AngloGold Ashanti said on Tuesday it was embarking on a feasibility study for its Gramalote project, a joint venture in which it has a 51 percent percent stake while B2Gold has 49 percent and which boasts a maiden ore reserve of 1.8 million ounces.
The project is located approximately 230km north-west of Bogota, Colombia, and aims at producing a total of 4.22 Moz of gold over the life of the mine at a rate of between 300 and 450 koz for the first eight years.
“We are developing this as a good long-term option in our pipeline, and will be working hard to optimise all of its key elements — including capital — during the feasibility study phase,”AngloGold Ashanti’s chief operating officer-international Ludwig Eybers said.
“While we are a long way from committing any capital to this project, it represents good value that we will realise over time.”
– African News Agency (ANA)