DOCSLIB.ORG

A N N U a L R E P O R T 2 0

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
A N N U a L R E P O R T 2 0 ANNual RepOrt 2010 Company Particulars DIRECTORS AUDITORS Mr Josef El-Raghy, Deloitte Touche Tohmatsu Executive Chairman Level 14, Woodside Plaza, Mr Harry Michael, 240 St Georges Terrace Chief Executive Officer Perth WA 6000 Mr Trevor Schultz, Executive Director of Operations UK BROKERS Mr H Stuart Bottomley, Ambrian Partners Limited Senior Non Executive Director Old Change House, Mr Colin Cowden, 128 Queen Victoria Street Non Executive Director London EC4V 4BJ, United Kingdom T: + 44 (0) 207 7634 4700 Dr Thomas Elder, Non Executive Director Bank of America Merrill Lynch 2 King Edward Street Professor G Robert T Bowker, London EC1A 1HQ, United Kingdom Non Executive Director T: + 44 20 7996 1000 COMPANY SECRETARY Stifel Nicolaus Weisel 10 Dominion Street, 5th Floor Mrs Heidi Brown London EC2M 2EE, United Kingdom T: + 20 7877 4300 CHIEF FINANCIAL OFFICER Mr Mark Di Silvio FINANCIAL PUBLIC RELATIONS ADVISER GENERAL MANAGER – EGYPT Buchanan Communications Mr Youssef El-Raghy 45 Moorfields, London EC2Y 9AE T: + 44 (0) 20 7466 5000 HEAD OFFICE 57 Kishorn Road STOCK EXCHANGES Mount Pleasant, Western Australia, 6153 The Company is listed on the following T: + 61 8 9316 2640 stock exchanges: F: + 61 8 9316 2650 - the Main Market of the London Stock W: www.centamin.com Exchange (LSE:CEY); and EGYPT OFFICE - the Toronto Stock Exchange (TSX:CEE). 361 El-Horreya Road The Primary Listing is in London. Sedi Gaber Alexandria, Egypt LOCATION OF REGISTERS T: + 2 0354 1125 9 OF SECURITIES F: + 2 0352 2635 0 Australia BANKERS Computershare Investor Services Pty Ltd Level 2, 45 St Georges Terrace Australia Perth WA 6000 National Australia Bank Limited T: + 61 8 9323 2000 100 St Georges Terrace,Perth WA 6000 T: + 61 8 9323 2033 Egypt Canada National Societe General Bank Computershare 54 Elbatal Ahmed Abdel Aziz Street 100 University Avenue, 8th Floor Cairo, Egypt Toronto, Ontario, ON M5J 2Y1 Commercial International Bank T: + 1 416 263 9311 Sultan Hussein Branch F: + 1 416 981 9777 Alexandria, Egypt United Kingdom United Kingdom Computershare Investor Services Clydesdale Bank Plc PO Box 82, The Pavilions, Bridgwater Road 50 Lothian Road Bristol BS99 7NH, England Edinburgh EH3 9BY T: + 44 (0) 870 702 0003 F: + 44 (0) 870 703 6116 II Chairman’s Report 01 Review of Operations 02 Contents T 2010 Directors’ Report 10 R O P Remuneration Report 17 Management Discussion & Analysis 23 L RE A Auditor Independence Declaration 34 ANNU Corporate Governance Statement 35 Independent Auditor’s Report 41 Directors’ Declaration 43 Statement of Comprehensive Income 44 IMITED L Statement of Financial Position 45 T P Statement of Changes in Equity 46 GY E Statement of Cash Flows 48 Notes to the Financial Statements 49 MIN A CENT III IV Chairman’s Report Dear Shareholders This year’s annual report is one that captures the final transition of your company from junior explorer to a gold producer, a path travelled that has been very rewarding on many levels for all those involved. With the commissioning of the Sukari Gold Mine the Company has reopened the highly prospective yet underexplored Egyptian gold T 2010 fields and whilst we view our achievements to date with pride we do see great challenges R and opportunities ahead. Your company is well placed and looking forward to both the O challenges and the opportunities. P During the first half of the year The Stage 4 (8-10Mtpa) Scoping It is a particular credit to our construction activities continued Study was also commenced during operating team that within our first L RE at Sukari with well over 1500 2010 with the goal of achieving year of operation a lost time injury A people on site. The January +500,000oz per annum of gold frequency rate of 0.23 per 200,000 quarter then saw the focus shift production. This rate of production manhours was achieved which is to commissioning of the Stage 1 is more in line with the size of well below mining industry accident oxide circuit. The April quarter saw the Sukari resource and reserve, frequency statistics in more the commissioning of the Stage 2 both of which continued to grow established mining environments. ANNU sulphide circuit, our first quarter significantly through the year and I would like to take the opportunity of commercial production and a we see every indication that this to thank our previous Chairman, maiden operating profit before tax growth will continue. Exploration Mr Sami El-Raghy, who along with of over $19 million for the quarter. efforts are now looking further afield fellow director Mr Brian Speechly, At the end of the financial year the than Sukari alone and we have been stood down from the Board at the Company held over $31 million in encouraged by the early results end