(Ecofin Agency) - Ivorian mining company, NOCI, announced it would invest up to $365 million (220 billion CFA francs) to develop a nickel project in the Western part of Cote d’Ivoire. The announcement came after the government provided the firm the operating permit for the project.

NOCI intends to develop the project in two phases resulting in the creation of 700 permanent jobs. First, it will invest 130 billion CFA francs and in the second stage it will receive a financing worth between 60 and 90 billion CFA francs.

The project regroups various mining concessions of which the Sipilou nickel mine previously owned by Swiss giant Glencore, as well as the Touba and Biankouma mines.

According to Bruno Kone, government’s spokesperson, the project showed after exploration a reserve of 60 million tons of ore with a 1.74% nickel grading.

Louis-Nino Kansoun