Ivory Coast, the world’s largest cocoa producer, is accelerating efforts to transform its economy by tapping into its vast, underexplored mineral wealth. With gold production reaching 56 metric tons (mt) in 2023, the country is now looking beyond its historically dominant commodity to develop resources such as manganese, nickel, bauxite, lithium, and coltan. The government is positioning mining as a strategic pillar of economic growth, supported by a revised mining code and proactive investment initiatives.
In a major boost to the sector, Canadian miner Montage Gold announced in May 2024 the discovery of Ivory Coast’s largest gold deposit at the Koné mining project in the northwest. Estimated at 5 million ounces, or around 155 million mt, with an average grade of 0.72 grams per tonne, the find is set to play a critical role in the country’s ambitions to double annual gold production to 100 mt within five years. Construction of the Koné mine is scheduled to begin in late 2024, with production expected by 2027 and a projected 20-year lifespan.
Beyond gold, the country is home to vast reserves of other key minerals. The Bondoukou and Ziemougoula regions in the northeast hold 30 million mt of manganese, while the Biankouma and Touba regions in the west contain 300 million mt of nickel. Bauxite deposits of 35 million mt have been identified in Bongouanou in the southeast. Meanwhile, significant but underexplored deposits of iron ore, rare earth elements, uranium, coltan, and phosphates add to the country’s untapped mining potential.
Ivory Coast’s mineral wealth is underpinned by the West African craton, with its Precambrian Birimian greenstone belts—a geological feature known for hosting large gold and base metal deposits. This geological advantage has been a driving force behind the country’s mining boom, particularly in key regions such as Boundiali, Man, and Fetekro.
The lithium sector is also gaining traction, with multiple discoveries in recent years. In January 2023, Australia’s African Gold identified lithium deposits in the Agboville region. Meanwhile, Ricca Resources and Firering Strategic Minerals were authorised in late 2022 to develop the Atex lithium-tantalum project in Boundiali.
Economic projections from the International Monetary Fund (IMF) indicate robust growth, with Ivory Coast’s GDP expected to rise from $95.5 billion in 2025 to $103.9 billion in 2026, reflecting an annual expansion rate of 6.4%. Strong agricultural exports, increased mining activity, infrastructure investments, and industrialisation are driving this growth, alongside rising private and public sector spending. Inflation is expected to decline from 3% in 2025 to 2.2% in 2026, while gross debt as a percentage of GDP is set to fall from 55.9% to 54.1% in the same period.
Mining has become a vital component of Ivory Coast’s economy, contributing 17.8% of total exports in 2022. Gold alone accounted for $2.12 billion in export revenues, with Switzerland as the primary buyer, purchasing $1.6 billion worth of Ivorian gold that year. The industry has also created around 20,000 formal jobs, while artisanal and small-scale mining (ASM) supports approximately 500,000 individuals. The government aims to increase mining’s contribution to GDP from 5% to 8% by 2030.
To encourage further investment, the government has enhanced its regulatory framework, adopting a revised Mining Code in 2014. This has accelerated exploration and extraction activities, tripling the number of mining projects since 2012. Ivory Coast has attracted major foreign players, including Endeavour Mining, which holds an 85% stake in the Ity Gold Mine, and Canadian miner Barrick Gold, which operates the Tongon Gold Mine. Endeavour has also invested $415 million in the newly inaugurated Lafigue Gold Mine, set to produce 200,000 ounces annually from 2025.
Despite rapid growth, the sector faces challenges, including environmental concerns, illegal mining, and infrastructure deficits. Deforestation, soil degradation, and water pollution from artisanal and industrial mining pose ecological risks, while illegal operations deprive the government of revenue. Insufficient rail and energy infrastructure further hamper efficiency, with many mining operations reliant on costly diesel power. Limited skilled labour also means heavy reliance on expatriate expertise, though efforts to develop local talent are ongoing.
Ivory Coast is now moving toward greater value addition within its mining sector. The establishment of the Ivory Coast Government Gold Refinery is a key step in refining and exporting gold more efficiently. The country’s regulatory framework, aligned with regional and global best practices, ensures transparency and sustainability, positioning the mining industry as a long-term driver of economic growth.
With a strong policy framework, vast mineral reserves, and growing foreign investment, Ivory Coast is well on its way to becoming a key mining hub in West Africa. As the country continues to expand and diversify its resource sector, it is poised to build a sustainable, resilient economy beyond its traditional reliance on cocoa.
Firering Strategic Minerals plc (LON:FRG) is an AIM-quoted mining company focused on becoming a near-term cash generating producer of Quicklime, through their Limeco Project in Zambia, whilst at the same time progressing with the exploration and development of their Atex Lithium Project, Côte d’Ivoire.
