PMMC partners Rosy Royal Minerals to add value to Ghana's gold

As part of efforts to add value to gold being mined in the country and also create employment for the youth, the Precious Minerals Marketing Company Ltd has entered into a joint venture agreement with Rosy Royal Minerals (RRM) Limited of India to establish a gold refinery plant in Ghana.

The aim of the company is to refine gold from small scale mining companies as well as multinationals mining firms in line with the vision of President Akufo-Addo to develop the precious minerals industry in the country. Ghana is one of the top 10 gold producing countries in the world producing about 92 metric tons per year, at least for the last three years, but tones of unrefined gold are exported.

The mining sector contributes 16 per cent of the country’s revenue, with gold being the second largest foreign exchange earner for the country. In the year 2014 alone, Ghana produced a total of 4.4 million ounces of gold, exporting majority in their raw form. Also, less than 5% output from small scale miners in the country are being refined. The Ghana Mining industry contributes more than 5% to the country’s GDP.

Of the total minerals exported, gold makes up 90%. It is in line with this and many other factors that the Precious Minerals Marketing Company Ltd entered into partnership with Rosy Royal Minerals to establish the refinery. Speaking in an interview with Onua FM, the Managing Director of Royal Ghana Gold Ltd Nana Akwasi Awuah said “Ghana has 23 large scale mining companies.

Although the history of the country in gold production dates back to over 100 years, the quest to add value to the raw gold has seen minimal investments compared to its extraction”. He explained, “The total cost of the project is estimated at US$16.4 million with funding being provided solely by Rosy Royal Minerals Ltd and PMMC providing the land and its goodwill within the precious minerals industry.” Lawyer Awuah said “the plant shall be operating at a daily capacity of 400kg of gold with an output of 99.99% purity of refined gold” which will create employment for thousands of Ghanaians, especially the youth. “This project will indubitably provide massive employment to the people of Ghana and boost the country’s credentials as a gold producing country.

It shall enable Ghana wear its true pride of being the Gold Coast of Africa”. He further remarked, “at its commencement, the plant will be run by expatriates who have the skill, experience and expertise to operate the refinery.

They shall work with and train Ghanaians within a period of six (6) months to take over the running and operation of the refinery”. He said this arrangement as well as the technology transfer agreement have been captured under the agreement between the parties.