Largest Gold Mines in Africa: Q1 2020 Overview

In Q1 2020, South Africa regained the crown of the largest gold producer in Africa. Barrick’s Kibali mine in DRC was the largest gold mine on the continent.

Mines and Metals reviewed the state of the gold mining industry in West Africa and South Africa during Q1 2020, and it is a good time to look at the whole Africa’s landscape.

Based on quarterly reported data, in Q1 2020, gold production in Africa amounted to 3,295 koz, a 2% increase compared to Q1 2019 (3,220 koz).

In Q1 2020, South Africa‘s gold mining industry showed first signs of recovery by increasing yellow metal’s output by 16%, from 561 koz in Q1 2019 to 652 koz in Q1 2020, and regained the crown of the largest gold producer on the continent.

Because of its own 9% production drop and 16% gold output increase in South Africa, Ghana lost its leading position and now sits second in Africa with 635 koz output in Q1 2020.

Mali is third with 435 koz of gold mined in Q1 2020.

Fourth largest gold producer in Africa is Burkina Faso. Q1 2020 output of 419 koz was in-line with Q1 2019 results (415 koz).

Tanzania increased its gold output by 13% y-o-y to 267 koz in Q1 2020 and closing the top five list.

Biggest production increase in Africa was achieved in Ivory Coast (+34%) while Ghana lost the most in gold output (-9%, or 65 koz decrease y-o-y).

The complete list is below.

Largest gold producing countries in Africa. Source: Mines and Metals.

Q1 2020 Au production, kozQ1 2019 Au production, koz% change
South Africa65256116
Ghana635700-9
Mali435444-2
Burkina Faso4194151
Tanzania26723713
DRC202207-2
Ivory Coast17613134
Egypt1251168
Mauritania1151141
Guinea97103-6
Senegal827214
Other countries90120-25
Total3,2953,2202

With 202 koz produced in Q1 2020, Barrick’s Kibali mine in DRC was the largest gold mine on the continent, despite 2% decline in production.

Another Barrick’s Loulo Gounkoto mine in Mali sits second with 10% improvement in output y-o-y.

B2Gold’s Fekola mine in Mali boasted a 49% increase in gold output and jumped four positions up in the ranking. With 164 koz produced in Q1 2020, Fekola is third largest gold mine in Africa.

AngloGold Ashanti’s Geita mine in Tanzania also had a breakthrough production quarter. 23% output gain achieved in Q1 2020 (135 koz) over Q1 2019 (110 koz) allowed this mine to move two positions up landing fourth.

Gold Field’s Tarkwa mine in Ghana saw a 7% decline in gold output and lost two positions landing fifth in Q1 2020.

Five out of top 10 mines in Africa showed increase in gold output (Loulo, Fekola, Geita, Sukari, Tasiast) and five faced a decline (Kibali, Tarkwa, Ahafo, Essakane, Akyem).

The complete list is below.

Largest Gold Mines in Africa. Source: Mines and Metals.

MineCountryMajor owner / operatorQ1 2020 AISC, $/ozQ1 2019 AISC, $/oz% change
1KibaliDem. Republic of the CongoBarrick202207-2
2Loulo GounkotoMaliBarrick17616010
3FekolaMaliB2Gold16411049
4GeitaTanzaniaAngloGold Ashanti13511023
5TarkwaGhanaGold Fields127137-7
6SukariEgyptCentamin1251168
7TasiastMauritaniaKinross1041012
8AhafoGhanaNewmont102137-26
9EssakaneBurkina FasoIAMGOLD93100-7
10AkyemGhanaNewmont8494-11

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