Allied Gold operates three gold mines in West Africa: Bonikro and Agbaou in Côte d'Ivoire, and Sadiola in Mali. In 2022, these three mines delivered 371,000 ounces or 10.52 tons of gold.

Canadian mining company Allied, with operations in Mali and Côte d'Ivoire, announced it has generated a total of 343,817 ounces (around 9.75 tons) of gold in 2023. In a February 21 press release, the company detailed that nearly half of this production, or 171,007 ounces (about 4.85 tons), came from the Sadiola Gold Mine in Mali.

The company operates three gold mines in West Africa, namely Bonikro and Agbaou in Côte d'Ivoire, and Sadiola in Mali. Together, these mines produced 371,000 ounces, or 10.52 tons, of gold in 2022. These figures mean that the 2023 output marks a 7% decrease from the previous year. In 2022, Sadiola delivered 175,000 ounces, while Bonikro and Agbaou in Côte d'Ivoire contributed 196,000 ounces combined. Last year, Bonikro produced 99,409 ounces, and Agbaou accounted for 73,401 ounces, totaling 172,810 ounces for the Ivorian mines.

Allied Gold did not specify the reasons behind the decline in production. However, the company anticipates a rebound in 2024, projecting a production range of 375,000 to 405,000 ounces of gold. Sadiola is expected to remain a key asset, with its output estimated between 195,000 and 205,000 ounces. Bonikro is forecasted to produce between 95,000 and 105,000 ounces, while Agbaou between 85,000 and 95,000 ounces.

To achieve these targets, Allied Gold plans to invest $62 million in its West African operations in 2024, with $47.5 million for the Sadiola Gold Mine alone. $24.5 million will also be allocated for exploration across the company's three assets in the sub-region, including $10.5 million for the Bonikro mine in Côte d'Ivoire.

The ECOWAS Mining and Oil Forum, which was first launched in 2012, held its inaugural event in Ghana in 2015, followed by editions in Côte d'Ivoire (2018) and Niger (2022). This high-level gathering promotes exchanges and the sharing of experiences at the sub-regional level.

The 4th edition of the ECOWAS Mining and Oil Forum opened in Cotonou, Benin, yesterday February 22. The opening ceremony gathered ministers, mining leaders, and notable figures, including Benin's Minister of Energy, Water, and Mines, Samou Seïdou Adambi, and the Vice-President of the ECOWAS Commission, Damtien Tchintchibidja.

Running until February 24, stakeholders from the mining and oil sectors across the sub-region will engage in discussions centered on the theme “Geo-extractive Resources and Technologies: What Pooling Strategies for Value Creation in West Africa”. According to the organizers, the event aims to stimulate investments through the presentation of attractive projects, highlight the specific potentials of West Africa, and facilitate the sharing of experiences among professionals and experts.

"By joining forces and pooling our resources, we can unlock the full potential of our natural wealth and transform our economies for the well-being of our people," said Abdoulaye Bio Tchané, Minister of State for Development and Coordination of Government Action, in his opening speech on behalf of Benin's President Patrice Talon.

He suggested that pooling efforts would lead to improved negotiation capacity for states, reduced operational costs through economies of scale, risk-sharing, promotion of regional development, and strengthened cooperation and integration.

In his remarks, the Benin Minister of Mines highlighted the importance of pooling resources to strengthen the value chain of resources both regionally and continentally. "In this field, we must identify and implement solutions that promote value creation, including the local processing of our natural resources, development of local content, and the creation of strong financial institutions," he added.

West Africa is home to several major mining and oil-producing countries, such as Nigeria, the leading African oil producer, Ghana and Mali, the first and third African gold producers respectively, and Niger, the second-largest African uranium producer. Hydrocarbons and mining play a central role in the GDP, export earnings, and public revenues of these countries.

Demand and prices for uranium have been on the rise for several months, amidst a resurgence of interest in nuclear power. Companies that had halted production or slowed uranium project development in recent years are now rushing to take advantage of this resurgence.

Australian mining company Lotus Resources announced on February 23 a stock placement aiming to raise 30 million Australian dollars ($19.7 million) for reviving its Kayelekera uranium mine in Malawi and developing its Letlhakane uranium project in Botswana.

Lotus will use the funds to conduct an engineering study to confirm the initial capital estimate needed to rehabilitate the Kayelekera project and secure new equipment. The study will also update operating costs and validate the restart timeline, currently set at 15 months.

The firm should also appoint a debt advisor to help with the revival. A 2022 feasibility study notes that $88 million is needed to restart production at Kayelekera. Lotus aims to resume production in Q4 2025 to take advantage of positive prospects for demand and prices for nuclear fuel.

The firm plans to carry out an exploratory study at the Letlhakane mine in Botswana. The study aims to identify a more efficient processing method than that of the 2015 feasibility study, to improve the economic characteristics of the project. An updated estimate of mineral resources is also expected to be released in the second quarter of 2024.

"Our main priority remains advancing the plans to restart Kayelekera to benefit from increased demand for Kayelekera products and current high and rising uranium prices, but we also recognize that progressing quickly at Letlhakane will enhance the company's assessment," commented Keith Bowes, CEO of Lotus.

As a reminder, the production target at Kayelekera is 2.4 million pounds per year over the first seven years of the mine, with an estimated total lifespan of 10 years. The Letlhakane project, which entered Lotus's portfolio in 2023 through the merger with A-Cap Energy, could deliver annually 3.75 million pounds of uranium over an 18-year lifespan.

Emiliano Tossou

Africa’s premier gold producer, Ghana, hosts major mining firms such as Perseus Mining and Newmont, the largest gold producers globally. Perseus, managing the Edikan gold mine in Ghana, may soon double its production by acquiring Akyem, one of Newmont's Ghanaian mines.

