Category: Mining
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Goldfields to sack about 2,000 workers in Ghana
Over two thousand workers of Goldfields are likely to be fired in Ghana in the coming months if gold prices on the global market does not recover. [contextly_sidebar id=”asTg2bI9qoh3a7ptMXFjZbnkrV94MfIz”]The dismissals will occur if the mining giant goes ahead with plans to shut down the Damang mine in Western Region. Citi Business News has gathered the…
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Sam Jonah takes over BHP Billiton’s Liberian iron-ore interests
Liberian iron-ore interests of diversified major BHP Billiton have been acquired by Cavalla Resources. [contextly_sidebar id=”QM5lV4ubctJGpsPcG2QvliAVwzWbl2X5″]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…
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Gold poised for biggest weekly loss since March
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. [contextly_sidebar id=”bspxfRclbdxCG5AZNuxh8e29EFk9MzgW”]Bullion for immediate delivery retreated as much as 0.5% to $1 108.43 an ounce,…
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Anglogold to reinstate dismissed workers
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. [contextly_sidebar id=”TTViaearlfF8g6AnWRHVQzesCC3TUAl3″]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…
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AngloGold Ashanti enters joint agreement with Randgold to revive Obuasi mine
AngloGold Ashanti has entered into a joint venture with Randgold Resources Limited to revamp the Obuasi mine to a world-class high-grade mine. [contextly_sidebar id=”2szMslBg99lzExlBIfV7yeAFEhuKRpWK”]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…
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BoG sets new guidelines for gold exports
The Bank of Ghana (BoG) will from this month begin rolling out new rules for gold export. [contextly_sidebar id=”eZycUgaritJSWosGZRB19cW9E83hVrlT”]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…
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Miners threaten to bring industry to a standstill
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. [contextly_sidebar id=”DJEZpVhDPuWlaV0XXuJyVKuBoSaMKIV1″]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…
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AngloGold mulls harvesting mines as gold price sinks
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. [contextly_sidebar id=”8Kh94cDwJwsVJCURX6NJ77tIkeDtqENv”]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…
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South African miners accused over black ownership rules
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…
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Mining companies to put on hold layoffs
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. [contextly_sidebar id=”hudw6HvBLgdhar6Q6W5F4zaIi3pRXCcl”]According to the Ghana Chamber of Mines most mining companies in the country have finished with their rationalization exercise, and therefore may…