Fed tests gold upleg
Gold’s outlook and fundamentals remain really bullish.
Ivory Coast’s gold output hit a record high in 2023, helped by the opening of new mines, and will continue to grow further, mines minister Mamadou Sangafowa Coulibaly said on Thursday.
Ivory Coast, the world’s top cocoa producer, is seeking to develop its long-neglected mining sector to diversify its sources of income.
Gold output has been climbing steadily for several years and is expected to reach 56 metric tons this year, Coulibaly told reporters at a press conference.
Last year, it rose to 51 tons, up over 6% from 48 tons in 2022.
Mining companies operating in Ivory Coast include Barrick Gold, Endeavour and Perseus mining.
In September, Canada’s Roxgold opened its gold mine in the north-western region, aiming to produce about 130,000 ounces of gold per year.
Barrick Gold said in July that its Tongon mine, whose output was expected to rise above 200,000 ounces of gold in 2023, would continue operating until at least 2030 following a significant discovery of new deposits.
At the meeting with reporters, Coulibaly also said that two electricity generating units with a capacity of 488 MW were shut down, forcing the country to reduce its power exports to neighbouring countries.
Ivory Coast’s total electricity capacity is currently 2,907 MW, he said, adding that by 2030 the country will become a net oil exporter, without providing any figures.
(By Loucoumane Coulibaly; Editing by Anait Miridzhanian and David Evans)
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