Home / General News / Ghana’s mining sector to accelerate 6.3% yearly, value to hit $2.84b in 2011 – Report

Ghana’s mining sector to accelerate 6.3% yearly, value to hit $2.84b in 2011 – Report

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Ghana’s mining industry is expected to grow by 6.3% year-on-year from 2011 to 2015, according to a market report prepared by the Business Monitor International (BMI).

BMI provided a snapshot of the report titled “Ghana Mining Report Q4 2011” which noted that in 2011, the industry will grow by 5.7% in real terms, reaching a value of $2.84 billion.

“In 2011 we forecast the industry to grow by 5.7% in real terms, reaching a value of US$2.84bn, after which we expect it to accelerate, averaging 6.3% year-on-year (y-o-y) over our 2011-2015 forecast period,” said BMI.

The London-based company said the revision to Ghana’s mining growth forecasts in 2011 fourth quarter reflects the release of new data from the World Bureau of Mining Statistics (WBMS) as well as news of further expansion within the gold and bauxite mining sub sectors.

The 67-page report cited US-based Newmont Mining as revealing plans in July 2011 to increase the annual gold output from its Ahafo mine to 1.2 million ounces (oz) by 2014.

It indicated that a significant boost will come from the company’s commencement of underground operations at the mine, at Kenyase in the Brong Ahafo Region.

“Until 2011, the mine has averaged production of between 500,000 and 550,000 oz a year. The company is reported to be targeting production of 1.7 million oz by 2017.”

In a further development, the report adds that Australian exploration firm Signature Metals produced its first gold bars at the Konongo gold project in Ghana in June and “will now attempt to reach throughput targets of 350,000 tonnes a year”.

By Ekow Quandzie

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