Bill Heissenbuttel
GOLDEN STAR Resources Ltd says it has entered into an agreement with RGLD Gold AG, a wholly-owned subsidiary of Royal Gold, Inc., to invest in Golden Star Oil Palm Plantations Limited (GSOPP), its wholly-owned non-profit subsidiary.
In a recent release, Golden Star said Royal Gold has committed to provide financial support for the activities of GSOPP that benefit the Wassa operational communities through an annual contribution of $150,000 during five years.
The investment will be used to accelerate development of the company’s innovative sustainability initiative which is aimed at creating sustainable alternative livelihoods, bringing additional economic stimulation and a legacy of community development to the region. The proceeds will support the further development of palm oil plantations around Wassa as well as activities to grow GSOPP, including assessment of downstream processing opportunities.
The programme commits to ensuring that there is zero deforestation during the creation of a high value agribusiness on former subsistence farms and land that has previously been used for mining activities.
Since its inception in 2006, GSOPP has developed plantations on over 1,500 hectares of land, which support over 700 families at levels of yield three-times the small holder average in Ghana.
Andrew Wray, Chief Executive Officer of Golden Star, commented: “We welcome Royal Gold’s commitment to invest in GSOPP at Wassa. This partnership will enable the acceleration of the growth of GSOPP, bringing additional benefit to the communities neighbouring our Wassa operations.”
Bill Heissenbuttel, President and Chief Executive Officer of Royal Gold, commented: “Royal Gold is pleased to have the opportunity to enter into this contribution agreement to further advance this award-winning initiative.”