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AngloGold to consider other options as illegal miners continue to control Obuasi


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AngloGold to consider other options as illegal miners continue to control Obuasi

Illegal miners have taken control of certain areas of 's gold mine in Ghana,hampering the company's efforts to redevelop the project, Bloomberg News wrote April13 citing Eric Asubonteng, the facility's general manager.

The richest gold deposits are in areas controlled by the illegalminers, according to the report.

The company served a force majeure declaration to local authoritiesin February, warning thatthe illegal mining activities can threaten the long-term viability of the idledmine, which CEO Srinivasan Venkatakrishnan said was a top priority for AngloGoldin 2016.

According to Asubonteng, AngloGold may consider its options asan investor if the illegal takeover continues as the company fears the situationmay have "serious and lasting consequences."

Illegal mining activities at Obuasi surged in February, afterthe withdrawal of government military protection from the mine site.

AngloGold suspended mining operations at Obuasi in 2014 and wasseeking potential partners to revive the mine. The company is reported to have 273 square kilometers, orabout 60%, of its mine concession in Ghana to the country's government pursuantto a voluntary process struck in November 2013, but does not include the Obuasimine.