Baird & Co, the UK’s largest independent gold trader and only gold refinery, has signed a Memorandum of Understanding with Ghana’s Precious Minerals Marketing Company (PMMC) to establish an International Gold Assay Centre in Accra, Ghana.
Ghana is one of the world’s leading gold producers, with an annual output of c. 100 tons. The PMMC is mandated by Ghanaian law to assay and validate all assay results of all gold exported from the Country, in order to assess purity and composition.
The PMMC wishes to leverage the latest technology and industry best practise in order to enhance its assaying capabilities.
Established in 1967, Baird is a full member of the London Bullion Market Association (LBMA), the premier global authority on precious metals.
Baird will lend its financial support and technical expertise to establish together with the PMMC an International Gold Assay Centre and laboratory facility in Accra.
The centre will provide all the assay and analysis services required by the PMMC and at a later stage serve as a centre for excellence for gold in the West African region.
The centre will be located in the Kotoka International Airport zone and will be equipped with the latest industrial equipment for its operations.
The facilities will be led by operational and technical experts provided by Baird working in conjunction with PMMC personnel.
Over the medium term, Baird will provide training to PMMC staff so that they have the requisite technical experience to run the facility.
At the maiden meeting of Baird with the Board of PMMC in Accra, the chairman of the board of directors, 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 the government at this critical time where funds are needed to pursue its socio-economic agenda”.
Executive Director of Baird & Co. 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.”
Baird & Co.
Established in 1967, Baird & Co. is a family-run gold and precious metals company based in London.
It is the UK’s only gold refiner, producing bullion bars and coins at the factory in east London and marketing products in Hatton Garden and Singapore.
Baird is the UK’s largest independent gold trader: last year it bought and sold £660m worth of gold.
With offices in London and Singapore, Baird’s clients include U/HNWIs, retail investors and jewellers who rely on the integrity of Baird’s supply chain, its secure facilities and international reach to buy, sell, store and invest in gold and precious metals.
Baird’s overseas sales have grown by 229% over the last three years and the proportion of sales exported has increased to 40% of total sales.
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