Glencar, the mining company, has drawn down $45.5 million (£30 million) in financing for its Wassa mine in Ghana and now expects to produce the first gold by January, the company's annual general meeting has heard.

Glencar's chief executive, Mr Hugh McCullough, said the first year should see 94,000 ounces of gold produced, with an average of 100,000 in succeeding years. Mr McCullough said the company would decide after that on the question of paying dividends. He said the company was more likely to start exploration at other sites.