Mining

Gabon's Gold Exports Plummet as First Refinery Comes Online

Gabon's Gold Exports Plummet as First Refinery Comes Online
Wednesday, 12 June 2024 14:01

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

 

On the same topic
Woolworths signs deal to acquire longtime supplier in2food Holdings Move aims to strengthen supply chain control and boost premium offering The deal...
Atlantic Lithium secured agreements to raise $16.4 million to fund development of the Ewoyaa lithium project in Ghana. Ghanaian investors could...
Seaturns launches 2 MW wave energy pilot in Mauritius Project tests grid-connected technology with potential expansion to 10 MW Initiative reflects...
Rules set technical requirements and ensure fair competition in market Reform targets safer infrastructure and consumer protection in construction...
Most Read
01

Togo parliament adopts WAEMU law against currency counterfeiting Bill defines offences including ...

Togo Passes Law to Criminalize Counterfeiting of West African CFA Franc
02

Since its 2019 IPO, Airtel Africa paid Deloitte over $37 million in audit and non-audit fees,...

Airtel Africa and Deloitte: A Seven-Year Relationship, $37 Million in Fees and a Planned Handover
03

CCR-UEMOA presents mid-term review of private sector competitiveness efforts Reforms, AfCFTA trai...

Strengthening the Business Climate in WAEMU Countries: CCR-UEMOA Reviews Its Midterm Record
04

World Bank announces $137 million to boost West Africa digital economy Program expands broad...

Benin, Liberia and Sierra Leone Receive $137M to Expand Digital Access for 5.2 Million People
05

ECOWAS is proposing a regional digital platform for passengers to file and track complaints online...

ECOWAS Considers Regional Platform to Enforce Air Passenger Compensation
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.