(Ecofin Agency) - Côte d'Ivoire launched three new gold mines since January 2023. Last year, the country produced 51 tonnes of gold and eyes 55 tonnes this year. More projects are being developed, and Ivorian gold output should increase in the coming years.

Centamin released a feasibility study for its Doropo gold project on July 18. The mine could produce 167,000 ounces of gold annually for a decade, totaling about 1.68 million ounces (47 tonnes),  against the 1.73 million ounces forecast in the feasibility study.

Most of the output will be produced in the first five years of activity, with an average of 207,000 ounces per year, or 1.03 million ounces overall.

The Doropo project should help increase Ivoirian gold production, and allow the country to remain a top producer in West Africa. Centamin plans to invest $373 million in the project, with a payback period of 2.1 years. 

"This study shows our confidence in Doropo's potential to become a commercially viable project, bringing significant investment and job opportunities to northeastern Côte d'Ivoire," said Martin Horgan, CEO of Centamin. 

At gold’s current price ($1,900 an ounce), Doropo has a net present value of $426 million and an internal rate of return of 34%.

While the development timeline for Doropo remains uncertain, Centamin plans to apply for a mining permit from the Ivorian authorities by September 2024. The company will secure financing and make a final investment decision only after receiving this permit.

Emiliano Tossou