The Minerals Commission has downplayed reports that some mining companies have begun moves to sell off their gold mines in the wake of the worsening power crises and falling gold prices on the world market.
Mining Companies are currently shedding about 30 percent of power from an initial 25 percent agreed on; a situation which has increased expenditure with the use of generators to fuel their plants.
[contextly_sidebar id=”TRku4cKCpvpnlpNtbihgvnZnBaiIQIW6″]There are reports that the development has sparked a selling spree of mines in the mining industry.
But the Chief Executive Officer of the Minerals Commission, Dr Tony Aubynn dismisses the reports.
He tells Citi Business News ”I believe this power situation will be addressed over time so I don’t think they will easily want to relinquish their processing facility because that is what takes power it is not the land on which they exploit even though there is a wider implication to that ”.
According to Dr Aubynn, the load shedding has now become an ”African Challenge” as ESKOM, which is ECG’s equivalent in South Africa is also having challenges with power.
He says though it is a challenge, mining companies must properly manage their operations as ”government is making more efforts to address the power challenge, it is a problem but I think it is not insurmountable” Dr Aubynn stated.
By: Lorrencia Nkrumah/citifmonline.com/Ghana