Delivering the Congo from its past David McKay Posted: Tue, 14 Feb 2006 [miningmx.com] -- SAM Jonah, the Ghanaian businessman who helped merge Ashanti Goldfields with AngloGold Ashanti, sits on the boards of at least three African junior mining companies: Moto Goldmines, Equinox Minerals and Platinum, a platinum and base metal explorer.
That may sound like overkill given that he also serves on the boards of AngloGold Ashanti, Anglo Platinum and Anglo American (as well as Equator, an oil company), but Jonah says he has the interests of Africa at heart.
“If my name can help promote the company, then I’m happy to join the board,” he says, commenting on the sidelines of the Emerging Mining Congress, held in Livingstone, Zambia.
“It’s not for selfish reasons.”
One of the companies, Moto Goldmines, of which he is chairman, is about to upgrade its gold resources to about 15 million oz. The resource is so rich that it adds 0.5 million ounces to its books every month. It’s also in the Democratic Republic of Congo (DRC), the troubled central African country that is months away from elections.
“I’m passionate about developing the Congo. I would do anything to see it get out of its troubles. I’ve had many meetings with Kabila (Joseph, who currently leads the interim government) and I’m going there again in about a month to help promote peace,” Jonah said.
His influence clearly has economic perks. Dave Hodgson, who was until recently operations director at AngloGold Ashanti, has joined Jonah at Moto Goldmines in an effort to turn prospects into reality. “Dave’s there to iron out the logistical difficulties. All the things that stand in the way to bringing a mine into production,” Jonah said.
Jonah’s other main interest is Equinox Minerals which is about the begin its 150,000 ton/year Lumwana copper mine. It also has stocks of uranium that may require the listing of a separate company. “We are looking at all the options. But no decisions yet,” he said.
Jonah led Ashanti Goldfields at a time when the gold price slumped to its lowest level in more than 30 years. The gold price crash nearly killed Ashanti which was heavily weighed down by hedging-related liabilities. Although he was able to refinance Ashanti, it was a matter of time before it was eventually absorbed by AngloGold Ashanti after a bidding race with Randgold Resources.
Jonah moved to Johannesburg and served as an executive on the AngloGold Ashanti board for several years. But now his work is done. “I have a good relationship with Bobby [Godsell, CEO of AngloGold], but it was no accident I resigned my executive duties.
“After 36 years of working for others, I felt I needed a new challenge. Now I’m doing things for myself, promote Africa and I’m able to make a bit of money for myself.”
MOE Price at posting:
0.0¢ Sentiment: None Disclosure: Held
