AngloGold Ashanti, the world’s third largest gold miner, is more concern about Australia’s tax policies than calls within South Africa’s ruling party, the ANC to nationalise mines and impose more duties, CEO Mark Cutifani disclosed on Thursday.

He told Reuters that within 6 months, the costs of construction and mining have risen by as much as 15 percent compared to 2011, which should be seen as more threatening than the ruling party’s policy changes.

“It’s clear at the senior levels of the ANC there is no appetite for nationalisation, … On the other hand, taxation policies towards South Africa’s miners will be central to the ANC, but it certainly won’t be as draconian as the Australian legislation.” Cutifani, an Australian, said.

South African President Jacob Zuma is also opposing nationalisation as proposed by the ANC’s Youth League, although the party is currently introducing additional taxes in the mining sector as a way to generate additional revenue.

Cutifani said development and expansion plans AngloGold is putting in place should lift the company’s gold output to 5.5 million ounces in 2014 from 4.3 million in 2011.

“Over the next few years, the proportion of gold AngloGold mines in South Africa will drop by 10 percent to 25 percent as more mines open in other countries. We’re simply going where the gold is now,” he said.

AngloGold has been operating in South Africa for more than a century.