My Gold placers: Russia is exploring the African precious metals market
Africa is ready to export more gold to Russia, while Russia is the second largest producer of precious metals in the world. Izvestia found out how Russia and Africa cooperate in the field of mining and exporting precious metals and why, against the background of sanctions and changes in trade routes, this cooperation has become especially relevant.
Ready for export
Ghana would like to export gold to Russia, said the African country's ambassador to Moscow, Koma Steem Jehu-Appyah. According to him, the country is very interested in selling this precious metal to Russia. The Ambassador assured that Ghana already has purchased gold, which is ready for export.
Ghana is one of the top 10 largest gold producers in the world. According to preliminary data from the country's Chamber of Mines, gold production in the West African republic has grown to a record 6 million ounces (186.62 tons). This is 25% higher than in 2024.
According to the chamber, the stable volume of industrial production in 2025 is the result of increased production at the Cardinal Namdini mines of Shandong Mining and Ahafo North mines of Newmont against the background of a decrease in gold content in older mines, including Damang of Gold Fields.
Russia is the second largest gold producer in the world. In 2025, production increased by 4.5% to 345 tons.
A trading and financial asset
Obviously, Russia, being a heavyweight in global gold production, is clearly not experiencing a shortage of raw materials. However, she is strategically interested in it. Under the conditions of sanctions, metal is a universal settlement reserve asset that is easier to integrate into alternative financial chains.
Thus, the trading and financial functions of gold come to the fore.
— Gold is easier to use as collateral, a settlement tool, and an element of commodity clearing. This is especially true when the usual trading channels are changing. In addition, even with its own production, it may be economically interesting for the country to attract raw materials from outside to load refining capacities, develop trading competencies and form new supply routes," explains Marcel Kirlan, associate professor at the Financial University under the Government of the Russian Federation.
— The transformation of global trade routes observed in recent years contributes to the formation of direct links between producers and consumers. As a major producer, Ghana is also among the top ten buyers of gold, along with Turkey, the Czech Republic, Cambodia, Qatar, India and Serbia, which confirms its high activity in the global precious metals market, says Kristina Bakonina, a member of the ACI Russia Financial Market Association.
Two-way benefits
Partnership with large African producers reduces dependence on a narrow circle of buyers, as well as strengthens negotiating positions in foreign markets. In addition, it allows you to save precious metals from the National Welfare Fund (NWF).
— The benefits are two-way: Ghana is diversifying sales and moving away from the dictates of Western traders. Russia receives "politically pure" gold for operations on foreign markets, without touching the NWF. This expands the maneuver corridor in conditions when statistics record the zeroing effect of previous reserves," explains Kevin Grasse, Associate Professor of Economics at Melitopol State University. — Russia is implementing a multidisciplinary strategy in Africa to expand its presence in the gold mining industry. These include direct government investments and corporate partnerships.
In June 2025, construction of the country's largest gold processing plant began in Mali with Russian participation. The capacity of the future enterprise will be 200 tons of gold per year. It is one of the largest industrial facilities in the region, implemented with the participation of the Russian Federation. The plant will become a regional hub, which will strengthen Russia's influence in the gold sector of West Africa.
In Sudan, the large Kush gold mining project, which is being implemented by a company controlled by Russian investors, produces more than 3 tons of gold annually.
In Burkina Faso, two mines, Bissa and Bouly, are also operated by a Russian gold mining company. These assets are its largest foreign gold mining projects.
This is a classic mutually beneficial deal. African countries, especially in West Africa, have vast mineral reserves, but they lack the technology, investment, and, in some cases, the political resilience to quietly develop mining. Russia offers not just money, but a long-term partnership, says Sergey Zaborov, managing partner at TRIADA Partners.
As The Wall Street Journal notes, resource—for-security models of agreements are also active, particularly in West and Central Africa, where military support is provided in exchange for resources.
A well-thought-out strategy
Thus, the expansion of cooperation with African countries is part of a broader model implemented by the Russian Federation: diversification of supplies, strengthening positions in friendly markets and redistributing flows to Asia and the Middle East, says Irina Moga, Associate Professor of the Department of World Economy and International Economic Relations at the State University of Management.
Under the conditions of Western sanctions, the Asian and Middle Eastern markets are now key for Russian gold. Thus, in 2025, Russia increased the physical supply of gold to China nine times to 25.3 tons, that is, by 800%. The increase in monetary terms was 14.6 times, to $3.29 billion. This is a record for the entire time of trade between the Russian Federation and China.
Russia can increase supplies to the UAE, Turkey and India, where the appetite for bullion remains and alternative payment bridges have been built, Kevin Grass notes. However, African gold, according to him, performs a unique function in this scheme: it allows you to trade without "degreasing" your own storage.
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