Exploration
The main aim of AngloGold Ashanti's greenfield team is to make significant, high-value gold discoveries in new and existing regions, while brownfield exploration focuses on incremental additions to known orebodies and new discoveries in defined areas around existing operations.
The group's exploration programme, which covers greenfield, brownfield, and more recently, marine exploration, is conducted either directly or in collaboration with partners. The group's foremost recent greenfield discovery is the La Colosa deposit in Colombia (see map below for regions of active greenfield exploration). In October 2009, the group established a joint venture to explore for marine mineral deposits on the continental shelf. This complements AngloGold Ashanti's existing terrestrial exploration and mining activities.
Grow the business
AngloGold Ashanti seeks to further enhance shareholder value through:
- Exploration – leveraging its asset portfolio and landholdings through greenfield and brownfield exploration and development while targeting new opportunities;
- Brownfield development – the development portfolio comprises board approved projects including: the Tropicana gold project in Australia; the Córrego do Sítio and Lamego projects in Brazil; the Mine Life Extension project at Cripple Creek & Victor in the United States; the Ventersdorp Contact Reef project at the Mponeng mine in South Africa; and others undergoing feasibility studies in Argentina, Brazil, Colombia, the Democratic Republic of the Congo, Mali, Namibia, South Africa and the United States;
- New projects – by promoting organic growth and leveraging current positions;
- Mergers and acquisitions – by selectively pursuing value accretive merger and acquisition opportunities; and
- Logical incrementalism – by maximising the value of other commodities within an existing and developing asset portfolio.
In 2011, total exploration expenditure of some $375m is planned, with $100m to be spent on greenfield exploration and $111m allocated to prefeasibility studies at the La Colosa and Gramalote projects in Colombia, as well as feasibility studies at the Central Mongbwalu deposit in the DRC and associated expenditures. Of the balance, $143m is earmarked for brownfield exploration inclusive of $50m of capitalised expenditure and $21m for the De Beers joint venture focusing on marine exploration on the continental shelf.
Total exploration expenditure in 2010 amounted to $198m, of which $89m was spent on greenfield exploration, $51m on brownfield exploration and the balance of $58m on prefeasibility studies.
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