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Waterhousegold
Ltd. owns a Gold Mining Concession in Ghana. It has
several Online businesses, some of them listed on the website. The
company Online Business began by diversifying through creation
and acquisitions of Online Websites.
Since
its primary business is in Gold mining and trading in Ghana formerly
the Gold Coast, it has taken time to provide the process of buying
Gold from Ghana on this website for potential Gold Investors and
Traders.
1.
GOLD OPERATIONS IN GHANA
Gold
operations in Ghana are in two sectors.
The Large Mining Companies
The Small-Scale sector
The
small Scale sector are made up of individuals, small and medium size
companies. Precious Mineral Marketing Company Limited (PMMC) are
responsible for them.
PMMC
has the contract to sell its gold to overseas gold refineries. New
applicants will always be considered.
Overseas buyers seeking to purchase gold from Ghana can
contact other licensed gold buyers, but must seek confirmation with
PMMC to authenticate the transaction and their
legitimacy.
Buyers
are advised NOT to pay cash directly to any local suppliers in view
of Gold SCAMS, the company can advise prospective
buyers.
2.
GOLD EXPORT PROCEDURES
A.
Gold meant for export must be delivered to PMMC shipment desk
on the 4th Floor accompanied by a letter identifying the exact
address of the recipient and airline.
B.
PMMC shall issue an Assay Invoice, which will indicate the
weight and the purity of the gold being
exported.
C.
Gold for export shall be sealed and secured in metal
boxes
by PMMC in the presence of the following officers:
Ghana
Custom Officials
PMMC Officials
The
Licensed Gold Buyer (LGB) who has requested
for the gold export.
D.
PMMC will complete the Bank of Ghana (BOG) and Ghana Customs
export documents on behalf of the
exporter.
E.
The exporter is required to supply the full delivery details:
physical address and telephone contact of the person
overseas.
F.
PMMC will transport the gold to Kotoka International Airport
(KIA), and hand over the gold to the Airline to air freight it to
the overseas gold buyer.
G.
Insurance and Airfreight charges are bone
by the
exporter and the overseas buyer.
3.
DOCUMENTATION
The
gold for export will be accompanied by the following
documents:
PMMC
Assay Invoice which will indicate;
Purity
(i.e. Gold content),
Quantity in Ounces and Kg,
and
Value
in both US Dollars and local currency.
Bank
of Ghana (BOG) and Ghana Customs export
documents.
Airway
Bill.
4.
FEES
A.
Funds in US Dollars representing the export value of the gold
should be transferred to a first class bank, with the Licensed Gold
Buyer noted therein as the beneficiary,
PMMC
can also provide the Bank transfer instructions to the exporter for
the information of the overseas Buyer to facilitate the transfer of
funds and secured payments.
B.
PMMC fees for the export of gold
are:
Shipment charges:
0.5% of the export value of the
gold
US$250 if gold is below 1kg
Assay charges:
$25.00 per bar of 5Kgs
Smelting charges:
$10 per Kg of gold.
These
fees are payable on the day of export of the
gold.
The
value of the gold will be based on the spot price of the London
Metal Exchange (LME) on the day of export of
gold.
5.
THIRD PARTY SHIPMENT
The
company PMMC exports gold on behalf of third parties for a
commission. Individuals and Local Buying Agents can export their
gold to any destination through PMMC for an approved charge of 0.5%
of the total value of gold to be
exported.
The
company also smelts and assays gold at the request of agents and
suppliers.
6 . GOLD
LICENSING REQUIREMENTS
All
who wish to acquire a gold buyers and export license must send a
written request on company letterhead to the Managing Director,
PMMC. Your letter will be immediately replied
to.
1.
PMMC licenses are valid from January to December of
each year.
2.
With the individual licenses, the customer fills the required
form,adds four (4) passport pictures and the
fees.
3.
For a company license, complete the forms and add the
documents of the registered company along with an application letter
and pay the required fees.
4.
The license process takes five working
days.
Smelting Gold and Buying
Procedure
Gold is
weighed in the laboratory and a receipt issued for
payment.
After payment is made at the cash office, the gold dust is
taken to the smelting basement, to be smelted in the presence of the
customer and a security officer from
PMMC.
