• Shareholders approve Montage Gold’s $170 million takeover of African Gold

• Deal adds the Didievi project to strengthen Montage’s Côte d’Ivoire portfolio

• Move signals growing competition and investment in the country’s gold sector

Australian miner African Gold said on April 13 its shareholders had approved its acquisition by Canada-based Montage Gold in a $170 million deal. The transaction is set to deepen Montage’s footprint in Côte d’Ivoire, notably by adding the Didievi gold project to its portfolio alongside the upcoming Koné mine.

Already holding a 17.3% stake in African Gold, Montage announced in November 2025 its plan to acquire the remaining shares it did not own. The deal remained subject to several regulatory steps, including shareholder approval, which has now been secured. Both companies are now moving to complete the final stages, with closing expected by the end of April.

Under the timeline, approval of the transaction scheme by the Supreme Court of Western Australia is expected on April 17. This should be followed by the delisting of African Gold shares from the Australian Securities Exchange (ASX) and the agreement taking effect on April 20. The transaction is scheduled to be fully completed on April 29.

Building beyond Koné

For Montage, which plans to bring the Koné gold mine into production this year with an initial capacity of more than 300,000 ounces, the acquisition is part of a broader strategy to position itself as a leading gold producer in Côte d’Ivoire.

The deal will expand its portfolio with several exploration assets, including Didievi, which holds about 989,000 ounces in mineral resources. Beyond Didievi, African Gold is also exploring gold prospects at Konahiri and Agboville. These will complement Wendé, an exploration project already owned by Montage, where a drilling campaign is planned this year.

Montage CEO Martino De Ciccio said in December that the company’s growing portfolio in Côte d’Ivoire reflects a push to build its next phase of growth. He pointed to Didievi as a near-term development opportunity, while Wendé offers longer-term potential for organic expansion.

Still, turning that strategy into production remains uncertain. Bringing Didievi into operation will require years of investment and development, and the other projects are at even earlier stages.

Montage’s move to consolidate assets in Côte d’Ivoire highlights the broader momentum in the country’s gold sector. Driven by new projects such as Koné and rising exploration spending, Côte d’Ivoire is emerging as one of Africa’s most attractive mining hubs. The government aims to raise national gold output to 100 tons over the next decade, up from 58 tons in 2024.

Aurel Sèdjro Houenou