The company said it believed that the Obuasi mine does not meet its criteria for making an investment.
Anglogold Ashanti Limited Mining News
Under the agreement with AngloGold, Randgold will lead and fund a development plan to rebuild the Obuasi gold mine in Ghana.
The miner, which is the world’s No.4 bullion producer, said unreasonable wage demands and escalating power costs in South Africa will likely push the country’s industry down the slippery slope.
The miner has revealed a major restructuring involving a plan to raise $2.1 billion in a rights issue and spin its international assets into a new London-listed company.
Pipeline seen saving miner millions.
The miner is also said to be ready to shut down operations at its Obuasi gold mine, in Ghana, for up to two years.
Workers for four of the seven companies affected by the labour action had accepted a new pay offer, believed to be about 8%
Shutdown in gold production costs the country more than US$34 million a day.
Last week’s spillage from a pipe at the miner's operations in Stilfontein is said to have spread toxic waste over about 1.6 kilometres of the water resource.
Gold sector workers to down tools from the nightshift of Sept. 3.
Kibali Mine to start producing in October.
South African Mineral Resources Minister Susan Shabangu today warned mining companies against taking "unilateral action" and retrenching workers due to the costs of recent wage hikes for mining employees.
A spokesman for AngloGold Ashanti said today that production at the company's Mponeng shaft has been temporarily halted due to a workers dispute over incentive bonuses from the company.
AngloGold Ashanti said today that the workers' sit-in at its Tau Tona shaft near Carletonville has been resolved.
AngloGold Ashanti Ltd. announced today that a sit-in at its Mponeng mine in Carletonville, in which some 120 of a total of 6,000 workers participated, was resolved in the early afternoon on Thursday.
South Africa’s Anglo American Platinum (Amplats), the world’s largest platinum producer, has offered to reinstate 12,000 miners fired in early October for illegally striking and pay them a $230) “hardship allowance” if they return to work by Tuesday morning.
The South African National Union of Mineworkers and two other unions signed Thursday a deal with industry body the Chamber of Mines (CoM), agreeing to a new pay structure for the strike-hit gold mining sector.
AngloGold Ashanti Ltd. (NYSE:AU), South Africa's largest gold miner by output, said Wednesday it has began to dismiss about 12,000 of its striking workers, joining this way an increasing list of mining companies that have sacked workers in an effort to end crippling strikes.
Almost all the 15,000 Gold Fields Ltd. (NYSE, JSE:GFI) miners at risk of being fired for going on an illegal strike reported for duty, but striking workers at the company’s KDC East operations received a final ultimatum from the company Friday.
The intensity of the current wave of protest echoes the far-reaching Durban strikes in 1973, writes Lisa Steyn.
Striking gold miners have rejected the industry's latest wage offer, the National Union of Mineworkers (NUM) said on Thursday, confirming mining companies’ fears of labour unrest lasting longer than expected.
Anglo American Platinum, the world's largest platinum producer, has fired 12,000 workers taking part in a three-week illegal strike after following through on tough talk over wildcat stoppages in South African mines.
Labour unrest at Anglo American Platinum’s South Africa operations spread on Tuesday to a new mine as the company and fellow miner AngloGold Ashanti (NYSE:AU) have hardened their stance on strikers.
AngloGold Ashanti (NYSE:AU) was hit by the mining unrest spreading through South Africa again Tuesday night, as strikers halted all of its operations in the country, which account for 32% of the multinational's total gold production.
The cost to extract metals is going up at an alarming rate.