of 2009. Sami’s work in Egypt cash, had no debt, no hedging and from locations such as Quartz ridge which began in the early 1990’s has is able to fund the planned Sukari to the east of Sukari. set the base for growth for both the expansion from Sukari cash flow. Corporately the Company continues Company and the industry within In parallel with the Stage 1 and 2 to evolve. The Company’s shares Egypt and with the development completion of Sukari, underground trade with good volume on the TSX of Sukari his vision is beginning to decline development progressed where they are included in the TSX be realized. well throughout the year with nearly gold index. In November 2009 the I would like to close by thanking 2km of decline work completed and Company’s share trading in London His Excellency Sameh Fahmy, the commencement of ore drive moved from the AIM market to the the Minister for Petroleum and development remaining on schedule main market. Following this the Mineral Resources for his continued IMITED for the last quarter of 2010. It is Company was admitted to the FTSE support in the Company’s activities. L envisaged that early in calendar 250 in June 2010. In March 2010, Furthermore, I would like to thank 2011 high grade ore from the Mr Harry Michael was appointed my co-directors for their counsel T underground will supplement the Chief Executive Officer. Harry’s during the year, our dedicated P open pit ore being fed to the plant. experience in building and operating team at Sukari, in Alexandria, and After Stage 2 plant commissioning large scale mines in Africa will be of course our Company Secretary GY handover our construction team invaluable as we continue to push in Perth. for production and company growth. E rolled immediately into Stage 3 Your Company is now well placed to (5Mtpa) plant expansion activities As the first modern gold mine in be a large scale, long life, low cost with orders for key long lead items Egypt, this achievement is indeed gold producer. placed during the period and a testament to our dedicated staff, detailed design well underway. The many of whom have been with our On behalf of the Board of Directors MIN Stage 3 expansion remains on track Company for more than 10 years. A for completion by mid 2011. We have seen employees grow over the years to now be managers and skilled operators and it is these people that have built the Company. Josef El-Raghy CENT Chairman 1 Review of Operations Centamin Egypt Limited For the financial year ended 30 throughout the year, the transitional- June 2010, 67,101 ounces of gold sulphide contact was slightly deeper (“Centamin” or “the Company”) is was produced from the Sukari than originally anticipated (approx a mineral exploration, development open pit mine. A total of 4.2Mt of 15m) deferring the full presentation ore @ 0.89g/t Au was mined for of the higher grade sulphides to and mining company that has been the year from Stage 1 and 2 of the the process plant. Full sulphide actively exploring in Egypt since open pit at an average waste to exposure in the Stage 1 pit is now ore ratio of 3:1. During the year, scheduled early in the forthcoming 1995. The Company’s principal mine development has progressed year. Mine productivity continued asset is the Sukari Gold Project, through the oxide contact and into to improve throughout the year and the higher grade sulphide zones it is anticipated that a positive and located in the Eastern Desert toward the end of the financial significant reduction in unit mining of Egypt. year. Whilst greater quantities of cost will result throughout the sulphide ore were being exposed foreseeable future. Operational Performance Financial Year ended 30 June 2010 Ore Mined (‘000t) 4,183 Total Mined (‘000t) 17,003 Mine Head Grade (g/t) 0.89 Strip Ratio waste/ore 3.1 Ore Processed (‘000t) 1,906 Mill Head Grade (g/t) 1.37 Gold Recovery (%) 87 Gold Produced (1) (oz) 67,101 Cash Operating Cost of Production (2) US$/oz 478 Gold Sold (oz) 63,753 Average Sales Price US$/oz 1,152 (1) Gold produced is gold poured and does not include gold-in-circuit at period end. (2) Cash operating costs excludes royalties, exploration and corporate administration expenditure. 2 Sukari Project Expansion In preparation for an increase in second half of calendar 2010 which Stage 3 (5Mtpa Expansion) mining rate early in 2011, orders should bring reline schedules more The Stage 3 expansion project have been placed for a fourth closely to design expectations. A primarily involves installation of Terex RH120 excavator, three dump leach trial during the year is a secondary crushing circuit and CAT785C dump trucks, a CAT993K well underway with material gold related infrastructure that will be front end loader and further recovery expected to commence integrated into the existing process ancillary equipment.
