Reports related to this article:
Project(s): View 2 related projects in PECWeb
Released September 12, 2024 | GALWAY, IRELAND
en
Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Ghana is set to launch "monster mines" to help boost a long-term slump in gold production.
The country, which is Africa's leading gold producer, will commission the Cardinal Namdini mine in November, Ghana's first large-scale greenfield mine in more than a decade. Owned by Cardinal Resources, a subsidiary of Chinese company Shandong Gold (Jinan, China), it will have an estimated annual production of more than 350,000 ounces. The last large-scale greenfield mine opened was Akyem in southeastern Ghana in 2013. Speaking to Reuters, Martin Ayisi, chief executive officer of the Minerals Commission of Ghana, said that three other new mines, including a lithium project, will come onstream by 2026.
He admitted that large-scale "exploration took a nosedive" not long after the commissioning of Akyem but said that "we will now have commissioning galore. First is Cardinal Namdini, which is a monster mine, and it will produce an average of 358,000 ounces per year. Mid-year 2025, Newmont will commission another monster mine -- Ahafo North." Ahafo and Cardinal Namdini will produce more than 600,000 ounces per year combined. Industrial Info is tracking five projects associated with Ahafo worth more than US$340 million. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for the reports.
Ghana is the world's sixth-largest producer of gold in 2023, supplying 4%. Output was up by 10% in 2022 according to data from GlobalData. Over the five years to 2022, production from Ghana decreased by an average of 2.1% but is expected to grow by an average of 0.4% between 2023 and 2027. Almost a third of the country's mining is carried out by small-scale miners, with a high percentage of illegal mining and land squatting. There are also issues over safety at the mines and associated camps with armed robbery posing a constant problem.
Ghana has suffered an economic crisis in recent years caused by a number of factors including elevated fiscal deficits and public debt levels, the COVID-19 pandemic, Russia's war in Ukraine and global monetary policy tightening. This triggered a drop in international investor confidence in the country, resulting in a loss of international market access. The economy is stabilizing thanks to the work of the International Monetary Fund (IMF) and the government. Developers are wary of investing due to excessive costs and bureaucracy, but Ayisi said the Minerals Commission is working with the government to lower the exploration tax.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
The country, which is Africa's leading gold producer, will commission the Cardinal Namdini mine in November, Ghana's first large-scale greenfield mine in more than a decade. Owned by Cardinal Resources, a subsidiary of Chinese company Shandong Gold (Jinan, China), it will have an estimated annual production of more than 350,000 ounces. The last large-scale greenfield mine opened was Akyem in southeastern Ghana in 2013. Speaking to Reuters, Martin Ayisi, chief executive officer of the Minerals Commission of Ghana, said that three other new mines, including a lithium project, will come onstream by 2026.
He admitted that large-scale "exploration took a nosedive" not long after the commissioning of Akyem but said that "we will now have commissioning galore. First is Cardinal Namdini, which is a monster mine, and it will produce an average of 358,000 ounces per year. Mid-year 2025, Newmont will commission another monster mine -- Ahafo North." Ahafo and Cardinal Namdini will produce more than 600,000 ounces per year combined. Industrial Info is tracking five projects associated with Ahafo worth more than US$340 million. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for the reports.
Ghana is the world's sixth-largest producer of gold in 2023, supplying 4%. Output was up by 10% in 2022 according to data from GlobalData. Over the five years to 2022, production from Ghana decreased by an average of 2.1% but is expected to grow by an average of 0.4% between 2023 and 2027. Almost a third of the country's mining is carried out by small-scale miners, with a high percentage of illegal mining and land squatting. There are also issues over safety at the mines and associated camps with armed robbery posing a constant problem.
Ghana has suffered an economic crisis in recent years caused by a number of factors including elevated fiscal deficits and public debt levels, the COVID-19 pandemic, Russia's war in Ukraine and global monetary policy tightening. This triggered a drop in international investor confidence in the country, resulting in a loss of international market access. The economy is stabilizing thanks to the work of the International Monetary Fund (IMF) and the government. Developers are wary of investing due to excessive costs and bureaucracy, but Ayisi said the Minerals Commission is working with the government to lower the exploration tax.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
