PUBLICATION
Ghana / West Africa Mining 2010 E&MJ Release
Ghana’s association with gold dates back to the nineteenth century, but today, the country remains gold focused and consistently ranks as Africa’s second largest producer. Gold represented the lion’s share of revenue from mining, accounting for $2.84 billion of a total $2.95 billion generated from mining in Ghana. In the premier league are Gold Fields with 30% of production, followed by AngloGold Ashanti with 19% and Newmont with 18%. Behind these sit Golden Star with 14% and Red Back Mining’s Chirano subsidiary at 6%. Ghana might host the region’s oldest mines, the largest proven reserves and the most developed service sector, but explorers and early stage miners are rushing to secure positions in fast emerging neighboring countries. This special report prepared for E&MJ by GBR profiles the mining environment in Ghana as well as four West African countries: Burkina Faso, Niger, Liberia and Guinea.
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It is said that mining is a patient industry. Current demand projections are not. Demand for minerals deemed ‘critical’ is set to increase almost fourfold by 2030, according to the UN. Demand for nickel, cobalt and lithium is predicted to double, triple and rise ten-fold, respectively, between 2022 and 2050. The world will need to mine more copper between 2018 and 2050 than it has mined throughout history. 2050 is also the deadline to curb emissions before reaching a point of ‘no return.’ The pace of mineral demand and the consequences of not meeting it force the industry to act fast and take more risks. Mining cannot afford to be a patient industry anymore. The scramble for supply drives miners back to geological credentials, and therefore to places like the African Central Copperbelt.
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