PMMC presents dividend to government

- The Precious Minerals Marketing Company (PMMC) Limited on Monday presented GHC 142,010 to government as its dividend for 2007.

The company's annual financial results for the year 2007 showed a profit before tax of GHC 631,157.00 which showed 85 per cent above the amount of GHC 341,492.00 in the 2006.

Mr. Stephen Adubofour, Chairman of the Board of Directors of PMMC, presented the dividend to Ms Rita Tani Iddi, Deputy Minster, Lands, Forestry
and Mines in Accra.
He said the company's foreign exchange through export of gold, diamonds
and jewelleries amounted to 191.993 million dollars as against 121.156 million dollars in 2006.

"The increase of 70.836 million dollars, which represents 58 per cent increase, was primarily as a result of rise in the gold price and third party gold shipment through PMMC.”

Mr. Adubofour said the board was confident that the company was well focused and now positioned to continue with the growth trends it had experienced.

Ms. Iddi Tani noted that although the PMMC had lost its monopoly of buying and exporting gold and diamonds from small scale miners, the company demonstrated resilience in its operations.

"Unlike some government business establishments, the PMMC has always made some profit and I wish to encourage you to work harder and achieve the objectives of the company," she said.

The PMMC was established by government to purchase and export gold and diamonds from small-scale miners to harness foreign exchange.