Chifeng Gold Group pledges to invest to expand Wassa Mine

The new owners of Golden Star Resources Limited, Chifeng Jilong Gold Mining Limited, has pledged to inject more capital into the operations of the Wassa mine.

To this end, it said discussions were underway with Stanbic Bank Ghana and its parent bank, the Standard Bank of South Africa, for a $90-million facility to invest in the mine.

The Chairman and Chief Executive Officer of the Chifeng Gold Group, Mr Wang Jianhua, disclosed this in an interaction with a section of the media on Tuesday during his visit to Ghana.

His first visit after the acquisition was to allow him to tour the mine, engage some stakeholders, and also chart the way forward with the management of the mine.

Golden Star Resources’ Wassa mine concession was sold to ChifengJilong Gold Company, a Chinese mining firm, after a deal was reached on Friday, January 28, 2022.

Chifeng is an international Gold Mining Company listed on the Shanghai Stock Exchange with a market capitalisation of approximately US$3.7 billion.

The Chairman and CEO said the new investment would be channelled into exploration, upgrading of their operations by acquiring more environmentally-friendly equipment to reduce carbon emissions, and also for future expansion of the mine.

“I fully believe in the competence and capabilities of my team to deliver and serve stakeholders that work with us,” Jianhua said.

He said the management of the mine was determined to grow the mine and also increase its output.

“I am very confident that we will not make any decisions that will affect and undermine the local management of the company,” he added.

MrJianhua said the acquisition was a key strength of the company and he was privileged to inherit a talented and dedicated team.

“One of my key priorities is to ensure that the Wassa Mine continues to develop and that we remain a trusted and valued partner for all our stakeholders,” he said.

The Group CEO said for Chifeng, Golden Star Resources Limited was its gateway to Ghana and Africa.

“I decided to invest in Ghana because, the country is the Homeland of my role model, Dr Kofi Annan,” he added.

He said in addition to the values of caring, fairness, respect, honesty, and collaboration in all relationships, Chifeng Gold was committed to upholding the highest standards of safety, employee wellbeing, and protection of the environment and strives to be a responsible corporate citizen.

He called for dedication and commitment from staff to ensure that the objectives of the new owners were met for the benefit of all stakeholders.

BY TIMES REPORTER

Show More
Back to top button