Accra (Greater Accra) 21 March 2002 - Bogoso Gold Limited (BGL) is providing funding for Prestea Gold Resources Limited (PGR) to pay five months salary arrears of its workers. The salaries would be paid within three weeks, a statement signed on behalf of the Minister of Mines, Mr K. Adjei-Darko, and issued in Accra on Wednesday, said.
It said the government, PGR and BGL have reached an agreement under which they would form a joint venture, to be managed by BGL, to assess the future operations of the Prestea underground mine.
"During the assessment period, the mine, which has been shutdown since January as a result of a strike action and subsequent lock out by PGR management, will be put on care and maintenance."
The statement noted that since past mining practices used at Prestea did not conform to modern environmental guidelines, the assessment would, therefore, include a comprehensive review of the safety and economic viability of the mine.
It said some personnel would be re-employed by the joint venture to carry out essential care and maintenance services during the period of the assessment. "Additional personnel will be re-employed if the assessment of the underground mine results in recommencement of underground operations.
"Government believes that the synergies and the economies of scale that can be realised by having a strong surface operator also managing the underground, offer the best hope for its redevelopment and a subsequent return to viability."
As part of the agreement with government, BGL has undertaken to reclaim degraded areas, particularly those around the old Prestea Mining infrastructure, the statement said.
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Accra (Greater Accra) 21 March 20 - The GSE All-Share Index maintained its momentum during trading on Wednesday, propelled by gains in four equities. Unilever (UNIL) and Ghana Commercial Bank (GCB), which have consistently gained in trading, led the day as the index climbed by 5.94 points to 1,004.30 points.
Change for the year also went up to 5.06 peer cent from 4.44 per cent. UNIL gained 150 cedis at 2,900 cedis and GCB was up by nine cedis 1,665 cedis. Super Paper Products Company gained eight cedis at 350 cedis and British American Tobacco gained seven cedis at 636 cedis.
Total shares traded were up by a little over 100 per cent at 120,100 shares from 57,600 while market capitalisation was higher at 3,997.72 billion cedis from 3,986.22 billion cedis. The following are the closing prices of the equities in cedis:
ABL 321
AGC 18,800
ALW 4,300
BAT 636 +7
CFAO 60
EIC 3,121
FML 950
GBL 1,000
GCB 1,665 +9
GGL 910
HFC 950
MGL Trading suspended
MLC 147
MOGL 18,550
PAF 750
PBC 450
PZ 1,100
SCB 20,500
SPPC 350 +8
SSB 2,703
UNIL 2,900 + 150
CMLT 430
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Accra (Greater Accra) 21 March 2002
Currency Buying Selling
US Dollar 7,486.55 7,693.45
Pound Sterling 10,657.85 10,957.01
Swiss Franc 4,497.93 4,620.48
Canadian Dollar 4,730.73 4,860.06
Japanese Yen 56.62 58.18
S/African Rand 654.35 670.58
Euro 6,589.50 6,770.69
CFA Franc 10.05 10.32
Naira 64.84 66.63
Ecowas/WAUA 9,450.74 -----------
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