Increase in exports lift Ivory Coast’s mining turnover by 11.5%

Increase in exports lift Ivory Coast’s mining turnover by 11.5%

The Ivory Coast’s mining sector showed noteworthy improvement at the end of 2017, thanks to an increase in the export of gold, manganese and nickel.

Said government spokesman Bruno Nabagne Kone: “The mining sector announced a sales revenue of [USD1.02 billion] in 2017, compared to [USD 827 million] in 2016.”

2017 saw a 146 percent increase in manganese mining, producing 510,000 tonnes; gold mining rose 2.15 percent higher than the previous year, producing 25.395 tonnes and nickel production came in at 379, 766 tonnes.

Kone said the country exported 11,156 carats of diamonds, worth an estimated USD 2.1 million.

For 2018, the West African state says it will continue to improve its mining sector in order to contribute more significantly to its GDP. In March 2014, the Ivorian Parliament approved a new mining code which was aimed at modernising the mining sector and increasing its transparency. A month later, diamond mining resumed after the lifting of an international ban over wars that caused the country to plunge into discord.

“Our country’s mining sector has a lot of potential. In a few years Ivory Coast will figure amongst the most important mineral producers on the continent,” said Kone.

He said the country also plans to make headway in mining bauxite, nickel and iron.

In terms of investment, the government says it will inject about USD 378 million into the Ity gold mine to accelerate mining and meet an objective to produce 50 tonnes of gold a year.

Endeavour Mining Corporation is the intermediate gold producer which operates Ity and one other mine in Ivory Coast — Agbaou.

Meanwhile, Kone reaffirmed that Australia’s Perseus Mining Limited is set to open its Sissingue gold mine in the north of the country in the first quarter of the year.

LEX Africa member in Cote d’Voire is F.D.K.A  Association d’avocats

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