Gabon's raw gold exports have taken a significant hit, falling from 43.9 billion FCFA in 2022 to just 8.5 billion FCFA in 2023, according to data from the Ministry of the Economy. This 80.7% drop is attributed to the commissioning of the country's first gold refinery, the Raffinerie Gabonaise de l'Or (RGO), which was inaugurated on June 2, 2023.
The new refinery, which can process 7 to 10 tonnes of gold per year, was set up to enable Gabon to add value locally to its raw gold. Previously, the country had to export all its gold having no local refinery.
The drop in gold exports suggests that Gabon’s strategy to develop natural resources locally is going well.
However, Société Équatoriale des Mines (SEM) reports that the country’s gold output remains modest, amounting to just 2 tonnes a year, obtained mainly from the processing of alluvial gold.
In the future, Gabon aims to increase its gold production to constitute a strategic gold reserve, consequently boosting its credibility in international markets.
SG
Togo parliament adopts WAEMU law against currency counterfeiting Bill defines offences including ...
Since its 2019 IPO, Airtel Africa paid Deloitte over $37 million in audit and non-audit fees,...
CCR-UEMOA presents mid-term review of private sector competitiveness efforts Reforms, AfCFTA trai...
World Bank announces $137 million to boost West Africa digital economy Program expands broad...
ECOWAS is proposing a regional digital platform for passengers to file and track complaints online...
Namibia and Russia agreed to expand cooperation across energy, mining, and agriculture. Both countries emphasized improving the investment climate and...
Burkina Faso will require all IT technical certification applications to be submitted online starting April 1. The reform eliminates physical...
A Telecel entrou oficialmente no mercado de telecomunicações do Gana em fevereiro de 2023, ao assumir as operações da Vodafone, então em dificuldades....
DR Congo issues new rules for regulated digital services Framework sets authorization process, five-year renewable permits Operators must...
Event highlights growing role of diaspora entrepreneurs across multiple sectors Networks support trade, investment and SME...
Afreximbank launches Impact Stories season two highlighting trade-driven transformations Series features projects across Africa and Caribbean, from...