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Ghana Mining Report Q1 2013

Ghana mining market to grow to a value of $757 million by 2017

Ghana is set to remain Africas second-largest gold producer after South Africa as investment continues to flow into the mineral-rich country. The country also boasts one of the most favourable business environments in the region with a democratic and stable government, which contrasts sharply with many of its resources-rich neighbours. Ghanas mining sector is set to reach US$757mn in 2017, up from the US$637mn seen in 2011 as bauxite and gold production see substantial increases. This marks a significant break from the past decade where the mining sector value has barely risen as gold output has declined, offsetting much of the increases in price. We expect gold to be the main driver of growth, but we see bauxite playing a growing role in the mining sector over the coming years.

Ghana contains the second largest area of gold deposits in Africa, after South Africa. The nation derives the bulk of its external revenue from gold mining, which accounts for over 90% of Ghanas total mineral exports. Apart from gold, Ghana also produces significant quantities of bauxite, manganese and diamonds, although diamond output has been affected by the 2007 closure of Ghana Consolidated Diamonds.

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 proven and probable ore reserves add up to 63.3 million ounces (moz). The company has two operations in Ghana: the Obuasi mine and the Iduapriem mine. Gold Fields is one of the worlds largest gold producers, with attributable production of 3.6 million ounces per annum (mozpa) 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 worlds 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.

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