Ashanti Goldfields Corporation

Ashanti Goldfields Corporation

Company type	Public
Industry	Gold mining
Founded	1897
Founder	Joseph Ellis, Joseph Biney
Defunct	2004
Fate	Merged with AngloGold to form AngloGold Ashanti
Headquarters	Obuasi , Ghana
Area served	Africa
Products	Gold
Number of employees	10,000 (circa 1994)

The Ashanti Goldfields Corporation is a gold mining enterprise headquartered in Ghana, established by Joseph Ellis and Joseph Biney, who hailed from Cape Coast. The Ashanti Mine located in Obuasi, approximately 56 km south of Kumasi, has been in operation since 1897. By the early 1900s, AGC ranked among the foremost gold mining firms listed on the London Stock Exchange. The mine is situated on one of the globe's most extensive gold reserves, placing it within the top ten worldwide.

In 1994, with the Ghanaian government holding a majority share, there was an initiative to divest 20-25% of its ownership through a public share offering. This led to AGC's listings on both the London and Ghana stock exchanges, marking the largest flotation ever undertaken by a gold mining company at that period, supported by more than 200 advisors. Notably, each of the 10,000 employees was granted five shares at no cost.

AGC made its debut on the New York Stock Exchange in 1996 to secure additional funding, becoming the first African entity to be listed on Wall Street. Nevertheless, in 1999, a mismanaged gold price hedging strategy overseen by Goldman Sachs nearly resulted in the company's insolvency.

In 2004, AGC merged with AngloGold to create AngloGold Ashanti, which emerged as the world's second-largest gold producer. AngloGold operates out of South Africa and is predominantly owned by the Anglo American group.

Mines and production

The annual gold output for AGC's mining operations in 2002 and 2003 (measured in ounces) was as follows:

Mine	Country	2002	2003
Bibiani gold mine	Template:Country data GhanaTemplate:Namespace detect showall Ghana	242,432	212,716
Freda-Rebecca Gold Mine	Template:Country data ZimbabweTemplate:Namespace detect showall Zimbabwe	98,255	51,091
Geita Gold Mine (50%)	Template:Country data TanzaniaTemplate:Namespace detect showall Tanzania	289,522	330,523
Iduapriem Gold Mine	Template:Country data GhanaTemplate:Namespace detect showall Ghana	185,199	243,533
Obuasi Gold Mine	Template:Country data GhanaTemplate:Namespace detect showall Ghana	537,219	513,163
Siguiri Gold Mine	Template:Country data GuineaTemplate:Namespace detect showall Guinea	269,292	252,795
Total	Africa	1,621,919	1,603,821

• Percentages reflect Ashanti’s proportional mine production. Data represents Ashanti’s attributable output.

External links

• AngloGold Ashanti Homepage
• History of Ashanti Goldfields Corporation