A/R: Blaze Metal Resources to invest $30m into gold refinery hub at Boankra

Ashanti Region would soon host of the best and biggest gold refinery in the country and the sub-region to process gold and add value to it for export.

The refinery which would be sited within the free zone enclave of the Boankra Inland Port, is a collaboration between Blaze Metal Resources, a Ghanaian company that deals in gold and their business counterparts, 777 Project Development Consultant based in Dubai (UAE).

The $30m refinery, when completed would be one of the biggest in the sub region with the capacity to refine 500kg of gold daily and will produce up to 24k gold.

Blaze Metal Resources led by its board chairman, Nana Boakye Mensa, the Oyokohene of Worawora, had held meetings with the Asantehene, Otumfuo Osei Tutu II where the group made a presentation on the proposed refinery to the overlord of Asanteman.

The meeting was also to discuss about the land acquisition process to enable the investors move to site on time to start work.

At a press briefing, Nana Mensa said after trading in gold for almost 10 years, the company thought it wise that it was time to set up a refinery in the country to add value to the mineral instead of exporting it raw.

He said Ashanti Region was the largest producer of gold in the country and the choice of the region for the siting of the refinery was a matter of course.

He said aside creating jobs in the region, the refinery would also bring lots of foreign exchange into the country and help the economy to grow.

PARTNERS

The Principal Partner of 777 Project Development Consultant, Mr. Anil Kumar Pillai, said per their proposed programme, the refinery should be operational within three years and said it would be one of the ISO certified in the sub-region capable of producing bullions that are bankable.

According to him, the refinery would have the capacity to refine close 500kg of gold on daily basis.

He said the main objective of setting up the refinery in Ghana and in Ashanti Region for that matter, was to take advantage of government’s policy that required that about 30 percent gold mined in Ghana was refined in the country.

He was hopeful that when the refinery becomes operational, there would not be the need to export raw material as the company will be ready to buy all for its operations.