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According to AngloGold Ashanti (AGA), the $ 500 million spent on the Obuasi mine during the four years it has been closed is due to the company's confidence in From Ghana mining industry.
Eric Asubonteng, managing director of AngloGold Ashanti, said there were viable opportunities in the area, especially at its concession in Obuasi in the Ashanti region.
"What was missing over the years was how to take advantage of it. Our next challenge is how to turn the world-clbad mining corps into a World clbad mine and how we operate the mine will determine how we will do it, "he said Wednesday.
AngloGold Ashanti suspended operations at the Obuasi underground mine in 2014 due to an important drop in the price of gold and long period of losses.
Photo: The mine was reopened on Tuesday, January 22 2019 during a colorful event.
President Nana Addo Dankwa Akufo-Addo reopened the Obuasi mine in a colorful ceremony accomplishment promised to end the encroachment of illegal miners on the concession.
The encroachment on AngloGold Ashanti's concessions had been one of the main causes of the business prolonged losses.
The mining giant then decided to close the mine, laid off more than 4,000 workers and launched a "limited exploitation phase".
Post-stop investments
S & # 39; s expressing in routine agenda PM Express Asubonteng said closing the channel for four years was important to give AngloGold Ashanti a clear overview of how to correct the problem. then troubled mine.
"We had reached the point where we could not repair the fleeing mine. The example I always use is trying to repair the steering wheel of a moving vehicle, "he explained in the night news program.
He said that by stopping the mine and laying off more than 4,000 employees, it had cost the company more than $ 240 million.
"It was mainly a severance pay … which allowed for the purchase of several mines in their own right. But we had a commitment and values as a company and we can not let employees leave without meeting our obligations, so we acted very transparently.
"After this, we had to spend money to conduct a feasibility study to determine whether the mine is viable for resuscitation and whether [we] go do it? he said.
Another problem that the mining giant's leaders and shareholders had to solve was finding the most appropriate operating model to guarantee returns.
While all this was happening, the mining company did not deny its environmental and social obligations "so we continued to spend between $ 50 and $ 60 million a year, just to make sure we keep flooding the mine infrastructure. the mines; because once we have flooded the mines, it becomes extremely difficult to reopen it. So we had to spend all that money to ensure continuity, "said Asubonteng.
He said: "All the key elements with which we support the community, for example example, the hospital we run, the school we operate, the AGA malaria program all continued in this phase, even though we did not produce. That's why we spend between $ 50 and $ 60 million a year.
"We also kept a staff of about 300 people just to maintain these programs, so it costs a lot of money."
Go from the front
According to AngloGold Ashanti MD, the investments needed to redevelop the mine are even more important.
"We plan to spend between $ 800 and $ 1 million over an initial period of about six years.
"So it's a lot of money, and if we did not believe in the jurisdiction in which we operate, with respect to the comfort we get from the business community, we would obviously not make such investments," did he declare.
Obuasi, with a lifespan of 21 years, has reserves of 5.8 million ounces.
The mine will now operate under the contract mining model, moving away from the previous owner mine model.
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