Africa Mining Market
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Africa Mining Market
Ghana’S Gold Production Projected To Hit Over 5 Million Ounces In 2025Ghana’s gold production is projected to hit over 5 million ounces, according to the Ghana Chamber of Mines.
The outlook follows a strong recovery in 2023, when Ghana reclaimed its position as Africa’s top gold producer.
Domestic output rose by 32% to 3.7 million ounces, up from 2.8 million ounces in 2021.
Acting CEO of the Chamber, Ahmed Dasana Nantogmah, said the Chamber fully supports strategic initiatives aimed at boosting foreign exchange earnings, including the government’s, Goldbod, enhance macroeconomic stability.
“In terms of function, whatever they said Goldbod will do, looks good on paper and we as a chamber even has a representation on the board so we hope to work with them to make mining more sustainable. Because a lot of gold (about 40%) comes from the small scale mining sector and it will shore up our foreign exchange earnings,” he said.
“For projections we are looking at in excess of 5 million ounces in 2025” he added.
He was speaking on the sidelines of the 2025 West African Mining and Power Expo in Accra.
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May 29, 2025
Africa Mining Market
Ghana Expects Us$12 Billion A Year From Small-Scale Gold MiningGhana expects to rake in US$12 billion a year from small-scale gold production if output doubles as planned.
Gold exports from the country have surged as international prices have soared, and much of that expansion is down to small-mine and artisanal production. The government this year set up a regulator to handle all gold buying and selling, hoping to boost foreign-currency reserves and curb black-market trading.
“Our goal is to move above 3 tons a week” in purchases, up from about 1.5 tons a week in January, said Sammy Gyamfi, the Ghana Gold Board’s chief executive officer. “We expect to be able to bring in about US$6 billion by the end of this year, but we are confident that we will reach the US$12 billion in annual inflows from next year.”
The West African nation, which has been locked out of international capital markets following a debt default in 2022, is taking advantage of its largest foreign-exchange earner as gold prices climb. Bullion is trading near US$3,300 an ounce after reaching successive records during the past year.
Ghana’s gold exports rose more than 50% to US$11.6 billion last year. The country is Africa’s top producer of the metal, but small-scale mining, which represents about a third of output, has underpinned an increase in black-market trading.
The regulator has ramped up its gold purchases from artisanal miners to fight smuggling, Gyamfi said in an interview in the capital, Accra. The expected increase in earnings from small-mine output will “have a positive impact on inflation and gross domestic product, and on the foreign component of our debt profile,” he said.
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May 22, 2025
Africa Mining Market
Ghana Expects Us$12 Billion A Year From Small-Scale…Ghana expects to rake in US$12 billion a year from small-scale gold production if output doubles as planned.
Gold exports from the country have surged as international prices have soared, and much of that expansion is down to small-mine and artisanal production. The government this year set up a regulator to handle all gold buying and selling, hoping to boost foreign-currency reserves and curb black-market trading.
“Our goal is to move above 3 tons a week” in purchases, up from about 1.5 tons a week in January, said Sammy Gyamfi, the Ghana Gold Board’s chief executive officer. “We expect to be able to bring in about US$6 billion by the end of this year, but we are confident that we will reach the US$12 billion in annual inflows from next year.”
The West African nation, which has been locked out of international capital markets following a debt default in 2022, is taking advantage of its largest foreign-exchange earner as gold prices climb. Bullion is trading near US$3,300 an ounce after reaching successive records during the past year.
Ghana’s gold exports rose more than 50% to US$11.6 billion last year. The country is Africa’s top producer of the metal, but small-scale mining, which represents about a third of output, has underpinned an increase in black-market trading.
The regulator has ramped up its gold purchases from artisanal miners to fight smuggling, Gyamfi said in an interview in the capital, Accra. The expected increase in earnings from small-mine output will “have a positive impact on inflation and gross domestic product, and on the foreign component of our debt profile,” he said.
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May 22, 2025
Africa Mining Market
Vedanta Resources Weighs Zambia Copper Ipo To Fund Us$1 Billion InvestmentVedanta Resources, the mining and energy company controlled by Indian billionaire Anil Agarwal, is considering listing its Zambian copper unit to raise the funds it needs to invest in the asset.
“Listing is an option,” Ajay Goel, chief financial officer of Mumbai-listed Vedanta Ltd., said on Friday. “It is hard to give a timeline definitely, but it’s under active consideration.”
He did not provide details on the size or location of the potential float.
