By: GOLD MINERS CLUB DATE: 01-10-2026
October 2026 — From the Sahel to the Gulf of Guinea, a wave of gold refinery projects is reshaping how Africa captures value from its most storied export. Burkina Faso’s inauguration of its first gold refinery on 28 September 2026 marks the latest milestone in a continent-wide drive to process minerals domestically rather than shipping raw doré abroad.
Yet even as ribbon-cuttings multiply, a familiar problem looms: securing enough feedstock to keep these facilities running near capacity.
A Continental Wave of Refinery Projects
Burkina Faso’s Raffinor-BF, a 150-ton-per-year facility, aims to process gold domestically rather than exporting doré for foreign refining, according to Ecofin Agency. The refinery’s theoretical capacity stands at 164 tonnes annually, with plans to expand to 515 tonnes—far exceeding the country’s 2025 production of just over 94 tonnes.
The supply challenge is compounded by competition. Similar projects are advancing in Ghana, Guinea, Mali, and Côte d’Ivoire, all vying for the same feedstock. Mali is developing its first gold refinery through a joint venture with Russia’s Yadran Group, targeting up to 200 tonnes annually—nearly four times its current capacity of roughly 50 tonnes. Côte d’Ivoire plans to open its own refinery in the first half of 2027.
“The refinery’s initial capacity is already well above current national production,” Africa Briefing noted, underscoring the gap between ambition and available supply.
DRC, Rwanda, Zambia, Namibia: Divergent Paths
The refinery wave extends beyond West Africa, but the experiences of four other countries reveal sharply different trajectories.
DRC: A Pilot Refinery in Kalemie
The Democratic Republic of Congo inaugurated its first pilot gold refinery in Kalemie, Tanganyika province, on 11 March 2026. The facility, named DRC Gold Refinery S.A., is a partnership between the state-owned DRC Gold Trading and Lunga Mining. It has a production capacity estimated at 500–600 kilograms of gold per month, covering the entire value chain from gold purchasing to refining and the production of gold bars, with output targeting 99.9% purity. The initiative is part of a strategy to formalize the artisanal gold trade, reduce fraud and smuggling, and increase the share of value captured within the country. For 2026, DRC Gold Trading aims to export between 15 and 18 tons of artisanal gold.
This is not the DRC’s first attempt at domestic refining. In July 2023, Congo Gold Raffinerie in Bukavu had its license revoked before operations could begin, citing failure to meet social obligations including community responsibility commitments.
Rwanda: A Refinery Under Sanctions
Rwanda’s Gasabo Gold Refinery, the country’s first and largest gold processing facility, was placed under US sanctions in June 2026. The US Treasury’s Office of Foreign Assets Control accused the refinery of profiting from the illicit extraction of minerals in areas controlled by CRA/M23 rebels in eastern Congo, alleging that at least 60 kilograms of gold worth millions of dollars passed through the operation in the early months of 2026 alone. The sanctions also targeted the refinery’s chairman Jean Malic Kalima and director general Bosco Kayobotsi. The case has become a cautionary tale about the risks of failing to ensure traceable, conflict-free supply chains—precisely the challenge the LBMA’s draft Responsible Gold Guidance and the OECD Due Diligence Guidance aim to address.
Zambia: Building a Formal Supply Chain
Zambia is taking a methodical approach to formalising its gold sector. In March 2026, the Zambia Environmental Management Agency approved a government-owned gold processing hub in Mumbwa District, designed as a centralised mineral-processing facility with the capacity to process 15 tonnes of gold per year. Led by the Ministry of Mines and Minerals Development, the project aims to reduce environmental impacts by consolidating processing at a single site rather than multiple plants.
Zambia is also working on an entity called the “Zambia Gold Trade Agency” to centralise gold buying and export, ensuring that all gold produced in the country is traced and traded through one central point. Amendments to the Penal Code now classify gold as a restricted commodity, making it unlawful to handle the mineral without proper documentation. Separately, a private firm is setting up a world-class gold processing facility expected to be commissioned within weeks, with plans for steady feedstock from buying centres.
Namibia: The Refinery Gap
Namibia presents a contrasting picture. The country currently does not have a domestic gold refinery, meaning that doré bars are exported for refining, assaying and certification in South Africa before entering international markets. Gold overtook uranium as Namibia’s largest export commodity in July 2026, with exports valued at N$1.9 billion, yet the refining and certification stages of the value chain—along with associated higher-value economic activity and specialised employment—remain outside the country.
The Bank of Namibia has entered into an agreement with QKR Namibia Navachab Gold Mine to acquire domestically produced gold, formally launching its gold accumulation programme. However, local mines process output to around 85% purity, while the central bank requires 99.9% purity for reserve assets. The Bank has initiated engagements with refineries in South Africa to refine the metal to the required standard. Negotiations with local gold mines and approved refineries are described as “fairly advanced,” with the central bank confirming the gold will constitute up to 3% of its reserves. Gold exploration company Osino Resources has ruled out constructing a refinery for its Twin Hills project, citing economic and regulatory hurdles, including South African regulations mandating refining through Rand Refinery.
Ghana’s GoldBod: A New Architecture for Gold Acquisition
While Burkina Faso cuts ribbons, Ghana is rewriting the rules of gold acquisition. In February 2026, the Finance Minister unveiled sweeping reforms positioning the Ghana Gold Board (GoldBod) at the centre of a new national strategy.
Under the Ghana Gold Board Act, 2025, the Lands Minister will invoke state pre-emption rights to purchase a minimum of 20% of large-scale gold output—equivalent to at least 0.57 tonnes per week. The doré will be refined locally before being shipped to LBMA-certified refineries for final processing.
