Ghana is set to enhance its position as Africa’s leading gold producer with the commissioning of its first large-scale greenfield mine in more than a decade, reported Reuters.
The Cardinal Namdini mine, a venture by Cardinal Resources under Shandong Gold, is due to be commissioned in November 2024 and is expected to yield more than 350,000oz of gold annually.
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Minerals Commission CEO Martin Ayisi was cited by the news agency as saying that the development is part of a broader initiative to rejuvenate the nation’s mining sector.
The commissioning of Cardinal Namdini mine, along with three others by 2026, aims to accelerate recovery from Ghana’s significant economic downturn.
This marks a significant milestone for Ghana, which has not seen the launch of a major greenfield mine since Newmont‘s Akyem site in 2013.
The introduction of these mines is expected to substantially increase Ghana’s gold output, which reached 4.03 million ounces in 2023, with a significant contribution from small-scale and artisanal miners.
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By GlobalDataAccording to Ayisi, the new mines, including Azumah Resources’ gold mine and Atlantic Lithium’s project, are projected to collectively contribute at least 600,000oz to annual gold production.
Ayisi said: “First is Cardinal Namdini, which is a monster mine and it will produce an average of 358,000oz per year. Mid-year 2025, Newmont will commission another monster mine – Ahafo North.”
Despite the positive outlook, miners have expressed concerns regarding high costs and bureaucratic hurdles, which could potentially impede investment.
In response, Ayisi has indicated that the Minerals Commission is collaborating with the government to reduce the exploration tax, aiming to maintain a stable fiscal environment conducive to mining activities.
Earlier this month, Ghana opened its first gold refinery, located in Accra.
The Royal Ghana Gold Refinery is part of Ghana’s wider effort to increase the value of its gold and earn more money from the metal.
