Golden Star Resources

What Golden Star Resources does

Golden Star Resources Ltd. is a gold mining company that operates the Wassa Gold Mine in south-western Ghana through its operating subsidiary Golden Star Wassa Ltd. (GSWL), in which Chifeng Jilong Gold Mining Co., Ltd. holds 90% and the Government of Ghana holds 10%. The company commenced surface production at Wassa in 2005 and transitioned to underground-focused mining in 2018, using sub-level longhole open stoping for ore extraction and a 2.7Mtpa carbon-in-leach processing plant. In 2021, Wassa produced 155,000 ounces of gold, supported by 1.09Moz of P&P Mineral Reserves, 3.5Moz of contained M&I Mineral Resources, and a 6-year remaining reserve life. Active exploration drilling targets B Shoot North, B Shoot South, the 242 Trend, and F Shoot to extend mine life and convert resources.

The company generates revenue primarily by selling gold doré to refineries and commodity markets at prevailing global prices, with a gold streaming agreement with Royal Gold providing financing in exchange for deliveries at preferential rates. Beyond gold production, Golden Star runs the Golden Star Oil Palm Plantation (GSOPP), the first RSPO-certified smallholder group in Ghana, as an alternative-livelihood social enterprise, alongside the Golden Star Development Foundation funding community water, education, and health programs. The company is no longer publicly traded following the January 2022 US$470 million all-cash acquisition by Chifeng Jilong Gold Mining Co., Ltd., a Chinese mining company dual-listed on the Shanghai and Hong Kong stock exchanges. After divesting the Bogoso-Prestea mine in 2020, Golden Star is now a single-asset subsidiary focused entirely on the Wassa operation, with headquarters in Toronto and London.

Name

Golden Star Resources

Legal name

Golden Star Resources Ltd.

Website

https://gsr.com

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Golden Star Resources operates the Wassa underground gold mine in Ghana, processing ore via a 2.7Mtpa carbon-in-leach plant and selling gold to refineries. A subsidiary of Chifeng Jilong Gold since 2022, it also runs an RSPO-certified oil palm social enterprise and community development programs.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

Keywords

• Gold mining operations
• Underground gold extraction
• Gold ore processing
• Precious metals production
• Mineral resource development

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Others

Revenue model

1. Gold Production and Sales: Primary revenue stream from mining and selling gold produced at the Wassa mine in Ghana. Production from underground and surface operations is sold to gold refineries and commodity markets.
2. Gold Stream Agreement: Royal Gold streaming agreement providing upfront financing in exchange for gold deliveries at preferential rates.
3. Credit Facilities: Senior secured credit facility with Macquarie Bank Limited for operational and growth financing.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Golden Star Resources is a gold mining company that operates the Wassa Gold Mine in south-western Ghana, producing gold from underground and surface operations using sub-level longhole open stoping mining and carbon-in-leach processing at a 2.7Mtpa plant. The company sells gold production directly to refineries and commodity markets at global market prices, and also operates the Golden Star Oil Palm Plantation (GSOPP) social enterprise supporting smallholder farmers in oil palm cultivation.

Product overview

Golden Star Resources operates the Wassa Gold Mine in Ghana as its core product—an underground-focused gold mining operation that transitioned to underground mining in 2018. The company holds 90% ownership of Wassa mine (with 10% held by the Government of Ghana), processing ore at a 2.7Mtpa carbon-in-leach plant. Beyond gold production, the company runs the Golden Star Oil Palm Plantation (GSOPP) as a social enterprise supporting smallholder farmers, and the Golden Star Development Foundation for community development projects including schools, water systems, and health facilities.

Differentiator

Problem solved

Functional benefit

Brands

• GSOPP (Golden Star Oil Palm Plantation): Award-winning alternative livelihood programme supporting oil palm cultivation for artisanal miners and community members in Ghana.

