AngloGold Ashanti Ltd. achieved its first gold pour from the Obuasi gold mine in Ghana five years after the operation was halted.
In May 2014, the company placed the mine on care and maintenance but was forced to declare force majeure in April 2016 after the site was occupied by illegal miners. The company went on to seek arbitration after authorities failed to control the situation.
In October 2018, AngloGold awarded a US$375 million underground mining services contract to African Underground Mining Services.
AngloGold said Dec. 19 that it completed the first phase of construction on time and on budget. The refurbishment of an existing plant and construction of new infrastructure and underground development have been ongoing for the past 18 months.
Initial project capital remains in the range of US$495 million to US$545 million.
The mine is expected to produce 350,000 to 400,000 ounces per annum for the first 10 years and above 400,000 ounces over the life of the mine at all-in sustaining costs of about US$800 per ounce.
After a ramp-up period, AngloGold estimates a mining rate of 2,000 tons per day in 2020, increasing to 4,000 tons per day by the end of 2020.