• Montage Gold brings forward first gold pour at Koné to Q4 2026

• About $545 million, or 63% of planned investment, has already been committed

• The mine is expected to support Côte d’Ivoire’s goal of lifting gold output

Presented as the next major gold mine in Côte d’Ivoire, the Koné project is moving closer to production than initially planned. In a note published on January 19, Canadian company Montage Gold, which is developing the project, said the first gold pour is now expected in the fourth quarter of 2026, earlier than the original schedule targeting 2027. The decision is driven by what the company describes as “rapid progress” in construction works to date.

Montage Gold highlighted major advances in the development of the future mine’s processing plant, noting that “all preparatory works completed in time for installation.” At the same time, the company reported the completion of other strategic components, including water storage infrastructure, as well as progress on connecting the Koné project to the power grid.

In total, $545 million has already been invested in the project, representing about 63% of the initial capital expenditure estimated at more than $800 million. Under the revised timeline, the first gold production from the plant’s oxide circuit is expected by the end of 2026. This will be followed in the second quarter of 2027 by the completion of all facilities and the start of production from the hard rock circuit.

“Construction at our flagship Koné project in Côte d’Ivoire continues to progress at a rapid pace with a number of key milestones achieved including completion of the oxide sizer and delivery of the ball mill shell on site, which positions us to target a first gold pour through an oxide circuit start-up in late Q4-2026,” said Martino De Ciccio, chief executive officer of Montage Gold.

Between a bullish market and national ambitions

Although Montage Gold did not explicitly mention it, the solid progress at Koné also comes amid a favorable gold price environment. After rising by more than 70% in 2025, gold prices have broadly maintained their upward trend at the start of this year, posting gains of about 5% so far, according to Trading Economics.

Bringing a new gold mine into production under such market conditions, especially an asset of Koné’s scale, could be decisive for Montage Gold, which does not yet operate producing mines. The company is targeting output of more than 300,000 ounces of gold per year during the first ten years of operation. While the first pour is now expected by the end of 2026, the company has not yet released initial production forecasts. As with any new mining project, a ramp-up phase is likely after operations begin, and the timeline for Koné to reach full capacity remains unclear at this stage.

Regardless, the commissioning of Koné will mark a key milestone in Montage Gold’s growth strategy in Africa, while aligning with Côte d’Ivoire’s ambitions to increase gold production. The country is targeting the symbolic threshold of 100 tons of gold within the next decade, up from 58 tons produced in 2024. The earlier-than-expected start-up of Koné could strengthen the existing mining base and support this trajectory.

Progress on construction in the coming months will provide further insight into the feasibility of the accelerated schedule outlined by Montage Gold. The company holds a 90% stake in the Koné project, with the Ivorian state owning the remaining 10%.

Aurel Sèdjro Houenou