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AngloGold restarts Obuasi

The Obuasi mine, in Ghana.

The Obuasi mine, in Ghana.

30th January 2020

By: Schalk Burger

Creamer Media Senior Deputy Editor

     

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JSE-listed gold miner AngloGold Ashanti has successfully restarted its Obuasi gold mine, in Ghana.

The mine is being developed into a mechanised underground mine after a five-year hiatus, the company said in a statement on Thursday.

The first gold bars were poured at the mine on December 18.

This first phase of the project was delivered on time and within budget and is now being followed by the second phase, throughout this year, during which time the tonnage of ore-bearing rock mined from underground would double to 4 000 t/d.

“We had a vision of a modern mining operation based not only on the best technology and planning available, but also on deep partnerships with stakeholders at a national and local level,” AngloGold CEO Kelvin Dushnisky said.

AngloGold has committed to investing $495-million to $545-million in initial capital to transform Obuasi – which sits atop a 3.03-billion-ounce orebody – into a mechanised underground mine that will produce 350 000 oz/y to 400 000 oz/y of gold over its first decade, at an all-in sustaining cost of about $800/oz.

Production and costs are expected to improve in the second decade of its life.

“From the outset of this journey – to invest in a new future for this great orebody – we have received exceptional support from so many stakeholders, particularly the government of Ghana.

“To make these investments that will span decades and economic cycles – companies need certainty, security and stability,” Dushnisky said.

Of the capital spent to date, about 80% has been consumed within Ghana, with local firms handling all elements of the project, from construction and refurbishment of the plant, to underground mining and electrical work.

The company has also prioritised employment opportunities for members of the local Obuasi community, who now account for the majority of the mine’s workforce.

“We understand that countries want long-term partnerships with their private sector partners – they want lasting, positive legacies that replace scarce natural resources with long-term, tangible benefits; if we each do our part, we can ensure stronger, more positive outcomes for everyone concerned,” Dushnisky added.

The mine will help fund an array of social investment projects, including the ongoing anti-malaria project initiated by AngloGold in 2005, which has already helped reduce incidence by around 90%.

The 120-bed AngloGold Ashanti Hospital serves the local community, while the AngloGold Ashanti School, whose students come from the broader community, is one of the top performing schools in the Ashanti region.

A new campus of the Kwame Nkrumah University of Science and Technology was founded last year, using buildings and property provided by the mine. The school’s first class of 340 students matriculated in September last year.

“We are working across a range of projects to ensure the positive impact of a modern, productive gold mining operation is felt by as many people in our host community as possible,” said Obuasi MD Eric Asubonteng.

Ghanaian President Nano Akufo-Addo attended the official reopening of the mine alongside 3 000 guests and stakeholders on Wednesday.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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