PRECIOUS MINERALS MARKETING COMPANY - QUALITY VALUATION
Precious metal quality valuation is an inevitable requirement. The process is quite authentic and is valued by the States Precious Minerals Marketing Company and Shipment Board. The board handles the test of the precious metal and air shipment to the buyer for security purposes. The board also undertakes and assures all risk involved in the processing and shipment of the consignment with valuation and air shipment service bills.
THE CONCLUSION AND HISTORY
Gold Mining in Ghana: Both Large and Small
Gold extraction in Ghana is booming. In 2005, the Chamber of Mines for Ghana Reported that production was up 63% from 2004 and calculated export earnings of USD$900 million, up from USD $730 million in 2004 (World Gold Council 2006).
The Ghana News Agency reported that gold overtook cocoa as the country’s leading export for the second year in a row in 2005.. The export figures do not account for Ghana’s true full production since the majority of gold produced by ASM (Artisanal and Small-Scale Mining) is not exported but rather retained by the government to boost foreign exchange reserves.
Nonetheless, changes made to the national minerals policy in the 80s are widely credited with revitalizing a gold mining economy that showed signs of lagging in the 70s and 80s but there was more economic evidence of revitalization.
Policy changes initiated in 1983 under the auspices of an Economic Recovery Plan (ERP) were aimed mainly at changing the foreign investment climate to encourage more private investment in large scale gold mining and the ERP was augmented with important policy efforts in 1989 aimed at formalizing the small scale mining sector.
Since the ERP was launched, substantial growth has been seen with as much as US $4 Billion in foreign investment between 1983 and 1989 for exploration and rehabilitation of new and existing gold mines. An increase in gold output in both the large and small-scale sectors can be attributed to the structural adjustments contained in the ERP. The 1989 Small-Scale Gold Mining Law (PNDCL 218) established an official, legal permitting system for ASM, provided seven regional district support centres for ASM, and created the Precious Minerals and Marketing Corporation (PMMC) to buy ASM produced gold at close to market prices from permit holders. “The Law defines a ‘small-scale gold mining operation’ as that which engages in ‘the mining of gold by any method not involving substantial expenditure by an individual or group of persons not exceeding nine in number or by a cooperative society made up of ten or more persons.
The permitting system is restricted to Ghanaian nationals and allows small-scale gold mining operations to hold land concessions of 25 acres or less and the mineral rights to these concessions for a period of several years provided that they sell all recovered gold to licensed PMMC buyers. The PMMC licenses 800 buyers who in turn employ a network of sub-buyers to purchase the gold from ASM producers and sell it to the PMMC for a small profit. The Ghanaian government deserves acknowledgement for taking steps to provide educational and technical support to widespread ASM operations, and given them legal structures of formalizing their operations. Particularly effective at bringing miners into the formal support network.
In the larger historical context surrounding conflicts over land between small-scale mining operators, Large-scale mining operators and the government, it is important to remember that gold has traditionally been mined on a small scale in Ghana for thousands of years whereas the Arrival of most large, private gold mining companies has only occurred very recently.
Moreover, widespread unemployment and rural poverty have exacerbated the situation and have been implicated as causal factors in the unprecedented growth seen in illegal Gold mining (galamsey) recently as well as a reason for the growth in gold output from the small-scale sector.
The need for access to mercury is fuelling the cycle of poverty in some regions of the Country, and signs of mercury poisoning among miners and community members are widespread.
The Noyem area, near New Abriem in the Eastern Region and only a few kilometers from one of Newmont’s planned future mine sites; it is populated by approximately 30,000 people who are dependent on the underground ASM Economy, and mercury is a significant driver of debt, unfair pricing, and health problems.
Newmont is willing to consider relinquishing their prospecting license, and hence are in a strong position to negotiate with the galamsey over the terms of operation. The galamsey camps of Noyem are already operating under a system of by-laws that institute transparency, fair labour practices and careful accounting.
However, without legal entitlement to operate in Noyem, these camps have been forced to sell the gold they produce at prices well below market value in order to gain access to needed credit and the mercury they use to amalgamate their gold.
Because the PMMC buyers have control over distribution of mercury and are the only consistent, available channel through which illegal miners can sell their gold without leaving Ghana, buyers who wish they can easily exploit the miners by requiring them to sell their gold for very low prices in exchange for mercury and loans to cover labour costs.
If interested in shipment for Gold, Silver, Platinum, Iridium, Rhodium, Osmium and Tungsten, just let us know. Gold can be shipped in Dore Bar form and does not contain Iron or Iron Deposits.
Prices of Gold will be negotiated based on post or pre-refinery. Refining is done in our own refinery yielding .9995/1,000. Although some customers prefer their Gold at a pre- refine state with a purity not less than 22.3k(carat).