Newmont Ghana has
announced that it has successfully sold 3,500 ounces of gold to the Bank of
Ghana (BoG) under the central bank’s Domestic Gold Purchasing programme
launched in June 2021.
A statement from the mining company said it went through the
transaction with the Central Bank as part of efforts by the BoG to increase its
gold reserves.
“By this, we become the first mining company to respond to the
Central Bank’s novel initiative which is a very significant milestone in the
fiscal history of the country,” the statement said.
The BoG’s domestic gold purchasing programme was launched in
June 2021 with the primary objective of increasing its gold reserves.
Subsequently, the Central Bank initiated discussions with the Ghana Chamber of
Mines about its intention to purchase refined gold from mining companies in the
country.
While mining companies
in Ghana were prepared to support the programme, there was the need to ensure
that the initiative met the governance, risk, compliance, and supply chain
requirements of their various companies.
According to Newmont, it proactively engaged the Bank of Ghana
on the governance, risk, compliance, and supply chain requirements associated
with the deal, after which it signed an agreement that met all the requirements
of both parties in December 2021.
Under the programme, the Central Bank is requiring an estimated
amount of 10koz of gold annually from members of the Chamber of Mines over the
next four to five years.
“Newmont
will provide about 30% of the required amount annually, based on its market
share within the mining industry in Ghana. The company’s first sale of refined
gold occurred in May 2022 following on meeting of the terms and conditions in
the agreement reached,” the statement said.
Source: adomfmonline.com