Recently, a delegation led by Wang Jianhua, Chairman of Chifeng Gold, and Lydia Yang, Director and CEO of Chifeng Gold, visited Golden Star (Wassa) Limited (“Golden Star (Wassa)”), a subsidiary of Chifeng Gold  in Ghana and arranged work.

On May 24, CEO Lydia Yang announced the decision to adjust the management of Golden Star Resources on behalf of the company after the delegation arrived at Wassa Mine. Chen Tiehe is no longer CEO of Golden Star Resources, and COO Paul Harris will occupy this position and is responsible for the operation and management of Wassa Mine. In addition, the division of labor and responsibilities of managers were clarified. The management of Golden Star Resources has a unified understanding of the mistakes and consequences in operational management since the second half of 2022, and fully agrees with the company’s evaluation and adjustments made to the management of Golden Star Resources. COO Paul Harris has ordered Wassa Mine to recalibrate its annual production, cost reduction plan and expansion plan for the next five years. The new management will unite, firmly implement the established plan, improve operational efficiency, and actively make changes as soon as possible to completely turn things around.

Wang Jianhua said that we must persist in and accept changes, and Chifeng Gold will further introduce talents who have firm goal and vision, study hard, brave forward in hardships and adapt to changes to Chifeng Gold, forming a circle of ability and a positive aura. Under the overall arrangement of CEO Lydia Yang, COO Paul Harris, since working at Wassa Mine in mid-April, quickly adjusted the operation plan of Wassa Mine, improved its efficiency, and opened up the favorable situation by virtue of his good professional quality, strong, systematic, and comprehensive management skills, as well as his ability to promote comprehensive implementation.  The new development plan of Wassa Mine is exciting and encouraging. Wassa Mine will develop underground mining in 242 Mining Area while keeping stable production in the main mining area. It is planned to start the production of the first stope in October, and start the production of the first stope in South Extension Area in November through the newly built main underground ramp in 242 Mining Area. At present, the contractor has been stationed at the site and received support from local authorities. The management’s plans for improving mining capacity, increasing output, reducing costs and increasing efficiency, and increasing reserves are credible and feasible. With the support of powerful resources, the creative plan for underground mining, through reasonable capital investment and development engineering, will make the mining capacity exceed the mineral processing capacity. The time elasticity of production continuity and capacity expansion is sufficient. Stable ore grade has the potential to improve, and automation and mechanization may reduce labor force, thus greatly reducing costs and increasing efficiency, and improving free cash flow.

CEO Lydia Yang had an in-depth communication with the management and heads of major functional departments of Golden Star (Wassa). She emphasized that the management and key personnel of Golden Star (Wassa) should change their business philosophy, deeply understand the shortcomings of work in 2022, and upgrade Wassa Mine’s operation to the overall level of the company. All performance indicators should be responsible not only for Golden Star (Wassa), but also for Chifeng Gold and its partners and investors. Her words were fully recognized and positively responded by the management and key personnel of Golden Star (Wassa).

The delegation also visited the GSOPP Palm Garden Project of Golden Star (Wassa), the mining clinic and the community school donated by Wassa. Wang Jianhua said that Chifeng Gold attaches great importance to the construction of ESG system, and regards “benefit more people with the development of Chifeng Gold” as its core value. Palm Garden Project, mining clinic and community school are all projects beneficial to society and the long-term development of Golden Star (Wassa). We should persist in implementing these projects, so as to benefit not only the present but also future generations.

During the visit in Ghana, the delegation led by Chairman Wang Jianhua called on Lu Kun, Chinese Ambassador to Ghana, Jinapor Samuel, Minister of Land and Resources of Ghana, Martin Ayisi, CEO of Ghana Minerals Commission, and chief of the community where Wassa Mine is located.

Li Jinyang, Controlling Shareholder of Chifeng Gold, Paul Harris, Director and COO, Chen Zhiyong, Director, Vice President and Chairman of Golden Star (Wassa), and Dong Shubao, Secretary of the Board, accompanied this visit.