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20/07/2017
Orezone Announces Appointment of New Director
 
07/07/2017
ENDEAVOUR ANNOUNCES THE RETIREMENT OF ITS COO
 
31/05/2017
RETIREMENT OF DEPUTY CHAIRMAN - Mineral Deposits Limited
 
 
 
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   17/09/2015
 
Randgold & AngloGold Ashanti to rebuild Ghana mine
 
Randgold Resources Limited and AngloGold Ashanti have concluded an investment agreement aimed at the formation of a joint venture to redevelop and operate AngloGold Ashanti’s Obuasi gold mine in Ghana.

In terms of the Agreement, Randgold will lead and fund a development plan designed to rebuild Obuasi as a viable long-life mining business with an attractive cost structure and returns.

Obuasi, located in the Ashanti region of Ghana 320 kilometres northwest of the capital Accra, is a large, high-grade deposit with proven and probable ore reserves of 24.53Mt at 6.70g/t for 5.29Moz, part of a substantial mineral resource base.

At the end of 2014, AngloGold Ashanti converted Obuasi to limited operations, ceasing underground production, retrenching the workforce, but continuing to process tailings and starting a feasibility study on the redevelopment of the mine. Development of the decline ramp has continued over this period.

The development plan will build on this feasibility study with the intention of establishing a more focused, efficient, mechanised high-grade operation, and is expected to take about four months to complete. If the development plan meets both parties’ investment criteria, and assuming all other conditions are satisfied, Randgold and AngloGold Ashanti will form a new joint venture company.

Randgold and AngloGold Ashanti will then be jointly responsible for funding the redevelopment of Obuasi in line with the agreed development plan. A Randgold group entity will be appointed as operator of the mine, and Randgold and AngloGold Ashanti will appoint an equal number of directors to the board of the joint venture company, with board and shareholder decisions to be approved by both parties.
 


 
 
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