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Sam Jonah takes over BHP Billiton’s Liberian iron-ore interests

Sam Jonah - Executive Chairman of Jonah Capital

Liberian iron-ore interests of diversified major BHP Billiton have been acquired by Cavalla Resources. Cavalla Resources is a wholly-owned subsidiary of investment holding company Jonah Capital, a private company with a portfolio of assets primarily in the mineral resource sector in sub-Saharan Africa and owned by business mogul Sam jonah. Cavalla has been granted the exclusive rights over the four ...

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Gold poised for biggest weekly loss since March

gold

Gold headed for the biggest weekly decline in almost seven months as investors looked to the US nonfarm payrolls report Friday for signals on the strength of the economy, which will help determine when the Federal Reserve raises interest rates. Bullion for immediate delivery retreated as much as 0.5% to $1 108.43 an ounce, the lowest since September 16, and ...

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Anglogold to reinstate dismissed workers

AngloGold-Ashanti-Logo

AngloGold Ashanti has hinted to Citi Business News that most of its workers that were laid off in its retrenchment exercise last year are likely to reinstated. The move according to AngloGold Ashanti, operators of the Obuasi mine, is part of the company’s partnership with Randgold Resources Limited. Late last year AngloGold Ashanti Ghana laid off some 4,300 of its ...

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AngloGold Ashanti enters joint agreement with Randgold to revive Obuasi mine

AngloGold-Ashanti-Logo

AngloGold Ashanti has entered into a joint venture with Randgold Resources Limited to revamp the Obuasi mine to a world-class high-grade mine. Chief Executive Officer of AngloGold Ashanti Srinivasan Venkatakrishnan who confirmed the move to Business News said “Obuasi given the range of issues had to have a tough decision taken because you cannot fix the tyre of a car ...

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BoG sets new guidelines for gold exports

gold

The Bank of Ghana (BoG) will from this month begin rolling out new rules for gold export. The new rules which will take effect from Tuesday, September 15, 2015 will affect all gold exports. According to the central bank per the new measures all exports of gold must be done only through the Precious Minerals Marketing Company Limited (PMMC). PMMC ...

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Miners threaten to bring industry to a standstill

mining

The Ghana Mine Workers Union is threatening to bring the mining sector to a standstill if the current huge disparity between wages of locals and expatriates are not addressed. According to the miners, they will use their right to collective bargaining to demand their due. The union has been crying foul about the current trend, insisting most underpaid locals have ...

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AngloGold mulls harvesting mines as gold price sinks

AngloGold-Ashanti-Logo

Africa’s top bullion producer, AngloGold Ashanti, could begin “harvesting” some of its mines if the gold price sinks below $1 000 an ounce, its chief executive said on Monday. If we end up with a gold price below $1 000 an ounce we may start harvesting some of the short-life mines for cash for a period until prices recover, chief ...

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South African miners accused over black ownership rules

minig

South Africa’s government and the mining industry are at loggerheads over rules about black ownership and investment in the sector. It is claimed miners are too slow to meet rules that at least 26% of company shares should be under black ownership. But the Chamber of Mines told the BBC the confusion was due to the government using a different ...

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Mining companies to put on hold layoffs

Chief Executive Officer of the Ghana Chamber of Mines Sulemanu Koney

Citi Business News has learnt that mining companies in the country may not lay off workers despite the ongoing power crisis and the fall in the gold price on the world market. According to the Ghana Chamber of Mines most mining companies in the country have finished with their rationalization exercise, and therefore may not lay off more workers. Most ...

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Mining firms commence plans to list on GSE

mining

Chief Executive of the Chamber of Mines, Suleiman Koney has confirmed to Citi Business News plans by a number of mining firms to list on the Ghana Stock Exchange within a couple of years. Moves to get mining firms to list on the local bourse are yet to be realized due to some challenges from the market. Chief Executive of ...

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Citi Business News