Gold has long held a special place in humanity’s fascination. As one of the world’s rarest elements, gold reportedly accounts for only 0.001 to 0.006 parts per million of the earth’s crust.
Recently, African nations have started to increase their gold reserves in the midst of an uncertain global economy, even though China is one of the nations with the highest global gold production.
According to research, with mining taking place in at least 21 countries, Africa is the third-largest producer of gold worldwide.
However, Algeria stands at the top of the list, holding a substantial stockpile of 174 metric tons of gold, making it the largest gold reserve on the continent. With robust official gold reserves of 125 metric tons, South Africa follows closely.
Without further ado, let’s delve into the updated rankings of the top 10 African countries with the largest gold reserves and the quantity of their gold deposits in 2023, based on data from Statista:
Lists of African Countries with the Largest Gold Deposit
Below is the updated lists of the Countries in Africa with the largest Gold Deposit:
- Algeria: 174 metric tons
Algeria’s Gold Reserves are the highest in Africa, with 173.56 metric tons in the first quarter of 2022, according to a report by the World Gold Council.
Algeria’s gold reserves are primarily found in the southern part of the country, a region marked by its arid beauty and geological complexity. The Amesmessa deposit, located in the Hoggar Mountains, is one of the noteworthy sites. Managed by ENOR, Algeria’s state-owned mining company, this deposit has been a key contributor to the country’s gold production.
- South Africa: 125 metric tons
South Africa is the second African country with the largest gold reserve, with a metric tonnage of 125.41. South Africa, also known as SA, was formerly leading the continent with over 1,000 tons dug up in 1970, but its output has steadily fallen since then. Its gold reserves currently stand at 125.41 metric tons in the second quarter of 2023, up from 125.38 metric tons in the first quarter of 2023.
The Witwatersrand Basin is home to one of the world’s greatest gold placer deposits, showing unchanged gold reserves held by the South African Reserve Bank. Other gold mines include South Deep, Mponeng, Driefontein, and Kromdraai.
- Egypt: 124.97 metric tons
The third African country with a lower gold reserve than South Africa is Egypt. Egypt increased its gold reserves from 80.91 metric tons to 125.79 metric tons in the second quarter of 2023 to rank No. 3 in Africa in terms of gold reserves.
Sukari Gold Mine is the largest and first modern gold mine in Egypt. It is followed by Hamama Gold Mine, located in the Western Desert, about 300 kilometers west of Cairo.
Also, the Iqat gold mine is located in the Eastern Desert, about 200 kilometers south of the Sukari Gold Mine. It began experimental production in 2022.
- Libya: 116.64 metric tons
Libya’s gold reserves stood at 116.64 tons in the second quarter of 2023. Libya is the fourth country with the largest gold deposit in Africa. The majority of Libya’s gold reserves are stored at the Central Bank of Libya in Tripoli.
- Morocco: 22.12 metric tons
With an estimated gold reserve of 21.37 metric tons, Morocco is the fifth country with Africa’s largest gold deposit.
According to research, Morocco will boast 22.12 metric tons of gold in the second quarter of 2023. Omnium Nord Africain (ONA) Group, Maya Gold and Silver Inc., and Agricola Resources are some of the major players in Morocco’s gold mining sector.
- Nigeria: 21.37 metric tons
With an estimated gold reserve of 21.37 metric tons, Nigeria is the sixth country with Africa’s largest gold deposit. It accounts for about 5% of the global gold reserves.
Gold deposits are found in Northern Nigeria, most prominently near Maru, Anka, Malele, Tsohon Birnin Gwari-Kwaga, Gurmana, Bin Yauri, Okolom-Dogondaji, and Iperindo in Osun State.
The sixth African country with a lower gold reserve than Libya and Morocco is Nigeria. Nigeria maintained its gold reserve at 21.37 metric tons, occupying the 6th position on the continent.
- Mauritius: 12.44 metric tons
The 7th African country with a lower gold reserve than Nigeria is Mauritius. Mauritius Gold Reserve stands at 12.44 tons, and the minimum was 1.91 tons. Data published Quarterly by the World Gold Council
In the long term, the Mauritius Gold Reserves are projected to trend around 12.72 tons in 2023 and 12.78 tons in 2024.
- Ghana: 8.74 metric tons
Ghana’s Gold reserves remained unchanged at 8.74 tons. The maximum volume of reserves was 8.74 tons, and the minimum was 8.71 tons.
The Top 10 Countries with the Largest Gold Reserve in Africa
Here are the Top 10 Countries with the Largest Gold reserves in Africa:
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