Big Gold Mining Find in the Congo

Viewed as one of the last frontiers for gold exploration, a significant gold mining find has been made in the Congo. Located in central Africa, Congo is a minor producer of the continent’s gold with an annual production of 6 metric tons, a small percentage of the 2,415 metric tons that according to Bloomberg.com was produced in 2008. With this strike, the country’s annual production could soar to as high as 25 metric tons by 2015.

Called the Moto mine, the cost of developing this mine could reach as high as $500 million, with construction lasting until it comes online with a projected start date in 2015. The Moto mine is part of the Congo Craton, a section of the continent that represents the last sizable gold-producing area to be explored. As worldwide gold mining continues to decrease, this area represents one of the regions most likely to provide new deposits.

With gold prices hovering near their all-time high, exploration of new sites promises the greatest potential for continued expansion. Worldwide needs continuing to outpace production, meaning that prices for gold will likely remain high. As demand drives supply, new sources are need to be discovered. This will continue to place great emphasis on the war-torn Congo and other parts of central Africa

Gold demand is still incredibly high; investors continue to seek it for profit and asset protection, and growing technological demands make gold mining and exploration critical activities for both the short and long term. Finds such as the Moto mine in the Congo Craton offer hope for continued discovery of this necessary and highly coveted natural resource. 

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Danny Burns

Senior Staff Writer - Precious-Metal.org