Independence Group NL (ASX: IGO) (30%) and joint venture partner AngloGold Ashanti (NYSE: AU) have now made Tropicana the newest gold producing mine in Australia.
Production from Tropicana is in the range of 120,000 to 160,000 ounces in the period ending 31 December 2013.
Average annual production during the first 3 years also remains in line with previous guidance of 470,000 – 490,000oz Au per annum.
IGO’s attributable gold production is estimated to average in the range of 141,000 ounces to 147,000 ounces of gold per annum during the first three years of production, with cash costs plus royalties in those years of A$590 to A$630 per gold ounce.
The project comprises 12,000 square kilometres of tenements stretching over more than 300 kilometres strike length along the Yilgarn Craton and Frazer Range Mobile Belt Collision Zone.
The company targeted and pegged the area containing the current gold reserves in 2001.
AngloGold Ashanti Australia farmed into the project in 2002 and discovered the Tropicana, Havana and Boston Shaker Gold Deposits respectively in 2005, 2006 and 2009.
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