The number of explorations and mines under construction and/or operation is increasing every year in Ivory Coast, one of the ten fastest growing economies in the world. The promotion of gold and other mineral exploitation is part of the Ivorian government’s strategic action plan.
Gold, manganese, nickel, bauxite, copper, cobalt, columbite, tantalite… And even diamonds.
If we talk about gold, with 159 tonnes in 2019, Ghana is the largest producer in Africa and the third largest in the world after Australia and Canada, thanks to the geological basin known as the Birimian Greenstone. However, only one fifth of this rock formation is found in Ghana, while more than a third is found in Ivory Coast! And the rest in Burkina Faso and Senegal.
Burkina Faso and Ivory Coast account for 35% of gold discoveries in West Africa, while 60% of the “birimic” zone is located within their territory. The calculation is easy: the potential is huge and still very much under-exploited.
Boosting the mining sector is a priority for Ivory Coast. It is in the top ten countries in the world with the highest economic growth and one of the few to maintain a positive growth rate. Despite the pandemic, it was up by 2% in 2020 and has a forecast of 6% for 2021, according to the IMF.
Mining currently accounts for 5% of the Ivorian country’s GDP and is set to become the second largest driver of growth in its economy, after agriculture, with a target of 8% of GDP by 2030.
For example, over the last decade, the Ivorian mining sector has quadrupled its gold production and increased its manganese production by 24 fold. This is still an upward trend.
It is a fact that the mining sector is booming in Ivory Coast in particular and West Africa in general, generating several business opportunities in drilling, blasting, transportation and haulage, drainage, mineral resources, machinery procurement, chemical reagent management, and a lengthy etc.
Ivory Coast is the sixth largest gold producer in Africa and 22nd in the world, with a production of 32.4 Tn in 2019* compared to 24.5 Tn in 2018 (+33%) and a target of 50 Tn in 2025 thanks to the future exploitation of several very advanced mining projects. The next step, and one of the objectives of the Ivorian government, is gold industrial processing at source, before export.
In 2019, manganese production reached 1.18 million tonnes (+48% compared to 2018) and nickel production reached 660,144 tonnes (+74%). Regarding bauxite, the country’s first export was achieved in May 2020.
In 2020, mining companies achieved a turnover of 1,507 million euros (+29.8% compared to 2019) while a global turnover of 1,696 million euros is expected in 2021, with the entry into production of new gold and columbite-tantalite mines.
Ivory Coast, a member of the Extractive Industries Transparency Initiative (EITI), has a mining investment code that is very attractive to foreign direct investment (FDI). In 2021, the total volume of investments in the sector is estimated at 762 million euros.
Currently, Ivory Coast has seven gold mines in operation, four for manganese, one for bauxite and one for nickel/copper, and half a dozen more gold mines in the pipeline, two for iron, one for manganese, three for nickel and one for columbite/tantalite.
In addition, Ivory Coast, a Kimberley Process country, is seeking to increase and industrialise its diamond production.
To promote and consolidate this remarkable growth, the Ivorian Ministry of Mines, Petroleum and Energy plans to implement multiple strategic actions by 2025, among which stand out:
How2Go, a consultancy office specialized in the promotion and facilitation of international trade with offices in Abidjan, knows the mining sector in Ivory Coast well and will be happy to help you take advantage of the business opportunities it offers. Do not hesitate to contact us, without any commitment, click here!