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Revenue from gold exports to reach over $4.5 billion by end of year

Nov. 29, 2016, 3:35 p.m.

Revenues from gold exports into the economy is expected to reach over $4.5 billion by end of year as the revenues have exceeded the projection by about 73 percent in spite of the challenges with gold prices on the international market. 

This comes as the contribution from the commodity which was pegged at $3.3 billion 

This was disclosed at this year’s Ghana Mining Industry Awards which was held over the weekend.

The awards ceremony which was the second in the series saw Newmont Ghana Gold – Ahafo Mine see off eight other mining firms to clinch the prestigious Mining Company of the Year Award.

The company’s outstanding Corporate Social Investments, Environmental Management, Innovation, among others did the trick.

Regional Senior Vice President for Newmont Ghana Alwyn Pretorius said the company will simply continue to create value for its stakeholders.

The Best Performer in Mine Supplies and Support Services went to PW International, while Asanko Gold grabbed the Corporate Social Investment Project of the Year Award.

Best Performer in Local Content was picked by Adamus Resources, whereas the Best Performer in Exploration went to Cape Coast Resources.

The Best Performer in Innovation was picked by Newmont Ghana Gold – Ahafo Mine, with Chirano Gold Mine grabbing the Occupational Health and Safety Best Performer Award.

The Best Performer in Environment and Management was jointly won by Newmont Ghana Gold – Akyem Mine and Chirano Goldmine.

President of the Chamber of Mines Kwame Addo-Kufuor commended players in the industry for their resilience in the face of what he said are challenging times for the sector.

He, however, underscored the need for stakeholders to support the Minerals Commission in addressing the menace of galamsey operations in the country.

His Excellency Ambassador John Bentum Williams was presented with a Lifetime Achievement award for his immense contribution to the sector.

Second Deputy Governor of the Bank of Ghana, Johnson Asiamah, was full of praise of the mining sector acknowledging that it still contributes the largest to the economy.

Some $4.5 billion he noted is expected in, from exports by end of year, a development he says is helping the country’s balance of payments a great deal.
The 2nd Ghana Mining Industry Awards was under the theme: Recognising Excellence, Celebrating Achievement in the Mining Industry.