President Akufo-Addo has cut the sod for the construction of the Abosso Tailings Project, a 1-District-1-Factory initiative, which is being established to treat and process tailings waste to produce gold doré.
Yellowtail Limited, the enterprise promoting this initiative, will construct a state-of-the-art gold processing facility, within six months, with a total capital outlay of some twelve million dollars ($12 million), to ensure steady production of gold doré.
“The benefits of this project are both environmental and economic. The project will introduce technology and safe working practices to small to medium scale underground sites, and rehabilitate contaminated sites for agricultural purposes and developments”, the President added.
On an annual basis, for five (5) years, the Project will contribute approximately US$1.35 million as royalties, and US$54,000 as small-scale mining sustainable levy to Government. Cumulatively, a total amount, in excess of eight million, US$8.7 million, will be contributed as corporate tax (CIT) over the five year period.
“I am counting on you, Nananom, to contribute to the success of these projects for the development and transformation of Abosso. Government’s determination to bring progress and prosperity to every part of our country is very much on course,” President Akufo-Addo added.