AngloGold Ashanti exploration firm commences operations in Tanzania
What you need to know:
- Called Greenfield Exploration Ltd, the new company comes as Ashanti said there is favourable investment climate fostered by President Samia Suluhu Hassan
Geita. AngloGold Ashanti has recommenced exploration activities using its newly formed company as it seeks new discoveries to complement the existing mines.
Called Greenfield Exploration Ltd, the new company comes as Ashanti said there is favourable investment climate fostered by President Samia Suluhu Hassan.
“As we prepare to celebrate Geita Gold Mine (GGM)’s 25 anniversary as one of the world’s few true tier-one gold mines, we look forward to the next quarter century operating and developing this magnificent ore body,” said AngloGold Ashanti chief executive Alberto Calderon.
“Given its status as one of the world’s top gold mining jurisdictions we would obviously like to increase our presence and production levels in Tanzania, which is why we’re making this investment to find another world-class gold deposit in Tanzania,” he added.
The company injected a capital investment worth $193 million in 2023 in projects which are expected to extend the mine’s life by several years.
AngloGold Ashanti, the world’s fourth-largest gold producer by production, has one of the global gold industry’s most successful gold exploration programmes with large gold discoveries in Australia, the United States and Colombia.
The establishment of a new, dedicated greenfield exploration office in Dodoma will help direct expertise and resources to at least three distinct new exploration projects in the Dodoma, Shinyanga and Singida regions, where the company believes there is potential to find a deposit similar to the world-famous GGM.
GGM, which produced its first ounce of gold in June 2000 is the largest of AngloGold Ashanti’s nine gold mines located across three continents, with production this year expected to be about 500,000oz.
AngloGold Ashanti has invested in the development of underground mines on the GGM concession in Tanzania’s Lake Victoria Gold District, with three new underground mining fronts and a new open pit brought into production in the last four years alone.
In the past five years, an intensive exploration programme at the site added 4.8 million ounce to mineral reserve, more than offsetting the 2.7 million ounce produced over that time.
The company has invested $35 million in brownfield exploration in 2023 alone and committed to invest a further $31 million in 2024 as part of its campaign to further extend the life of the mine.
“We are committed to GGM and its stakeholders in Tanzania for the long term,” said Mr Calderon, adding that the mine is a “long-term cornerstone asset in our portfolio and our ambition is to replicate the success we have enjoyed here, with another discovery just like it in the country.”
In line with AngloGold Ashanti’s Sustainability strategy to reduce carbon emissions, GGM is implementing a project to connect the mine to the national power grid, an initiative that will not only reduce the mine’s cost on power by a half but also has the potential to reduce its carbon emission by 81Kt CO2-e by 2030.
AngloGold Ashanti applauded Tanzania’s recent investment in upgrading the grid which will increase its reliability and look forward to continued improvements in future.
