By Ebi Kesiena
Ghana is poised to strengthen its standing as Africa’s top gold producer with the launch of its first large-scale greenfield mine in over a decade, according to Reuters.
The Cardinal Namdini mine, operated by Cardinal Resources under Shandong Gold, is scheduled for commissioning in November 2024. The mine is expected to produce over 350,000 ounces of gold annually.
Martin Ayisi, CEO of the Minerals Commission, stated that this development is part of a broader strategy to revitalize Ghana’s mining sector. The Cardinal Namdini mine, along with three others set to open by 2026, aims to help the country recover from a significant economic downturn.
This will be a major milestone for Ghana, which has not seen the launch of a new large-scale mine since Newmont’s Akyem site in 2013. The introduction of these new mines is anticipated to significantly boost Ghana’s gold output, which reached 4.03 million ounces in 2023, largely driven by small-scale and artisanal mining.
Ayisi noted that the new projects, including those by Azumah Resources and Atlantic Lithium, are expected to collectively add at least 600,000 ounces to Ghana’s annual gold production.
He noted that Cardinal Namdini is a “monster mine” with an average output of 358,000 ounces per year. Another major mine, Newmont’s Ahafo North, is expected to begin production by mid-2025.
However, despite the optimistic outlook, miners have raised concerns over high operational costs and bureaucratic challenges that could deter investment. In response, Ayisi revealed that the Minerals Commission is working with the government to reduce exploration taxes and maintain a stable fiscal environment conducive to mining.
Earlier this month, Ghana also inaugurated its first gold refinery, the Royal Ghana Gold Refinery, located in Accra. This move is part of the country’s broader efforts to increase the value of its gold exports and generate more revenue from the metal.
