Obuasi Gold Mine

The Obuasi Gold Mine, located near Obuasi in the Ashanti Region of Ghana, has a rich history dating back to 1897 when large-scale commercial and industrial mining began under the Ashanti Goldfields Corporation, contributing to the region’s significance in providing the gold for which the Gold Coast was named. Over the years, it became one of the world’s top ten largest gold mines.

In 2004, Ashanti Goldfields merged with AngloGold to form AngloGold Ashanti, with Obuasi and the Iduapriem Gold Mine contributing 11% to the company’s annual production. At its temporary closure in 2014, Obuasi had past gold production plus current resource of 62 million troy ounces.

A favorable feasibility study in 2017 highlighted a strong technical and economical case for the mine’s pre-development, projecting a 20-year mine life. The project received approval from the AngloGold Ashanti board in 2018, kicking off the redevelopment initiative.

After receiving approvals from the Ghanaian Government in 2018, efforts to recapitalize the mine began in 2019. The redevelopment project saw its first gold pour in December 2019, marking a significant milestone in its revival.

Phase 1 of the project concluded by the end of September 2020, initiating commercial production on October 1, 2020. Phase 2, focusing on construction and mine development, was completed in 2021. Currently, Phase 3 is in progress, aiming to develop infrastructure to support a planned ramp-up in production to 5,000tpd by the end of 2023. Despite setbacks like the temporary stoppage of underground activities due to a fall of ground incident in May 2021, production gradually resumed later that year, demonstrating the resilience and determination of the Obuasi Gold Mine’s redevelopment efforts.

Ambex Mine Project

GOLKOR’s gold mining assets are strategically positioned south of the renowned Anglo Obuasi mine, within the prolific Obuasi Gold Belt in Ghana, a region celebrated for its abundant high-grade gold deposits. This project benefits from extensive historical exploration, including trenching, pitting, and drilling conducted by AngloGold Ashanti and local small-scale miners, which has delineated promising gold trends. The proven geology of the region and proximity to a world-class gold mine provide a solid foundation for GOLKOR’s venture.

The company’s innovative production plan is underpinned by a joint venture with the Landowner Association, which grants access to critical mining areas covering 25+ existing small-scale mining sites. These sites boast high-grade ore averaging over +8 g/t Au, ensuring a robust feedstock for the project’s Carbon-in-Pulp (CIP) plants. GOLKOR’s phased development approach begins with a target of 500 tons per day (tpd) of ore processed through its first CIP plant. This capacity will scale to 1,000 tpd with the construction of a second plant, offering significant upside in production and revenue potential.

Adding further value, the project includes an extensive drilling program to increase resource definition and potentially expand the reserve base, enhancing long-term sustainability. The use of advanced mining techniques, such as long-hole open stoping, ensures efficient and safe ore extraction. Additionally, the project leverages infrastructure like the Obuasi Deeps Decline, which provides access to deeper ore zones, and incorporates a well-planned logistics framework to optimize operations.

The joint venture’s profit-sharing model, which allocates 20% of profits to the Landowner Association’s 159 license holders, strengthens community partnerships, promotes local economic development, and ensures alignment with key stakeholders. This collaborative structure not only enhances social license to operate but also reduces operational risks associated with local resistance or disputes.

Overall, GOLKOR’s project delivers compelling value by combining rich geological potential, advanced mining methods, scalable production capacity, and strong local partnerships. This approach positions GOLKOR to become a leading gold producer in the Obuasi Gold Belt, contributing to economic growth while addressing sustainability and community interests.