Ghana is a politically secure jurisdiction located in West Africa. It is the oldest democratic state on the continent of Africa. The country is known for its rich mineral endowment and hosts several world-class gold belts, making it the 7th largest gold producing country in the world and the largest gold producing country in Africa. Some of the world’s largest mining companies, including Kinross Gold, AngloGold Ashanti and Newmont, have active gold operations in Ghana. Below is a list of the top gold stocks in Ghana:
1) Newcore Gold (TSX.V: NCAU)
Newcore Gold is advancing its 100%-owned Enchi gold project in Ghana. A 66,000 metre discovery and resource expansion drill program remains ongoing at the project. The company controls a 216km2 land package that covers 40 kms of Ghana’s prolific Bibiani Shear Zone, a gold belt which hosts several multi-million-ounce gold deposits. Newcore’s recently released and updated PEA outlines robust project economics, including average annual production of 104,000 ounces of gold in years 2-5 and an after-tax Net Present Value of $212 million along with a 42% IRR. To learn more about Newcore Gold click here.
2) Kinross Gold (TSX: K)
Kinross Gold operates the Chirano open-pit and underground gold mine located in southwestern Ghana. The mine produced 166,000 ounces of gold in 2020 and has an expected mine life that runs through 2025. The government of Ghana holds a 10% carried interest in the mine and Kinross owns the remaining 90%.
3) Galiano Gold (TSX: GAU)
Galiano Gold operates the Asanko gold mine through a joint-venture partnership with Gold Fields Ltd. The Asanko mine is located in central Ghana and consists of two main deposits- Nkran and Esaase- along with multiple satellite deposits. Commercial gold production was declared on April 1, 2016. Galiano and Gold Fields both hold a 45% interest in the mine while the government of Ghana holds the remaining 10%.
4) Golden Star Resources (TSX: GSC)
Golden Star Resources owns and operates the Wassa underground gold mine located in the Ashanti gold belt of southwestern Ghana. The mine produced 168,000 ounces of gold in 2020 and has remaining proven and probable mineral reserves totaling 1.09 million ounces. The Wassa mine achieved commercial production in early 2017 and has six more years of remaining reserve life.
5) Asante Gold (CSE: ASE)
Asante Gold is developing the Kubi gold project in Ghana where it hopes to develop an underground gold mine that produces ~45,000 ounces of gold annually. The project currently contains an N.I. 43-101 compliant Measured mineral resource of 0.66 million tonnes grading 5.30 g/t gold as well as an Indicated mineral resource of 0.66 million tonnes at a grade of 5.65 g/t gold.
About Ghana
Ghana produced ~5 million ounces of gold in 2019, surpassing South Africa's 2019 production of ~4.2-million ounces. Ghana produces more gold per square kilometer than Nevada and holds more estimated reserves than key gold-producing countries like Peru and Papua New Guinea. Southern Ghana has been considered one of the world’s most prolific regions for gold discoveries for some time, with both gold producers and explorers enjoying success there.
