Ratification of Obuasi Agreements, an important step – AngloGold

AngloGold Ashanti has described the ratification of the Development Agreement and the Tax Concession Agreement by Parliament as an important step towards the progress of Obuasi’s redevelopment.

“This is an important milestone that follows extensive negotiations and debate,” a statement from the company quoted the Chief Executive Officer, Srinivasan Venkatakrishnan, as saying.

The Board of Directors had approved spending of $31 million, in February 2018, for front-end engineering and other preparatory work for the mine’s redevelopment.

“Obuasi is a high-grade, long-life ore body that will provide production for at least two decades at a very competitive cost, which will benefit a truly diverse set of stakeholders”, he added.

He applauded the government for providing leadership that “produced an equitable outcome to benefit the national, regional and local economies”.

The statement also said the environmental permitting process was at an advanced stage.

Source: GNA