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Politics : Welcome to Slider's Dugout
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From: Charles Macdonald6/27/2009 4:13:24 PM
1 Recommendation  Read Replies (1) of 50299
 
GSS - Golden Star gets lowered power rate.

finance.yahoo.com

Golden Star has been informed by the Volta River Authority (VRA) that all inclusive electricity rates will be lowered to approximately US$0.08 per kWh and this rate will be retroactive to January 1, 2009. This is an interim rate which will be in effect until a final power rate formula is implemented.

In June 2008, the Public Utilities Regulatory Committee (PURC) increased power utility rates from approximately $0.10 per kWh to $0.18 per kWh. The rate subsequently dropped with the devaluation of the Cedi to approximately $0.145 per kWh. Since that time, Golden Star, other operating mining companies, the Ghana Chamber of Mines and the mining unions in Ghana have been in continuous negotiations with the VRA to enact a more reasonable power rate structure and as a result of these intense negotiations, written confirmation of a lower power rate has been received by the Company.

Based on the new power rate, Golden Star's reported overall cash cost of production for the first quarter of 2009 would have been reduced approximately $56 per ounce to $515 per ounce. Assuming this rate will not change during the year, we expect an overall reduction in cash operating costs of $60 per ounce and $20 per ounce for Bogoso and Wassa, respectively, resulting in an expected $40 per ounce company-wide reduction in 2009 cash operating costs.
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