Was treibt Ashanti nach oben? - 500 Beiträge pro Seite
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Meistdiskutierte Wertpapiere
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1. | 1. | 18.659,00 | -0,43 | 88 | |||
2. | 2. | 10,330 | +0,19 | 69 | |||
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Hat jemand news über Ashanti-Goldfiels? Danke
Der Kursanstieg wird mit den guten Gebieten
in Afrika und mit der beginnenden Produktion
(Gold) in Zusammenhang gebracht.
Zwischen den Gebieten liegt Spinifex.
Unbedingt diesen Wert im Auge behalten.
in Afrika und mit der beginnenden Produktion
(Gold) in Zusammenhang gebracht.
Zwischen den Gebieten liegt Spinifex.
Unbedingt diesen Wert im Auge behalten.
Ashanti hat heute in NY die 3 $ Marke genommen.
Morgen ist die offizielle Einweihung der Geita-Mine; vielleicht gibts bei dieser Gelegenheit ja auch ein paar news zur Restrukturierung des hedge books zu verkünden.
Cheerio!
Sovereign
Morgen ist die offizielle Einweihung der Geita-Mine; vielleicht gibts bei dieser Gelegenheit ja auch ein paar news zur Restrukturierung des hedge books zu verkünden.
Cheerio!
Sovereign
Kam gerade über den Ticker:
Thursday August 3, 6:22 am Eastern Time
AngloGold , Ashanti plan to up Geita output
By Darren Schuettler
GEITA, Tanzania, Aug 3 (Reuters) - AngloGold Ltd and Ashanti Goldfields said on Thursday they would boost production at their joint venture gold mine in Tanzania, the first deal in a broader alliance to seek opportunities on the continent.
In a ceremony attended by government officials and mining executives from three African countries, the Geita gold mine was officially opened four months after Ashanti agreed to sell a 50 percent stake in East Africa`s biggest gold mine to AngloGold.
``We at Ashanti are very excited by the prospects of our partnership with AngloGold and we think the government and people of Tanzania should be as well,`` Ashanti Chief Executive Sam Jonah said in a prepared speech.
AngloGold paid a premium price of $205 million to beat out seven other suitors in the race for Geita, Africa`s second biggest gold mine with forecast annual output of 500,000 ounces by 2001 at a cost of around $180 an ounce.
The mine, located in northwest Tanzania and built at a cost of $165 million, has produced more than 41,000 ounces since pouring its first gold on June 8, three months ahead of schedule.
Jonah said plans were being developed to expand ore processing at the mine to seven million tonnes a year from four million tonnes, increasing gold production by about 50 percent.
The companies are also exploring Geita`s underground potential and studying nearby concessions. The current resource base is estimated at more than 12 million ounces, with defined reserves at 5.5 million ounces grading 3.5 grams per tonne.
AngloGold has already shifted its nearby Nyamulilima Hill property to the Geita project, adding about 2.1 million ounces to its resource base.
``This resource is expected to significantly improve the overall project value as reserves are defined,`` the companies said.
The mine, which is jointly managed and employs 500 people, has an estimated life of 12 years even at current low gold prices, the companies said.
Ashanti reluctantly auctioned off the Geita stake in a bid to survive a financial crisis sparked by a rally in gold prices last autumn, which flipped its gold hedging book into a loss of $570 million.
The deal gave AngloGold, the world`s biggest gold producer, a key foothold in Tanzania`s lucrative gold fields and furthered its strategy to expand outside South Africa.
The Johannesburg-based company`s South African mines are among the deepest in the world and have posted poor results in recent quarters.
In the past year AngloGold has acquired mines in the United States and South America, but Africa remains its strongest area of growth.
Geita and two mines in West Africa will be the company`s second largest source of gold outside South Africa.
Analysts are closely watching AngloGold`s relationship with Ashanti, which AngloGold Chief Executive Bobby Godsell said on Thursday would go beyond Geita.
``When we agreed to become partners here in Geita we also entered into a broader strategic alliance to seek opportunities to work together throughout Africa, including in our home countries,`` Godsell said in prepared comments.
Jonah said Tanzania`s economic reforms were a model for other African countries seeking to lure foreign direct investment. Tanzania has modernised its mining code and issued at least 200 mineral exploration licenCes to local and foreign firms since 1997.
New mines are expected to boost the country`s gold output to one million ounces in 2001 from around 250,000 ounces this year.
Also ich finde die fundamentals von Geita sehr vielversprechend. Es kann zwar noch eine Weile dauern bis Ashanti wieder von den Fondsmanagern als "investment grade" angesehen wird, und bis das hedge book entgültig restrukturiert ist, aber die Dinge laufen ganz klar in die richtige Richtung.
Also, an alle Ashanti-longs: Verkauft bloß jetzt noch nicht! Die Mühlen mahlen für uns!
Gruß
Sovereign
Thursday August 3, 6:22 am Eastern Time
AngloGold , Ashanti plan to up Geita output
By Darren Schuettler
GEITA, Tanzania, Aug 3 (Reuters) - AngloGold Ltd and Ashanti Goldfields said on Thursday they would boost production at their joint venture gold mine in Tanzania, the first deal in a broader alliance to seek opportunities on the continent.
In a ceremony attended by government officials and mining executives from three African countries, the Geita gold mine was officially opened four months after Ashanti agreed to sell a 50 percent stake in East Africa`s biggest gold mine to AngloGold.
``We at Ashanti are very excited by the prospects of our partnership with AngloGold and we think the government and people of Tanzania should be as well,`` Ashanti Chief Executive Sam Jonah said in a prepared speech.
