Randgold Resources Ltd, gold company listed in London and New-York, ended joint-venture with AngloGold Ashanti Ltd regarding redevelopment of Obuasi gold mine in Ghana.

The dual-listed mining company announced on December 21, it has decided to end with immediate effect, its investment agreement with AngloGold saying proposed investment did not meet its investment criteria.

The decision followed concerted efforts from both companies, the evaluation of opportunities the mine offered and works to revise plans for redevelopment.

According to the previously reached agreement, Randgold was to finance redevelopment of Obuasi mine. It was revealed a few months ago that this would have allowed for re-establishing the mine as a long-term project with interesting returns on investment

The Obuasi mine is located in the Ashanti region, 320km North-West of Accra, and would contain 24.53Mt of probable and proved resources at 6.7 grams gold per ton.