Ghana: Randgold Resources ends JV with AgloGold on Obuasi gold project
Monday, 21 December 2015 15:15
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.
Live News
-
Equatorial Guinea Eyes New Subsea Cable to Fix Unreliable Internet
09:40
-
Ethiopia Advances Nuclear Cooperation With Russia to Reduce Hydro Dependence
09:38
-
Senegal, Nigeria Seek Closer Alignment on Gas and Refining as Regional Trade Stalls
09:36
-
Mali Increases Farm Spending to $289 Million With Focus on Cotton and Food
09:34
-
Cameroon’s Vice Presidency Reform: A Response to Political Risk Weighing on Sovereign Ratings
20:33
-
IMF appoints Mauritania’s Zeidane to head Africa Department
18:56
-
Cameroon higher education group plans microfinance bank for student startups
18:34
-
Cameroon Delivers Tractors to Agropoles to Scale Production and Agro-Processing
18:28
BCEAO mandates all financial institutions to complete integration Move aims to ensure seamless, i...
A $147M Novastar Ventures fund backed by major Japanese firms offers co-investment rights int...
ECOWAS and IMF sign cooperation framework to strengthen policy alignment West Africa’s grow...
Coca-Cola will invest $1.03 billion in South Africa by 2030 to expand capacity and distributi...
West African Development Bank plans CFA6,500 billion ($11.5 billion) in financing for 2026–2030. ...
Government considers joining Medusa cable to improve network stability Project estimated at €20–60 million, with rollout targeted for...
Mali allocates $289 million to 2026/2027 farm campaign, up 2% Cotton output target set at 598,500 tons, a 38% increase Cereal production...
Senegal partners with U.S. HBCUs to better link education and jobs Plan includes joint degrees, mobility programs, and research...
Nigeria leads Africa with 6.6 million tons, ranking second globally Ethiopia and Sudan anchor East Africa’s strong production base Sorghum...
“Dodji, l’Archet Vodoun” is a documentary about reconnecting with ancestral culture to understand one’s origins, following an initiation ceremony that...
The Bijagos Archipelago, located off the coast of Guinea-Bissau, stands as one of West Africa’s most extraordinary island systems. Made up of around forty...