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Business News Fri, 31 Aug 2012

Goldfields puts billion-dollar investments on hold

Mining firm, Goldfields Ghana is holding on to its plan to invest over one billion dollars in the country over delays in securing a stability agreement.

The stability agreement usually spells out rights and privileges enjoyed by a mining firm over a period of years. It is meant to protect their investments in the country.

Currently only two mining firms - Anglo Gold Ashanti and Newmont - have a stability agreement with the state.

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Government earlier this year set up a committee to re-negotiate the agreement with the firms.

But speaking to Joy Business after engaging stakeholders on their second quarter results, Vice President of Goldfields, Peet Van Schalkwyk says the uncertainty is badly affecting their operations.

Source: myjoyonline
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