Algeria’s Gold Reserves Estimated at 173.56 Tons: Leading Africa in the Ranking of Gold-Holding Countries

✏️ BY: Dr. Hana Saada

Algiers, Algeria | August 19th, 2024 — Algeria has secured the top position in Africa, with its gold reserves standing at 173.56 tons, placing the nation at the forefront of the continent’s gold holdings. This is according to the latest report from the World Gold Council (CMO). Algeria’s substantial reserves far exceed those of neighboring countries, with Libya and Egypt trailing behind at 146.65 and 126.57 tons, respectively.

Gold is a crucial asset, offering financial security and safeguarding against currency fluctuations. With growing demand and the rarity of the metal driving record prices, Algeria’s reserves are a vital resource, providing greater financial autonomy. The sustained accumulation of gold by central banks worldwide, particularly in early 2024, has pushed the price of gold to new heights, reaching an average of $2,338 per ounce—an 18% increase from the previous year—and peaking at $2,427 per ounce in the second quarter of 2024.

This accumulation not only enhances Algeria’s financial security but also reduces reliance on foreign currencies. Globally, Algeria’s position among the major gold-holding nations has been strengthened, as evidenced by the report. While Algeria leads Africa, the United States dominates the global stage with a staggering 8,133 tons of gold, followed by Germany, Italy, France, Russia, and China.

Back home, Algeria continues to focus on developing its gold mining industry, which has seen significant growth since its launch in 2020. The artisanal gold mining sector has flourished, with 103 micro-enterprises now legally operating in Djanet. By mid-2022, 396 exploration and exploitation permits had been issued, contributing to the delivery of 21,812 tons of gold ore to Enor, with 137.9 kg of gold produced between September 2021 and August 2022.

However, Algeria’s gold rush has also attracted illegal gold prospectors. The National People’s Army (MDN) recently reported the apprehension of 415 illegal gold miners within just five days across Tamanrasset, Bordj Badji Mokhtar, In Salah, and In Guezzam. The crackdown also led to the seizure of vehicles, generators, jackhammers, and explosives.

This surge in gold mining activities poses significant challenges for Algeria in terms of controlling illegal operations and managing natural resources. With effective strategies and regulations, the country can not only secure its gold reserves but also ensure the responsible and sustainable exploitation of its rich natural resources.

 

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