AngloGold To Pump $1Billion Into Mining Sector; Akufo-Addo Lauds Company

Officials of global gold mining giant, AngloGold have hinted that the company is committed to invest as much as $1 billion dollars in its operations in Ghana’s extraction sector.

The Chief Executive Officer (CEO) of AngloGold, Alberto Calderon, who announced this during a courtesy call together with her team to the Ministry of Lands and Natural Resources and the seat of government, said the board and executives of the company have confidence in the country’s mining industry.

“The board and executives have the trust and confidence to now, invest more than $1 billion dollars in the mining operations in Ghana”, Mr Calderon said on Wednesday.

AngloGold’s CEO Alberto Calderon, reiterated the company’s commitment to mine responsibly and sustainably at all levels of the mine operations.

At the presidency, President Nana Akufo-Addo expressed his satisfaction about the exploits by the mining firm in Ghana, which cover both Ashanti and Western Regions.

According to the President, he is particularly impressed with the services and development brought to communities AngloGod carries its operations in at Tarkwa and Obuasi respectively.

The group, led by its CEO, Alberto Calderon was accompanied to the presidency with a delegation also from the Ministry of Lands and Natural Resources.

The company had also assured the Lands and Natural Resources Minister it will facilitate engagements between him and investors abroad, slated to participate in this year’s United Nation’s (UN) Assembly due in a month’s time.

The President who could not hide his joy expressed excitement about the assurance to have Samuel Abu Jinapor meet other investors on the sidelines of the yet-to-be held meeting in September.

Meanwhile, the Deputy Minister in charge of Mines, Goerge Mireku Duker, who received the team on behalf of the Minister, told the AngloGold delegation that government, through the Ministry, is creating the enabling environment for mining companies to thrive and AngloGold Ashanti remains an integral part.

The Deputy Minister, who is also the Member of Parliament (MP) for the Tarkwa-Nsuaem constituency, further stated that government’s dealings with large-scale mining firms, will be anchored on transparency, accountability and will ensure there is a win-win situation for both parties.

The AngloGold delegation included Mr. Richard Jordinson – Senior Vice President (Ghana and Tanzania), Mr Eric Asubonteng – Managing Director, Obuasi Mine, and Samuel Boakye Pobee – Managing Director, Iduapriem Mine.

Bulk Gold Purchase

In a related-development, effective September 1, 2022, government, through the Central Bank, will start bulk purchase programme, to buy portions of gold produced by local mining companies across the country, in a bid to raise the gold component of its reserves.

The move, which is described by many as laudable, is expected to strengthen the cedi currency against its current woes, without increasing inflation.

Vice President, Dr. Mahamudu Bawumia, who disclosed this after a meeting between Bank of Ghana and other stakeholders in the mining industry led by the Deputy Minister of Lands and Natural Resources, George Mireku Duker, on Tuesday, August 9, 2022, said the decision will help shore up the country’s forex reserves; adding that, the payment will be made in cedis.

“The Economic Management Team, the Bank of Ghana, Ministry of Lands and Natural Resources, Minerals Commission and PMMC met with the Ghana Chamber of Mines this morning, to draw a roadmap for the implementation of the Bank of Ghana’s Gold Purchase Program across the industry”.

“It was agreed that to help shore up the foreign exchange reserves of the Bank of Ghana, starting September 1st (next month), the Bank of Ghana will purchase a portion of the output of the gold mining companies on a continuous basis at world market prices, but payment will be made in cedis,” Dr. Bawumia announced in a Facebook post sighted by The Anchor.

According to him, “This will represent a significant and sustainable addition to Ghana’s foreign exchange reserves, over time, and strengthen the balance of payments”.

With the implementation of the novel Community Mining Scheme by the Ministry of Lands and Natural Resources, which is currently in full operation across the country, in mining areas, according to players in the mining sector, is expected to provide chunk of the gold to the Central Bank.

The initiative, which is aggressively being rolled out by the sector Minister, Samuel Abu Jinapor together with his Deputy in-charge of mines, Mireku Duker, is making a great impact on the lives of indigenes in the mining communities. The scheme is aimed at formalizing mining in selected communities across the country.

Source: Anchorghana.com