Ivory Coast’s gold output for 2023 receives a significant boost with the opening of new mines

Ivory Coast’s gold production reached an all-time high in 2023, thanks to the establishment of new mines, and is expected to continue expanding, according to mines minister Mamadou Sangafowa Coulibaly’s statement on Thursday.

Ivory Coast, a leading cocoa producer globally, aims to revitalize its underdeveloped mining sector in order to broaden its revenue streams.

According to Coulibaly, gold production has been consistently increasing over the past few years and is projected to reach 56 metric tons this year, as he informed reporters during a press conference.

In the previous year, there was an increase in the amount to 51 tons, which was a growth of more than 6% compared to the 48 tons recorded in 2022.

There are several mining companies operating in Ivory Coast, such as Barrick Gold, Endeavour, and Perseus Mining.

In September, Canada’s Roxgold (FVI.TO) opened a new gold mine in the north-western region, with the goal of producing approximately 130,000 ounces of gold annually.

In July, Barrick Gold announced that its Tongon mine, which was projected to produce over 200,000 ounces of gold by 2023, will now remain in operation until at least 2030 due to the discovery of substantial new deposits.

During the press conference, Coulibaly mentioned that two electricity generating units, each with a capacity of 488 MW, had been shut down. As a result, the country had to decrease its power exports to neighboring nations.

The current electricity capacity of Ivory Coast stands at 2,907 MW, according to the statement. Additionally, it was mentioned that the country aims to become a net oil exporter by 2030, although specific figures were not provided.