At this juncture, Africa’s top gold producer, AngloGold Ashanti, it will not be looking for a new joint venture partner for its Obuasi mine in Ghana, until an investment agreement with the government has been finalised. AngloGold chief executive Sraian inivasan Venkatakrishnan, said this during the Investing in African Mining Conference.
Venkatakrishnan, explained: “With regards to Obuasi, we are firmly of the view that we must progress our discussion with the Ghanaian government to obtain all regulatory approvals that are necessary to conclude a satisfactory investment agreement. Only then will we restart the search for a joint venture partner.”
AngloGold was left in a lurch after Randgold Resources had pulled out of a joint venture on the Obuasi project which seemed to be almost a certainty.
Located in Central Ashanti region, Obuasi has been AngloGold’s liability. In 2004, AngloGold had layoff of thousand of workers as part of a cost cutting measure.