AngloGold Ashanti (NYSE: AU) is planning to boost gold and uranium production from its South African mines.
The company says that it will maintain annual gold production of 1.75 million ounces over the next five years with large projects scheduled to increase output further in the next decade.
To help achieve this, AngloGold’s Mponeng Mine – one of the deepest and richest gold mines in the world – will undergo a $162 million expansion in order to raise production.
Other expansions of gold projects are yet to be approved by AngloGold’s board.
The company is also expecting to increase uranium production 54% to 2 million pounds per year. Overall, AngloGold expects to produce 80 million pounds of uranium from the company’s mine dumps.
As a South African gold producer, AngloGold plays an important role in meeting gold demand in India. To learn more about Indian gold demand and how AngloGold is helping to supply gold to India amid rapidly increasing demand, check out my latest issue of Wealth Daily called India’s Gold Bull Market.
Editor, Wealth Daily
Investment Director, Hard Money Millionaire and Underground Profits