Mining
About Gold In Ghana
Gold mining in Ghana has its origins in the 10th century, when the area was part of the ancient Ghana Empire. However, large-scale commercial gold mining began in the early 19th century, during the British colonial era.
Gold mining is still a major industry in Ghana, contributing significantly to the country's economy. Ghana is one of the largest gold producers in Africa, with both large-scale and artisanal mining operations. The sector faces challenges, including environmental concerns and illegal mining activities, but remains a key driver of economic growth.
List of
Gold Mines In Ghana
AngloGold Ashanti (Ghana) Ltd
Location: Obuasi
Website: www.anglogoldashanti.com
Brief: Obuasi, an underground operation mining to a depth of 1,500m, is located in Ghana’s Ashanti region, approximately 60km south of Kumasi.
- Mineral Reserve - 7.11m oz of gold
- Gold production - 224k oz
- All-in sustaining cost - $1,777/oz
- Capital expenditure - $214m
- Workforce - 5,376
AngloGold Ashanti (Iduapriem)Ltd
Location: Iduapriem (Tarkwa)
Website: www.anglogoldashanti.com
Brief: Iduapriem is a multiple open-pit operation located in western Ghana, near the town of Tarkwa.
- Mineral Reserve - 2.06m oz of gold
- Gold production - 268k oz
- All-in sustaining cost - $1,329/oz
- Capital expenditure - $142m
- Workforce - 2,359
Gold Fields Ghana Ltd
Location: Tarkwa & Damang
Website: www.goldfields.com
Brief: We operate two gold mines, Tarkwa and Damang, in Ghana’s Ashanti Gold Belt.
Tarkwa mine is among the largest in Africa, contributing significantly to the local economy and supporting communities.
Our Damang mine is treating stockpiles as we consider its options for future growth or closure.
-
Attributable mineral reserves
- 4.5m oz gold - proved and probable
-
Attributable mineral resources (emr)
- 4.5m oz gold - measured and indicated
- 0.7m oz gold - inferred
- P&P Mineral Reserves - 1.09 million ounces
- Average grade of P&P Mineral Reserves - Underground 10.8 Mt at 3.1 g/t Au
- M&I Mineral Resources - 29.3 Mt at 3.8 g/t Au for 3.5 Moz contained
- Remaining reserve life of mine - 6 years
- Geological setting - Quartz carbonate veins with pyrite
- Underground mining method - Sub-level longhole open stoping
- Processing method - Carbon-in-leach
- Processing plant capacity - 2.7Mtpa
- Gold produced (oz) - 155koz
Newmont Ghana Gold Ltd
Location: Ahafo & Akyem
Website: www.newmont.com
Brief: Mine Type - Surface
Ahafo
- Mines are located 290 km northwest of Accra, Ghana
- Ahafo South - Ghana’s largest lold mine with over 8Moz produced to date
- Ahafo North - Best unmined deposit in West Africa
- Development of Ahafo North mine will raise combined production to approximately 850 Koz of gold per year
Akyem
- Mines are located 128 km northwest of Accra, Ghana
Chirano Gold Mines Ltd
Location: Chirano
Website: www.asantegold.com
Brief:Managed and operated by Asante Gold Chirano Limited, a wholly-owned Ghanaian subsidiary of Asante Gold Corporation.
The Chirano Gold Mine comprises a granted mining lease in the Western North Region of Ghana encompassing a multi-deposit complex, within which fourteen gold deposits have been identified, quantified, and reserves estimated.
Identified mineralised deposits have been historically mined from both open pit and underground operations over a long period of time.
