Glencar Mining is on schedule to bring its Wassa gold mine in Ghana into production early next year. Full scale construction of a 100,000 ounce per annum gold mine started last February and "we expect to pour our first gold bar before January 1999", according to Glencar. The group estimates operating costs at $150 (£106) per ounce over the first two years, rising to $180 over the life of the mine.

"This places the Wassa mine amongst the lower cost gold producers in Africa," Glencar said. It reiterates that there is significant potential to add to the current mineable reserve of more than one million ounces and exploration drilling is to commence shortly. The mining life of six and a half years, is expected to be extended.

Mining finance has already been put in place.