Morocco’s Gold Reserves Rise to 22 Tons, Ranking 5th in Africa

Stabilizing at the 22.12 mt mark, Morocco’s gold reserves have seen an increase of 0.01 mt compared to the first quarter of 2018. According to Statistica data, Morocco’s gold reserves are larger than those of Nigeria (21.37 t), Mauritius (12.44 t), Ghana (8.74 t), Tunisia (6.84 t) and Mozambique (3.94 t). However, Algeria is at the top of the regional list with 174 metric tons, followed by South Africa, Libya and Egypt.

Morocco could improve its position as gold mining operations continue to show that the country has a potential for gold reserves. Last February, the Canadian mining company Stellar AfricaGold announced the discovery of a third gold reservoir in the Tichka East region, near Marrakech. According to the Canadian think tank Fraser Institute, Morocco is a favorable terrain 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 the revenue coming from phosphates.