AngloGold paid a premium price of $205 million to beat out seven other suitors in the race for Geita, Africa`s second biggest gold mine with forecast annual output of 500,000 ounces by 2001 at a cost of around $180 an ounce.
The mine, located in northwest Tanzania and built at a cost of $165 million, has produced more than 41,000 ounces since pouring its first gold on June 8, three months ahead of schedule.
Jonah said plans were being developed to expand ore processing at the mine to seven million tonnes a year from four million tonnes, increasing gold production by about 50 percent.
The companies are also exploring Geita`s underground potential and studying nearby concessions. The current resource base is estimated at more than 12 million ounces, with defined reserves at 5.5 million ounces grading 3.5 grams per tonne.
AngloGold has already shifted its nearby Nyamulilima Hill property to the Geita project, adding about 2.1 million ounces to its resource base.
``This resource is expected to significantly improve the overall project value as reserves are defined,`` the companies said.
The mine, which is jointly managed and employs 500 people, has an estimated life of 12 years even at current low gold prices, the companies said.
Ashanti reluctantly auctioned off the Geita stake in a bid to survive a financial crisis sparked by a rally in gold prices last autumn, which flipped its gold hedging book into a loss of $570 million.
The deal gave AngloGold, the world`s biggest gold producer, a key foothold in Tanzania`s lucrative gold fields and furthered its strategy to expand outside South Africa.
The Johannesburg-based company`s South African mines are among the deepest in the world and have posted poor results in recent quarters.
In the past year AngloGold has acquired mines in the United States and South America, but Africa remains its strongest area of growth.
Geita and two mines in West Africa will be the company`s second largest source of gold outside South Africa.
Analysts are closely watching AngloGold`s relationship with Ashanti, which AngloGold Chief Executive Bobby Godsell said on Thursday would go beyond Geita.
``When we agreed to become partners here in Geita we also entered into a broader strategic alliance to seek opportunities to work together throughout Africa, including in our home countries,`` Godsell said in prepared comments.
Jonah said Tanzania`s economic reforms were a model for other African countries seeking to lure foreign direct investment. Tanzania has modernised its mining code and issued at least 200 mineral exploration licenCes to local and foreign firms since 1997.
New mines are expected to boost the country`s gold output to one million ounces in 2001 from around 250,000 ounces this year.
Also ich finde die fundamentals von Geita sehr vielversprechend. Es kann zwar noch eine Weile dauern bis Ashanti wieder von den Fondsmanagern als "investment grade" angesehen wird, und bis das hedge book entgültig restrukturiert ist, aber die Dinge laufen ganz klar in die richtige Richtung.
Also, an alle Ashanti-longs: Verkauft bloß jetzt noch nicht! Die Mühlen mahlen für uns!
Gruß
Sovereign
g. 3, 2000--Three African countries --
Tanzania, Ghana and South Africa -- showcased their combined mining mettle today (Thursday, 3 August, 2000) at the official
opening of the Geita Gold Mine in Tanzania, a joint venture between Ghanaian-based Ashanti Goldfields Limited (Ashanti) and
South African-based AngloGold Limited (AngloGold).
The President of Tanzania, Benjamin William Mkapa, delivered the key note address and performed the official opening. Other
speakers included the Tanzanian Minister of Energy and Minerals, Dr. Abdallah Kigoda; the CEO of Ashanti, Sam Jonah and
the CEO of AngloGold, Bobby Godsell. Among those present at the high profile event were the South African Minister of
Minerals and Energy, Ms. Phumzile Mlambo-Ngcuka; the Ghanaian Minister of Mines and Energy, Dr. John Abu; the
Tanzanian Minister of Finance, Daniel Yona; the Tanzanian Minister of the Environment, Edward Lowasa; and the South
African High Commissioner, Ms. Theresa Solomon.
Geita Gold Mine -- situated in north western Tanzania, 90 km from the regional capital of Mwanza -- was completed in less
than a year from first concrete pour to first gold pour; more than three months ahead of schedule; and within the budgeted
capital cost of US$165 million. The mine`s first gold was poured on 8 June this year and to date, more than 41,000 ounces
have been produced during the commissioning phase.
500 000 ounces a year, cash costs below US$180, significant potential for increase in resources and reserves
Geita Gold Mine is already the biggest gold producer in East Africa.
Full production capacity should be reached by 2001, with an average of 500,000 ounces a year produced for the first five
years, at a cash cost expected to be below US$180 per ounce. Plant capacity is currently 4 Mtpa but there is potential to
expand this to 7 Mtpa with little incremental capital.
A significant increase in resources has occurred over the past year, with the current resource base now more than 12.0 million
ounces. Currently defined reserves stand at 49Mt @ 3.5 g/t (approximately 5.5 million ounces), providing a 12-year mine life,
even at the current low gold price.
Mining, processing, environmental management
Mining is carried out using selective mining techniques to maximize process plant feed and optimize project economics. The ore
is processed using conventional carbon in leach technology, assisted by oxygen injection and a gravity circuit. An in-line leach
reactor, one of the first on the African continent, has also been installed to boost gold recovery.
The plant boasts the largest shell-mounted mill in the world and has state-of-the-art, integrated control systems to optimize
reagent consumption and throughput. The project is developing stringent safety and environmental management systems, based
on the internationally recognized ISO14001.
Ashanti Goldfields, AngloGold partnership
In April this year, it was announced that Ashanti would sell an effective 50% interest in the Geita project to AngloGold, and that
the mine would be managed jointly by the two African mining giants. At the same time, they entered into a broader strategic
alliance to seek opportunities to work together throughout Africa, including their home countries.
The Geita joint venture has been strengthened by the inclusion of AngloGold`s Nyamulilima Hill property (some 14 km from the
Geita process plant), adding approximately 2.1 million ounces to the current resource base.
