Business in Ghana

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Archive for May 20th, 2014

An RAF Sentinel bound for Nigeria to find more than 200 kidnapped schoolgirls has been forced to land for repairs in Senegal

Posted by Business in Ghana on May 20, 2014

RAF Spy Plane Breaks Down On Way To Find Nigerian Schoolgirls

By Ben Farmer, Defence Correspondent

The Sentinel R1 was forced to divert to Senegal with a “technical issue” and will be grounded until repairs have been completed.

The unexpected delay is a repeat of last year’s embarrassment for the Ministry of Defence when a C-17 transporter sent to help French troops in Mali was also temporarily grounded by technical trouble.

David Cameron offered the Sentinel to the Nigerian government to use its advanced ground scanning radar to hunt for more than 200 school girls abducted from a school hostel last month.

The modified executive business jet left RAF Waddington on Sunday bound for its new base in Accra in Ghana, where it will be stationed while flying across northern Nigeria.

However the crew reported technical problems midway through the flight.

An RAF source said: “We had a choice of turning around and coming home, or landing en route.” Read the rest of this entry »

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Anglogold Bites Bullet At Troubled Obuasi

Posted by Business in Ghana on May 20, 2014

By Brendan Ryan, Business Day Live

AngloGold Ashanti intends shutting down underground operations temporarily as part of a drastic final attempt to turn troubled mine around

HAVING lost more than $1bn on the Obuasi mine in Ghana since it took it over in 2003, AngloGold Ashanti now intends shutting down the underground operations temporarily as part of a drastic final attempt to turn the troubled mine around.

Announcing the decision at the group’s March quarterly briefing on Monday, CEO Srinivasan Venkatakrishnan outlined sweeping measures, including the retrenchment of most of the 6,500-strong workforce, to ensure Obuasi’s long-term future.

Mr Venkatakrishnan also said AngloGold Ashanti “was considering other strategic alternatives for its Ghana business”.

SBG Securities mining analyst David Davis said: “At long last they have bitten the bullet at Obuasi, but in a constructive manner.”

Mr Venkatakrishnan said $600m had been pumped into Obuasi from AngloGold Ashanti’s corporate funds, a nd $500m more had been invested through funds generated by Obuasi itself.

Asked to elaborate, Mr Venkatakrishnan said it was possible that a partner could be found to invest in Obuasi once the problems had been sorted out. Read the rest of this entry »

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