Category: Mining
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PMMC appeals for gov’t support to settle its GH¢65 million debt
The Precious Minerals Marketing Company (PMMC) Limited, is calling for government support to settle a legacy debt of over GH¢65 million. The company owes some four banks, and the debt has accrued over a ten-year period. The revelation comes after the 2020 Auditor General’s report, revealed that losses posted by state enterprises and specified entities…
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Gold Fields assessing possibility of $500m investment for its Damang Mine
Leading gold mining company Gold Fields Limited says it is assessing the possibility of reinvesting up to $500 million in its Damang mine in the coming years. This reinvestment is likely to materialize the company’s assessment of the mine’s viability and plans for reinvestment are approved by leadership of the company. At the moment Gold…
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Mining industry will learn from unfortunate Bogoso explosion incident – Gold Fields
Leading gold mining company, Gold Fields Limited, says the mining industry in Ghana can learn from the unfortunate Bogoso-Appiate explosion disaster and become better going forward. The January 20 explosion occurred along the Tarkwa-Bogoso-Ayamfuri road after a truck transporting mining explosives collided with a motorcycle, according to the Police. At least 13 people have been…
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Lands Minister justifies suspension of companies at the center of Bogoso explosion
The Minister of Lands and Natural Resources, Samuel Abdulai Jinapor, has justified the decision to order for the closure of Maxam Ghana Limited and Jocyderk Logistics Limited, the two companies at the centre of the unfortunate Bogoso explosion. A letter from the Ministry to the Minerals Commission revealed that preliminary investigations showed that Maxam Ghana…
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Ghana to receive 20% equity share for refining gold locally
Accra, Nov.10, GNA – Ghana will receive a 20 per cent free equity share for gold refined locally when Royal Gold Ghana Limited begins operation this year. Currently, all the gold produced by mining companies in the country are refined outside, therefore, the government gains nothing from gold refined abroad. In that vein, the government…
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Government urged to use licensing to disincentivize galamsey
Stakeholders in the small-scale mining industry have proposed reforms in the existing licensing regime to help reduce the incentive for people to mine illegally. The Multi-Stakeholder Dialogue agreed the permitting process is cumbersome and time-consuming, and discourages artisanal and small-scale miners (ASM) from acquiring licenses required for them to operate. “The delay in the issuance…
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Renegotiate old contracts in extractive sector – Economist urges government
Economist and lecturer at the University of Ghana, Dr. Adu Owusu Sarkodie has urged the government to consider renegotiating old contracts in the extractive sector which do not offer the country value for money. He also wants government to become an active participant in the production process in the extractive sector. Data from the Institute…
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Mining sector road rehabilitation project launched to address issues in sector
Roads leading to mining communities in the country will soon see a facelift following the launch of the Mining Sector Road Rehabilitation project. The project, which was started in 2017, is supposed to coordinate the renovation and advancement of road infrastructure in mining enclaves across the country. Speaking at the launch, the Coordinator of the…
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Gold production output expected to rebound by 16% in 2021
The Ghana Chamber of Mines is confident gold production by its members will increase by over 15 percent in 2021 after declining by about 5 percent in 2020 due to the impact of COVID-19. Overall gold production in Ghana declined by 12.1% in 2020, the highest year-on-year decline since 2004. During his presentation at the…
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Increased manufacturing pushes PPI for April to over 11%
The average price of goods and services received by domestic producers in the country for their production activities, in the month of April 2021 went up by 11.1%, when compared with the prices received by the producers in April 2020. The increase in prices which brings the producer price inflation rate for April 2021, to…