Management of the property has already been transferred to the joint venture management team and this resource is expected
to significantly improve the overall project value as reserves are defined.
AngloGold CEO Bobby Godsell praised the Tanzanian Government at today`s ceremony for creating ``a policy, tax and
regulatory environment attractive to mining investors.``
``We look forward to a long and productive relationship with the Government and people of Tanzania,`` Godsell said.
Positive impact on the Tanzanian economy
Geita Gold Mine has already made a significant, positive impact on the Tanzanian economy. More than 1,700 people were
directly employed during the construction of the mine, 1,350 of whom were Tanzanian. More than 100 Tanzanian companies
received business from the mine. The current workforce is 500, more than 85% of whom are Tanzanians.
Now that the mine is developed and operational, intensive training has begun for Tanzanian employees. This has already
involved the secondment of Tanzanian engineers, geologists and metallurgists to other countries to gain operational exposure.
The objective is to reduce the non-Tanzanian component of the workforce to less than 5%.
Speaking at today`s event, Ashanti Goldfields CEO Sam Jonah referred to a number of Ghanaians who had been empowered
to undertake major mining projects, including Geita, and said such steps were ``a measure by which Ashanti`s commitment to
manpower and development should be judged.``
``We believe that, given the encouragement, the right training and the opportunity, our Tanzanian brothers and sisters will be
capable of emulating these examples. That is what Ashanti stands for, and that is what Ashanti has decided to establish here,``
Jonah said.
The neighboring town of Geita has been the fastest growing urban centre in East Africa during the past two years. Housing and
business development has led the way in its transformation to a vigorous, vibrant community.
As part of the parent companies` social responsibilities, significant improvements have been made in local communities. A
67-kilometre road from Ilogi to Geita has been constructed, providing an uninterrupted, quality transport route from Dar es
Salaam to Geita. In addition, a 22-kilometre water pipeline from Lake Victoria has made water available to villages along the
route. Power and water, as well as a new ward, have been provided to the Geita District Hospital and, in addition, new
primary and secondary school facilities are being established.
Certain of the statements made in this announcement are forward-looking in nature. By their nature, the forward-looking
statements involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the
future. These factors include, but are not limited to, statements made elsewhere in this announcement. In addition, risk factors
relating to Ashanti and AngloGold can be found in their respective public SEC filings. Neither Ashanti nor AngloGold
undertake any obligation to publicly update any forward-looking statements whether as a result of new information, future
events or otherwise. Any statement should be evaluated in the light of these factors.
Contact:
For AngloGold --
In South Africa
Investor Relations
Steve Lenahan, +2711 637 6248
Fax, +2711 637 6107
Mobile, +27 83 308 2200
slenahan@anglogold.com
or
In South Africa
Media
James Duncan, +2711 637 6147
Fax, +2711 637 6399
Mobile, +27 82 892 8052
jduncan@anglogold.com
or
In the UK
Alex Buck, +44 20 7849 5630
Fax, +44 20 7849 6137
Mobile, +44 7932 740 452
abuck@anglogold.com
or
In the USA
Charles Carter, 212/750-7999
Toll-free, 800/417-9255
Fax, 212/750-5626
ccarter@anglogold.com
or
In Australia
Andrea Maxey, +61 3 9684 4920
Fax, +61 3 9684 4951
+61 411 231 393
amaxey@anglogold.com.au
or
www.anglogold.com
or
For Ashanti Goldfields --
or
In Ghana
Managing Director, Public Affairs
James Anaman, +233 21 778 178
Fax, +233 21 778 156
james.anaman@ashantigold.com
or
In Ghana
Managing Director, Strategic Planning & New Business
Kweku Awotwi, +233 1 772 231
Fax, +233 21 776 501
kweku.awotwi@ashantigold.com
or
In the USA
Allan Jordan, 212/697-9191
Fax, 212/697-3720
ajordan@golinharris.com
or
In the UK
Carina Corbett, +44 20 8949 7171
+44 20 8942 5733
4C4U@ukgateway.net
or
www.ashantigold.com
Tanzania, Ghana and South Africa -- showcased their combined mining mettle today (Thursday, 3 August, 2000) at the official
opening of the Geita Gold Mine in Tanzania, a joint venture between Ghanaian-based Ashanti Goldfields Limited (Ashanti) and
South African-based AngloGold Limited (AngloGold).
The President of Tanzania, Benjamin William Mkapa, delivered the key note address and performed the official opening. Other
speakers included the Tanzanian Minister of Energy and Minerals, Dr. Abdallah Kigoda; the CEO of Ashanti, Sam Jonah and
the CEO of AngloGold, Bobby Godsell. Among those present at the high profile event were the South African Minister of
Minerals and Energy, Ms. Phumzile Mlambo-Ngcuka; the Ghanaian Minister of Mines and Energy, Dr. John Abu; the
Tanzanian Minister of Finance, Daniel Yona; the Tanzanian Minister of the Environment, Edward Lowasa; and the South
African High Commissioner, Ms. Theresa Solomon.
Geita Gold Mine -- situated in north western Tanzania, 90 km from the regional capital of Mwanza -- was completed in less
than a year from first concrete pour to first gold pour; more than three months ahead of schedule; and within the budgeted
capital cost of US$165 million. The mine`s first gold was poured on 8 June this year and to date, more than 41,000 ounces
have been produced during the commissioning phase.
500 000 ounces a year, cash costs below US$180, significant potential for increase in resources and reserves
Geita Gold Mine is already the biggest gold producer in East Africa.
Full production capacity should be reached by 2001, with an average of 500,000 ounces a year produced for the first five
years, at a cash cost expected to be below US$180 per ounce. Plant capacity is currently 4 Mtpa but there is potential to
expand this to 7 Mtpa with little incremental capital.
