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|17 November, 2016

Egyptian company inaugurates Africa's second largest gold refinery in Ghana

The plant will refine raw dust, scrap gold and other precious metal.

Image used for illustrative purpose. Refined gold is poured into moulds to be made into gold bars at South Africa's Rand Refinery in Germiston May 30, 2006. [Physical sales of gold from South Africa's Rand Refinery to the biggest consuming nation India have fallen by around a fifth so far this year due to a strong rally in prices, a refinery official said on Tuesday.]

Image used for illustrative purpose. Refined gold is poured into moulds to be made into gold bars at South Africa's Rand Refinery in Germiston May 30, 2006. [Physical sales of gold from South Africa's Rand Refinery to the biggest consuming nation India have fallen by around a fifth so far this year due to a strong rally in prices, a refinery official said on Tuesday.]

REUTERS/STR New
17 November 2016

Egypt-based Euroget Group inaugurated Friday a gold refinery in Ghana, the t the largest gold refinery in West Africa and the second largest in Africa, at cost of $110 million.

Egypt’s Ambassador to Ghana Mohamed Haidar was present in the opening of the Ghanaian gold refinery, in which Euroget Group has used the world’s most advanced technologies.

Ghana’s President John Dramani Mahama along with a number of ministers and lawmakers have attended the gold refinery opening ceremony.

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The plant will refine raw dust, scrap gold and other precious metals, the ambassador said in a statement issued by the Egyptian Ministry of Foreign Affairs.

Egypt is increasingly interested in the Ghanaian market and efforts are being exerted to boost cooperation and lure investments in the health, agriculture and medicine fields, he said.

President Mahama stated that the government was putting in place measures that would make Ghana a jewellery hub in Africa.

“We have all that it takes – the raw gold and other minerals – and now that a refinery has been established, it would facilitate the setting up of a jewellery village in Tepa in the Ahafo-Ano District of the Ashanti Region.” The Ghanaian president said.

The refinery, which was registered under the laws of Ghana with the business operations in refining gold and other precious minerals, is located within the vicinity of the Kotoka International Airport.

It has the capacity of 180 metric tonnes per annum in a single shift production, first of its kind in West Africa and second largest in Africa.

Mahama further said the establishment of the refinery would also deepen the relations between Ghana and Egypt which started many decades ago.

Said Deraz, Chairman and chief executive of Euroget Group of Investors, said for commercial operations, the refinery would offer transportation and logistics services for precious metals, assaying, melting, and testing.

It will also refine to the highest quality grade i.e. five nines, process for export and exporting of gold, storage, safe keeping, custodian services, jewelry manufacturing, and showroom phase three, Deraz added.

The Egyptian investor further said the refinery, which is expected to commence full operation in December, would produce 600 kilogrammes per shift of eight hours and provide 300 direct and 1,200 indirect jobs.

Ghana is one of the top 10 gold producing countries in the world with production over the last three years pegged at 92 metric tons per year.

© Amwal Alghad 2016

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