Canada-based mining company Roxgold has inaugurated its gold mine in the north-western region of Ivory Coast, with plans to produce approximately 130,000 ounces of gold annually, the company announced on Friday.
“We have more than a decade of mining production ahead of us at Seguela, and our ambition is to continue exploration and development in this region,” stated Jorge Ganoza, CEO of Roxgold, during a press briefing, according to Reuters.
The Seguela gold mine is situated approximately 500 kilometers north of Ivory Coast’s commercial capital, Abidjan.
Ivory Coast, renowned as the world’s leading cocoa producer, is actively working to develop its historically neglected mining sector as a means to diversify its sources of revenue.
Mamadou Sangafowa Coulibaly, Ivory Coast’s Minister of Mines, revealed that gold production is projected to reach 50 tonnes per year, up from 48 tonnes in 2022. He further noted that Roxgold had invested approximately 78 billion CFA francs (equivalent to $127 million) in the construction of the mine.
Minister Coulibaly also disclosed plans for the inauguration of another gold mine in the center-western region of Daloa in November, and an additional one in the northeast town of Dabakala next year.
Notable mining companies operating in Ivory Coast include Barrick Gold (ABX.TO), Endeavour (EDV.AX), and Perseus Mining (PRU.AX).
(Exchange rate: $1 = 612.0000 CFA francs)