# News Top 10 gold-producing countries in Africa Africa is not left out of the global gold production venture as West Africa is said to be one of the world's fastest-growing regions in terms of gold production. Gold has come to stay as a major commodity amid its rising significance as a safe haven asset with prices skyrocketing globally, climbing to US$2,468.40 per troy ounce in June 2024. According to the World Gold Council (WGC), the volume of gold produced globally has steadily increased in the last four years, rising by 12%. The US Geological Survey put the volume of global gold production at 3,000 metric tons (MT) last year (2023) with a contribution of about US$38.0bn directly and indirectly to host nations. Africa is not left out of the global gold production venture as West Africa is said to be one of the world's fastest-growing regions in terms of gold production and is currently the source of around half the gold produced in Africa.
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Africa's Largest Gold Producing Nations According to ENERGY CAPITAL POWER In 2021, the total amount of gold produced worldwide was estimated to be 3,000 tons. Of that amount, roughly 25% of the world's gold was produced in Africa, where total gold mine production was 680.3 tons. Three of the top five gold-producing nations on the African continent are now located in West Africa, which is quickly becoming to be one of the world's greatest gold-producing regions (the second largest after China). Africa has started to realize its expansion potential after the COVID-19 pandemic began by giving more weight to possible jurisdictions, like West Africa, around the continent. This comes after a turbulent year in 2020 that saw gold prices soar. As a result, several African nations are starting to explore and produce more gold; five of these nations will hold the title of being Africa's top producers by 2022. 1-Ghana: 117.6 tons 2-South Africa: 100 tons 3-Sudan: 93 tons 4-Mali: 63.4 tons 5-Burkina Faso: 45 tons https://lnkd.in/dX6mpxxF
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Global gold production over the years ⛏ 👑 South Africa's grip on the gold crown has loosened considerably. Once an undisputed champion, the nation's gold production has taken a tumble. One key challenge lies in the nature of the resource itself – gold is finite. Easily accessible near-surface deposits were quickly exhausted, forcing miners deeper underground. Extracting gold from these extreme depths (3-4 KMs) requires substantial investments in infrastructure, ventilation, and cooling systems. These high costs make it increasingly difficult to make a profit. The high cost of deep-level mining has led major mining companies to re-evaluate their South African operations. Some, like AngloGold, have opted to leave entirely. Others, like Gold Fields & Sibanye Stillwater, have either minimised their presence or reduced capital expenditure on South African gold projects. A 2023 PWC report paints a grim picture. With an estimated 68 million ounces of gold reserves remaining, the South African gold industry might only have 27 years left. Many mines are expected to close even sooner, within the next 20 years. 🕰 Written by Marvin Matabane Source: VGraphs Curious about the forces shaping South Africa's economy & financial markets ⚡? Follow us at University of Johannesburg Investment Society (UJInvest) for more insights!💡 #finance #markets #stockmarket #economy #southafrica #jse #investments #gold #mining
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🇹🇿Government Budget Update #Mineral Sector Achievements in the Sixth Phase: - Significant growth in the Mineral Sector’s contribution to the National GDP, increasing from 7.3% in 2021 to 9.0% in 2023. - Expansion of mineral purchasing centers from 61 in 2020/21 to 100 centers in 2023/24, along with the establishment of one new mineral market, bringing the total to 42 markets. Key Developments: - Acquisition of five (5) drilling rigs to support small-scale miners, enhancing their operations across various regions in the country. - Introduction of a gold purchase system by the Bank of Tanzania to bolster the National Gold Reserve, aiming to strengthen foreign exchange reserves and support the Monetary Policy. As of April 2024, the Bank of Tanzania has purchased gold worth USD 26 million, with a government target to purchase six (6) tons of gold worth USD 400 million. Strategic Initiatives: - Encouragement of local gold refining industries to obtain certification from the London Bullion Market Association (LBMA), ensuring Tanzanian refined gold is recognized in international markets and can be stored as currency. These initiatives reflect the government’s commitment to bolstering the mineral sector, enhancing economic growth, and ensuring sustainable development. #Vision2030 #TanzaniaTheHomeOfTanzanite #MadiniYetu #MiningIndustry #TanzaniaDevelopment #TANZANIA #TanzaniaMinerals #Networking #TanzaniaMining #Vision2030 #MadiniNiMaishaNaUtajiri #MineralResearch #MiningSectorGrowth #InvestInTanzania 🇹z #MineralSector #EconomicGrowth #Tanzania
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Barrick Gold, a Canadian copper miner, says it has partnered with the government of the Democratic Republic of the Congo (DRC) to boost copper and gold production in the country. Currently, Barrick has a gold mine in the northwest region of the DRC but does not have any copper operations in the country. Barrick has a significant copper mine in neighboring Zambia, which produced 260 million lbs last year. The DRC is the largest copper-producing country in Africa, followed by Zambia. (Sources: Reuters, Barrick Gold, USGS) #commodities #trading #markets #metals #economy #economics #hedgefunds #hedgefund #money #investing #investment #business #familyoffice #oil #energy #finance #mining
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In 2024, global #gold production is expected to reach 131.4 million ounces (moz), up by 2.2% over 2023. Canada is expected to be the key contributor to this growth, with production forecast to increase by 15.2%, followed by #Indonesia and #Ghana, with 9.6% and 8.5% respective growth rates. Furthermore, global production is expected to grow by 3.0% in 2025 to reach 135.2moz, linked to expected increases in production from #Canada, Ghana and #China, among others. Looking ahead, #GlobalData forecasts a moderate compound annual growth rate (CAGR) of 0.9% for global gold production, reaching 141.6moz by 2030.
