AngloGold (NYSE: AU) Commits to Tropicana Gold Project

AngloGold Ashanti Ltd. (NYSE:AU) announced it'll begin working on its Tropicana gold project in Western Australia, now that a deal has been reached with mining companies in Australia over the super tax.

The new so-called resources tax will entail only coal and iron ore, making the company change its mind over the project.

Many mining companies had decided to stop, delay or ignore Australia when they proposed the supertax on miners in the country, which left them with a bad taste in their mouth over the 40 percent tax on profits for raw materials.

After the changes, a spokesman for AngloGold Ashanti said they'll now continue on with the project on the prior schedule it had planned.

AngloGold has a 70 percent stake in Tropicana. The project will produce an estimated 400,000 troy ounces of gold a year starting in 2013.