In Africa, the mining opportunities are enormous as the continent enjoys huge mineral reserves vis-a-vis the other continents in the world. In the previous section, we presented an insight on Uranium mining in Africa. In the current section, we shall be presenting you an insight on the continent’s gold mining reserves, statistics and scope for investments therein.
When it comes to gold mining, there are a few countries in Africa which are counted amongst the top in the world. Headed by Ghana, South Africa today holds the second position while Tanzania takes the third spot. Previously, South Africa was at the top with its deepest and largest gold mines the production of which has since declined over the recent years, while Ghana has expanded its gold mining industry albeit with its smaller mines. Listed below are a few of the significant gold mines in Africa:
- South Deep Gold Mine — One of the largest in the world, the South Deep Gold Mine is located in Mpumalanga region of South Africa in Gauteng. It has an estimated gold reserve of more than 40 million oz (ounces). The production capacity of this mine is approximated at about 800000 oz per year. The mine also holds huge uranium reserves.
- Mponeng Gold Mine — Also located in Gauteng, South Africa, the mine has estimated gold reserves of more than 11 million oz with an estimated annual production capacity of 550000 oz.
- Tau Tona Mine — Located in Carletonville town in Gauteng, South Africa, the mine has an annual production capacity of more than 200000 oz. Although the production capacity of the mine has decreased during the last decade, its current production has remained steady. The mine has remained in continuous operation irrespective of the increasing or decreasing gold value in the market. The mine is around 4 Km deep.
- Obuasi Gold Mine — This mine is an open-pit mine situated near Obuasi, in the Ashanti Region of Ghana. The mine has an annual production capacity of more than 350000 oz of gold per annum.
- Tarkwa Mine — Located in Tarkwa in the western region of Ghana, this mine has estimated reserves of 15 million oz of gold. As till December 2017, 16700 kilotons of ore were mined, which produced approximately 17600 Kgs of gold.
- Chirano Gold Mine — It is an open-pit gold mine located in the Western Region of Ghana, which lies in the Bibiani gold belt. The mine has approximately 2500 kilotons of proven ore reserves.
Although Ghana struggled initially with illegal mining, the local government has taken significant steps to curb these issues. The Minerals and Mining Act was enacted, which came into force in 2006. A lot of enhancements were also made to it in 2014 by the Ghanaian government.
Till date, Ghana has around 300 registered mining groups and 90 mining support companies, while the country hosts a total of 23 mines, out of them the majority produce gold.
Considering the investment side, engineering companies and other material suppliers have good opportunities to invest in this sector for good business and profits in the long term.