Gold Production & Marketing
GOLD SMALL SCALE
Gold operations in Ghana are in two sectors… The large scale sector; and the small-scale sector. MGGOLDLINK is responsible for the small-scale, which is comprised of individuals, small and medium size mining companies.
Generally, any mining operation with concession up to 25 acres is considered a small-scale mine. MGGOLDLINK purchases gold from small-scale miners and gold winners popularly known as "galamsey" operators, and export abroad on behalf of the small scale companies who are licensed with MGGOLDLINK.
MGGOLDLINK already has an existing contract to sell its gold to an overseas gold refinery. However, applicants with favorable terms may be considered.
Overseas buyers seeking to purchase gold from Ghana may contact other licensed gold buyers. However, any offers received from suppliers are to be confirmed with MGGOLDLINK for advice on genuineness of transaction.
PRODUCTION AND MARKETING
In 1989 when the Government of Ghana regularized small-scale gold mining operations in the country, it was estimated that about 60,000 to 80,000 ounces of gold hitherto produced by Small Scale miners were smuggled out of the country annually.
An initiative was taken in April 1989 when MGGOLDLINK was charged with the responsibility of promoting small scale gold mining in the country as well as purchasing all the gold so produced.
The Company’s purchases represent about 11.68% of total gold exports from Ghana.
The Company has purchased over 851, 030 ounces of gold worth approximately US$467 million from 1989 to 2010.
The Company has licensed about 750 local Gold Buyers who operate in mining communities in the country to purchase gold. The buyers in turn sell the gold to the Company at its Head Office in Accra or any of its branches. MGGOLDLINK has thus succeeded in sending the market to the doorstep of the producer to minimize smuggling
Gold Export Procedures & Charges
MGGOLDLINK shall issue an Assay Invoice which will indicate the weight and the purity of gold being exported.
The gold to be exported shall be sealed and secured in metal/wooden specie boxes on the day of export by MGGOLDLINK in the presence of the following group of officers.
- Ghana Customs Officers
- MGGOLDLINK Officials
- The Licensed Gold Buyer who has requested for the gold export.
MGGOLDLINK will complete the Bank of Ghana and Ghana Customs Excise and Preventive Services export documents on behalf of the licensed Gold Buyer.
The exporter will be required to supply the full address and the telephone number of the overseas destination of the export.
MGGOLDLINK will be responsible to transport and insuring the gold to Kotoka International Airport, Accra for delivery to the airline.The exporter and the Overseas Buyer shall be responsible for the insurance and airfreight charges of the gold to be exported from the KIA.
The gold to be exported will be accompanied by the following documents:
MGGOLDLINK Assay invoice which will indicate:-
ACG Purity (i.e. Gold content)
Quantity in ounces and kgs
Value in both US Dollars and local currency (The value of the gold will be based on the spot price of the London Metal Exchange (LME) on the day of export.)
Bank of Ghana Export Documents
Customs export documents
Funds in US Dollars representing the export value of the gold should be repatriated into the country.
MGGOLDLINK fees for the export of gold are:-
Shipment charge $650 if the gold is below 1Kg
Shipment charges- 0.50% of the export value of the gold
Assay charges : - $90.00 per bar of 5kgs
Smelting charges: - $50 per kg. of gold
These fees are payable on the day of export of the gold.
Third Party Shipments
As required by Government policy, the company exports gold on behalf of third parties for a commission. Individuals and Local Buying Agents can export their gold to any destination through MGGOLDLINK for an approved charge of 0.50% of total value of gold to be exported..
Gold Licensing Requirements & Buying Procedure
All who wish to acquire a gold buyer’s and export license must send a written request on company letterhead to the Managing Director, MGGOLDLINK. Your letter will be immediately replied to.
MGGOLDLINK licenses are valid from January to December of each year.
With the individual licenses, the customer fills the required form, adds four (4) passport pictures and the fees.
For a company license, complete the forms and add the documents of the registered company along with an application letter and pay the required fees.
The license process takes five working days.
Smelting Gold and Buying Procedure
Gold is weighed in the laboratory and a receipt issued for payment
After payment is made at the cash office or bank account information for TT, the gold dust is taken to the smelting basement, to be smelted in the presence of the customer and a security officer from MGGOLDLINK.
The gold is then brought back to the laboratory to be weighed and assayed.
MGGOLDLINK does not assay and issue assay results on gold unless it is being exported or by special request.
Your gold can be stored at MGGOLDLINK awaiting export
The client who has a license with MGGOLDLINK and wants to store his gold must bring a deposit letter, on the letterhead of the company, indicating the weight and value of the gold. A receipt is issued after the deposit.
When the customer wants to release the gold, a release letter, also containing the weight and value of the gold should be brought to MGGOLDLINK. The receipt which was issued must also be returned by the SAME person who did the deposit.
MGGOLDLINK buys pure gold and gold scrap.
Gold can be sold in MGGOLDLINK by anyone.
The gold is weighed and assayed in the laboratory and, if the price is agreed upon by the customer, a receipt is issued.
The gold price is based on the spot world market gold price
the value of the gold is paid in the MGGOLDLINK BANK ACCOUNT WITH (STANBIC BANK GHANA MG GOLDLINK COMPANY LTD..)ONLY,IF ANYONE GIVES YOU ACCOUNT INFORMATION FOR PAYMENT KINDLY EMAIL US AT [email protected]