Canada's Montage discovers largest gold deposit in Ivory Coast
TLDR
- Montage Gold discovers largest gold deposit in Koné mining project with estimated 5 million ounces of gold.
- Construction of the mine starts in late 2024, costing 400 billion CFA francs with production commencing in 2027.
- Koné Project mine expected to be third-largest in West Africa with a processing capacity of 11 million tonnes of ore annually.
Canadian mining company Montage Gold has discovered what is believed to be the largest gold deposit at the Koné mining project in Ivory Coast. The mineral resources of the deposit are estimated at 5 million ounces, or 155.5 tons of gold, with an average grade of 0.72g/t.
Construction of the mine, which is expected to have a lifespan of around 20 years, is scheduled to commence in the last quarter of 2024, Montage said. The processing plant is projected to require an initial investment of 400 billion CFA francs ($663 million) with production slated to begin in 2027 and nearly 4,500 direct and indirect jobs created.
The Koné Project mine is anticipated to boast a processing capacity of 11 million tonnes of ore per year, positioning it as the third-largest in West Africa. This places it behind mines in Burkina Faso and Guinea, which have capacities of 12.3 million tonnes and 12 million tonnes, respectively.
Key Takeaways
The recent discovery of a significant gold deposit in Ivory Coast follows shortly after the country commenced production at a major oil and gas deposit. Côte d'Ivoire is a key producer of gold, ranking as the sixth-largest producer in Africa, alongside manganese and oil and gas, among other mineral resources. While agriculture remains the primary sector, the extractive industry contributed around 13% to total export values and 6% to government revenues in 2022. Over the past decade, there has been a notable increase in gold production in the country. Recent discoveries in the oil and gas sector have prompted the government to implement reforms aimed at attracting more investment into these emerging industries. These developments underscore the growing importance of the extractive sector in Côte d'Ivoire's economy and its potential for further growth.
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