Category: Mining
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Govt urged to renegotiate zero budget financing in IMF programme
Economist, Dr. Eric Osei-Assibey has urged government to renegotiate with the International Monetary Fund(IMF) to relax the provision that requires the Bank of Ghana(BoG) to reduce its budget financing from 10 percent to zero. This follows an earlier assertion by the Institute for Fiscal Studies (IFS), criticizing government for accepting the provision under a $918…
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Newmont appoints new head for Africa
Alwyn Pretorius has assumed the helm of Newmont Mining Corporation’s Africa operations as Senior Vice President, Africa Operations after the company announced his official appointment in March. Mr. Pretorius brings more than 20 years of gold sector experience to the role with extensive expertise in underground deep-level gold mining. Before joining Newmont, he was the…
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AngloGold Ashanti presses govt to restore peace at Obuasi mine
Mining giant AngloGold Ashanti has justified its move to compel the government of Ghana to use its authority in restoring peace and stability to the company’s Obuasi gold mine. Anglogold Ashanti announced on June 22, 2016 that it is petitioning the World Bank’s International Centre for Settlement of Investment Dispute (ICSID) to compel Ghana to…
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AngloGold seeks an order compelling Ghana to end Obuasi mine invasion
Citi Business News can confirm that AngloGold Ashanti Ghana, has formally asked the World Bank’s International Centre for Settlement of Investment Dispute (ICSID) to compel the government of Ghana to flash out all illegal miners and return peace and stability to the Obuasi Gold Mine. This follows the complaints over the invasion of the company’s…
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Small scale miners resist 10% tax on activities
The Ghana Association of Small Scale Miners (GASSM) is up in arms with government over the introduction of a 10 percent withholding tax to be slapped on its members following the revision of the Income Tax, 2015, (Act 896). According to GASSM, the 10 percent withholding tax is ridiculous and will erode the profits of…
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Nine people die at Anglogold Ashanti’s Obuasi mine
Nine miners who are part of a group of illegal miners who have taken over AngloGold Ashanti’s Obuasi mine, have been reported dead at the mine. Their death follows serious injuries they sustained due to the hazardous working conditions at the mine. Speaking to Citi Business News on the development, the General Manager & Managing Director of…
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Minerals Commission defends taxing small-scale miners
The Minerals Commission has justified government’s decision to tax small-scale, artisanal and illegal miners in the country. According to the commission there is the need for small scale miners to pay appreciable tax to the state for national development. Speaking to Citi Business News, the Chief Executive Officer of the Minerals Commission Dr. Toni Aubynn…
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Asantehene threatens to sanction chiefs who sell lands to galamsey operators
The Asantehene Otumfuo Osei Tutu II has threatened to sanction any chief in the Ashanti Region who sells lands to illegal miners. The Asantehene who expressed worry about the spate at which fertile lands in the region have been allowed to go waste due to the activities of illegal mining said he will not hesitate…
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Anglogold & Ghana rift: Govt vows to solve issue
The Ministry of Lands and Natural Resources has assured Anglogold Ashanti Ghana of its commitment to clear illegal miners from the company’s Obuasi concession. According to the ministry government will not compromise in ensuring full protection of investors in Ghana. Speaking at the 88th Annual General Meeting of the Chamber of Mines, the Minister of…
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Chamber of Mines wants aspects of new Income Tax law reviewed
The Ghana Chamber of Mines has raised red flags over the implementation of some aspects of the new Income Tax Act, 2015 (ACT 896). According to the Chamber, government is bound to face difficulty as the implementation of such aspects of the law is not consistent with the consensus reached. The President of the Ghana…