CASE STUDY ON FOREIGN INVESTMENT IN …



CASE STUDY ON FOREIGN INVESTMENT IN MINING: THE CASE OF GHANA

KWASI BARNING*

INTRODUCTION:

Ghana has been successful over the past 15 years in attracting direct foreign investment into its mineral sector. The country has since 1986, been able to attract over USD5 billion of direct investment for mineral exploration, establishment of new mines, as well as in the expansion and rehabilitation of existing mines. Part of the investment has been used to finance the establishment of assay laboratories, drilling and contract mining companies, manufacture of explosives and consultancy services. This success has been mainly in gold production although other commodities have recorded significant production increases. Foreign exchange earnings from mineral production increased from USD108 million in 1985 to USD710 million in 1999 accounting for about 40% of all foreign exchange revenue in the country.

Prospecting licences have been issued to 154 local companies and 83 foreign companies to carry out mineral exploration in the country, while 24 companies have been granted gold mining leases. Twelve of these have already started production since 1988.

The successes that have been achieved has come about mainly as a result of changes government initiated in the economy as a whole, as well as some new policy measures that were instituted specifically for the mining sector.

I will try to share with you the experiences of Ghana's effort in attracting investment into the mining sector and in regulating the operations of the mining and service companies.

HISTORICAL PERSPECTIVE

Ghana is well endowed with substantial mineral resources. The mining industry plays a significant role in the country's economy. It is a foreign exchange earner, it is a major source of employment and contributes enormously to the internal economy.

*Director, Planning & Policy Analysis, Minerals Commission

The country has had a long history of mining, particularly gold mining. The metal was mined and traded by Ghanaians long before the arrival of Europeans in 1471. Since then gold has continued to be the predominant mineral produced in the country. Ghana runs second to South Africa in gold production in Africa. Other minerals mined on large scale are diamonds, bauxite, manganese and salt.

There are other deposits which are mined on a minor scale like limestone, kaolin, oyster shells, silica sands, brown clays and aggregates. There are vast deposits of iron ore which have not been exploited.

In spite of its enormous mineral wealth the country did not record the opening of any new mine or see any significant expansion of existing mines after the 1940s. The period between 1960 and 1983, when the economy began to show decline, production of minerals also declined dramatically.

For example, gold production declined from a record high of over 900,000 ounces in 1960 to 700,000 ounces in 1973 and then to an all time low of 280,000 ounces in 1983.

In the same period i.e. between 1960 and 1983, manganese production declined from 600,000 tons to 240,000 tons per year and bauxite from 200,000 tons to 50,000 tons per year; diamond production declined from its peak of 3.4 million carats in 1967 to 400,000 carats in 1983.

The decline in the economy was caused by several factors. Chief among these were: exceptionally high taxation and other levies, restrictions on access to foreign exchange for operations and payment of dividends; an unrealistic exchange rate for the cedi (over-valuation of the national currency against other currencies) that led to rising local production costs.

In addition to all these general macro-economic problems, the mining sector had its specific problems. These included a lack of clearly defined legal and fiscal regimes for the sector, and high front-end charges which were unrelated to profitability. For example a 6% royalty and other levies, including an export levy, could bring up-front charges to about 12% of the value of minerals won. In addition there was a deterioration of basic supporting infrastructure such as roads, railways, ports, telecommunications and electricity.

MACRO-ECONOMIC POLICIES

a) General Policy

In an effort to reverse the steep deterioration in the national economy as a whole, the Government in 1983 launched its programme of economic reforms, namely, the Economic Recovery Programme (ERP).

The macro-economic reform package was basically designed to realign relative prices in favour of the productive sectors in order to increase productivity, improve the financial position of the public sector and to encourage the expansion of private investments. In order to achieve these, the Government addressed some of these key areas;

- Stabilization of the economy, reduction of budget deficits to check soaring inflation,

- Liberalization the economy, through the realisation of trade and exchange controls, and removal of other rigidities, constrains and distortions in the economy to allow for increased growth rate, adoption of flexible and realistic exchange rate policies

- improved capacity utilisation by streamlining procedures for securing inputs for the productive sectors as well as priority rehabilitation of basic physical infrastructure (i.e. roads, railways, ports etc.),

- the divestiture of state owned enterprises, to enable injection of the requisite capital and technology.

(b) Mining Sector Policy

Because of its significant contribution to the economy and also its enormous potential, the mining sector was one of the areas that received the greatest attention under the programme (ERP).

