Business News of Friday, 17 August 2012

Source: myjoyonline

Mining firms record $3 billion gold revenue

Mining firms in Ghana realized almost 3 billion dollars as revenue from the exports of gold for half year. This represents a 19 percent increase compared to the revenue gross for the same period last year.

The figures were contained in the Ghana Chamber of Mines’ half year performance of the mining industry. Chief Executive of the chamber, Dr. Toni Aubynn told JOYBUSINESS this should be good news for government in terms of taxes.

“The impressive first half performance was largely on the back of the performance of mineral revenue from gold and bauxite, despite the dip in reveue from diamond and manganese”, Dr Toni Aubynn, CEO of the Chamber indicated.

Gold which has in recent times seen a remarkable increase in world price saw an appreciation of revenue by 20%. The metal recorded US 2,693, 986, 461 for 2012, as against US$ 2, 236, 997, 633 for the first half of 2011.

Gold production was up by 6%. This is attributed to the fresh production from Perseus Mining Ghana Ltd and Adamus Resources, which commenced production in the second quater of 2011.

On the other hand, bauxite increased significantly by 82% on account of the substantial rise in shipments of the ore which went up by 71%.Shipments rose from 173, 601 tonnes in half year of 2011 to 295, 993 tonnes for the same period in 2012.

Diamond purchase dipped significantly by 33% from 185, 557 carats in the first half of 2011 to 123, 699 carats of the same period in 2012.

Manganese shipments saw decline by 25% and this translated in manganese revenue, which slumped by 24% from US$ 61, 489, 236 in the first half of 2011 to US$ 46, 981, 229 for the same period in 2012.

“The performance of the mining industry in the area of production six months down the year has been mixed but the generally significant increase in revenue confirms mining’s continuous position as a key fortress for the country’s economy” maintains Aubynn.