Source Pravda.Ru

AngloGold Try To Extend Life

The world's third-biggest gold producer AngloGold had approved a project to extend the life of its smallest mine to extract $203 million worth of gold at current prices.

The decision to enlarge AngloGold's Navachab mine in Namibia and to extend its life by eight years to 2013, comes after the price of gold rose 13 percent this year, boosting the profit margins of some of the least efficient properties.

The recent sustained improvement in the gold price has made the project viable. Navachab will produce about 80 000 ounces of gold a year - its current rate of production - the statement said. In the three months to June 30, the mine produced metal at a cost of $164 an ounce, a little more than half the current gold price of $316.50.

The mine began production in 1989 and employs more than 300 people. AngloGold did not disclose the cost of the project and company spokesperson, Steve Lenahan, was not immediately available for comment.

©

&to=http://www.anglogold.co.za/frames.asp' target=_blank>AngloGold

Comments
MP suggests replacing Lenin's mummy with rubber figure
Russia rips its economy apart with help from the West
Russia rips its economy apart with help from the West
Pentagon's goal in the Middle East is to trigger major war between Israel and Iran
Pentagon's goal in the Middle East is to trigger major war between Israel and Iran
Russia close to recognising Donetsk and Luhansk republics after Donbass elections
Russia close to recognising Donetsk and Luhansk republics after Donbass elections
Russia close to recognising Donetsk and Luhansk republics after Donbass elections
Russia close to recognising Donetsk and Luhansk republics after Donbass elections
Mikhail Gorbachev shares his thoughts on nuclear war
Mikhail Gorbachev shares his thoughts on nuclear war
Russia rips its economy apart with help from the West
Russia close to recognising Donetsk and Luhansk republics after Donbass elections
Russia rips its economy apart with help from the West
Russia rips its economy apart with help from the West
Norwegians complain of demoralised NATO soldiers
Russia close to recognising Donetsk and Luhansk republics after Donbass elections
Russian PM threatens not to go to World Economic Forum in Davos
Americans obtain secret information about Russia’s new Avangard missiles
Russia close to recognising Donetsk and Luhansk republics after Donbass elections
Russia close to recognising Donetsk and Luhansk republics after Donbass elections