Value Addition: Ghana’s Major Gold Refinery to be Ready by June

Precious Minerals Marketing Company (PMMC) Limited, is set to commence with the operations of a new refinery. The refinery when completed in June, will see value being added to Ghana’s Gold.

Deputy Managing Director at the Precious Minerals Marketing Company Limited, Venance Dey told the media that, the refinery was important because it will serve many purposes including job creation as well expose to the world, Ghana’s Gold Jewellery Industry.

According to Venance Dey, “the refinery when ready, would see value added to our gold jewelries such as necklaces, rings, anklets, bracelets among others” he told us.

Throwing light on the activities of his institution, Mr Venance Dey said that, the PMMC has very critical mandates that it ensures within the Precious Minerals industry and mentioned of the control of sale and buying of gold, testing and certification. He also said that in line with government’s policy of adding value to our raw materials, the commencement of the refinery would place a lot of value on Ghana’s gold.

He further revealed that, with high commitment from partners, he is optimistic that the refinery would be completed by june “to pave way for business to begin” he again told us.

He advised gold buyers to always get information on credible gold dealership companies from the PMMC before transacting business with them so as to avoid fraud and other unforseen occurrences.

ABOUT PMMC:

Precious Minerals Marketing Company (PMMC) Ltd was established in 1963 as Ghana Diamond Marketing Board charged with the sole responsibility for the purchase and marketing of Ghana’s diamonds. In 1965, by Legislative Instrument (LI) 401, the Company was incorporated as a State Owned Enterprise (SOE).

With the promulgation of the diamonds decree (NRCD 32) in 1972, LI 916 was enacted to change the company’s name to Diamond Marketing Corporation.

In 1989, PNDC Law 219 was enacted to yet again change the Company’s name to the Precious Minerals Marketing Corporation with functions including
to grade, assay, value and process precious minerals,
to buy and sell precious minerals and to perform any functions conferred upon it by the Diamond Decree, 1972 (N.R.C.D. 32).

It also has responsibility to appoint licensed buying agents for the purchase of precious minerals produced by small scale-miners, to promote the development of precious minerals and jewellery industry in Ghana, to do all such things as are incidental or conducive to the attainment of its objectives and functions.

Finally in year 2000, it was converted by Act 461 (Statutory Corporations Conversion to Companies Act) to a Limited Liability Company to operate under the Ghana Companies Code (Act 179 of 1963) as Precious Minerals Marketing Company Limited with the same functions under the PNDC Law 219.

The following has been the functions of the Company until 2016 when most of the functions changed as a result of appointment of PMMC as the government assayor:

Grading, assaying, valuing and processing of precious minerals, buying and selling of precious minerals and Appointment of licensed buyers for the purchase of precious minerals produced by small scale miners. The rest include production of jewellery, to carry on trade and business whatsoever which can in the opinion of the directors, be profitable ancillary for the general business of the Company.

The Company now operates as Government’s assayer with the sole mandate of assaying all gold which leaves the country. The jewellery production is also a subsidiary of the Company operating under the name PMMC Jewellery Ltd (PJL).

PMMC is located in the Diamond House building in Accra, situated on the Kinbu Road adjacent to the Registrar-General’s Department.

Source: Kofi Adzivor || businessweekghana.com