cal October 17, 2018

Ghana eyes completion of 1st gold refinery by 2019

Ghana is building its first gold refinery as part of the country's efforts to reduce gold export volumes by at least 50% annually, Citi Newsroom reported Oct. 16.

Precious Minerals Marketing Co. Ltd. and privately held Royal Ghana Gold have teamed up to establish the US$20 million site, which is expected to be completed by July 2019.

Precious Minerals Managing Director and CEO Kwadjo Opare-Hammond said the facility would increase Ghana's gold export revenues, while a portion of the refined gold would be useful for the country's jewelry industry.

Ghana is one of the world's top gold producers, with output over the past three years estimated at 92 tonnes per year. The country produces between 400 and 600 kilograms of the metal per day, but it is exported in its raw form.