Ghana produces record 4.2 million ounces of gold in 2012

gold-barsGhana produced 4.2 million ounces of gold, last year 2012 highest in the history of the country, Assistant Manager in charge of Financial Analysis at the Minerals Commission, Daniel E.K Krampah has disclosed.

The figure, he said, represented an increase of 17 per cent of the 2011 output, which was 3.6 million ounces.

Mr Krampah attributed the increase large, to the rising price of gold.

Speaking at the mining workshop, organized by the Journalists for Business Advocacy, a media advocacy group in Accra last Thursday, he explained that the volume of gold produced last year generated approximately $6.5 million.

Mr Krampah spoke on the topic: ‘Economic and Social Impact of mining’, indicated small scale mining industry contributed significantly to the sterling gold output last year.

“The small scale mining industry contributed 1.2 million ounce last year, while the remaining 3.1 million ounces were produced by the large mining companies,” the Assistant Manager said.

Mr Krampah said the mining industry is impacting positively on the economy, contributing to about 27 per cent of the country’s tax revenue, last year.

He said the mining industry continued to attract more foreign direct investment, that between 1983 and 2012, about $12.5 billion was invested in it.

He was optimistic the country would continue to record increased gold production, hinting Azuma Golg Mining Company, an Australian  mining company would begin full operations at Wa next year.

The Director in-charge of Analysis, Research and Finance of the Chamber of Mines, Sulemanu Koney who spoke on: ‘Gold Prices and Cost of Mining in Ghana’, said about 73 per cent of minerals revenues generated last year, was retained in the country.

Mr Koney disputed the claim that mining is an enclave industry, noting the mining companies last year spent over $1 Million on local procurement, last year, explain the figure is likely to increase in the coming years.

Asked about the effect of the strike which has rocked one of the big mining companies, he responded that if the situation continues, it could affect gold production.

Over 3,000 employees of Gold Fields Tarkwa and Damang mines, laid down their tools last week Wednesday, April 3, following the alleged reluctance of management in addressing the issues of racial discrimination and cheating, and welfare.

“Goldfields is a big player and one of the largest gold producers and anything that affects its operations will definitely affect gold production in the country,” Mr Koney said.

Source: Ghanaian Times

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