Miners Work Through Civil Wars for Africa Gold Boom
- Output growing faster than anywhere on new mines, lower costs
- Navigating unrest by talking to coup leaders, paying tax bill
A worker operates the mine shaft elevator at a gold mine west of Johannesburg, South Africa.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
When rebel soldiers overthrew the Mali government in 2012, coup leader Amadou Konare closed the border to everyone except the employees of Randgold Resources Ltd.
It’s pretty clear why. The company’s Loulo-Gounkoto and Morila mines were producing about 700,000 ounces of gold annually, valued at almost $1.2 billion. Randgold’s tax bill made it the biggest contributor to Mali’s economy. To keep the cash flowing, the new government quickly issued permits so workers could fly bullion out of the country to sell it on global markets.