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AngloGold devising model to mine below 5 km, SA gold to have ‘day in sun again' - Gold Fields, Australia tax a boost for S Africa, Canada, Brazil
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14th May 2010
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South Africa's largest gold-mining company, AngloGold Ashanti, is devising a new mining model to enable it to operate safely and profitably at depths of 5 000 m and beyond.

Read on page 12 of this edition of Mining Weekly of AngloGold Ashanti executive vice-president Robbie Lazare's 12-month operating strategy that is expected to make a significant operational impact. Lazare reports that the company is in "active contact" with a range of leading service providers to help to apply technologies that allow mining at ultra depth. All existing AngloGold Ashanti mines are also in line for extreme makeovers as part of the company's so-called Project One.

South African gold-mining companies will have their "day in the sun again", Gold Fields CEO Nick Holland predicts in a report on page 14 of this edition of Mining Weekly.

A more balanced analysis of South Africa's gold companies would place their market valuations at far less of a discount to those of their foreign peers than is currently the case. Gold Fields' Beatrix, Driefontein and Kloof mines alone have a collective 26-million ounces of gold within reach of existing infrastructure, and has South Deep on track to produce 750 000 oz/y at the end of 2014.

To watch a video on Holland's comments, go to www.miningweekly.com and click on ‘Multimedia' and then on ‘Video Clips', or watch it on the Mining Weekly App on your iPhone.

Australia's new mining tax is encouraging for mining investment in South Africa, Canada and Brazil, which are major competitors to Australia in the mining field, says AngloGold Ashanti CEO Mark Cutifani. Read on page 12 and 14 of the comments on Australia's new 40% super-profits mining tax, which, at this stage, looks unlikely to cause Gold Fields and AngloGold Ashanti to alter their growth plans Down Under.

There does appear to be the hope, however, that the tax will not go ahead in its current form. Australia-born Cutifani currently sees South Africa as a country of less sovereign risk than Australia. To watch a video on Cutifani's comments, go to www.miningweekly.com and click on ‘Multimedia' and then on ‘Video Clips', or watch it on the Mining Weekly App on your iPhone.

Edited by: Creamer Media Reporter

 

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