When Uruguayan footballer Suarez stuck out his hand and stopped Ghana's ball before the goal line, and Asamoah Gyan kicked the ensuing penalty against the crossbar and over the top, Ghana's Black Stars were eliminated from the FIFA Soccer World Cup, dashing their dream of African gold.
On their return to Accra, the team found real gold at the end of their development rainbow. In the first quarter of 2010, Ghana's mineral production was up 26.5% to over US$ 800-m. In 2010, gold's contribution to the Ghanaian economy could exceed US$ 3-b, up by 25% from last year. In 2009 Ghana, one of the better performing economies in Africa, showed growth of 4.7% to reach US$ 36.58-b. Industry made up 25.3%, and mining only 6%.
But 35% of export earnings come from mining, and the mining industry injected a whopping US$2.9-b into the economy in the form of wages and procurement.
While there are rich pickings in diamonds, bauxite and manganese, gold makes up 90% of mining activity here, with 2.9-m ounces of gold produced in 2009.
Ghana is now the second largest gold producer in Africa, after South Africa, and the third largest producer of aluminum metal, and of manganese ore.
Diamonds show a 308% increase, manganese is up 87%, bauxite 42%, and gold was up 25%.
In the gold sector, the main operating companies are Anglo Gold Ashanti, Central African Gold, Golden Star Resources, Gold Fields, and Newmont. Between them they operate 13 mines and process plants, mostly west of the capital, Accra. The largest producer is Tarkwa open pit, owned by Goldfields in partnership with I Am Gold. Using carbon-in-leach and heap-leach processing, they produce some 21 800kg of gold per year. Ahafo mine of Newmont produces 17 000kg per year, as does the Obuasi surface and underground mines near Kumasi, owned and operated by Anglo Gold Ashanti. They also have the Iduapriem mine near Takoradi, producing nearly 9000kg of the precious metal.
On the exploration and new projects side, Adamus Resources of Australia holds a 90% interest in the Southern Ashanti Gold Project. A bankable feasibility
study was completed in 2007, indicating 28.4-m tons of ore at a grade of 1.78g/ton. Adamus holds a mining license for 10 years, with the option for a further 10.
There are also 26 projects in reserves development stage, 14 in exploration, and 5 in feasibility. The project pipeline is well filled.
Artisanal miners throughout Ghana produce some 4000kg to 8000kg of gold, at a guess.
The largest diamond producer is Ghana Consolidated Diamonds, GCD, 100% owned by the Ghanaian government. They account for some 350 000 carat per year, with artisanal diamond miners producing 500ct to 1000ct a year.
Bauxite is mined by Ghana Bauxite Company, 90% owned by Rio Tinto, 10% by the Ghana government. Volta Aluminum smelter is owned by government. Manganese is mined by Ghana Manganese, in which government has a 10% share.
In 2007, Jubilee oilfield was discovered off the Ghana coast, with potential estimated at 3-b barrels of petroleum. Kosmos Energy of Texas and Tullow Oil of the UK hold the majority interest here.
Other discoveries of petroleum indicate that government priorities may shift away from gold, to mineral fuels as foreign exchange earner. The Black Stars display Ghana's confidence, skill, and hopes for an affluent future. Ghana's pot at the end of the development rainbow looks promising for years to come.
* Darryl Moss, GM, Distributors & Marketing Metso Mining
and Construction Technology, SA.
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