Falling Gold Prices Pinch Coys

Daniel Owiredu

Daniel Owiredu, President of Ghana Chamber of Mines, has noted that the reduction in international gold prices in the first quarter of this year, is negatively affecting mining companies in the country.

According to him, the situation, coupled with the high cost of operations, has compelled companies to reconsider their work plans and manage operating costs.

Also, he said projects purported to be have been developed had been reviewed.

Mr. Owiredu disclosed this at the Annual General Meeting (AGM) of the Chamber in Accra.

The depressed mood, he said, will adversely affect planned projects in the early part of their lifecycle even though more advanced projects are billed to come on stream.

More production is expected from Golden Star Resources News Century Mine and Newmont Ghana Gold's Akyem Mine even though they would be under strict conditions.

Commending government for its efforts at repatriating illegal foreign miners, Mr Owiredu said the mining sector will continue to work at ensuring that Ghana benefits from conscientious mining.

Inusah Fuseini, Minister of Lands & Natural Resources, in a speech read on his behalf, noted that the activities of illegal miners had polluted the country's water bodies and threatened food security.

In order to stall such activities, chief executives have been charged by government to tackle illegal mining activities completely.

Stringent measures are expected to be put in place by government to tackle the menace so as to engender responsible mining in the country.

 By Samuel Boadi