Ghana to receive 20% equity share for refining gold locally
When Royal Gold Ghana Limited begins operations later this year, Ghana will get a 20 percent free equity share for gold processed domestically.
Currently, all gold generated by mining firms in the country is processed outside of the country, therefore the government receives no benefit from gold refined elsewhere.
In this line, the government formed a public-private partnership with Rosy Royal Limited, an Indian firm, to refine gold in Ghana.
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According to the deal, the Ghanaian government would own 20% of the gold purified locally by the Indian Company, while the Indian investor who built the refinery will own 80%.
“It’s the expense of refining gold locally, for which we’ll receive a free 20% equity stake, but the gold belongs to the mining firms.”
Ghana to receive 20% equity share for refining gold locally
“In fact, we do not gain anything when the gold is refined outside and so as part of efforts to providing refinery solution, the government of Ghana entered into agreement with the Indian Investor to build a refinery here. It also formed part of government’s policy to at least refine 30 percent of all gold produced in Ghana,” he added.
Mr Wisdom Gomashie, Deputy Governor’s Personal Assistant
Mr George Mireku Duker, the Minister of Lands and Natural Resources in charge of Mines, said the Ghana News Agency in an interview on Wednesday.
According to Mr Gomashie, the Indian investor put in an estimated $25 million to build the gold refinery, which is housed in the Diamond House on the Precious Minerals Marketing Company’s Accra grounds.
Mr Gomashie stated that the Indian Investor would also pay corporate taxes to the government and employ Ghanaians, and that once the Investor had managed the refinery for a while, the parties’ equity stake would be split 50/50.
The government, through the Precious Minerals Commission, is in charge of precious minerals.
Marketing Firm formed a joint venture with Rosy Royal Limited, an Indian company, to build a state-owned gold refinery.
The refinery’s name will be Royal Gold Ghana.
Limited, which has the capacity to process 400 kilogrammes of gold each day.