The basic policy objective for the mining sector in the short term, was to halt the decline in production by assisting the existing mines to obtain international funding for the purpose of rehabilitating equipment and machinery, up-grading mine infrastructure, and improving management practices in the state-owned mines. In the long term, the objective was to institute those macro economic and legal measures whose effect would be to attract investments into exploration for new mining ventures and encourage expansion in existing mines. The Government's role in the reform package was to focus on the administration and regulation of mining assets, rather than the previous role as owner and operator. The Private sector was to be the driving force in mining development.

IMPLEMENTATION OF MINING SECTOR POLICY

(a) Strengthening of Existing Institutions

The Government institutions dealing with the mining sector before 1986 were the ministries of Lands and Natural Resources, later renamed the Ministry of Mines and Energy, the Geological Survey Department, the Mines Department, the Lands Department (now part of the Lands Commission) and the Attorney Generals Department.

An ad hoc committee comprising representatives of these agencies was set up to receive applications, process them and make recommendations for the grant of mineral rights to the Ministry of Lands and Natural Resources. The micro economic environment in which the committee operated was unfavourable for attracting investment, legal and fiscal laws were not set up with well defined procedures and regulations. The work of the committee was bogged down with excessive red tapeism and bureaucracy and was not able to attract investment into the sector.

Under the new mineral policy both the Mines and the Geological Departments were strengthened.

Emphasis was given to strengthening the organisational structure, manpower and logistics capabilities of the Mines Department and its district offices to enable them undertake periodic mine inspections, field verification of work programs and monitoring of mine health, safety, and environmental aspect of both large and small scale mining operations.

The Geological Survey Department was provided with field equipment, vehicles, laboratory and drawing office equipment, training programs to enable them support the effective implementation of the sectoral policies

b) Creation of the Minerals Commission

The Minerals Commission was established under the Minerals Commission Law of 1986, as amended by the Minerals Commission Act of 1993, to be responsible for the regulation and management of the utilization of the mineral resources of Ghana and the co-ordination of the policies in relation to them. Specifically the Commission was to:

□ formulate recommendations of national policy for

exploration and exploitation of mineral resources with special reference to establishing national priorities having due regard to the national economy;

□ advise the Minister on matters relating to minerals;

□ monitor the implementation of laid down government

policies on minerals and report on this to the Minister;

□ monitor the operations of all bodies or establishments with responsibility for minerals and report to the Minister;

□ receive and assess public agreements relating to minerals and report to Parliament;

□ secure a firm basis of comprehensive data collection on national mineral resources and the technologies of exploration and exploitation for national decision making.

This unique institution which was set up as one-stop investment centre, has since its establishment in 1986, promoted the development of the country's mineral resources through attracting foreign investors and negotiating leases.

The Commission has nine members appointed by the President and reports to Parliament and the Minister of Mines and Energy. A distinction must be made between the Minerals Commission; the body established by the Act of Parliament and its executive arm, the Secretariat, which is headed by the Chief Executive.

The Chief Executive is appointed by the President in consultation with the Minister and the Public Services Commission. He is also a member of the Commission and is responsible for the day-to-day administration of the Commission and ensures the implementation of the decisions of the Commission.

Internal Structure of Minerals Commission: The Secretariat has six divisions namely: the Legal, Finance, Marketing and Research; Personnel and Administration, Planning and Policy Analysis, Monitoring and Evaluation and Small Scale Mining. Each of these divisions is headed by a Director who reports to the Chief Executive.

Funding of Minerals Commission: - The Minerals Commission is funded from (i) the Mineral Development Fund (MDF) and (ii) charges levied on mineral rights and concessions. The MDF is a fund established by Government in 1994, whereby 20% of all mining royalties are paid into it to support the activities of the mining sector institutions and mining districts.

LEGAL AND FISCAL FRAMEWORK

The legal framework under which mining takes place in Ghana is defined in the main by the following laws: the Minerals and Mining Law PNDCL 153, as amended by Act 475, Small Scale Mining Law PNDCL 218 and Environmental Assessment Regulations Law LI 1652.

The first assignment which was undertaken when the Commission was established was the drafting of a new law, the Minerals and Mining Law, PNDCL 153 of 1986 as amended by the Minerals and Mining (Amendment) Act - Act 475 of 1995, This law is the key legislation governing mining in Ghana. The enactment of the law has had a very positive effect on the development of the industry.

