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Tens of Billions of Dollars in Gold Flows Illegally out of Africa Each Year, a New Report Says Billons of dollars in gold is smuggled out of Africa each year and most of it ends up in the United Arab Emirates, where it is refined and sold to customers around the world, according to a report published Thursday. Over $30 billion worth of gold, or more than 435 metric tons, was smuggled out of the continent in 2022, according to the report published by Swissaid, an aid and development group based in Switzerland. The main destinations for African gold were the United Arab Emirates, Turkey and Switzerland. The report found that between 32% and 41% of gold produced in Africa was not declared. In 2022, Ghana was the largest gold producer in Africa, followed by Mali and South Africa, it said. Website (https://lnkd.in/eMXvqV9H) | Facebook (https://bit.ly/capital_fb) | X (https://bit.ly/capital_X) | TikTok (https://lnkd.in/edEpbkiY) | Instagram (https://lnkd.in/ePSBWHnc) | Linkedin (https://bit.ly/Capital_In) | Youtube (https://bit.ly/capital_yt)

Gold smuggling out of Africa, mainly to the United Arab Emirates, has surged over the last decade, with an estimate of hundreds of tonnes of gold worth tens of billions of dollars illegally leaving the continent every year, according to a report published by on Thursday. Analysis by Swissaid, an organisation that focuses on development aid and advocacy, found that a total of 435 tonnes of gold, mostly mined by small-scale miners and worth more than $30 billion, was smuggled out of Africa in 2022; of which, 405 tonnes went to the UAE. https://lnkd.in/dXCPfuev

And the main reason for the insecurity situation of African countries is the illegal extraction of their mines of #diamonds 💎 and #gold, that each global companies of diamonds and golds are trying to get gold and diamonds at low cost from armed militants groups and African armed rebels, who are fighting around mines of diamonds and gold under the #intelligence title of (freedom of Africa), but they get armed and financial support from the first hand contractors.

#SouthSudan's emerging gold market is quickly becoming a popular choice for traders in Africa, according to a 2023 report by Organized Crime and Reporting Project (OCCRP). In 2020, the country's gold exports to the United Arab Emirates and #Uganda alone totalled more than 3,000 kilograms, bringing in US$110 million for the young nation. This figure is believed to be a fraction of what the industry can dig up. However, over-reliance on #oil as the major source of revenue means the country has yet to harness the full economic potential of this precious mineral.

Ever wondered about the cost of gold smelting in Africa? Discover the hidden treasures of the continent as we dive into the fascinating world of gold refinement. The cost of gold smelting in Africa can vary depending on various factors such as the location, scale of operation, equipment used, and market conditions. It is recommended to contact local gold smelting facilities or consult with experts in the field to get accurate and up-to-date information on the cost of gold smelting in Africa.

The #study published last week reveals alarming facts and shows that the undeclared #gold trade in Africa is much larger than expected. Here are some of the most important findings of the study: ❗ Between 321 and 474 tonnes of artisanal gold are produced in Africa every year without being declared. This corresponds to a value of up to 32 billion Swiss francs.  ❗ In 2022, more than 435 tonnes of gold were smuggled out of Africa. That is more than one tonne per day.  ❗ Gold smuggling in Africa more than doubled between 2012 and 2022.  ❗ Twelve African countries are involved in smuggling 20 tonnes of gold or more per year. The countries most affected by gold smuggling are Mali, Ghana and Zimbabwe 🇲🇱 🇬🇭 🇿🇼  ❗ The United Arab Emirates, Switzerland and India were the three largest importers of gold originating from Africa between 2012 and 2022 🇦🇪 🇨🇭 🇮🇳

Refined Gold Adds $5m To Nigeria’s Foreign Reserves – Alake Minister of Solid Minerals Development, Dr. Dele Alake, has said the first commercial transaction of refined gold under the National Gold Purchase Programme (NGPP), resulted in over $5 million increase in Nigerian’s foreign reserves assets. Alake disclosed this when he presented to President Bola Ahmed Tinubu, the latest gold bars sourced from artisanal and small gold miners and refined by an agency of the Ministry, Solid Minerals Development Fund. According to Alake, the gold was refined to meet the London Bullion Market Association Good Delivery Standard. The minister also said it injected around ₦6 billion into the rural economy. https://lnkd.in/dbyNphTE #News #Trends #Trending #primebusinessafrica #fyp #Newsupdate #Latestnews #inflation #budget #money #family #finance #tips #viral #trending #socialmedia #nigeria #news #today #pba #africa

The #study published last week reveals alarming facts and shows that the undeclared #gold trade in Africa is much larger than expected. Here are some of the most important findings of the study: ❗ Between 321 and 474 tonnes of artisanal gold are produced in Africa every year without being declared. This corresponds to a value of up to 32 billion Swiss francs.  ❗ In 2022, more than 435 tonnes of gold were smuggled out of Africa. That is more than one tonne per day.  ❗ Gold smuggling in Africa more than doubled between 2012 and 2022.  ❗ Twelve African countries are involved in smuggling 20 tonnes of gold or more per year. The countries most affected by gold smuggling are Mali, Ghana and Zimbabwe 🇲🇱 🇬🇭 🇿🇼  ❗ The United Arab Emirates, Switzerland and India were the three largest importers of gold originating from Africa between 2012 and 2022 🇦🇪 🇨🇭 🇮🇳    Read the full study here ➡ https://lnkd.in/exd5p79U 📷 SWISSAID

Narratives matter because they drive behavior. The SWISSAID analysis of #gold smuggled out of Africa was thorough, but conflated illegal and artisanal mining, which is a basic problem. Illegal and artisanal mining are different things. Illegal is corrupt, done by remote people, often at the barrel of a gun. Artisanal is traditional, often done by locals, not corrupt. The statistic 'between 321 and 474 tonnes of artisanal gold' combines the two, which is misleading. Illegal gold is smuggled & there is a lot of it. Artisanal mined gold is sold to intermediates, some of whom are predatory, which means artisanal miners can be victims of predatory practices that include smuggling. Sometimes. This distinction matters because narratives matter. Illegal #mining needs a multi-pronged legal/police approach to go after. In some places it may not be possible to eliminate given local realities. Artisanal mining is the opposite - it needs state support, where public policy supports formalization, enabling external investment that facilitates formalization. Dignity & productivity of miners are improved, regional sustainable development is catalyzed, smuggling by predatory intermediates is eliminated. Positive win/wins. Misinterpreted stats that lead to false narratives drive wrong behavior, exactly why this 'between 321 and 474 tonnes' comment is problematic. The Blended Capital Group and our partners are committed to reimagining outcomes in ASM. We know that narratives matter, that the difference between artisanal and illegal mining needs to be clear. We know that formalization changes outcomes on the dignity and productivity of work in the sector in commercially realistic ways. #mininginvestment and/or #impactinvestment that supports formalization results in positive social and economic outcomes, including broadened #sustainabledevelopment in neighboring communities. Public policy that supports a legitimate thriving artisanal mining sector supports this development while recognizing the reality that ASM is here to stay. Now is the time for delivering, which includes making sure that fair narratives support the right action. Alliance for Responsible Mining (ARM) Levin Sources BanQu Inc. Napier Meridian #asgm #asm

West Africa is claiming the spotlight, transforming the landscape of gold production on the continent. Today, the region accounts for 33% of Africa’s gold production. This evolution speaks volumes about West Africa’s rich geographic potential and the favorable economic conditions that it a magnet for investors and stakeholders. With Mali among the top producers, we're proud to contribute to a region that's now shaping the continent's gold narrative. #GoldMining #WestAfrica