Resolute Mining acquires Doropo, ABC Gold Projects in Côte d’Ivoire
Resolute Mining has finalized a binding agreement to acquire the Doropo and ABC gold projects in Côte d’Ivoire from AngloGold Ashanti for a total consideration of US$150 million.
This strategic acquisition enhances Resolute’s presence in Côte d’Ivoire, where the company already holds an active exploration portfolio. The move reflects Resolute’s confidence in Côte d’Ivoire as a politically stable and mining-friendly jurisdiction, home to several significant gold operations established in recent years.
Doropo Project
The Doropo Project, located in the northeastern part of the country, is at the definitive feasibility study (DFS) stage. It boasts a mineral reserve of 1.88 million ounces of gold at an average grade of 1.53 grams per tonne. The 2024 DFS envisions an open-pit operation with an average annual production of 167,000 ounces of gold over a decade. The project’s estimated all-in sustaining cost (AISC) is US$1,047 per ounce. Once operational, Doropo is expected to lift Resolute’s total annual gold production to over 500,000 ounces, aligning well with its existing operations at the Syama mine in Mali and the Mako mine in Senegal.
From a financial perspective, the Doropo project presents a compelling investment case. The DFS indicates a strong post-tax internal rate of return (IRR) of 34% and a payback period of just over two years, based on a gold price of US$1,900 per ounce.
To further enhance project economics and reduce risk, Resolute plans to update various aspects of the DFS. These updates include aligning pit designs with its internal gold price assumption of US$1,950 per ounce, evaluating backup diesel power options, reassessing key infrastructure layouts, and revising cost estimates to reflect 2025 market conditions. A final investment decision is targeted by the end of 2025, with construction expected to span two years, leading to first gold production by mid-2028.
In addition to Doropo, the acquisition includes the ABC Project, an early-stage greenfield exploration asset with an inferred resource of 2.16 million ounces of gold at an average grade of 0.9 grams per tonne. This provides further upside potential for long-term resource growth.
The acquisition and planned development of these assets will be financed through Resolute’s existing cash reserves and new debt facilities, with a project financing initiative already underway. According to CEO Chris Eger, this transaction marks a transformative step for the company. He emphasized that the addition of a third mining jurisdiction strengthens Resolute’s growth trajectory and creates a solid foundation for increasing shareholder value.