The main objectives of the law are to provide:

□ a framework for granting of various mineral rights, indicating the rights and obligations of the holder

□ a fiscal regime stating the incentives available to the investor and government

□ procedures for settlement of investment disputes

□ State ownership of all minerals in the State

Although most of you are familiar with the law, I will for purposes of completion, highlight some of the major provisions

(a) Mineral Rights: The main non-financial provisions of the law concern the acquisition of mineral rights and the terms and conditions under which such rights are held.

A three stage licensing system is provided for: namely, reconnaissance licence, which is for a period of one year renewable for a further one year; prospecting licence, which may be granted over an area normally of no more than 150 kilometres for up to three years, with the possibility of further renewals of up to two years each, though there are relinquishment obligations at each renewal.

The holder of a prospecting licence is entitled to a mining lease upon the presentation of an acceptable feasibility study which incorporates environmental impact studies.

A mining lease may be granted for a period of 30 years and may be renewed for a further 30-year period, for an area normally not exceeding 50 sq. kilometres.

These rights are granted by the Minister of Mines and Energy to applicants who demonstrate adequate technical, financial and managerial capability to engage in mining activities.

(b) Financial and Fiscal Regime: The main financial provisions in the law are:

□ a royalty rate which varies from a minimum of 3% to a maximum of 12%, the exact rate being determined by a profitability measure;

□ an income tax rate which used to be 45% but has not been lowered to 35%, together with an additional profit tax provision;

□ accelerated depreciation of capital, namely, 75% in the year of investment and 50% in subsequent years on a declining balance basis, with a loss - carry forward provision. In addition there is an investment allowance of 5%;

□ equipment, machinery and accessories which are imported for mining operations are exempted from the payment of customs and import duties;

□ expenditure on reconnaissance and prospecting operations may be capitalized after a commercial find.

□ mining companies are allowed to retain a portion of their export revenues in an offshore account for the servicing of loans, acquisition of equipment, spare parts, raw materials for production, payment of expatriate salaries and the payment of dividends. From discussions with investors this is one of the most attractive provisions in the law.

□ the government has a 10% free equity in any mining operation, with an option to acquire a further 20% on terms to be agreed with the investor. Consistent with its policy of state withdrawal from a number of operating mines, the Government has not exercised its option to acquire this 20% participation, but has rather reduced its holdings where it has interests greater than 10%.

Section 3 (1) of Ghana's Minerals and Mining Law, 1986 (PNDCL 153) requires that a person may sell/export minerals won in Ghana when he is issued a permit by the Minister responsible for Mines and Energy.

In practice large scale producers have licences to export and sell their production, while small scale producers have to market their production accredited buying agents. This allows the offshore retention account provision to work.

(c) Small Scale Law:- In 1989, Government legalised the mining of gold by small miners, by the enactment of three pieces of legislation; the Small Scale Gold Mining Law, PNDC L218, and the Mercury Law of 1989 and the Precious Minerals Marketing Corporation Law.

The main provisions of the former legislation relate to (a) prohibition of small scale gold mining unless a licence has been granted by the Minister, (b) the size of the concession, (c) criteria applicable to licence holders (d) the establishment of District Small Scale Centres (manned by trained mining engineers) who provide advice and training facilities to ensure effective and efficient mining operations, including health, and safety and environmental aspects, (e) prohibition of the use of explosives,

(f) exemption from payment of income tax and royalties for a three-year period, the encouragement of the use of mercury retort, the limiting of sale of gold only to authorised buyers. In this connection, Government established the Previous Mineral Marketing Corporation for buying gold and diamonds produced by the small miners. The Corporation operates purchasing gold offices in Accra, Tarkwa and Bolgatanga and has licenced buying agents and subagents who are authorised to buy gold for resale to the corporation.

Later Government liberalised the purchase of gold further by allowing the setting up of another private owned buying company, Miramex Limited.

(d) Environmental Protection Agency:-The Environmental Protection Agency (EPA) was set up under the EPA law of December 1994. The role of the EPA is to ensure that all developmental activities in the country take account of environmental concerns through EIA's and also to ensure that there is regular inspection and monitoring of environmental quality.

