The subsidiary operates the Bonte gold mine and holds a 30-year mining lease on the Esaase property.
The Ghanaian Registrar of Companies will now act as liquidator of Bonte under the laws of Ghana. Akrokeri says the decision is its best option as Ghanaian law does not provide for court protection from creditors during reorganization.
Production at Bonte was hampered by breakdowns, excessive rain, and lack of operating capital. In December 2003, the mine produced 2,689 oz. gold; in January 2004, 2,851 oz.; and in February, 2,237 oz. The mine is the company’s only producing asset.
Bonte’s largest creditor recently demanded a payment of US$3.4 million, which the company was unable to pay. Akrokeri says it is unable to make any other payments on overdue debt.
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