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Tuesday, February 7, 2023

10 Countries in Africa Where You Can Find Great Quantity of Gold Mining Reserves

Africa is not an exception when it comes to continents with loaded natural resource reserves such as gold.

In this writing, we will elaborate on the significant gold-bearing countries in Africa with vast gold reserves.

Continue reading the write-up below to know the African countries where one can find many gold mining reserves.

1. Ghana 

Ghana defeating South Africa for the first epoch, became the largest producer of gold in Africa with 138.7 tonnes.

Gold mines in Ghana

  • Obuasi gold Ghana – the Obuasi gold mine is one of the largest mines in the world, located in the Ashanti region of Ghana, 200km northwest of Accra.

It’s an underground mine covering 1624 km2 of land, extending to a depth of 1,600m. 

Obuasi was formerly a significant asset of Ashanti Goldfields Company (AGC) – London in 1897, producing about 160,000 ounces per year.

  • Tarkwa gold mine– Tarkwa gold mine has an expected reserve of 15.1 million oz of gold, and its location is in the western region of the country.

Tarkwa, owned by Gold Fields, covers a broad area of 220 km long and 40 km wide with a probability of producing 520,000 ounces of gold yearly.  

Ghana has other incredible gold mines like Dunkwa gold mine, Dumasi gold mine, and Prestea gold mine.  

Export destination of gold from Ghana 

As the highest gold producing country in Africa, Ghana exports 4.77 billion dollar gold to Switzerland, 2.93 billion dollar gold to India, Emirates, South Africa, and Hong Kong.   

2. South Africa

The operation of gold mining in South Africa began in the 1880s, and ever since then, the country has been the second-largest producer (sometimes the largest) of gold in Africa.

Gold reserve in South Africa 

The gold reserves in South Africa have remained stable as it is at 125 tonnes in the first and second quarter of 2021.

Names of gold mines in South Africa 

  • East Driefontein Mine 2.5 MOZ: the Driefontein mine is one of the largest uranium reserves in-country, situated in the northern part of South Africa. It produces approximately 238 million tonnes of ore per annum.

This large mega deep-level gold mining reserve and processing operation are 70km west of Johannesburg.

Goldfields Ltd obtained the mine in 1999 by purchasing [AngloGold Ashanti] AGA’s 21.5% shareholding, making Gold Fields the second largest producer of gold worldwide.

  • The Mponeng gold mine 45.81 MOZ: Mponeng gold mine is the deepest in the world with an average depth of 3.16km to 3.84km, having its location at Gauteng province.  

It’s one of the abundant mine reserves worldwide, with an ore grade of over 8 grams per ton. Descending from the surface of the mine to the bottom takes over an hour.  

It was procured from AngloGold Ashanti by the Harmony Gold in 2020, and it’s likely to be in operation till 2027.

Other gold reserves in South Africa include:

  • The south deep gold mine
  • Kusasalethu mine
  • Blyvoor gold mine
  • Kloof gold mine
  • Barberton Mines
  • Doornkop gold mine
  • MOAB Khotsong gold mine
  • Target gold mine  

Destinations of gold export from South Africa

The major destinations of gold exports from South Africa are China, India, Switzerland, United Arab Emirates, and the United Kingdom.

How much does South Africa generate from gold? 

Every year, South Africa spawns about 4 billion dollars in revenue, thereby playing a significant role in human resources development.

3. Sudan 

Sudan, a northeast African country, ranks third-largest gold producer after producing over 76 metric tonnes of gold in 2019.

However, the country experienced a significant drop from 107 tonnes in 2017 to 93 tonnes in 2018.

Gold reserve in Sudan

The collection of development indicators by the World Bank shows that Sudan has a total gold reserve of approximately 177933852 USD in 2017.

Where in Sudan can gold be found?

The only gold producing mine in Sudan is an open-pit [18] known as Hassai gold mine, and its location is at the Red Sea Hills desert in northeastern Sudan.

Its operation started in 1992, and it has a production capability of 90,000 oz in a year with a totality of 2.3 million Moz since its existence.  

The output of gold in Sudan 

Though Sudan has pocketed over 86 million US dollars from gold in the first half of 2021, it’s still targeting 104 billion pounds at the end of the year.  

4. Algeria

Algeria is one of the several gold-rich countries in Africa, and it has stood the test of time from the 1980s till the present.  

About gold reserves in Algeria

The gold reserve of Algeria is updated every month, and with 682 observations that are, from December 1950 to May 2017, it churned about 252.167 USD mn.

More so, the reserves in Algeria have averaged 173.63 tonnes from 2000 to 2021.

The largest gold mine in Algeria is the Amesmessa mine, located at Tin Zaoutine district of Guezzam province.

Amesmessa, discovered by GMA Resource Plc, has a gold deposit of 70 tons of gold, which pushed Algeria’s amount to more than 5 million ounces.

Economic benefits of gold mining in Algeria 

  • Gold mine helps accelerate the economy and fosters development in the regions.
  • Grants employment opportunities to people.
  • It reassures the supply of resources.

5. Mali 

Mali is a landlocked northwest African country that has produced a significantly large piece of gold and is one of the world’s gold-dependent economies.

Mali’s gold reserve 

According to the ministry of mines, Mali currently has a gold reserve assumption at about 703 tonnes.  

Gold mines in Mali 

Presently, Mali has four major gold mines: Syama mine, Yatela, Morila mine, and Sadiola.

