Gold has long held a special place in humanity’s fascination. As one of the world’s rarest elements, gold reportedly accounts for only 0.001 to 0.006 parts per million of the earth’s crust.
While China is one of the countries with the largest gold production in the world, African countries have also begun to strengthen their gold reserves amidst global economic uncertainty.
According to reports, Africa is the third-largest producer of gold in the world, with mining activities taking place in at least 21 nations. Let’s highlight some of these nations and the quantity of their gold deposit.
The World Gold Council revealed that Gold reserves in Algeria remained unchanged at 173.56 Tonnes in the second quarter of 2023 from 173.56 Tonnes in the first quarter of 2023.
Algeria’s gold reserves are primarily found in the southern part of the country, a region marked by its arid beauty and geological complexity. The Amesmessa deposit, located in the Hoggar Mountains, is one of the noteworthy sites. Managed by ENOR, Algeria’s state-owned mining company, this deposit has been a key contributor to the country’s gold production.
South Africa was formerly leading the continent with over 1,000 tonnes dug up in 1970, but its output has steadily fallen since then. Its gold reserves currently stand at 125.41 Tonnes in the second quarter of 2023 from 125.38 Tonnes in the first quarter of 2023.
The Witwatersrand Basin is home to one of the world’s greatest gold placer deposits. Other gold mines include South Deep, Mponeng, Driefontein and Kromdraai.
Libya’s gold reserves stand at 116.64 Tonnes in the second quarter of 2023. Libya is the third country with the largest gold deposit in Africa. The majority of Libya’s gold reserves are stored in the Central Bank of Libya in Tripoli.
Egypt sits as the fourth African country with 125.79 Tonnes in the second quarter of 2023. Sukari goldmine is the largest and first modern gold mine in Egypt. It is followed by Hamama Gold Mine located in the Western Desert, about 300 kilometres west of Cairo.
Also, the Iqat gold mine is located in the Eastern Desert, about 200 kilometres south of the Sukari Gold Mine. It started experimental production in 2022.
Morocco boasts 22.12 metric tons of gold in the second quarter of 2023. Omnium Nord Africain (ONA) Group, Maya Gold and Silver Inc and Agricola Resources are some of the major players in Morocco’s gold mining sector.
With an estimated gold reserve of 21.37 metric tons, Nigeria sits as the sixth country with Africa’s largest gold deposit. It accounts for about 5% of the global gold reserves.
Gold deposits are found in Northern Nigeria, most prominently near Maru, Anka, Malele, Tsohon Birnin Gwari-Kwaga, Gurmana, Bin Yauri, Okolom-Dogondaji, and Iperindo in Osun state.
Mauritius has been celebrated as an African country with a strategic focus on diversifying its reserves. Its gold reserves decreased to 12.42 tonnes in the second quarter of 2023 from 12.43 tonnes in the first quarter of 2023.
Nigeria celebrated its 63rd Independence Day on the 1st of October 2023, against a backdro…