Parliament has ratified a development agreement between
government and Anglogold Ashanti (Ghana) Limited that will see the company investing $880 million into the Obuasi mine and creating more than 3,000 jobs over the next seven years .
Under the agreement, per every ounce of gold that would be extracted,
Graphic Online’s Parliamentary correspondent, Musah Yahya Jafaru reported that the House also ratified a tax concession agreement between the government and
The ratifications followed the adoption of the reports of the Joint Committee of Mines and Energy and Finance on the agreements on Thursday.
The reports recommended the ratification of the stability and tax concession agreements.
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A feasibility study conducted by AGAG conducted in 2014 indicated that the Obuasi mine had an estimated life of 21 years with estimated mineral reserves of 6.3 million ounces.
The study again revealed that there was a potential to convert other minerals to proven and probable reserves to increase profitability and thereby extend the life of beyond the estimated 22 years.
...more to follow