Ivory Coast is poised to overhaul its mining code in a bid to boost government revenue and tap into the country’s rich mineral potential.
The announcement comes as the world’s leading cocoa producer seeks to diversify its income sources and capitalize on a burgeoning gold sector.
Mines Minister Mamadou Sangafowa Coulibaly declared on Monday that the current mining code, established in 2014, requires revision.
He emphasized the revision’s potential to benefit all stakeholders, including the government, mining companies, and the Ivorian population.
Coulibaly expressed optimism for the sector’s future, predicting that gold production could reach at least 100 metric tons annually within the next five years.
This ambitious target aligns with the country’s recent success – 2023 saw record-breaking gold output fueled by new mine openings, and the trend is expected to continue.
The revision aims to strike a balance, ensuring a profitable environment for mining companies like Barrick Gold, Ivory Coast eyes bigger share from miningEndeavour Mining, and Perseus Mining while also securing a fairer share of the profits for the Ivorian government.
This additional revenue could be used to fund development projects and improve the lives of citizens.
