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Ghana Mining Report Q1 2012

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Phone: +44 20 8123 2220

Ghana Mining Report Q1 2012

Business Monitor International Date: December 1, 2011 Pages: 70 Price: US$ 1,175.00 ID: GF1D0546434EN

Includes 3 FREE quarterly updates

The revision to our Ghana mining growth forecasts in Q112 reflects the release of new data from the World Bureau of Mining Statistics (WBMS), as well as news of further expansion within the gold and bauxite mining sub sectors. In 2011, we estimate that the industry grew by 5.7% in real terms, reaching a value of US$2.84bn, after which we expect it to accelerate, averaging 6.3% year-on-year (y-o-y) over our 2011-2015 forecast period. Gold Production To Drive Growth In July 2011, US-based Newmont Mining revealed plans to increase the annual gold output from its Newmont Ahafo Mine in Ghana to 1.2mn ounces (oz) by 2014. A significant boost will come from the company's commencement of underground operations at the mine, at Kenyase in the Brong Ahafo Region. Until 2011, the mine has averaged production of between 500,000 and 550,000oz a year. The company is reported to be targeting production of 1.7mn oz by 2017. In a further development Australian exploration firm Signature Metals produced its first gold bars at the Konongo gold project in Ghana in June. The firm has been working on the project since 2009 and will now attempt to reach throughput targets of 350,000 tonnes a year. The project is in the country's Ashanti gold belt. Country Overview Ghana contains the second-largest area of gold deposits in the African region after South Africa. The nation derives the bulk of its external revenue from gold mining, which accounts for over 90% of Ghana's total mineral exports. Apart from gold, Ghana also produces significant quantities of bauxite, manganese and diamonds, although diamond output has been affected in recent years by the closure of Ghana Consolidated Diamonds in 2007. Key Players AngloGold Ashanti is a global gold player with operations in 10 countries: Argentina, Australia, Brazil, Ghana, Guinea, Mali, Namibia, South Africa, Tanzania and the US. Its combined proved and probable ore reserves add up to 63.3mn oz (1,794.5 tonnes). The company has two operations in Ghana: the Obuasi mine and the Iduapriem mine. Gold Fields is one of the world's largest gold producers with attributable production of 3.6mn oz per annum from eight operating mines in South Africa, Ghana, Australia and Peru. It holds a 71% stake in its subsidiary, Gold Fields (Ghana). Newmont Mining is the world's largest gold producer, with significant assets and operations in the US, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. In Ghana, the company has a land package covering approximately 3,380 square kilometres (km2). It has two development projects in Ghana: Ahafo and Akyem.

Table of Content

Executive Summary

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SWOT Analysis Ghana Political SWOT Ghana Economic SWOT Ghana Business Environment SWOT Global Mining Outlook Table: Recent Tax Increases Table: Largest Coal Projects Table: Frontier Mining Projects Industry Trends And Developments Table: Ghana's Mining Industry 2008-2015 Business Environment Table: African Government Mining Plans Table: Africa Mining Business Environment Ratings Ghana's Business Environment Table: BMI's Business And Operation Risk Ratings Table: BMI's Legal Framework Rating Table: Labour Force Quality Table: Foreign Direct Investment Inflows Into The Middle East And Africa Table: BMI's Trade And Investment Ratings Table: Top Export Destinations, 2000-2008 (US$mn) Political Outlook Domestic Politics Long-Term Political Outlook Industry Forecasts Scenario Gold Table: Key Projects Table: Ghana's Gold Production, 2008-2015 Bauxite Table: Bauxite Output, 2008-2015 Regulatory Development Competitive Landscape Table: Key Players In The Ghanaian Mining Sector Company Profiles AngloGold Ashanti Gold Fields Newmont Mining Commodity Strategy ­ Metals Update Gold Copper Aluminum Lead Nickel Tin Zinc Global Assumptions Table: Global Assumptions, 2009-2015 Table: Global And Regional Real GDP Growth, 2010-2013 (% y-o-y) Table: Selected Developed Market Exchange Rates, 2010-2013 (average) Table: Selected Emerging Market Exchange Rates, 2010-2013 (average) Developed States Table: Developed States Real GDP Growth Forecasts, 2010-2013 (% y-o-y) Table: Emerging Markets Real GDP Growth Forecasts, 2010-2013 (% y-o-y) Consensus Table: Real GDP Growth Consensus Forecasts, 2011-2012 (%chg y-o-y) Business Environment Ratings Methodology

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Table: Mining Business Environment Indicators Table: Weighting Of Components

Ghana Mining Report Q1 2012


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Ghana Mining Report Q1 2012