Engineers and Planners (E&P), owners of the Damang Gold Mine, on Monday sold another gold consignment weighing 121 kilogrammes to the Ghana Gold Board (GoldBod).
The latest transaction, representing 100 percent of the mine’s total operational output, which is approximately 3,400 ounces, was processed at the GoldBod Assay Laboratory in Accra.
The Technical Director of GoldBod, Michael Arko, who received the mineral for testing and storage during an inspection of the bullion bars, commended the management of Damang Gold Mine and its parent company, Engineers and Planners, for demonstrating confidence in the government’s national gold policy.
“Today marks a very significant and refreshing moment for us at Ghana GoldBod. This is the second time Damang Gold Mine is delivering 100 percent of its gold production to the Ghana Gold Board, and we highly commend the management for supporting the national policy,” he said.
Mr. Arko explained that under current state guidelines, large-scale mining firms are encouraged to supply between 20 and 30 percent of their gold production to the state to enable the country retain more value from its mineral resources and strengthen the local currency.
By voluntarily supplying 100 percent of its production, Damang Gold Mine has far exceeded the state’s minimum threshold.
He also used the opportunity to challenge major foreign mining firms operating in Wassa and its environs to realign their export strategies with the national interest.
“If all the other mining companies follow this good example, it will do well for our economy. Local participation in the gold trade is non-negotiable for post-recovery stability,” he stated.
The transaction also carried political and corporate significance. Following Damang’s first sale, some critics within the mining sector reportedly dismissed the partnership as a public relations stunt rather than a sustainable commercial arrangement.
However, the legal representative for Damang Gold Mine, Mr. Bobby Banson, dismissed such claims in an interview with journalists at the laboratory.
“For those who thought what we did last time was a nine-day wonder, this is further evidence of the commitment of the mine, wholly owned by a Ghanaian, to support the Ghanaian economy. The consistency of the mining firm proves its loyalty to national development,” Mr. Banson stated.
By Ebenezer K. Amponsah