The Ghana Chamber of Mines has warned that Ghana’s push to process and refine gold locally will come with additional costs for mining companies, urging government to share the burd
The report indicates that the Ghana Chamber of Mines has warned that Ghana’s push to process and refine gold locally will come with additional costs for mining companies, urging government to share the burden of building the country’s local refining capacity.
It further notes that chief Executive Officer of the Chamber, Dr Ken Ashigbey, stated local content and beneficiation are important, but the cost implications must be addressed through collaboration between government and industry.
“Before I even get to the time scale, in terms of the issue about the cost, you know, and again, we should all realise the fact that you know, when you want to do this local content, it comes with some cost.”
He stated government must also contribute to making local refining commercially viable.
“But again, all of us need to chip in into it. The more we do in this country, and the more we all work together, government needs to put its skin in the game.”
Dr Ashigbey pointed to taxes and levies imposed on the mining sector as one area government would have to reconsider.
“The issue, of course, is that the taxes and the levies that are on the government would have to look at that, and I know that conversation is going on.”
He also stated private refinery operators must invest in technology to lower refining costs.
“The issues of these private sector people who own the refineries in terms of the technology that they need to put in to be able to ensure that they reduce their cost, it’s something that we need to do.”
“The issues of even power, you know, currently the cost of power, so there might be some policy decisions that would have to be taken.”
He suggested that the importance of gold refining could justify special consideration in Ghana’s energy mix.
“Because of the criticality of the refinery, is it possible that in the energy mix, we will give them, you know, a lot more of the hydro that is cheaper?”
Dr Ashigbey also pointed to proposed solar investments in the 24-hour economy as another way to reduce energy costs.
“The conversations, the 24-hour economy is thinking of putting together some solar, you know, large solar plants, you know, and which will reduce the cost of energy to around 3 to 4 cents per kilowatt-hour.”
