CEO of AngloGold Ashanti, Srinivasan Venkatakrishnan, has said the $259 million tax waiver granted the miner by the government of Ghana which was recently ratified by the countryâ€™s parliament, marks as â€œimportant milestoneâ€.
AngloGold Ashanti said the ratification of the Development Agreement and the Tax Concession Agreement (Obuasi Agreements) that cover the redevelopment of the Obuasi Gold Mine into a modern, productive mining operation, is an important step in progressing Obuasiâ€™s redevelopment.
The miner said the environmental permitting process is also at an advanced stage.
The Board of Directors of AngloGold Ashanti had approved spending of $31m in February 2018, for front-end engineering and other preparatory work for the mineâ€™s redevelopment, which is continuing.
â€œThis is an important milestone that follows extensive negotiations and debate,â€ Mr Venkatakrishnan (Venkat), said.
â€œObuasi is a high-grade, long-life ore body that will provide production for at least two decades at a very competitive cost, which will benefit a truly diverse set of stakeholders.â€
â€œWeâ€™d like to extend special thanks to His Excellency, President Nana Akufo-Addo; the Honourable Minister of Lands and Natural Resources, John-Peter Amewu; Minister of Finance, Ken Ofori-Atta; their respective Deputy Ministers and their teams, for providing leadership that produced an equitable outcome to benefit the national, regional and local economies,â€ Venkat added.