Ghana is the largest gold producer in West Africa with 70 t produced in 2003. Production by small-scale gold miners increased by 38.46% to 222,762 oz (6,929 kg).

Gold exploration and mining are the main focus of activities of the companies though the thrust of current government policy which aims diversify the mineral production base of the country, which has been hinging on gold, and to lesser extent diamonds, manganese and bauxite, to include the production of industrial minerals. Value addition has also been one of the current policies.

Thirty-four prospecting licences were granted to both Ghanaian and foreign-controlled companies, and valid exploration licences stood at 152 at the end of 2003. Five of the 17 companies permitted to conduct mineral exploration in forest reserves applied for mining leases and received government approval to proceed with the process of securing the necessary permits for mining.

At Ashanti Goldfields’ ( now AngloGold Ashanti after a merger in 2004) Obuasi operation total output fell by 4.5% to 513,163 oz (15,962 kg). The lower production resulted from production from lower grade bulk-mining blocks and grade control difficulties, as well as equipment availability problems. Surface mining continued, with the development of the Kunka and Adubrem deposits and completion of the Homase open pit. Underground, exploration was above 50 level and was largely directed at infill and perimeter definition drilling of the mature exploration blocks at George Cappendell Shaft (GCS), Sansu and the BSVS areas. At Iduapriem/Teberebie, gold production for 2003 was 243,533 oz (7,575 kg) representing a 32% increase over the previous year. The higher gold production was due to the increased mill throughput resulting from the upgrade of the processing plant. At Bibiani, production fell by 12% to 212,716 oz (6,616 kg) at a cash operating cost of US$216/oz during 2003 due to anticipated lower grade and the higher tonnage of refractory type ore arising from the pit.

Colorado-based Golden Star Resources Ltd holds a 90% equity interest in the Bogoso/Prestea open-pit gold mine and the Wassa gold project. The company also has a majority interest in the currently inactive Prestea underground mine in Ghana.The Bogoso/Prestea open-pits are operated by Golden Star’s subsidiary, Bogoso Gold Ltd (BGL). The company produced 174,315 oz (5,422 kg) in 2003, an increase of 40.12% over that of the 2002 year. This increase was mainly due to improvements in ore grades and gold recovery. The Bogoso mill processed an average of 5,736 t/d of ore, down from 6,000 t/d in 2002. The company successfully completed a feasibility study for the Wassa gold project in July 2003, awarding a lump sum contract to a South African contractor for the construction of a 10,000 t/d carbon-in-leach mill and infrastructure at Wassa. Construction and development costs at Wassa are projected at US$25.5 million, with an approximate US$15 million of capital needed for a mining fleet scheduled in late 2004. Golden Star acquired the Asikuma and Mansiso exploration properties from Birim Goldfields Inc in 2003 for US$3.4 million plus a net smelter return royalty.

Production at Gold Fields (Ghana) Ltd ‘s Tarkwa mine in 2003 increased by 7.32% to 561,8910oz (17,474.65kg). due to the optimisation of the crushing and heap-leach plants. In January 2003, the company completed the Tarkwa expansion project feasibility study and intends to invest US$159 million in the construction of a new 4.2 Mt/y SAG mill and CIL facility and the conversion from contract mining to owner mining to increase ore mining and treatment rates to over 19 Mt/y and, initially, increase annual gold production by 200,000 oz. At the Damang Mine, where the company operates under the name Abosso Goldfields Ltd (AGL), gold production in 2003 decreased by 1.3% to 302,847 oz (9,420 kg). This decline in gold production was caused partially by a planned mill maintenance shutdown during the year and a gradual decline in head grades in line with the depletion of the Damang pit ore reserves.

Bonte Mines Ltd operates the only alluvial mine in Ghana and produced 43,516 oz (1,354 kg) in 2003 as against 46,055 oz in 2002.

Organisations (25)
Dunkwa Continental Goldfields Ltd, Renato Impex Agencies Ltd, Sleasus Agencies, Abosso Goldfields Ltd, BHP Minerals International Inc, Bonte Gold Mining Company, Chirano Gold Mines Ltd, CME (Ghana) Ltd, Dumpaw Gold Mine Ltd, Ghanaian Australian Goldfields Ltd, Ghanian-Australian Goldfields Ltd, Goknet Mining Co Ltd, International Gold Resources (Ghana) Ltd, Newmont Ghana Gold Ltd, Obenemase Gold Mines Ltd, Prestea Sankofa Gold Ltd, Red Back Mining NL, Resolute Ltd (Ghana), Ridge Mining (West Africa) Limited, Sansu ::[ View All ]

Facilities (23)
Abore, Ahafo, Akrokeri, Akwatia, Awaso, Ayanfuri, Bibiani, Bogoso/Prestea, Bonte Gold Mine, Chirano, Damang, GBC, Grumesa-Awisam, Iduapriem, Konongo, Nsuta, Ntotoroso, Obotan, Obuasi Gold Mine, Prestea :[ View All ]

Participating Organisations
African Gold Group Inc.

African Gold Group is engaged in the identification, acquisition and exploration of prospective gold projects that are situated along significant gold trends within West Africa and controls gold concessions in Ghana.

Akrokeri-Ashanti Gold Mines

AAGM has an 85% interest in Bonte Gold Mining Company that operates the alluvial Bonte Gold mine in Ghana.

AngloGold Ashanti Limited

Anglogold Ashanti solely owns and operates the Bibiani and Obuasi Mines in Ghana and has an 85% interest in Iduapriam.

Birim Goldfields Inc

Birim Goldfields has interests in several developing gold projects in Ghana, inlcuding the Mampon deposit on its Dunkwa License, Akrokeri Mine and the Bui Concession.

Birim Goldfields Inc

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Gold Fields Limited South Africa

Gold Fields has a 71% interest in the Tarkwa Gold mine located in Ghana.

Golden Star Resources Ltd

Golden Star Resources Ltd. has interests in several operations in Ghana, including the Wassa, Bogoso and Prestea Gold Mines.

Keegan Resources

Keegan Resources is involved in two exploration projects in Ghana.

Red Back Mining Inc.

Red Back Mining Inc.

Red Back has a majority interest in the Chirano Gold prospect in Ghana.

Resolute Mining Ltd (Australia)

Through subsidiary Resolute Ltd Ghana, Resolute has a 90% interest in the Obotan gold mine in Ghana.

Shaun Bakamoso

Greetings. I'm Shaun Bakamoso, and I'm thrilled to be your guide through the dynamic world of business news in South Africa here at mbendi.co.za. With a passion for staying informed and a keen interest in the ever-evolving landscape of business, I've dedicated myself to providing you with timely, insightful, and comprehensive coverage of the latest developments impacting the South African economy. bakamoso@gmail.com / Instagram