A significant increase in resources has occurred over the past year, with the current resource base now more than 12.0 million
ounces. Currently defined reserves stand at 49Mt @ 3.5 g/t (approximately 5.5 million ounces), providing a 12-year mine life,
even at the current low gold price.
Mining, processing, environmental management
Mining is carried out using selective mining techniques to maximize process plant feed and optimize project economics. The ore
is processed using conventional carbon in leach technology, assisted by oxygen injection and a gravity circuit. An in-line leach
reactor, one of the first on the African continent, has also been installed to boost gold recovery.
The plant boasts the largest shell-mounted mill in the world and has state-of-the-art, integrated control systems to optimize
reagent consumption and throughput. The project is developing stringent safety and environmental management systems, based
on the internationally recognized ISO14001.
Ashanti Goldfields, AngloGold partnership
In April this year, it was announced that Ashanti would sell an effective 50% interest in the Geita project to AngloGold, and that
the mine would be managed jointly by the two African mining giants. At the same time, they entered into a broader strategic
alliance to seek opportunities to work together throughout Africa, including their home countries.
The Geita joint venture has been strengthened by the inclusion of AngloGold`s Nyamulilima Hill property (some 14 km from the
Geita process plant), adding approximately 2.1 million ounces to the current resource base.
Management of the property has already been transferred to the joint venture management team and this resource is expected
to significantly improve the overall project value as reserves are defined.
AngloGold CEO Bobby Godsell praised the Tanzanian Government at today`s ceremony for creating ``a policy, tax and
regulatory environment attractive to mining investors.``
``We look forward to a long and productive relationship with the Government and people of Tanzania,`` Godsell said.
Positive impact on the Tanzanian economy
Geita Gold Mine has already made a significant, positive impact on the Tanzanian economy. More than 1,700 people were
directly employed during the construction of the mine, 1,350 of whom were Tanzanian. More than 100 Tanzanian companies
received business from the mine. The current workforce is 500, more than 85% of whom are Tanzanians.
Now that the mine is developed and operational, intensive training has begun for Tanzanian employees. This has already
involved the secondment of Tanzanian engineers, geologists and metallurgists to other countries to gain operational exposure.
The objective is to reduce the non-Tanzanian component of the workforce to less than 5%.
Speaking at today`s event, Ashanti Goldfields CEO Sam Jonah referred to a number of Ghanaians who had been empowered
to undertake major mining projects, including Geita, and said such steps were ``a measure by which Ashanti`s commitment to
manpower and development should be judged.``
``We believe that, given the encouragement, the right training and the opportunity, our Tanzanian brothers and sisters will be
capable of emulating these examples. That is what Ashanti stands for, and that is what Ashanti has decided to establish here,``
Jonah said.
The neighboring town of Geita has been the fastest growing urban centre in East Africa during the past two years. Housing and
business development has led the way in its transformation to a vigorous, vibrant community.
As part of the parent companies` social responsibilities, significant improvements have been made in local communities. A
67-kilometre road from Ilogi to Geita has been constructed, providing an uninterrupted, quality transport route from Dar es
Salaam to Geita. In addition, a 22-kilometre water pipeline from Lake Victoria has made water available to villages along the
route. Power and water, as well as a new ward, have been provided to the Geita District Hospital and, in addition, new
primary and secondary school facilities are being established.
Certain of the statements made in this announcement are forward-looking in nature. By their nature, the forward-looking
statements involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the
future. These factors include, but are not limited to, statements made elsewhere in this announcement. In addition, risk factors
relating to Ashanti and AngloGold can be found in their respective public SEC filings. Neither Ashanti nor AngloGold
undertake any obligation to publicly update any forward-looking statements whether as a result of new information, future
events or otherwise. Any statement should be evaluated in the light of these factors.
Contact:
For AngloGold --
In South Africa
Investor Relations
Steve Lenahan, +2711 637 6248
Fax, +2711 637 6107
Mobile, +27 83 308 2200
slenahan@anglogold.com
or
In South Africa
Media
James Duncan, +2711 637 6147
Fax, +2711 637 6399
Mobile, +27 82 892 8052
jduncan@anglogold.com
or
In the UK
Alex Buck, +44 20 7849 5630
Fax, +44 20 7849 6137
Mobile, +44 7932 740 452
abuck@anglogold.com
or
In the USA
Charles Carter, 212/750-7999
Toll-free, 800/417-9255
Fax, 212/750-5626
ccarter@anglogold.com
or
In Australia
Andrea Maxey, +61 3 9684 4920
Fax, +61 3 9684 4951
+61 411 231 393
amaxey@anglogold.com.au
or
www.anglogold.com
or
For Ashanti Goldfields --
or
In Ghana
Managing Director, Public Affairs
James Anaman, +233 21 778 178
Fax, +233 21 778 156
james.anaman@ashantigold.com
or
In Ghana
Managing Director, Strategic Planning & New Business
Kweku Awotwi, +233 1 772 231
Fax, +233 21 776 501
kweku.awotwi@ashantigold.com
or
In the USA
Allan Jordan, 212/697-9191
Fax, 212/697-3720
ajordan@golinharris.com
or
In the UK
Carina Corbett, +44 20 8949 7171
+44 20 8942 5733
4C4U@ukgateway.net
or
www.ashantigold.com
Wenn`s jemanden interessiert:
Hier die Rede von Ashanti`s CEO Sam Jonah anläßlich der heutigen Eröffnung der Geita-Mine:
GEITA, August 3, 2000 -
AGC`s Chief Executive`s
Speech at the Formal
Opening of Geita Mine,
Tanzania
Your Excellency President
Benjamin Mkapa,
Honorable Ministers from
Tanzania, Ghana and
South Africa, Honourable
Regional Commissioner,
Chairman of Ashanti
Goldfields Company,
Chairman of Anglogold,
Chief Executive of
Anglogold, Distinguished
Guests, Ladies and
Gentlemen.
