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Business News of Friday, 29 May 2020

Source: Class FM

Ghana’s gold output rose 6% in 2019


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Gold output for Ghana increased from 2.807 million ounces in 2018 to 2.989 million ounces in 2019, a 6 percent increase from the previous year's output, the Chamber of Mines said in its annual general meeting today, Friday, 29 May 2020.

However, gold assayed by the Precious Minerals Marketing Company (PMMC) on behalf of Licensed Gold Exporting Companies, which represents small-scale production, decreased from 1.984 million ounces in 2018 to 1.588 million ounces in 2019.

This 20 percent decrease in the small-scale mining sub-sector resulted in a decline in total gold production from 4.792 million ounces in 2018 to 4.577 million ounces in 2019.

Consequently, the large-scale sector improved on its contribution to national gold production, from 59 percent in 2018 to 65 percent in 2019 whereas the small-scale sector accounted for 35 percent of national gold production in 2019; a decline from 41 percent in 2018.

Meanwhile, the bulk minerals sector – manganese and bauxite - recorded 18 percent and 10 percent improvements in output respectively.

The shipment of manganese by the country's sole producer, Ghana Manganese Company, increased from 4.551 million tonnes in 2018 to 5.383 million tonnes in 2019 as a result of the company's business model which is designed to increase production to meet global demand for its product.

Similarly, Ghana Bauxite Company recovered from the previous year's slump in production to record a year-on-year growth. Improvements in operational activities of the company resulted in an increase in shipments from 1.011 million tonnes in 2018 to 1.116 million tonnes in 2019.

The purchases of diamonds by PMMC, however, fell from 0.057 million carats in 2018 to 0.033 million carats in 2019 due to a 41 percent fall in production.

“The persistent decline in purchases of diamonds largely reflects low recoveries from small-scale winners and the continued shut down of the only large-scale producer of diamonds in Ghana,” said Eric Asubonteng President of the Chamber.

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