AngloGold Ashanti Resumes Ghana Gold Mine After Five Years

SEATTLE (Scrap Monster): AngloGold Ashanti poured first gold at its Obuasi gold mine in Ghana, confirming the restart of the mine after five years of shutdown.

According to company press release, upon full operations, the mine is expected to produce between 350,000 and 450,000 ounces per year for the first ten years of operation. In 2020, the company expects to generate 2,000 tonnes per day, following the ramp-up period. This may climb higher to touch 4,000 tonnes per day by end-2020.

It must be noted that illegal miners had taken control of the Obuasi gold mining operations in 2014. The company was forced to stop mining activities following refusal by the illegal miners to leave the mine despite a government order.

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The company had then declared that it was no longer in a position to subsidize the loss making operation. Following this, it had decided to rebuild the mine’s foundation for a sustainable long-term future. The initial phase of construction has been completed on time, for which the company is estimated to have spent between $495 million and $545 million. The construction of new infrastructure and underground development, in line with a new mine plan, is in progress and will continue in 2020.