AngloGold Ashanti, one of the world's leading gold producers, has initiated exploration activities in Tanzania through its newly established company, Greenfield Exploration Ltd. The move aligns with the company's objective to uncover new gold deposits to complement its existing mines.
AngloGold Ashanti Chief Executive, Alberto Calderon, expressed optimism about the favorable investment climate fostered by President Samia Suluhu Hassan. As the company prepares to celebrate the 25th anniversary of the Geita Gold Mine (GGM), considered one of the world's few true tier-one gold mines, Calderon emphasized the significance of exploring new opportunities in Tanzania.
"As one of the world’s top gold mining jurisdictions, we would like to increase our presence and production levels in Tanzania, which is why we’re making this investment to find another world-class gold deposit in Tanzania," stated Calderon.
In 2023, AngloGold Ashanti injected a capital investment of $193 million into various projects aimed at extending the life of the Geita Gold Mine by several years. The GGM, the largest of AngloGold Ashanti's nine gold mines across three continents, is expected to produce approximately 500,000 ounces of gold this year.
The establishment of Greenfield Exploration Ltd includes the creation of a dedicated greenfield exploration office in Dodoma. This office will channel expertise and resources into at least three distinct exploration projects in the Dodoma, Shinyanga, and Singida regions, with the aim of discovering deposits similar to the renowned GGM.
AngloGold Ashanti has a history of successful gold exploration programs globally, with significant discoveries in Australia, the United States, and Colombia. The company's commitment to sustainability includes investments in reducing carbon emissions. GGM is currently implementing a project to connect the mine to the national power grid, a move expected to reduce power costs by half and potentially cut carbon emissions by 81,000 tons by 2030.
In the past five years, AngloGold Ashanti has invested heavily in brownfield exploration at the GGM site, adding 4.8 million ounces to mineral reserves, offsetting the 2.7 million ounces produced during that period. The company plans to invest an additional $31 million in 2024 to further extend the life of the Geita Gold Mine.
"We are committed to GGM and its stakeholders in Tanzania for the long term," affirmed Mr. Calderon, emphasizing the mine's status as a "long-term cornerstone asset" in the company's portfolio. The goal is to replicate the success enjoyed at GGM with the discovery of another significant deposit in the country.
AngloGold Ashanti commended Tanzania's recent investments in upgrading the power grid, anticipating increased reliability and looking forward to continued improvements in the future.