December 9, 2022

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Mining – Morocco’s gold reserves are estimated at more than 22 metric tons

Mining - Morocco's gold reserves are estimated at more than 22 metric tons

Morocco’s gold reserves are estimated at 22.12 metric tons and are the fifth largest in Africa, according to German database Statistica.

Morocco’s gold reserves have remarkably stabilized at 22.12 metric tons since the second quarter of 2022, registering an increase of 0.01 metric tons compared to the first quarter of 2018.

According to data from Statistica, reported by the English-language Morocco World News website, Morocco has larger gold reserves than Nigeria (21.37 tons), Mauritius (12.44 tons), Ghana (8.74 tons), Tunisia (6.84 tons) and Mozambique (3.94 tons).

However, Algeria tops the regional list with 174 metric tons, ahead of South Africa, Libya and Egypt, which have discovered gold reserves so far by 125 tons, 117 tons, 80 and 73 tons, respectively.

For Morocco, the country still has potential for untapped and undiscovered gold reserves as gold mining operations continue to reveal new reservoirs across the country.

In February, for example, Canadian miner Stellar AfricaGold announced the discovery of a third gold reservoir during exploration in the Tichka Est region, located 80 kilometers from Marrakesh. The reservoir spans an area of ​​2.2 km and has three zones, A, B, and C, the last of which recorded significant gold levels of 5.81 grams/ton (grams of gold per ton of material).

Morocco’s gold production in 2019 amounted to 390,000 kilograms annually, according to the Center for Economic, Social and Cultural Studies.

Morocco’s mining sector is expected to grow over the next few years, with the country considered the best place for mining investment in Africa and eighth globally, according to Canadian research center Fraser Institute.

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Morocco’s mining sector currently accounts for 10% of GDP with 90% of revenue coming from phosphates.