The investment will accelerate exploration and mineral reserve definition drilling Golden Star Resources, a mining company, says it is on track with its plans to develop the Wassa Underground Gold Mine.
The Mine transitioned into Underground Only Operation in 2018 with focus on high margin underground ounces.
The company currently targets 3,400 tonnes per day as against an average daily tonnage of 2,900 in 2018.
Graham Crew, Chief Operating Officer-Golden Star Resources, in an interaction with some journalists in Accra, said the Mine was a world class one and that the capital injection by La Mancha would further drive its development.
In 2018, La Mancha made a capital investment of US$125.7million into Golden Star to accelerate the latter’s growth opportunities.
Proceeds of the transaction are earmarked for accelerating underground development and production at the Wassa Underground Gold Mine and the Prestea Underground Gold Mine.
As part of the strategic relationship with La Mancha, Golden Star, is undergoing management changes to align the company with new challenges ahead.
This year has seen the appointment of a new CEO, Andrew Wray, and the appointment of new executive team members.
The investment would also accelerate exploration and mineral reserve definition drilling at Wassa Underground, Prestea Underground and the Father Brown satellite deposits.
It also seeks to fast-track the necessary studies and development of the southern portion of the Wassa Underground deposit.
Mr Crew expressed optimism about the future prospects of the company, adding that, he would bring his vast experience in mining across many countries to bear on the company’s operations.On his view on the recently introduced Community Mining Programme by the government, he said it was a good initiative but it needed to be managed well.He said firms that would be involved in the programme must uphold the most important industry-wide standards and practices in mining in order not to damage the environment."With community mining, some of these same standards need to be applied. If people are trained, there is good regulation about what the standards are for community mining, the land tenure is properly controlled, oversight from the regulator to make sure that those things are complied with – then I think international investment and community investment in mining can work hand-in-hand," he said.The company has suffered encroachment on its concession for community mining at Benso and Mpohor.Golden Star Wassa saw its annual procurement from local vendors increased from $46 Million in 2014 to $64 Million in 2018.Total local procurement […]
