AngloGold idles lossmaking Brazil mine, appoints new COO

25th August 2023 By: Mariaan Webb - Creamer Media Senior Deputy Editor Online

AngloGold idles lossmaking Brazil mine, appoints new COO

The CDS mine operated at an AISC of $3 031/oz in the first half of 2023.

Bullion miner AngloGold Ashanti has placed the Córrego do Sítio (CDS) mine, in Brazil, on care and maintenance, following a sustained period of poor production and costs that are well above the gold price.

CDS is AngloGold’s smallest operation and produced 30 000 oz in the first six months of the year at a total cash cost of $2 278/oz and an all-in sustaining cost (AISC) of $3 031/oz.

The mine produced 69 000 oz last year, accounting for only 2.5% of the group’s total output of 2.74-million ounces.

AngloGold notes that, while it will take reasonable steps to reduce the number of people affected by the transition into care and maintenance, there will be a reduction in the CDS workforce.

The group has fully written down the value of CDS and says it will disclose the impact of the cessation of production in its third-quarter market update.

Meanwhile, AngloGold has announced the appointment of Richard Jordinson as COO, with effect from October 1. He will replace Marcelo Godoy, who since July has been the interim COO following the retirement of Ludwig Eybers.

Jordinson joined AngloGold in 2012 as general manager (GM) of Sunrise Dam, in Australia, from Resolute Mining’s Syama mine, in Mali.

In April 2017, he was appointed GM at AngloGold’s biggest producing asset, Geita in Tanzania, and in 2021, he became senior VP for the AngloGold Ashanti Ghana-Tanzania business unit.

Jordinson has a BSc ACSM Mining Degree from Camborne School of Mines in Cornwall, UK and a Western Australian First Class Mine Managers Certificate.