AngloGold signs $375m Obuasi mining deal
In the first major development for the mine, AngloGold signs a five-year underground mining deal with Australia’s African Underground Mining Services and Ghana’s Rocksure International
AngloGold Ashanti awarded the sought-after mining contract at its $400m-$500m Obuasi mine restart project in Ghana to an Australian contractor in a joint venture with a local company. AngloGold acquired Obuasi when it bought Ashanti Goldfields in 2004, but the mine has not lived up to its potential despite numerous management interventions. The underground mine was idled in 2014 to develop a new operating plan. Efforts to bring in a partner in the form of Randgold Resources to share the cost and risk failed and AngloGold has subsequently opted to embark on the project alone. In the first major development for the mine, AngloGold said on Monday it had signed a $375m, five-year underground mining deal with Australia’s African Underground Mining Services and Ghana’s Rocksure International, the junior partner in the joint-venture company that will mine Obuasi. The $375m is an operating cost number rather than the capital to be spent on redeveloping the underground mine and refurbishing ...
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