The news article we are going to discuss today is about the opening of new gold mines in Africa planned for the year 2024. Gold continues to maintain its high level of trading, with an increase of more 13% compared to the previous year. This favorable situation has resulted in the commissioning of several new mines on the continent, with new projects planned for the coming year.
In Ivory Coast, gold production has seen robust growth in recent years, increasing from 13 tonnes in 2012 to 48 tonnes in 2022. This positive trend continued in 2023, with the entry into production new mines such as Abujar and Séguéla. The country is targeting production of 50 tonnes in 2024, with the addition of the Lafigué gold mine, construction of which began in 2022. This mine is expected to produce 203,000 ounces of gold annually over a lifespan of 12,000 ounces of gold. 8 years, which is equivalent to almost 74 tons of gold in total. It is also expected to generate more than 1,500 jobs during the operational phase.
In Guinea, the revival of the Kiniero gold mine is planned for 2024. Abandoned in 2014, the mine was awarded to the company Sycamore Mining in 2019, which then merged with Robex Resources in 2022. According to the feasibility study , the Kiniero mine can still produce 851,000 ounces of gold over a mine life of 9.5 years. An investment of $160 million will be required for construction work on the mine.
In Senegal, the Sabodala-Massawa mine, the country’s largest gold mine, should see its performance improve from the end of 2024. A new factory will be commissioned, which will increase annual production averaged 194,000 ounces of gold during the first five years of activity. Construction work on this factory began in 2022 and will require an investment of $290 million.
Burkina Faso, one of the main gold producers in West Africa, plans to open its first gold refinery in 2024. Until now, gold mined in the country was exported for refining abroad, mainly in Switzerland. The construction of this refinery will allow Burkina Faso to refine 150 tonnes of gold per year and retain part of the income generated by the gold sector. This initiative is also expected to create many direct and indirect jobs.
Apart from these projects, other gold mines in West Africa are also expected to see significant developments in 2024. The Sadiola mine in Mali is planning an expansion that will enable an average production of 200,000 ounces of gold between 2024 and 2028. In Ivory Coast, Endeavour’s Tanda-Iguela project, hosting 133 tonnes of gold mineral resources, is expected to release a pre-feasibility study at the end of 2024. Additionally, mining company Centamin plans to release a definitive feasibility study for the Doropo gold project, which could produce 1.73 million ounces of gold over a decade.
The commissioning of these new mines and the expansion of existing projects demonstrate the vitality of the gold mining industry in Africa. These massive investments will not only contribute to the economic growth of the countries concerned, but also to job creation and the development of local communities. Africa thus shows its potential as a region rich in natural resources, attracting the attention of investors around the world.