PMMC signs €4.5 million gold refinery pact

By Patrick PAINTSIL

The Precious Mineral Marketing Company (PMMC) has signed a €4.5million contract with Russian-based Geo Professional Services Limited for the construction of an ultra-modern gold refinery in Accra.

The facility, which is expected to be operational by mid-2013, will give the company the capacity to refine 700,000 tonnes of gold for export yearly while enhancing the pricing of gold for small-scale miners in the country.

The joint venture will also put to an end to the company’s quest for a fully-fledged gold refinery to purify and increase the worth of gold produced in the country -- which has proven futile over the years.

“The necessary financing as well as permits have been secured. We have placed orders for machinery and other equipment and all due diligence has been carried out,” Board Chairman Mr. Kwabena Kyereh said to media at the signing of a Memorandum of Understanding (MoU) between the two companies to formalise the project.

Mr. Kyereh said the project affirms management’s resolve to add value to the company’s products while increasing revenue to the country, as well as increasing the lot of artisanal miners in the chain of operations as it impacts on their socio-economic circumstances.

He said PMMC has come far on this objective with the setting up of a diamond-cutting and polishing plant, which currently produces 200 carats of polished diamonds per month for jewellery production.

“Last year alone, the company exported an approximated volume of 453,000 ounces of gold procured from small-scale miners; but our revenues and profits were adversely affected because the gold was unrefined and subjected to market fluctuations,” he noted.

He asked the project team to put in their best to ensure that the refinery is completed within schedule as they jointly move to add value to gold production in the country.

Messrs Geo Professional Services Limited is a reputable company that has been involved in numerous gold ventures across the world.

Mr. Ramazan Kafarov, Chief Executive Officer of the company, assured that his team will put in their best to ensure that the project meets its timeline.

“This is a strong partnership, and I can affirm that my company has all the facilities to ensure speedy completion. We will do our best to put up the best gold refinery in the country and Africa as a whole,” he assured.

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