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Ashanti Goldfields avoids collapse

    ABIDJAN

    The Ashanti Goldfields Company (AGC) said on Wednesday that it had reached an agreement with the government and other stakeholders on a High Court order against the company, news organisations reported.

    The deal, reached between AGC, major shareholder Lomin plc and Adryx Mining and Metals Limited of Luxembourg, a minority shareholder, was announced after two days of talks in Accra that resulted in a board shake-up.

    Ashanti, which got into financial difficulties last year when gold prices depreciated on the world market - instead of rising as AGC had anticipated - now expects to gain access to a US $100 million loan to allow it to complete a mine project in Tanzania and replenish its working capital, PANA reported the company as saying.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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