AngloGold Project Price Up 11% As Labor, Fuel Costs Rise

Law360, New York (January 31, 2013, 4:33 PM EST) -- South African miner AngloGold Ashanti Ltd. will have to pay an extra AU$70 million to finance its Tropicana gold project in western Australia, an 11 percent increase over initial estimates driven by rising labor and fuel costs, the company said Thursday.

Under the revised figures, the mine will cost between AU$820 million and AU$845 million to build, according to AngloGold. The original price range, set when the expansive project was approved in November 2010, topped out at AU$775 million.

The cost hike primarily grew out of...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.