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Tuesday, 31st March 2009 (786 views)

Work will be able to begin on AngloGold Ashanti's La Colosa gold mine in Columbia next month, it has emerged.

The mining firm is set to be issued a permit by the South American country to start exploration at the property in April, Reuters reports.

Colombian Mines and Hernan Martinez, the country's energy minister, announced that work on the site will recommence shortly following a stoppage in proceedings due to environmental concerns about the surrounding area of La Colosa.

"They have promised [AngloGold] that after Easter week they will have the authorisation," Mr Martinez stated.

AngloGold has estimated that once production starts at La Colosa, the project could yield 700,000 ounces of gold a year.

When exploration resumes at the site next month, the firm could begin production within five years.

AngloGold produced a total of 4.982Moz of gold last year, with production up 1.4 per cent in the fourth quarter.

 

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