After performing due diligence on AngloGold Ashanti’s Obuasi mine in Ghana and the possible redevelopment opportunity the mine affords, Randgold Resources has determined that the development plan will not satisfy its internal investment requirements. Accordingly, Randgold has decided to terminate the investment agreement it had entered into with AngloGold Ashanti.

Randgold Chief Executive Mark Bristow said the company remained committed to creating real value for all of its stakeholders by continuing to invest substantially in its exploration programs with proven record of success as well as by investigating potential growth opportunities presented by the market.

In mid-September, Randgold Resources and AngloGold Ashanti announced their intention to form a joint venture to redevelop Obuasi mine, subject among other things to the completion of satisfactory due diligence by Randgold and the agreement of a revised development plan.