The Ghanaian Government announced on Wednesday (6 December) that it had taken over control of foreign mining operations in the country.
LV Pithead at Ashanti Goldfields mine and sign (2 shots)
LV Miners lowered in basket
SV & CU Miner watches as party shown around mine shafts (8 shots)
TGV Sifting plant
SV & CU Molten gold poured into mould (3 shots)
SCU Gold ingots
Initials BB/2302 PK/MR/BB/2312
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Background: The Ghanaian Government announced on Wednesday (6 December) that it had taken over control of foreign mining operations in the country.
The decree, issued by the ruling National Redemption Council, said the Government would take up 55 per cent of the equity of the companies, with the foreign companies concerned retaining 45 per cent.
The Government says it will pay full and fair compensation to the foreign companies.
One of the main mining operations concerned is the Ashanti Goldfields Corporation, which operates a gold mine at Obuasi, in central Ghana. It is owned by the London-based finance company Lonrho Ltd., and is shown in this library film.
The Ashanti Goldfields Corporation was formed more than 75 years ago. The mine, which is one of the deepest outside South Africa, reaches down over 7,000 feet (2,100 kms) and in the past ten months has produced more than GBP3 million worth of gold bullion.
The mine provides work for about 7,000 people and at one stage was the biggest single employer in West Africa. The gold it produces is second only to cocoa as Ghana's largest foreign exchange earner.
Ghana already had a 20 per cent holding in Ashanti, with an option for another 20 per cent. It is hoped compensation will be paid as in 1961 when the Ghanaian Government fully acquired the country's gold mines, other than Ashanti.
SYNOPSIS: The Ashanti Gloldfields Corporation mine in Obuasi, in central Ghana, over which the Ghanaian Government has announced it has taken a controlling interest.
The majority take-over applies to all foreign mining operations in the country. The Government will hold fifty-five per cent of the equity in the companies, leaving the owner companies, as junior partners with forty-five per cent. This library film shows part of the Ashanti mine, which is owned by the London-based Lonrho Limited, The Ashanti Goldfields Corporation was formed more than seventy-five years ago, and is one of the deepest outside South Africa at over seven-thousand feet. It provides work for about seven-thousand people.
This sifting plant is one of the most modern in Africa, and in the past ten months has produced gold bullion worth more than three-million pounds sterling. Ghana previously had a twenty per cent holding in the mine, with an option for another twenty per cent. The Government has promised to pay full compensation to the companies.