exploration activity of gold-mine in Columbia. To support exploration plan process of gold-mine, company does socialization at public residing in region plans development of gold mine.

Mine region becoming exploration activity focus of gold-mine is estimated has been found deposit 100%. Invention of this gold-mine is the biggest in Colombia.

AngloGold’s biggest mine is the deep-level Mponeng in SA, which produces 500000oz a year.

Cutifani said AngloGold would target first production from La Colosa in 2015. It would spend about $200m to take the project to feasibility study stage in four years.

The main issue at La Colosa was environmental sensitivity because it was in a farming area, Cutifani said. Drilling was suspended in the March quarter while AngloGold waited for environmental permits, but it has since been notified that a permit would be issued, allowing exploration to resume on a portion of the site.

Cutifani said AngloGold has entered into seven new early stage exploration joint ventures in the past few months, but he ruled out acquiring a major gold company because he believed AngloGold’s shares were undervalued relative to its competitors. He considered there were more opportunities in the junior mining sector.

AngloGold’s performance in the three months to March was disappointing, Cutifani said. The group produced 1,1-million ounces of gold, 2,4% below original guidance, because of a slow return to work in SA after the Christmas break and a 15% drop in production from the Geita mine in Tanzania, which has presented operating problems for several quarters.

But the group posted an adjusted headline profit of 414c a share from a 50c loss in the December quarter because of the reduction in its hedge book, lower amortisation and inventory adjustments.

Cutifani said AngloGold was still on track to meet its original production target for the year of 4,9- to 5-million ounces. This would come from improved performance in the second quarter and remainder of the year from higher grades at Cerro Vanguardia in Argentina and the Brazilian mines. The Australian operations were delivering above budget, while in Africa Obuasi and Geita were expected to show better second-half results.

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