Obuasi Redevelopment Architect, Eric Asubonteng, Exits AngloGold Ashanti
NorvanReports has exclusively learnt that Mr Eric Asubonteng, the Senior Vice President for Africa (Non-operated joint ventures) at AngloGold Ashanti, will be stepping down from the gold mining giant at the end of May 2025. The departure brings to a close a distinguished career that reshaped one of Ghana’s most important mining assets and helped reposition the broader mining industry.
Mr Asubonteng leaves behind a formidable legacy. Widely credited as the architect behind the redevelopment of the Obuasi Mine, he led AGA Ghana through one of its most complex transitions, from care and maintenance into a fully operational, modernised gold mine that today stands as a symbol of resilience and transformation in Ghana’s mining sector.
The shocking news comes after a 12-year tenure at AngloGold Ashanti, during which the company saw the resurrection of what many refer to as the oldest concession and developed its joint venture strategy across West Africa.
While no official successor has yet been announced, NorvanReports understands that his responsibilities, particularly regarding the Kibali Mine in the DRC and recent divestments in Côte d’Ivoire, will be reassigned internally in the interim.
A Leader Behind Obuasi’s Comeback
2016 saw the appointment of Mr. Asubonteng as Managing Director of the Obuasi Mine, having joined AGA in 2013 as Senior Manager in charge of Finance. At the time, the mine was in care and maintenance, its future uncertain. Over the next several years, he orchestrated a complex operational, financial, and stakeholder revival strategy, culminating in the first gold pour in December 2019.
This multi-phase redevelopment involved securing environmental permits, negotiating development agreements and tax concessions with the Government of Ghana, and rebuilding operational systems from the ground up. Under his leadership, Obuasi transitioned into a modern, mechanised, and internationally viable gold operation while staying within budget, a rare feat in large-scale African mining.
Notably, the mine’s ore reserve increased from 5.9Moz in 2017 to 8.7Moz by 2020 under his stewardship.
Strategic Influence Beyond the Mine Fence
In 2023, Asubonteng was appointed Senior Vice President – Africa (Non-operated JVs), a role in which he managed AngloGold’s strategic interests in joint ventures across the continent. These included oversight of the company’s interests in Côte d’Ivoire, now sold to Resolute Mining, and strategic involvement in AGA’s JV governance across emerging West African jurisdictions.
In parallel to his corporate duties, Asubonteng also played a defining role in Ghana’s mining policy ecosystem. He served as President of the Ghana Chamber of Mines from 2018 to 2022, where he is credited with reframing the sector’s relationship with government from one of conflict to structured collaboration. His initiative to establish a Joint Working Committee between the Chamber and the state has since become a model for cross-sector engagement.
A Profile Built on Cross-Continental Mining Experience
With over two decades of experience spanning Ghana and Australia, Asubonteng’s credentials are formidable. Prior to AGA, he worked for Gold Fields, including as Finance and Business Improvement Manager at Agnew Mine in Western Australia and Acting Finance Manager at Tarkwa Mine. His ability to align financial discipline with operational outcomes earned him accolades at both companies.
Academically, he holds a Bachelor of Science in Business Administration from the University of Ghana, an MBA from the University of Manchester, and a Graduate Certificate in Mining Engineering from UNSW in Australia. He is a Fellow of the ACCA (UK) and has undergone professional training at Harvard University and the University of Stellenbosch.
In 2020, the University of Mines and Technology (UMaT) awarded him an Honorary Doctor of Science, and in 2023, he was named Mining Personality of the Year.
Stakeholder Builder and Institution Shaper
Mr. Asubonteng’s tenure at Obuasi was characterised by not only operational revivals but alsoradical shift in stakeholder relations. He changed the atmosphere from one of distrust to one of development with the host community. Under his leadership, the company rolled out a 10-year Socio-Economic Development Plan, launched a local employment scheme, and helped establish a KNUST campus in Obuasi to expand access to tertiary technical education.
Internally, he instilled a culture of accountability through performance-linked incentives for all staff, including unionised workers, a pioneering model in Ghana’s extractive sector.
What Next?
While Mr Asubonteng has yet to publicly comment on his next move, the imprint he leaves, both underground and above ground, is likely to resonate well beyond the shafts of Obuasi.
