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Construction of Côte d’Ivoire’s Biggest Mine Could Begin Soon

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(Ecofin Agency) – Côte d’Ivoire’s Koné project, slated for 2027 production, could become the country’s largest gold mine. Its development hinges on securing permits, with Ivorian authorities expressing support in May 2024.

Côte d’Ivoire’s Environment Ministry has granted an environmental permit for the Koné gold mine, set to be the country’s largest. Canadian company Montage Gold, the project’s owner, has applied for a mining exploitation permit, the final authorization allowing construction to commence.

Montage Gold hopes to obtain the permit by late 2024, with financing mobilization as the last obstacle before mine development for 2027 production.

A January 2024 feasibility study projects the Koné mine yielding 101 tonnes of gold over 16 years, with a $712 million initial investment recouped 2.6 years after production starts. The project’s net present value is estimated at $1.09 billion after taxes, with a 31% internal rate of return.

Source

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