AMN - Africa home to largest gold resources - comment by Yolanda Torrisi

SNL Metals and Mining has released a new report that has found Africa holds the world’s largest in-situ resources of gold. The report reviewed exploration trends between July 2015 and August 2016, highlighting gold was the metal of choice in exploration. It accounts for 45 per cent of exploration expenditure with a total of $3.94 billion being spent on finding gold.

Africa has the highest in-situ reserves and resources of gold, valued at almost US$1.5 trillion.

The highest gold exploration spending was in Latin America where $5.6 billion was invested in gold projects in the first six months of 2015. Since 1990, the US, Canada and Australia have made the largest gold discoveries.

Most of the major gold discoveries in Africa have been in West Africa, with companies such as Randgold Resources focusing particularly on the Ivory Coast. The latest and biggest ticket gold discovery recently has been Harmony Gold and White Rivers Exploration who discovered a major gold deposit in South Africa’s Witwatersrand Basin, with the deposit containing 11.5 million ounces of gold. It is expected to produce between 250,000 and 300,000 ounces per year for more than 30 years.

West African Resources’ discovery has also hit the gold road map, with its ultra-high grade gold mineralisation at its M1 South Prospect in Burkina Faso. Drilling has returned results of 349.15 grams per tonne gold within 11 metres at 43.44 grams per tonne.

However, despite Africa’s vast riches, drilling on the continent is still minimal.

Yolanda Torrisi is Chairperson of The African Mining Network and comments on African mining issues and the growing global interest in the African continent. Contact:yolanda@yolandatorrisi.com