360° Coverage : Ghana builds gold refinery

1 Updates
Ghana builds gold refinery
Photo Credit: Sean Gallup, Getty Images

Ghana builds gold refinery

Jul 13 2013, 4:28am CDT | by

Accra, July 13 (IANS) Ghana is building a 4-million-euro gold refinery at the premises of the Precious Minerals Marketing Company (PMMC) Limited, its Chief Executive Officer Reuben Darko Damptey said.

Accra, July 13 — Ghana is building a 4-million-euro gold refinery at the premises of the Precious Minerals Marketing Company (PMMC) Limited, its Chief Executive Officer Reuben Darko Damptey said....

Filed under: news

YouTube Videos

 
 
 

1 year ago

Ghana builds gold refinery

Jul 13 2013, 4:28am CDT | by

Accra, July 13 (IANS) Ghana is building a 4-million-euro gold refinery at the premises of the Precious Minerals Marketing Company (PMMC) Limited, its Chief Executive Officer Reuben Darko Damptey said.

Accra, July 13 — Ghana is building a 4-million-euro gold refinery at the premises of the Precious Minerals Marketing Company (PMMC) Limited, its Chief Executive Officer Reuben Darko Damptey said.

The Osagyefo Gold Refinery Ltd, named after Ghana's first president, Osagyefo Kwame Nkrumah, is being undertaken by the state-run PMMC in collaboration with Geo Professionals Services Ltd, a Russian mining and exploration firm.

Damptey told Xinhua Friday that the PMMC had shelved earlier plans to list on the Ghana Stock Exchange (GSE).

"We have been advised to go into Public Private Partnerships (PPPs) as the listing was not materializing, and that is what we are doing," the CEO explained.

Owing to the fluctuation of global gold prices, he said, it is better for Ghana to add value to its yellow metal to get real monetary value for it.

He said the company would, on completion of the refinery, add value to the gold it would purchase by making jewelleries, wrist-watch straps and other products to attract higher prices.

"This will act as security for prices in the face of fluctuating global prices for gold," Damptey said, adding that PMMC would continue looking for, and working with private sector players for value addition to its minerals, including diamonds.

He disclosed that the start of the project was delayed till the middle of this year as PMMC and its partners were working on licensing and approvals for the refinery.

Public Affairs Director for PMMC Innocent Appiah said the work is expected to be completed within six months.

"When we start adding value to gold, it would create a lot more employment in terms of artisans and technicians as well as experts who would work at the refinery," Appiah said.

PMMC already has a 40-bench diamond polishing outfit that adds value to small stones produced in Ghana.

Gold prices which reached over $1,800 an ounce on the world market in 2011, have plummeted to as low as $1,200 at the end of June 2013.

IANS

Source: IANS

 

Don't miss ...

 

<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

blog comments powered by Disqus

Latest stories

Spanish Ebola patient in 'serious' condition
Madrid, Sep 23 (IANS) An Ebola affected Spanish missionary who was flown back from Sierra Leone was described as "serious" by the health authorities in Spain.
 
 
Alibaba raises $25 bn in history's biggest IPO
New York, Sep 22 (IANS/EFE) Chinese e-commerce giant Alibaba collected $25 billion in the largest initial public offering ever after underwriters exercised an option to purchase additional shares, the company said Monday.
 
 
Ukraine to partially replace gas with heating oil
Kiev, Sep 22 (IANS) Ukraine will increase the use of heating oil in the county's energy mix to replace natural gas, Deputy Prime Minister Volodymyr Groysman said here Monday.
 
 
Pakistani president appeals for foreign investments
Islamabad, Sep 22 (IANS) President Mamnoon Hussain Monday called on foreign investors and industrialists to invest in Pakistan and take full advantage of a business friendly environment, as the government is implementing a liberal policy to promote trade and economic activities.
 
 
 

Latest from the Network

Spanish Ebola patient in 'serious' condition
Madrid, Sep 23 (IANS) An Ebola affected Spanish missionary who was flown back from Sierra Leone was described as "serious" by the health authorities in Spain. Manuel Garcia Viejo, 69, arrived in Madrid Monday and was...
Read more on Business Balla
 
Houthi rebels control Yemeni capital after ceasefire
Sanaa, Sep 23 (IANS) The Shia Houthi rebels Monday set up checkpoints and deployed fighters to guard key government institutions in Yemen's capital Sanaa as they overran the city after week-long battles against the...
Read more on Politics Balla
 
Professor Green: Justin Bieber is a great role model
Professor Green thinks Justin Bieber is a ''great role model''. The 'Monster' hitmaker - who released his latest studio album 'Growing Up In Public' today (09.22.14) - joked that the singer is ''setting a great example...
Read more on Celebrity Balla
 
Colin Farrell to star in True Detective
Colin Farrell will star in 'True Detective'. The 38-year-old actor - who has been linked to the crime drama since July - has now confirmed he will be portraying one of the lead characters, previously played by Matthew...
Read more on Celebrity Balla
 
Ella Henderson isn't worried about parents' arrest
Ella Henderson isn't worried about her parents' arrest. The 18-year-old singer - whose parents Sean, 48, a former car salesman and Michelle, 50, are currently on bail after being arrested on suspicion of money...
Read more on Celebrity Balla
 
US couple hailed for exchanging marriage vows on Mt Kilimanjaro
Arusha (Tanzania), Sep 22 (IANS) Tanzania's tourism authorities Monday commended two American nationals for exchanging wedding vows on Africa's highest peak, Mount Kilimanjaro. This came a day after the two American...
Read more on Politics Balla
 
Indians knocked out of Asiad handball
Incheon, Sep 22 (IANS) The Indian men's and women's handball teams were knocked out of the 17th Asian Games after losing both their third and final group matches to Japan and China, respectively, at the Seonhak...
Read more on Sport Balla
 
105 Muslim Brotherhood members referred to criminal court in Egypt
Cairo, Sep 22 (IANS) The Egyptian prosecution Monday referred 105 Muslim Brotherhood members, including the group's top leader Mohamed Badie, to criminal court for inciting violence and killings last year following the...
Read more on Politics Balla
 
India assured of two wushu medals at Asiad (Third Lead)
Incheon, Sep 22 (IANS) Wushu athletes Narender Grewal and Yumnam Sanathoi Devi assured India of two more Asian Games medals after winning their respective men's and women's quarter-finals at the Ganghwa Dolmens...
Read more on Sport Balla
 
Indian medallists at Asian Games
Incheon, Sep 22 (IANS) The following are the Indian medallists at the end of the third day of competitions at the 17th Asian Games here Monday: Gold: Jitu Rai: Men's 50 metre pistol shooting Bronze: Shweta Chaudhary:...
Read more on Sport Balla