NewsMorocco's gold reserves rank 5th in Africa

Morocco’s gold reserves rank 5th in Africa

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Moroccan gold reserves are estimated at 22.12 metric tons, according to the German Statistica database.

By stabilizing at the 22.12 mt mark, Morocco’s gold reserves increased by 0.01 mt compared to the first quarter of 2018. According to Statistica data, Morocco’s gold reserves are more significant than those of Nigeria (21.37 t), Mauritius (12.44 t), Ghana (8.74 t), Tunisia (6.84 t) and Mozambique (3.94 t ). Algeria, however, leads the regional list with 174 metric tons ahead of South Africa, Libya and Egypt.

Morocco could improve its position as gold mining operations continue to show that the country has potential gold reserves. Last February, the Canadian mining company Stellar AfricaGold announced the discovery of a third gold reservoir in the Tichka Est region, not far from Marrakech. According to the Canadian think tank Fraser Institute, Morocco is a favorable ground for mining investments in Africa and the eighth in the world. The Moroccan mining sector represents 10% of the Gross Domestic Product (GDP) with 90% of revenues coming from phosphates.

The Moroccan Blog
The Moroccan Blog
The Moroccan Blog is an English based newsblog dedicated to Morocco. You can find here all news from Morocco across a variety of topics: Arts & Culture, Economy & Business, Lifestyle, Moroccan Sahara, MRE, Society, Tourism & Travel and more.

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