Global Courant
Africa is a continent blessed with abundant natural resources, making it one of the most naturally endowed regions in the world. According to our recent articlethe United Nations Environment Program estimates that Africa holds about 40% of the world’s gold resources and is a major source of about 90% of the world’s chromium and platinum resources.
However, despite the vast wealth of mineral resources present on the continent, Africa still faces significant economic challenges, with many countries struggling as one of the poorest or least developed economies in the world. Unfortunately, a significant portion of natural resources remain untapped and stuck in their underdeveloped stages.
Ironically, even the African countries that have successfully exploited their mineral wealth often fail to reflect the expected prosperity. Instead, they are heavily indebted to foreign lenders who provide financial support in exchange for access to these valuable resources.
Africa’s potential is enormous, with its rich mineral resources offering enormous opportunities for growth and prosperity. Promoting transparent governance and fair trade practices can help ensure that Africa benefits more equitably from its vast natural resources. More than that, by embracing responsible and inclusive development practices, the continent can unlock its true potential and pave the way for a brighter future. Below is an inexhaustible list of leading countries in natural resource production in Africa:
#Ghana, gold
Ghana is the largest gold producer in Africa, followed by South Africa. Last year, the West African country reclaimed its position from South Africa as the continent’s top producer after a 32% increase in gold production. Also, Ghana’s gold production was 3.74 million ounces, up from 2.82 million ounces in 2020.
Gold accounts for 37% of the country’s total exports and nearly 90% of its total mineral exports. traditional companies and artisanal miners who contribute to Ghana’s gold production, some of the largest are Kinross Gold (Chirano mine), Newmont Goldcorp (Akyem and Ahafo mines), AngloGold Ashanti (Obuasi and Iduapriem mines), Gold Fields (operates Tarkwa gold mine) and Asanko Gold (Asanko mine).
Ironically, Ghana doesn’t have the continent’s greatest gold deposit. With 174 tons, Algeria is the African country with the largest gold reserves. The North African country was followed by South Africa, with official gold reserves of up to 125 tons. In addition, Libya and Egypt ranked next, with 117 tons and 80.73 tons respectively.
#South Africa, platinum and iron ore.
South Africa is rich in natural resources. It is the largest producer of some of the most important natural metals, including Platinum Group Metals (platinum or PGM) and iron ore. South Africa produced about 140 tons of platinum last year, according to an estimate by Statista. Russia is a distant second for world platinum production, producing about 20 tons that same year.
While South Africa is the world’s largest producer of platinum, it is Africa’s largest producer of iron ore, a metal used in construction, transportation, energy infrastructure development and home appliance manufacturing. Mauritania and Algeria are other major iron ore producers in Africa.
Platinum has a wide range of applications, but it mainly catalyzes conversion processes. It helps speed up chemical reactions and reduce the energy required to convert a substance. While it is widely used for jewelry production, it also serves as a catalyst for the electronic and automotive industries. It is also used in the production of medical devices.
Leading producers of PGM and iron ore in South Africa include Anglo American, Sibanye Stillwater, Impala Platinum, Northam Platinum, Rio Tinto, Afrimat Limited, Anglo Gold Ashanti and African Rainbow Minerals.
#Nigeria, Oil
Nigeria is the largest in Africa oil producing country. Nigeria reclaimed the top spot on the list of Africa’s largest producers, surpassing Libya and Angola with a reporting of 1.18 million barrels per day, bpd for May 2023. Crude volume rose 185,000 barrels from 999,000 in April to 1.18 million.
But the battle for the top spot is between Nigeria and Angola. In 2022, Nigeria had the highest crude oil production, followed by Angola and Algeria. The West African country had held the top spot for decades until 2022, when it succumbed to the second position due to low production in the first half of the year. However, a few months later, production increased and Nigeria regained its place.
Last April, Angola supplanted Nigeria at the top to become Africa’s largest producer. According to the Organization of the Petroleum Exporting Countries (OPEC), the West African country lost the spot to Angola due to poor output. While Angola recorded a production capacity of 1.06 million barrels per day (bpd) in April, Nigeria recorded an oil production of 999,000 barrels per day.
#Botswana, Diamond
Botswana is the largest diamond producer in Africa and the second largest in the world net only to Russia. Diamond exploration is conducted exclusively by Debswana, a joint venture between the South African nation and De Beers, a top global diamond producer and a subsidiary of London-based Anglo America.
2021, Botswana’s diamond production totaled 22.9 million carats. Last year, production in Debswana increased by 11% (5.8 million carats), mainly due to strong factory performance, particularly in the world’s richest diamond mine, the Jwaneng mine. Debswana’s rough diamond sales increased 54% in the first six months of 2022. At the end of 2022, the joint venture’s diamond sales totaled $4.588 billion, compared to $3.466 billion in 2021.
The Democratic Republic of Congo is the second largest diamond producing country in Africa.
#DR Congo, Gold (copper and cobalt)
The Democratic Republic of the Congo (DR Congo) is the world’s largest producer of cobalt, the fourth largest producer of copper and the second largest producer of diamonds. As of 2021, the Central African country accounted for more than 60% of global cobalt production. Mining usually takes place in the Tenke Fungurume Mine (TFM), one of Congo’s most important copper and cobalt mines and one of the largest cobalt mines in the world.
Tenke Fungurume Mining SA (TFM) is located in Lualaba Province (formerly Katanga Province) and is 80 percent owned by China Molybdenum Co. Ltd (CMOC) and 20 percent of Gécamines, the Congolese state mining company. According to a reportthe mine accounted for about 14 percent of global cobalt production last year and is also a major foreign earner for Kinshasa.
As of December 2020, the mine contains an estimated 176.8 million tons (Mt) of recoverable ore reserves with a grading of 2.1 percent copper and 0.30 percent cobalt. It is also expected to support 32 years of mining operations at an annual ore production of 5.54 million tons.
