Accra, Ghana — MININGREVIEW.COM — 01 June 2009 – Ghana’s gold output in the first quarter of 2009 amounted to 675 151 ounces – a 9% increase on the first three months of last year, while higher world prices pushed cumulative mining revenue up 11% to US$641.2 million (R5.8 billion).
Revealing these figures in a statement released here, the Ghanaian Chamber of Mines pointed out that the West African country was Africa’s second biggest gold miner after South Africa.
The Ghanaian gold mining industry produced 2.6 million ounces of the precious metal in 2008, when total mining revenues were US$2.2 billion (more than R20 billion).
“There are prospects for increased output in the gold sub-sector this year,” said Chamber president Jurgen Eijgendaal. “The resources are available, the mines are putting in more and we expect production to go up.”
Reuters reports that bauxite shipments also went up 41 %, earning the country 49% more in revenue, but manganese output fell 30%. Gold accounted for 96% of Ghana’s minerals revenue last year.
Many investors see gold as a safe store of value, and it has performed strongly during the global financial downturn. Reuters points out that gold futures rose above US$980 per ounce on Friday to end the day’s business close to a three-month high.