| Online: | |
| Visits: | |
| Stories: |
Randgold Resources Pulls Out of Ghana Gold Mine Project
The gold miner backs out of Obuasi plan just three months after declaring an interest
by Jon Yeomans
Telegraph.co.uk
Randgold Resources has abandoned plans to redevelop a gold mine in Ghana, just three months after announcing its interest in the “world-class resource”.
The FTSE 100-listed miner, which operates in central and West Africa, has scrapped a potential joint venture with South African firm AngloGold Ashanti to reopen and expand the Obuasi mine, which has some 5m ounces of gold reserves below ground, after it failed to pass due diligence.
“We spent more time on it than most people would do on a normal M&A. But it got to the point where whichever way we cut the cake, we couldn’t get it to pass our criteria,” said Mark Bristow, Randgold’s chief executive. “Anglo has never made any money out of this asset, ever,” he added.
Continue Reading at Telegraph.co.uk…
Source: http://financialsurvivalnetwork.com/2015/12/randgold-resources-pulls-out-of-ghana-gold-mine-project/?utm_source=rss&utm_medium=rss&utm_campaign=randgold-resources-pulls-out-of-ghana-gold-mine-project
