• Resolute signs MoU with Nimba Mining Company to co-develop gold projects in Guinea.

• The company targets 500,000 ounces of annual gold production by 2028, nearly doubling output.

• Portfolio diversification follows operational and political tensions in Mali, where Syama accounts for 64% of production.

Resolute Mining is advancing its diversification strategy in West Africa by entering Guinea, following recent investments in Côte d’Ivoire and a period of turbulence in Mali.

State-owned Nimba Mining Company announced on March 30 that it signed a memorandum of understanding with Resolute to co-develop gold projects. The agreement highlights the Australian miner’s ongoing portfolio diversification after challenges in Mali, which still accounts for more than 60% of its production.

The agreement, concluded with the involvement of the Guinean Ministry of Mines and Geology, provides for a joint assessment of high-potential gold zones within 90 days of signing. The partners may subsequently establish a joint venture. Resolute is pursuing this partnership as part of a broader expansion strategy in West Africa. The company aims to produce 500,000 ounces of gold annually by 2028, nearly doubling its current output from operations in Mali and Senegal.

Portfolio Rebalancing

Resolute’s interest in Guinea reflects the challenges it faced in Mali, where it operates the Syama gold mine. In November 2024, Terence Holohan was arrested in Bamako during negotiations with Malian authorities over tax arrears claimed from several mining companies. Authorities detained him for more than a week before releasing him after the company signed an agreement to pay $160 million to settle outstanding claims. Holohan resigned several months later.

Although the episode did not prompt Resolute to exit Mali, it accelerated the company’s efforts to reduce its reliance on the country. In 2025, Resolute produced 277,236 ounces of gold, of which the Syama mine contributed 176,341 ounces, or about 64% of total output.

As a result, the company took a decisive step in May 2025 by acquiring the Doropo gold project in Côte d’Ivoire from AngloGold Ashanti. Resolute paid $175 million for the asset, which can deliver an average of 169,000 ounces annually over 13 years, including an average of 204,000 ounces during the first five years.

In March 2026, Resolute advanced the project further by announcing a final investment decision. The company estimates total development costs at $516 million. It plans to begin construction in the first half of 2026 and to commission the mine by 2028, making it its third gold operation in West Africa.

Guinea’s Untapped Potential

While Resolute is unlikely to commission a mine in Guinea within the next two years, the agreement with Nimba Mining Company could eventually add a fourth producing country to its portfolio. Guinea offers relatively underexplored gold potential and currently hosts only five industrial gold mines, compared with 13 in Côte d’Ivoire.

Resolute already holds a reconnaissance permit covering 83 square kilometers in the Siguiri Basin, one of Guinea’s most productive gold regions.

“This partnership demonstrates our commitment to investing in Guinea—a jurisdiction that we believe offers Resolute the potential to develop a fourth mine—and to creating value with all stakeholders through sustainable projects,” said Chris Eger.

To realize this ambition, Resolute must complete several technical and regulatory steps. At this stage, the agreement with Nimba Mining Company remains non-binding. Any mine development will depend on technical assessment results, the negotiation of binding agreements, and the securing of required regulatory approvals.

This article was initially published in French by Emiliano Tossou

Adapted in English by Ange J.A de Berry Quenum