Illegal gold mining by Chinese nationals using heavy machinery has fueled resentment and hostility amongst local communities in Ghana.
Ghana will seek to boost revenues from its mining industry next year by hiking taxes, according to a text of the 2012 budget delivered to parliament on Wednesday.
The corporate tax rate on miners will increase to 35% from 25% and a separate 10% tax on windfall profits will be introduced, according to the text.
Reuters reports Canadian gold miner IAMGold is on the look-out for acquisitions and while it is not itself up for sale, its chief executive said on Friday the company represents good value right now.
IAMGold has in the past said interested in various stage projects, from exploration through to production and just over the last fortnight has put money into three South American juniors. IAMGold produces roughly 1 million ounces per year from operations in Africa and North and South America and sees bullion topping out at $2,000 an ounce this year or next from current levels around $1,790.
Perseus Mining (TSE:PRU), a West African gold explorer and miner, completed a Can$81.25 million equity offering.
The offering, 25 million ordinary shares at Can$3.25 each, was underwritten by a syndicate of underwriters co-led by Clarus Securities Inc., Dundee Securities Ltd. and CIBC World Markets Inc.
Funds will be used to develop the Sissingue gold deposit at the Tengréla Gold project, as well as for general corporate purposes.
Newmont Ghana Gold Limited has paid more than $47 million (GH¢71.44 million), representing taxes, royalties and levies for the third quarter of this year, to government.
A dispute between investment banker Euro Pacific Canada Inc. and Midlands Minerals Corp. (CVE:MEX) is drawing in two of the biggest names in the gold investing industry.
The Globe and Mail is reporting that Euro Pacific Canada is seeking damages of $10 million from Midlands over a breach of contract — an amount that is actually larger than the tiny explorer's market cap of $7.21 million based on today's counter.
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Oct. 20, 2011) – Abzu Gold Ltd. (TSX VENTURE:ABS)(OTCQX:ABZUF) ("Abzu") is pleased to announce the discovery of a new mineralized zone on its 100% owned Asafo concession located along the eastern …
Perseus Mining Ltd in an update on commissioning at its Edikan gold mine in Ghana said the process plant is currently achieving increasing rates of utilisation (87%) and mill throughput rates have recently been tested to 730t/hr for short periods on fresh/transition ore blends.
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 12, 2011) – Abzu Gold Ltd. (TSX VENTURE:ABS)(OTCQX:ABZUF) ("Abzu") is pleased to announce commencement of drilling at its Nangodi concession, Bole-Nangodi Gold Belt, Ghana (Figure 1: http://media3….
SRK Consulting has opened a practice in Ghana’s capital, Accra. This follows several decades of involvement in West Africa and will consolidate SRK’s position in the region.
The Ghana government handed over state-owned Ghana Consolidated Diamonds (GCD) to a new investor, Great Consolidated Diamond Ghana Ltd (GCDGL), at a ceremony held on Tuesday in Akwatia, 80 km northwest of here.
AngloGold Ashanti (ANG), the world's third largest gold producer, is in trouble with a human rights group in Ghana after the shooting of a civilian by private security at its Obuasi Mine.
Shares in Organic Potash Corporation commenced trading on the Canadian National Stock Exchange on Monday under the symbol "GOP".
Organic Potash Corporation's focus is on the production of potash from the ash of agricultural waste – specifically cocoa husks – at a facility being constructed in Ghana with a 40,000 tonnes annual capacity.
Newmont Ahafo Mine at Kenyase, in the Asutifi District of the Brong Ahafo Region, has targeted to increase its annual gold production to 1.2 million ounces by the year 2014.
The company has spent $22.3 million on its alternative livelihood programmes for 1,700 households and farmers, affected by its mining activities.
Picture of traditional leaders supplied by the Newmont Ahafo Development Foundation.
Signature Metals Limited (ASX: SBL) has received significant initial Aircore drilling results from the Kyekyewere Prospect at the Konongo Gold Project. The Kyekyewere Prospect is located along the Ashanti Shear Zone which hosts significant gold deposits elsewhere in Ghana.
Abzu Gold announced Wednesday that it has entered into an agreement with Red Back Mining Ghana Limited , a wholly owned subsidiary of Kinross Gold Corporation, pursuant to which Abzu has acquired an option on 10 concessions in Ghana.
Stanbic Bank, a unit of South Africa's Standard Bank Group, Ghana said on Wednesday it had closed 3-year a $60 million senior revolving loan with Gold Fields' unit in the country.
Further to the announcement on 15 April 2011, Gold Fields announced that its shareholders have overwhelmingly approved the US$667 million acquisition of IAMGOLD Corporation's 18.9% stake in the Tarkwa and Damang gold mines in Ghana.
Of the 603 million shares (84% of total shares in issues) that were voted at a general meeting 93% were cast in favour of the transaction.
Canadian manufacturer Fordia is strengthening its presence on the African continent with the inauguration of its first office in Ghana as a hub to handle its West African operations, covering nine countries, namely: Mali, Nigeria, Burkina Faso, Cote d’Ivoire, Liberia, Sierra Leone, Senegal, Guinea and Ghana. Read the full press release
Adamus Resources Limited (ASX: ADU) is pleased to announce the Nzema Gold Project in Ghana, West Africa has achieved commercial production effective 1 April 2011.
IAMGOLD (TSX: IMG) agreed to sell its 18.9-percent interests in two Ghanaian gold mines, Tarkwa and Damang, to Gold Fields (NYSE: GFI), the majority stakeholder, for $667 million.
The company reasoned it hasn't been getting fair value by investors as minority players in mines in which Gold Fields owns the majority stakes. "Our strategy is to invest in mines that we own and operate, as they represent the best return on investment for our shareholders," Steve Letwin, IAMGOLD president and CEO said in a statement.
Newcrest said in a brief announcement today that it has suspended operations at the Bonikro gold mine "as a precautionary measure" and evacuated expatriates to neighbouring Ghana.
This is not the first time Bonikro has had to be closed – a mine gained late last year with the takeover of Lihir Gold with its much larger prize of the Lihir Island gold project in Papua New Ginea.
Gold producer Newmont Mining Corp's (NMC.TO: Quote) board has approved funding for its estimated 7.2 million ounce Akyem gold reserve project, the company said in a statement on Thursday.
Newmont's director for investor relations Monica Brisnehan declined to say how much funding was approved, but pointed to previous numbers released by the company in February which estimated capital expenditure for the project at between $700 million to $1 billion.
Image from Newmont's Resettlement Action Plan
In what it says was the culmination of 8 years of work, Adamus Resources announced it has poured its first gold bar at its Nzema gold project in Ghana.
Gold Fields Ghana has awarded MDM Engineering Group a study contract for optimising the reclamation and re-processing of one of its leach pads and of its crushing plant at Tarkwa. Read more
Global professional services consultancy Coffey International Limited (“Coffey”) today announced the appointment of Rob Tyler as Coffey Mining manager in West Africa, effective immediately. Tyler will head Coffey Mining’s operations in the region based in Accra, Ghana.
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