Arab Today, arab today mining giant anglogold ashanti drags ghana government to investment dispute center
Last Updated : GMT 21:55:33
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Mining giant AngloGold Ashanti drags Ghana government to investment dispute center

Arab Today, arab today

Arab Today, arab today Mining giant AngloGold Ashanti drags Ghana government to investment dispute center

Mining giant AngloGold Ashanti
Accra - XINHUA

Mining giant AngloGold Ashanti (AGA) has dragged the Ghana government before the International Center for Settlement of Investment Disputes (ICSID), a statement released here said Monday.

The company said the decision followed inadequate security at its Obuasi mines located in the Ashanti Region.

The statement, signed by Managing Director Eric Asubonteng added that the decision to place a request before the ICSID was necessitated by the continuous invasion of its concessions by some small-scale miners, locally referred to as 'galamsey'.

The ICSID is an international arbitration institution headquartered in Washington, DC, which facilitates dispute resolution between international investors and host states.

The statement said Ghana's Attorney General and other authorities had been duly notified about the commencement of proceedings of the ICSID.

AngloGold Ashanti has had challenges over the years as the Obuasi mine due to its unprofitability, leading to job cuts of over 4,500 of its workforce.

It has since February this year been rendering only essential services due to the activities of the illegal miners.

The company last month questioned the decision to pull back military personnel stationed at its core operational areas at the Obuasi mine.

Ghanaian President John Dramani Mahama had ordered the return of soldiers protecting the mines following incursions by the illegal miners.

But management of the company said the military had pulled back to guard only limited parts of the infrastructure which did not form part of its main operations.

AngloGold Ashanti in March 2016 completed the process of ceding 273 square kilometers, representing 60 percent of its Obuasi concession, to the Ghana government.

Government has in turn begun the process of allocating the ceded concession to registered artisanal and small scale miners.

The company has warned that it may be forced to "consider its options" if these security concerns are not addressed.

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