Editor’s Note
A previous version of this article, published on February 15, incorrectly stated that Rand Refinery would take full ownership of Ghana’s Gold Coast Refinery. In fact, the agreement is for an initial joint venture, with Rand Refinery first acquiring a minority stake and later a majority stake, subject to conditions. We regret the error.
Regarding the story “Rand Refinery enters Ghana’s gold market” published in Business Times on February 15, it was erroneously reported that Rand Refinery will take full ownership of the Gold Coast Refinery within the next two years.
In fact, it will initially enter into a joint venture arrangement. Subject to the conditions precedent being met, Rand Refinery will first acquire a minority stake and, at a later stage, acquire a majority stake.
The article also created the false impression that Rand Refinery receives gold from Gold Coast Refinery. Rand Refinery currently receives gold mainly from the large, listed mines in Ghana.
Business Times regrets the inaccuracies.