The Minerals Commission and Mines Department collaborate with the EPA is implementing the inspection and monitoring activities. General guidelines have also been developed to outline how mining activities can be carried out in an environmentally responsible manner.

e) Service companies to the Mining Sector:- During the

early periods of the implementation of the reform programmes, it soon became apparent that there was need for a legal and regulatory framework under which companies who provide ancillary services to the mining companies could operate. Following series of consultations between Minerals Commission, Ministry of Finance, Ministry of Mines and Energy, Bank of Ghana, and the Customs, Excise and Preventive Service (CEPS), it was agreed that these service companies would enjoy certain concessions under the Mineral and Mining Law PNDCL153. Currently there are over sixty (60) companies registered in Ghana who provide the following services:

□ Contract Mining and other Services

□ Drilling

□ Engineering & project management

□ Laboratory

□ Explosive and lime manufacture

□ Airborne geophysical survey

□ Geological engineering and constancy

□ Sale service and maintenance of mining equipment

□ Plant pool, hiring and leasing

□ Supply of consumables

Most of these companies have used Ghana as a base to venture into other countries in the sub-region.

PROVISION OF INFORMATION TO INVESTORS/INVESTMENT

PROMOTION CAMPAIGNS

Another effort made in attracting new investments into the mining sector was through the provision of geological and other relevant information to investors and other activities of the Commission. Some of the promotional activities included seminars organised by the Minerals Commission on the one hand and attendance at international conferences, workshops on the other.

Promotional Seminars:- Regular seminars were organised to inform both local and foreign investors about the mineral sector's potential and to engender discussion of problems, achievements and other issues pertaining to the development of the sector.

Major seminars organised were on the following themes:

□ Seminar on Mining Sector of Ghana December 1987

□ Symposium of gold exploration in tropical rain forest belts of Southern Ghana May 1990

□ Seminar on the effect of mining on Ghana's environment with particular reference to proposed mining environmental guidelines, June 1992

□ Seminar on Financing Mining Projects September 1993

Participation in international Conferences, Seminars and Workshops:- Members of the Minerals Commission the Geological Survey Department, the Environmental Protection Agency and the Mines Department have participated in international conferences seminars and workshops to upgrade their knowledge and share common experiences.

Publications

a) Investment Promotion Brochures:- As an aspect of its

promotional work, the Minerals Commission with assistance from UNDP prepared an investment promotion package comprising brochures which provide comprehensive information on gold and diamond deposits as well as the economic and legal regimes governing mineral exploration and exploitation in 1988.

Again, under a current World Bank project, the Mining Sector Development and Environment Project, a brochure - Industrial Mineral Resources of Ghana - was prepared in 1998.

b) Other Publications:- Apart from the investment brochures, the Commission issued a promotional CD-ROM on Ghana's mining sector in 1997. This trail-blazing issue has provided detailed information to mining sector investors and also being imitated by some other countries.

Other publications issued by the Commission are:

□ Gold and Diamond deposits in Ghana, 1998

□ Proceedings of a Seminar on the Mineral Sector in Ghana, Accra, December 1987,

□ Proceedings of a Seminar on the effect of Mineral on Ghana's Environment, with particular reference to the proposed Mining Environmental Guidelines, Accra, June 1992,

□ Proceedings of a Seminar on Financing Gold Mining Projects, Accra, September 1993,

□ Proceedings of Symposium on Gold Exploration in Tropical Rain Forest Belts of Southern Ghana, Accra, May 1990,

□ Ghana's Mining and Environmental Guidelines, 1992

□ Brochure on Procedure for the Acquisition of Mineral Rights in Ghana, 1986

These publications are available for sale from the Minerals Commission.

Establishment of Mineral Concession Cadastre System:- In addition to providing ready access to information for investors, the development of this electronic system has improved the handling and processing of concessions granted to exploration and mining companies. The system has also helped the Commission to keep track of documentation relating to transfers, conversions and investment profiles of these companies. A digital electronic mineral concession map has been produced together with related databases which show at a glance those areas covered by mineral licences (and conversely those free to be applied for). This has been of tremendous assistance to new investors.

Airborne Geophysical Survey:- Most of the exploration work being carried out by mining companies are located along the well-known 'Ashanti belt', (which hosts most of the gold mines), and in areas of previous activities. Few companies have engaged in grass roots exploration. The exception being the gold deposits at Yamfo which were discovered during a grass roots exploration campaign.

To forestall a downturn in investment and exploration and to make new geological information available to investors, an airborne geophysical survey (with funding from Nordic Development Fund (NDF) and International Development Agency (IDA) was carried out over extensive areas to identify potential gold and base metal targets.

A data processing and interpretation unit was set up in the Geological Survey Department to publish and disseminate the results of the airborne data to prospective investors.

