Breathing Life into a Maturing Gold Sector in Ghana

Ghana Butre

Last updated on July 9th, 2019 at 04:37 pm

In the West Africa gold mining industry, Ghana takes the lead. Although, it comes second after South Africa as far as gold production is concerned. Due to the maturing of the gold mining industry, the landscape is now dominated by big players like AngloGold Ashanti, Gold Fields, Kinross, and Newmont.

Kinross mine changed to pure underground quarry in 2017. It’s located about 100km southwest of Kumasi in the western area of Ghana. In the same year, it produced 246,027 Au Eq. oz. Meanwhile, in 2006 Newmont commenced its production.

Gold Fields settled in Ghana 25 years ago. Further, it has seven operating mines in South Africa, Peru, Australia, and Ghana. Due to the number of achievements, the firm holds 90% shares of the Mineral Reserves of Tarkwa and Damang and Mineral Resources. The Ghanaian Government holds the remaining 10% interest-free. Gold Fields purchased a 50% stake in Ansanko Gold Ghana in 2018, hence, strengthening its hold on the nation’s gold resources. The company produces around 2.2 million ounces annually.

The operators and mine owners are aimed at moving into underground or reducing footprints. However, more weight will be exerted on brownfield exploration and recovery in order to prolong its life. According to Jon Madigan, West Africa division director at Boart Long Year, Ghana is now focused in brownfield exploration approximately 800m to 100m mark. Additionally, more exciting work is forthcoming in deeper directional drilling to reach tighter targets. Further, the principal focus this time is to improve the directional drilling and showcase the firms’ abilities in deep-hole.

Ghana holds lots of benefits due to the peaceful change of power in the last election. Moreover, its continuity in upholding status of being one of Africa’s stable democracies gives it some credit. Further, its reputable mining culture takes over the young competitors. According to Jeff Quartermaine, the Chief Executive Officer of Perseus Mining, educational institutions are producing very knowledgeable and skilled professionals. The Perseus mining company holds the biggest gold pits in Ghana. It has a 650km² of apartments constructed on the Ashanti Gold Belt, close to 60-million-ounce Obuasi gold deposit.

 

Interested in more articles related to gold mining in Ghana? Check out – The Struggles of Ghana to End Illegal Gold Mining