The Ashanti Goldfields Corporation was a gold mining company based in Ghana that was founded by Joseph Ellis and Joseph Biney both from Cape Coast. The Ashanti Mine, located at Obuasi, 56 km south of Kumasi, has been producing since 1897. During the turn of the century 1900, the Ashanti Goldfields Corporation was among the most important gold mining companies listed at the London Stock Exchange. The mine is sited on one of the world's major gold deposits and is one of the ten largest in the world.
In 1994, the Ghana government, the majority shareholder, announced plans to sell 20-25 percent of its interest in AGC in a share flotation. The company was listed on the London and Ghana stock exchanges. It was the largest flotation ever organised by any gold mining company coordinating and advisory team alone numbered over 200 people. Each of the company's 10,000 employees received five free shares.
In 1996 AGC was listed on the New York Stock Exchange to raise new capital, it was the first African company to appear on Wall Street. In 1999, the company nearly succumbed to an ill-executed gold price hedge led by Goldman Sachs, which drove it to the brink of bankruptcy.
In 2004, it merged with AngloGold to create the world's second-largest gold producer, AngloGold Ashanti company. AngloGold is based in South Africa and majority-owned by Anglo American group.Completion of merger of Anglogold Limited/Ashanti Goldfields AngloGold Ashanti ASX announcement, published: 27 April 2004, accessed: 10 July 2010
Mines and production Gold production figures for the company's mines in 2002 and 2003 were (in ounces per annum):Ashanti Annual Report 2003 accessed: 10 August 2010 Mine Country 2002 2003 Bibiani gold mine Ghana 242,432 212,716 Freda-Rebecca Gold Mine Zimbabwe 98,255 51,091 Geita Gold Mine (50%) Tanzania 289,522 330,523 Iduapriem Gold Mine Ghana 185,199 243,533 Obuasi Gold Mine Ghana 537,219 513,163 Siguiri Gold Mine Guinea 269,292 252,795 Overall Africa 1,621,919 1,603,821 Percentage figures behind names indicate the share of production of the mine belonging to Ashanti. Production figures shown are those belonging to Ashanti, not overall production.
References
External links AngloGold Ashanti Homepage History of Ashanti Goldfields Corporation