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    Ghana GSR Readies, US$10m Investment into Prestea Mine

    Posted On 28 Mar 2020
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    By Richard Adorsu-

    Golden Star Resources Wassa Gold Mine
    Photo Credit: GSR

    NEW AFRICA BUSINESS NEWS (NABN) Accra, Ghana- Gold mining company, Golden Star Resources (GSR), is planning to invest US$10 million to revive operations at its Prestea Mine in the Western region and to position it for profitability.

    The new capital will be invested in machinery, operation of a second level underground mining operation, access development, extensional drilling and other operations to get the mine to the next level and to enhance efficiency.

    Mr. Andrew Wray, Chief Executive Officer of Golden Star Resources, briefing media in Accra. Although there were challenges at the Prestea Mine, the potential was there for it to be successful.

    “We’ve offered an achievable plan to the team and hopefully, we can hold them to account to execute it,” he said.

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    He also said, because the company was making an upfront investment in Prestea this year, it would be hit with some losses, but the expectation was that the Prestea Mine would be in a position to deliver from 2021 and beyond.

    Mr. Wray said Wassa, the district capital which sits on the vast majority of business will also get a proper focus on how to increase its profitability.

    Apart from the investment in Prestea, Mr. Wray said an additional US$45 million would be invested to expand operations at Wassa and to take it to the next level of growth.

    He said the focus was to start investing more in exploration programmes so that the company could deliver on the plans and promises to investors and the markets.

    Mr. Wray said in 2018 and 2019 the business fell a little bit short of the guidance and the target it had set for the market largely because of performance at the Prestea Mines.

    He said while the investors knew the company was doing a great job, it was important to retain their trust and confidence in the business through good performance.

     

     

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    Coronaviruses (CoV) are a large family of viruses that cause illness ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV). A novel coronavirus (nCoV) is a new strain that has not been previously identified in humans.

    Coronaviruses are zoonotic, meaning they are transmitted between animals and people.  Detailed investigations found that SARS-CoV was transmitted from civet cats to humans and MERS-CoV from dromedary camels to humans. Several known coronaviruses are circulating in animals that have not yet infected humans.

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    A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development

    $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa's established Broadband Coverage by 2030

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    • A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development
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    • Nigeria Launches National Domestic Payments Card Program
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