The MasterBlog: Ghana H1 gold revenues surge 40%, output up 3%
Subscribe to The MasterBlog in a Reader Subscribe to The MasterBlog by Email

MasterBlogs Headlines

Tuesday, September 23, 2008

Ghana H1 gold revenues surge 40%, output up 3%

Creamer Media's Mining Weekly Online

Ghana H1 gold revenues surge 40%, output up 3%
By: Reuters
Published: 22nd September 2008

Ghana's gold output rose 3%to 1,27-million ounces in the first six months of 2008, but higher prices pushed revenues up 40% to $1,1-billion, the Chamber of Mines data showed on Monday.

Ghana is Africa's second biggest gold producer after South Africa. It produced nearly 2,5-million ounces of the precious metal in 2007.

Average costs, driven by higher spending on electricity, rose sharply to $595/oz in the first quarter of 2008 and $602/oz in the second quarter, from an average $489/oz in 2007, the half-year report from the Chamber of Mines said.

The aggregated cash margin for Ghana's mines was up in the first half of 2008, to $298/oz in the first quarter and $294/oz in the second quarter of the year, compared with $199/oz for full year 2007.

Prices of gold on world markets have benefited from worries about the health of the global economy as investors seek safe assets, as which gold is often perceived.

Gold traded above $900/ozearlier this year, its highest in more than 20 years, and it has hovered in a range of $800-$900 for much of 2008, well above its $600-$800 trading band last year.

Ghana's biggest gold producer is the local unit of South African-listed Gold Fields. Its Tarkwa and Damang mines were responsible for 37% of Ghana's output in the first half of 2008.

AngloGold Ashanti was the second biggest producer with 20% of the country's output from its Obuasi and Iduapriem operations, followed by Newmont.

The data showed Ghana's manganese production fell 1% to 567 838 t in the first half of 2008 but revenues more than doubled to nearly $33-million due to a revision in marketing and pricing at the Ghana Manganese Company Limited.



Copyright Creamer Media (Pty) Ltd. All rights reserved.

Tel: +27(0)11 622 3744 | Fax +27(0)11 622 9350 | newsdesk@miningweekly.com
http://www.miningweekly.com

Ghana H1 gold revenues surge 40%, output up 3%

No comments:

Post a Comment

Commented on The MasterBlog

Tags, Categories

news United States Venezuela Finance Money Latin America Oil Current Affairs Middle East Commodities Capitalism Chavez International Relations Israel Gold Economics NT Democracy China Politics Credit Hedge Funds Banks Europe Metals Asia Palestinians Miscellaneous Stocks Dollar Mining ForEx Corruption obama Iran UK Terrorism Africa Demographics Government UN Living Bailout Military Russia Debt Tech Islam Switzerland Philosophy Judaica Science Housing PDVSA Revolution USA War petroleo Scams articles Fed Education France Canada Security Travel central_banks OPEC Castro Nuclear freedom Colombia EU Energy Mining Stocks Diplomacy bonds India drugs Anti-Semitism populism Arabs Brazil Environment Irak Saudi Arabia elections Art Cuba Food Goldman Sachs Syria Afghanistan Hamas Lebanon Silver Trade copper Anti-Israel Egypt Hizbollah Madoff Ponzi Warren Buffett press Aviation BP Euro FARC Gaza Honduras Japan Music SEC Smuggling humor socialism trading Che Guevara Freddie Mac Geneve IMF Spain Turkey currencies violence wikileaks Agriculture Bolívar ETF Restaurants Satire communism computers derivatives Al-Qaida Bubble FT Greece NY PIIGS Republicans Sarkozy Space Sports BRIC CITGO DRC Flotilla Germany Globovision Google Health Inflation Law Libya Mexico Muslim Brotherhood Nazis Pensions Peru Uranium cnbc crime cyberattack fannieMae pakistan stratfor Apollo 11 Autos BBC Bernanke CIA Chile Climate change Congo Democrats EIA Haiti Holocaust IFTTT ISIS Jordan Labor M+A New York OAS Philanthropy Shell South Africa Tufts Ukraine bitly carbon earthquake facebook racism twitter Atom BHP Beijing Business CERN CVG CapitalMarkets Congress Curaçao ECB EPA ETA Ecuador Entebbe Florida Gulf oil spill Harvard Hezbollah Human Rights ICC Kenya L'Oréal Large Hadron Collider MasterBlog Morocco Nobel Panama Paulson RIO SWF Shiites Stats Sunnis Sweden TARP Tunisia UN Watch Uganda VC Water Yen apple berksire hathaway blogs bush elderly hft iPad journalism mavi marmara nationalization psycology sex spy taxes yuan ALCASA ANC Airbus Amazon Ariel Sharon Australia Batista Bettencourt Big Bang Big Mac Bill Gates Bin Laden Blackstone Blogger Boeing COMEX Capriles Charlie Hebdo Clinton Cocoa DSK Desalination Durban EADS Ecopetrol Elkann Entrepreneur FIAT FTSE Fannie Freddie Funds GE Hayek Helicopters Higgs Boson Hitler Huntsman Ice Cream Intel Izarra KKR Keynes Khodorskovsky Krugman LBO LSE Lex Mac Malawi Maps MasterCharts MasterFeeds MasterLiving MasterMetals MasterTech Microsoft Miliband Monarchy Moon Mossad Mugabe NYSE Namibia Nestle OWS OccupyWallStreet Oman PPP Pemex Perry Philippines Post Office Private Equity Property Putin QE Rio de Janeiro Rwanda Sephardim Shimon Peres Stuxnet TMX Tennis UAV UNHRC VALE Volcker WTC WWII Wimbledon World Bank World Cup ZIRP Zapatero airlines babies citibank culture ethics foreclosures happiness history iPhone infrastructure internet jobs kissinger lahde laptops lawyers leadership lithium markets miami microfinance pharmaceuticals real estate religion startup stock exchanges strippers subprime taliban temasek ubs universities weddimg zerohedge

Subscribe via email

Enter your email address:

Delivered by FeedBurner

AddThis

MasterStats