• 4 minutes Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 7 minutes China Faces Economic Collapse
  • 13 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 15 minutes Iran in the world market
  • 18 minutes Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 2 hours USA Wants Iran War -- Shooty Shooty More
  • 12 mins Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 19 mins Experts review drone damage . Say Saudis need to do a lot of explaining.
  • 10 hours USA : Attack came from 'Iranian soil'. Pompeo to release 'evidence'.
  • 3 mins Yawn... Parliament Poised to Force Brexit Delay Until Jan. 31
  • 16 hours Never Bring A Rapier To A Gun Fight
  • 19 hours Bahrain - U.S.: Signed Deal To Buy Patriot Missiles
  • 18 mins Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 19 hours Trump Will Win In 2020 And Beyond..?
  • 19 hours Democrats and Gun Views
  • 15 hours Aramco Production
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
Download on the App Store Get it on Google Play