Goldfields Ghana Limited’s (GGL) Tarkwa Mine has
suspended some of its community development projects due to cash flow
difficulties resulting from the slump in gold price on the world market.
Some of the suspended projects include construction
of a hostel facility for the University of Mines and Technology (UMaT) and a
maternity unit for Huniso Clinic.
Mr. Robert Siaw, Sustainable Development Manager at
GGL, said this when the company met with representatives of the beneficiary
communities on the new development.
He said the fall in gold price has also increased
cost of production, and has consequently led to dwindling of the company’s
resources.
Mr. Siaw emphasised that though the year 2013 was
challenging, GGL Tarkwa Mine was able to complete most of its projects
including constructing junior high school blocks, up-grading of community centres,
rehabilitating portions of roads, potable pipe-borne water, Information
Communication Technology centres, canteens, supply of furniture, connection of
the Tarkwa Nsuaem education office to the National Electricity Grid, and
tarring of the Samahu-Pepesa Road.
Mr. Siaw indicated the company spent US$2.4million
was spent on education, health, water and sanitation, agriculture and other
projects last year.
He assured stakeholder communities that the company
will complete all the suspended projects and even add more when the situation
improves.
Gold Fields Ghana spends over US$2million annually in direct support for its community development activities in the key areas of agriculture, health, water and sanitation, education and general infrastructure.
This is in line with the company’s policy on environment, the Tarkwa and Damang Mines are ISO 14001 certified.
Gold Fields manages gold mineral
resources in Damang and Tarkwa totalling16.9 million ounces as at December 31,
2013 as against 23.0 million ounces during the same month the year before.
Its gold mineral reserves in the Western
Region as at last year was 8.3 million ounces compared to 14.2 million ounces
in 2012.
The mineral reserves at Damang were
reduced from 4.1 million ounces to 1.1 million ounces during 2013, as
production from the Main Pit Cutback 2 is not economically viable at US$1,300
per ounce in its current configuration.
At Tarkwa, the exclusion of
underground mineral resources and downsized pit shells due to a lower gold
price impacted adversely on the declaration, it said.
The Group’s operations cover
Australiasia, South Africa, the Americas and West Africa. Gold Fields
Limited’s overall managed gold mineral resources totalled 136.7 million ounces
and mineral reserves 52.6 million ounces as at December 31, 2013.
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