AGA’s US$1.6m Iduapriem Mine Fund

AngloGold Ashanti (AGA) Iduapriem Mine says its Community Trust Fund has accrued US$1.6million to promote community and economic development. The Trust Fund’s community development investments will include: funding for social infrastructure; health, education and youth programmes; and arts, culture and heritage. Its economic development target will also consider debt or equity investments in local businesses ranging in scale from micro-loans to grassroots entrepreneurs, to significant amounts for established local firms. “Investment programmes initiated by the Trust Fund will benefit communities located within AngloGold Ashanti’s mineral concession at Iduapriem. In effect, Trust Fund Investments cannot be made outside the concession area,” Mr. Frederick Attakumah, Vice President Sustainability, AngloGold Ashanti Ghana, told the gathering made up of chiefs from the various communities, government officials, community members, students and indigenes. Mr. Attakumah was speaking at a ceremony to officially commence the operations of the Trust Fund in the Iduapreim community in the Western Region, and he explained that the Trust Fund will make ongoing investments in community and economic development projects. “Ongoing investments in community and economic development projects will be aligned with local government plans and designed to leverage relationship with other partners or stakeholders. “The Trust Fund will operate in the context of AGA’s broader sustainability programme and be accountable to communities, government and AGA. Community facilitators will lead grassroots outreach to identify community priorities, develop proposals and make funding recommendations. He added: “Economic investments will support local small and medium-sized enterprises through capacity building and facilitating access to finance, to create employment. “Investment proposals will be evaluated using a transparent and participatory process that focuses on need and impact. A board of directors, made up of seven members in each location, will make investment and policy decisions. “They are accountable for Trust Fund performance and ensuring that they benefit the people of Iduapriem, in consultation with steering committees. The steering committees -- with 32 members in Obuasi and 23 members in Iduapriem -- bridge local government, communities and the Trust Fund.” Mr. Sicelo Ntuli, Managing Director, AngloGold Ashanti Iduapriem Mines said: “Iduapriem Mine is not only a mine; it’s a community….its people. We are all together… working collectively and responsibly to build and maintain a safe and healthy work environment free of injury and illness, to contribute to sustainable development of our host communities in particular and the Tarkwa Nsuaem Municipality and the Prestea Huni-Vally District in general. He explained: “The company’s corporate social responsibility is not a one-off activity but the way we do business, and it is therefore an important input for our business processes. It is about leadership commitment. It is about respect to the community. It is about empowerment. It is about partnerships, and it is about us building on our credibility. “That is why we are motivated to continue demonstrating our existence as a good corporate citizen in the Tarkewa Nsuaem Municipality and Preastea Huni-valley District where Iduapriem Mines operate. “We believe development is a process, and therefore we need to do more as we deepen our partnerships with stakeholders to ensure that our communities are better for our being there.” Mr. Paul Evans Aidoo, Western Regional Minister whose speech was read on his behalf, commended AngloGold Ashanti for its commitment to working closely with stakeholders. “I am aware that the positive relationship that exists between AngloGold Ashanti Iduapriem Mines and its stakeholders has not happened without an intensive stakeholder engagement strategy on the part of the company. “This is clearly a good practice that needs to be emulated,” Mr. Aidoo said. The Trust Fund is aimed at supporting long-term sustainable development in the communities where it operates. As part of the ceremony, AGA donated four brand-new buses and 140 flat-screen desktop computers to schools in Iduapriem and its sounding communities. The Trust Fund at Iduapriem is required under the 2004 Stability Agreement with the government. Under the Agreement, AGA contributes one percent of annual post-tax profits from its Ghana operations. AGA has set aside this amount since the signing of the agreement, with accrued interest. Annual contribution is allocated to Iduapriem in relation to the number of ounces produced at each site in that year.