The ambitions extend to artisanal and small-scale mining (ASM). GoldBod aims to purchase a minimum of 2.45 tonnes of ASM gold weekly through official channels, targeting approximately 127 tonnes annually over the next three years—projected to generate more than US$20 billion in foreign exchange each year.
Crucially, GoldBod is preparing to independently finance these purchases. Under Section 18 of Act 1140, the institution can raise its own funds, reducing its reliance on the Bank of Ghana. The shift reflects a broader move toward market-driven formalisation of Africa’s gold sector.
Uganda and Tanzania: Central Banks Enter the Market
Uganda’s central bank has transformed from regulator to active market participant. Since launching a national gold programme in March 2026, the Bank of Uganda has signed contracts with Eurogold Refinery as its main partner and Felstein Refinery as a secondary facility. The programme enables gold to be processed and sold within Uganda rather than exported raw, allowing the central bank to build reserves from domestic production.
The Bank of Uganda finalised agreements worth $160 million with EuroGold Refinery Ltd and Feldstein Trading Limited, ensuring gold suppliers deliver to refineries where the mineral is tested, processed, and certified before central bank purchase.
Note: EuroGold Refinery has been involve in a scam, there is no further update on this the news above is from previous actions from the government from reference please find article below.
Tanzania has taken a different approach. Through the Finance Act of 2024, mineral rights holders and dealers must allocate at least 20% of gold production for local smelting, refining, or trading with eligible buyers. The Mwanza gold refinery, owned by Stamico with a 25% stake, processed 7.429 tonnes for the Bank of Tanzania and other clients between January and December 2025. But the refinery faces raw material shortages—illustrating the persistent gap between stated capacity and actual throughput.
Rand Refinery and the Responsible Sourcing Revolution
Amid this continental push, South Africa’s Rand Refinery—which has processed nearly a third of all gold ever produced—is adapting its playbook. Long the destination for Africa’s commercially mined gold, Rand Refinery is now working to integrate artisanal gold into its supply chain.
In a strategic partnership with Ghana’s Gold Coast Refinery, Rand Refinery provides technical, operational, and commercial supervision. Gold Coast Refinery has signed an agreement with GoldBod to refine up to 1,000 kg of ASM gold doré per week. With Rand Refinery’s oversight, the refinery aims to meet globally recognised assaying and refining benchmarks.
LBMA CEO Ruth Crowell expressed hope the partnership would be “first of many” such collaborations to elevate responsible sourcing standards across Africa.
The stakes are substantial. According to Rand Refinery CEO Dean Subramanian, ASM now accounts for approximately 24% of global gold production and supports nearly 100 million livelihoods. In Africa, the sector produces an estimated 1,000 tons of gold annually—contributing around 50% of the continent’s gold output.
Traceability: The Formalisation Imperative
The push to integrate artisanal gold into formal markets hinges on traceability. GoldBod is developing a technology-backed system to track gold from the point of mining through the supply chain. The Deputy CEO described traceability as “essential to the formalisation of Ghana’s ASM sector.”
The LBMA’s draft Responsible Gold Guidance would require mined gold to remain classified and traced as mined gold even when it passes through traders or intermediate refiners. African refineries in Burkina Faso, Guinea, Côte d’Ivoire, and Ghana are expanding capacity, but only a small share of Africa’s artisanal gold is currently reported as ASM supply by LBMA Good Delivery List refiners.
Ghana’s model is attracting attention. Artisanal gold exports rose from 63.6 tons in 2024 to 103 tons in 2025 as more production entered official channels. Seven African countries have approached Ghana over the past year to learn from its approach. The Extractive Industries Transparency Initiative estimates that ASM directly supports more than 40 million people across Africa.
In Côte d’Ivoire, a project supported four mine sites and two traders in the northeast to implement the CRAFT Code and demonstrate compliance with the OECD Due Diligence Guidance—standards that have traditionally been poorly understood in the region. The OECD Guidance, referenced in US regulations and central African laws, provides a framework for responsible mineral supply chains from conflict-affected and high-risk areas.
Global Context: Record Production, Rising Recycling
The continental push unfolds against a backdrop of robust global gold supply. According to the World Gold Council, total annual gold supply increased 1% year-on-year in 2024 to 4,974.5 tonnes. Mine production accounted for 74% of global supply, totalling 3,661.2 tonnes—just surpassing the 3,656-tonne record set in 2018. Recycled gold amounted to 1,370 tonnes, an 11% increase driven by higher prices.
For Africa’s refiners, the challenge is clear: announced capacities far exceed available feedstock. Burkina Faso’s refinery can process 164 tonnes annually against 94 tonnes of production. Tanzania’s Mwanza facility faces raw material shortages. Namibia has no refinery at all. The gap between aspiration and throughput will determine whether these projects deliver on their promise of value retention or become cautionary tales of overcapacity.
The Road Ahead
African governments are backing the shift by supporting local refineries and tightening certification and storage systems. Central banks in gold-producing countries are retaining more output locally, buying directly from domestic supply.
But the hard work of formalising artisanal supply—integrating millions of informal miners into regulated chains—remains the sector’s central challenge. As Rand Refinery’s CEO noted, record gold prices and growing demand for responsibly sourced bullion are transforming the industry. The sanctions against Rwanda’s Gasabo refinery illustrate the reputational and commercial risks of failing to meet international standards.
Whether Africa’s refining ambitions can be matched by sustainable feedstock and credible traceability will determine if this wave of projects marks a genuine transformation or merely a statement of intent. The refineries are being built. Now comes the harder task: filling them—and filling them responsibly.
References
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