AngloGold Ashanti plans three new African mines

With bullion prices consistently high, major gold producer AngloGold Ashanti is planning three new mines in Africa.

The company's Robbie Lazare told Mineweb that feasibility studies are being undertaken for three new large-scale mines at Mponeng and Moab Khotsong in South Africa and Obuasi in Ghana.

However, he did add that the mines would be replacements for other mines, rather than expansion of current levels of gold production.

Factors that have encouraged AngloGold Ashanti to carry out this work include a higher gold price and high grade gold discoveries beyond the company's current mining infrastructure and below 3,600 meters underground.

However, the firm did report earnings of $82 million for the second quarter of this year, which was down on last year, mainly because of stronger local operating currencies and more money spent on exploration.

The news comes at a time when the retirement of chief executive Bobby Godsell has been announced. He has been replaced at the top by Mark Cutifani.

Bobby Godsell commented: "It is the right time to change leaders. In Mark Cutifani, a mining engineer with a wide and impressive track record of both operating and executive experience across a range of minerals, including gold, and on several continents, we have a new leader who brings exactly the qualities and experience needed for AngloGold Ashanti's new chapter."