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UPDATE 1-Ghana sees slight dip in gold production this year

Published 2016-06-01, 03:01 p/m
© Reuters. UPDATE 1-Ghana sees slight dip in gold production this year
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ACCRA, June 1 (Reuters) - Ghana expects to produce 2.7
million ounces of gold in 2016, down only marginally from last
year as new production offsets a decline in output due to lower
global prices and ageing mines, the Chamber of Mines said on
Wednesday.
Gold is the single biggest revenue earner for Ghana, which
is following a three-year aid deal with the International
Monetary Fund.
The West African country produced 2.8 million ounces of gold
last year, the Chamber's Chief Executive Sulemanu Koney said,
down 10 percent from 2014 when AngloGold Ashanti's Obuasi
ANGJ.J mine laid off workers and all but stopped production.
Revenues declined 14 percent to $3.3 billion in 2015, a
reflection of the price slump.
Asanko Gold, which is listed in Toronto and New York and
started production in Ghana last month, is due to formally
launch next week. Canadian miner Golden Star Resources also
plans to start production from its underground mine this year.
Ghana, the second-largest African gold producer after South
Africa, is yet to fully recover from a power crisis that has
pushed up mining costs.
"The already bad (price) situation is worsened by an upsurge
in the activities of illegal miners, who are increasingly
invading and causing havoc to concessions," Koney told Reuters
on the sidelines of a meeting of West African miners.
Ghana's mining firms include Newmont Mining Corp (NYSE:NEM) NEM.N and
South Africa's Gold Fields GFIJ.J . Ghana also produced 1.28
million tonnes of manganese last year, down 5 percent on 2014.

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