Load more

Recommended publications
  • Arend J Hoogervorst1 B.Sc.(Hons), Mphil., Pr.Sci
    Audits & Training Eagle Environmental Arend J Hoogervorst1 B.Sc.(Hons), MPhil., Pr.Sci. Nat., MIEnvSci., C.Env., MIWM Environmental Audits Undertaken, Lectures given, and Training Courses Presented2 A) AUDITS UNDERTAKEN (1991 – Present) (Summary statistics at end of section.) Key ECA - Environmental Compliance Audit EMA - Environmental Management Audit EDDA -Environmental Due Diligence Audit EA- External or Supplier Audit or Verification Audit HSEC – Health, Safety, Environment & Community Audit (SHE) – denotes safety and occupational health issues also dealt with * denotes AJH was lead environmental auditor # denotes AJH was contracted specialist local environmental auditor for overseas environmental consultancy, auditing firm or client + denotes work undertaken as an ICMI-accredited Lead Auditor (Cyanide Code) No of days shown indicates number of actual days on site for audit. [number] denotes number of days involved in audit preparation and report write up. 1991 *2 day [4] ECA - AECI Chlor-Alkali Plastics, Umbogintwini, KwaZulu-Natal, South Africa. November 1991. *2 day [4] ECA - AECI Chlor-Alkali Plastics- Environmental Services, Umbogintwini, KwaZulu-Natal, South Africa. November 1991. *2 Day [4] ECA - Soda Ash Botswana, Sua Pan, Botswana. November 1991. 1992 *2 Day [4] EA - Waste-tech Margolis, hazardous landfill site, Gauteng, South Africa. February 1992. *2 Day [4] EA - Thor Chemicals Mercury Reprocessing Plant, Cato Ridge, KwaZulu-Natal, South Africa. March 1992. 2 Day [4] EMA - AECI Explosives Plant, Modderfontein, Gauteng, South Africa. March 1992. *2 Day [4] EMA - Anikem Water Treatment Chemicals, Umbogintwini, KwaZulu-Natal, South Africa. March 1992. *2 Day [4] EMA - AECI Chlor-Alkali Plastics Operations Services Group, Midland Factory, Sasolburg. March 1992. *2 Day [4] EMA - SA Tioxide factory, Umbogintwini, KwaZulu-Natal, South Africa.
