NewsWest AfricaGhana's half-year mineral revenue up 19%


Posted on Monday, 20 August 2012 16:44

Ghana's half-year mineral revenue up 19%

By Lawrence Quartey

Map of GhanaGhana's mineral revenue for the first six months of the year rose by almost a fifth, a development authorities described as impressive.

Revenue rose by 19% to US$2,757,459,946 from US$2,313,415,773 in the corresponding period in 2011.

"The impressive first half performance was largely on the back of revenue from gold and bauxite, despite the dip in revenue from diamond and manganese", Dr Toni Aubynn, Chief Executive Officer of the Ghana Chamber of Mines said in release at the weekend.

Gold, which has in recent times seen a remarkable increase in world prices, saw an increase of revenue by 20%. The metal recorded US$2,693,986,461 for 2012, compared to US$2,236,997,633 for the first half of 2011.

Gold production rose 6% and this was attributed to the new exploration from Perseus Mining Ghana Ltd and Adamus Resources, which commenced production in the second quarter of 2011.

Bauxite production, on the other hand, increased significantly by 82% on account of the substantial rise in shipments of the ore, which went up by 71%.

"Shipments rose from 173,601 tonnes in half year of 2011 to 295,993 tonnes for the same period in 2012," the release continued.

Diamond purchases, however, dipped significantly by 33% from 185,557 carats in the first half of 2011 to 123,699 carats of the same period in 2012.

Manganese shipments saw decline by 25% and this translated to a slump in revenue of 24%, from US$61,489,236 in the first half of 2011 to US$46,981,229 for the same period in 2012.

"The performance of the mining industry in the area of production six months down the year has been mixed but the generally significant increase in revenue confirms mining's continuous position as a key fortress for the country's economy," Aubynn said.

The industry, which has been a major contributor to the economy, witnessed an increase in the overall minerals revenue, while output and shipments of some of the product segments recorded negative variances.

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