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AngloGold sacks over 4,000 workers

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Citi Business News has gathered AngloGold Ashanti Ghana has finally laid off 4,300 of its workers as part of cost-saving measures. This comes after the company announced the planned retrenchment in May this year. The move is part of measures being undertaken by the mining company to make the Obuasi mine profitable. AngloGold Ashanti budgeted to spend 220 million dollars ...

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Gold set for biggest weekly rise

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Gold prices steadied on Friday,12th December,2014 on track for their biggest weekly rise since June, as the dollar retreated and sliding oil prices hurt risk appetite, prompting another drop in stocks. Gold was up 3% this week. Weakness in stocks has prompted some investors to buy the metal as an alternative asset, while a drop in the US unit made ...

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Gold tumbles, oil hits 5-year low

gold

Gold prices tumbled on Monday December 1st, 2014 after Swiss voters overwhelmingly rejected proposals to boost gold reserves in a referendum, joining a broad rout in commodities that sent copper and oil prices to four- and five-year lows. The slide in the oil and commodity prices is hurting many assets tied to the resource sector – from Australian mining shares ...

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Obuasi mine closure reports are false-Anglogold

AngloGold-Ashanti-Logo

Anglo Ashanti has denied reports that the Obuasi mines will be shut down for its restructuring. There have been reports that the mine will be shut down for 2 years to allow for restructuring that will see the mine bounce back at its optimum level. However, Executive Vice President of Sustainability at Anglogold, David Noko tells Citi Business News the ...

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Minerals Commission revokes license of Romex Mining Corporation

Mineral-Commission1

The Minerals Commission has revoked the license of Canadian Mining firm, Romex Mining Corporation. The revocation follows Romex flouting a number of laws governing mining in Ghana. Romex is reported to have transferred its mineral rights to another company, FCMI Ghana Incorporated, without the consent of the ministry in charge of the industry. Romex also began mining when they only had ...

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Newmont supports Ghana in fight against Ebola

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Newmont Ghana has provided a medical support package valued at GH¢220,000.00 to assist with the country’s preparations for any potential outbreak of the Ebola disease in Ghana. The medical support package includes two isolation facilities for the Brong Ahafo and Eastern regions, provision of personal protective equipment, thermal scanners, educational awareness materials and training of hospital staff. The package would ...

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AngloGold to seal Obuasi mine from illegal miners

AngloGold-Ashanti-Logo

AngloGold Ashanti has assured it has adequate security to keep illegal miners at bay when it closes its Obuasi mine. The mining firm will partially close its Obuasi mine for two years to upgrade the mine. The company would continue with its surface mining programme which it regards as profitable against the expensive underground mining it has been doing for some years now. ...

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AngloGold Ashanti ditches restructuring plans

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AngloGold Ashanti will not to go ahead with a proposed restructuring and two-billion-dollar capital raise. The company called off the proposed demerger after shareholders expressed concerns over the amount of equity capital that would need to be raised. The proposed restructuring would have created a London-listed entity to house the company’s international assets with the South African assets remaining at ...

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Miners to finalize Obuasi mine layoffs with Anglogold

AngloGold-Ashanti-Logo

Citi Business News has learnt that the Ghana Mine Workers Union will be finalizing discussions with  the leadership of Anglogold Ashanti on some recent developments in the company in the next three days. The discussion is expected to exhaust negotiations on the planned retrenchment of almost all staff of AngloGold at its Obuasi concession in the Ashanti Region . Also ...

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ANGLOGOLD to set up new company to run Ghana operations

AngloGold-Ashanti-Logo

Citi Business News has gathered ANGLOGOLD ASHANTI has begun moves to set up a new company to run its operations in Ghana. The new company will also run the mining giant’s other operations across the world except that of South Africa. The move which is subject to approval from regulators and shareholders is expected to be executed next year. The ...

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Ghana Business News