    [Show full text]
  • SUMMARY AUDIT REPORT Anglogold Ashanti Iduapriem Gold Mine, Ghana 4Th – 8Th March 2019 ______
    Eagle Environmental SUMMARY AUDIT REPORT AngloGold Ashanti Iduapriem Gold Mine, Ghana 4th – 8th March 2019 _______________________________________________________________________ INTERNATIONAL CYANIDE MANAGEMENT INSTITUTE Cyanide Code Compliance Audit Gold Mining Operations Recertification Summary Audit Report AngloGold Ashanti Iduapriem Gold Mine Ghana th th 4 – 8 March 2019 Iduapriem Gold Mine Signature of Lead Auditor 18th May 2019 Page 1 of 32 Eagle Environmental SUMMARY AUDIT REPORT AngloGold Ashanti Iduapriem Gold Mine, Ghana 4th – 8th March 2019 _______________________________________________________________________ Name of Operation: AngloGold Ashanti Iduapriem Limited Name of Operation Owner: AngloGold Ashanti Name of Operation Operator: AngloGold Ashanti Iduapriem Limited Name of Responsible Manager: Samuel Bonney Noi Address: P. O Box 283, Tarkwa, Western Region Country: Ghana Telephone: +233 277 555038 E-Mail: [email protected] Location Detail and Description of Operation INTRODUCTION AngloGold Ashanti Iduapriem Gold Mine is located in the Western Region of Ghana, about 17km southwest of Tarkwa. The original Iduapriem Gold Mine started operating in June 1992 and was designed to treat approximately 2.4Mtpa (million tons per annum). The plant has undergone several expansions carried out since original commissioning. The most recent expansion works were completed and commissioned in November 2017, where the process was changed to a fully operational CIL(carbon-in-leach) process. The process plant now has a capacity to treat approximately 5.1 Mtpa, at a recovery of 96%, to produce about 253,000 ounces of gold per annum. The operation utilizes two SAG Mills and two Ball Mills which run in two parallel closed circuits. CRUSHING PLANT Ore mined from “Ajopa”, Blocks 7 and 8, and “block 3 valley” is hauled by means of 777 dump trucks to the Crushing Plant.
    [Show full text]
  • Sustainable Development Report 2016 Contents
    SUSTAINABLE DEVELOPMENT REPORT 2016 CONTENTS HOW TO NAVIGATE THROUGH THIS REPORT This is an interactive PDF. Navigation tools are available at the top left of each page and throughout the report. Click on: Additional Glossary Contents page Print Previous page Next page Undo Search Website Email Download Page reference content of terms SUSTAINABLE DEVELOPMENT REPORT 2016 1 WHO WE ARE To create value for our shareholders, our employees and our business and social partners through safely and responsibly exploring, mining and marketing our products. Our primary focus is gold, but we will pursue value creating opportunities in other minerals OUR where we can leverage our OUR existing assets, skills and VISION experience to enhance the VALUES delivery of value. SUSTAINABLE DEVELOPMENT REPORT 2016 2 WHO WE ARE (CONTINUED) TEGIC TRA FOC E S US R Improve portfolio quality A O R C E Headquartered in Johannesburg, R A South Africa, AngloGold Ashanti has a U capital expenditure S O Optimise overhead, costs and globally diverse, world-class portfolio of operations and projects. Supporting our strategy for ngloGold Ashanti is the third-largest gold Ensure financial flexibility sustainable mining company in the world, measured cash flow A by production. It has 17 gold mines in improvements and returns nine countries, as well as several exploration programmes in both the established and new gold producing regions of the world. Maintain long-term optionality Focus on people, safety and sustainability OUR BUSINESS OBJECTIVES Focus on people, safety Ensure
    [Show full text]
  • Perenti Awarded New $280M Contract at Iduapriem
    19 July 2021 Perenti’s work in hand increases further with a new $280 million contract at Iduapriem Perenti Global Limited (ASX: PRN) (‘Perenti’ or ‘the Company’) is pleased to announce that AMAX, a joint venture between Perenti’s surface mining business in Africa, African Mining Services (‘AMS’) and leading Ghanaian mining services company, MAXMASS Limited (‘MAXMASS’), has been awarded a new ~$470 million (100% share), five-year contract at AngloGold Ashanti’s Iduapriem gold mine in the Western Region of Ghana. Perenti work in hand will increase by ~$280 millioni (Perenti share) over the term of the contract and is expected to commence immediately. The new contract is structured as a 60:40 joint venture agreement between AMS and MAXMASS and represents AMS’s significant and ongoing commitment to developing and expanding the capacity and capability of our local partners. Mark Norwell, Managing Director and CEO of Perenti, said the continued transformation of AMS, including the winning of quality projects underpinned by robust financial and commercial disciplines remains a key strategic initiative in Perenti’s 2025 Group Strategy. “We’re delighted to be extending our relationship with our long-standing client, AngloGold Ashanti. AMS has a reputation for delivering excellence while generating enduring value and certainty for stakeholders and the award of this new contract at a site where AMS has previously operated for AngloGold Ashanti provides further support for that reputation. We look forward to continuing to partner with AngloGold Ashanti.” Perenti Mining Chief Executive Officer, Paul Muller, said AMS had a long history of delivering operational excellence and value to clients, having provided mining services in Ghana for 30 years.
