Ivory Coast begins operations at its largest gold mine.

Ivory Coast is advancing toward a major economic turning point as the country’s largest gold mine begins operations.

Newstimehub

Newstimehub

18 Dec, 2024

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Ivory Coast is advancing toward a major economic turning point as the country’s largest gold mine begins operations.

On December 18, 2024, a ceremony was held to mark the start of construction for the country’s largest gold mine, attended by Minister Mamadou Sangafowa-Coulibaly, responsible for the sector. The mine, named “Kone Mine,” is described as a world-class project.

The Kone mine is considered a historic development that confirms Ivory Coast’s gold potential. Last October, the mine’s owner, Montage Gold, secured a loan of $825 million (approximately 502 billion FCFA) to launch the project, making a significant investment move. The Kone mine holds great potential, with approximately 155.5 tons of gold reserves, and is expected to have a significant production capacity over its 20-year lifespan.

Feasibility studies indicate that the mine will produce an average of 9.89 tons of gold annually, with the potential to increase this amount to 10.71 tons over time. Additionally, in November, another world-class gold deposit was discovered in the northern part of Ivory Coast, particularly in the Kani and Dianra regions.

These developments are extremely positive news for the people and economy of Ivory Coast. The operation of this gold mine has the potential to significantly boost the country’s economy and position Ivory Coast as a global player in gold production.