Nguvu Mining
Location: Northern Ashanti gold belt (Konongo Gold Mine) | Adamus Resources Limited (Nzema Gold Mine)
Adamus Website: Nzema Gold Mine
Northern Ashanti Website: Konongo Gold Mine
Brief:
- Mine employs conventional open pit mining method
- Mining activities is by owner mining
Perseus Mining (Ghana) Ltd
Location: Edikan
Website: www.perseusmining.com
Brief:
- Total Production - 195,080 oz/gold in FY-2024
- Life of Mine - 5+ years
- M&I Resources - 1.7 million oz/gold
- P&P Reserves - 909,00 oz/gold
Asanko Gold Mine
Location: Asankrangwa Belt in the Ashanti region of Ghana
Website: www.asanko.com
Brief:
- 4 main open-pit deposits: Abore, Nkran, Esaase, Miradani North
- 2,200 people are employed at the mine
- 99% of the total workforce are Ghanaians
Xtra Gold
Location: Kibi Belt
Website: www.xtragold.com
Brief:
- Estimated
- 1,058,200 ounces of gold in Indicated category
- 180,700 ounces of gold in Inferred category
- Exploration team has defined multiple new potential gold shoots through grassroots exploration
- The Kibi Gold Discovery continues to exhibit the potential to be a world class deposit
Sewia Mining and Refinery Ltd
Location: 4 Lavender St, GW-1003-4504 GA West, Accra
Website: www.sewiaminingltd.com
Brief:
- Full-scale exploration, development, and extraction of minerals
- Compliance with environmental regulations and sustainable practices
- Investment in advanced technology and machinery to drive efficiency and productivity
Emma Gold Ghana
Location: Box 1274 Tarkwa Nsueam, Western and Eastern Region of The Republic Of Ghana
Website: www.emmagoldghana.com
Brief:
- A mining company specializing in the mining of gold and diamonds
- They ensure zero harm to their employees, the environment and communities
- They work with best business practices and integrity
- They maintain productive and ethical working relationships, transparent and responsive dialogue with surrounding communities and public agencies for the benefit of all stakeholders
Challenges Faced by the Gold Mining Industry in Ghana
Lack of Local Refining Capability
One of the biggest and oldest challenges that the gold mining industry in Ghana has faced is the lack of a modern refining facility. As a result, Ghana's gold miners have had to send their unrefined gold abroad for processing, leading to significant profit losses.
Fortunately, this may be about to change. Mr. Murtaza Samiwala, through his company Rosy Royal Minerals of India, has partnered with the Bank of Ghana to establish the Royal Ghana Gold Refinery. This facility aims to refine Ghana's gold locally, keeping profits within the country and providing a substantial boost to Ghana's gold economy.
Although the partnership between Rosy Royal Minerals and the Bank of Ghana was finalized in 2020, COVID-19 and other regulatory issues delayed the launch. However, Mr. Murtaza Samiwala remains confident that the Royal Ghana Gold Refinery will begin operations very soon.
Read more about the launch of this project and it's commissioning by the VP of Ghana
Gold Smuggling
The smuggling of gold out of Ghana has been a persistent issue plaguing the country for decades. A telling statistic illustrates the scale of the problem: in 2014, Ghana officially exported USD 1.7 billion worth of gold worldwide. Yet, inexplicably, India alone imported USD 2.5 billion worth of gold from Ghana in the same year. This discrepancy highlights the vast extent of the gold smuggling market in Ghana.
Gold smuggling in Ghana, or "galamsey" as it is locally known, not only undermines the country’s economy by depriving the government of crucial tax revenues but also severely harms the environment. The mines involved in smuggling are often illegal and operate outside the scope of regulations, resulting in environmental degradation.
However, recent initiatives by the Ghanaian government offer hope that the days of rampant gold smuggling may soon come to an end. Dr. Ernest Addison, the Governor of the Bank of Ghana, recently spoke of plans to provide a local market for artisanal and small-scale miners, enabling them to sell their gold domestically instead of smuggling it abroad. Additionally, in recent years, the government reduced taxes on artisanal gold miners from 3% to 1.5% to incentivize them to transition their operations into the official economy.
You can read the full speech by the Governor of the Bank of Ghana
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Ghana gold mines directory
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