Establishment of Website:- The Commission, installed a website in 1999 to enable investors have ready access to information about the mineral sector in the country

The website address is: ghanamincom.gsf.fi

RESULTS OF IMPLEMENTING THE REFORM MEASURES

As a result of implementing the reforms, and the relative stability enjoyed in the recent past, the mining industry in Ghana has seen a phenomenal growth during the last fifteen years.

Investment of more than US$5 billion has flowed into the sector since 1983, as Table I and II show.

The mining industry is now the single largest foreign exchange earner; mineral exports have accounted for about 40 percent of the country's total gross foreign exchange earnings since 1992, compared to about 15% in the 1980's.

The large scale mines employ over 30,000 workers, whilst over twice that number is engaged in small scale artisinal mining of gold and diamonds.

154 Ghanaian and 83 foreign companies have been issued with licences, mainly to prospect for gold. Some of the major international mining companies operating in the country are Normandy Piesadon, Goldfields Limited, Lasource, as well as several juniors from the United States, Canada and Australia.

23 companies have been issued with mining leases. 12 new gold mines have been opened, while 4 gold mines are in the development stage.

Table III lists the new mines. Additionally four wholly owned state mines have been divested, resulting in the needed rehabilitation, and modernisation and the injection of additional and expertise.

As mentioned earlier, over USD5 billion has been invested in the sector since 1984. Foreign exchange earning from mineral production increased from USD108 million in 1985 to USD710 million in 1999. Gold registered the highest and most dramatic growth during this period; production in 1999 was just over 2.6 million ounces, a nine-fold increase over 1983 production of about 280,000 ounces.

It is estimated that gold production will reach over 3 million ounces by 2001 when three new mines, Yamfo, Abore and Essase now in development stages come on stream in the same year.

Production of diamonds, bauxite, manganese and salt have also recorded significant increases over level in the early 1980s. As Table IV shows diamond production increased from 336,000 carats in 1983 to 684 carats in 1999; bauxite production increased from 44,000 tons in 1983 to 360,000 tons in 1999, while manganese production also increased from 180,000 tons in 1983 to 600,000 tons in 1999. Table V shows activities under the small scale mining sector also increased.

INVESTMENT INFLOW INTO THE MINING SECTOR

A. MINING COMPANIES

TABLE I

|YEAR |EQUITY (US$) |SNR. DEBT (US$) |SHAREHOLDER DEBT US$ |TOTAL (US$) |

|1983 |6,000,000.00 | | |6,000,000.00 |

|1984 | |58,040,000.00 |156,769 |58,040,000.00 |

|1985 |93,800,000.00 |81,220,000.00 | |175,020,000.00 |

|1986 |- |- |- |- |

|1987 |1,000,000.00 |5,900,000.00 |- |6,900,000.00 |

|1988 |- |- |- |- |

|1989 |6,060,370,36 |197,247,050.85 |1,929,771.65 |205,237,192.86 |

|1990 |18,507,570.19 |159,102,982.71 |90,913,215.64 |268,523,768.54 |

|1991 |9,901,991.00 |18,314,418.46 |59,020,000.00 |87,236,409.46 |

|1992 |152,953,963.85 |154,999,035.67 |113,348,475.36 |421,301,474.88 |

|1993 |1,060,000.00 |5,696,770.32 |- |6,756,770.32 |

|1994 |3,001,000.00 |- |7,069,363,46 |10,070,363.46 |

|1995 |7,321,590.91 |2,436,116.36 |14,209,048.82 |23,966,756.09 |

|1996 |11,023,159.12 |- |68,749,843.15 |79,773,002.27 |

|1997 |19,933,825.00 |60,836,328.21 |137,462,682.12 |218,232,835.33 |

|1998 |- |3,000,000.00 |16,550,424.00 |19,550,424.00 |

|TOTAL |330,563,470.43 |746,792,702.58 |509,252,824.20 |1,586,608,997.21 |

INVESTMENT INFLOW INTO THE MINING SECTOR

B. PROSPECTING COMPANIES

TABLE II

| |US$ |US$ |TOTAL (US$) |

|1990 |99,614,969.51 |30,111,960.35 |129,726,929.86 |

|1991 |133,179,889.21 |58,904,227.98 |192,084,117.19 |

|1992 |121,540,958.55 |52,561,923.58 |174,102,882.13 |

|1993 |228,359,656.38 |28,775,993.58 |257,135,649.96 |

|1994 |72,207,794.39 |16,045,667.60 |88,253,461.99 |

|1995 |46,829,121.79 |94,164,468.97 |140,993,590.76 |

|1996 |50,065,181.69 |644,932,464.13 |694,997,645.82 |

|1997 |33,508,994.19 |288,522,984.48 |322,031,978.67 |

|1998 |14,864,965.99 |25,341,063.00 |40,206,028.99 |

|1999 |12,309,464.64 |9,528,510.36 |21,837,975.00 |

|TOTAL |812,480,996.34 |1,248,889,264.03 |2,061,370,260.37 |

In addition to the above inflows from the mining and prospecting companies, about USD1.5 billion was also invested into the sector by the service companies.

