Africa is not cashing in enough from its large gold resources, despite the spiralling price of the precious metal over recent years, according to a working paper published by the African Development Bank (AfDB). The paper, entitled ‘Gold Mining in Africa: Maximizing Economic Returns for Countries’, points out that gold mining is a significant activity in at least 34 of the continent’s 54 countries. A key factor is unfair concession agreements, say the authors of the paper, which severely limit the gains from gold mining that remain in the producing countries. This particularly applies to the royalty rate stated in the agreements.