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Ghana Mining Report Q4 2011 Published on August 2011
Report Summary The revision to our Ghana mining growth forecasts in Q411 reflects the release of new data from the World Bureau of Mining Statistics (WBMS) as well as news of further expansion within the gold and bauxite mining sub sectors. In 2011 we forecast the industry to grow by 5.7% in real terms, reaching a value of US$2.84bn, after which we expect it to accelerate, averaging 6.3% year-on-year (y-o-y) over our 2011-2015 forecast period. Gold Production To Drive Growth In July 2011 US-based Newmont Mining revealed plans to increase the annual gold output from its Newmont Ahafo Mine in Ghana to 1.2mn ounces (oz) by 2014. A significant boost will come from the company's commencement of underground operations at the mine, at Kenyase in the Brong Ahafo Region. Until 2011, the mine has averaged production of between 500,000 and 550,000 oz a year. The company is reported to be targeting production of 1.7mn oz by 2017. In a further development Australian exploration firm Signature Metals produced its first gold bars at the Konongo gold project in Ghana in June. The firm has been working on the project since 2009 and will now attempt to reach throughput targets of 350,000 tonnes a year. The project is in the country's Ashanti gold belt. 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. Apart from gold, Ghana also produces significant quantities of bauxite, manganese and diamonds, although diamond output has been affected in recent years by the closure of Ghana Consolidated Diamonds in 2007. Key Players AngloGold Ashanti is a global gold player with operations in ten countries: Argentina, Australia, Brazil, Ghana, Guinea, Mali, Namibia, South Africa, Tanzania and the US. Its combined proved and probable ore reserves add up to 63.3mn oz (1,794.5 tonnes). The company has two operations in Ghana: the Obuasi mine and the Iduapriem mine. Gold Fields is one of the world's largest gold producers with attributable production of 3.6mn oz per annum from eight operating mines in South Africa, Ghana, Australia and Peru. It holds a 71% stake in its subsidiary, Gold Fields (Ghana). Newmont Mining is the world's largest gold producer, with significant assets and operations in the US, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. In Ghana, the company has a land package covering approximately 3,380 square kilometres (km2). It has two development projects in Ghana: Ahafo and Akyem.
Table of Content Executive Summary 5 SWOT Analysis 6 Ghana Political SWOT . 6 Ghana Economic SWOT ....... 7 Ghana Business Environment SWOT .... 8 Global Mining Outlook .... 9 Political Risks Weigh On Sector ... 9 Table: Recent Government Involvement In Mining ..... 10 Table: Latest Coal Developments ....... 11
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>> Get this Report Now by email! Table: Other Mining Developments .... 12 Industry Trends and Developments ..... 13 Table: Ghana's Mining Industry 2008-2015 ....... 14 Business Environment . 15 Africa's Mining Business Environment ....... 15 Regulatory Developments ... 16 Sub-Saharan Africa Mining Business Environment Ratings ....... 17 Botswana .... 17 South Africa 17 Zambia 18 Mozambique 18 Democratic Republic of the Congo ..... 19 Zimbabwe ... 19 Namibia ...... 20 Angola 20 Ghana's Business Environment .. 21 Table: BMI Business And Operation Risk Ratings ...... 21 Institutions .. 22 Table: BMI Legal Framework Rating . 24 Infrastructure ...... 25 TABLE: LABOUR FORCE QUALITY 27 Market Orientation ..... 28 Table: Middle East & Africa, Annual Fdi Inflows ...... 29 Table: Trade And Investment Ratings . 31 TABLE: TOP EXPORT DESTINATIONS, 2000-2008 32 Operational Risk . 33 Political Environment .... 34 Domestic Politics ....... 34 Long-Term Political Outlook ...... 36 Ghana Mining Industry Forecasts 40 Table: Key Projects .... 41 Table: Ghana Gold Production .. 41 Bauxite Sector Feels Benefits Of Chinese Investment . 42 Table: Bauxite Data And Forecasts, 2006-2015 . 43 Regulatory Development ....... 44 Competitive Landscape 46 Table: Key Players In The Ghanaian Mining Sector .. 46 Company Monitor .. 47 AngloGold Ashanti ...... 47 Gold Fields . 49 Newmont Mining . 51 Commodity Strategy ' Metals Update .. 53 Aluminium... 53 Copper 53 Gold .... 54 Lead .... 55 Nickel .. 55 Tin....... 57
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>> Get this Report Now by email! Zinc ..... 58 Global Assumptions, Q4 2011 ...... 59 Table: Global Assumptions, 2009-2015 ...... 60 Table: Global And Regional Real GDP Growth, 2010-2013 (% change y-o-y) ... 60 Table: Developed Market Exchange Rates, 2010-2013 (average) ....... 61 Table: Emerging Market Exchange Rates, 2010-2013 (average) 61 Developed States 62 Table: Developed States' Real GDP Growth, 2010-2013 (% change y-o-y) 62 Emerging Markets ...... 63 Table: Emerging Markets' Real GDP Growth Forecasts, 2010-2013 (% change y-o-y) ..... 64 Business Environment Ratings Methodology..... 65 Table: Mining Business Environment Indicators 66 Table: Weighting Of Components ....... 67
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