The global gold reserve is limited, and it is noteworthy that Africa is holding a significant quantity of this precious metal. Statistics show that…
by Michael Kuchar
In this post, we will show you 5 African countries with the richest gold mines.
With a worth of over $2,000 per ounce, Gold remains one of the most expensive minerals in the world. This mineral has been discovered in several countries and continents of the world and Africa hasn’t been left out.
In fact, when it comes to gold mining, the continent was once the leading gold producer in the world and there’s no telling that such cannot be reattained.
Gold mining in Africa is seemingly dominant in the western region of the continent, but it is also spread across southern and eastern Africa. So, if you are wondering what countries in Africa have the richest gold mines? Here are the top five African countries with the richest Gold mines.
5 African Countries With The Richest Gold Mines
The Gold Coast during the British colonial days is currently a part of Ghana, so it is not surprising that this country is rich in gold. Ghana is currently the African country with the richest gold mines following the 2020 data. It used to come under South Africa as the second highest producer of Gold until 2019. There are gold mines in the Ashanti region and the Central region of the country.
The entire mining industry of Ghana made up 5% of the country’s gross domestic product, and gold dominates that industry. Gold is the primary focus in the industry and the country is responsible for mining about 142 tons of gold, topping foreign countries like Mexico and Brazil. This is not surprising as top companies operate Ghana’s gold mines. Ghana does not have only the richest gold mines in the whole Africa, it is also one of the few African countries with the highest acceptance of mobile money payments.
2. South Africa
Gold has long been discovered in South Africa, far back in the 19th century and South Africa used to be the richest gold mine in the world, not until 2006 when they were overtaken by China.
Currently, the country has produced about 118 tons of gold. Not to mention, South Africa has the deepest gold mines in the world. This includes the TauTona Mine, the East Rand Mine, and the Mponeng Gold Mine. These mines have a depth of 3.9 km, 3.6 km, and 4 km respectively; they are all popular globally.
Gold mining in South Africa has contributed majorly to the country’s gross domestic product (GDP) over the years. Significantly, it saw the GDP rise to R360.9 in 2019 from R351 billion in 2018. It has created jobs with over 95,000 workers in the South Africa gold mining industry, although this figure has deteriorated compared to its peak years. Gold is also one of the most popular assets in South Africa that is regularly traded via Forex Brokers operating in SA.
The Sudan gold mining industry took Africa by surprise. Notably, there’s gold in the Eriab region and Northern region of the country amongst others. They are responsible for producing 76.6 tonnes of gold.
The country never used to be one of the top gold mining countries in Africa until the then President launched the Sudan Gold Refinery in 2012.
This was the first of its kind in the country and with a production capacity of up to 900kg of Gold daily, it wasn’t long until mining activities in the country skyrocketed. Sudan boasts more than 40,000 gold mining sites, which are being operated by over 60 companies.
4. Burkina Faso
Burkina Faso is one of the countries in West Africa where gold mining is a serious business. The country might be seen as one with limited resources, but in recent times, the exportation of gold has been a prominent revenue source, which shows the increase of mining activities.
The West African country produces up to 62 tonnes as of 2019 and just like Sudan, the country took Africa by surprise. Burkina Faso’s appreciation in gold mining began just after the hay days of South Africa’s gold mines as gold has been discovered majorly in more than 15 locations since 2006.
Some of the leading gold mines in Burkina Faso includes mines owned by RoxGold, Endeavour Mining Corp, Nord Gold, and Amera Mining PLC.
Mali recorded 61.2 tonnes of mined gold in 2019, making it the current 5th African country with the richest gold mines. The country used to rank higher; in fact, at its relative peak in 2013, more than 67 tonnes of gold were exported.
The dominant gold mine in the country is the Sadiola Gold Mine, which is located in the Kayes Region. Likewise, they also have the Hassai Gold mine located in the north-eastern part of Mali. These mines are co-owned by various individual companies and the Malian government.
The global gold reserve is limited, and it is noteworthy that Africa is holding a significant quantity of this precious mineral.
Statistics from Statista shows that total gold mine production in Africa is estimated to reach 730,000 kg by 2021 from 660,000 kg in 2017. This implies that the gold mining industry in Africa is very active, and we’ve uncovered the countries that partake mostly in this activity.
For gold mining, more needs to be done for Africa to retain the number 1 spot in the world like they were before 2006. Meanwhile, Asia now leads as China is the world’s largest producer of gold.