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Anglogold's Q3 production target drops
by 18.6 per cent
Accra, Nov. 27, Ghanadot/GNA -Anglogold Ashanti on Tuesday
painted a grim picture of its Obuasi mine, saying it
recorded 18.6 per cent below targeted production in its
third quarter operations.
The company posted 276,007 ounces of gold production
representing 9.6 per cent below its target from year to
date.
Briefing the media, stakeholders and chiefs in tits
operation area, Mr John Miller, Managing Director for the
Obuasi mine told a road show in Accra that Obuasi made a 33
million-dollar free cash flow loss year-to-date despite
injecting 67.1 million dollars into operations.
He attributed a further loss of 9.4 million dollars loss to
the debilitating one year power crisis that hit the country
within the period, stressing that: "Obuasi cannot continue
to sustain losses year on year and could be forced to shut
down if the losses do not stop."
The mine also recorded a loss of 8.6 million dollars in
terms of free cash flow in the third quarter.
"These threaten the long term future of the mine including
the viability of the Obuasi Deeps," he said adding that
there is a need to address these at the same time as
continuing to improve safety, environmental performance and
address sustainable development issues.
Mr Miller stated that despite the challenge, the company was
working at improving its safety, health and environmental
issues within the long-term, saying malaria rates dropped
again within the period under review as a result of the
company's control programme.
The Obuasi Mines suspended its processing operations for 12
days in September to address a range of environmental and
maintenance issues, leading to a number of process
improvements.
Mr Miller explained that a total of 1.5 million dollars had
been spent from from year to date on social investments in
the concession area.
Mr David Ryner, Managing Director for Iduapriem Gold Mine
said the Mine recorded 12 per cent less production mainly
due to the mill gear problems in the first quarter.
On social support, he said the Iduapriem mines would invest
about 1.3 million dollars on investments to improve
agronomic practices and improve access to credit for various
enterprises.
Ms Joyce Aryee, Chief Executive Officer for the Ghana
Chamber of Mines said emphasis on investments from mining
alone was not enough, hence the need for broad based
comprehensive programme to develop the sector.
She called on civil society and traditional authorities to
work together to help develop the sector.
GNA
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