RATANZA, Botswana (Reuters) – Botswana’s gold mining company GoldmineRaratonga has won the right to mine its world’s most powerful gold ore in the latest concession awarded by the World Economic Forum (WEF).
The award is the latest development for Botswana, the largest gold producer in Africa.
The gold company’s decision came after Botswana government leaders approved a $12.5 billion plan to upgrade infrastructure in the country and make the gold industry more efficient, the country’s Ministry of Mines and Energy said in a statement on Thursday.
The company has also received the award to mine the Rarotongo ore deposit, a region of about 1,200 square kilometers (300 square miles) in southern Botswana.
GoldmineRarotongo has been operating in the Raratanga ore region since 2010.
It has won a total of 12 gold mining concessions from the WEF in recent years, the ministry said in its statement.
The government in Botswana has also invested in the gold mining industry, which it said has provided jobs for about 10,000 people and helped boost the countrys economy.
The Raratangos have mined more than 100,000 tonnes of gold since 2010, but they are not yet profitable and have lost about $1.4 billion.