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The Obuasi mine, one of the oldest gold mines in Ghana, is also situated within this region and is operated by AngloGold Ashanti. The mine has been in operation since the 1890s and remains one of the largest contributors to Ghana's gold output. [35] In the Western Region, the Tarkwa and Damang mines are major players in the gold sector.
As of Oct. 26, 2023, the price of 1 gram of gold is $64.16, whereas a gold bar that weighs a kilogram would fetch $64,160.67. How much is a 1-pound gold bar worth?
In 1999, the company succumbed to an ill-executed gold price hedge led by Goldman Sachs, which drove it to the brink of bankruptcy. [3] 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. [4]
[1] [2] [3] The first documented large-scale mining operation in Ghana was at Obuasi, where gold was discovered in 1897. By 1900, Ghana, then known as the Gold Coast, had become a major supplier of gold in the British Empire. [4] [5] [6] Ghana is renowned for its gold resources and is the largest producer of gold in Africa as of 2019.
In 2009, the company's gold output dropped to 4.6 million ounces. [9] As of early 2008, the company had hedged 11.3 million ounces of gold, under previous CEO Bobby Godsell. [10] In January 2009, AngloGold Ashanti sold its 33% stake in the Boddington Gold Mine in Australia to Newmont Mining for US$1.0 billion. [11]
Newmont applied for permits from the Environmental Protection Agency in Ghana in July 2002. [3] Development began in 2005. [5] The mine is an open pit 2.65 kilometre long and 900 meters wide with a depth of 465 m. [3] Estimated reserves are 7.7 million ounces of gold. [5] Newmont announced commercial production beginning in 2013. [6]
Galamsey in Ghana. Galamsey refers to illegal small-scale gold mining in Ghana. [1] [2] The term is derived from the English phrase "gather them and sell". [3]Historically, galamsey referred to traditional small-scale mining practices in Ghana, where local communities would gather and search for gold in rivers and streams.
In its first sixteen months of operation, the PMMC bought 382,423 carats (76.4846 kg) of diamonds and 20,365 ounces of gold and sold 230,000 carats (46 kg) of diamonds worth US$8 million. However, because of complaints over raw gem sales, the government in March 1992 ordered an investigation into the operations of the state agency and suspended ...