Newmont Corporation, the world's largest gold producer, is divesting one of its Ghanaian assets, the Akyem mine, alongside other gold operations in Australia, Canada, and the United States. Perseus Mining is contemplating the acquisition of the Ghanaian mine from the U.S.-based company, according to Jeff Quartermaine, CEO of Perseus Mining.

"We will certainly explore the opportunity," Quartermaine remarked during a conference call. As per Mining Weekly, which cited the executive, Perseus Mining possesses significant familiarity with the Akyem project, given its existing ownership of the Edikan mine in Ghana.

Through this deal, Perseus Mining could double its gold output.

According to Newmont’s projections, Akyem is anticipated to yield 170,000 ounces in 2024. In the previous year, the mine produced 295,000 ounces, compared to Edikan's 202,599 ounces.

Newmont's presence in Ghana will continue even if the sale of Akyem materializes. The American firm will retain its Ahafo mine, which yielded 581,000 ounces in 2023.

Meanwhile, Perseus maintains operations in Côte d’Ivoire, where it operates the Yaouré and Sissingué gold mines.

Emiliano Tossou

After it entered the Nigerian market last October, MFS Africa announced major fundraising to support its expansion across the continent. The fintech seeks to enter new markets and strengthen its staff.

The digital payments platform MFS Africa announced it has raised $100 million in a Series C round to pursue its activity in the region; $70 million of the amount was raised in the form of an equity investment and the remaining $30 million as debt.

Last year, the fintech expanded activities in Côte d'Ivoire, Uganda, DRC and Kenya. Now it intends to open new offices "in key African markets as well as in China and the United States". The company also plans to recruit within and outside the continent to strengthen its staff, strengthen its cash flow and finance its investments in fintech and payment companies in the region.

Overall, MFS Africa has raised a little more than $95 million in equity financing since it started operations in 2009. In addition to previous shareholders who have renewed their investments, new investors such as CommerzVentures, Allan Gray Ventures, Endeavor Catalyst, and Endeavor Harvest participated in this transaction. The operation is CommerzVentures’ first commitment in Africa.

“This round of funding marks the beginning of the next phase in our growth […] This new fundraising round further demonstrates our commitment and the scale of our ambitions. For our clients across Africa and beyond, this is also a validation of the choice they have made to partner with us in building a network that makes instant cross-border payments as simple as making a phone call. We look forward to continuing to work with them to expand and deepen that network in the years to come,” said CEO Dare Okoudjou (pictured).

The investment, co-led by AfricInvest Five, Goodwell Investments, and Lun Partners Group, comes after the acquisition last October of the Nigerian fintech Baxi. Through this transaction, MFS Africa entered the market with the largest number of SMEs on the continent.

MFS Africa claims more than 320 million mobile accounts in more than 35 African countries. According to the company, sub-Saharan Africa represents the most developed market for mobile payments, with about two-thirds of global transactions made via mobile last year.

Chamberline Moko

Since the coup in September, Guinea has engaged in a transition process under pressure from the ECOWAS. At the end of a summit held on November 7, the institution decided to maintain sanctions against the country and appoint Mohamed Ibn Chambas as its special envoy.

In a letter sent this week to Ghanaian President Nana Akuffo-Addo, current chairman of ECOWAS, Colonel Mamady Doumbouya (pictured) challenged the decision.

"I have taken cognizance of the conclusions and decisions of the 3rd Extraordinary Summit of the Conference of Heads of State and Government of ECOWAS held on 7 November 2021 in Accra, on the situation in the Republic of Guinea and the Republic of Mali," Mamady Doumbouya wrote. However, "the appointment of a special envoy seems neither timely nor urgent insofar as no internal crisis of a nature to compromise the normal course of the transition is observed,” he added.

As a reminder, ECOWAS decided to maintain the sanctions adopted against the country after the coup that ousted President Alpha Conde on September 5. Although they noted the adoption of a transitional charter, the appointment of a civilian prime minister, and the formation of a transitional government, the ECOWAS heads of state called on Guinean authorities to "rapidly submit a detailed timetable of activities to be undertaken within the framework of the transition, to ensure the holding of elections.”

ECOWAS has recently been criticized for its management of the crisis in Mali and Guinea. The institution is accused of serving the "leaders" instead of the "people. For the time being, the Guinean transitional authorities say they want to continue to "maintain constant dialog and close cooperation with ECOWAS" throughout the transition period.

"The establishment of the transition is proceeding as planned, in a peaceful climate and perfect symbiosis with the country's living forces," reassured Mamady Doumbouya. "We remain open to receive ad hoc missions from the ECOWAS Commission, such as the one that recently stayed in Conakry to work with the government on technical support for a return to normal constitutional order,” he said.

Moutiou Adjibi Nourou

The Ivorian government announced yesterday it has revised its 2021 state budget upward. From $14.8 billion, the budget is now $16 billion.

According to authorities, this decision was necessary given “the impacts that Covid-19 has had and continues to have on the economy, and the need to improve the living environment and well-being of the population.”

While the poverty rate in Côte d'Ivoire has fallen from 44.4% in 2015 to 39.5 in 2018, according to the World Bank, it remains high. The institution urged the country to strengthen its development strategy for a better distribution of wealth. During a meeting, last month, the President of the World Bank Group, David Malpass, and the Ivorian Prime Minister, Patrick Achi, discussed issues relating to economic diversification, the need for land reforms, improving access to financing, investment in human capital, and the importance of peace and stability in the Sahel region.

For next year, Côte d'Ivoire is eyeing a $17.6 billion budget. The amount will cover 30 allocations and 150 programs.

Dorcas Loba (intern)