Ghana’s gold production up 12% in 2009

Ghana’s gold production rose up 12% in 2009.

Gold production in the country rose form 2.6 million ounces in 2008 to 2.9 million in 2009 with output from two of the country’s biggest gold producers increasing, according to the Bloomberg news citing data from the Ghana Chamber of Mines. The two major gold miners in Ghana are Gold Fields and Newmont Ghana.

Gold Field’s Tarkwa Mine production increased 0.8% to 664,515 ounces, while Newmont Gold’s Ahafo Mine  produced 513,470 ounces of gold in 2009, an increase from the 2008 level of 524, 000.

Revenue from the Ghana Bauxite Co., fell to $10.9 million from 19.8 million in 2008 following decline in productin. Bauxite production fell 29% to 490,367 metric tons, the report said citing the Chamber of Mines data.

Output at the Ghana Manganese Company fell 7% to one million tons, but revenue rose from $62.3 million to $64.9 million.  The report also indicated that revenue rose from $2.2 billion to $2.8 billion.

Diamond production dropped to 354,443 carats from 598,042 carats in 2008, cutting revenue by 63% to $7 million the report said.

Gold is Ghana’s highest foreign exchange earner, followed by cocoa, remittances from Ghanaians abroad and tourism.

By Emmanuel K. Dogbevi