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    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

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

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    $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

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    MTN to fight $773m tax bill from government

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    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

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    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

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Randgold blames Govt for its pullout from Ghana

bycitibusinessnews
September 28, 2016
in Government, Local Economy, Mining, News, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

Mining giant Randgold Resources Limited has revealed that it abandoned its deal with AngloGold Ashanti to take over the Obuasi Mine  because government of Ghana refused to give complete support to the deal.

Randgold Resources in 2015 abandoned plans to redevelop the Obuasi mine of Anglogold Ashanti, just three months after announcing its interest in the mine through a partnership with Anglogold.

Chief Executive Officer of Randgold, Mark Bristow who made the announcement on Tuesday stated that

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government showed no support which revealed that the social risk there was enormous.

Speaking at a media briefing in Johannesburg , Mark Bristow said “we were very concerned about the complete lack of support from the Government for this whole plan. When we go into a country we see ourselves as partners with Government because we are developing a national asset.”

Bristow also lamented political interference stating that many attempts to invest in Ghana, were always rattled by political intervention.

Moves to revamp the Obuasi gold mine hit a snag in December 2015 following the pullout of Randgold.

AngloGold Ashanti in September of that same year announced it had entered a joint venture with Randgold Resources Limited to revamp the Obuasi mine to a world-class high-grade mine.

But a few months after the announcement Randgold Resources Limited pulled out citing no significant reasons.

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.

The Obuasi was subsequently invaded by illegal miners.

AngloGold Ashanti in 2016 commenced arbitration proceedings against the Ghanaian government through the International Centre for Settlement of Investment Disputes (ICSID) requesting that ICSID make an urgent order forcing the government to “amongst other things, to re-instate military security and restore law and order at the Obuasi mine.”

–

By:  Norvan Acquah – Hayford/citibusinessnews.com/Ghana

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