City A.M. - Tuesday 4 September 2018

By Jess Clark, a City A.M. news reporter covering private equity and investment.

 

 

The UK's largest gold refinery, Baird & Co, is to establish a centre in Ghana to provide assaying services for the west African country.

East London-based Baird & Co will establish an International Gold Assay Centre and laboratory in Accra, the capital, with Ghana's Precious Minerals Marketing Company (PMMC) to determine the purity of exports.

The PMMC is in charge of validating assay results of gold exported from Ghana, which is one of the world's leading gold producers, and Baird & Co will help to install the latest technology and industry best practice after a Memorandum of Understanding was signed today.

PMMC board of directors chairman Kiston Akomeng Kissi said: "We are pleased that Baird & Co., a British company synonymous with quality, purity, refining expertise, is investing in Ghana to help us to improve further on our assaying capabilities.

"Gold is a key export for Ghana and a strengthened assaying process will facilitate the more effective collection of all statutory revenue due to government at this critical time where funds are needed to pursue its socio-economic agenda."

The centre will be located near the Kotoka International Airport and will be led by Baird operational and technical experts, who will train PMMC staff to run the facility.

Baird & Co executive director Lorena Baird said: “Ghana is one of the world’s premier producers of gold ore and doré, supported by a rich and dynamic extractive industry with top tier mines.

"Assaying is an integral part of the gold producing process, providing third party reassurance and endorsement for producers, investors and government alike.

"We are delighted to be partnering with an organisation as prestigious as the PMMC and look forward to working with their team to help Ghana’s gold industry to realise its full potential.”

LPPM
LBMA
The Royal Mint
The Royal Mint Refinery
Krugerrand
UKAS