Anglogold shelves Obuasi plans

Company News


AngloGold Ashanti Limited (ASX:AGG) says it has received confirmation from Mali gold miner Randgold Resources that will not go ahead with the joint venture to redevelop the Obuasi mine in the Ashanti region of Ghana. 
 
Both the companies have been looking for ways to improve the project’s returns as well as gain appropriate approval from the Government of Ghana to restart the mine. 
 
However Anglo says the mine is just not financially viable in the current economic environment and the project will be revisited in the long term. 
 
AngloGold Ashanti reported a full year net loss of $47.54 million to end December 2014.

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