• More than CFA2 trillion invested in mining over the past decade
• Government plans CFA11.4 trillion in mining funding by 2040
• Gold production rose from 5 tons in 2010 to nearly 60 tons in 2024

Côte d’Ivoire has secured more than CFA2,000 billion ($3.6 billion) in cumulative mining investment over the past 10 years, according to data reported this week during the Mining Indaba conference in South Africa. Although the figure suggests a steady rise in the sector, it remains below the government’s CFA11,400 billion target by 2040.

During this year’s event, which ran from Feb. 9 to 12, Ivorian officials met international investors to present the country’s mining potential. Seydou Coulibaly, director general of Mines and Geology at the Ministry of Mines, said the investment attracted over the past decade reflects political stability, modern infrastructure, and transparent governance.

Alongside sizable gold and manganese reserves, investors point to political stability, modern infrastructure, and governance based on transparency. In its annual survey of global mining jurisdictions, the Canada-based Fraser Institute ranked Côte d’Ivoire as West Africa’s most attractive mining investment destination in 2022 and 2023.

At the recent Africa Down Under conference in Australia, Justin Tremain, chief executive officer of junior miner Turaco, described Côte d’Ivoire as the “best place in the world” to build a gold mine. Turaco is developing the Afema project, which contains more than 100 tons of gold.

Aiming higher

Côte d’Ivoire has four manganese mines, one nickel mine, and one bauxite mine in operation. Most recent investment, however, has focused on gold. The country had four gold mines in 2010, producing about 5 tons. By 2024, it operated 13 gold mines, with output close to 60 tons. National gold potential is estimated at 600 tons, indicating significant untapped resources. Other minerals, including coltan, lithium, and copper, are not yet exploited.

To better harness this potential, the government introduced in December the Integrated Mineral and Energy Resources Policy (PIRME), a long-term program with a total budget of CFA38,000 billion ($69 billion) through 2040. Thirty percent of that amount, or about $20.7 billion, is allocated to mining.

The plan supports the ambition to make Côte d’Ivoire Africa’s top gold producer. The country ranked seventh on the continent in 2024, according to the World Gold Council. Authorities also aim to raise the mining and energy sector’s share of GDP to 14% by 2040, up from 7% in 2022. While the funding strategy for PIRME has not been detailed, sustaining investor confidence will be essential.

The government is modernizing the mining cadaster to improve transparency. At the same time, a planned revision of the mining code presents challenges. Authorities seek to strengthen the country’s appeal while avoiding measures that could discourage investment. Recent tensions linked to mining code reforms in Mali and Burkina Faso remain a reminder of the risks.

Emiliano Tossou