South Africa opened its first underground gold mine in 15 years, a rare move that highlights eagerness on the continent to benefit from record prices for the precious metal.
Australian company West Wits Mining inaugurated its Qala Shallows gold mine in Johannesburg on Thursday. The mine brought its first ore to surface in October and is projected to produce about 944,000 ounces over a 17-year life span, according to the company’s feasibility study.
Gold prices have hit multiple records this year, bringing a much-needed revenue boost to sub-Saharan African economies, especially the continent’s largest producer Ghana. Sales of the precious metal accounted for more than 60% of the $18 billion that Ghana has earned from exports this year.