The company regained control of the Konkola Copper Mines assets in Zambia last year, after the southern African nation’s government triggered its provisional liquidation about five years earlier, accusing Vedanta of lying about expansion plans and paying too little tax. The company has pledged to invest US$1 billion in the operation as part of negotiations with the state to secure its return to Konkola.
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May 02, 2025
Africa Mining Market
Tengyuan To Construct Us$134.2 Million Mineral Processing Plant…Tengyuan Cobalt Industry New Materials, a Chinese manufacturer of electric vehicle battery materials, plans to invest US$134.2 million to construct a new mineral processing plant in the Democratic Republic of the Congo, aiming to strengthen its access to raw materials.
Tengyuan intends to establish a joint venture with a local partner to develop the plant in Lualaba province in southern Congo, the Ganzhou-based company announced.
The collaboration is predicted to help Tengyuan secure high-quality raw material supplies, lower procurement costs, and significantly increase production capacity, it added.
The company completed its first mineral processing plant in the DRC in the first half of last year. The wholly-owned facility has an annual production capacity of 60,000 tons of refined copper and 10,000 tons of cobalt salts.
The new plant is expected to produce 30,000 tons of refined copper and 2,000 tons of cobalt salt products annually. The copper refining facility alone is projected to cost US$100 million.
Construction is anticipated to take 18 months. Once operational, it is expected to take three years to reach full capacity. The post-tax internal rate of return is estimated at 35%.
Tengyuan will hold a 55% stake in the JV. An affiliate of its local partner, SAWA Congo Mining, will own 40%, while the remaining 5% will be held by an employee shareholding platform.
SAWA, a Chinese-owned conglomerate, has over two decades of mining and trading experience in the mineral-rich Central African nation and maintains strong relationships with the local government. It has been supplying raw materials to Tengyuan since October 2021.
Tengyuan reported a challenging Q1, with net profit falling 14% year-on-year to CNY123 million, and revenue down 4% to CNY1.5 billion (US$200 million). The decline was attributed to increased research and development as well as management expenses, along with falling cobalt salt prices, according to the interim report. Despite this, Tengyuan reported an 81% jump in net profit for 2024, supported by increased production capacity.
Tengyuan did not comment on the DRC’s recent ban on cobalt salt exports. In February, the country’s minerals regulator announced a temporary suspension on cobalt exports, essential for EV battery production, to stem further price declines. The ban does not affect cobalt mining or copper exports, as cobalt and copper are co-mined.
The export ban has helped lift cobalt salt prices, which had slumped to five-year lows due to oversupply. Last week, Cobalt(II) sulfate was priced at around CNY50,000 per ton (US$6,849), nearly 90% above its February low, according to data from Mysteel.
Last year, Tengyuan produced 54,500 tons of refined copper, accounting for nearly 53% of its total output. Cobalt salts contributed about 37% of its annual revenue, with the remainder coming from products such as nickel salts, lithium salts, and ternary lithium battery precursors. The company earned more than half its revenue from overseas markets, according to its annual report.
Despite the new investment plan, Tengyuan’s share price dipped due to weak Q1 earnings.
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Apr 21, 2025
Africa Mining Market
Prospect Resources Secures $15.2 Million To Advance Mumbezhi…Prospect Resources is set to receive a $15.2 million cornerstone investment from global copper miner First Quantum Minerals in return for a 15% shareholding.
Prospect expects the investment will help advance its Mumbezhi copper project in north-west Zambia, with the Canadian producer to act as a key technical partner alongside Prospect’s main exploration team.
Mumbezhi is located 25 kilometres from First Quantum’s wholly owned Sentinel copper mine within the world-class north-western Zambia copper belt and has an estimated resource of 107.2 million tonnes grading 0.5% copper for 514.6 kilotonnes of contained metal.
Prospect will issue First Quantum with 101.06 million new Prospect shares priced at $0.15 each, representing a 36% premium to its last closing price of $0.11 and a 28% premium to the 20-day volume-weighted average price of $0.117.
On completion of the issue, First Quantum will have the right to nominate a representative to join the Prospect board of directors.
The nominee will remain in place as long as First Quantum maintains at least 10% equity in Prospect.
Prospect managing director Sam Hosack welcomed First Quantum to the share register.
“Bringing First Quantum into the fold as a strategic cornerstone shareholder and technical partner offers us considerable funding runway to continue advancing our planned exploration of Mumbezhi,” he said.
