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Chifeng Gold Group secures $90m funding to expand Wassa Mine

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Chifeng Jilong Gold Mining Limited has secured a $90-million funding to develop and expand Golden Star Resources Mines in Wassa.

The funding was secured through a full guarantee from the Stanbic Bank Ghana and Standard Bank South Africa.

Mr Wang Jianhua, the Chairman and CEO of Chifeng Gold Group, made this known in his first visit to Ghana after the successful acquisition of Golden Star Resources Limited.

Golden Star Resources’ Wassa Mine concession was sold to Chifeng Jilog Gold Company, a Chinese mining firm, after a deal was reached on January 28, 2022.

Chifeng is an international Gold Mining Company listed on the Shanghai Stock Exchange with a market capitalization of approximately $3.7 billion.

The Group CEO said Investment been made would take care of exploration works, upgrading of their operations by purchasing more equipment to reduce carbon emissions and also for future expansion and extension of the Mines.

He said the company would go by its carefully calculated plan to invest in the operations.

“I fully believe in the competence and capabilities of my team to deliver and serve stakeholders that work with us,” he said.

He said already, the Company had invested heavily in the country, including the acquisition, and was ready to commit more investments.

Mr Wang said with the acquisition, the Group wants to do more to improve on their operations, hence, nothing would change.

“l am very confident that we will not make any decisions that will affect and undermine the local management of the Company,” he added.

He said the acquisition was a key strength of the Company and he was privileged to inherit talented and dedicated team.

“One of my key priorities is to ensure that Wassa Mine continues to develop and that we remain a trusted and valued partner for all our stakeholders,” he said.

He said Chifeng Gold would promote environmental governance in a friendly manner and grow together with the community so that more people would benefit from the development of Wassa Mine.

Mr Wang said the management was building a business for the next generation and would do everything to succeed.

The Group CEO said for Chifeng, Golden Star Resources Limited was its gateway to Ghana and Africa.

“I decided to invest in Ghana because, the country is the Homeland of my role model, Dr Kofi Annan,” he added.

He said, in addition, to the values of caring, fairness, respect, honesty and collaboration in all relationships, the Group was committed to upholding the highest standards of safety, employee wellbeing and protection of environment and strives to be a responsible corporate citizen.

Source: GNA

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