Mines in Ghana
MARK Bristow, before declining to invest is unlikely to return to Obuasi, the Ghanaian gold mine he has twice stalked in the past 2 decades.
But he declares a ready interest in Ghana for its exploration potential if only the West African country’s social problems and – the way he describes it – its confident acceptance of corruption, can be mitigated or even stamped out.
He told, we are interested in Ghana, he told an analyst who had asked whether Bristow’s Randgold Resources would reconsider a joint venture in Obuasi with its owner, AngloGold Ashanti.
“We won’t go in without stability agreements,” he said. “It’s impossible to take big capital into Ghana without an express contractual partnership with the State.”
He added, however, that with the new government in place, led by conservative Nana Akufo-Addo – with whom he is on friendly terms – Ghana was “back on the watch list”.
Ghana is attracting investment from other parties, especially for underground reserves which are becoming more feasible to mine given the improvement in the dollar price of gold.
Alwyn Pretorius, Head of Newmont Mining’s Africa operations said the US firm would decide in the current quarter whether it will invest $290m to $380m in the underground expansion of its Ahafo mine. It’s almost certain to do so.
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