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
-
Private Equity Firm Phatisa Raises $86 Million for African Food Supply Chain
03:16
-
Annaba port expansion in Algeria due to be completed by end-2026
03:11
-
Report: Six Tree Species Account for 70% of Cameroon’s Timber Production
03:06
-
Nigeria Calls on NNPC Ltd to Bid for New Oil Blocks
18:50
-
Africa’s Two-Wheel Motorcycle Market Expands as Cities Face Safety and Price Pressures
18:28
-
Cameroon municipalities defend CFA21.4bn solar streetlight project amid controversy
17:58
-
Cameroon names first five companies to support industrial expansion
17:45
-
Africa Looks to India as Digital Governance Partnerships Expand
17:09
-
Gabon Partners With UAE’s Presight to Deploy AI in Public Administration
17:04
-
Cameroon audit flags high rental costs weighing on state debt recovery firm
16:24
Except for Tunisia entering the Top 10 at Libya’s expense, and Morocco moving up to sixth ahead of A...
Deposits grow 2.7%, supporting lending recovery Average loan sizes small, credit risk persists ...
Oil majors expand offshore exploration from Senegal to Angola Gulf of Guinea accounts for about 1...
The BCEAO granted Semoa a level-3 “full service” payment institution license on January 27, 2026...
MTN is considering buying back telecom towers it sold years ago, signalling that control of infras...
Phatisa reaches $86 million first close for food fund Backed by BII, IFC, and other development finance institutions Fund targets Africa’s food...
Algeria’s Annaba port expansion due for completion by end-2026 Project adds 10 million-tonne mineral quay linked to phosphate rail line Upgrade...
The United States committed $156 million to Burundi’s health sector over five years under a new memorandum of understanding. Burundi must...
South Africa decided to withdraw more than 700 troops from the UN mission in the Democratic Republic of Congo by end-2026. Pretoria cited the...
Essaouira is a coastal city in Morocco, on the Atlantic Ocean, in the Marrakech–Safi region, about two and a half hours by road from Marrakech. It stands...
The Pan African Film & Arts Festival (PAFF) will run from February 7 to 22, 2026, in Los Angeles, positioning itself as a major soft power platform for...