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Precious Metals Mining in Ghana to 2020 - a Focus on the Gold Industry

Published By :

Timetric

Published Date : Sep 2014

Category :

Mining

No. of Pages : 27 Pages

Synopsis

The Precious Metals Mining in Ghana to 2020 – a Focus on the Gold Industry report comprehensively covers the country’s historical and forecast data on gold mine production. The report also includes drivers and restraints affecting the industry, profiles of major gold mining companies, information on the major active, exploration and development projects and regulations governing the industry.

Executive summary

Factors such as positive investment environment, accessibility of geological data, political steadiness, plentiful reserves and upcoming projects are expected to drive the country’s mining industry. However, the Ghanaian mining sector will need to overcome challenges such as illegal mining, electricity shortages, condensed subsidies and its tax structure, which could have a negative impact on the industry.

Scope

The report contains an overview of the Ghanaian gold mining industry together with the key growth factors and restraints affecting the industry. It also provides information about reserves, production, prices, competitive landscape, major active, exploration and development projects and the fiscal regime of the country.

Reasons to buy

Gain an understanding of the Ghanaian gold mining industry, the relevant drivers and restraining factors, reserves, historical and forecast production, global gold prices, competitive landscape and the fiscal regime.

Key highlights

  • Ghana has substantial reserves of gold, diamond, bauxite and manganese. In 2013, the country discovered deposits of other minerals such as phosphate, nickel, chromium and uranium through its Mining Sector Support Programme, which is sponsored by the European Commission.
  • Ghana is the world’s 10th-largest gold producer, as well as the second largest producer of gold in Africa, after South Africa, with a production volume of 3.4 million ounces in 2013. 
  • Ghana had 2,000 tonnes of gold metal content in its ore reserves at the end of 2013, accounting for 3.7% of global gold reserves; ranking the country eighth, according to USGS.
  • Ghana has several upcoming projects which are expected to start production over 2014–2020. There are 118 upcoming gold projects, of which 114 are under exploration and four are in the feasibility stage.
Table of Contents

1 Executive Summary 1

2 Gold Mining in Ghana 6
2.1 Country Overview 6
2.2 Mining Overview 6
2.3 Gold Mining in Ghana – Drivers 7
2.4 Gold Mining in Ghana – Restraints 8

3 Gold Mining in Ghana – Reserves and Production 9
3.1 Reserves by Grades and Geographic Regions 9
3.2 Historical and Forecast Production 10
3.2.1 Total production by region 11
3.3 Gold Prices 12
3.4 Total Production by Major Mines 14
3.5 Total Production by Mining Method 14
3.6 Major Exploration and Development Projects 15
3.7 Competitive Landscape 16
3.7.1 Gold Fields Ltd 16
3.7.2 Newmont Mining Corporation 17
3.7.3 AngloGold Ashanti Ltd 17
3.7.4 Kinross Gold Corporation 18
3.8 Ghana vs. Global Gold Mine Production 19

4 Fiscal Regime 20
4.1 The Ghanaian Mining Industry – Governing Bodies 20
4.1.1 Ministry of Land and Resources 20
4.1.2 Environmental Protection Agency 20
4.1.3 Minerals Commission 20
4.1.4 Geological Survey Department (GSD) 20
4.2 The Ghanaian Mining Industry – Governing Laws 20
4.2.1 Minerals and Mining Act, 2006 20
4.2.2 Diamond Act 1972 20
4.2.3 Small-Scale Mining Act 1989 20
4.3 The Ghanaian Mining Industry – Rights and Licenses 21
4.3.1 Mineral rights 21
4.3.2 Reconnaissance license 21
4.3.3 Prospecting license 21
4.3.4 Mining lease 21
4.4 The Ghanaian Mining Industry – Key Fiscal Terms 22
4.4.1 Royalty 22
4.4.2 Corporate income tax 22
4.4.3 Depreciation 22
4.4.4 Gift tax 22
4.4.5 Rent tax 22
4.4.6 Capital gains tax 22
4.4.7 Loss carry forward 22
4.4.8 Withholding tax 22
4.4.9 Value added tax 22

5 Appendix 23
5.1 What is this Report About? 23
5.2 Methodology 23
5.3 Secondary Research 23
5.4 Primary Research 23
5.5 Contact Timetric 24
5.6 About Timetric 24
5.7 Timetric’s Services 24
5.8 Disclaimer 26

List of Table

Table 1: Gold Mining in Ghana – Gold Mine Production (Thousand Ounces), 2000–2020 11
Table 2: Gold Mining in Ghana – Major Active Mines (Thousand Ounces), 2014 14
Table 3: Gold Mining in Ghana – Major Exploration Projects (Million Tonnes), 2014 15
Table 4: Gold Mining in Ghana – Major Development Projects (Million Tonnes), 2014 15
Table 5: Gold Mining in Ghana – Gold Fields Ltd, Major Projects, 2014 16
Table 6: Gold Mining in Ghana – Newmont Mining Corporation, Major Projects, 2014 17
Table 7: Gold Mining in Ghana – AngloGold Ashanti Ltd, Major Projects, 2014 18
Table 8: Gold Mining in Ghana – Kinross Gold Corporation, Major Projects, 2014 18
Table 9: The Mining Industry in Ghana – Withholding Tax Rates (%), 2014 22

List of Chart

Figure 1: Gold Mining in Ghana – Gold Reserves (Tonnes), 2008–2013 9
Figure 2: Gold Mining in Ghana – Gold Mine Production (Thousand Ounces), 2000–2020 10
Figure 3: World Nominal Gold Prices – US$/oz (Apr 2013–Jun 2014) 12
Figure 4: World Nominal Gold Prices – US$/oz (2014–2020) 13
Figure 5: Gold Mining in Ghana – Ghana vs Global Gold Mine Production (%), 2013 19

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