Manitoba Mining Information

Gold Production from Mali Africa Forecasted to Drop in 2008

A publication from the country’s mines ministry has suggested that gold bullion production, which fell by nine per cent last year, could drop to 50.11 tons or 12% in 2008, Reuters reports.

Mali is Africa’s third biggest producer of gold after South Africa and Ghana. Mali mines produced some 56.75 tons of the gold last year. Gold is the leading export for the country accounting for 59 per cent of goods exports in 2003, according to the World Gold Council.

“Most of the big mines have reached the end of their lives and encouraging exploration is underway to find new resources and increase their lifespan,” Lassana Guindo of the Mali mines ministry told Reuters.”We’ve started the phase of lower production,” he added. Rueters Link

The forecast comes on the heels of production drops due to power shortages and recent predictions from countries and mining firms of lower gold output for the next year as a result of fewer gold deposits being found, higher costs, declining ore reserves and other factors. On a whole these factors bode well for exploration company’s and gold investors alike.

Manitoba should continue to benefit from increased gold exploration and mine development as a result. If recent news is any indication there is a renewed effort to uncover Manitoba gold deposits.