Ghana temporarily suspended the process of issuing new licenses for exploration and production of gold, Russian Jewelry Network reports with reference to the portal Sogra.ru.
The Ghana Minerals Commission ceases issuing new exploration and production licenses for an initial period of 90 days in connection with the inventory of unused land plots. According to the head of the commission, Mr. Tony Aubynn, the audit will allow to overestimate the possibilities of developing unused sections, to identify the potential and redistribute previously issued licenses for this list of lands. Tony Obinn also warned that a three-month moratorium on new licenses could be extended if necessary.
The implementation of these measures can be risky for the West African state, the second largest producer of yellow precious metals on the continent, which has been experiencing a decline in gold production for a long time.
In 2013, with a 28% drop in gold prices, not only small and medium-sized enterprises suffered losses, but large producers such as AngloGold Ashanti, Newmont and Gold Fields were forced to cut production in Ghana.
Last year, gold production in the country fell by 0.7% to 4.29 million ounces (122 tons).