PMMC presents 500 million cedis dividend

Accra, July 3, GNA - The Precious Minerals Marketing Company Limited (PMMC) on Thursday presented a cheque for 500 million cedis to government as dividend on the operations of the company for 2002. This is an increase of 67 per cent over that of 2001 when the company presented 300 million cedis as dividend to government, its sole shareholder. Mr Asare-Boakye Yiadom, Chairman of the Board's Sub-Committee on Finance and Audit, who presented the dividend to the Minister of Mines, said the company, for 2002, achieved a turnover of 271.8 billion cedis, showing a growth of 17 per cent over the previous year's turnover of 233.1 billion cedis.

Flanked by Mr Peter Boachie, Managing Director and Mr George Asante, Deputy Managing Director of Operations, among other top members, Mr Yiadom said the company earned a profit before tax of 3.74 billion cedis, an increase of 66 per cent over the previous year's figure of 2.25 billion cedis. "The company recorded almost 100 per cent (99.25 per cent) growth in its net profit. The net profit increased from 1.35 billion cedis in the previous year to 2.69 billion cedis for the year 2002."

Mr Yiadom said the PMMC brought a total of 33.9 million dollars into the country from its export of precious minerals and jewellery for 2002 as against 31.7 million dollars generated the previous year. He said the company had honoured all its tax liabilities up to the end of 2002 as an additional contribution to government revenue. "The total paid for the year 2002 operations was 1.1 billion cedis as against 890.7 million cedis paid for 2001.

Mrs Cecilia Bannerman, Minister of Mines, said the performance contract signed recently by the Company indicated that it was expected to earn total revenue of 298.2 billion cedis by the end 2003 and pay a dividend of 600 million cedis. She said the PMMC had over the years exhibited an annual commitment in the payment of dividends to government and expressed the Ministry's delight to receive the dividend. Mrs Bannerman said the PMMC should endeavour to evolve an aggressive marketing strategy to capture a greater share of the jewellery market in the ECOWAS Sub-Region and the world at large for increased foreign exchange.

She said there was a big interest in the jewellery products of the Company in Switzerland, Belgium, Israel and India yet it was not getting its due share of the market simply because the design of the PMMC's products lacked variety, which was the spice of life. "I, therefore, urge you to come out with customer-made products to meet the demands of your clients in their respective countries." Mrs Bannerman advised the Board to arrange to set aside a quantum of their profit to support the campaign against the spread of HIV/AIDS in their areas of operation. She urged them to co-operate with the Minerals Commission, Mines Department and Environmental Protection Agency (EPA) in their efforts to ensure that sound environmental practices in the mining industry were observed.