Best African Mines To Buy Gold From
Gold is a valuable mineral that is extracted from mines all over the world. The process of mining gold is dangerous and can have negative effects on the environment. If you plan on buying gold, however, it helps to know which mine yields the most gold for the price so that you can decide where to invest your money. That is why this post presents a list of the best African mines to buy gold from.
Randgold Resources Ltd
The Randgold Resources Ltd mine in Mali has operated since 2006 and boasts 6 million ounces of proven and probable reserves of gold ore grading 3.5 g/t. This mine is considered the largest and highest-grade gold mine in Mali. In August 2018, Randgold Resources Ltd began production at their new Toule gold project. This mine is expected to contribute an additional 250,000 oz of gold per year to the company’s reserves, and production at this location is expected to last for 13 years!
Gold Fields Ltd
Gold Fields Ltd’s Kibali mine in the north-east Democratic Republic of the Congo has operated since 2010 and boasts 4 million oz of proven and probable reserves. This mine is considered the largest gold mine in Africa and the second-largest globally. It produces an estimated 700,000 oz of gold annually, which translates to around 2.6% of worldwide production!
AngloGold Ashanti Ltd
AngloGold Ashanti Ltd’s West Wau mining project in Ghana is about 20% complete but is expected to start producing gold by 2020. This mine is estimated to yield 815,000 oz of gold per year at a grade of 1.49 g/t, which amounts to about 1.1% of worldwide production!
Kinross Gold Corp
Kinross Gold Corp’s Kibali Hill mining project in the north-east Democratic Republic of the Congo is expected to produce an estimated 656,000 oz annually. This mine has reserves of 2.6 million oz of gold and an average grade of 3.58 g/t gold across the site. Construction at this site was completed in 2008, and operations began in 2010. The site is expected to last for 13 years.
Newmont Mining Corp
The Newmont Mining Corp’s Bulyanhulu mining project in Tanzania is expected to yield an estimated 359,000 oz of gold per year at a grade of 3 g/t. This mine is housed in a massive underground structure that spans 12 football fields and has been in operation since 1968. The mine employs around 1,500 workers and operates as part of the Mponeng gold mine complex, with products sourced from underground workings and an open pit onsite. Newmont expects to continue operating at this site for at least 14 years.
Sibanye Gold Ltd
Sibanye Gold Ltd’s Diphoko mining project, located in South Africa, is expected to produce an estimated 300,000 oz per year. This operation has been in operation since 1981 and extracts gold from a source rock with a grade of 6 g/t gold using heap leaching technology. The mine employs around 1,800 workers and has operated for 35 years as of 2018. This mine is expected to last for another 15 years before it’s forced to shut down due to regulatory issues with the use of mercury during extraction.
In recent years, with disruptive geology and natural resource discovery, more and more African countries have seen their economies grow at an unprecedented rate. If you’re considering investing your money in a mining company or mining stock, you may want to look at some of the African mines below if you’re interested in getting gold.
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