Angola opens first gold refinery in 2026 to boost mining value, reduce reliance on oil and diamonds Angola, Africa’s second-largest oil producer, is set to operate its first gold refinery in the first half of 2026, signaling a push to diversify its economy and extract more value from mineral resources. The refinery, located in Viana near Luanda, has a processing capacity of approximately 20 kilograms per day. Construction and equipment installation have been completed, with
BRICS Plus gold reserves surpass 6,000 tonnes as central banks boost purchases and dollar share declines Members of the BRICS Plus trade bloc now hold more than 6,000 tonnes (t) of gold, representing about 17.4% of total global central bank reserves, up from 11.2% in 2019, according to a market note by financial services group EBC Financial Group. Russia leads the bloc with 2,336 t of gold reserves, followed closely by China with 2,298 t,
Record Gold Prices Push South African Miners to Focus on Shallow Projects as Production Stagnates Record-high gold prices are prompting South Africa’s struggling mining sector to explore new methods of recovering the metal that avoid the high costs and operational risks associated with traditional deep-level mining, industry executives say. However, with limited investment in new mine development, the sector is unlikely to significantly increase output in the near term. This continues a long-term decline for
Mozambique Gold Production Falls 17% in 2025 as Government Halts Mining in Manica Over Environmental Damage Mozambique’s gold production declined by 17% to 1.349 tonnes in 2025, falling short of official targets after mining operations in Manica Province were suspended due to environmental concerns, according to government data. Figures contained in the government’s budget execution report for 2025 show that gold production reached only 82% of the planned target, interrupting a pattern of steady annual
Ghana’s Damang Mine Set for Local Takeover as Engineers and Planners Prepares Operations Ghana’s mining sector is undergoing a landmark shift as Engineers and Planners Company Limited (E&P) prepares to assume operational control of the Damang Mine in the Western Region. The transition follows the exit of South African miner Gold Fields Limited, which has operated the mine for nearly three decades. The handover comes after the expiry of Gold Fields’ mining lease, with the
Ghana’s GoldBod Plans Backup Export Routes as Dubai Flight Disruptions Threaten Artisanal Gold Trade Ghana’s state-run artisanal gold exporter, GoldBod, is preparing to shift shipments to alternative refining hubs if flight disruptions to the United Arab Emirates (UAE) continue, two sources familiar with the matter said. The move highlights Africa’s dependence on Dubai amid heightened Middle East tensions. Dubai, a major global gold trading hub supplying Switzerland, Hong Kong, and India, has experienced a seven-day
Uganda Central Bank Begins Gold Buying Programme as Global Prices Surge Past $5,000 The Bank of Uganda has announced it will begin purchasing gold from domestic producers this month, becoming the latest central bank to increase its bullion reserves amid surging global gold prices. The initiative forms part of a broader strategy to strengthen Uganda’s foreign exchange reserves and reduce exposure to global financial volatility, particularly as many central banks diversify away from the United
Ghana Launches ASM Gold Formalisation Program Targeting $20 Billion in Annual Foreign-Exchange Inflows Ghana plans to direct approximately 127 metric tons of artisanal and small‑scale mining (ASM) gold annually into official trade channels under revised sector reforms, aiming to increase foreign-exchange earnings and curb smuggling, Cassiel Ato Forson announced on Wednesday. Across Africa, ASM gold leakage costs countries billions each year as undeclared production is smuggled through porous borders to global trading hubs such as
Ghana Gold Output Reaches Record 6 Million Ounces in 2025 as Royalty Overhaul Raises Industry Concerns Ghana produced a record six million ounces of gold in 2025, according to provisional industry data, cementing its position as Africa’s top gold producer. Figures released by the Ghana Chamber of Mines show that large-scale mining operations delivered 2.9 million ounces, unchanged from the previous year. The bulk of growth came from artisanal and small scale mining (ASM), which
Tanzania Plans Partial Sale of Gold Reserves as Foreign Aid Declines in 2026 Tanzania is planning to sell a portion of its gold reserves to finance priority infrastructure projects, as international development assistance continues to decline. The announcement was made on Monday, January 26, 2026, in London by the Minister of State for Planning and Investment, Kitila Mkumbo, following instructions from President Samia Suluhu Hassan to the Bank of Tanzania. “Governments are no longer willing
