(Ecofin Agency) - Côte d'Ivoire's gold production has been steadily rising for a decade and is expected to reach 55 tonnes in 2024. This growth has attracted new investors seeking to tap into the country's gold potential.

One such investor is African Gold, a junior mining company that plans to raise AU$2.09 million (US$1.6 million) from its shareholders to finance gold exploration in Côte d'Ivoire. Eligible shareholders can apply for three new shares for every five shares they currently hold.

The funds will be used for a reverse circulation (RC) drilling program on the Blaffo Guetto prospect of the Didievi project. African Gold also plans an auger drilling program on a 10 km gold trend within the same project. Previous work on the site identified gold grades ranging from 2.14 g/t to 123.7 g/t at depths less than 100 meters.

In addition to the Didievi project, African Gold has three other gold projects in Côte d'Ivoire. The West African country has increasingly attracted mining investors in recent years due to the local gold sector boom, with production expected to reach 55 tonnes in 2024, up from 48 tonnes in 2022.