The Australian GMA Stops Gold Mines Activity in Algeria

The Australian Gold Mines of Algeria (GMA), which used to develop gold mines in Terak and Amesmessa plants in Tamenrasset southern province has announced changing activity to camels rearing.GMA announced in October withdrawing activities from Algeria, following the collapse of shares in London stock market, forcing it to give in 52 percent to the Egyptian Al Kalaa firm. The GMA said in a statement posted on its website that it had notified its Algerian partners, in reference to state owned Sonatrach energy company and ENOR gold company, that it was forced to stop exploring Terak and Amesmessa plants due to the drop of productivity there.Echorouk reporter revealed previously that the GMA joint venture was about to abondon activities in Algeria over the drop of gold extraction in the Amesmessa and Terak mines from 1000 kg per year down to less than 50 kg. Representatives of the workers at the bankrupted GMA told Echorouk reporter that they still have not received wages since August, as the Central Bank of Algeria, one of the joint venture partners, announced stopping ensuring the payment of the wage of the GMA 600 workers. To recall, the Central Bank had allocated a 67 million USD loan to the GMA account, destined for increasing gold production, but as soon as the loan was received, the CEO of GMA joint venture and some of his assistants and executives left Algeria.