The Cardinal Namdini mine, operated by Cardinal Resources, a subsidiary of Shandong Gold, is slated to start production in November 2024, with an anticipated annual yield of over 350,000 ounces of gold.
This marks Ghana’s first large-scale greenfield mine in over a decade, reinforcing the country’s position as Africa’s leading gold producer.
This announcement was made by Martin Ayisi, CEO of the Minerals Commission, who highlighted that the project is part of a broader effort to rejuvenate Ghana’s mining sector, which has faced challenges in recent years.
The last major greenfield mine, Newmont’s Akyem site, was commissioned in 2013, and since then, there has been a notable decline in gold exploration, affecting new projects and overall production.
Mr. Ayisi also announced that three other mining projects, including a lithium mine, are expected to begin operations by 2026. Together, these new ventures are projected to add at least 600,000 ounces to Ghana’s annual gold production, which reached 4.03 million ounces in 2023, largely driven by small-scale and artisanal mining.
While the outlook is promising, industry stakeholders have raised concerns about high operational costs and bureaucratic hurdles that could deter investment.
In response, the Minerals Commission is working with the government to lower exploration taxes and create a more attractive investment environment.
Mr. Ayisi stressed that these new mines will play a critical role in driving economic recovery and job creation in Ghana, which is currently facing its most significant economic crisis in decades.
The introduction of the Cardinal Namdini mine and other projects is expected to boost the nation’s mineral production and stimulate growth in the mining sector.
