Political stability in Ghana, along with clear regulatory standards, will underpin Ghana’s mining sector in 2010 giving the sector great promise for growth. So says the first quarter 2010 Ghana Mining Report by the research firm, Research and Markets.
Ghana is Africa’s second-largest producer of gold after South Africa as well as being one of the world’s largest producers of manganese ore, bauxite and diamonds and some of the major players in the gold mining industry such as Gold Fields, Newmont Ghana and AngloGold Ashanti all have a significant presence in the country.
According to the report the value of Ghana’s mining industry will more than double over a five-year period, from $0.64 billion in 2009 to $1.68 billion in 2014, with the high price of gold a significant factor in this increase.
The report’s authors took into consideration, data from the country’s statistical agencies and associations, as well the UN’s Industrial Commodity Statistics Database, the US Geological Survey and the World Bureau of Metal Statistics and then used their own proprietary econometric model to forecast future figures and trends.
Gold accounts for over 90 per cent of the country’s revenue. Exports in 2009 were US$ 2.6 billion, compared to US$2.2 billion in 2008. Gold output was 2.6mn oz (up 4% y-o-y) selling at an average realised price of US$852 per oz. Manganese revenue was up by a 69%, to US$62.34mn, while bauxite revenue was flat, at US$19.81mn.
The President of the Ghana Chamber of Mines, Jurgen Eijgendaal, said that 2009 would be a mixed year for Ghana's mining industry. He expects gold to perform well, while bauxite and manganese exports could fall as a result of a decline in demand.
Showing posts with label ghana. Show all posts
Showing posts with label ghana. Show all posts
Wednesday, March 3, 2010
Thursday, December 10, 2009
China To Triple Manganese Ore Imports From China
China will triple its manganese ore imports from Ghana, according to information from global steel industry sources.
Manganese ore which is an important raw material for the production of steel is in high demand following the rising demand for steel and the decline in manganese ore stocks.
China which imports about 80% of its manganese ore from Gabon, South Africa, Australia, the ASEAN region and Ghana is intent on doubling the overall import figure.
China plans to triple the 45,000 tonnes manganese ore import from Ghana by 1.8 times.
Available statistics show that from January to October of 2009 the manganese ore from Gabon through China’s Guangdong port reached 349,000 tonnes up by 41.4%, ore from South Africa rose to 218,000 tonnes, up by 11.1%. The ore from Australia was 166,000 tonnes down by 62.6% and from Brazil, China imported 152,000 tonnes, a significant increase by 1.3 fold. Imports from the four countries accounted for 83.7% of the total manganese ore imports through the Guangdong port. An additional, 78,000 tonnes import was from ASEAN.
According to Guangzhou Customs’ available data of December 3, 2009, from January to October of 2009 manganese ore and concentrate imported through Guangdong port reached 1.059 million tonnes worth US$230 million down by 3.7% year-on-year and 55.3% year-on-year.
Compared with September imports, October imports decreased some 14.9 million tonnes up by 39.1% year-on-year worth US$25.93 million down by 60.1% yearon-year.
China’s growing interest in Ghana can be seen in the fact that it has shown a strong interest in the country’s nascent oil industry. About two days ago, China gave money to Ghana to develop its oil infrastructure. China has also been a strong contender for the stake of Kosmos Energy in Ghana’s largest oil field, the Jubilee field.
In October 2009, a Chinese mining company , Bosai Minerals Group Co. Ltd., offered to pay $30 million for the Awaso bauxite mine in Ghana.
World aluminae giant, Rio Tinto, owners of the mine were reported to have agreed to sell 80% stake in the mine to Bosai.
Manganese ore which is an important raw material for the production of steel is in high demand following the rising demand for steel and the decline in manganese ore stocks.
China which imports about 80% of its manganese ore from Gabon, South Africa, Australia, the ASEAN region and Ghana is intent on doubling the overall import figure.
China plans to triple the 45,000 tonnes manganese ore import from Ghana by 1.8 times.
Available statistics show that from January to October of 2009 the manganese ore from Gabon through China’s Guangdong port reached 349,000 tonnes up by 41.4%, ore from South Africa rose to 218,000 tonnes, up by 11.1%. The ore from Australia was 166,000 tonnes down by 62.6% and from Brazil, China imported 152,000 tonnes, a significant increase by 1.3 fold. Imports from the four countries accounted for 83.7% of the total manganese ore imports through the Guangdong port. An additional, 78,000 tonnes import was from ASEAN.
According to Guangzhou Customs’ available data of December 3, 2009, from January to October of 2009 manganese ore and concentrate imported through Guangdong port reached 1.059 million tonnes worth US$230 million down by 3.7% year-on-year and 55.3% year-on-year.
Compared with September imports, October imports decreased some 14.9 million tonnes up by 39.1% year-on-year worth US$25.93 million down by 60.1% yearon-year.
China’s growing interest in Ghana can be seen in the fact that it has shown a strong interest in the country’s nascent oil industry. About two days ago, China gave money to Ghana to develop its oil infrastructure. China has also been a strong contender for the stake of Kosmos Energy in Ghana’s largest oil field, the Jubilee field.
In October 2009, a Chinese mining company , Bosai Minerals Group Co. Ltd., offered to pay $30 million for the Awaso bauxite mine in Ghana.
World aluminae giant, Rio Tinto, owners of the mine were reported to have agreed to sell 80% stake in the mine to Bosai.
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