AngloGold Sees Sunrise Dam Gold Mine Resuming Normal Rate in June Quarter

March 15, 2011 - PRLog -- AngloGold Ashanti Ltd said Tuesday that its Sunrise Dam Gold Mine in Australia has been affected by "unprecedented" heavy rains during the past month and that underground mining remains suspended for safety reasons.

However, the global mining group said in an update that it anticipates that the Sunrise Dam will achieve normal mining rates in the June quarter.

The gold mine, which is located 56 kilometres south of Laverton in Western Australia, has been impacted by heavier-than-normal rains, although open pit mining has now resumed at the project.

In a further trading update, AngloGold Ashanti said it therefore expects that the first quarter guidance it had issued of 1.04Moz will be negatively impacted by approximately 20,000 ounces with a consequential impact on unit total cash costs.

The gold miner said that its full year production guidance for the Group of 4.55Mozs to 4.75Mozs remains unchanged.

The mining company is based in Johannesburg, South Africa, and has 20 operations and a pipeline of new projects on four continents. The company generated $3.8 billion in sales revenue for the year ended 2009.

Author: Mike King, analyst.

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