AFRICA SPECIAL — Ashanti ups stake in three mines

The government of Ghana will transfer its interests in three gold mines to Ashanti Goldfields (AHD.U-T).

Ashanti will acquire a 10% interest in the Iduapriem mine, raising its stake in the operation to 80% from 70%. In return, it must issue to the government new shares valued at US$13.9 million plus US$2 million in cash.

The remaining 20% is held by International Finance Corp. Gold production for the fiscal year ended Sept. 30, 1996, was 115,298 oz.

Meanwhile, Ashanti will see its interests in the Ayanfuri and Bibiani projects rise to 100% from 90%.