Category: Mining
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Gold tumbles, oil hits 5-year low
Gold prices tumbled on Monday December 1st, 2014 after Swiss voters overwhelmingly rejected proposals to boost gold reserves in a referendum, joining a broad rout in commodities that sent copper and oil prices to four- and five-year lows. The slide in the oil and commodity prices is hurting many assets tied to the resource sector…
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Obuasi mine closure reports are false-Anglogold
Anglo Ashanti has denied reports that the Obuasi mines will be shut down for its restructuring. There have been reports that the mine will be shut down for 2 years to allow for restructuring that will see the mine bounce back at its optimum level. However, Executive Vice President of Sustainability at Anglogold, David Noko…
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Minerals Commission revokes license of Romex Mining Corporation
The Minerals Commission has revoked the license of Canadian Mining firm, Romex Mining Corporation. The revocation follows Romex flouting a number of laws governing mining in Ghana. Romex is reported to have transferred its mineral rights to another company, FCMI Ghana Incorporated, without the consent of the ministry in charge of the industry. Romex also began…
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Newmont supports Ghana in fight against Ebola
Newmont Ghana has provided a medical support package valued at GH¢220,000.00 to assist with the country’s preparations for any potential outbreak of the Ebola disease in Ghana. The medical support package includes two isolation facilities for the Brong Ahafo and Eastern regions, provision of personal protective equipment, thermal scanners, educational awareness materials and training of…
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AngloGold to seal Obuasi mine from illegal miners
AngloGold Ashanti has assured it has adequate security to keep illegal miners at bay when it closes its Obuasi mine. The mining firm will partially close its Obuasi mine for two years to upgrade the mine. The company would continue with its surface mining programme which it regards as profitable against the expensive underground mining it has been…
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AngloGold Ashanti ditches restructuring plans
AngloGold Ashanti will not to go ahead with a proposed restructuring and two-billion-dollar capital raise. The company called off the proposed demerger after shareholders expressed concerns over the amount of equity capital that would need to be raised. [contextly_sidebar id=”fqQApfRGatNUDo79k43Z5XAXlTUX34SD”]The proposed restructuring would have created a London-listed entity to house the company’s international assets with…
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Miners to finalize Obuasi mine layoffs with Anglogold
Citi Business News has learnt that the Ghana Mine Workers Union will be finalizing discussions with the leadership of Anglogold Ashanti on some recent developments in the company in the next three days. The discussion is expected to exhaust negotiations on the planned retrenchment of almost all staff of AngloGold at its Obuasi concession in…
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ANGLOGOLD to set up new company to run Ghana operations
Citi Business News has gathered ANGLOGOLD ASHANTI has begun moves to set up a new company to run its operations in Ghana. The new company will also run the mining giant’s other operations across the world except that of South Africa. The move which is subject to approval from regulators and shareholders is expected to…
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Newmont justifies reduction in job cuts
Newmont Ghana has justified the reduction in the number of job cuts expected to be undertaken this month. The mining giant reduced the number of job cuts from an earlier 600 to 472 people. The move forms part of a retrenchment and restructuring exercise it is undertaking to ensure its continuous survival. The move however…
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Metso Minerals Ghana sued for contempt
Mining Services Giant, Metso Minerals Ghana has been slapped with a legal suit for contempt of court following the termination of appointment of its Former Managing Director and Finance and Administrative Director. Metso Minerals Ghana was hit with the suit after it went ahead to fire the two though the court ordered them not to…