Products and services

• Wassa Gold Mine Underground-focused gold mining operation in south-western Ghana, using sub-level longhole open stoping for ore extraction and a 2.7Mtpa carbon-in-leach processing plant. Produced 155koz of gold in 2021 and sells production to gold refineries and commodity markets at prevailing global market prices.
• Golden Star Oil Palm Plantation (GSOPP) Multi-award-winning social enterprise and oil palm plantation that supports smallholder farmers in oil palm cultivation on land rehabilitated from previously disturbed areas. Achieved RSPO certification in 2022, becoming the first smallholder group in Ghana and second in Africa to attain this certification.

Quantifiable outcome

• 155,000 oz gold production in 2021
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered minor.

• Giants of AfricaminorStrategic or Co-development PartnerNot-for-profit Africa-focused youth organization founded by Masai Ujiri (President of Toronto Raptors). Partnership includes basketball training camps and construction of multi-purpose sports and recreational centre in Prestea community.
• GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit)minorStrategic or Co-development PartnerPartnership for pandemic preparedness program and menstrual hygiene awareness initiatives. Supports health programs in partnership with Ghana Health Service.
• Ghana Health ServiceminorStrategic or Co-development PartnerCollaboration on health initiatives including breast cancer awareness, malaria prevention, and community health programs.
• Project CUREminorStrategic or Co-development PartnerMedical equipment donation program. Since 2003, has delivered 29 containers of medical equipment to Ghana serving over 18 million people.
• Zijin MiningminorStrategic or Co-development PartnerChina's largest mining company ranked top 6 globally by market capitalization. Delegation visited Golden Star Wassa as newcomer to Ghana's mining sector.
• AEL Mining ServicesminorStrategic or Co-development PartnerPartner in breast cancer awareness initiative along with Ghana Health Services and International SOS.

Scale indicators15 records

Recent moves7 records

Expansion highlights3 records

Direct peers

• New Gold: Intermediate gold producer operating Rainy River and New Afton in Canada. Comparable in scale as a mid-tier gold-focused producer with single-asset/dual-asset operating model and similar production profile.
• Endeavour Mining: West Africa-focused intermediate gold producer with multiple operations across Côte d'Ivoire, Burkina Faso, and Senegal. Comparable in regional footprint and consolidated mid-tier gold mining model.
• Galiano Gold: Ghana-focused mid-tier gold producer (formerly Asanko Gold) operating the Asanko Gold Mine joint venture. Directly comparable in size, single-country West African focus, and gold-only production profile.
• AngloGold Ashanti: Operates the Obuasi mine in Ghana, an underground gold operation that transitioned from surface to underground mining similarly to Wassa. Directly comparable in business model, jurisdiction, and underground extraction approach.
• Perseus Mining: Mid-cap gold producer operating the Edikan mine in Ghana plus Sissingué and Yaouré in Côte d'Ivoire. Closely comparable in scale, West African geography, and multi-mine gold production model.
• Gold Fields Limited: Operates the Tarkwa and Damang gold mines in Ghana's Western Region—the same gold belt as Golden Star's Wassa operation. Directly comparable as a gold producer using similar open-pit and underground extraction methods in identical jurisdiction and geology.
• B2Gold: Intermediate gold producer with West African operations (Fekola in Mali) and additional African and Latin American assets. Comparable in scale, multi-asset African gold producer profile, and underground/open-pit production methods.
• IAMGOLD: Intermediate gold producer operating Essakane in Burkina Faso plus West African development projects. Comparable in scale and West African gold mining focus, with similar grade and processing technology profile.

Broad incumbents

• Newmont Corporation: Operates the Ahafo and Akyem gold mines in Ghana as part of its African portfolio. Comparable as a major gold producer with substantial West African operations, but materially larger and more diversified across geographies and production methods.
• Kinross Gold: Major global gold producer with West African operations at Tasiast (Mauritania). Comparable in gold mining business model but materially larger and more geographically diversified as a broad incumbent.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/golden_star_res
• Facebookfacebook.com/goldenstarresources
• LinkedInlinkedin.com/company/golden-star-resources-ltd.

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Golden Star Resources