Business News of Wednesday, 29 June 2022

File photo of work ongoing in a gold refinery

All is set for President Nana Addo Dankwa Akufo-Addo to commission the Royal Gold Ghana Limited Refinery by August, this year. The gold refinery is located at the Diamond House on the premises of the Precious Minerals Marketing Company (PMMC), which is a joint partnership between the Government and Rosy Royal Limited, an Indian company, to refine gold produced in Ghana. Mr George Mireku Duker, a Deputy Minister of Lands and Natural Resources in charge of Mines, announced this in Accra on Tuesday when he toured the refinery to inspect the progress of work and preparation for its commissioning. He was joined on the tour by the Managing Director of PMMC, Nana Akwasi Awuah, and officials from the Lands Ministry, Minerals Commission and Ghana National Chamber of Mines. They inspected the various units of the refinery including the Refinery Section, Assay Laboratory, Control Room, X'Ray Room, the Scanners and the Electrolysis Machine. So far, the refinery has undergone a test run and ready to start full operation by August, this year. Mr Mireku Duker said the Government was working on getting a certification from the London Bullion Market Association and an alliance with the International Hallmarking Convention to certify gold refined in Ghana. However, Ghana had to begin refining her gold locally before the certification, he said. Currently, all the gold produced by mining companies in the country are refined outside, making the Government to lose revenue from gold refined abroad. Mr Mireku Duker was of the belief that refining gold locally would expand the Ghanaian economy and create jobs for the teeming youth. He said the machines and equipment installed at the refinery met international standards and would greatly put Ghana gold on the international map when it became operational. Nana Akwasi Awuah, the Managing Director of PMMC, said the reduction of the three per cent withholding tax on gold processed locally to 1.5 per cent in January had helped increase the gold channelled through the Company from 100 kilogrammes in 2020 to 1,900 kilogrammes as of May, this year. The agreement, signed between Ghana and Rosy Royal Limited of India, indicate a 20 per cent equity share for Ghana in the gold refined locally, while the Indian investor, which invested US$25 million in the construction of the refinery, gets 80 per cent. The refinery is expected to refine 400 kilogrammes of gold daily. The Government has made it a policy to, at least, refine 30 per cent of all gold produced in Ghana. View his Timepath below: