Category: Mining
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PMMC reserves 30% of refined gold to local jewelers
The Precious Minerals Marketing Company (PMMC) is reviewing its strategy to make available, gold and diamond needed by jewelers in the country. This also forms part of efforts to sustain the jewelry industry. The move follows complaints by players in the industry over their difficulty in accessing raw materials needed for their operations. In an…
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PMMC workers call off strike
Workers at the headquarters of the Precious Minerals Marketing Company (PMMC) have called off their sit down strike. The aggrieved workers numbering about fifty, had called for the removal of the Managing Director of the company, Kwadjo Opare Hammond and his entire board for a number of infractions. But after a 5 hour meeting between…
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Angry PMMC staff ask Nana Addo to sack MD
Some aggrieved workers of the Precious Minerals Marketing Company (PMMC), are calling on President Nana Akufo-Addo to immediately sack the Managing Director of the firm and dissolve the board. According to the workers, the MD, Kwadwo Opare Hammond, has among other things been circumventing the procurement processes of the company. The workers numbering over 50…
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IMF clearance speeds up processes for China’s $2bn – Akoto Osei
The Minister for Monitoring and Evaluation, Dr. Anthony Akoto Osei, has stated that government will speed up negotiations on the two billion dollar SinoHydro bauxite deal, following the International Monetary Fund’s (IMF) rejection of the Minority’s request to classify the deal as a loan. Speaking to Citi News, Dr. Akoto Osei maintained that the clarification…
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Menzgold to pay customers their monies from Friday
Management of gold dealership company Menzgold, has announced that customers can visit branches of the company to demand their matured investment from tomorrow [Friday], September 28, 2018. Addressing a press conference today, Thursday, Corporate Affairs Manager of Menzgold, Nana Yaw Ofei, explained that the company will pay all its customers that were trading with them…
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We’ve not blocked Menzgold’s dividend payments – SEC
The Securities and Exchange Commission (SEC) has denied reports by gold dealership Company, Menzgold, that it has stopped it from paying dividend on its gold vault business to customers. SEC says its decision was rather to stop Menzgold from taking deposits on that particular service. But Menzgold insists it is unable to pay their customers their…
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Chirano mines pays $13m dividend to government
Chirano Gold Mines Ltd has paid a 10% dividend to the government of Ghana worth 13 million dollars for the 2017 fiscal year. This the company attributes to its good performance for the year 2017. Presenting the cheque to the Ministry of Lands and Natural Resources, the Vice President and General Manager of Chirano Gold…
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Ghana’s diamond industry on its ‘knees’
The volume of diamond produced in the country has reduced by 90 percent in the past decade. Although very low, the production of diamond has been heavily affected by the ban on small scale mining due to the fact that the sector is heavily dominated by small scale miners. With the ban, the mining of…
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IMF to prioritise Banking crisis, GDP growth in 7th review
As the International Monetary Fund (IMF) prepares for the seventh review of Ghana’s performance under the economic assistance program, some economists have outlined issues that are likely to top the discussions. Among them are the government’s efforts at maintaining fiscal discipline as well as controlling the public sector expenditure. The Fund is to meet the…
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Classify $2bn bauxite barter deal as a loan – Dr. Lord Mensah
Economist Dr. Lord Mensah has backed calls seeking that Ghana’s $2bn bauxite agreement with China, be classified as a loan. His view follows the Minority in Parliament’s move to petition the International Monetary Fund (IMF) on the matter. The side is seeking that the Fund determines to decide whether the 2 billion dollar Chinese deal…