Wednesday, 1 June 2011

Ghana predicts improved gold output for 2011

The Ghana Chamber of Mines has predicted improved gold output for 2011 based on additional production from new mines, including Adamus Resources, and increased output from Owere Mines expansion projects.

Speaking at the Chamber's 83rd AGM, chamber president Dan Owiredu said that the production of manganese and bauxite should increase in 2011 and that cumulative mineral revenue is predicted to rise in 2012. “The expected higher volumes of mineral production and the strengthening of gold price is expected to result in increased mineral revenues, with a corresponding increase in mineral royalties and corporate tax payment to government,” he said.

Owiredu said that the greatest challenge facing the industry in 2011 was illegal mining, which forced gold mining companies to spend huge sums of money to secure their concessions. Minister of Lands and Natural Resources, Mike Hammah, said that the government was looking for creative ways to tackle illegal mining, and said that areas designated by the government for small-scale mining should help reduce the problem.

For more news and expert analysis about Ghana, please see Ghana Politics & Security.

© 2011 Menas Associates

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