Page 23 - Bullion World Volume 02 Issue 08 September 2022

Bullion World | Volume 2 | Issue 09 | September 2022

Ms Saroja Yeramilli: We are a tech company. We take creates employment and reduces poverty. ASM sector is
customer-privacy laws very seriously. For every action an important part of the Ghana gold sector. ASM sector
that a customer takes, we have to take consent. We has been developed since 1983. In 2017, a community
take it very seriously. No AR/VR tech can be deployed mining scheme was launched. We are also bringing in
without customer consent. These solutions are, in a responsible sourcing program to formalize ASM and
general, good and helpful for consumers. All privacy community mining.
laws are strictly followed by consumers.
Bank of Ghana has the first right to purchase gold
Presentation by Mr Philip Newman, Managing through its arm Precious Minerals and Metals
Director, Metals Focus Corporation (PMMC). If an Indian company wants
to get gold from Ghana, I urge them to consider
Of the total global gold production, partnering with the Bank of Ghana. Secondly, we are
about 2123 tonnes (as on 2021) also looking at adding value through refining. The
are non-captive gold, that is, gold government of Ghana along with PMMC is considering
mined in countries that permit the setting up a refinery and adding value. This could be
export of gold dore. We expect the another opportunity.
non-captive gold to increase from
116 tonnes to 2239 tonnes by 2023, Mr Nick Spencer, Galaxy
mainly from North America (+34), Goldmines: India has a potential
Oceania (+36), Central and South America (+34) and reserve of 500 tonnes of gold from
Africa (+10). its own mines. From 20 mines,
India can produce about 100
Artisanal and small-scale gold mining (ASGM) tonnes of gold dore per year. So,
accounts for roughly 35% (about 734 tonnes) of the try to explore this option.
non-captive dore market. Africa with 471 tonnes (62%),
C&S America with 197 tonnes (27%), Asia with 62 Second, how do mines choose their refiners? The
tonnes (8%), and Oceania with 4 tonnes (1%). key is a long-term partnership that can help a mine
to develop, grow and prosper together. There has
ESG in dore supply chain: ESG reporting is a practice to be an understanding, strong professionalism, and
in large-scale mines. Major jewellery retailers in the cultural connection. Spending time and money on the
developed world are moving towards ESG-compliant ground with miners is critical. Refiners have to be of
companies with carbon neutral bars. India cannot international standards. LBMA is desirable.
escape some of these broader trends. http://goldconference.in/presentation/Day2/Nick_
http://goldconference.in/presentation/Day2/Philip_ Spencer.pdf
Newman.pdf
Mr Ramkumar
Discussion on Attracting Dore Flows into India Chandrasekharan, Gold Storm
DMCC: We are Singapore's
Moderator: Mr Philip Newman, Managing Director, headquartered company with a
Metals Focus full-fledged office in Ghana to
source and export gold dore.
Panellists: Regulatory requirements are
1. Hon. Dr Kwabena Okyere-Darko Mensah, stringent in Ghana. We do
Government of Ghana (online) undertake regular mine visits and have a complete
2. Mr Nick Spencer, Galaxy Goldmines (online) traceability system. Ghana's market is moving in an
3. Mr Ramkumar Chandrasekharan, Gold Storm organized way. Small-scale miners have their own
DMCC challenges mainly in poor cash management and
book-keeping. They need financial support. Besides
Hon. Dr Kwabena Okyere, some require technical and operational support.
Darko Mensah: Happy to be a Together, these could lead to a sustainable supply
part of the panel. Ghana is the of gold dore. The key is “financial and technical
largest gold producer in Africa. partnerships”. In a way, we are bringing LSM practices
The gold sector has a lot of social to the ASM sector.
and economic impact. The sector http://goldconference.in/presentation/Day2/
Ramkumar_Chandrasekharan.pdf

23