President Akufo-Addo says he expects an economic turnaround within the Obuasi Municipality and other host communities where AngloGold Ashanti operates.
Speaking at a ceremony to commemorate the first gold pour of the redeveloped Obuasi Mine after it suspended operations five years ago, the President said the operation of the mine must benefit the country and the communities immensely.
He also tasked the management of the mine to work closely with stakeholders to reduce poverty in the host communities.
Nana Addo said the company will contribute two dollars per every ounce of gold produced into a Community Trust Fund to facilitate development projects.ADVERTISEMENT
“I expect the first pour to mark the return to winning ways, not just for Obuasi and AngloGold, but for the mining sector in Ghana as a whole. I am counting on this mine, to pull the adjoining communities out of their poverty and enable them to reflect the wealth that their soil has generated.”
“It is gratifying to note that beyond its regular corporate social contributions, the company will contribute two dollars per every ounce of gold produced into a Community Trust Fund over the life of the mine to facilitate development projects in the community,” President Akufo-Addo said.
Ahead of the commencement of gold production by the company, a contribution of US$250,000 dollars has been paid into the Community Trust Fund, part of which has been used for some infrastructural projects.
The CEO of AngloGold Ashanti, Kelvin Dushnisky said the Obuasi Mine is expected to produce 400,000 ounces every year for the first ten years.
The initial capital injected for the turnaround of the Obuasi Mine according to the company is between US$500 and US$550 million.
According to the CEO, it has adopted a modern way of mining which will be solely mechanized.
“From the onset, we had a vision of modern mining operations; an operation that is not just based on the best technology available, but one that is based on deep partnership with stakeholders at the national and local level,” the CEO said.
He explained that, the company has put in place a deliberate system to support local content development.
“We have also made a commitment to maximize local content development. We recognize the need to deepen the participation of Ghanaians at every stage of this enterprise. We prioritize local employment and skills development. We have assisted the Ghanaian businesses to stand in front of the line when it comes to rebuilding and operating the new mine” he noted.
Ahead of the commencement of gold production by the company, a contribution of 250,000 dollars has been paid into the Community Trust Fund, part of which has been used for some infrastructural projects.