PMMC partners Indian company to establish gold refinery
The Precious Minerals Marketing Company (PMMC) has entered into a joint partnership with Rosy Royal Limited, an Indian company, to establish a gold refinery that has vested state equity.
The refinery, to be known as Royal Gold Ghana Limited (RGG), will be located on the premises of the PMMC which has 20 per cent equity in the company.
Preparatory work has started on the site towards the official sod-cutting for the construction to begin on the refinery.
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It is expected that the refinery will be fully operational by the beginning of July, 2019
The company, which is being constructed by Mendanha and Souse Construction, will have the capacity to refine 400 kilogrammes of the gold produced in the country daily.
Inspection
A Deputy Minister of Lands and Natural Resources, Mr Benito Owusu-Bio, visited the premises of the PMMC last Monday to inspect the preparatory work being carried out on the site for the project.
The Chief Executive Officer (CEO) of PMMC, Dr Kwadjo Opare-Hammond, conducted the Deputy Minister round the site.
An old building on the premises of the PMMC is being demolished to pave the way for the sod to be cut for work to officially begin on the facility.
Value addition
Dr Opare-Hammond explained that when the company was operationalised, all gold produced in the country would have to pass through it before exportation.
“The RGG that will take off in July, next year, has the capacity to refine 400 Kg of the 600 kg of Gold we get in this country daily.
We believe in value addition so we want to add value to our raw Gold.
“We will use part of the refined Gold for the jewellery industry and brand others in the name of Ghana to be exported.
This will help bring international credibility to the country,” he said.
Good move
Mr Owusu-Bio described the joint venture as a major step to ensure that the government’s policy to add value to at least 30 per cent of the country’s Gold was achieved.
He observed that systems would be put in place to ensure that the law on local content was adhered to when the RGG started to operate so that local people would benefit in terms of employment opportunities.
Mr Owusu-Bio urged the constructors to work diligently to ensure that the project was completed on schedule.