In 1996, Ashanti signalled
its intention to become a
major player in the global
gold industry with the
acquisition of Cluff
Resources.
The acquisition brought
two producing mines –
Freda Rebecca in
Zimbabwe and Ayanfuri in
Ghana - and an exploration
project called Geita. Soon
after the acquisition, an
Ashanti team led by
myself visited this very
site. At that time, Cluff had
spent less than one million
US Dollars in one-and-half
years to delineate 400,000
ounces in inferred
resources. This was
achieved by a young
couple, Hugh Stuart and
Jan and a team of young
Tanzanians, under the
directorship of Peter
Cowley, currently the
Managing Director of our
exploration wing. We
walked the ground, looked
around and were very
excited.
As of today, Ashanti has spent over US$12 million to delineate over 12 million
ounces in gold resources and 5.5 million ounces in reserves.
It is a feature of our recent history that, since 1996, Ashanti has also made five
other acquisitions: International Gold Resources, GLAMCO, Golden Shamrock, all
in 1996; SAMAX Resources in 1998 for the Geita West concession, and this year,
and most recently, Pioneer Goldfields for its Teberebie gold mine in Ghana.
Mr. President, we are proud to note that since 1996, Ashanti has also developed
mines in Siguiri in Guinea and Bibiani in Ghana, both completed in 1998. Having
made the mark in the West, we then set our sights eastwards and on to Geita. In
January last year, we commenced the construction of this mine and eighteen
months later, after spending US$165 million, the Geita mine is complete, three
clear months ahead of schedule.
With the completion of Geita, Ashanti now has ownership in three of the six
largest mines in Africa outside of South Africa, namely: the Obuasi mine in
Ghana, where the vision of a pan-African company all started; the 300,000 ounce
per annum, recently expanded Siguiri mine in Guinea, and now the 500,000 ounce
per annum Geita mine here in Tanzania. I wish to pose a question: Have we at
Ashanti established the pan-African multinational company we dreamed of several
years ago? Without a doubt! And has Ashanti established its credentials as
world-class builders of gold mines in Africa? Let the record speak for itself.
Mr. President, there is yet another success story I must tell today. Five years
ago, when Ashanti acquired Cluff Resources, it was rare for a company to invest
hundreds of millions of US dollars here in Tanzania. This was almost unheard of
ten years previously. That was before the government of this country initiated the
series of economic reforms it began in 1986. Today, it is no longer a surprise, and
the reason is simple.
Tanzania, through the bold reforms instituted by the present government, is now a
model for creating the right environment for foreign direct investment in Africa.
This is more especially so in the mining sector. Most investors have noted that
the government has maintained political stability, without which economic activity
cannot flourish. It has also thoroughly modernised the mining code, and given the
treasure trove of mineral resources that Tanzania represents, the shining image of
a credible place in which to invest. Today and publicly, Ashanti Goldfields
salutes the government of Tanzania for the positive role model it is providing for
Africa at a time when this continent seems bent on spewing out for international
television teams, harrowing stories of war, poverty, human rights abuses and other
disasters, some of which are clearly self-imposed.
Mr President, one might add that if Ashanti has come this far with this great
nation, it is largely due to the support that your government and its senior officials,
as well as the ordinary people of this country, have extended to us. The
excitement which greeted the arrival here of Ashanti made us feel that the dream
of the founding fathers of our two countries that any part of this continent could be
home to any African, had been realised through our joint expectations from this
project. Nevertheless, it must be stressed that clearly, this is a country that
knows what it has to do to attract real foreign investment and thank God it also
has a government that knows how to make it happen.
Your Excellency, capital is nomadic and it will go to where the greener pastures
are cultivated. For me, therefore, it was gratifying to be in a place where everyone,
from local officials to people in government, were keenly focused on genuinely
attracting and maintaining foreign investment. The message to the world today is
that Africa is not one, black, homogeneous monolith. In some countries on this
continent and at various levels, many are confronting the future with considerable
hope. For example, at the local level here, Mr. President, the former District
Commissioner, Madam Halima Hatibu, has often gone out of her way to take on
some of the burdens that come with path-finding. In assisting in bringing the
project to this stage, nothing has been too much or too difficult for her to do.
I would also wish to recall the contribution of the Honourable Minister for Mines
and Energy, Dr Abdallah Kigoda, who personally travelled to Ghana on our
invitation to conduct a due diligence on Ashanti’s credentials as a major player in
the gold industry. It was he who requested that his technical team, ably led by Mr
Gray Mwakalukwa, the Commissioner for Mineral Resources, as well as key
decision-makers and political leaders from this country, should follow his trail to
learn of the Ashanti success as the basis for a long-lasting co-operation between
Tanzania and Ashanti.
Your Excellency, the fact that we have named the estates here after a Tanzanian
speaks volumes of the contribution of the man who responds to that name –
Freddy Mchauru. Freddy has resisted the strain of age and immensely facilitated
the long process that has brought us to today. He has ensured that Ashanti met
the right officials at the right times and truly served as the venerable patron of the
project. If Ashanti has been accepted in the corridors of power in this country, it
is because Freddy was willing to open doors for us whenever we needed to be
heard. We also acknowledge the support of a whole array of Tanzanians in the
Ministries, financial institutions, immigration offices and the service industries and,
of course, our own Dr Hassy Kitine.
