(Ecofin Agency) - Ivory Coast produced 50 tonnes of gold in 2023, with plans to boost production through projects like the Koné mine owned by Montage Gold. The company aims to tap into the potential of this deposit, working closely with the Ivorian government.

During a meeting with Ivorian President Alassane Ouattara, Montage Gold highlighted the Koné project as Ivory Coast's largest gold deposit. Once operational, the project's 5 million ounces of resources are expected to make it the country's largest gold mine and the third-largest in West Africa.

Following an updated feasibility study, the Koné project is estimated to have probable reserves of 4.01 million ounces, with a projected production of 3.57 million ounces over 16 years.

Montage CEO Rick Clark sees Koné as Ivory Coast's largest gold mine. "Koné is now poised to become Ivory Coast's largest gold mine, with an average gold production of 349,000 ounces per year over the first three years of operation […]. Its construction will represent the largest investment in a gold project in Ivory Coast to date," Clark said.

A long road to first gold

According to the study released last January, an initial capital investment of $712 million is required to develop the project. While securing regulatory agreements should be smooth, raising this capital is a challenge the firm will have to overcome. Montage Gold aims to secure funding swiftly to start construction by late 2024, targeting production commencement by 2027.

The success of the Koné project would further boost Ivory Coast's gold production, enhancing its position as a key gold producer in West Africa alongside countries like Ghana, Mali, Burkina Faso, and Guinea. Ivory Coast produced 50 tonnes of gold in 2023 (and is expected to produce 55 tonnes this year).

Louis-Nino Kansoun