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.
Mines & Production
Gold production figures for the company's mines in 2002 and 2003 were (in ounces per annum):
|Bibiani Gold Mine||Ghana||242,432||212,716|
|Freda-Rebecca Gold Mine||Zimbabwe||98,255||51,091|
|Geita Gold Mine (50%)||Tanzania||289,522||330,523|
|Iduapriem Gold Mine||Ghana||185,199||243,533|
|Obuasi Gold Mine||Ghana||537,219||513,163|
|Siguiri Gold Mine||Guinea||269,292||252,795|
- 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.
- "A Hedge Too Fat". Ghana Web. Retrieved 13 October 2012.
- Completion of merger of Anglogold Limited/Ashanti Goldfields AngloGold Ashanti ASX announcement, published: 27 April 2004, accessed: 10 July 2010
- Ashanti Annual Report 2003 accessed: 10 August 2010