Golden Star Resources Limited (GSRL) is to spend approximately US$70 million in its exploration and sustainable development projects in the country during the 2010 production year, B&FT has been told.
More than US$16 million of this investment will be directed to new exploration projects in the Western Region, while the remainingUS$54 million will be set aside as development and sustainable capital investment for its operations in the existing mining areas located in the Bogoso- Prestea and Wassa mines.
The company has invested over US$850 million into the country’s economy during the past 10 years and impacts of this investment have been dramatic, Tom Mair, President and Chief Executive Officer of Golden Star Resources Limited, disclosed to B&FT in Accra.
He made this disclosure when he accompanied the company’s board of directors to acquaint themselves with its current operations in the country.
“With pride, we emphasise it is in Ghana that we produced 40,000 ounces in 2009 - and expect to produce about the same in 2010.
“GSRL is committed to resolute compliance with international best practices as espoused by our own corporate business philosophies and by the world-acclaimed Extractive Industries Transparency, the UN Global Compact and the International Cyanide Management Code.”
Mair disclosed that the board of directors of the company made a strategic decision about 10 years ago to invest in the countries mineral’s sector - based on the long and successful mining history of the gold industry, and available skilled technical and professional as well as and managerial workforce.
He also identified fair mineral regulations and documented system of deeds, and demonstrated history of respect for the legal basis of the contracts as major strengths of the country to attract world-class mining operators.
Golden Star operates a gold-ore processing facility at Bogoso-Prestea with a capacity of up to 3.5 million tonnes per annum, which uses bio-oxidation technology to treat refractory sulfide ore.
In addition, it has a carbon-in-leach processing facility located next to the sulfide plant that is suitable for treating oxide gold-ores at a rate up to 1.5 million tonnes per annum.
Bogoso-Prestea produced and sold 186,054 ounces of gold in 2009 and 170,499 ounces in 2008.
Its mining site at Benso development activities started in late 2007, and in the third quarter of 2008 it began trucking ore from the Benso mine to the Wassa plant for processing.
Hwini-Butre development was initiated in the fourth quarter of 2008, and in May 2009 it began shipping ore to the Wassa plant for processing.
Golden Star Resources in 1999 acquired Bogoso mining concession and have operated a nominal 1.5 million tonne per annum carbon-in-leach processing plant to process oxide and other non-refractory ores.
In 2001, the company further acquired the Prestea property located adjacent to its Bogoso property and mined surface deposits at Prestea from late 2001 to late 2006.
In 2002, it acquired Wassa and constructed a new 3.0 million tonnes per annum processing plant at Wassa, which began commercial operation in April 2005.
The company completed construction and development of a new 3.5 million tonnes per annum processing facility at Bogoso-Prestea which uses bio-oxidation technology to treat refractory sulfide ore.
It is actively exploring for gold in West Africa and South America and currently conducting regional exploration projects in Ghana, Cote d'Ivoire and Sierra Leone and has drilled more advanced targets in Niger and Burkina Faso. It also holds and is evaluating gold properties in Brazil.
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