Ghana to open largest gold mine in over decade with Chinese company supervision
(MENAFN) Ghana is set to open its largest gold mine in over a decade, with a Chinese company overseeing the project. This development marks a significant step for Chinese investment in Africa, following the conclusion of the China-Africa Business Forum in Beijing. The mine, managed by a subsidiary of the Chinese mining giant Shandong Gold, will open in November and is set to become the largest in the West African nation, which is also Africa's leading gold producer.
According to Cardinal Resources CEO Martin Ayisi, the project, which has been in development for four years, is nearing completion. Located in northwestern Ghana, the new mine is expected to produce around 358,000 ounces of gold annually, equivalent to more than 10,000 kilograms (22,000 pounds). This launch signals a turnaround for Ghana’s mining industry, which has seen a decline over the past decade.
The last major mine of this scale in Ghana was opened in 2013 by the American company Newmont. As the sector sees a revival, Ghana's Minerals Authority also announced plans for three more mines to be operational by 2026, including the country’s first lithium mine. These new developments are expected to boost Ghana's gold production by more than half a million ounces each year, solidifying its status as Africa’s top gold producer.
In 2023, Ghana extracted over 4 million ounces of gold, a figure that is projected to rise even higher this year. The upcoming projects will play a crucial role in bolstering the country's mining output, positioning Ghana as a dominant player in the global gold market.
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