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The New Minerals and Mining Act 703, 2006
The purpose of the Act is to revise the existing Minerals and Mining Law, 1986 (PNDC Law 153) to reflect in our laws, new thinking and developments in the mining industry and to consolidate it with the enactment on small scale gold Mining.
The PNDC Law 153, when it was enacted in 1986, was hailed as one of the best enactments on the subject in Africa and made Ghana an attractive destination for mining investment.
However, after nearly two decades of operation of the Law, it has been realized that development in the mining industry requires a revision of the Law to reflect international best practices in the industry, as well as to re-position Ghana as a major mining investment destination in Africa. The provision by Law, of an internationally competitive framework that ensures a stable and equitable tax regime and also takes cognizance of environmental protection as well as community interests is necessary in order to provide the basis for the development and sustainability of mining in the country.
Gold has fascinated people since the beginning of recorded history.
Ancient Egyptians believed the skin of their gods were golden and Egypt's gold-producing regions at the time made it into a wealthy nation.
A thousand years later, Greeks started mining for gold throughout the Mediterranean and Middle East regions.
Romans mined gold extensively throughout the empire, developing the technology of mining to new levels of sophistication - they would divert streams of water in order to mine hydraulically, and even pioneered 'roasting', the technique of separating gold from rock.
By the Middle Ages, Venice introduced the gold "Ducat," which became the most popular coin in the world for the next 500 years.
In 1511, King Ferdinand of Spain made his famous call to action to "get gold," launching massive expeditions to the newly found Americas.
In 1700, gold was discovered in Brazil, and by 1720 it became the largest gold producer, responsible for nearly two-thirds of the world's output.
In 1744, the resurgence of gold mining in Russia began with the discovery of a quartz outcrop in Ekaterinbug.
In the 19th century, gold mining expanded around the world: the 1848 California Gold Rush hastened the settlement of the American West; South Africa became a major source of the world's gold after an 1869 discovery in the Witwatersrand Basin and the Yukon Gold Rush followed in 1896.
Approximately 65% of all gold in the world has been mined since 1950.
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