Expansion
projects in the mining sector pushed the country’s gold production to 2,931,131
million ounces in the first nine months of last year, official data from the
Minerals Commission has shown.
Quite
significantly, active gold miners operating in the country, including Gold
Fields, Newmont, Asanko Gold Mines, and Golden Star Resources have all shown
signs of increasing production through the injection of new capital.
On
that same positive trend, output from Manganese recorded 1,313,082 million
metric tonnes while diamond and bauxite recorded 101,022 carats and 961,017
metric tonnes respectively during the period under review.
Chief
Executive Officer of the commission, Dr. Toni Aubynn, told the B&FT in an
interview that going by the figures, he anticipates a rise in gold production
this year.
He
said: “We expect 2017 to be a positive year. We expect that production will go
up. I will not be able to tell you exactly how much but we expect production to
go up slightly above 2016 figures.
We
have very positive expectations for this year and my expectations steams from
the fact that there are huge investments by gold production companies.
The
future, in a few years, looks good for gold production; we are also upbeat
about the price. We are not expecting the price to go down as much as it did
three years ago. We believe that potentially is good.”
Gold prices
Dr.
Aubynn said: “When it comes to gold prices, I am very careful because you need
to have the insight to look deep into the crystal ball before you can make the
prediction. However, the World Bank is looking at a positive gold price this
year”.
The
Minerals Commission boss was hopeful that uncertainties in the international
market, including the United States and the United Kingdom, in relation to
President Donald Trump and Brexit, collectively paint a good outlook for gold
prices on the world market in the future.
“Investors
in developed countries such as America and Britain tend to push their funds
into gold deposits anytime uncertainties are rife on major stock markets.
In
recent times, a similar instance happened during Brexit when investors moved
their funds into gold deposits, causing demand to go up, hence prices also
increasing.”
He
added: “New American president’s policies against foreign businesses are enough
to create uncertainties that may increase gold prices.
America
has a new president who is completely a non-establishment person. He doesn’t
come from the political establishment so people are not sure which direction and
policies he will [follow], which is good. It is good because you can’t always
be predicted but for gold it is even better because gold thrives well in
situations of uncertainty not in the same country but in other countries.”
Dr.
Aubynn explained that investors are very analytical and risk averse hence will
always respond to speculation to secure their investment, adding that gold has
been a safe investment for investors anytime situations on the stock market get
volatile.
“Investors
will always get edgy which may be good for gold since price of the commodity
will go up once demand increases.
When
there are uncertainties in America, gold benefits; when there are uncertainties
in Europe, gold benefits; and when there is Brexit and people are unsure, gold
benefits. So, we hope to take advantage of that. The issue of Brexit is not
settled so that creates some uncertainty,” he said.
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MINERAL PRODUCTION STATISTICS: JANUARY - SEPTEMBER 2016
|
|
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MINERAL
|
PRODUCTION
|
|
Gold (Oz)
|
2,931,131
|
|
|
|
|
Diamond (Cts)
|
101,022
|
|
|
|
|
Bauxite (Mt)
|
961,017
|
|
|
|
|
Manganese (Mt)
|
1,313,082
|
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