    [Show full text]
  • Operations and Projects
    2 operations and projects 2.1 Americas region (Cerro Corona and projects – 16 Salares Norte and Woodjam) 2.2 Australia region (Agnew, Darlot, Granny Smith, 34 St Ives plus FSE Project) 2.3 South Africa region (South Deep) 86 2.4 West Africa region (Damang and Tarkwa) 102 2.5 Corporate Development project (Arctic 128 Platinum (APP)) 2.1 Americas region The Americas region is anchored by the standout Cerro Corona mine delivering excellent free cash flow margins and the Salares Norte exploration project continues to show favourable results Cerro Corona (Peru) The Americas region currently Operations (Cerro Corona): accounts for 3% of the gold Mineral Resources Mineral Resource and 3% of the gold Mineral Reserve 3.0Moz gold and base, excluding growth 1,006Mlb copper projects. Mineral Reserves 1.8Moz gold and 623Mlb copper The Gold Fields Mineral Resource and Mineral Reserve Supplement to the Integrated Annual Report 31 December 2014 REGIONS, OPERATIONS AND PROJECTS 17 s¬ Strong anchor point for cementing cash flow and growth within the region s¬ Two new Jaw crusher’s installed to facilitate SAG mill throughput rates as rock hardness increases s¬ Prefeasibility work in progress to assess the potential to add additional reserves based on TSF expansion and WSF capacity opportunities s¬ Options to process the oxide stockpiles are being investigated CANADA s¬ 2,572m of infill-drilling and 66km of re-logging was completed in 2014 increasing knowledge of the ore body at depth (hypogene alteration, clay, density, alteration, hardness and silicification), which will enhance the 2015 Mineral Resource model s¬ Life-of-Mine extends to 2023 (nine years) s¬ 99.5% attributable to Gold Fields Projects (Mineral Resources only) WOODJAM (CANADA) 0.6Moz gold and 1,705Mlb copper PERU 51% attributable to Lima Gold Fields SALARES NORTE (CHILE) CHILE 3.1Moz gold and 33.6Moz silver 100% attributable to Gold Fields Operational pro¿le (Cerro Corona) Mining method Open-pit Infrastructure One open-pit.
    [Show full text]
  • Downer in Western Australia
    Downer in Western Australia Location 1 Albany 2 Argyle diamond mine 3 Barrow Island Legend 4 Brockman 2 and 4 iron ore mines 5 Bunbury 6 Burrup Peninsula Transport Rail Utilities Services Technology & Engineering, Mining 7 Canning Vale Services Communications Construction Services & Maintenance 8 Cannington 9 Cape Preston magnetite mine 10 Carosue Dam gold mine 11 Channar iron ore mine 12 Christmas Creek iron ore mine 13 Collie Argyle diamond mine 2 14 East Perth 15 Eastern Ridge iron ore mine Engineering Road Services Utilities Mining Rail 16 Granny Smith gold mine Construction & Maintenance 17 Gosnells Burrup Peninsula 6 18 Hope Downs iron ore mine Port Hedland 40 43 South Hedland Barrow Island 3 Karratha 25 19 Jimblebar iron ore mine Cape Preston magnetite mine 9 49 West Angelas Ore mine 20 Jundee gold mine Mesa A and J iron ore mines 37 Pannawonica iron ore mine 30 Telfer gold mine 47 21 Kalgoorlie Brockman 2 and 4 iron ore mines 4 Roy Hill iron ore mine 42 Yandi iron ore mines 50 22 Kambalda Christmas Creek iron ore mine 12 Marandoo iron ore mine 29 51 Yandicoogina iron ore mine 23 Kanowna Belle gold mine Tom Price iron ore mine 48 Newman 35 18 Hope Downs iron ore mine 24 Karara magnetite mine Paraburdoo iron ore mine 38 Channar iron ore mine 11 32 Mt Whaleback iron ore mine 25 Karratha WA Eastern Ridge Iron Ore mine 15 19 Jimblebar iron ore mine 26 KCGM gold mine 27 Kwinana Mt Keith nickel mine 31 28 Maddington 20 29 Marandoo iron ore mine Jundee gold mine WA 30 Mesa A and J iron ore mines 31 Mt
    [Show full text]
  • Modder House, No. 1 High Street, Moddercrest Office Park
    Modder House, No. 1 High Street, Moddercrest Office Park, Modderfontein 1609, Gauteng, South Africa PO Box 9820, Edenglen, Johannesburg 1613, Gauteng, South Africa Tel: +27 (0) 11 608 – 2141 Fax: +27 (0) 11 608 – 2142 Website: www.SENET.co.za Table of Contents Summary ........................................................................................................................... i Why SENET? ........................................................................................................................................ i Company Profile .............................................................................................................. iii Company Capability Statement ......................................................................................... iv Overview ............................................................................................................................................ iv Project Services ................................................................................................................ v Project Management........................................................................................................................... v Engineering.......................................................................................................................................... v Procurement & Logistical Management ............................................................................................. v Construction Management ................................................................................................................
