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Business News of Monday, 3 November 2003

Source: GNA

Goldfields Ghana signs $12 million bond with EPA

Accra, Nov 3, GNA - Goldfields Ghana Limited, Ghana's biggest mining company, has signed a 12-million dollar Reclamation Bond Agreement with the Environmental Protection Agency (EPA).

The Bond is a form of insurance to offset the cost of environmental activity to be conducted by the EPA when Goldfields Ghana Limited is unable to undertake its environmental impact and reclamation exercises adequately.

Briefing journalists at the signing ceremony in Accra, Mr Joseph A. Allotey, Executive Director of the EPA congratulated the Company for its commitment to developing a free and friendly environment in its area of operation.

He said the EPA conducts primary, secondary and tertiary examinations in all areas of mining and uses such monies to undertake reclamation activities in the event where mining companies did not adhere to laid down procedures in the agreement.

"This bond is a thing that we expect all mining companies to, not only sign, but rather to ensure that they stuck to the rules rigidly. "We expect that mining companies, after disturbing the earth will do well to bring it back to its original state."

The bond is in accordance with Legislative Instrument 1652 of 1959 Regulation 23.

Mr Brenden Walker, the new Managing Director of Goldfields Ghana, said his company has paid the required 6 million dollars for the next two years.

"I believe that we have come to a good solution in our agreement with EPA and we are committed to seeing to it that life in our areas of operation is not disturbed."

Nana Andoh, Deputy Director In-Charge of Mining at the EPA referred to the reclamation exercise by Resolute Amansie, saying, "it is one of the best and must be emulated by all mining companies".

Resolute Amansie, whose gold bars were stolen a few years ago, is closing down its mine in the country.