Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Ivory Coast’s gold output in 2021 reached 41.85 tonnes, up 10% from 38 tonnes in 2020, the mines minister said on Wednesday.
Ivory Coast, the world’s top cocoa producer, is seeking to develop its long-neglected mining sector to diversify its revenue. It aims to boost gold output to 65 tonnes by 2025.
“Our country is resolutely committed… to make the mining sector the second pillar of our growth,” said Thomas Camara, minister of mines, petroleum and energy at a meeting about the mining sector where he announced the figures.
Ivory Coast seeks to increase the mining sector’s share of GDP to 5% next year and 6% in 2025, up from 3% now, he said.
Ivory Coast has five active gold mines and four more that will start production by 2025 or 2026, including one at the end of this year, said Jean-Claude Diplo, president of the Grouping of Mining Professionals of Ivory Coast (GPMCi).
Companies operating include Perseus Mining, Endeavour Mining and Africa-focused Allied Gold Corp.
(By Loucoumane Coulibaly; Editing by Nellie Peyton and Jason Neely)
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