Review PMMC Act to meet current demands of mining industry – Asantehene
The Asantehene, Otumfuo Osei Tutu II, has called for a review of the Precious Minerals Marketing Company (PMMC) Act, 1989 (PNDCL 219) to meet the demands of the time.
He said a review of the Act should seek to boost the operations of the PMMC. “Your Act must be reviewed to suit the current age and challenges you are confronted with,” he stated.
The Asantehene made the call when the management of the company paid a courtesy call on him at the Manhyia Palace on Friday, October 13, 2023. They were led by the Managing Director of the company, Nana Akwasi Awuah.
Minerals supply
Explaining further, Otumfuo said a review of the Act should ensure measures that will ensure a guaranteed supply of minerals from small scale miners. It should also look at measures to monitor the operations of the small scale miners.
Furthermore, the King said some mining concessions must be designated solely for the PMMC to ensure their continuous operation.
Non-compliance
The PMMC is responsible for the purchase of gold produced by small-scale miners and performs other functions such as grading, assaying, valuing, and processing precious minerals, as well as appointing licensed buyers for the purchase of precious minerals produced by small-scale miners.
However, the Asantehene has observed the non-compliance on the part of miners that puts the future operation of the company at risk. “Theft has bedeviled the sector. Small-scale miners have failed to comply with their apportioned minerals to the company. They choose to export them for sale in their raw state,” he said.
Otumfuo noted that the export of raw minerals will not benefit the country in any way and therefore called for a review to ensure increased processing.
Gold Tablet
The company presented the King with a piece of their processed products—a gold tablet worth one ounce of gold. They also informed Otumfuo of their yet-to-be-opened jewelry shops in the Ashanti Region and extended an invitation to him to attend the commissioning.
Background
The PMMC was established in 1963 as the Ghana Diamond Marketing Board, tasked with the sole responsibility of purchasing and marketing Ghana’s diamonds.
In 1965, by Legislative Instrument (LI) 401, the Company was incorporated as a State-Owned Enterprise (SOE).
With the promulgation of the Diamonds Decree (NRCD 32) in 1972, LI 916 was enacted to change the company’s name to Diamond Marketing Corporation. In 1989, PNDC Law 219 was enacted to once again change the Company’s name to the Precious Minerals Marketing Corporation, with the following functions: to grade, assay, value, and process precious minerals, and appoint licensed buyers for the purchase of precious minerals produced by small-scale miners.
In the year 2000, it was converted by Act 461 (Statutory Corporations Conversion to Companies Act) into a Limited Liability Company to operate under the Ghana Companies Code (Act 179 of 1963) as Precious Minerals Marketing Company Limited, with the same functions under the PNDC Law 219.
