Ghana is set to launch its first large-scale greenfield mine in over a decade in November 2024.
According to the Minerals Commission, the mine is projected to produce over 350,000 ounces of gold annually.
The Chief Executive Officer of the Minerals Commission, Martin Ayisi, announced that by 2026, Africa’s top gold producer will launch three new mines, including a lithium project.
These developments are expected to enhance the country’s mineral output and accelerate its recovery from a severe economic crisis.
The Cardinal Namdini mine received a licence for the facility in 2020 which is owned by Cardinal Resources, a unit of Shandong Gold (600547. SS).
Ghana last commissioned a large-scale greenfield mine in 2013 when miner Newmont (NEM.N), opened a new tab and launched its Akyem site in southeastern Ghana.
Since then, “exploration took a nosedive, but we will now have commissioning galore.
“First is Cardinal Namdini, which is a monster mine, and it will produce an average of 358,000 ounces per year. Mid-year 2025, Newmont will commission another monster mine – Ahafo North,” Mr Ayisi said in an interview with Reuters.
He stated that the two new mines are expected to add at least 600,000 ounces to Ghana’s annual gold production, stimulate economic growth, and create hundreds of jobs.
Mr Ayisi further revealed that two additional mines: Azumah Resources’ gold mine in northwestern Ghana, near the Burkina Faso border, and Atlantic Lithium’s first lithium project are set to begin production in 2026.
While miners appreciate Ghana’s stable fiscal policies, they cite high costs and bureaucratic hurdles as barriers to investment.
He noted that the Minerals Commission is collaborating with the government to reduce exploration taxes.
“Ivory Coast is number one when it comes to exploration spend because they have made it easier. We are number four, but we can be number one,” he said.
The Cardinal Namdini mine, owned by Cardinal Resources a subsidiary of Shandong Gold was granted its operating license in 2020.
In 2023, Ghana produced 4.03 million ounces of gold, largely due to increased output from small-scale and artisanal mining.