Ashanti Goldfields Corporation





The Ashanti Goldfields Corporation is a gold mining company based in Ghana that was founded by Joseph Ellis and Joseph Biney both from Cape Coast. The Ashanti Mine, located at Obuasi, 56 km south of Kumasi, has been producing since 1897. The mine is sited on one of the world's major gold deposits and is one of the ten largest in the world.


In 1994, the Ghana government, the majority shareholder, announced plans to sell 20-25 percent of its interest in AGC in a share flotation. The company was listed on the London and Ghana stock exchanges. It was the largest flotation ever organised by any gold mining company coordinating and advisory team alone numbered over 200 people. Each of the company's 10,000 employees received five free shares.


In 1996 AGC was listed on the New York Stock Exchange to raise new capital, it was the first African company to appear on Wall Street. In 1999, the company succumbed to an ill-executed gold price hedge led by Goldman Sachs, which drove it to the brink of bankruptcy.[1]


In 2004, it merged with AngloGold to create the world's second-largest gold producer, AngloGold Ashanti company. AngloGold is based in South Africa and majority-owned by Anglo American group.[2]



Mines & Production


Gold production figures for the company's mines in 2002 and 2003 were (in ounces per annum):[3]




















































Mine

Country

2002

2003

Bibiani Gold Mine

Ghana Ghana
242,432
212,716

Freda-Rebecca Gold Mine

Zimbabwe Zimbabwe
98,255
51,091

Geita Gold Mine (50%)

Tanzania Tanzania
289,522
330,523

Iduapriem Gold Mine

Ghana Ghana
185,199
243,533

Obuasi Gold Mine

Ghana Ghana
537,219
513,163

Siguiri Gold Mine

Guinea Guinea
269,292
252,795

Overall

Africa

1,621,919

1,603,821

  • Percentage figures behind names indicate the share of production of the mine belonging to Ashanti. Production figures shown are those belonging to Ashanti, not overall production.


References





  1. ^ "A Hedge Too Fat". Ghana Web. Retrieved 13 October 2012..mw-parser-output cite.citation{font-style:inherit}.mw-parser-output q{quotes:"""""""'""'"}.mw-parser-output code.cs1-code{color:inherit;background:inherit;border:inherit;padding:inherit}.mw-parser-output .cs1-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/thumb/6/65/Lock-green.svg/9px-Lock-green.svg.png")no-repeat;background-position:right .1em center}.mw-parser-output .cs1-lock-limited a,.mw-parser-output .cs1-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/thumb/d/d6/Lock-gray-alt-2.svg/9px-Lock-gray-alt-2.svg.png")no-repeat;background-position:right .1em center}.mw-parser-output .cs1-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Lock-red-alt-2.svg/9px-Lock-red-alt-2.svg.png")no-repeat;background-position:right .1em center}.mw-parser-output .cs1-subscription,.mw-parser-output .cs1-registration{color:#555}.mw-parser-output .cs1-subscription span,.mw-parser-output .cs1-registration span{border-bottom:1px dotted;cursor:help}.mw-parser-output .cs1-hidden-error{display:none;font-size:100%}.mw-parser-output .cs1-visible-error{font-size:100%}.mw-parser-output .cs1-subscription,.mw-parser-output .cs1-registration,.mw-parser-output .cs1-format{font-size:95%}.mw-parser-output .cs1-kern-left,.mw-parser-output .cs1-kern-wl-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right,.mw-parser-output .cs1-kern-wl-right{padding-right:0.2em}


  2. ^ Completion of merger of Anglogold Limited/Ashanti Goldfields AngloGold Ashanti ASX announcement, published: 27 April 2004, accessed: 10 July 2010


  3. ^ Ashanti Annual Report 2003 accessed: 10 August 2010




External links



  • AngloGold Ashanti Homepage

  • History of Ashanti Goldfields Corporation


  • Documents and clippings about Ashanti Goldfields Corporation in the 20th Century Press Archives of the German National Library of Economics (ZBW)









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