AngloGold Ashanti (NYSE:AU) La Colosa Gold Mine Water Permits

AngloGold Ashanti (NYSE:AU) has waited two years to resume exploration at its $2.7 billion La Colosa gold project in Colombia, ant that seems to be close to happening, as the effects froms El Nino, which dried up the area, are receding, and it looks like they'll be awarded water permits sometime in July to resume operations.

President of AngloGold’s Colombian division, Rafael Herz, said this about the water situation, “The next step with Colosa is to have water available in order to restart exploration.”

Estimates are the mine will produce as high as 800,000 ounces of gold in its lifetime, which at today's prices would be about $950 million worth of gold. But with gold prices sure to rise over time, that will surely rise above $1 trillion, assuming the estimates are close to being accurate.

AngloGold will invest close to $200 million to explore the gold mine over the next three years.

They also could resume exploration at their Gramalote gold project, also in Columbia, which they joint venture with B2Gold Corp on.

Get these two mining projects going and AngloGold has a solid source of revenue and profits for years into the future, even above their present sources.