Golden Star backs up Bogosu power (August 10, 2007)

Golden Star Resources (GSC-T, GSS-X) has contracted for a 20-megawatt power station to be built at its Bogosu-Prestea gold mine complex in central Ghana, and will buy a minimum of half of the plant’s capacity.

The agreement is with a local power provider and is Golden Star’s reaction to a hydroelectric power shortage in Ghana during the 2006 dry season, when the Volta River Authority, the national power utility, instituted a program of load management and power cuts to the country’s large gold mines. Golden star, AngloGold Ashanti (AU-N, AGD-L) and Gold Fields (GFI-N, GOF-L) all were forced to cut back production or use diesel generators, which provided power at a higher cost than the national hydroelectric grid.

The 20-megawatt station, along with a 20% share in a 100-megawatt power plant the mining industry is building, will allow Bogosu to operate entirely independent of the national grid when necessary.

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