“Having access to First Quantum’s breadth of regional expertise will position us to continue identifying new regional prospects and adding potential new copper tonnages to the existing Mumbezhi resource estimate at a far greater rate than on our own.”
Prospect has also entered into a placement agreement with long-term shareholder Eagle Eye for 18.86 million new shares at $0.15 each to raise approximately $2.8 million.
The investment will maintain Eagle Eye’s 15.3% shareholding in Prospect.
The total First Quantum and Eagle Eye investment of $18.5 million will leave Prospect well funded to further accelerate exploration and advancement of the Mumbezhi project.
The company will commence a Phase 2 drilling campaign at Mumbezhi in the coming weeks to test prospectivity at the Nyungu North, Nyungu South and West Mwombezhi targets.
First Quantum is a long-established copper explorer and producer in Zambia, with its wholly owned Sentinel and Kansanshi mining and processing operations producing a total of 402,000t of copper-in-concentrate during 2024.
The company is ramping up its smelting capacity as part of the Kansanshi S3 expansion project.
This will see it transition from a high-grade, medium-scale operation to a medium-grade, larger-scale operation more suited to a higher proportion of primary, lower-grade sulphide ores at depth.
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Apr 15, 2025
Africa Mining Market
Sun Africa Seeks Energy, Mining Cooperation With EgyptAs part of efforts to enhance cooperation between Egypt and the US in the Energy Sector, Karim Badawi, Minister of Petroleum and Mineral Resources, met with Adam Cortese, CEO of Sun Africa, and his accompanying delegation. The meeting discussed the potential collaboration in the domains of oil and natural gas, renewable energy, carbon reduction, and mining activities.
During the meeting, both sides explored opportunities for joint projects in renewable energy and smart energy solutions based on smart infrastructure, with a particular focus on solar power, green energy, and carbon capture and storage (CCS).
The two sides asserted on the importance of technology exchange and building long-term strategic partnerships that ensure knowledge transfer and support sustainable investment.
Cortese appreciated the Egyptian market as a strategic energy hub in Africa. He highlighted the strong support Sun Africa receives from the US government for global infrastructure and investment initiatives.
Additionally, Cortese pointed out the company’s interest in leveraging the distinct relations between Egypt and the US, as well as the historic partnership with ENPPI and PETROJET in addition to transferring Egypt’s expertise to other African countries for reinforcing Egypt’s status as a regional energy hub.
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Apr 14, 2025
Africa Mining Market
The Opportunity For Manufacturers And The…Africa presents a vast and dynamic opportunity for manufacturers, driven by its abundant resources, youthful population, and rapidly expanding markets. With a growing middle class and increasing consumer spending power, Africa’s demand for goods and services continues to rise, creating lucrative opportunities for manufacturers looking to expand. As regional integration accelerates, particularly through the African Continental Free Trade Area (AfCFTA), manufacturers have an unprecedented chance to scale operations, access new markets, and build resilient supply chains across the continent.
Regional integration is removing trade barriers, harmonising regulations, and creating a unified market of over 1.4 billion people. This transformative shift enhances intra-African trade, encourages industrialisation, and fosters economic growth. By leveraging cross-border collaboration, investing in regional infrastructure, and sharing expertise, manufacturers can significantly enhance their productivity and competitiveness.
This critical session will be a key discussion at the upcoming Manufacturing Indaba, where industry leaders and experts will explore how businesses can navigate Africa’s evolving industrial landscape, seize emerging opportunities, and position themselves as key players in the continent’s economic transformation.
Key topics to be covered include:
As Africa continues its trajectory toward becoming a global manufacturing powerhouse, the integration of regional economies will be a game-changer. The Manufacturing Indaba will offer practical strategies for manufacturers to capitalise on this evolving landscape, ensuring long-term growth and sustainability.
Join us at the Manufacturing Indaba as we uncover the transformative power of regional integration and explore how manufacturers can thrive in Africa’s industrial evolution.
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Apr 08, 2025
Africa Mining Market
Rangel’S €6 Million South Africa Investment…Maia, Portugal-headquartered Rangel Logistics Solutions, a family-owned international logistics company that entered the South African market in 2020, has reaffirmed its commitment to helping Africa realise the potential of the African Continental Free Trade Area (AfCFTA) agreement through the additional investment of €6 million (R125.6 million) in a warehouse in South Africa.
Tiago Pocinho, Rangel Country Manager, says the company takes its commitment to Africa seriously.
