Mining/Quarrying grew by 30 percent

Tarkwa (W/R) June 1, -GNA-The Mining and Quarrying sub-sectors grew by 30 percent in 2007, while the total industry in the country grew by seven point four percent. Gold accounted for about 39 percent of the gross export revenue of the country last year. Mr. Jurgen Eijgendaal, President of the Ghana Chamber of Mines disclosed these at the 80th annual general meeting of the company at Tarkwa over the weekend.

He said total mineral revenue increased from 1.42 billion US dollars in 2006 to 1.79 billion US dollars in 2007, representing an increase of 26.29 percent.

Mr. Eijgendaal stressed that gold revenue increased by 28.93 percent from 1.33 US dollars to 1.71 US dollars, within the same period. "This increase was on account of the appreciation of gold output by 10.79 percent from 2,244,680 ounces in 2006 to 2,486,861 ounces in 2007" he said.

Mr. Eijgendaal said gold prices also increased from 591 US dollars per ounce in 2006 to 688 US dollars. He said the Manganese shipments declined from 1,167,339 tons in 2006 to 1,658.701 tons in 2007, while revenue from Manganese went down 39,932.287 US dollars in 2006 to 35,778.281 in 2007. Mr. Eijgendaal said Bauxite shipments also dropped from 885,770 tons in 2006 to 748,232 tons in 2007.

This also affected bauxite revenue by 12.75 percent from 22,564,545 US Dollars in 2006 to 19, 686.731 US dollars in 2007. Mr. Eijgendaal said the declining performances were as a result of under performance by the railway sector. He called for a review of the 10 percent royalties paid by government to 30 percent to reduce the friction between the mining companies and the host communities.

Miss Joyce Aryee, Chief Executive Officer of the Chamber said the various district assemblies and department of feeder roads needed to work closely for the construction and maintenance of some of their roads to open up areas for catchment communities. She said many roads could be constructed in areas operated by the mines as part of their social responsibility. 01 June 08