ECOWAS: Market for Precious Metal Ores And Concentrates 2025

Market Size for Precious Metal Ores And Concentrates in ECOWAS

The ECOWAS market for precious metal ores and concentrates rose to $X in 2022, growing by 3.1% against the previous year. In general, consumption recorded strong growth. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Precious Metal Ores And Concentrates in ECOWAS

In value terms, precious metal ore and concentrate production totaled $X in 2022 estimated in export price. Over the period under review, production saw a prominent increase. The growth pace was the most rapid in 2016 with an increase of 110% against the previous year. Over the period under review, production hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Exports of Precious Metal Ores And Concentrates

Exports in ECOWAS

In 2022, the amount of precious metal ores and concentrates exported in ECOWAS expanded significantly to X tons, picking up by 5.1% compared with the previous year's figure. Overall, exports continue to indicate a strong increase. The pace of growth was the most pronounced in 2019 when exports increased by 55% against the previous year. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, precious metal ore and concentrate exports fell dramatically to $X in 2022. Over the period under review, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 220%. Over the period under review, the exports hit record highs at $X in 2021, and then contracted significantly in the following year.

Exports by Country

Ghana (X tons) and Sierra Leone (X tons) represented the key exporters of precious metal ores and concentrates in 2022, accounting for approx. 48% and 34% of total exports, respectively. It was distantly followed by Nigeria (X tons), generating a 17% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Ghana (with a CAGR of +65.3%), while the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) remains the largest precious metal ore and concentrate supplier in ECOWAS, comprising 85% of total exports. The second position in the ranking was held by Sierra Leone ($X), with a 13% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Ghana amounted to +48.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Sierra Leone (+18.7% per year) and Nigeria (+5.5% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, declining by -37% against the previous year. Over the period under review, the export price, however, recorded a resilient expansion. The pace of growth was the most pronounced in 2017 when the export price increased by 143% against the previous year. The level of export peaked at $X per ton in 2021, and then dropped markedly in the following year.

Prices varied noticeably by country of origin: 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 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+12.6%), while the other leaders experienced a decline in the export price figures.

Imports of Precious Metal Ores And Concentrates

Imports in ECOWAS

In 2022, after two years of decline, there was significant growth in supplies from abroad of precious metal ores and concentrates, when their volume increased by 174% to X tons. Over the period under review, imports, however, faced a abrupt descent. The most prominent rate of growth was recorded in 2015 when imports increased by 9,279% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, precious metal ore and concentrate imports soared to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 405%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Ghana was the largest importing country with an import of about X tons, which resulted at 60% of total imports. Cote d'Ivoire (X tons) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by Burkina Faso (12%), Senegal (9.6%) and Mali (4.6%).

From 2012 to 2022, average annual rates of growth with regard to precious metal ore and concentrate imports into Ghana stood at -21.3%. At the same time, Cote d'Ivoire (+22.1%), Senegal (+12.1%) and Burkina Faso (+8.6%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +22.1% from 2012-2022. By contrast, Mali (-5.9%) illustrated a downward trend over the same period. Cote d'Ivoire (+13 p.p.), Burkina Faso (+11 p.p.), Senegal (+9.2 p.p.) and Mali (+3.4 p.p.) significantly strengthened its position in terms of the total imports, while Ghana saw its share reduced by -36.2% from 2012 to 2022, respectively.

In value terms, the largest precious metal ore and concentrate importing markets in ECOWAS were Ghana ($X), Mali ($X) and Cote d'Ivoire ($X), together accounting for 84% of total imports.

Mali, with a CAGR of +34.0%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, shrinking by -50.1% against the previous year. Overall, the import price, however, recorded significant growth. The growth pace was the most rapid in 2016 an increase of 1,549%. Over the period under review, import prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, 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 2022, the most notable rate of growth in terms of prices was attained by Mali (+42.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform