(Ecofin Agency) - 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