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Top 10 lowest cost gold mines in Africa in 2020 - report

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(Kitco News) - B2Gold's Fekola mine in Mali was the lowest cost gold operation in Africa in 2020. Eight out of the top ten lowest cost mines in the region located in West Africa.

Kitco looked at costs at operating primary gold mines in Africa in 2020 using all-in sustaining costs (AISC) metric that serves as a globally accepted benchmark of a mine's operating efficiency.

Primary gold operations are defined by Kitco as "mines where gold contributed to 90% or more of revenues from operating activities generated last year."

The ranking excludes privately-owned mines and tailings re-processing operations.

With AISC of $599/oz achieved in 2020, B2Gold's unique Fekola high-grade open pit mine in Mali tops the list of lowest cost gold mines in Africa. Fekola is also the third biggest gold mine in the region.

Fekola is followed by Endeavour Mining's Natougou-Boungou mine in Burkina Faso ($609/oz) and Perseus' SGP mine in Ivory Coast ($692/oz).

Newmont's Akyem mine in Ghana is fourth on our list with AISC of $757/oz in 2020.

Kibali mine, owned by Barrick and located in the Democratic Republic of the Congo (DRC), is fifth lowest-cost gold operation in Africa with AISC of $778/oz reported in 2020.

The complete list is below.

Top 10 lowest cost gold mines in Africa in 2020

Mine

Country

Major owner / operator

2020 AISC, $/oz

1

Fekola

Mali

B2Gold

599

2

Natougou-Boungou

Burkina Faso

Endeavour Mining

609

3

SGP (Sissingue)

Ivory Coast

Perseus

692

4

Akyem

Ghana

Newmont

757

5

Kibali

DRC

Barrick

778

6

Tongon

Ivory Coast

Barrick

791

7

Ity

Ivory Coast

Endeavour Mining

808

8

Iduapriem

Ghana

AngloGold Ashanti

809

9

Mako

Senegal

Resolute

812

10

Geita

Tanzania

AngloGold Ashanti

814


Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.