Gold output increased by 46%

pulse-ghana admin

June 5, 2017 3:54 PM

Ghana Chamber of Mines report records highest gold output in 40 years.

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An overwhelming 4.13 million ounces, the highest level in nearly 40 years, up from 2.84 million ounces in 2015 was recorded according to the record.

“The dramatic rise in the output was driven by fresh production from Asanko Gold Ghana Limited on the first Phase of its Obotan Mines and substantial increase in export through the Precious Minerals Marketing Company (PMMC),” the report said.Anglogold Ashanti’s Iduapriem and Newmont’s Ahafo also recorded growth in production.

Output from artisanal miners rose nearly five-fold to 1.5 million ounces in 2016 from 267,662 in the previous year.Total gold revenue rose 55 percent to $5.15 Billion relative to the $3.32 billion dollars recorded in 2015.Manganese output also rose to 2 million tonnes last year from 1.2 million tonnes, while diamond production slipped to 143,005 carats from 185,376 carats in 2015.President of the chamber, Mr. Kwame Addo-Kuffuor said accelerated economic development is dependent on the growth of the mining sector country.

“The potential for the mining industry in Ghana to support broad economic development is not lost on the Chamber of Mines. Besides the significant fiscal contributions of mining to the economy, the industry is keen to create, and grow a robust local supplier base,” Mr Addo-Kuffuor said.

Minister for Lands and Natural Resources, Mr. John Peter Amewu said the chamber should transparency in the mining sector was critical to the positive image of the industry.

READ ALSO: $7bn worth of gold was smuggled by illegal miners in Ghana He said the perceived lack of transparency in the industry had been the underlying factor of acrimony between mining companies and their host communities as well as public suspicion that mining companies are exploiting the nation.“Government therefore expects that as partners, we will be able to work together openly with mutual trust and devoid of any hidden tricks,” Mr Amewu said.The Chamber’s Annual General Meeting came at the end of the Mining and Energy Forum and Exhibitions, which brought together members of the Chamber and other stakeholders to deliberate on the way forward for the mining industry.The three-day forum was to discuss the major concerns of the industry including high energy tariffs, unreliable power supply, high cost of fuel, high taxes and un-refunded Value Added Tax (VAT).

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