Chamber of Mines expects modest gold output rise

By Kizito CUDJOE

The Chamber of Mines’ new leadership says it remains cautiously optimistic about a rebound in gold production by end-2025, despite ongoing mine closures and operational challenges that continue to weigh on output across the sector.

The chamber, in its outlook for 2025, projected gold output to range between 4.4 and 5.1 million ounces (oz) after recording a broad-based and notable increase in the production of its traditional minerals for 2024.

Gold output rose from 4.0 million oz in 2023 to a historic high of 4.8 million oz, representing year-on-year growth of 19.3 percent. This upturn was credited to a significant increase in the attributable output of small-scale gold miners, which offset the near stagnation in production from large-scale gold producers.

“However, anticipated declines in output from Perseus’ Edikan Mine, Gold Fields’ Damang and Tarkwa Mines and Zijin’s Akyem Mine are expected to temper the overall gains in total production,” it earlier stated.

Speaking further on this, the chamber’s newly appointed Chief Operating Officer (COO), Ahmed Dasana Nantogmah, stated that projections are conservative – considering the difficulties facing some of its member companies.

He added that Future Global Resources’ (FGR) Bogoso Mine has also halted operations, while Bibiani and ADAMUS are facing processing challenges that require new plants.

“That’s why we are very conservative with our projections,” Mr. Nantogmah told reporters at a press conference alongside the chamber’s new Chief Executive Officer (CEO), Dr. Kenneth Ashigbey.

Still, he said, there is room for hope. “If ADAMUS and Bibiani get their plants running, and Shandong’s Namdini Mine ramps up as planned, the picture could change,” he noted, pointing also to the recent takeover of Newmont’s Akyem Mine by Zijin Golden Resources as another potential boost for production.

This, he indicated, could help gold output exceed the projected 5.1 million ounces if hurdles are addressed.

On the delayed ratification of Barari DV’s lithium agreement by the state, the chamber’s COO said he will work closely with the new CEO to continue engaging government.

“As a country, we are losing – because at the point that they wanted the lease ratified, lithium carbonate was around US$3,000 but now the price is about US$600,” he said, adding that the company had planned to invest about US$100million but now wants to raise it to US$300million.

Given these emerging developments, he said the current leadership will work assiduously with support from the chamber’s Executive Council to expedite the agreement’s ratification.

He disclosed that the chamber is aware of some efforts by government to also see a successful conclusion of the pending arrangements.

Also commenting on the issue, Dr. Ashigbey said the chamber will continue to engage and deploy advocacy with policymakers, regulators and various players for the country’s benefit as well as chamber member companies.

It will be recalled that the Chamber of Mines recently named engineer Kenneth Ashigbey and industry strategist Ahmed Dasana Nantogmah its new CEO and COO, effective June 1. The appointment signals a strategic shift for the chamber, which represents the interests of mineral producers in Africa’s largest gold producer.

Dr. Ashigbey’s selection is seen as a bid to deepen the industry’s engagement with policymakers and communities while positioning the domestic mining sector for long-term sustainability.

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