GoldBod’s Refinery deal boost Ghana’s LBMA accreditation bid – Rand Refinery CEO
The Chief Executive Officer of Rand Refinery,Dean Subramanian has stated that GoldBod’s refinery agreement with Gold Coast Refinery and Rand Refinery serves as a significant step towards Ghana’s bid to achieving London Bullion Market Association (LBMA) accreditation.
The Ghana Gold Board (GoldBod) aims to enhance Ghana’s gold sector transparency and sustainability by partnering with Gold Coast Refinery to position itself for LBMA accreditation, which would boost Ghana’s gold export reputation.
According to Subramanian, Rand Refinery is ready to support the aspirations of the Ghana government for local refining, through the partnership with the Gold Coast Refinery.
“We can only achieve this through a continuous partnership between the Ghana Gold Board, Gold Coast Refinery and Rand Refinery,” he said
Subramanian expressed strong commitment to working with Gold Coast Refinery and Goldbod to implement the necessary framework and to ensure that the material sourced meets international responsible sourcing requirements.
Meanwhile, the Chief Executive Officer of the Ghana Chamber of Commerce, Ing. Ken Ashigbey has expressed commitment to supporting the Ghana Gold Board’s local refinery by ensuring the involvement of large scale Mining companies.
According to him, the chamber supports the idea of refining gold in Ghana and hence, its decision to engage Gold Coast Refinery, the Ghana Gold Board and Rand Refinery in a bid to acquire the London Bullion Market Association’s (LBMA) accreditation to ensure product purity and ethical sourcing.
He was speaking at a ceremony to sign a gold refinery agreement between the Ghana Gold Board, the Gold Coast Refinery and Rand Refinery.
The GoldBod on Tuesday, January 20, signed a landmark gold refining agreement with Gold Coast Refinery, marking a major step towards deepening value-addition within Ghana’s gold sector.
The partnership seeks to reduce Ghana’s long-standing reliance on exporting raw gold, a practice that has historically led to significant revenue losses that could otherwise be captured through domestic refining and downstream processing.
Under the agreement, gold sourced from both artisanal and large-scale mining operations will be refined locally for trade and export, bolstering Ghana’s position along the global gold value chain.
The Gold Coast Refinery was established to promote growth in Ghana’s gold industry and support government macroeconomic management efforts. Its main purpose include processing raw gold dust, scrap gold, and other precious metals to achieve high purity levels (up to 999.9, support Ghana’s goal to locally process 30% of its gold, currently one of the top 10 gold-producing countries, provide services like assaying, smelting, refining, vaulting, transportation, and export of refined gold among others.
Source: Ghana/otecfmghana.com
