25th Sep 2013 13:20
LONDON (Alliance News) - AngloGold Ashanti Ltd Wednesday said its 45% owned Kibali Gold Mine in the Democratic Republic of Congo has begun to produce gold.
The gold mining company said the mine, a joint venture with Randgold Resources, has began producing gold early and within budget.
AngloGold said the site will have an estimated annual production of about 600,000 ounces of gold from reserves of 11 million ounces and resources of 21 million ounces.
The company is developing the mine in two stages, initially as an open pit operation and then an underground mine which is scheduled to access ore in 2015.
"Kibali is a world-class gold mining asset with good growth potential, and it significantly improves the quality of our portfolio," Chief Executive Srinavasan Venkatakrishnan said in a statement.
AngloGold shares were down 17.37% to 785.00 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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