HomeBase MetalsGhana's mineral revenue up almost 40%

Ghana’s mineral revenue up almost 40%

Aerial photo of AngloGold
Ashanti’s Iduapriem
which produces more than
200 000 oz pa of gold
in Ghana
Accra, Ghana — MININGREVIEW.COM — 21 August 2008 – Mineral revenue in Ghana – Africa’s second biggest producer of gold – increased by 39% to US$1.2 billion (R9 billion) in the first half of 2008, boosted mainly by sales of gold and manganese.

Making this announcement here, the Ghana Chamber of Mines pointed out that revenue from gold mining – which accounted for almost 95% of Ghana’s mineral earnings – had climbed 40% in the period to US$1.12 billion (R8.4 billion). Gold production for the period had risen 3% t to 1.27 million ounces.

The Chamber added that earnings from manganese sales had more than doubled to US$32.6 million (R245 million) in the six months to 30 June 2008, although production in the period had slipped 1% to 567 838 tons. Revenue from diamonds had slumped 21 % to US$12.6 million (R95 million), mirroring a 22% decline in diamond production to 395 236 carats. Bauxite output had fallen 8% to 304 542 tons, while revenue had dropped 2% to US$8.6 million (R65 million).

Ghana’s total mineral revenue in 2007 grew to US$1.79 billion (R13.4 billion) from US$1.42 billion (R10.7 billion) in 2006 – an increase of 26.29%. Gold revenue rose by 28.93% to US$1.71 (R12.8 billion) in the same period.

On the bulk minerals front, manganese shipments declined by 29.62% to 1.2 million tonnes in 2007 from 1.7 million tonnes in 2006. Consequently, revenue from manganese was down 10.40% from US$39.9 million (R299.3 million) in 2006 to US$35.8 million (R268.5 million) in 2007.