The Ghana Chamber of Mines is anticipating a robust outlook for the mining sector, forecasting gold production to surpass 4.5 million ounces in the year 2024.
Despite economic challenges facing the nation, the mining sector experienced growth in 2023, as reported by the Chamber.
President of the Chamber, Joshua Mortoti, has disclosed that small-scale mining companies are projected to contribute between 1.1 million and 1.3 million ounces of gold in 2024. In parallel, large-scale gold mining firms are expected to account for a production of 3.4 million ounces.
“The latter mines [Obuasi, Tarkwa] are approaching their end of life span. With a projected output range of 1.1 million ounces to 1.3 million ounces in 2024 from the small-scale sector, the national gold output is expected to exceed 4.5 million ounces in 2024. Including manganese production, the planned output for 2024 is 5 million tonnes,” he said.
Highlighting collaborative achievements, Minister of Lands and Natural Resources, Samuel A. Jinapor, acknowledged substantial successes in the past year between the government and the Chamber. He emphasized that 2024 presents an opportunity to enhance and optimize cooperative endeavors aimed at creating conducive conditions for the efficient and profitable operations of large-scale mining firms.
“What I can assure you is that the government is fully committed to providing adequate security for your concessions. Because it is when your concessions are safe that you can work in peace to support the government. So, whatever we need to do to ensure that your concessions are safe, we will do it”, he stated.
“And in this regard, I will continue to count on the leadership of the Chamber. If there are specific or special cases, we need to deal with let us know and we will take the necessary steps to deal with them”, he added.
According to the third-quarter 2023 data, production attributable to the Ghana Chamber of Mines member businesses was 2.14 million ounces, which is marginally less than the 2.18 million ounces recorded in 2022 for the same period.
In the meantime, production from small-scale miners increased from 0.66 million ounces in 2022 to 1.12 million ounces in 2023, a 70.6% rise.