Tag: Tropicana

Regis Resources has taken over IGO’s 30% interest in the Tropicana gold mine in WA. The $903m deal was approved by WA Mines and Petroleum Minister Bill Johnston, with the Governmental green light being the last stage needed for the acquisition. AngloGold Ashanti owns the remaining 70% of the Tropicana mine under a joint venture (JV), with Regis to replace IGO as the JV partner. AGA interim chief executive officer Christine Ramon said Tropicana was a key asset in the company’s portfolio. “Having decided, in this context, and after considerable deliberation to waive our pre-emptive rights, with the sale process behind us we are looking forward to working with Regis to deliver Tropicana’s considerable potential over the coming years,” she…

A RECORD gold price in terms of Australian dollars is shining a light on Australian gold producers as they rake in outsized gains in a bullish market. Spot gold burst through US$1660/oz in February, its highest level since early 2013, but in Australian dollar currency this translates to $2500/oz – its highest ever. One Australian gold producer well positioned to capitalise on soaring gold prices is Tropicana, one of the largest gold mines in Australia. Situated on the edge of the Great Victoria desert, 330km northeast of Kalgoorlie in WA, Tropicana is about to embark on a major growth phase. An expansion project, the Boston Shaker underground mine, is due to come online in the second half of 2020 and…

AngloGold Ashanti rounded out 2018 on a high as it continues to reap the rewards of its streamlined portfolio. Image: Anglogold. BY GERARD MCARTNEY AFTER a strong first half, AngloGold finished 2018 with a positive return on its strategy of letting go low performing assets. AngloGold’s two Australian mines, Tropicana and Sunrise Dam, performed exceptionally in the 12 months leading up to 31 December 2018, and after a feasibility study was completed, Tropicana would begin underground mining. In 2017, outgoing chief executive, Srinivasan Venkatakrishnan closed the South African Tau Tona mine, and in 2018 completed the sale of the South African Moab Khotsong and Kopanang mines, and reduced ore reserve development amortisation in Brazil. Newly appointed chief Kelvin Dushnisky, who…

Tropicana mine. Image: IGO. BY REUBEN ADAMS AFTER five years in the top job AngloGold chief Srinivasan Venkatakrishnan is leaving for fresh pastures. But he is going out on a high, as the company’s value-building strategies begin bearing fruit in 2018. Srinivasan Venkatakrishnan, who will be succeeded by Barrick president Kelvin Dushnisky in September, used his last AngloGold earnings call in August to reflect on some tenure highlights. “As you know, this is my final presentation after around 72 quarters with this company, the last 22 as a CEO,” he said. “I thought I’d reflect on some of the work we have done over that time, to reposition this company, to not only survive the gold price storms that came at…

All images IGO. BY ELIZABETH FABRI LESS than a month since the official opening of the Nova project, Independence Group  — in the hunt for the next Nova-style deposit — has again increased its footprint in the Fraser Range region through a new Joint Venture deal. Independence Group (IGO) is on the rise again in FY18. After bringing its $443 million Nova nickel-copper-cobalt mine into commercial production on 1 July, the mine’s balance sheet is set for a turnaround year as it adds an extra 26,000 tonnes of nickel, 10,000 tonnes of copper and 800t of cobalt to its annual production. Over the last two years, the company’s focus has been developing Nova. But now  the project is up and…

BY REUBEN ADAMS IN February, AngloGold chief executive Srinivasan Venkatakrishnan told Mining Indaba delegates that the company would look inwards to expand its operations, rather than growth through mergers and acquisitions. In Australia, the third-largest gold miner in the world is focused on increasing production and extending the life of its optimised Tropicana and Sunrise dam assets. AngloGold’s embattled South African assets dragged half year results into the red to the tune of $93 million, compared with a $93 million profit for in the respective period in 2016. AngloGold set aside $47 million for massive job cuts as it restructures its loss-making South African operations, and also included $46 million for the possible settlement of a lung disease court case…

The Tropicana processing plant capacity was now upgraded from 5.8mtpa to 7.5mtpa. By Elizabeth Fabri DECEMBER is a big month at Tropicana. On the back of a major expansion and drilling program, the WA project will see the rewards of an upgraded 7.5 million tonnes per annum run rate, and its first reserves review that could extend mine life out to 2030. THE Tropicana joint venture between AngloGold Ashanti (70 per cent) and Independence Group (30 per cent) has been producing gold since September 2013. The project was the first significant Australian greenfields gold discovery to come online in more than 10 years, and has been closely watched by the industry since. Its three gold deposits, Tropicana, Havana and Boston Shaker,…