Currently, in Argentina, AngloGold Ashanti has a 92,5% stake in the Cerro Vanguardia operation, which produces both gold (primary product) and silver (by-product). In Brazil, the company owns 100% of AngloGold Ashanti Brasil Mineração (previously known as Morro Velho) and 50% of Serra Grande. In Colombia, the company has made two signifi- cant discoveries, at La Colosa and at Gramalote. AngloGold Ashanti holds 100% of the La Colosa project and has 49% of the Gramalote project (its partner in Gramalote is Vancouver-based mining and exploration company B2Gold).

Regarding Cerro Vanguardia, the com- pany’s partner is this operation is Formicruz, which is owned by the province of Santa Cruz, within which the mine lies. Cerro Vanguardia comprises numerous small openpits with high stripping ratios, and gold output last year was 166 000 oz (of which 154 000 oz was attri-butable to AngloGold Ashanti), down from 220 000 oz in 2007. Total cash costs were $608/oz in 2008, sharply up from $261/oz in 2007, while production costs were $757/0z last year, nearly double 2007’s $394/oz.

The mine was hit by a number of breakdowns in the plant, reduced throughput of tonnage, and poor grade recovery. In response, the group made changes in Cerro Vanguardia’s management, which have led to better plant reliability and improved grade recovery. Total cash costs are expected to fall to between $410/oz and $430/oz and gold production attributable to AngloGold Ashanti is forecast to increase to 160 000 oz for this year.

The company is completing a four-year brownfield exploration programme at Cerro Vanguardia, which started in 2006. This is aimed at establishing the life of the mine and the delineation of the shallow high-grade mineral resource. The result has been the adding of 300 000 oz of gold and eight-million ounces of silver to the mine’s mineral resources. This year has also seen the start of a project to determine the potential for underground mining and heap-leach treating of low-grade material at the mine.

In Brazil, the South African group’s wholly owned AngloGold Ashanti Brasil Mineração operates the underground Cuiabá, Córrego do Sitío, Lamego and São Bento mines, all near the city of Belo Horizonte, in Minas Gerais state. An expansion project at Cuiabá was completed last year, while Lamego is a new development, which only recently entered production. São Bento, which is in the vicinity of Córrego do Sitío, was bought off Eldorado Gold last December because of the synergies and increased production it offered with the latter project.

In total, Brasil Mineração produced 320 000 oz of gold last year, up from 317 000 oz in 2007, at total cash costs of $300/oz (up from $233/oz in 2007) and total production costs of $432/oz (as against 2007’s $344/oz). Brownfields exploration projects are under way ($15,8-million was spent on exploration last year, adding another 425 000 oz to the reserves) and the group is studying the reopening of the mothballed Raposos mine.

Serra Grande lies in the Brazilian state of Goiás, near the city of Crixás, and AngloGold Ashanti’s partner in this operation is Kinross Gold. The South African company manages the operation, which comprises two established underground mines, Mina III and Mina Nova, an openpit at Mina III and the new Palmeiras mine.

Total Serra Grande gold production last year was 174 000 oz (87 000 oz attributable to AngloGold Ashanti), down from 182 000 oz (91 000 oz attributable) in 2007, with total 2008 cash costs of $294/oz (up from $263/oz in 2007) and total production costs last year of $394/oz (2007: $351/oz). The production decline was due to a reduction in the tonnage of ore treated at the underground operations, and this was also mainly responsible for the rise in total cash costs, along with the strengthening of the Brazilian currency against the dollar, and inflation.

Palmeiras is expected to produce 16 000 oz/y of gold from 2010, its first full year of production. The company is undertaking an “aggressive” brownfield exploration programme around Mina III and Mina Nova.

Colombia is where AngloGold Ashanti is currently concentrating its greenfield explor-ation projects in the Americas. The company entered Colombia in 2003, becoming the first to create a systematic grassroots exploration programme in that country.

The South African group has to date staked 13,1-million hectares of exploration claims in Colombia, of which 11,2-million have been systematically explored and 10,4-million hectares have been relinquished; 423 mineral contracts are currently active, covering just over 825 000 ha. AngloGold Ashanti hopes to complete first-stage exploration on its remaining 2,7-million he

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