Mining

Ministry of Lands seeking amendment to mining law

galamsey-women-mining

The Ministry of Lands and Natural Resources is seeking to amend the existing mining law governing natural resource in the country. In view of this, the bill has already been sent to Parliament and has gone through first reading. Once passed, the law will criminalize activities of illegal small scale mining leading to arrest and prosecution. It will also allow ...

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Change policies on expatriate recruitment, miners plead

mine workers

The Ghana Mine Workers’ Union (GMWU) wants mining policies regarding expatriate recruitment, skills shortage and income in the mining industry reviewed. It believes the review must be addressed by all players including the Chamber of Mines and the Minerals Commission. The Union had earlier called on government and mining companies operating in the country to establish fair, equitable and transparent ...

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Gold prices to increase this year-Minerals Commission

Dr.Tony Aubynn, Minerals Commission Boss

The price of gold is expected to increase this year on the global market. This is according to the Minerals Commission. The price of gold has been declining on the world market for over three years. The decline hit hard Ghana’s revenue base which relies heavily on gold proceeds. The plunge in gold prices also led to mining companies such ...

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10 Biggest corporate movements in 2014: Part 1

Albert Essien, ETI Boss

Corporate Ghana every year witnesses some interesting movements be it resignations, dismissals or what have you. These movements usually make or break the companies or institutions. In 2013 for example the banking industry witnessed the appointment of four women as bank managers of four banks in the country. The move solidified Ghana’s slow but growing grip on Ghana’s banking industry ...

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Perseus workers fired

perseus

Perseus Mining Ghana Limited has sacked 48 workers of the company as part of measures to cut down on cost. The company together with Goldfields Ghana Limited recently alerted the Ghana Mine Workers Union of their intentions to lay off some workers. The dismissal comes a few days after AngloGold Ashanti laid off over 4,000 miners as part of cost-saving ...

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More miners to be sacked over “Dumsor”

illegal-mining-alarming-in-ghana

The Ghana Mine Workers Union is lamenting that the worsening power crisis and ongoing load shedding exercise has contributed to the growing dismissal of miners across the country. This comes after the Electricity Company of Ghana(ECG) announced a 25% cut in power supply to mining companies translating into 6 megawatts of electricity. Industry was roped into the ongoing load shedding ...

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AngloGold sacks over 4,000 workers

anglogold

Citi Business News has gathered AngloGold Ashanti Ghana has finally laid off 4,300 of its workers as part of cost-saving measures. This comes after the company announced the planned retrenchment in May this year. The move is part of measures being undertaken by the mining company to make the Obuasi mine profitable. AngloGold Ashanti budgeted to spend 220 million dollars ...

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Gold set for biggest weekly rise

gold

Gold prices steadied on Friday,12th December,2014 on track for their biggest weekly rise since June, as the dollar retreated and sliding oil prices hurt risk appetite, prompting another drop in stocks. Gold was up 3% this week. Weakness in stocks has prompted some investors to buy the metal as an alternative asset, while a drop in the US unit made ...

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Gold tumbles, oil hits 5-year low

gold

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 – from Australian mining shares ...

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Obuasi mine closure reports are false-Anglogold

AngloGold-Ashanti-Logo

Anglogold 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 tells Citi Business News the ...

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