(Ecofin Agency) - Côte d'Ivoire has emerged as the most attractive jurisdiction for mining investment in West Africa, drawing increasing interest from mining companies. This is reflected in the funds raised for exploration, particularly for gold.

Many Peaks Minerals, an Australian mining junior, recently raised A$5.2 million ($3.46 million) through a share placement. The firm, which announced the news on June 5, claimed it would use the funds to search for gold in the Côte d’Ivoire. In this country, Many Peaks is already present on the Ferke and Odienné gold projects in the northwest.

At Odienné, Many Peaks launched a 6,500-meter drilling program in May, scheduled for completion in June. This is part of the process of acquiring an 85% interest in the Odienné project, as per an agreement signed in March 2024 with Turaco Gold.

The support of Australian investors for Many Peaks' fundraising is a recent indicator of Côte d'Ivoire's attractiveness among West African mining jurisdictions. Ranked the most attractive jurisdiction by the Fraser Institute, Côte d'Ivoire has attracted some of the world's largest gold-producing companies in recent years.

As a result, Côte d'Ivoire's gold production has increased from around 18 tonnes in 2014 to 50 tonnes in 2023. It is expected to reach 55 tonnes in 2024, thanks to new mines coming on stream.