(Ecofin Agency) - Sabodala-Massawa and Mako are the two industrial gold mines currently active in Senegal. The mines are managed by Endeavour Mining and Resolute Mining. Enthralled by the global spike in gold prices, various companies are considering developing a third mine in the country.

Thor Explorations plans to finalize the pre-feasibility study and update its mineral resource estimate for the Douta gold project by the end of 2024. This announcement, made on November 11, marks a significant step in the Canadian company's efforts to establish its first gold mine in Senegal.

In Q3 2024, Thor conducted various drilling operations to enhance the project's mineral resources, currently estimated at 1.78 million ounces of gold. The upcoming pre-feasibility study will assess the mine’s economic viability, including production capacity and necessary investments.

Thor Explorations is pleased to announce its financial and operational results for the third quarter of 2024.

To read the full announcement, please click here: https://t.co/5M6qCh9CFk#ThorExplorations #GoldMining #FinancialResults

— Thor Explorations (@ThorExpl_THX) November 11, 2024

Senegal currently operates two industrial gold mines that produced 15 tonnes in 2022, according to data from the Extractive Industries Transparency Initiative. The Thor mine should significantly boost this output in the coming years. Douta is not the only project under development. Fortuna Mining, another Canadian firm, is preparing to develop a gold mine at Diamba Sud, with a preliminary economic assessment set for completion by the end of 2024.

In West Africa, Fortuna Mining and Thor Explorations run gold mines in Burkina Faso, Côte d'Ivoire, and Nigeria. With gold prices rising over 30% since the start of the year and forecasts for continued increases in 2025 and 2026, these companies are motivated to develop new mines to maximize their profits.

Emiliano Tossou