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
-
Long-Delayed Kafra Oil Project in Niger Advances with Drilling Set for April
19:21
-
Mission 300 mobilizes $100M+ to expand electricity access in Africa
19:14
-
EU, Ghana sign security partnership as bloc delivers drones, military equipment
18:03
-
South Africa’s Happy Pay Secures $5M to Expand BNPL in High-Cost Credit Market
17:32
-
Nigerian Entrepreneur Lloyd Adiele Drives Cross-Border Payments Innovation
15:47
-
Saad Jittou Builds Integrated Transport Solution with Weego
15:36
-
Burkina Faso Advances AI Strategy with Focus on Local Languages
15:34
-
Ethiopia Unveils Smart Police Station to Digitize Public Services
15:31
-
Togo, Turkey sign education agreement to support training and mobility
13:36
-
Lomé to host Francophone parliamentary conference in April
13:24
Telecel Ghana to boost network investment by 150% in 2026 Expansion targets capacity, reliabi...
Namibia and Russia agreed to expand cooperation across energy, mining, and agriculture. Both coun...
Four years after Russia’s 2022 invasion of Ukraine, the fertilizer market is facing a new shock as m...
Cameroon signs MoUs for $1.5 billion waste-to-energy projects Plans target waste treat...
Côte d’Ivoire raises 110bn CFA francs, meeting full target Investor demand hits 291bn CFA fra...
Deal covers counterterrorism, conflict prevention, and cybersecurity cooperation EU delivers military equipment under €50 million support...
South Africa’s Happy Pay raises $5 million to expand BNPL services Funds to boost partnerships, technology, and fraud prevention...
Project upgrades 77 km road to boost trade, regional connectivity Initiative aims to create jobs and support economic growth Cameroon and...
Budget approved amid economic challenges Agriculture gets largest share; health, roads, education also prioritized IMF sees 2.7%...
AI forces newsrooms to balance automation with credibility and trust Agentic AI boosts efficiency but risks scaling disinformation...
Kumbi Saleh is regarded as one of the earliest major political and commercial capitals of West Africa. Located in present-day Mauritania, near the border...