Earlier this year, a Chinese mining firm reported losing 12kg (26lbs) of gold, worth US$900,000, in an armed robbery in Ghana.

Beijing Xiaocheng Technology Stock Co, a Shenzhen-listed company, shared details of the heist in its recent half-year financial report.

The report noted that the robbery took place on April 18, and that “five to six” suspects have been arrested by Ghanaian police. Despite this, the gold remains missing, and authorities are actively searching for it.

This incident highlights the increasing security challenges faced by Chinese companies operating in Africa, where China has invested heavily in mineral resources. In response, Beijing has promised to bolster protection for its assets and workers abroad.

The robbery targeted Akroma Gold Mining Co, a subsidiary of Beijing Xiaocheng, located in Esaase in Ghana’s Kwahu West municipality.

Approximately 11 armed individuals, wearing masks, breached the processing facility from an undeveloped section of the mine. The attack resulted in stolen gold and injuries to several workers, including Chinese nationals, though no fatalities occurred.

Following the robbery, Beijing Xiaocheng has implemented stricter security measures at the Akroma mine, which has since returned to regular operations. The Ghanaian government has offered a reward for information leading to the arrest of the perpetrators.

Beyond gold mining, Beijing Xiaocheng operates a 20MW solar power station in Ghana, which has been in operation for over a decade.

Gold remains a crucial export for Ghana, generating US$9.53 billion in revenue in 2022. The majority of Ghana’s gold exports go to the United Arab Emirates, with significant amounts also being sent to Switzerland, India, and Hong Kong.