Mr. President, the fact remains that what we are witnessing here today would not
have been possible but for your personal intervention and commitment. You
graciously received me on three separate occasions in Arusha, Dodoma and
recently in Dar-es -Salaam, where on each occasion, you went out of your way to
provoke me to tell you of any imaginary or real difficulties which could stand in our
advance towards this event, so that you personally would ensure their resolution.
What you see today, therefore, is a mine that represents a lasting monument to
your foresight and your distinguished leadership.
The foregoing succinctly proves the point that the completion and commissioning
of this mine demonstrates what Africans can do, working together with their
partners in development, as the private sector on one side, and government on the
other.... Great things!!
Your Excellency, at this point, allow me to recount another feature of the Ashanti
spirit. Last September, Ashanti Goldfields faced a severe crisis when the gold
price rose dramatically in a very short period of time, exposing the company to
margin calls on its gold price hedge book. On account of certain commitments
such as this project, the company did not have sufficient cash to deposit as
collateral as these margin calls implied. Furthermore, existing and new credit lines
that were being negotiated were frozen, jeopardising the company’s ability to
complete Geita, the construction of which had started earlier in the year. The
following six months proved extremely challenging. While seeking to negotiate
new arrangements with the company’s hedge counterparties – all 22 of them – we
also attempted to put in place a corporate restructuring plan to ensure the lending
of an additional US$100 million to meet the completion of Geita and other
corporate needs. That we are able to meet here on such an auspicious occasion
is therefore a demonstration of the resolute Ashanti spirit.
We achieved this task, thanks to several members of the Ashanti team, some of
whom deserve special mention. First, there is Trevor Schultz, Ashanti’s Chief
Operating Officer. Trevor made countless trips to Tanzania to meet with and
assure our suppliers that all would be well in due course. His role made it
possible for me to concentrate on the resolution of the other major issues facing
the company.
I would also want to mention the name of Harry Michael, the Managing Director,
who was brought down from Ghana to ensure that the remarkable role he had
played in turning around the fortunes of our mine at Iduapriem and the impact he
had made as head of our Group Projects Division would be brought to bear on this
wonderful project. Those of us who know Harry will attest to the fact he is an
achiever whose enthusiasm for what he believes in can be overpowering at times.
That, after all, is a reflection of the Ashanti spirit that I referred to earlier on.
It is also in that context that I recall the role of David Renner, the young Ghanaian
who was given the onerous task of managing the project from its infancy to its
commissioning. Mr President, I’m proud to say that this is the second time after
the construction of our mine in Bibiani, that we in Ashanti have encouraged a
young African to start a gold project and see it through to commissioning. Our
cherished hope is that a Tanzanian will be at the helm of affairs the next time
around. That is the vision we wish to share with our brothers and sisters of this
country.
Mr. President, Distinguished Guests, Ladies and Gentlemen, this would be a good
place to end my speech. I am, as you should be, well satisfied with the excellent
job that has been performed to develop what ought to be one of the world’s great
gold mines.
There is more, however. As many of you know, Ashanti agreed to sell a 50%
interest in Geita as part of the solution to restructure its balance sheet and
finances. Its new joint venture partner, AngloGold, is here with us today, and
represented by my own good friend, Bobby Godsell, the Chief Executive Officer,
and various other officials of the Anglo family.
I must confess that, Geita is the kind of concession that Ashanti wanted very
much to develop and own 100%. Under the circumstances that I have described
earlier, however, Ashanti could not think of a more suitable partner in Geita than
AngloGold, the largest gold producer in the world, which is also African and has
developed in recent years extensive experience and expertise all over Africa, and
with considerable resources. In the joint venture agreements that our two
companies signed in June, we have already begun planning for how we might
expand the Geita mine from processing ore at a rate of 4 million tonnes per annum
to 7 million tonnes per annum, and thereby increasing gold production by
approximately 50%.
Anglogold and Ashanti have started making plans to delineate and develop the
underground potential that we see at Geita, as well as to complete the systematic
exploration of the balance of the concessions yet to be done – currently about
75%.
We at Ashanti are, therefore, very excited by the prospects of our partnership with
Anglogold, and we think the government and people of Tanzania should be as well.
We believe that this major achievement calls for celebration in view of what we
have gone through to be where we are today. But the question must be asked:
What does all this mean to the ordinary Tanzanian? Geita today hosts arguably
the second largest gold mine in Africa outside South Africa. This huge project will
be paying significant sums in royalties and taxes to support the economic
development of this nation. We also expect the project to improve and to create a
whole new economic life in this area. We plan to produce about 500,000 ounces
of gold a year at a cost of around US$180 an ounce.
It is in this area that we expect the Ashanti experience in Africa to be relevant.
We seek an active collaboration with the local community because that is a major
Ashanti attribute and our strength. In Obuasi, we have actively promoted an
holistic attitude towards mining which has significantly improved the lives of the
people in the area. In Siguiri in Guinea, we instituted a micro credit system that
has transformed the lives of the people living around the mine. Our commitment to
the protection of the environment has already been attested to in the local press
here and by very responsible officials of this great country.
For the people of Tanzania, the commissioning of Geita must therefore be seen as
only the beginning of a true, “golden” age for the economy, and Geita’s operation,
along with the development and start-up of the many other projects currently on
the drawing board, should provide the Tanzanian treasury vast sums of taxes and
royalties, as well as critical employment for its people.
We at Ashanti are honoured to be part of Tanzania’s emerging golden age. Mr.
President, you can count on Ashanti and I daresay, Anglogold, our veritable
partner, to maintain an active presence in Tanzania for a very, very long time.
Thank you.
