Minerals Production Production of gold to increase in 2017

The Chief Executive Officer of the Minerals Commission Dr Toni Aubynn explained that companies such as Asanko Gold Mines, Goldfields and Gold Star Resources have all indicated their willingness to increase production through injection of new investment.

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Gold production in Ghana is expected to increase in 2017.

This is according to the Minerals Commission.

The Chief Executive Officer of the Commission Dr Toni Aubynn in an interview with Accra-based Citi FM said mining companies in the country have resolved to carry out a series of activities that will help ramp operations this year.

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“We expect 2017 to be a positive year. We expect that production will go up. I will not be able to tell you exactly how much but we expect production to go up slightly above 2016 figures.”

Chief Executive Officer of the Minerals Commission, Dr. Toni Aubynn play

Chief Executive Officer of the Minerals Commission, Dr. Toni Aubynn

 

Dr Aubynn explained that companies such as Asanko Gold Mines, Goldfields and Gold Star Resources have all indicated their willingness to increase production through injection of new investment.

“You would have Asanko Gold now ramping up, fortunately, Goldfields after its [preliminary] agreement with government has now secured 1.4 billion [dollars] resources to invest in the Damang project. If they are able to go into actual production within the year then it means that production is likely to go up.”

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President Nana Akufo-Addo earlier has announced that Randgold’s partnership with AngloGold Obuasi mine will start in 2017 after the agreement to invest in the mine was cancelled last year.

On how to cushion the mining companies from shocks on the world market, Dr Aubynn said “most of the mining companies have learnt to withstand the cost and price dynamics much better than before. So most now understand the cost of production,” he said.

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