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Gold revenues go up 19%
Posted on: 17-Aug-2012         Source: citifmonline.com
Cumulative mineral revenue for the first half of 2012 reached $2,757,459, 946, up by 19% as against US$ 2,313, 415, 773 recorded in the half year of 2011.

“The impressive first half performance was largely on the back of the performance of mineral revenue from gold and bauxite, despite the dip in revenue from diamond and manganese,” Dr Toni Aubynn, CEO of the Ghana Chamber of Mines indicated.

Gold which has in recent times seen a remarkable increase in world price saw an appreciation of revenue by 20%. The metal recorded US$ 2,693, 986, 461 for 2012, as against US$ 2, 236, 997, 633 for the first half of 2011.

Gold production was up by 6%. This is attributed to the fresh production from Perseus Mining Ghana Ltd and Adamus Resources, which commenced production in the second quarter of 2011.

On the other hand, bauxite increased significantly by 82% on account of the substantial rise in shipments of the ore which went up by 71%.Shipments rose from 173, 601 tonnes in half year of 2011 to 295, 993 tonnes for the same period in 2012.

Diamond purchase dipped significantly by 33% from 185, 557 carats in the first half of 2011 to 123, 699 carats of the same period in 2012.

Manganese shipments saw decline by 25% and this translated in manganese revenue, which slumped by 24% from US$ 61, 489, 236 in the first half of 2011 to US$ 46, 981, 229 for the same period in 2012.

“The performance of the mining industry in the area of production six months down the year has been mixed but the generally significant increase in revenue confirms mining’s continuous position as a key fortress for the country’s economy,” maintains Dr Aubynn.

The industry which has been a major contributor to the economy witnessed an increase in the overall minerals revenue, while output and shipments of some of the product segments recorded negative variances.