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Friday, 30th March 2007 (3237 views)

South African mining group AngloGold Ashanti has announced that it will be pursuing a number of global projects in an attempt to diversify its arm.

The world's third largest gold producer will be directing most of the most funds towards Australia, with $160 million (£81.7 million) being outlaid, of which almost half will be spent on exploring the Tropicana project.

The group, which spent some $100 million (£51 million) last year, has also allocated $15 million (£7.7 million) on projects in the Democratic Republic of Congo and Columbia.

Richard Duffy, business development manager for AngloGold Ashanti, said it had "stepped up" its exploration projects over the last three years.

He also said that the group had become "a lot more focused in terms of where we are spending our exploration dollars on".

Mr Duffy also announced that while AngloGold Ashanti was still conducting exploratory projects in South Africa, suitable mining areas found would be replacement projects and would not grow production.

 

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