Syama gold mine is an underground mine owned by Société des Mines de Syama S.A. [SOMISY], situated in the south of Mali.

Yatela gold mine: Yatela is an open-pit gold mine that covers an area of 195km², owned by Sadiola Exploration Company [SADEX].

6. Burkina Faso 

Burkina Faso, which alternatively means Land of honest men, has momentous reserves of gold that can generate 300 million dollars per year.

Gold reserve in Burkina Faso 

Gold remains the most exploited ore in Burkina Faso, and the gold reserve of the country is about 154.2 metric tons.

Gold mines in Burkina Faso

The list of gold mines in Burkina Faso includes the Youga gold mine located southeast of Ouagadougou and the Kalsaka gold mine situated in the country’s capital city.

Taparko-Boroum gold mine is an open-pit at northwest of Ouagadougou. 

The Essakane gold mine is at the boundary between Sano and Oudalan, and the Inata gold mine is a joint venture that began operation in 2009.

How many tons of gold does Burkina Faso produce yearly?

The record has it that Burkina Faso experienced growth as it produced 50 tons of gold in 2019 and 60 tons of gold in 2020.

7. Zimbabwe 

Zimbabwe is another African country that produces gold in a larger quantity, and it started mining as far back as the 13th century.

Gold reserve in Zimbabwe

Zimbabwe has a boastful number of thirteen (13) million tonnes of the gold reserve, which the country has exploited only 580 tonnes.

Host of gold mines in Zimbabwe 

  • The Sabi gold mine located in the Zvishavane district began its operation in the 1890s.

The fundamental way of extracting gold here is through the underhand stopping method. Zimbabwe Mining Development Corporation acquired its first operation before the additional Kimberworth investments.  

  • Jena gold mine– the extracting method of gold involves the Shrink stopping method and underhand benching long hole open stopping method.

The mine processes about 450 tons of gold, located in Nkayi, a district in Matabeleland, Zimbabwe.  

  • Blanket gold mine – This mine occurs to be one of the country’s biggest gold mines and its location at the province of Matabeleland, south Zimbabwe.

It produces more than 45,500 ounces of gold each year and is also controlled by Celedonia limited.  

8. Guinea

Guinea has numerous developing mines in Africa, with its gold mines primarily found in the Upper Niger Basin in its northeast region.  

More about Guinea gold reserves

Gold primarily found in the Siguiri region of Guinea has an impending gold reserve estimated at around 700 tons.  

Gold mines in Guinea

  • The Lero-Karta open-pit mine is one of the gold mines in Guniea that carries out its mine operations in the northern part of guinea.

Its major method of gold production is the heap leach process and is said to generate over 13.7 metric tons 0f gold.  

  • Siguiri gold mine– this mine produces an estimated number of 250,000 ounces of gold per annual.

The mine’s location is in Siguiri district, northeast part of Guinea, which is right on the bank of the Niger River.

Kiniero gold mine and Kart open pit mine are also part of the significant gold miles in Guinea.

9. Ethiopia

Though Ethiopia produces gold in smaller quantities, it’s still among the top-ranking gold-producing countries in Africa.

Gold reserve in Ethiopia 

Ethiopia has an increasing reserve, and the total gold reserve of Ethiopia in the year 2020 was 3,046 million US dollars.

List of gold mines in Ethiopia

Ethiopia has two mega gold mines: the Lega Dembi gold mine and the Tulu Kapi gold project, located in the southern and western parts of the nation, respectively.

How much does Ethiopia make from gold yearly?

Since the existence of gold in Ethiopia, the generated income from gold keeps rising tremendously every year.

The current budget has it that the annual gold income of the Ethiopian country is more than 600 million dollars.

10. Cote d’Ivoire

Over the years, gold has remained the main valuable resource in Cote d’Ivoire, with an excellent rise in output.

Gold reserve in Cote d’Ivoire

As seen in the report, Cote d’Ivoire’s estimated gold reserve is between the range of 500 and 600 tons of gold.

Record of gold mines in Cote d’Ivoire

The active gold mine operating in Cote D’Ivoire encompasses Tongon gold mine, Angovia gold mine, and Bonikro gold mine.

  • Bonikro gold mine– is a gold-producing mine located almost 150 miles northwest of Abidjan, the capital of Cote d’Ivoire.

It produces an average number of 150,000 ounces of gold in a year, and the owner known as Newcrest established the mine in 2008.

  • Angovia gold mine– Angovia gold mine is owned and managed by Cluff Gold, whose operation began in 2009.

The mine has consistently produced more than 20,000 ounces of gold per annual, and its location is 25 miles from the city of Yamoussoukro.

  • Tongon gold mine– Tongon is owned and managed by Randgold resources and is the largest mine in Cote d’Ivoire, covering about one square mile.

Its location is 34 miles across the border between Cote d’Ivoire and Mali, and its gold ounce will probably spring up significantly in the next few years.

Where are the most gold mines in Africa?

The highest gold mine in Africa is South Africa, home to several worlds’ renowned gold mines. 

Again, one of the largest gold deposits in the world, known as the Witwatersrand Basin, is in South Africa.

Which country has the most gold reserves in Africa?

As of 2020, Algeria is an African country with the leading and largest gold holding with metric tons of 174.

Conclusion

Undeniably, Africa has a limitless number of great gold mines and reserves that serve as a natural hedge against inflation or price rise.

A glance at this write-up will enlighten you about African countries with excellent, untapped gold mine reserves.

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