The gold is then brought back to the laboratory
to be weighed
and
assayed.
PMMC does not assay and issue assay results on gold unless
it is being exported or by special request.
Your gold can be stored at PMMC awaiting
export
The client who has a license with PMMC and wants to store his
gold must bring a deposit letter, on the letterhead of the company,
indicating the weight and value of the gold. A receipt is issued
after the deposit.
When the customer wants to release the gold, a release
letter, also containing the weight and value of the gold should be
brought to PMMC. The receipt which was issued must also be returned
by the SAME person who did the deposit.
Buying
PMMC buys pure gold and gold
scrap.
Gold can be sold in PMMC by
anyone.
The gold is weighed and assayed in the laboratory and, if the
price is agreed upon by the customer, a receipt is
issued.
The gold price is based on the spot world market gold
price
If the value of the gold is GHS15,000 or less, it is paid in
the PMMC office. If it is above GHS15,000, a cheque is issued for
payment.
FOREIGN BUYER
GUIDLINES
The
Precious Minerals Marketing Company Limited (PMMC) wishes to inform
all foreigners who intend to purchase gold and diamonds in Ghana to
be guided as detailed hereunder, in order to avoid being swindled by
fraudsters and con artists.
1.
All offers received from individual private mining companies,
licensed buyers, for the supplies of gold and diamonds, are to be
confirmed with the Precious Minerals Marketing Company Limited,
Diamond House, Accra. All such correspondences are to be addressed
to the Managing Director, P. O. Box M.108, Accra for advice.
Telephone numbers: - 00-233-(0)30-266-4931 / 266-4932 / 266-4933 /
266-4934 / 266-4350, and 266-4360. Fax number: 00-233-30-2662586.
Email: -pmmc@pmmcghana.com
2.
The offices of Precious Minerals Marketing Company Limited
are at the Diamond House, near the Ministry of Foreign Affairs, and
adjacent to the Registrar-Generals Department in Accra and in Tarkwa
at the Small Scale Mining Centre.
3.
Prospective buyers are strictly advised not to make any
prepayments in cash for gold and diamonds supplies.
4.
All exports, except for direct license holders, of gold and
diamonds are done by the Precious Minerals Marketing Company Limited
on behalf of sellers/suppliers to overseas buyers destinations,
after inspection and sealing by the Ghana Customs
Service.
5.
Any person who claims to have gold for sale should be
directed to deliver the gold and diamonds at the Precious Minerals
Marketing Company Limited, for testing/assaying. Thereafter, the Precious
Minerals Marketing Company Limited will confirm the genuineness and
value of the gold to the prospective overseas
buyers.
6.
Overseas buyers are to note that gold is normally sold in
Ghana in the smelted form.
Offers for sale of gold dust at low prices are not genuine
and should be ignored.
Pricing of gold in Ghana are based on the London Metal
Exchange (LME) quotes. Therefore offers with big discounts ranging
from 10% off the LME are only meant to entice overseas buyers to
part with cash to the fraudsters, who normally ask for additional
fees in respect of incidental expenses like transportation,
commission, security, movement, handling,
documentation and insurance. All such fees are false. The only genuine fees are
freight charges and insurance.
7.
Inspection and assay certificates purported to have been
issued by Geological Survey and Societe General de Souveillante may
not be genuine, and should be cross-checked with
PMMC.
8.
Presentations made to foreigners about large holdings of gold
dust by people designated as chiefs, relatives of famous and
respected chiefs, land owners, & miners are fairy tales and not
to be believed. For all
such claims, the owners should be directed to deliver the gold to
Precious Minerals Marketing Company Limited, for testing &
valuation, as indicated in (4) above. Please ignore suppliers who
refuse to deliver gold/ diamond to PMMC for certification and offer
various excuses. They
are likely to be fraudsters.
9.
There are several addresses of self-acclaimed agents on the
internet with potential to offer large quantities of gold from
Ghana. Be Careful!!!!!!!!!!!
It
will be your responsibility if you acts contrary to these
guidelines.
If you
are interested in purchasing gold or diamonds in Ghana, for
information contact us. |