AngloGold Cuts 10-Year Plan to Extend World’s Deepest Mine
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AngloGold Ashanti Ltd., the third-largest producer of the metal, scaled back plans to extend the world’s deepest mine, saying it’s moving away from larger-scale South African projects to hasten returns and cut risk.
The proposal’s duration was “too long and as a consequence the return is not justified,” Chief Executive Officer Mark Cutifani said in a phone interview yesterday. Instead of a $3 billion, 10-year program for a new shaft at Mponeng mine, AngloGold will ask its board early next year to approve using ramps to access deeper levels, Mike O’Hare, the company’s executive vice president for South Africa, told investors.