GOLDMINING giant AngloGold Ashanti is to spend more than $US800 million ($760m) on its Australian projects in the next two to three years.
Chief executive Mark Cutifani said that figure included work on its existing Sunrise Dam mine and new Tropicana mine development, both in Western Australia, as well as planned exploration expenditure.
Mr Cutifani said Tropicana, a joint venture with Independence Group, was on budget and on track to be commissioned in October next year.
First gold production is expected in the fourth quarter of next year.
Civil works and early-stage mining had already begun and the company was pleased with the progress so far in a tough environment.
Meanwhile, no progress had been made on a previously flagged restructure of the equity ownership of Tropicana, which is 70 per cent held by the South African miner, with the remainder held by Independence Group.
Mr Cutifani said also that Sunrise Dam still had strong exploration potential.
The company was focusing on the underground part of the mine, with the depletion of the open pit, and was bullish about its Vogue discovery.
"With the Vogue ore body that we've identified below the existing Sunrise Dam, we're hoping that's another 10-20 years (mine) life," Mr Cutifani said.
"We haven't found the bottom of the ore body yet, so we're very optimistic."
Three years ago, the mine had a remaining life of only five years.
He said the price of gold could exceed $US2000 an ounce this year because demand remained robust in fast-growing economies such as India and China.
He expected this year's gold price, which settled at $US1685.60 on Monday, to average between $US1700 and $US1800 an ounce.
He said its operations in Mali were continuing after the recent military coup there.
The goldminer's projects in Mali, which is usually one of the more politically stable West African nations, make up less than 4 per cent of the company's total global production.
Mr Cutifani said the operations were far away enough from the centre of the trouble to have not experienced any disruptions.
"There have been no problems so far and we hope it stays that way," Mr Cutifani said.
"We are receiving fuel and other materials so operations should continue."
