Ashanti Goldfields Corporation

The Ashanti Goldfields Corporation is a gold mining company based in Ghana that was founded by Joseph Ellis and Joseph Biney both from Cape Coast.[1] The Ashanti Mine, located at Obuasi, 56 km south of Kumasi, has been producing since 1897. During the turn of the century 1900, the Ashanti Goldfields Corporation was among the most important gold mining companies listed at the London Stock Exchange.[2] The mine is sited on one of the world's major gold deposits and is one of the ten largest in the world.

In 1994, the Ghana government, the majority shareholder, announced plans to sell 20-25 percent of its interest in AGC in a share flotation. The company was listed on the London and Ghana stock exchanges. It was the largest flotation ever organised by any gold mining company coordinating and advisory team alone numbered over 200 people. Each of the company's 10,000 employees received five free shares.

In 1996 AGC was listed on the New York Stock Exchange to raise new capital, it was the first African company to appear on Wall Street. In 1999, the company succumbed to an ill-executed gold price hedge led by Goldman Sachs, which drove it to the brink of bankruptcy.[3]

In 2004, it merged with AngloGold to create the world's second-largest gold producer, AngloGold Ashanti company. AngloGold is based in South Africa and majority-owned by Anglo American group.[4]

  1. ^ "Ghana's New Golden Era | E & MJ". e-mj.com. Retrieved 2023-07-29.
  2. ^ Rönnbäck & Broberg (2020-09-07). "Crumble in the Jungle: The London Financial Press and the Boom-and-Bust Cycles of the Ashanti Goldfields Corporation, 1895–1914". Enterprise & Society. 22 (4): 970–996. doi:10.1017/eso.2020.24.
  3. ^ "A Hedge Too Fat". Ghana Web. Retrieved 13 October 2012.
  4. ^ Completion of merger of Anglogold Limited/Ashanti Goldfields Archived 2012-06-16 at the Wayback Machine AngloGold Ashanti ASX announcement, published: 27 April 2004, accessed: 10 July 2010