Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Golden Star Resources secures 150 million-dollar financing

gold

Golden Star has secured a 150 million-dollar facility to ensure the speedy development of two underground mines at Wassa and Prestea, both in the Western Region.

The mines are expected to be in production by late 2016.

According to the company, the funding arrangements do not only guarantee the development of the two mines but also confirms its long-term convergence of corporate operational objectives with the well-articulated community aspirations for these mines.

“The Stream and Loan financing with Royal Gold allows Golden Star to execute on its strategy of becoming a low-cost, non-refractory gold producer at a significantly lower cost of capital,” the Executive Vice President and Chief Operating Officer of Golden Star Daniel Owiredu said.

“The development of the Wassa and Prestea Underground mines will significantly improve Golden Star’s mine-life with opportunities for further resource conversion and exploration success at both assets. The Board and I are encouraged by the vote of confidence in our development projects by Royal Gold and we look forward to a long and supportive relationship” he added.

The necessary exploration operating permits for the Wassa underground project were received in early 2015.

It is expected that by June 2016 the initial ore sample will be accessed.

The Prestea mine consists of an underground mine that has been in existence for over 100 years along with adjacent surface deposits.

Source: http://www.myjoyonline.com/business/2015/May-9th/golden-star-resources-secures-150-million-dollar-financing.php#sthash.6wUbVYpj.dpuf

Profile photo of Editor
Follow Us

Editor

Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
Profile photo of Editor
Follow Us

Share this article

Leave a reply

Personality of the Month
  • Prof. Thomas Mba Akabzaa Chief Director of Ministry of Petroleum          …
Follow Us Online
Join the Discussions

Summary: Revenue mobilization from the oil sector for Agricultural production in Ghana, a myth or reality?

Agriculture, once considered the backbone of Ghana’s economy recorded a reduction of its contribution to GDP from 45% in 1992…

Responses Add your response


About Us
Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
Events Calendar
<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3
Twitter Activity Stream
 

Partners We are proud to be associated with:

Skip to toolbar