Newmont Mining aiming to expand presence in Africa
US mining giant Newmont Mining plans to expand its presence in Africa, whose extractive industry, it believes, has immense potential.
The company, which is among the largest gold producers in the world, has shown interest in Ethiopia’s gold mining industry and is exploring opportunities in the Tigray regional state.
According to Ethiopia Mines, Petroleum and Natural Gas Minister Tolosa Shagi, Newmont intends to engage in gold exploration and development on two concessions in Tigray.
“We have drafted a new strategy that enables us to attract interna- tional mining companies, and Newmont is among the companies that have shown interest in the sector,” he says.
Estimates show that Ethiopia's gold endowment amounts to 500 t.
Currently, the country produces less than 10 t of gold a year, but government wants to increase output to 40 t by 2020. In the 2012/13 financial year, Ethiopia earned $57.4-million from gold exports.
Although there are about 250 companies licensed in the mining sector, the only large-scale mine is operated by Midroc Gold, in the south of the country. The bulk of the country’s gold is extracted by artisanal miners.
Newmont has mining interests in six countries on five continents.
In Africa, the company has interests in Ghana, where it operates two mines and has invested over $2.7-billion, making it the largest single investor in the gold mining industry in the country.
The com- pany’s plans to expand its presence in Africa come at a time when the gold price has been on a downward spiral in recent years.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...
VISIT SHOWROOM
At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