NEW MINES ESTABLISHED SINCE 1988

TABLE III

|MINE |MINERAL |PROD'N |1999 PROD'N (OZ) |MINE OPERATOR |

| | |START | | |

|Bogosu |GOLD |1990 |133,861.6 |Bogosu Gold Ltd.(Australia) |

| | | | |Teberebie Goldfields Ltd., (AGC) |

|Teberebie |GOLD |1990 |275,775.6 | |

|Kwabeng |GOLD |1990 |Care & Maintenance |Goldenrae Mining Co. Ltd. |

| | | | |Bonte Gold Mines Ltd. Canada |

|Esaase |GOLD |1991 |48,165 | |

| | | | |Satellite Goldfields (Ireland) |

|Akyempim |GOLD |1991 |85,985 | |

| | | |134,168.6 |Resolute Amansie Ltd. (Australia) |

|Nkran |GOLD |1997 | | |

| | | | |Abosso Goldfields Ltd. (Australia) |

|Abosso |GOLD |1997 |303,693 | |

|Ayanfuri |GOLD |1994 |44,414 |AGC |

|Prestea Tailings Project | | | |Prestea Sankofa Gold Ltd. (Ghana) |

| |GOLD |1995 |28,748.4 | |

| | | | |Ghanaian Aus. Goldfields Ltd. (AGC)|

|Iduapriem |GOLD |1992 |159,994 | |

|Bibiani |GOLD |1997 |234,998 |AGC |

|Asikam |GOLD |1997 |1,080 |AGC/Midras |

|Konongo |GOLD |1988 |Care & Maintenance |Obenemase Gold Mines (Aus.) |

MINERALS PRODUCTION - (1980 - 1999)

TABLE IV

|YEAR |GOLD(OUNCES) |DIAMONDS (CARATS) |BAUXITE (M.T.) |MANGANESE |

| | | | |(M.T.) |

|1980 |342,904 |1,148,678 |196,892 |240,006 |

|1981 |338,042 |836,020 |156,769 |197,436 |

|1982 |337,754 |682,415 |92,954 |132,232 |

|1983 |285,291 |336,309 |82,310 |175,288 |

|1984 |282,299 |341,978 |44,169 |267,996 |

|1985 |299,615 |636,127 |124,453 |357,270 |

|1986 |287,124 |560,538 |226,461 |262,900 |

|1987 |323,926 |440,681 |201,483 |242,410 |

|1988 |373,937 |259,358 |299,939 |284,911 |

|1989 |429,476 |285,636 |374,646 |273,993 |

|1990 |541,408 |636,503 |363,659 |246,869 |

|1991 |845,908 |687,736 |324,313 |311,824 |

|1992 |998,195 |656,421 |399,155 |276,019 |

|1993 |1,261,424 |590,842 |364,641 |295,296 |

|1994 |1,430,845 |757,991 |451,802 |238,429 |

|1995 |1,708,531 |631,708 |530,389 |186,901 |

|1996 |1,606,880 |714,737 |383,370 |266,440 |

|1997 |1,755,240 |829,524 |536,732 |332,443 |

|1998 |2,382,339 |805,742 |341,121 |384,173 |

|1999 |2,606,942 |684,033 |355,263 |568,848 |

SMALL SCALE MINERAL PRODUCTION

TABLE V

|YEAR |GOLD (OZ) |DIAMOND (CARATS) |

|1989 |9,272 |151,606 |

|1990 |17,234 |484,876 |

|1991 |15,601 |541,849 |

|1992 |17,297 |442,266 |

|1993 |35,145 |376,400 |

|1994 |89,520 |405,830 |

|1995 |127,025 |337,457 |

|1996 |112,349 |443,244 |

|1997 |107,094 |558,241 |

|1998 |128,334 |570,186 |

|1999 |130,833 |476,744.44 |

|TOTAL |789,704 |4,788,700 |

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download