Mining

Kwame Addo Kufuor leaves AngloGold

AngloGold-Ashanti-Logo

Citi Business News can confirm the Vice President of Corporate Affairs of AngloGold Ashanti (Ghana) Kwame Addo-Kufuor has resigned. It is unclear where he will be heading to but a statement from the mining giant said Kwame Addo-Kufuor has moved on to pursue other interests. Kwame Addo-Kufuor has been with AngloGold for 18 years. In his absence Fred Attakumah, Managing ...

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AngloGold’s assets up for sale

anglogold trucks

In bid to reduce its debt by about $1bn, the JSE-listed and the world’s third biggest gold miner, AngloGold Ashanti, this week confirmed that some of its assets were up for sale. It did not name these assets but it said many interested parties had been in touch with it regarding these assets. Srinivasan Venkatakrishnan, the CEO of AngloGold Ashanti, ...

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Gold Fields earnings fall on gold price dip

Bullion producer Gold Fields reported a decline in fourth quarter earnings of 2014 on the back of softer global gold prices. Normalized earnings per share dropped to 2 US cents per share in the three months to end-December, 2014 compared to 3 US cents in the previous quarter. The price of gold has fallen about 6 percent since February 2014 ...

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Mining companies will not sell mines over ‘dumsor’-Minerals Commission

The Minerals Commission has downplayed reports that some mining companies have begun moves to sell off their gold mines in the wake of the worsening power crises and falling gold prices on the world market. Mining Companies are currently shedding about 30 percent of power from an initial 25 percent agreed on; a situation which has increased expenditure with the ...

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Ghana in talks with UNDP to reform mining sector

Ghana is currently in talks with the United Nations Development Program (UNDP) as part of efforts to establish a Country Mining Vision-CMV for the mining sector The Country Mining Vision forms parts of work being done by the African Mineral Development Centre working with AU states to implement a mining vision for the continent to ensure some level of development ...

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Lands Minister working to secure more power for mining companies

The Minister for Lands and Natural Resource is currently in talks with the Power Ministry to address the challenges facing mining companies in the wake of the worsening power crises. Several mining companies such as AngloGold Ashanti, Golden Star Resources, Newmont among others were roped into the ongoing load shedding exercise last year which is crippling their operations The situation ...

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‘Dumsor’ forces mining companies to shut down equipment

Some mining companies have had to shut down heavy equipment and mills in a bid to save power remain in business. Due to the unstable power supply, mining companies such as Golden Star Resources are using industrial generators; a situation they say has pushed up the cost of production. In an interview with Citi Business News, Group Corporate and Public ...

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Ministry of Lands seeking amendment to mining law

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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