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Company News from Saturday, January 26, 2019
Source: thebftonline.com
2019-01-26
play the videoPresident Nana Addo Dankwa Akufo-Addo reopens AngloGold Ashanti mines in Obuasi
The launch of a two-year redevelopment project meant to completely revitalize the Obuasi gold mine, operated by AngloGold Ashanti, four years after its closure, has spurred renewed optimism for the inhabitants of the otherwise ghost mining town.
On Tuesday, when the project was launched, former employees, local operators and residents hoped that the untold hardship caused by the closure of the mine in 2014 would end.
The president, Nana Addo Dankwa Akufo-Addo, said that the reopening of the mine would give life to the municipality of Obuasi.
He said the government should provide a number of tax incentives and guarantee the stability of the project, in order to help AngloGold Ashanti to obtain the necessary investment in the project.
He added that it was expected that all agreements reached, including the vigorous implementation of the national content policy, would be respected.
The initial investment in the redevelopment project amounts to $ 881 million, with a total investment of $ 1.6 billion expected for the life of the mine, with a duration of 22 years.
With some 2,500 jobs to be created, this once vibrant city should be brought back to life.
The government is expected to generate about $ 2.16 billion in revenue; royalties and withholding taxes.
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