The Ashanti Goldfields Corporation is a
gold mining
Gold mining is the extraction of gold by mining.
Historically, mining gold from Alluvium, alluvial deposits used manual separation processes, such as gold panning. The expansion of gold mining to ores that are not on the surface has led to mor ...
company based in
Ghana
Ghana, officially the Republic of Ghana, is a country in West Africa. It is situated along the Gulf of Guinea and the Atlantic Ocean to the south, and shares borders with Côte d’Ivoire to the west, Burkina Faso to the north, and Togo to t ...
that was founded by Joseph Ellis and Joseph Biney both from Cape Coast. The
Ashanti Mine, located at
Obuasi, 56 km south of
Kumasi
Kumasi is a city and the capital of the Kumasi Metropolitan Assembly and the Ashanti Region of Ghana. It is the second largest city in the country, with a population of 443,981 as of the 2021 census. Kumasi is located in a rain forest region ...
, 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 succumbed to an ill-executed gold price hedge led by
Goldman Sachs
The Goldman Sachs Group, Inc. ( ) is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many internationa ...
, which drove it to the brink of bankruptcy.
In 2004, it merged with
AngloGold
AngloGold Ashanti Limited is a South Africa, South African gold mining company, with global operations. With a diverse portfolio of cooperation, projects, and exploration activities, AngloGold Ashanti was formed in 2004 by the merger of AngloG ...
to create the world's second-largest gold producer,
AngloGold Ashanti
AngloGold Ashanti Limited is a South African gold mining company, with global operations. With a diverse portfolio of cooperation, projects, and exploration activities, AngloGold Ashanti was formed in 2004 by the merger of AngloGold and the ...
company. AngloGold is based in South Africa and majority-owned by
Anglo American group.
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
* 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 HomepageHistory of Ashanti Goldfields Corporation
*
{{Authority control
AngloGold Ashanti
Gold mining companies of Ghana
Defunct companies of Ghana
Economy of Ashanti Region
Non-renewable resource companies established in 1897
Non-renewable resource companies disestablished in 2004
1897 establishments in Africa
2004 disestablishments in Africa
2004 disestablishments in Ghana
British Togoland
Togoland
2004 mergers and acquisitions