Industry Structure
In the gold sector, Gold Fields Limited of South Africa held a 71.1% interest in the Tarkwa and the Damang gold mines in a joint venture with Toronto-based IAMGOLD Corp. (18.9%), and the Government of Ghana (10%) (U.S. Securities and Exchange Commission, 2005, p. 41). AngloGold Ashanti Ltd. of South Africa operated the Bibiani and the Iduapriem open pit gold mines and the Obuasi underground gold mine. The Bibiani and the Obuasi mines were 100% owned by AngloGold Ashanti and the Iduapriem mine was 80% owned by AngloGold Ashanti and 20% by the International Finance Corporation (AngloGold Ashanti Ltd., 2006a-c). Golden Star Resources Ltd. held a 90% interest in the Bogoso/Prestea and the Wassa open pit mines and a 90% interest in the idled Prestea underground mine. Newmont Mining Corporation. of the United States held a 100% interest in the Ahafo gold property and an 85% interest in the Akyem gold property. Companies exploring for gold in Ghana included Adamus Resources Ltd., African Gold plc, Moydow Mines International Inc., Pelangio Mines Inc. and Perseus Mining Limited
In the bauxite and alumina sector, Alcoa Inc. of the United States held a 10% interest in Volta Aluminum Company Ltd. (Valco); the remaining equity was owned by the Government. Alcan Aluminum Ltd. of Canada held an 80% interest in Ghana Bauxite Company Ltd.; the Government held the remaining 20% interest.
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