Ivory Coast grants 11 new mining permits to boost exploration

DAKAR, Oct 2 (Reuters) - Ivory Coast said it has granted 11 new mining exploration permits to local and international companies for gold, cobalt and copper, as the world's top cocoa producer seeks to attract further investment in its booming mining sector as it diversifies.

The new permits were announced by government spokesperson Amadou Coulibaly after they were approved at a cabinet meeting on Wednesday.

They come as Ivory Coast positions itself as a stable, investor-friendly mining destination amid rising regulatory uncertainty in neighbouring Mali, Burkina Faso and Niger, where military juntas are tightening control over mining assets.

The permits, valid for four years, include eight for gold exploration companies including Resolute Exploration Côte d’Ivoire RSG.AX, which is developing the Doropo gold mine in northern Ivory Coast, and Tieto Minéral, which operates the Abujar gold mine west of the economic capital Abidjan.

Three additional permits were awarded for chrome, manganese, nickel, cobalt and copper exploration.

Gold production in Ivory Coast has surged from 10 metric tonnes in 2012 to 58 tonnes in 2024, and is projected to reach 62 tonnes in 2025, Mines Minister Mamadou Sangafowa Coulibaly told Reuters last year.

The increase has been driven by new mines like Lafigué operated by Endeavour Mining FVI.TO. The government aims to hit 100 tonnes annually by 2030.

The mining sector now contributes 4% to GDP, up from 1.5% a decade ago, and has attracted billions in investment, according to the Professional Group of Miners of Côte d'Ivoire, a lobby group. Canadian miner Barrick ABX.TO, Perseus Mining PRU.AX, Roxgold RNGJ.J and Fortuna Mining FVI.TO also operate in Ivory Coast.

Coulibaly said the new permits reflect a strategy to unlock untapped mineral potential and diversify the economy beyond cocoa.