DUBLIN--(BUSINESS WIRE)--Research and Markets(http://www.researchandmarkets.com/research/00426c/ghana_mining_repor) has announced the addition of the "Ghana Mining Report Q3 2011" report to their offering.
The growth of Ghana's offshore hydrocarbons sector is expected to see the government shift its attention from the mining sector over the next few years with revenues from mineral output to fall to just 2.4% of GDP by the end of our 2011-2015 forecast period, down from 7.4% in 2010. That said, we still see healthy mining sector growth going forward, particularly as regards gold production, as a number of new projects come online. We see further opportunities outside of the gold sub-sector with Ghana's bauxite industry hoped finally to begin operating at its full potential following the acquisition of a majority share in the country's Awaso mine by Chinese mining firm Bosai Minerals Group. The takeover is expected to coincide with the building of an integrated aluminium production facility at the mining complex and we project overall bauxite production to increase by more than 60% over the forecast period.
Gold Production To Continue To Drive Growth:
Ghana's share of global gold production has risen gradually in recent years as foreign investment in the mining sector has increased. The country's contribution to African gold production has grown more markedly still, increasing from 14.1% of overall output in 2006 to 19.7% in 2009 while gaining ground on the continent's largest producer, South Africa. We expect production to continue to trend upwards over our mid-term forecast period.
Indeed, preliminary statistics from Ghana's Chamber of Mines show that the country's gold production grew by 2.5% in 2010 to 2.97mn ounces reflecting the positive trend in international gold prices over the year. Gold production will continue to drive industry growth with several major new projects due to come online over our mid-term forecast period. The largest of these, Newmont Mining's Akyem mine in the country's Eastern region will add an additional 500kozpa to Ghana's production when it begins operations by end-2013.
Country Overview:
Ghana contains the second-largest area of gold deposits in the African region after South Africa. The nation derives the bulk of its external revenue from gold mining, which accounts for over 90% of Ghana's total mineral exports. Ghana is home to some of the biggest names from the global gold industry: Gold Fields, Newmont and AngloGold Ashanti.
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