Ghana to launch Cardinal Namdini mine
Ghana is on track to reinforce its status as Africa’s top gold producer with the upcoming commissioning of the Cardinal Namdini mine, the country’s first large-scale greenfield mine in over a decade.
Scheduled for November 2024, this project, spearheaded by Cardinal Resources under Shandong Gold, is expected to produce over 350,000 ounces of gold annually. This development is a key part of Ghana’s broader strategy to revitalize its mining sector and drive economic recovery.
Cardinal Namdini mine
Martin Ayisi, CEO of the Minerals Commission, highlighted the significance of the Cardinal Namdini mine, along with three other projects set to be launched by 2026. These new ventures, including those by Azumah Resources and Atlantic Lithium, are projected to add at least 600,000 ounces to Ghana’s annual gold output, which was 4.03 million ounces in 2023. Notably, Newmont’s Ahafo North mine, another significant project, is expected to begin production by mid-2025.
While the outlook for Ghana’s mining sector is promising, concerns have been raised by industry players regarding high operational costs and bureaucratic challenges. In response, the Minerals Commission is working with the government to reduce exploration taxes and create a more stable fiscal environment to encourage further investment.
Additionally, Ghana recently launched its first gold refinery in Accra, the Royal Ghana Gold Refinery. This move is part of a broader effort to increase the value of its gold production and capture more revenue from its gold resources.
