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Gold production which is forecasted to close the year at 15 000kg for the year under review, was 12 477kg worth $657,603 million mainly on the back of increases in exploration activities at some of the country’s leading mines.
The Chamber of Mines said Freda Rebecca was now the largest gold producer in the country after it passed its targeted 72 000 ounce annual production.
Investments in exploration at mines such as Blanket Mine, New Dawn mines and Duration Gold have also led to a record gold production this year.
In 2011 the country generated $2,013 billion from minerals.
Platinum production for the ten months was at 9 210kg, generating $404,71 million in the process against $532,27 million total platinum production earned in 2011.
It is believed that the mining industry requires $10 billion in the next five years to recover.
Currently the mining sector is believed to be contributing 13 percent of the country’s gross domestic product (GDP).
Analysts believe if key challenges facing the mining sector such as inadequate capital and energy supply constraints are addressed, mining could contribute as much as 18 percent to GDP by 2015 and well above 25 percent by 2020. — New Ziana
Online Reporter