Covering an area of 10,000 m² near OR Tambo International Airport, the new warehouse will serve as a central hub for Rangel’s expanding Contract Logistics offering, as announced at the opening ceremony. This facility also provides bonded storage, divided into an OS Bond Store (Operating Store) for goods storage up to 24 months and an SOS Bond Store (Special Operating Store) for storage up to 6 months, as well as cross-docking services. During their stay in the bonded warehouse, goods are exempt from duties and charges, payable only upon release for final destination.
In addition to this investment, the logistics company will also open a new office in Nakop, on the Namibian border, which will augment its current presence in Zambia and Tanzania.
The new warehouse is expected to create at least 160 new jobs, with CEO Nuno Rangel anticipating further growth in line with the Contract Logistics gains.
Since entering South Africa, Rangel’s primary focus has been on transportation and cross-border logistics as it sought to establish a presence at key border points. Having succeeded in this aim, the company is now strengthening its footprint in the logistics sector.
The warehouse enhances Rangel’s South Africa’s logistical capabilities while facilitating trade between neighbouring markets such as Mozambique, Zambia, Angola, the Democratic Republic of Congo, Tanzania, Botswana, Zimbabwe, and Namibia.
“Today, we are becoming a benchmark in transport for the mining sector in the main logistics corridors of the SADC region, from the DRC to the main ports – Durban, Beira, Walvis Bay and Dar es Salaam – carrying out highly demanding and complex operations, especially in the transport of copper (cathods, concentrate, blyster) cobalt hidroxyde and zinc,” adds Nuno Rangel.
Since 2020, Rangel has opened four offices on the main South African borders and expanded its presence to Zambia (2021) and Tanzania (2022), bringing the total investment in the three countries to €7 million. In total, the international operation represents around 20% of the company’s turnover, with South Africa accounting for 8% of that volume.
At the launch ceremony in the warehouse, big enough to house more than 500 average-sized cars, Nuno Rangel said, “we want to be an African company and not only help connect the Southern African Development Community to Europe, but also facilitate trade among African countries”.
Rangel, which was founded in 1980 by Eduardo Rangel, Nuno’s father, invested in South Africa after Whitey Basson, South African businessman and former Shoprite CEO, inspired Nuno Rangel to examine the country’s potential, Nuno Rangel said.
Addressing guests at the stylish event attended by diplomats from Portugal and Botswana, including the Portuguese Ambassador to South Africa, Basson said Shoprite’s growth across Africa was partially the result of it having good logistics capabilities.
Basson also pointed to Africa’s vast potential. The continent is anticipated to see gross domestic product growth of 4% by 2026 according to United Nations figures, with AfCFTA set to play an important role in this expansion.
His Excellency Carlos Costa Neves, the Portuguese Ambassador to South Africa, wished the company great success. “We are safe in the hands of Rangel,” he said;
The bonded warehouse offers operating bond space for goods storage for up to two years as well as a special operating storage that enables goods housing for up to six months.
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Apr 08, 2025
Africa Mining Market
The Opportunity For Manufacturers And The Value Of Regional IntegrationAfrica presents a vast and dynamic opportunity for manufacturers, driven by its abundant resources, youthful population, and rapidly expanding markets. With a growing middle class and increasing consumer spending power, Africa’s demand for goods and services continues to rise, creating lucrative opportunities for manufacturers looking to expand. As regional integration accelerates, particularly through the African Continental Free Trade Area (AfCFTA), manufacturers have an unprecedented chance to scale operations, access new markets, and build resilient supply chains across the continent.
Regional integration is removing trade barriers, harmonising regulations, and creating a unified market of over 1.4 billion people. This transformative shift enhances intra-African trade, encourages industrialisation, and fosters economic growth. By leveraging cross-border collaboration, investing in regional infrastructure, and sharing expertise, manufacturers can significantly enhance their productivity and competitiveness.
This critical session will be a key discussion at the upcoming Manufacturing Indaba, where industry leaders and experts will explore how businesses can navigate Africa’s evolving industrial landscape, seize emerging opportunities, and position themselves as key players in the continent’s economic transformation.
Key topics to be covered include:
As Africa continues its trajectory toward becoming a global manufacturing powerhouse, the integration of regional economies will be a game-changer. The Manufacturing Indaba will offer practical strategies for manufacturers to capitalise on this evolving landscape, ensuring long-term growth and sustainability.
Join us at the Manufacturing Indaba as we uncover the transformative power of regional integration and explore how manufacturers can thrive in Africa’s industrial evolution.
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Apr 08, 2025