Ghana: GMC announces an increase in gold production in 2012

The Ghana Minerals Commission (GMC) has announced a 17% increase in gold production in 2012, in most part due to rising prices that encouraged greater output by companies.

Last year gold prices averaged US$1,668 per ounce, which was up from around US$1,572 an ounce a in 2011. Production also rose from 3.6 million ounces in 2011 to 4.2 million ounces in 2012 which was an improvement on the GMC's forecast of 3.9 million ounces for the year.

Australian miner Adamus Resources started first gold production in Ghana in January 2012, while Newmont's Akyem mine, which is its second in Ghana and is situated around 80 miles north west of Accra, is expected to start commercial production of up to 450,000 ounces annually later this year.

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

© 2013 Menas Associates