La Colosa Ownership
Overview and locality
The Gramalote project, a joint venture between AngloGold Ashanti (50%) and B2Gold (50%), is located near the towns of Providencia and San Jose del Nus within the municipality of San Roque, in the northwest of the Department of Antioquia. It is approximately 124km northeast of Medellín, the regional capital of the Antioquia Department. B2Gold became the project manager and operator in 2020.
A final feasibility study for the project was completed in 2022. Both partners determined that the Gramalote project does not meet their investment thresholds for development. After a review it was decided that it would be in the best interest of all stakeholders for a new party to own the Gramalote project. The partners appointed a corporate advisor in the fourth quarter of 2022 to assist with the sale process.
The La Colosa project is located approximately 150km west of Bogota, in the Tolima Department. It is a very large porphyry-style gold deposit discovered by AngloGold Ashanti Colombia greenfield exploration group in 2006. This wholly owned project is currently under force majeure until the necessary environmental permits are issued.
The Quebradona project is situated in the Middle Cáuca region of Colombia, in the Department of Antioquia, 60km southwest of Medellín within the Municipality of Jericó. The project is 100% owned and managed by AngloGold Ashanti.
Quebradona remains an attractive long-life, high-grade, low-cost project which will add copper production to our portfolio. A feasibility study is underway to determine the engineering activities.
The project is expected to treat 6.2Mt annually to produce 3 billion pounds of copper, 1.5Moz of gold and 21Moz of silver over a potential 23-year life. Quebradona will be a copper mine with gold and silver as by-products. First production is expected approximately four-and-half years from the start of construction.
After the national environmental licensing agency’s (ANLA’s) decision in November 2021 to archive our environmental licence application relating to the Quebradona project, we filed an appeal seeking to secure further details on the specific additional information ANLA would require in order to be able to make a decision on our licence submission. In April 2022, we were informed ANLA had denied the appeal and had confirmed the decision to archive the application.
We are preparing a new Environmental Impact Statement which we expect to submit with the licence application.
Gramalote partners with ASM
The Gramalote project in Colombia, now an equal joint venture between AngloGold Ashanti and B2Gold, is supporting a number of ASM formalisation projects. As in many areas in which AngloGold Ashanti operates, ASM has a long tradition in the area surrounding the proposed mine.
Quebradona Biodiversity Initiative
A ground-breaking plan to create and integrate a park and biodiversity centre into its Quebradona copper-gold project, in Colombia’s Antioquia province.
Diversity and inclusion at Quebradona
An interview with Carolina Sánchez, geological engineer on the role of women in mining.
Transformation fund supports businesses in Colombia
At AngloGold Ashanti’s Quebradona project in Colombia, Comfenalco Antioquia and the Pro Jericó Foundation came together at the end of 2020 to offer soft loans to entrepreneurs and small business owners. The project is called the Productive Transformation Fund and is designed to support the launch and growth of small businesses.