Ghana Mining Report

 Published On: Jun, 2016 |    No of Pages: 50 |  Published By: BMI Mining | Format: PDF
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BMI View: Ghana's gold output will slow as weak gold prices will force miners to cut costs and restructureorganisations. In addition, the country's regulatory environment and ongoing power shortages will limit thesector's growth outlook.

Latest Developments & Structural Trends
-On April 12, Cardinal Resources Ltd (Cardinal) added two more drill rigs at the firm's Namdini projectahead of a Q3, 2016 exploration target announcement. Currently, Cardinal has three projects in Ghana,namely the Namdini, Bolgatanga and Subranum mines.
-Gold mining firm Randgold Resources has ended a contract for redeveloping AngloGold Ashanti'sObuasi gold mine in Ghana. The move follows efforts by both the companies to improve the project'sreturns. The companies had announced a deal in September 2015 to form a joint venture to redevelop andoperate the mine. Randgold had agreed to lead and fund a development plan designed to rebuild theoperation.
-We have raised our gold price forecasts for 2016 to USD1,150/oz from USD1,000/oz. A recalibration ofexpectations for the global monetary policy trajectory by investors and equity market turmoil hascombined to create a more positive environment for gold prices than we previously anticipated (see:'Gold: Upward Revision On Monetary Policy Shift', February 12).We have revised up our productionforecasts and expect output to grow from 3.67 million ounces (moz) in 2016 to 3.93moz by 2020, whichwould represent an average annual growth of 1.6% during this period.
BMI Industry View ....... 7
Table: Ghana Mining Industry Value . 7
Latest Developments & Structural Trends ..... 7
SWOT .... 8
Industry Forecast ...... 10
Ghana Gold: Growth To Be Modest .... 10
Latest Developments ....... 10
Table: Ghana - Gold Production & Growth . . . 10
Structural Trends ... 11
Government Shows No Sign of Easing Taxes ....... 14
Industry Risk Reward Ratings .. 17
Ghana - Risk/Reward Index ....... 17
Rewards ....... 17
Industry Rewards ... 17
Country Rewards ... 17
Risks .... 17
Industry Risks 17
Country Risks 18
Africa - Risk/Reward Index 18
Key Takeaways ...... 18
Latest Revisions ..... 19
Table: Africa - Mining Risk/Reward Index . . . . 20
Regulatory Development .. 21
Trade & Investment Risk Analysis ..... 21
Commodities Forecast ..... 23
Commodities Outlook ....... 23
Table: BMI Commodities Price Forecasts 23
Competitive Landscape .... 24
Table: Africa - Financial Data . 25
Company Profile 26
Global Company Strategy - AngloGold Ashanti - Q3 2016 ....... 26
Table: Select Commodities - Price Forecasts . 28
Company Strategy .. 30
Table: AngloGold Ashanti - Key Financial Data . . . 31
Global Company Strategy - Newmont Mining - Q3 2016 . 32
Table: Select Commodities - Price Forecasts . 34
Table: Newmont Mining - Key Projects . . 38
Table: Newmont Mining - Key Financial Data 39
Regional Overview .... 40
Table: SSA - Government Involvement In Mining Sector . . . . 45
Methodology ...... 47
Industry Forecast Methodology 47
Sources 48
Risk/Reward Index Methodology ....... 49
Table: Weighting Of Indicators . 50
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