Ghana Gold production climbs 17% in 2012
Production climbed to 4.2 million ounces from 3.6 million ounces in 2011, The 2012 figure beats the commission's forecast of 3.9 million ounces.
Africa's second largest gold producer Ghana announced a 17 percent increase in gold production last year.
According to Ghana Minerals Commission,the increase in output was mainly due to risisng prices that encouraged higher output by companies.
Gold prices averaged $1,668 an ounce in 2012 from $1,572 an ounce a year earlier. Production climbed to 4.2 million ounces from 3.6 million ounces in 2011, The 2012 figure beats the commission’s forecast of 3.9 million ounces.
Australian miner Adamus Resources poured its first gold in January last year. Newmont’s second gold mine at Akyem, located about 125 kilometres (80 miles) northwest of Accra is expected to start commercial production in 2013 with as much as 450,000 ounces annually.
Bauxite rose to 662,925 metric tons in 2012 from 410,918 tons a year earlier, Diamond output fell to 215,118 carats from 283,368 carat.
Johannesburg-based miners AngloGold Ashanti Ltd. and Gold Fields Ltd also operate in Ghana, which has West Africa’s second-biggest economy after Nigeria.
Ghana produced 2.97 million ounces of gold in 2010. Output was originally seen rising in 2011 but in the end shrunk as a number of firms focused on longer-term maintenance and expansion projects rather than maximising existing production.
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