Story: Mary Mensah
A Diamond polishing plant has been set up by the Precious Minerals Marketing Company (PMMC) Limited to polish rough diamonds mined locally.
Until the establishment of the plant, locally mined diamonds were polished abroad.
The Chairman of the Board of Directors of the PMMC, Mr Kwabena Kyere, who made this known at the fifth annual general meeting of the company in Accra, said the plant was part of measures to add value to the products of the company for better margins and sustainable growth.
In addition to the value addition, he said the company would create new markets in the ECOWAS sub-region through collaboration with international jewellery manufacturers.
He said the development of other local stones for the production of ornaments would be intensified by the research department.
Giving an overview of the company's operations, Mr Kyere said the PMMC achieved a profit before tax of GH
e895,760, representing an increase of 19.71 per cent over the previous year's figure of GH e748,229.
He said the company's purchases and export of gold represented about 12 per cent of the national output and surpassed the output of all the individual operating mines except Goldfields, Tarkwa and Newmont Ahafo.
The board chairman indicated that from the export of gold, diamonds and jewellery sales, the PMMC generated foreign exchange of $207 million, all of which was repatriated into the country through the banking system.
On corporate tax, he asserted that the company had always been up-to-date in its obligations through the self- assessment scheme administered by the Large Taxpayer Unit of the Internal Revenue Service.
He said by the close of the year, GH
e194,709 had been paid to the government as corporate tax on profits earned for the year's operations.
Mr Kyere indicated that considering the PMMC's operations for 2010, the board had proposed a dividend payment of GH
e1650.000 to be paid to the government, the sole shareholder of the company.
He said 2010 was full of challenges in the industry, as market liberalisation, coupled with internal and external factors and competition, characterised the operations for gold, diamonds and jewellery.
For his part the Deputy Minister of Lands and Natural Resources, Mr Henry Ford Kamel said the PMMC was established by the government to purchase and export gold and diamonds from small-scale miners to ensure that the miners benefited from their work.
He said the small-scale mining sub-sector had received a considerable boost in its operations, particularly in the production of precious minerals, as a result of the ready and attractive market offered by the PMMC.
BROKER BULLETIN ARTICLE BY ZURICH RELATIVE TO OUR HEAVY HAULAGE & HIGH VALUE VEHICLES DIVISION
"Immediate Recover Solution
Proactive initiatives to recover stolen or hijacked vehicles result in a reduction in the cost of claims
In an effort to increase the recovery of stolen or hijacked vehicles, we have partnered with John Pearson & Associates, a well known and respected company with a proven track record in the insurance industry. John Pearson & Associates currently has a network of over 6,000 informants in and around South Africa which include the SAPS, police informants as well as vehicle tracking companies. This network is continuously growing thereby increasing the likelihood of recovering a stolen or hijacked vehicle.
In a recent incident we were able to recover a horse and two trailers with high value cargo in less than 24 hours. This single incident saved Zurich a claims cost in excess of R2.5 million.
The success rate of recovery is however dependent on the loss being reported within the minimum time frame after the incident occurs. As soon as a loss has been experienced we recommend that either you or your customer contacts the 24-hour hotline - 071 623 5499 - immediately to report the incident."
TANZANIA GOLD TRANSACTION
Jean Pitout recently visited Dar el Salaam in Tanzania to oversee a gold transaction.
Whilst there he conducted various enquiries as arranged and unfortunately due to lack of communication between the sellers and the buyers the transaction did not go through. The sellers were informing the buyers that all was in order for us to attend and begin the sampling process whilst at the same time telling us that we could not gain access to the product without payment of various taxes etc.
Whilst there we collected information regarding the modus operandi used by the syndicates in Tanzania to target potential gold buyers and defraud them.
We have attached a copy of this article for the readers interest.
Gold scammers report Ghana.docx
We recently received information that a TLB which had been stolen and which we were investigating was being moved from an unknown location to Soweto. We immediately made our way to the area identified and met with our informer who showed us the whereabouts of the TLB.
We established that the TLB had been parked outside a house and that the occupants were busy repairing the TLB.
We unfortunately could not get any immediate assistance from the Police and as such we approached the individuals working on the TLB. We noticed a passenger vehicle parked behind the TLB whilst approaching. After we identified ourselves the main suspect who owned the passenger vehicle ran into the shacks. We gave chase however due to us not having any firearms etc at that time, the suspect unfortunately escaped.
The suspect was later arrested and his vehicle impounded by the Police after his identification, company trading names and home address details were located in his vehicle. This suspect was later identified as being involved in a number of TLB thefts and additional recoveries were made by the Police using the information we provided.
The TLB was recovered and the insured was called to collect the TLB from the site.
This shows the power of the informer network and how it can assist with any ongoing investigations.