The next gold mining boom will be in West Africa

The next gold mining boom will be in West Africa

The gold mining industry in West Africa offers significant investment opportunities. According to a mining research analyst at South Africa’s Public Investment Corporation (PIC), Mali, Burkina Faso, Guinea and Ivory Coast offer potential for the next ‘gold mining boom’.

PIC-expert Lebohang Sekhokoane was quoted by Bloomberg and Moneyweb, saying: “When you look at gold sector in West Africa, that’s where the sun is rising.” According to the expert, low-cost deposits in Mali, Burkina Faso, Guinea and Ivory Coast offer better long-term investment potential than the five to 10-year lifespan of projects in South Africa.

The PIC oversees about $150 billion of assets for more than 1.2 million South African state workers and seems ready to invest. “Opportunities do exist and focus is shifting to other parts of the continent,” Sekhokoane said.

South Africa’s gold industry is currently facing geological challenges of exploiting the world’s deepest mines. Some operators have already moved part of their operations to lower-cost locations, such as West Africa.

Further reading on moneyweb.co.za

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