Endeavour Mining launches second gold mine in Côte d’Ivoire
Endeavour Mining has inaugurated its second gold mine in Côte d’Ivoire. Located in Lafigué in the north, this new site, requiring an investment of $410 million, began production in September and is expected to significantly contribute to the company’s overall gold output in West Africa, which aims to reach between 1.13 and 1.27 million ounces in 2024.
The mine is estimated to have a lifespan of 13 years, with reserves of around 65 tonnes of gold. This is Endeavour’s fifth mine in West Africa and comes as the company continues its operations at the Ity gold mine, which it has owned for over 30 years. The Lafigué mine strengthens Endeavour’s presence in Côte d’Ivoire, now a significant player in the country’s growing mining sector. With 15 operating permits and eight industrial mines, Côte d’Ivoire is on track to produce 55 tonnes of gold in 2024, up from 52 tonnes in 2023.
Mining code
The inauguration of the Lafigué mine was attended by several prominent Ivorian leaders, including Ally Coulibaly, the grand chancellor of the National Order, and Mamadou Sangafowa Coulibaly, the mines, energy, and petroleum minister. Ian Cockerill, Endeavour Mining’s CEO, emphasized that the project aims to create sustainable jobs and economic opportunities for local communities.
However, the celebration of the new mine comes amid discussions about a new mining code that the Ivorian government is preparing. The code, which would replace the current one from 2014, seeks to remove tax exemptions that have long incentivized investments in research, exploration, and mining operations. Additionally, the government plans to combine artisanal and semi-industrial permits with industrial ones, which has raised concerns within the mining industry.
Despite industry opposition, the Ivorian government, led by Minister Mamadou Sangafowa Coulibaly, is negotiating with mining companies. Coulibaly assured at the Lafigué mine inauguration that the new code would be the result of a participatory process aimed at balancing the interests of the government and the private sector. Endeavour Mining’s expansion highlights Côte d’Ivoire’s growing mining industry, which contributed over 3% of the country’s GDP in 2022, generating a turnover of around $2.1 billion.
