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AngloGold Ashanti says it will be spending over $US800 million on Australian projects in the next two to three years.
According to The West Australian AngloGold CEO Mark Cutifani said the expansions aimed to capitalise on predictions the gold price could peak "well over $US2,200" an once in coming years.
Cutifani said the $US800 million budget was for expansions to the company’s Sunrise Dam mine and Tropicana development, both in Western Australia.
The West Australian reports Cutifani said the company was focused on underground mining at Sunrise after depleting the open pit and there was still potential for more exploration at the site.
He also said construction of the Tropicana project was set to be commissioned in October next year.
In briefing journalists Cutifani also took the opportunity to criticise the mining tax, and said rising resource nationalism in Africa was less worrying than Australia’s mining tax.
He said Australia needed to "stop the class warfare" discussion surrounding much of the tax debate.