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Ghana Mining Report Q1 2012
Business Monitor International, Nov 2011, Pages: 70
The revision to BMI's Ghana mining growth forecasts in Q112 reflects the release of new data from the World Bureau of Mining Statistics (WBMS), as well as news of further expansion within the gold and bauxite mining sub sectors. In 2011, BMI estimates that the industry grew by 5.7% in real terms, reaching a value of US$2.84bn, after which it expects it to accelerate, averaging 6.3% year-on-year (y-o-y) over BMI's 2011-2015 forecast period.
Gold Production To Drive Growth
In July 2011, US-based Newmont Mining revealed plans to increase the annual gold output from its Newmont Ahafo Mine in Ghana to 1.2mn ounces (oz) by 2014. A significant boost will come from the company's commencement of underground operations at the mine, at Kenyase in the Brong Ahafo Region. Until 2011, the mine has averaged production of between 500,000 and 550,000oz a year. The company is reported to be targeting production of 1.7mn oz by 2017.
In a further development Australian exploration firm Signature Metals produced its first gold bars at the Konongo gold project in Ghana in June. The firm has been working on the project since 2009 and will now attempt to reach throughput targets of 350,000 tonnes a year. The project is in the country's Ashanti gold belt.
Country Overview
Ghana contains the second-largest area of gold deposits in the African region after South Africa. The nation derives the bulk of its external revenue from gold mining, which accounts for over 90% of Ghana's total mineral exports. Apart from gold, Ghana also produces significant quantities of bauxite, manganese and diamonds, although diamond output has been affected in recent years by the closure of Ghana Consolidated Diamonds in 2007.
Key Players
AngloGold Ashanti is a global gold player with operations in 10 countries: Argentina, Australia, Brazil, Ghana, Guinea, Mali, Namibia, South Africa, Tanzania and the US. Its combined proved and probable ore reserves add up to 63.3mn oz (1,794.5 tonnes). The company has two operations in Ghana: the Obuasi mine and the Iduapriem mine. Gold Fields is one of the world's largest gold producers with attributable production of 3.6mn oz per annum from eight operating mines in South Africa, Ghana, Australia and Peru. It holds a 71% stake in its subsidiary, Gold Fields (Ghana). Newmont Mining is the world's largest gold producer, with significant assets and operations in the US, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. In Ghana, the company has a land package covering approximately 3,380 square kilometres (km2). It has two development projects in Ghana: Ahafo and Akyem.
Business Monitor International's Ghana Mining Report provides industry professionals and strategists, corporate analysts, mining associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Ghana's mining industry.
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