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29.10.2004 Business & Finance

Goldfields has spent $500m on expansion programme

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Damang (W/R), Oct. 29, GNA- Goldfields Ghana Limited (GGL) has invested over 500 million dollars in over 40 projects in Ghana as at February 2003.

The Company would spend another 194 million dollars on similar projects by 2005.

The amount would be used for exploration and other expansion purposes because the Damang pit, which started in 1997, has been providing low-grade ore.

Mr Louw Smith General Manager of the GGL disclosed this to journalists who were taken round at the mines on Thursday.

He said the life span of the Damang pit would be exhausted by 2005 and to safeguard the situation, the company would develop the Amoanda pit in December this year.

Mr Smith said as part of the expansion process, the company would also develop the Tomento, Lima South and Rex pits all in the Wassa West District in 2006.

Mr Smith said the Company, which presently employs 831 persons, would employ an additional 90 to improve its work.

Mr Robert Siaw, the Public Relations Manager of the mines said the Company had introduced alternative livelihood projects and out of the 150 farmers who applied, 50 have been selected to begin fish farming while the remaining 100 have been engaged in oil palm cultivation. He said the company had constructed 50 housing units at Damang and Huni Valley, re-located families safe places.

Mr Siaw stressed that farmers engaged in cocoa farming though re-located, were allowed to maintain their farms due to the high returns.

He said the Company would spend two billion cedis on the Amoanda pit as resettlement package for the families that would be affected by the expansion project.

Dr. Anthony Aubynn, Corporate Manager of the company said any expansion in the mines would result in the creation of more jobs, and increase government revenue as well as social amenities for communities in the area.

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