Côte d'Ivoire’s gold output has been increasing in recent years and is expected to reach 55 tonnes by 2024. This growth is driven by new gold discoveries and rising investment in the sector.

On August 27, Turaco Gold released an initial mineral resource estimate for its Afema project, located 120 km east of Abidjan. The project contains 2.52 million ounces (71.4 tonnes) of gold across three deposits: Woulo Woulo, Jonction, and Anuiri. 

According to Turaco, 60% of the identified resources are classified as indicated, which is a reliable category for estimation. The company noted that not all deposits are included in this initial estimate, and it plans to continue exploring the three mentioned deposits and others.

The discovery at Afema strengthens its potential as one of Côte d'Ivoire's major future gold mines. Turaco holds a mining permit for the Afema project, granted in December 2013 and valid until 2033. A mining convention has also been signed with the Ivorian government, which includes a free 10% stake for the state in the future mine and a royalty of up to 6% on production revenues.

This year, Turaco acquired a 51% majority stake in the Afema project, with the option to increase it to 70%.

Emiliano Tossou