• Ahafo South became Africa’s top gold mine in 2024 with 798,000 ounces produced.
• Newmont holds 90% of the mine, while Ghana owns a 10% stake.
• Vanguard, BlackRock, and other US asset managers are the main shareholders.

Ahafo South, located in Ghana, has emerged as Africa’s largest gold mine after producing 798,000 ounces of gold in 2024, a 37% increase from the previous year. The mine has overtaken Loulo-Gounkoto in Mali and Kibali in the Democratic Republic of Congo. This success benefits both the Ghanaian state, which owns 10% of the mine, and Newmont Corporation, the American operator that holds the remaining 90%.

Listed on the New York Stock Exchange, Newmont itself is controlled by investors who are mostly based in the United States. About 53% of its capital is held by American shareholders. The company’s five largest known investors are all US-based asset managers: Vanguard Fiduciary (11.98%), BlackRock Inc (10.77%), State Street Corporation (4.4%), Van Eck Associates (3.7%), and Geode Capital Management (2.2%).

These players manage funds on behalf of clients rather than holding the assets directly. Their influence comes from overseeing investment portfolios for individuals, companies, and institutions.

Source : MarketScreener

Outside the United States, Newmont also counts shareholders from the United Kingdom (Rathbones Group), Canada (Manulife Financial), and Australia (BetaShares Capital Ltd).

Despite strong results in the first half of 2025, with a 7% rise in production, Newmont expects output from Ahafo South to fall to 670,000 ounces this year. This could put pressure on its top position in Africa, especially as Canadian rival Barrick Mining aims to produce up to 755,000 ounces at Kibali in DR Congo.

Production at Ahafo South is expected to rebound once the nearby Ahafo North deposit begins operating by the end of 2025. Combined, the two sites could deliver about 850,000 ounces annually, extending the mine’s life beyond 2050.

The expansion would bring long-term gains for Newmont, its global investors, and the Ghanaian government, which continues to earn dividends from its stake.