Ivory Coast to become the next Gold Coast in Africa

Jean Claude Brou
Jean Claude Brou
Jean Claude Brou, Ivorian Minister of Industry and Mining

Ivory Coast, the largest cocoa producer in Africa as part of the diversification of its economy, is planning to open a gold mine every year for the next five years, reported CNBC Africa, citing Jean Claude Brou, the Ivorian Minister of Industry and Mining.

According to the same source, Gold mining in Cote d’Ivoire has grown rapidly in the last five years. In 2009, the country has produced 7 tons of gold; in 2014 it has mined 18.6 tons. The country plans to increase production to 30 tons in the next five years. The ambition of membership benefits partners who are willing to invest in the sector

Thus Amara Minning operator listed on the London Stock Exchange (UK financial market), has announced on October 1st, 2014, its intention to raise and investment of $ 400 million through 2016, as part of its project in the Ivorian locality Yaouré. Another player in the mining of gold present in Côte d’Ivoire, Randgold Resources which holds 89% of the Tongon mines, which was awarded 12 exploration licenses.

After a decline in 2014, the price of gold showed growth since this first quarter 2015, without ever reaching the levels in July 2011 when an ounce (24 to 33 grams) had reached $ 1,800.

Note that Africa is a major producer of gold, producing up to 30% of global production. Although South Africa is one of the global leaders in gold production, it also has the highest average production costs in the world.

About Khalid Al Mouahidi 3611 Articles
Khalid Al Mouahidi : A binational from the US and Morocco, Khalid El Mouahidi has worked for several american companies in the Maghreb Region and is currently based in Casablanca, where he is doing consulting jobs for major international companies . Khalid writes analytical pieces about economic ties between the Maghreb and the Mena Region, where he has an extensive network