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GOLD DEVELOPMENT – Boddington gets nod

WESTERN AUSTRALIA - Denver-based NEWMONT MINING (67%) and ANGLOGOLD ASHANTI (33%) of Johannesburg have announced pl...



WESTERN AUSTRALIA – Denver-based NEWMONT MINING (67%) and ANGLOGOLD ASHANTI (33%) of Johannesburg have announced plans to go ahead with commercial redevelopment of the Boddington gold mine. With total contained gold reserves of more than 11.0 million oz, this is one of the largest undeveloped gold deposits in the world.

The Boddington mine will cost an estimated US$1.5 billion to build, and will reach production late in 2008 at a rate of 1.05 million oz/year for the first five years. Thereafter the rate will fall to 900,000 oz/year. Newmont (www.Newmont.com) indicated that costs, net of byproduct credits, will be US$210/oz. The project still requires the approval of the West Australian government.

The Boddington open pit and mill, 130 km southeast of Perth, were opened in 1987. Before being placed on care and maintenance in 2001, the property produced 4.7 million oz of gold from oxide ore. Recovery of the sulphide resource will require a conventional flotation mill to recover copper in concentrate. Gold will be recovered from rougher and cleaner-scavenger tails by a CIL circuit.


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