NDC opposes AgloGold offer

Accra Feb. 3, GNA - The National Democratic Congress (NDC) on Tuesday said it would oppose the transaction between Ashanti Gold Fields Company (AGC) Limited and AngloGold when the issue is sent to Parliament.

A statement issued by Professor John Evans Attah Mills, Flag Bearer of the Party in Accra said, "the AngloGold offer as its stands now is in breach of the law."

It said the 300 million dollars difference between the Rangold offer for the AGC shares and that of Anglo Gold represented a huge value gap.

"The preference for the lower valued offer of AngloGold has not been justified ...considerable financial loss to the state will be occasioned, by going along the AngloGold offer," the statement said. The Party noted that the Minerals and Mining Law required a minimum 10 per cent participation by the Government of Ghana in every mining company undertaking mining operations in the country.

The statement said the party was in the process of getting legal advice on the legality of AGC and AngloGold deal.