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Top 10 diamond producing countries in Africa It is no secret that Africa is rich in valuable minerals crucial for economic development, ranging from extensive oil reserves to lush agricultural lands. The continent possesses about 30% of the world’s total mineral reserves, including gold, copper, platinum, cobalt, uranium, lithium, and more, all of which play pivotal roles in diverse industries, from electronics and infrastructure to energy production. What is fascinating is that these mineral riches are not concentrated in one specific region... Read more on the link below https://lnkd.in/gyTdyXHF
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Gold is booming. So is the dirty business of digging it up https://lnkd.in/e6xFdCQj from The Economist Ghana, Africa's largest gold producer, epitomizes the continent's new gold rush, with gold prices reaching record highs of over $2,700 per ounce. While this promises higher margins for industrial miners, it has also spurred artisanal and small-scale mining (ASM), which accounts for nearly half of Africa’s annual 1,000 tonnes of gold production. Though ASM provides critical income for millions in rural Africa, much of it is unregulated, untaxed, and environmentally destructive. Smuggling has surged, with reports suggesting that gold smuggled from Africa more than doubled between 2012 and 2022, depriving African governments of much-needed revenue. Meanwhile, Dubai has emerged as a key refining hub, further encouraging illicit trade. The gold rush also fuels conflicts, with militant groups and political elites profiting from the trade. Despite international efforts to regulate the supply chain, weak governance continues to allow smuggling and environmental degradation to thrive.#GhanaGoldRush #AfricaMining #SustainableDevelopment #ASM #GoldSmuggling
Gold is booming. So is the dirty business of digging it up
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➡ "Zimbabwe’s Gold Production Dips in 2023 Amidst Headwinds, Yet the Glint of Potential Shines On" 📉 📊 In 2023, Zimbabwe’s gold production hit 30 metric tons, marking a 15% decrease from the previous year, according to official data released on Monday. ⚡ 🌩 This dip is attributed to challenges such as electricity cuts and currency volatility that have impacted the country’s output. Once a leading gold producer in Africa, Zimbabwe now lags behind counterparts like Ghana, Mali, Burkina Faso, Guinea and Tanzania due to an enduring economic crisis that has deterred potential investors. 🥇 🛑 Despite its considerable potential, Zimbabwe’s mines struggle to secure funding, grappling with concerns over government policies and property rights, particularly since the controversial seizure of white-owned farms at the turn of the century. #economynews #globalbusiness #latestupdates #officephase #coworkingcommunity Read more: https://lnkd.in/ewVY7Xbd
Zimbabwe's Gold Production Dips in 2023 Amidst Headwinds, Yet the Glint of Potential Shines On - OfficePhase Africa
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A knowledge-based economy could create an enabling environment to shift away from primary commodity #exports to develop locally-owned #goods processing industries, boost export oriented-economy and supply finished products, and improve cross-border #trade in #Africa currently at 20%. The continent possesses about 30% of the world's total mineral reserves, including gold, copper, platinum, cobalt, uranium, lithium, and more, all of which play pivotal roles in diverse industries, from #electronics and infrastructure to #energy production. What is fascinating is that these mineral riches are not concentrated in one specific region but are spread across the continent, significantly contributing to the economic growth of many African nations. Ghana, Africa's biggest gold producer, opened a new refinery in a bid to reap more value from its natural resources. The Royal Ghana Gold Refinery aims to refine 400 kilograms of #gold a day, sourcing the raw material mainly from artisanal and small-scale #mines, which officially account for a third of Ghana's output of about 4 million ounces a year. There's also a large but unknown amount of gold that's illegally produced by miners locally known as 'galamsey', who smuggle their output out of #Ghana. https://lnkd.in/eE27rSSX Ghana🇬🇭 is an #AfCFTA member country #Investing #TradeInAfrica #Markets #Trade #GDP #Growth #Economy #Mining #GlobalTrade #WorldEconomy #FX #OneAfrica #TradeUnderAfCFTA #KeepYourEyesOnTheHorizon #Export #BrandAfrica #Minerals
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