Skip to main content

Mining companies repatriated revenue of US$2.6 billion in 2015


By: Fred Yaw Sarpong- Daily Express

Mining firms operating in the country repatriated total revenue of US$2.6 billion in 2015, according to the President of the Ghana Chamber of Mines, Mr. Kwame Addo-Kufuor.
                                 Mr. Kwame Addo-Kufuor, President of Ghana Chamber of Mines
                  
According to him, a total of US$2.1 billion out of the repatriated revenue was returned through the commercial banks and the remainder via the central bank.

He mentioned that the companies in the mining industry spent US$865 million on local purchases, which represents 28 percent of their mineral revenue.

He said this at the 88th Annual General Meeting (AGM) of the chamber in Accra. The event was under the theme “Sustaining Mining and Power Investments: Meeting Stakeholder Expectation in a Challenging Global Environment.”

“It is worth mentioning that expenditure on local purchases increase from 18 percent of mineral revenue in 2011 to 28 percent in 2015. This impressive outturn underscores our member companies’ commitment to the laudable policy on local content,” Mr. Addo-Kufuor stated.

Mr. Addo-Kufuor said proceeds from the export of minerals reduced from US$3.94 billion in 2014 to US$3.39 billion in 2015. “The reduction in mineral revenue was as a result of reduced production of gold and purchases of gold and in the shipments of manganese,” he added.

He said “while the latter recorded a five percent dip in total shipments, the volume of gold exports also reduced by 10 percent. Similarly, purchases of diamond by the Precious Minerals and Marketing Company (PMMC) decreased by 28 percent.”

The President of the Ghana Chamber of Mines said revenue from gold fell to US$3.32 billion in 2015 from the US$3.84 billion which was recorded in 2014. He stated that this was largely due to the fall in output of member companies and the average realized gold price.

Meanwhile, the chamber 2015 annual report revealed that total gold output dropped from 3.1 million ounces in 2014 to 2.8 million ounces in 2015 as a result of declines in production at AngloGold Ashanti Obuasi, Golden Star Bogoso  Prestea,  Abosso Goldfields, Golden Star Wassa,  Chirano,  Newmont Ahafo and purchases by ASAP VASA.

AngloGold Ashanti Iduapriem, Gold Fields- Tarkwa, Newmont Akyem, Adamus, Perseus and PMMC recorded growth in output, according to the report.

The report noted that purchases of gold by PMMC from small- scale miners in 2015 inched upwards to more than 267,000oz from 265,000oz in 2014.

On diamonds, the report said PMMC, the sole buyer from small- scale miners reported a 28 percent decrease in its purchases, while total purchases and export of diamond decreased from over 230,000 carats in 2014 to about 174,000 carats in 2015. The revenue was US$10.7 million and US$6.4 million respectively.

“Ghana Manganese Company’s (GMC) export of manganese reduced from over 1.35 million tons to 1.28 million tons in 2015. The decline in exports reflects the inability of the company’s major client to lift manganese in 2014 and the early part of 2015. Accordingly, GMC’s revenue declined from US$91.1 million to US$70.5 million over the period,” the Ghana Chamber of Mines 2015 annual report stated.






Comments

Post a Comment

Popular posts from this blog

Shortage of weighing cards hit major hospitals in Accra

By: Fred Yaw Sarpong- Daily Express There is scarcity of Child Health Records Book (weighing cards), in some major public hospitals in the capital, information reaching the Daily Express indicates. Checks by this paper revealed that while some of the hospitals have being encountering the shortage for about a year now, others started experiencing it six months ago. In place of the Child Health Record Book (weighing card), the nursing mothers are given a single card on which information of children are recorded on it. Those hospitals identified are the Korle Bu Teaching Hospital, Korle Bu Polyclinic, Kaneshie Polyclinic, Adabraka Polyclinic and the Ridge Hospital. At the Korle Bu Teaching Hospital, the nursing mothers are given yellow cards in place of the weighing cards. The Public Relations Secretariat at the Korle Bu Teaching Hospital said such information has not come to their notice and for that matter they cannot comment on it. “We do not have some
Post a Comment
Read more

90 African Journalists entertain by Disney Africa

By: Fred Yaw Sarpong- Daily Express Mauritius Disney Africa welcomed 90 journalists from across Africa to their first ever showcase to media from the continent, at this year’s Multichoice Africa Content Showcase Extravaganza. On Thursday 3 September, guests received a Disney Movie ticket which gained them entry to the special outdoor screening, set under the stars on the lawns of the idyllic Outrigger Beach Resort in Mauritius . After receiving their own Disney picnic basket and blankets, full of delicious treats and filling food, the guests made their way to the seating area, replete with comfortable chairs and loungers. Once the Disney fans were settled, the vast outdoor screen lit up and the evening’s festivities were well under way. A welcome speech by Deirdre King, Head of Marketing for the Walt Disney Company Africa, preceded the screening of two animated shorts. The first, the Academy Award-nominated Get a Horse, featured Disney favourites like Mickey, Minni
Post a Comment
Read more

ABL launches chibuku super in Bolgatanga

By: Fred Yaw Sarpong sarpong007@gmail.com Accra Brewery Limited (ABL) has officially launched the Chibuku Super drink at Bolgatanga in the Upper East region with the aim of reaching a lot of customers. Mr. Thomas Nii Ponku, Supervisor in charge of Chibuku Super at ABL told Daily Express that the management decided to launch the Chibuku Super drink in the Upper East region because they’ve realized it is similar to a traditional drink in the region. “Chibuku is like a well developed pito, a traditional drink made from fermented millet or sorghum in the Northern part of Ghana. So the idea is to provide them with similar drink,” he added. Mr. Nii Ponku disclosed this when members of the Institute of Finance and Economic Journalists (IFEJ) toured the facility of ABL to acquaint themselves with the expansion project at the factory. He mentioned that after a feasibility study, they realized there is a potential market for the product in the northern part of Ghana
Post a Comment
Read more