No Result
View All Result
Tuesday, February 7, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Idris Elba adds Ghana to the list of African countries he wants to partner with

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Pensioners to picket at Finance Ministry over DDE

    Ghana begins to locally manufacture its own bullion vans to combat robbery

    MTN’s aYo insurance covers over 8 million Ghanaians in 5 years

    AGI urges Govt. to effect favorable business policies

    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Encourage China to support Ghana’s debt restructuring – Akufo-Addo to Germany

    Government to securitize $3.3bn in Central Bank loans

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Nigeria ranks number one globally for cryptocurrency usage and ownership

    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

  • TECHNOLOGY

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Idris Elba adds Ghana to the list of African countries he wants to partner with

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Pensioners to picket at Finance Ministry over DDE

    Ghana begins to locally manufacture its own bullion vans to combat robbery

    MTN’s aYo insurance covers over 8 million Ghanaians in 5 years

    AGI urges Govt. to effect favorable business policies

    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Encourage China to support Ghana’s debt restructuring – Akufo-Addo to Germany

    Government to securitize $3.3bn in Central Bank loans

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Nigeria ranks number one globally for cryptocurrency usage and ownership

    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

  • TECHNOLOGY

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Randgold pulls out of joint venture with AngloGold Ashanti

bycitibusinessnews
December 22, 2015
in Business, Mining, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

Moves to revamp the Obuasi gold mine appears to have hit a snag following the pullout of mining firm Randgold.

[contextly_sidebar id=”SnXHEVDorgjpMzrB0xot1ZqlYuU2dE9i”]AngloGold Ashanti in September this year announced it had entered into a joint venture with Randgold Resources Limited to revamp the Obuasi mine to a world-class high-grade mine.

But a few months down the line Randgold Resources Limited this morning announced it no longer had any intrest in the move and has abrogated its deal with Anglogold Ashanti.

ADVERTISEMENT

The deal betweeen the two mining companies if succeful would have led to the revamping of the Obuasi mine which is currently going through a number of challenges. AngloGold Ashanti at the end of 2014, converted the Obuasi mine to limited operations ceasing underground production. The move led to the dismissal of thousands of its workforce.

Chief Executive Officer of AngloGold Ashanti Srinivasan Venkatakrishnan who confirmed the move to Business News at the time said the move will make the mine sustainable in the long term.

‘ ‘What it does mean is we will open up the mine and solve historical issues which we have addressed, some of them when addressed will generate a promising return not just for Anglogold Ashanti, even for all of the stakeholders. Currently gold and cocoa are the two big foreign exchange earners which effectively create the backbone of the Ghanaian economy and unfortunately gold price and cocoa have gone down and with this we need to revive the mine and get it to become profitable.’

Randgold’s Chief Executive Officer Mark Bristow also told Citi Business News in September after the announcement said “Obuasi is a world-class resource.  We now have to see if we can convert it into a world-class mine.  We have a long history of cooperation with AngloGold Ashanti and we look forward to working with them again on charting a new course towards a viable future for Obuasi.”

But Randgold Resources Limited in a statement to Citi Business News on December 21, 2015 said it has informed AngloGold Ashanti that it wishes to terminate the conditional Investment Agreement concluded in September this year for a joint venture to redevelop the Obuasi Mine.

According to Rangold its pulling out of the deal because  the investment does not meet Randgold’s investment criteria.

Rangold adds its decision to pullout ‘follows concerted efforts by both companies to improve the project’s returns and also to secure an appropriate set of consents from the Government of Ghana, within an ambitious timeframe that would have allowed for a feasibility decision on the redevelopment of the mine in early 2016’.

It says although improvements were identified, they have not been sufficient to commit to a substantial investment under the prevailing conditions.

The Minister of Lands and Natural Resources of Ghana has approved continuation of Obuasi’s limited operating phase during Q1 2016.

Limited operations will be undertaken at reduced cost, compared to 2015, including maintaining the operations, security, environmental management, optimising the feasibility study, as well as ongoing sustainability work.

“We have made a concerted effort to unlock a new opportunity for Obuasi, and the work we have done lays a good foundation for the operation in the long term,” AngloGold Ashanti Chief Executive Officer Srinivasan Venkatakrishnan said.

“But in the current environment, we believe it is prudent to conserve our resources and to revisit this opportunity when market conditions improve.”  He added.

 

Industry players have described the latest development as worrying and fear the move could lead to more dismissals of miners at the mine.

–

By:  Vivian Kai Lokko/citifmonline.com/Ghana

 

 

Related Posts

Banking And Finance

Nigeria ranks number one globally for cryptocurrency usage and ownership

bycitibusinessnews

A new study has revealed the countries with the highest cryptocurrency usage and ownership rate. The ranking was determined by...

Read more

Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

Pensioners to picket at Finance Ministry over DDE

Ghana begins to locally manufacture its own bullion vans to combat robbery

AGI urges Govt. to effect favorable business policies

Gold-for-oil: Govt spent $40m on first consignment – NPA

Encourage China to support Ghana’s debt restructuring – Akufo-Addo to Germany

Next Post

Airline operators appeal for reduction in fuel tax

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.