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The African Nation Built on Gold Loses Its Crown to a Rival

Updated on
  • South African gold miners sell, close unprofitable mines
  • Ghana gold output boosted by smaller miners, Chamber says

South Africa’s struggling gold industry has suffered yet another humiliation, losing its status as continental leader to Ghana.

The country that led global gold production for a century and extracted about half the bullion mined to date is now Africa’s second-largest gold producer. Output is shrinking as operators capitulate to stubbornly high costs, regular strikes and the geological challenges of tapping the world’s deepest mines.