Hier die Rede von Ashanti`s CEO Sam Jonah anläßlich der heutigen Eröffnung der Geita-Mine:
GEITA, August 3, 2000 -
AGC`s Chief Executive`s
Speech at the Formal
Opening of Geita Mine,
Tanzania
Your Excellency President
Benjamin Mkapa,
Honorable Ministers from
Tanzania, Ghana and
South Africa, Honourable
Regional Commissioner,
Chairman of Ashanti
Goldfields Company,
Chairman of Anglogold,
Chief Executive of
Anglogold, Distinguished
Guests, Ladies and
Gentlemen.
In 1996, Ashanti signalled
its intention to become a
major player in the global
gold industry with the
acquisition of Cluff
Resources.
The acquisition brought
two producing mines –
Freda Rebecca in
Zimbabwe and Ayanfuri in
Ghana - and an exploration
project called Geita. Soon
after the acquisition, an
Ashanti team led by
myself visited this very
site. At that time, Cluff had
spent less than one million
US Dollars in one-and-half
years to delineate 400,000
ounces in inferred
resources. This was
achieved by a young
couple, Hugh Stuart and
Jan and a team of young
Tanzanians, under the
directorship of Peter
Cowley, currently the
Managing Director of our
exploration wing. We
walked the ground, looked
around and were very
excited.
As of today, Ashanti has spent over US$12 million to delineate over 12 million
ounces in gold resources and 5.5 million ounces in reserves.
It is a feature of our recent history that, since 1996, Ashanti has also made five
other acquisitions: International Gold Resources, GLAMCO, Golden Shamrock, all
in 1996; SAMAX Resources in 1998 for the Geita West concession, and this year,
and most recently, Pioneer Goldfields for its Teberebie gold mine in Ghana.
Mr. President, we are proud to note that since 1996, Ashanti has also developed
mines in Siguiri in Guinea and Bibiani in Ghana, both completed in 1998. Having
made the mark in the West, we then set our sights eastwards and on to Geita. In
January last year, we commenced the construction of this mine and eighteen
months later, after spending US$165 million, the Geita mine is complete, three
clear months ahead of schedule.
With the completion of Geita, Ashanti now has ownership in three of the six
largest mines in Africa outside of South Africa, namely: the Obuasi mine in
Ghana, where the vision of a pan-African company all started; the 300,000 ounce
per annum, recently expanded Siguiri mine in Guinea, and now the 500,000 ounce
per annum Geita mine here in Tanzania. I wish to pose a question: Have we at
Ashanti established the pan-African multinational company we dreamed of several
years ago? Without a doubt! And has Ashanti established its credentials as
world-class builders of gold mines in Africa? Let the record speak for itself.
Mr. President, there is yet another success story I must tell today. Five years
ago, when Ashanti acquired Cluff Resources, it was rare for a company to invest
hundreds of millions of US dollars here in Tanzania. This was almost unheard of
ten years previously. That was before the government of this country initiated the
series of economic reforms it began in 1986. Today, it is no longer a surprise, and
the reason is simple.
Tanzania, through the bold reforms instituted by the present government, is now a
model for creating the right environment for foreign direct investment in Africa.
This is more especially so in the mining sector. Most investors have noted that
the government has maintained political stability, without which economic activity
cannot flourish. It has also thoroughly modernised the mining code, and given the
treasure trove of mineral resources that Tanzania represents, the shining image of
a credible place in which to invest. Today and publicly, Ashanti Goldfields
salutes the government of Tanzania for the positive role model it is providing for
Africa at a time when this continent seems bent on spewing out for international
television teams, harrowing stories of war, poverty, human rights abuses and other
disasters, some of which are clearly self-imposed.
Mr President, one might add that if Ashanti has come this far with this great
nation, it is largely due to the support that your government and its senior officials,
as well as the ordinary people of this country, have extended to us. The
excitement which greeted the arrival here of Ashanti made us feel that the dream
of the founding fathers of our two countries that any part of this continent could be
home to any African, had been realised through our joint expectations from this
project. Nevertheless, it must be stressed that clearly, this is a country that
knows what it has to do to attract real foreign investment and thank God it also
has a government that knows how to make it happen.
Your Excellency, capital is nomadic and it will go to where the greener pastures
are cultivated. For me, therefore, it was gratifying to be in a place where everyone,
from local officials to people in government, were keenly focused on genuinely
attracting and maintaining foreign investment. The message to the world today is
that Africa is not one, black, homogeneous monolith. In some countries on this
continent and at various levels, many are confronting the future with considerable
hope. For example, at the local level here, Mr. President, the former District
Commissioner, Madam Halima Hatibu, has often gone out of her way to take on
some of the burdens that come with path-finding. In assisting in bringing the
project to this stage, nothing has been too much or too difficult for her to do.
I would also wish to recall the contribution of the Honourable Minister for Mines
and Energy, Dr Abdallah Kigoda, who personally travelled to Ghana on our
invitation to conduct a due diligence on Ashanti’s credentials as a major player in
the gold industry. It was he who requested that his technical team, ably led by Mr
Gray Mwakalukwa, the Commissioner for Mineral Resources, as well as key
decision-makers and political leaders from this country, should follow his trail to
learn of the Ashanti success as the basis for a long-lasting co-operation between
Tanzania and Ashanti.
Your Excellency, the fact that we have named the estates here after a Tanzanian
speaks volumes of the contribution of the man who responds to that name –
Freddy Mchauru. Freddy has resisted the strain of age and immensely facilitated
the long process that has brought us to today. He has ensured that Ashanti met
the right officials at the right times and truly served as the venerable patron of the
project. If Ashanti has been accepted in the corridors of power in this country, it
is because Freddy was willing to open doors for us whenever we needed to be
heard. We also acknowledge the support of a whole array of Tanzanians in the
Ministries, financial institutions, immigration offices and the service industries and,
of course, our own Dr Hassy Kitine.
