Will BAA ???? Randgold and AngloGold Ashanti signed an investment agreement to potentially form a joint venture to redevelop the Obuasi gold mine in Ghana.
Obuasi is a large-scale, high-grade gold deposit with reserves of over 5 million ounces and more in convertible resources.
The mine has suffered from high costs and inefficient mining methods that turned it into a big money loser over the last decade.
Randgold expects to complete and deliver a new development plan by the end of January that will look into transforming Obuasi into a high-margin operation.