• 3 minutes Biden Seeks $2 Trillion Clean Energy And Infrastructure Spending Boost
  • 5 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 8 minutes Gazprom fails to exempt Nord Stream-2 from EU market rules
  • 50 mins China wields coronavirus to nationalize American-owned carmaker
  • 5 hours Trumpist lies about coronavirus too bad for Facebook - BANNED!
  • 8 hours The Truth about Chinese and Indian Engineering
  • 7 hours China's impending economic meltdown
  • 10 hours Why Oil could hit $100
  • 1 day The World is Facing a Solar Panel Waste Problem
  • 3 days The Core Issue Of US Chaos..Finally disclosed
  • 17 hours Pompeo upsets China; oil & gas prices to fall
  • 5 hours Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 8 hours Open letter from Politico about US-russian relations
  • 23 mins Rational analysis of CV19 from Harvard Medical School
  • 13 hours Brent above $45. Holding breath for $50??
  • 2 days Sell Natural Gas Benefits to Grow the Market!
  • 2 days Trump Suggests Delaying Election Amid Fraud Claims
Where Did Gold Come From: Black Holes, Aztecs And The Gods

Where Did Gold Come From: Black Holes, Aztecs And The Gods

Humanity’s obsession with gold has persisted…

The War On Gold Has Begun

The War On Gold Has Begun

There’s a major overlooked risk…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

Did Africa's #2 Gold Nation Just Suspend All Mining Projects?

Potentially major development in the gold space this week. With one of the world’s go-to producing nations apparently going through a regulatory upheaval — which could affect new projects and output.

That’s in Ghana. Where the federal government said it has suspended issuance of new mining licenses across the country.

That news was delivered at a town hall meeting Monday, by Ghana’s Vice-President Mahamadu Bawumia. Who simply noted, “We have suspended the issuance of mining licenses so that we can restructure the sector.”

VP Bawumia gave few details beyond this. But did add that the move was part of a five-year plan for mining developed by the government — with the aim to “improve the management of small scale mining to protect the environment.”

The mention of “small scale” mining is key here. With the sudden suspension of mining licenses coming after recent high-profile media campaigns in Ghana have highlighted the damage done by illegal artisanal operations around the country.

The government’s regulatory actions thus appear related to the small-scale mining problem. Leading some observers to speculate that the mining license ban might only apply to small projects — not the large-scale operations that provide the bulk of Ghana’s gold output.

But officials did not confirm whether the licensing suspension applies just to small-scale mines, or to all projects. Leaving open the possibility that new projects may be completely off the table for the time being. Related: Gold Prices Rise As Demand In This No.1 Gold Market Soars

If licensing is indeed completely suspended, it would be an important development for the global gold sector. With Ghana producing 2.9 million ounces last year — making it Africa’s second-largest supplier after South Africa, and the number 11 producing nation globally.

Vice-President Bawumia also said new rules are coming to prevent mining “around water bodies” — which could put a further dent in new projects. Watch for clarification from the government on where the licensing ban will apply, and what the timelines might be for a restart to permitting.

Here’s to stopping and starting.

By Dave Forest

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News