    [Show full text]
  • Mine Call Factor Issues at Iduapriem Mine: Working Towards a Mineral And
    Mine Call Factor issues at Iduapriem Mine: Working towards a Mineral and Metal accounting protocol Monica Naa Morkor Tetteh A research report submitted to the faculty of Engineering and the Built Environment, University of the Witwatersrand, Johannesburg, in partial fulfilment of the requirements for the degree of Master of Science in Engineering. Johannesburg 2014 DECLARATION I declare that this report is my own, unaided work. I have read the University Policy on Plagiarism and hereby confirm that no Plagiarism exists in this report. I also confirm that there is no copying nor is there any copyright infringement. I willingly submit to any investigation in this regard by the School of Mining Engineering and I undertake to abide by the decision of any such investigation. __________________ ________ Signature Date ii ABSTRACT The theory of Mine Call Factor (MCF) compares the sum of metal produced in recovery plus residue to the metal called for by the mines evaluation method expressed as a percentage. This MCF concept is well known in underground scenarios and therefore this report highlights the MCF issues and the variable components affecting it from a surface mine perspective. The MCF investigation established the relationship between actual measurements and reporting against measurement protocols. Such measurements include “tonnage, volume, relative density, reconciliation strategy, and truck tonnage determination, sampling and assay standards. This study investigated how these measurements are conducted on Iduapriem Mine according to the mine’s standard operating procedures (SOP). An improvement of documents towards a metal accounting protocol based on the AMIRA protocol is recommended. The mine’s current quality control protocol was further expanded to reflect current practices.
    [Show full text]
  • Carbon Disclosure Project Anglogold Ashanti
    CDP 2013 Investor CDP 2013 Information Request Carbon Disclosure Project AngloGold Ashanti Module: Introduction Page: Introduction 0.1 Introduction Please give a general description and introduction to your organization AngloGold Ashanti, one of the world's leading gold producers, has a portfolio of long-life, relatively low-cost assets with a variety of orebody types in key gold- producing regions around the world. AngloGold Ashanti produced 3.94 million ounces of gold in 2012 - an estimated of global production - making it the third largest gold producer in the world. AngloGold Ashanti has 21 operations located in 10 countries on four continents, together with a substantial project pipeline and a focused, global exploration programme. AngloGold Ashanti currently operates in South Africa, Argentina, Australia, Brazil, Ghana, the Republic of Guinea, Mali, Namibia, Tanzania and the United States. The bulk of its production came from deep level underground operations (30%) and surface operations (1%) in South Africa. Contributions from other countries were Ghana (12%), Australia (7%), Brazil (13%), Mali (8%), Guinea (6%), Tanzania (14%), USA (6%), Argentina (6%) and Namibia (2%). Headquartered in Johannesburg, South Africa, AngloGold Ashanti's primary listing is on the Johannesburg Stock Exchange (ANG). It is also listed on the following securities exchanges: New York (AU), London (AGD), Australia (AGG) and Ghana (AGA). 0.2 Reporting Year Please state the start and end date of the year for which you are reporting data. The current reporting year is the latest/most recent 12-month period for which data is reported. Enter the dates of this year first. We request data for more than one reporting period for some emission accounting questions.
