AngloGold Ashanti Launches AngloGold Ashanti Obuasi and Iduapriem Community Trust Funds
“Making our communities better for our being there”
AngloGold Ashanti announces the launch of the AngloGold Ashanti Obuasi and Iduapriem Community Trust Funds, which will support long-term sustainable development in the communities in which the company works. For the launch, the Trust Funds and AGA donated 12 buses and 140 computers to schools in Obuasi and Iduapriem.
Ongoing investments in community and economic development projects will be aligned with local government plans and designed to leverage relationships with other partners or stakeholders. The Trust Funds will operate in the context of AGA’s broader sustainability program and be accountable to communities, government and AGA. Community facilitators will lead grassroots outreach to identify community priorities, develop proposals and make funding recommendations.
“I commend AngloGold Ashanti for their commitment to working closely with stakeholders. I am aware that the positive relationship that exists between AngloGold Ashanti Iduapriem Mine and its stakeholders has not happened without an intensive stakeholder engagement strategy on the part of the company. This is clearly a good practice which needs to be emulated,” remarked Mr Paul Evans Aidoo, Honourable Western Regional Minister.
“The Trust Funds will make ongoing investments in community and economic development projects. Community development investments will support projects in areas including: social infrastructure, health, education, youth programs, arts, culture and heritage,” outlines Fred Attakumah, Vice President Sustainability, AGA, Ghana. “Economic development investments will support local small and medium sized enterprises through capacity building and facilitating access to finance, to create employment,” he continued.
Investment proposals will be evaluated using a transparent and participatory process that focuses on 3 criteria. These are: need - the extent to which the project addresses a pressing and strategic community need; impact - the extent to which the scope and clarity of the project has beneficial impact and contribution - the extent to which the community can show its own contribution to the project: in-kind, cash or other contributions. A monitoring and evaluation program will systematically assess each funded project. Results will be published in the Trust Fund annual reports.
Each Trust Fund will have 3 permanent management bodies. A board of directors, made up of 7 members in each location, will make investment and policy decisions. They are accountable for Trust Fund performance and ensuring that they benefit the people of Obuasi and Iduapriem, in consultation with steering committees. The steering committees, with 32 members in Obuasi and 23 members in Iduapriem, bridge local government, communities and the trust funds. Finally, secretariats, in each location, are administrative teams of 3-5 staff that support the boards and steering committees and facilitate interactions with the communities.
Trust Funds at Obuasi and Iduapriem are required under the 2004 Stability Agreement with the Government of Ghana. Under the agreement, AGA contributes 1 percent of annual post-tax profits from Ghana operations. AGA has set aside this amount since the signing of the agreement, with accrued interest. Annual contributions are allocated to Obuasi and Iduapriem in proportion to the number of ounces produced at each site in that year.
About AngloGold Ashanti
AngloGold Ashanti is a global gold mining company and the world’s third largest gold producer. Headquartered in Johannesburg, South Africa, AngloGold Ashanti has 20 operations on four continents and one of the gold industry’s most successful exploration teams which work across both the established and new gold producing regions of the world. This includes land positions in Colombia, Egypt, Guinea, Australia and the Solomon Islands, among others. AngloGold Ashanti employed 61,242 people, including contractors, in 2011 and produced 4.33Moz of gold, generating $6.6bn in gold income. Capital expenditure in 2011 amounted to $1.5bn. As at 31 December 2011, AngloGold Ashanti’s Ore Reserve totalled 75.6Moz.
The primary listing of the company’s ordinary shares is on the JSE Limited (JSE). Its ordinary shares are also listed on stock exchanges in London and Ghana, as well as being quoted in New York in the form of American Depositary Shares (ADSs), in Australia, in the form of CHESS Depositary Interests (CDIs) and in Ghana, in the form of Ghanaian Depositary Shares (GhDSs).
John Owusu Tel: +233 244 322 026