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Johannesburg - AngloGold Ashanti [JSE:ANG], the world’s third-largest gold producer, said on Tuesday it expects capital expenditure to double to $1.5bn by 2013.
The company said in a presentation on its website that it then saw capex falling back to 2011 levels by 2015 as some of its projects come on stream.
Long-term and large capex outlays will include an estimated $3.4bn for the company’s massive La Colosa project in Colombia, which authorities have said could threaten farming and human populations because of the water resources required.
The presentation forecast that project it would not reach full production before late 2019.
For the group's continental African operations, which include Mali, Ghana and Tanzania, the South African-based miner said it saw output rising significantly to 2 to 2.3 million ounces per year by 2014/15 with new projects in the Democratic Republic of Congo slated to come into production.
The group's Mongbwalu project there should start delivering its first gold in 2013 and the capex to develop the mine is estimated to be around $400m, the presentation said.
