(Agence Ecofin) – At the start of 2024, AngloGold Ashanti operated five gold mines in Africa, which represented 66% of its total production in 2023. The company concluded an agreement in September 2024 to buy the Centamin company, thus taking control new gold projects on the continent.
AngloGold Ashanti announced on November 22 the official conclusion of the transaction relating to the acquisition of Centamin. The deal gives the London-based mining group control of Egypt’s Sukari gold mine, increasing Africa’s share of its gold production.
With an average annual production of over 500,000 ounces until 2032, Sukari is Egypt’s largest gold mine and is one of AngloGold Ashanti’s Tier One assets. Of the seven gold mines in this category, five are now located in Africa, namely Sukari, Geita in Tanzania, Iduapriem and Obuasi in Ghana, as well as Kibali in the DRC. At the end of the third quarter of 2024, African production accounted for 1.12 million ounces of total year-to-date production of 1.91 million ounces.
Distribution of AngloGold Ashanti gold reserves
Note that most of AngloGold Ashanti’s gold reserves are also located in Africa, which could allow the continent to maintain an important position in the years to come. The company announced gold reserves of 32.3 million ounces, with 40% in West Africa, 9% in North Africa and 25% in East Africa. In addition to the Ghanaian mines already mentioned, as well as the Siguiri gold mine in Guinea, AngloGold also has the Doropo and ABC gold projects in the Ivory Coast in the West African region.
According to a feasibility study published in July 2024, Doropo can deliver 167,000 ounces of gold annually over a 10-year lifespan. The ABC project is at a less advanced stage of development, but current estimates indicate an inferred mineral resource of 2.15 million ounces.
Remember that AngloGold Ashanti should once again become the world’s fourth largest gold producer, thanks to the acquisition of Centamin. Prior to the addition of Sukari to its portfolio, the company forecast gold production of 2.65 to 2.85 million ounces.
Emiliano Tossou
Also read:
10/30/2024 – Ivory Coast: what future for Doropo gold after the takeover of Centamin?
10/16/2024 – AngloGold on track to once again become the world’s fourth largest gold producer
10/09/2024 – AngloGold signs a $2.5 billion buyout involving a gold project in Ivory Coast
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