    [Show full text]
  • Gold Fields Australia Site Visit: Granny Smith Gold Mine STUART MATHEWS General Manager 16Th July 2014 Forward Looking Statements
    Gold Fields Australia Site Visit: Granny Smith Gold Mine STUART MATHEWS General Manager 16th July 2014 Forward looking statements Certain statements in this document constitute “forward looking statements” within the meaning of Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934. In particular, the forward looking statements in this document include among others those relating to the Damang Exploration Target Statement; the Far Southeast Exploration Target Statement; commodity prices; demand for gold and other metals and minerals; interest rate expectations; exploration and production costs; levels of expected production; Gold Fields’ growth pipeline; levels and expected benefits of current and planned capital expenditures; future reserve, resource and other mineralisation levels; and the extent of cost efficiencies and savings to be achieved. Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the company to be materially different from the future results, performance or achievements expressed or implied by such forward looking statements. Such risks, uncertainties and other important factors include among others: economic, business and political conditions in South Africa, Ghana, Australia, Peru and elsewhere; the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions, exploration and development activities;
    [Show full text]
  • A Case Study of Anglogold Ashanti, Iduapriem Mines)
    ASSESSING THE EFFECTS OF TAXATION ON THE MINING INDUSTRY (A CASE STUDY OF ANGLOGOLD ASHANTI, IDUAPRIEM MINES) BY DAVID KOJO SMITH A THESIS SUBMITTED TO THE KWAME NKRUMAH UNIVERSITY OF SCIENCE AND TECHNOLOGY IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION (FINANCE) AUGUST, 2015 DECLARATION I, David Kojo Smith, hereby declare that this thesis is my own work towards the Masters programme, and to the best of my knowledge, it contains no materials previously published by another person nor material which has been accepted for the award of any other degree of the University or any other university, except where due acknowledgement has been made in the text. David Kojo Smith …………………… …………………. (PG 9616913) Signature Date Certified by: Prof. J.M. Frimpong …………………… …………………. (Supervisor) Signature Date Certified by: Dr. K.O. Appiah …………………… …………………. (HOD, Accounting and Finance) Signature Date ii DEDICATION This work is dedicated to my mother, Alice Gifty Kittoe, for all her encouragement, prayers and support in bringing me to this level. I also dedicate it to my dear wife Mama Akose, my children, Derick Kojo Smith, Victoria Smith, Juanita Smith, Cindy Smith and Allswell Smith for their understanding, love, care and support in my academic pursuit. iii ACKNOWLEDGEMENT My ultimate gratitude goes to the Almighty God for his mercies, kindness, protection and love to me from the beginning to the completion of this work. I wish to acknowledge my supervisor, Prof. J.M. Frimpong’s encouragement and diverse contributions towards the completion of this study. Without his advice, critisms and directions, this work would not have been possible.
    [Show full text]
  • Granny Smith Gold Mine Stuart Mathews 16 July 2014
    Gold Fields Australia site visit: Granny Smith Gold Mine Stuart Mathews 16 July 2014 There are a few of my senior leadership at site at the back of the room. Perhaps, if you could stand up one by one and just say who you are, that would be great: Reg (Andrew Radford). I am the Metallurgy Superintendent and I will be helping you with the presentation & site tour today John, Benato, Projects manager on site. Grant Neill, Coordinator for Security and Emergency Response. Kim Stranger. I am the Superintendent for Commercial and Admin. Lisa Last. I’m the Senior Environmental Advisor. Geoff Hart, Mobile Maintenance Superintendent. Gary Sparks, Mineral Resources Manager. Johanna Cowell, Underground Manager. Thank you. If you have a few questions for these people, it’s no problem, and you’re most welcome to talk to them. A couple of our key people will also be contributing to the presentation. From our Darlot mine down to Granny Smith is approximately a two and a half hour drive, and also not that far from the Agnew/Lawlers mine. We are also approximately 400km north east of Kalgoorlie and we have St Ives a little bit further from there. We are located in the Eastern Goldfields Province of Archaean Aged Yilgarn Craton, and we are 400km’s from Kalgoorlie as already stated, and 950km’s north-east by road from Perth. As the “crow flies” it takes us about an hour and half, to an hour and three quarters, to get to site by commercial plane. 2 Gold Fields Australia site visit: Granny Smith Gold Mine Stuart Mathews 16 July 2014 The Granny Smith mill and mine camp are 23km’s south of Laverton and the Wallaby underground is 15km further south west of the Granny Smith processing plant.
    [Show full text]