Chamber of Mines hopeful of gold price increase next year

The Ghana Chamber of Mines is expecting production to peak in the mining industry next year following plans by some major companies to commence massive productions.

The chamber is expecting Newmont Gold Mine and Anglogold Ashanti to start different developments on their concessions.

Speaking to Citi Business News on the issue, the Chief Executive Officer of the Ghana Chamber of Mines Sulemanu Koney was hopeful an increased in production will translate into much revenue for government.

He noted that some mining giants in the country have indicated their readiness to increase production next year in anticipation of favourable prices of good on the world market.

“We expect increase in production, we expect Anglogold Ashnati Obuasi to come on stream sometime in the third quarter of next year. We have Newmont going about with its beaker underground as well as many others.”

He pointed out that the prices of gold are a major factor in increasing production since the industry is capital intensive and requires a lot of funding.

Mr. Koney was hopeful that “once these expansion projects are done it will go and increased production and if we have a firming of the price of gold, naturally the revenues will go up”.

Source: Citi Business News

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