Ghana: Gold producer loses $30 million due to power crisis

NEWMONT GOLD Ghana Ltd (NGGL) in an interview with The Chronicle, has disclosed that the company has lost $30 million as a result of the energy crisis currently facing the nation.

…The General Manager quantifying the amount into gold production indicated that Newmont could not meet its target of 250,000 ounces, but only produced 2000, since it first poured its first gold in July this year. The value of 200,000 ounces was $120 million with the government taking 3% out the total amount.

Mr. Ingle, attributing the shortfall to the current energy crisis in the country, revealed that the NGGL had taken a decision to acquire its own plant of 10 MW of power, as a standby plant for its gold extraction.

He told The Chronicle that next year, the company has estimated to produce 450,000 ounces and if proper measures were not put in place to combat the energy crisis internally, it may affect its operations, hence the need for the plant.

Ghanaian Chronicle