Mr. President, the fact remains that what we are witnessing here today would not
have been possible but for your personal intervention and commitment. You
graciously received me on three separate occasions in Arusha, Dodoma and
recently in Dar-es -Salaam, where on each occasion, you went out of your way to
provoke me to tell you of any imaginary or real difficulties which could stand in our
advance towards this event, so that you personally would ensure their resolution.
What you see today, therefore, is a mine that represents a lasting monument to
your foresight and your distinguished leadership.
The foregoing succinctly proves the point that the completion and commissioning
of this mine demonstrates what Africans can do, working together with their
partners in development, as the private sector on one side, and government on the
other.... Great things!!
Your Excellency, at this point, allow me to recount another feature of the Ashanti
spirit. Last September, Ashanti Goldfields faced a severe crisis when the gold
price rose dramatically in a very short period of time, exposing the company to
margin calls on its gold price hedge book. On account of certain commitments
such as this project, the company did not have sufficient cash to deposit as
collateral as these margin calls implied. Furthermore, existing and new credit lines
that were being negotiated were frozen, jeopardising the company’s ability to
complete Geita, the construction of which had started earlier in the year. The
following six months proved extremely challenging. While seeking to negotiate
new arrangements with the company’s hedge counterparties – all 22 of them – we
also attempted to put in place a corporate restructuring plan to ensure the lending
of an additional US$100 million to meet the completion of Geita and other
corporate needs. That we are able to meet here on such an auspicious occasion
is therefore a demonstration of the resolute Ashanti spirit.
We achieved this task, thanks to several members of the Ashanti team, some of
whom deserve special mention. First, there is Trevor Schultz, Ashanti’s Chief
Operating Officer. Trevor made countless trips to Tanzania to meet with and
assure our suppliers that all would be well in due course. His role made it
possible for me to concentrate on the resolution of the other major issues facing
the company.
I would also want to mention the name of Harry Michael, the Managing Director,
who was brought down from Ghana to ensure that the remarkable role he had
played in turning around the fortunes of our mine at Iduapriem and the impact he
had made as head of our Group Projects Division would be brought to bear on this
wonderful project. Those of us who know Harry will attest to the fact he is an
achiever whose enthusiasm for what he believes in can be overpowering at times.
That, after all, is a reflection of the Ashanti spirit that I referred to earlier on.
It is also in that context that I recall the role of David Renner, the young Ghanaian
who was given the onerous task of managing the project from its infancy to its
commissioning. Mr President, I’m proud to say that this is the second time after
the construction of our mine in Bibiani, that we in Ashanti have encouraged a
young African to start a gold project and see it through to commissioning. Our
cherished hope is that a Tanzanian will be at the helm of affairs the next time
around. That is the vision we wish to share with our brothers and sisters of this
country.
Mr. President, Distinguished Guests, Ladies and Gentlemen, this would be a good
place to end my speech. I am, as you should be, well satisfied with the excellent
job that has been performed to develop what ought to be one of the world’s great
gold mines.
There is more, however. As many of you know, Ashanti agreed to sell a 50%
interest in Geita as part of the solution to restructure its balance sheet and
finances. Its new joint venture partner, AngloGold, is here with us today, and
represented by my own good friend, Bobby Godsell, the Chief Executive Officer,
and various other officials of the Anglo family.
I must confess that, Geita is the kind of concession that Ashanti wanted very
much to develop and own 100%. Under the circumstances that I have described
earlier, however, Ashanti could not think of a more suitable partner in Geita than
AngloGold, the largest gold producer in the world, which is also African and has
developed in recent years extensive experience and expertise all over Africa, and
with considerable resources. In the joint venture agreements that our two
companies signed in June, we have already begun planning for how we might
expand the Geita mine from processing ore at a rate of 4 million tonnes per annum
to 7 million tonnes per annum, and thereby increasing gold production by
approximately 50%.
Anglogold and Ashanti have started making plans to delineate and develop the
underground potential that we see at Geita, as well as to complete the systematic
exploration of the balance of the concessions yet to be done – currently about
75%.
We at Ashanti are, therefore, very excited by the prospects of our partnership with
Anglogold, and we think the government and people of Tanzania should be as well.
We believe that this major achievement calls for celebration in view of what we
have gone through to be where we are today. But the question must be asked:
What does all this mean to the ordinary Tanzanian? Geita today hosts arguably
the second largest gold mine in Africa outside South Africa. This huge project will
be paying significant sums in royalties and taxes to support the economic
development of this nation. We also expect the project to improve and to create a
whole new economic life in this area. We plan to produce about 500,000 ounces
of gold a year at a cost of around US$180 an ounce.
It is in this area that we expect the Ashanti experience in Africa to be relevant.
We seek an active collaboration with the local community because that is a major
Ashanti attribute and our strength. In Obuasi, we have actively promoted an
holistic attitude towards mining which has significantly improved the lives of the
people in the area. In Siguiri in Guinea, we instituted a micro credit system that
has transformed the lives of the people living around the mine. Our commitment to
the protection of the environment has already been attested to in the local press
here and by very responsible officials of this great country.
For the people of Tanzania, the commissioning of Geita must therefore be seen as
only the beginning of a true, “golden” age for the economy, and Geita’s operation,
along with the development and start-up of the many other projects currently on
the drawing board, should provide the Tanzanian treasury vast sums of taxes and
royalties, as well as critical employment for its people.
We at Ashanti are honoured to be part of Tanzania’s emerging golden age. Mr.
President, you can count on Ashanti and I daresay, Anglogold, our veritable
partner, to maintain an active presence in Tanzania for a very, very long time.
Thank you.
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