Ghana: local firm seeks partnership with Dubai company to set up $50m gold refinery

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Blaze Investments Limited, a Ghana-based investment firm with subsidiaries across Africa and the Middle East – which deals in buying and selling of gold, has announced plans to establish a multi-million gold refinery.

The group said it was in discussion with its partners in Dubai to establish the refinery estimated at about $30 to $50million in Kumasi, Ghana’s second largest city.

The Group also noted that it was seeking to take full advantage of government’s effort to retain 30 percent of gold produced in the country for ‘value addition locally’.

The facility, to be constructed within the free zones enclave on the Kumasi Accra highway, is to be completed within a three-year period and will be the biggest gold refinery within the West African sub-region.

According to the Board Chairman of Ablaze Investments, Nana Boakye Mensa, after being in the gold trade business through Blaze Metals Limited for over a decade now, the time is right to ‘transition’ their business operations.

The refined gold, he said, will be done to meet international standards; making it bankable and even acceptable at the London Bullion Metal Exchange, setting the purity at 99.9 carat gold.

With an initial targeted production capacity of 250 kilogrammes per day, it is envisaged that the production capacity will be doubled to 500 kilogrammes per day as time goes by.

The foreign partner for the project is Director of 777 Project Development Consultant, a UAE-based firm.

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