By William Clowes
Bloomberg News
Tuesday, September 30, 2025
A spectacular gold-market boom is spurring a push by African nations -- where the ground is rich in the precious metal -- to extract more revenue.
Bullion has soared almost 50% this year and hit yet another all-time high today at more than $3,800 an ounce. Global tensions stoked by President Donald Trump’s trade war, fears of an American government shutdown, and central bank buying have all helped to bolster its appeal as a safe-haven asset.
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Africa's gold producers are pondering options to boost output and thwart the smuggling that has siphoned off billion of dollars.
The Democratic Republic of Congo is trying to add to its solitary commercial operation: the Kibali project owned by Barrick Mining and AngloGold Ashanti.
A few deals might be announced "in the near future," Mines Minister Louis Watum said in an interview last week. He estimates that 60 tons of gold -- worth more than $7 billion at current prices -- is mined in the country each year without any benefit to the state.
Ghana aims to secure more bullion from small-scale producers, whose output often exits the country via illicit routes, and has accelerated purchases since John Mahama won the presidency in December. His administration wants to rake in $12 billion from artisanal miners next year, if their output doubles as planned.
Meanwhile, Mali has opted for a more aggressive approach by taking over management of the nation’s biggest gold mine. ...
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