Wed Sep 8, 2010
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Fri, Jul 3rd, 2009
MINING FIRMS IN GHANA ENJOY SIGNIFICANT LOWER POWER COST

The Volta River Authority (VRA) has informed mining firms operating in Ghana that all inclusive electricity rates have been revised to US$ 0.08 per KWh from US$0.18 per KWh retroactive to January 1, 2009.

This interim rate which will be in effect until a final power rate formula is implemented follows intense negotiations and lobbying by stakeholders such as VRA, Ghana chamber mines and mining unions to enact a more reasonable power rate structure.

Based on the new power rate, Golden Star  Resources reported  overall cash cost of production for the first quarter  of 2009 would have been reduced approximately $56 per ounce to $515 per ounce.  Assuming this will not change during the year an estimated $40 per ounce company-wide reduction in 2009 cash operating cost is expected.

However, stocks of mining companies listed on the Ghana stock exchange continue to remain unchanged as AngloGold Ashanti and Golden Star Resources are still priced GH˘30.00 and GH˘ 3.10 per share respectively.

Bedrock Venture Capital Finance Company

 

 

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