Gold has long been a source of fascination for humans. Gold, one of the world’s rarest elements, is said to make up only 0.001 to 0.006 parts per million of the earth’s crust.
While China has the world’s greatest gold production, African countries have begun to bolster their gold holdings in the face of global economic turmoil.
According to studies, Africa is the world’s third-largest producer of gold, with mining operations taking place in at least 21 countries. Let us look at some of these countries and the amount of gold they have.
According to the World Gold Council, Algeria’s gold reserves were steady in the second quarter of 2023, at 173.56 Tonnes, from 173.56 Tonnes in the first quarter of 2023.
Algeria’s gold reserves are mostly found in the country’s south, an area known for its desert beauty and geological complexity. One of the notable places is the Amesmessa deposit in the Hoggar Mountains. This deposit, managed by ENOR, Algeria’s state-owned mining firm, has been a significant contributor to the country’s gold production.
2. South Africa
South Africa was formerly the continent’s leader, with over 1,000 tonnes dug up in 1970, but its output has progressively declined since then. Its gold reserves are expected to be 125.41 Tonnes in the second quarter of 2023, up from 125.38 Tonnes in the first quarter.
One of the world’s largest gold placer deposits is found in the Witwatersrand Basin. South Deep, Mponeng, Driefontein, and Kromdraai are some of the other gold mines.
Libya’s gold reserves are expected to be 116.64 tons in the second quarter of 2023. Libya is the African country with the third-largest gold deposit. The Central Bank of Libya in Tripoli houses the majority of Libya’s gold reserves.
Egypt ranks fourth in Africa with 125.79 Tonnes in the second quarter of 2023. Sukari goldmine is Egypt’s largest and first modern gold mine. It is followed by the Hamama Gold Mine, which is located in the Western Desert, approximately 300 kilometers west of Cairo.
Also in the Eastern Desert, around 200 kilometers south of the Sukari Gold Mine, lies the Iqat gold mine. In 2022, it began testing manufacturing.
In the second quarter of 2023, Morocco will have 22.12 metric tons of gold. Some of the biggest players in Morocco’s gold mining sector include Omnium Nord Africain (ONA) Group, Maya Gold and Silver Inc, and Agricola Resources.
Nigeria has Africa’s sixth-largest gold deposit, with an estimated gold reserve of 21.37 metric tons. It holds around 5% of the world’s gold reserves.
Northern Nigeria has gold reserves, most notably near Maru, Anka, Malele, Tsohon Birnin Gwari-Kwaga, Gurmana, Bin Yauri, Okolom-Dogondaji, and Iperindo in Osun state.
Mauritius has been lauded as an African country that has placed a strategic emphasis on diversifying its reserves. Its gold reserves fell from 12.43 tonnes in the first quarter of 2023 to 12.42 tonnes in the second quarter of 2023.