Slaughter and May is advising AngloGold Ashanti - proposed joint venture with Randgold Resources in respect of the Obuasi Mine in Ghana

Slaughter and May is advising AngloGold Ashanti (AGA) on its proposed joint venture with Randgold Resources (Randgold) to redevelop and operate AGA’s Obuasi gold mine. Obuasi is a large, high-grade deposit located in the Ashanti region of Ghana. Randgold will lead and fund a development plan designed to rebuild Obuasi as a viable, long-life mining business. AGA and Randgold will then be jointly responsible for funding the redevelopment of Obuasi in line with the agreed development plan. Randgold will be appointed operator of the mine.

The formation of the joint venture is conditional on the satisfaction of a number of conditions, including the approval of a development plan by the boards of AGA and Randgold and approval from the Government of Ghana. AGA and Randgold will be entitled to appoint an equal number of directors to the board of the joint venture company, with board and shareholder decisions to be approved by both parties.