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

Popular posts from this blog

Deputy AG sues Facebooker over 'malicious' Ameri deal

The Deputy Attorney-General and Member of Parliament for Bolgatanga East, Mr Dominic Ayine has filed a defamation suit at an Accra High Court against a Facebook commentator, Evron Hughes.
In Mr Ayine’s statement of claim, sighted by Graphic Online, he accused Mr Hughes of defaming him in a post he authored and published on Facebook on December 21, 2015, titled “RE: AMERI TRANSACTION”.
According to the Deputy A-G, the “false and malicious” post has provoked “public disaffection” against him and exposed him to public ridicule and contempt.
Describing Mr Hughes as a “self-styled social media blogger and a social commentator”, Mr Ayine said the Facebook post had brought his hard-won reputation “as a respected politician, teacher and lawyer” into “hatred, ridicule, odium, discredit, contempt, opprobrium and reproach”.
The Deputy A-G said the “defamatory words” were authored with the sole intent to reduce him in the estimation of all right thinking Ghanaians, adding that he had received numerou…

Meet Ghanaian female shoemaker

The Saint Ozwald shoe brand

By: Fred Yaw SARPONG
The Daily Express

From her humble beginning in Sunyani in the Brong Ahafo region, a senior high female graduate from the Twene Amanfo Senior high in the Brong Ahafo Sunyani and a Ghanaian now boasts of being one of the most popular Made-in-Ghana shoe brands and has the most number of celebrity endorsements.
Sandra Ozwald, CEO of Saint Ozwald

After Sandrah Ozwald completed school in 2013, her parent couldn't have enough money to help her continue school so she planned to do something for herself by selling ice cream, groundnut cakes or food. Back at the senior high, Sandra used to make groundnut cakes, condensed toffees and ice cream to support herself since her mother couldn't provide all for her.

With 12 siblings and the only girl child (2nd born) among them, and whiles planning which of these to sell, Sandra attended a friend’s wedding and the grooms shoe looked so attractive to her.

According to her, the groom’s shoes were Ma…