Chinese firm says US$900,000 of gold stolen in armed attack on mine in Ghana

Workers including Chinese citizens were injured in the robbery in April and suspects have been detained, according to Beijing Xiaocheng

Reading Time:2 minutes

Chinese companies seeking to invest in minerals and resources have looked to Africa, but there are growing concerns over the security risks. Photo: Amy Nip

Published: 4:00pm, 16 Aug 2024

A Chinese mining company has revealed that it lost 12kg (26lbs) of gold – worth US$900,000 – in an armed robbery in Ghana earlier this year.

Shenzhen-listed gold mining firm Beijing Xiaocheng Technology Stock Co disclosed in its half-year financial report released on Wednesday that “five to six” suspects had been arrested and detained at a police station in Ghana.

Security agencies in the West African nation were “still searching for the whereabouts of the gold”, according to the company.

Africa has been a major investment destination for Chinese companies seeking minerals and resources overseas, but there are growing concerns over the security risks, and Beijing has vowed to ramp up protection for workers and assets abroad.

Beijing Xiaocheng, which is engaged in gold mining, production, processing and sales, said Ghanaian security agencies had issued a bounty for the arrest of those responsible for the robbery on April 18.

Gold is Ghana’s top export – it earned the country US$9.53 billion in 2022, according to the Observatory of Economic Complexity. Photo: Shutterstock

It said 11 people were believed to be involved in the armed attack on the Chinese company’s subsidiary, Akroma Gold Mining Co, in Esaase, in the Kwahu West municipality of Ghana’s eastern region.