Aerial Overview
The mine site located in hilly terrain dissected by broad, flat drainages that typically form swamps in the wet season between May and late October. Hill tops are generally at very similar elevations with maximum elevations at approximately 680m above sea level. Despite the subdued topography, hill slopes are typically steep.
In general, the concession areas have been largely transformed, having experienced extensive degradation in recent years. The main land uses include secondary forest, subsistence and cash crop farming, and artisanal gold mining.
Ghana predominantly has a tropical climate and consists mostly of low savannah regions with a central, hilled forest belt. Ghana’s one dominant geographic feature is the Volta River, upon which the Akosombo HydroElectric Dam was built in 1964. The damming of the Volta created the enormous Lake Volta, which occupies a sizeable portion of Ghana’s south-eastern territory.
Obuasi History
Surrounding Gold Discoveries
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.
Business Plan
Why Ghana?
News
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