Prestea Sankofa Gold Limited (PSGL) has joined the campaign being waged by government to improve participation of Ghanaians in the country’s mining industry.
Consequently, the company has entered into mainstream mining activities with an initial acquisition of a new concession at Bondaye to begin hard rock mining.
The new mining business move,has been described by many as timely, transformative and futuristic.
The acquisition of the new mines, follows many years of dedicated service rendered in recovery of gold through tailings.
Speaking to journalists after a brief tour of the operational site of the company at Prestea, in the Prestea Huni Valley District of Western Region, Managing Director of the company, Alhaji Ishaq Dauda, explained that the new direction of the company is to provide operational respite, guarantee profit, and above all sustainability of the mining business
The ultimate goal of the company, he underscored, is to ensure that the company remains viable, profitable, sustainable and capable of creating jobs to satisfy the host community as well as many unemployed Ghanaians.
Alhaji Ishaq disclosed that the company has already acquired an 87 kilometre square of a fertile concession at Bondaye to commence operational activities as part of the new measures being deployed to ignite growth.
When the new concession is mainstreamed, the company, he noted, expects to produce over 4000 ounces of gold, hence the decision to invest in the exploration of the concession.
He revealed that the company has already pumped into the exploration over 3 million dollars.
The lifespan of the Bandaye operational site, he said is estimated at 5 years based on available data and research, but the company intends to expand its operations wider with acquisition of additional concessions once the capacity to expand would permit it and there is efficiency and cost effectiveness, the MD said.
Currently, Prestea Sankofa Gold Limited (PSGL) produces 50 kilograms of gold monthly, surpassing 25 kilograms of gold hitherto being produced by the company.
Aside that, the MD says, in order to improve performance and operational efficiency, Prestea Sankofa Gold Limited is currently undertaking refurbishment of its processing plants with an investment worth eighty (80) million Ghana cedis.
In addition, the company is building an extraordinary tailings dam worth 3 million dollars to improve productivity and general performance.
“When we are done with the tanks, dams, and the refurbishment, we will definitely increase our capacity and efficiency and ultimately the performance of the company “
The cumulative impact of all these beautiful initiatives introduced by the Managing Director, has already resulted in improved revenue drive and for the first time, the company is paying dividend to its mother company, Ghana National Petroleum Corporation (GNPC) in 2025.
The MD says, the company anticipates that the new policies being rolled out would enhance productivity and ultimately engineer growth in the next one year and at the long run.
