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H1 2016: Ghana’s Gold Output Up 38.6%

Ghana’s gold output rose 38.6% in the first half of 2016 to 1.99 million ounces from 1.44 million ounces a year ago, boosted mainly by new mining operations, the Ghana Chamber of Mines said on Tuesday.

Africa’s second-largest gold miner after South Africa earned $2.43 billion from gold in the first six months compared with $1.75 billion in the same period last year, the Chamber said.

Ghana’s active gold miners include Newmont Gold Corporation and South Africa’s Gold Fields. Asanko Gold started production this year.

Gold is the single biggest revenue earner for the West African country which also exports cocoa. Ghana is currently under a three-year aid deal with the International Monetary Fund to restore fiscal balance to an economy dogged by public debt and high inflation.

The country is just recovering from a crippling energy crisis and lower gold prices that forced mining firms to cut output and send hundreds of employees home.

Diamond production dipped to 96 880 ct in the first half of this year from 106 061 ct last year while manganese rose to 752 782 t compared with 553 549 t, the Chamber said.

Source: Reuters

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