Western Africa: Market for Precious Metal Ores And Concentrates 2024

Market Size for Precious Metal Ores And Concentrates in Western Africa

The West African market for precious metal ores and concentrates expanded significantly to $X in 2023, increasing by X% against the previous year. Over the period under review, consumption saw a strong expansion. The level of consumption peaked at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Production of Precious Metal Ores And Concentrates in Western Africa

In value terms, precious metal ore and concentrate production stood at $X in 2023 estimated in export price. Overall, production showed a resilient increase. The growth pace was the most rapid in 2020 when the production volume increased by X% against the previous year. Over the period under review, production attained the peak level at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

Exports of Precious Metal Ores And Concentrates

Exports in Western Africa

In 2023, exports of precious metal ores and concentrates in Western Africa surged to X tons, increasing by X% on 2022. In general, exports enjoyed a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, precious metal ore and concentrate exports skyrocketed to $X in 2023. Over the period under review, exports saw buoyant growth. The pace of growth appeared the most rapid in 2022 when exports increased by X%. The level of export peaked at $X in 2014; however, from 2015 to 2023, the exports remained at a lower figure.

Exports by Country

Nigeria was the major exporter of precious metal ores and concentrates in Western Africa, with the volume of exports recording X tons, which was approx. X% of total exports in 2023. It was distantly followed by Sierra Leone (X tons), committing a X% share of total exports. The following exporters - Ghana (X tons) and Guinea (X tons) - each accounted for a X% share of total exports.

From 2012 to 2023, average annual rates of growth with regard to precious metal ore and concentrate exports from Nigeria stood at X%. At the same time, Guinea (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2023. Sierra Leone experienced a relatively flat trend pattern. From 2012 to 2023, the share of Nigeria and Guinea increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) emerged as the largest precious metal ore and concentrate supplier in Western Africa, comprising X% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with a X% share of total exports. It was followed by Nigeria, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Ghana amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Sierra Leone (X% per year) and Nigeria (X% per year).

Export Prices by Country

In 2023, the export price in Western Africa amounted to $X per ton, dropping by X% against the previous year. In general, the export price, however, enjoyed mild growth. The pace of growth appeared the most rapid in 2019 when the export price increased by X% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Guinea (X%), while the other leaders experienced more modest paces of growth.

Imports of Precious Metal Ores And Concentrates

Imports in Western Africa

In 2023, imports of precious metal ores and concentrates in Western Africa shrank notably to X tons, with a decrease of X% compared with the previous year's figure. Overall, imports showed a abrupt shrinkage. The growth pace was the most rapid in 2015 when imports increased by X%. As a result, imports reached the peak of X tons. From 2016 to 2023, the growth of imports failed to regain momentum.

In value terms, precious metal ore and concentrate imports expanded notably to $X in 2023. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, imports attained the peak of $X. From 2018 to 2023, the growth of imports failed to regain momentum.

Imports by Country

In 2023, Nigeria (X tons) represented the largest importer of precious metal ores and concentrates, achieving X% of total imports. It was distantly followed by Cote d'Ivoire (X kg), Burkina Faso (X kg), Senegal (X kg), Mali (X kg) and Ghana (X kg), together comprising a X% share of total imports.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2023. At the same time, Cote d'Ivoire (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2023. Burkina Faso experienced a relatively flat trend pattern. By contrast, Mali (X%) and Ghana (X%) illustrated a downward trend over the same period. While the share of Nigeria (X p.p.), Cote d'Ivoire (X p.p.), Senegal (X p.p.), Burkina Faso (X p.p.) and Mali (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Ghana (X p.p.) displayed negative dynamics.

In value terms, Mali ($X) constitutes the largest market for imported precious metal ores and concentrates in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Nigeria ($X), with a X% share of total imports. It was followed by Cote d'Ivoire, with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Mali amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2023, the import price in Western Africa amounted to $X per ton, rising by X% against the previous year. Over the period under review, the import price continues to indicate prominent growth. The pace of growth was the most pronounced in 2016 an increase of X%. Over the period under review, import prices hit record highs at $X per ton in 2021; however, from 2022 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mali ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Mali (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform