THE BOURSE WHISPERER: Independence Group (ASX: IGO) announced the milestone of the first gold pour at the Tropicana gold project Joint Venture with AngloGold Ashanti (ASX: AGG).
“This is a significant milestone for the Tropicana gold project and the culmination of a tremendous amount of hard work by the joint venture manager, AngloGold Ashanti, the contractors who assisted with building the project and those who are now operating the mine,” Independence Group managing director Chris Bonwick said in the company’s announcement to the Australian Securities Exchange.
Source: Independence Group company announcement
Independence Group said development and construction at the Tropicana gold project is now all but complete and ahead of schedule.
Targeted production from Tropicana is in the range of 120,000 to 160,000 ounces in the period ending 31 December 2013.
Average annual production during the first three years also remains in line with previous guidance of 470,000 to 490,000 ounces of gold per annum.
“We’ve taken Tropicana all the way from discovery through development and now into production,” AngloGold Ashanti executive vice president: Australia, group planning & technical Graham Ehm said in his company’s ASX announcement.
“To pour gold ahead of schedule and within budget is a rare feat in this industry and it’s a significant milestone for us and Independence Group, our partner.
“We’ve been able to incorporate innovation into our approach to everything from environmental management to the design of our mining systems and the processing plant.
“We have also engaged with the local community to provide employment as well as opportunities for local businesses, with contracts worth more than $30 million per annum awarded to Aboriginal businesses.”