Damang: The Damang Gold Mine has once again delivered 100 percent of its gold production to the Ghana Gold Board (GoldBod), reinforcing efforts to strengthen Ghana's economic value retention strategy in the mining sector.
According to Ghana Web, the latest delivery marks the second time the mine has supplied its entire output to the state agency. Speaking during a presentation ceremony, Michael Arko, Technical Director of GoldBod, commended the management of Damang Gold Mine and its parent company, Engineers and Planners, led by business mogul Ibrahim Mahama, for their confidence in the government's national gold policy. He disclosed that the latest consignment amounted to 121 kilograms of gold, equivalent to about 3,400 ounces, surpassing the previous delivery of 103 kilograms made during the first transaction with GoldBod.
Arko highlighted the significance of the event, stating, 'Today marks a very significant and refreshing moment for us at Ghana GoldBod.' He added that the government's policy encourages large-scale mining companies to supply between 20 and 30 percent of their gold production to the state, aiming to help Ghana retain more value from its mineral resources and strengthen the economy. He urged other mining companies to follow the Damang Gold Mine's example, emphasizing the positive impact on the economy.
Also speaking to the media, Bobby Banson, lawyer for Damang Gold Mine, expressed that the company's decision to supply its entire gold production to GoldBod reflects its commitment to Ghana's economic development. He addressed claims that the mine's earlier delivery was a one-off gesture, noting that the latest transaction demonstrates a sustained commitment to supporting the Ghanaian economy.
Banson emphasized that prioritizing national interest over profit could lead to a more sustainable and beneficial economy for citizens. He reaffirmed the company's pledge to continue offering GoldBod the right of first refusal for future gold production, provided the institution has the financial capacity to purchase it. 'As long as GoldBod has the financial capacity to take it, we will continue to give them the right of first refusal because we want to contribute in our own small way to bringing stability to our economic fortunes,' he stated.