gold mines

Canadian miners dig deeper in West Africa

By Honoré Banda, Christophe Le Bec, Amadou Oury Diallo in Dakar

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Posted on February 25, 2021 17:17

In the underexplored and booming gold-mining areas of West Africa, Canadian miners are moving fast to expand their operations.

Mining firms large and small are exporting the expertise gained in their home market to Francophone West African countries where governments are keen to boost their revenue. Canada is home to gold giants like Barrick Gold, as well as minnows that are far from being household names.

“West Africa has more potential than any other region in the world. Its geology is similar to that of northern Ontario, Quebec or Western Australia – exceptionally prolific belts,” says Richard Young, head of the Canadian mining group Teranga Gold Corporation, which is active in Senegal and Burkina Faso.

The region is the third-richest gold-bearing zone in the world, after Australia and Canada. The Covid-19 pandemic has helped boost the gold price, as many investors sought safe havens for their money. The price briefly broke the $2,000/oz barrier in August 2020, before returning to the high $1,800s in

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