The Canadian mining group Montage Gold has officially inaugurated the Koné gold mine in northwest Côte d'Ivoire on November 12, 2026. The mine, which began production on September 26, 2026, represents an investment of over 580 billion FCFA. The inauguration ceremony was presided over by Côte d'Ivoire's Vice Prime Minister and Minister of Defense, Téné Birahima Ouattara. The mine is expected to produce over 300,000 ounces of gold per year for the first eight years.
The Koné gold mine is touted as the largest gold mine in production in Côte d'Ivoire by its owner, Montage Gold. The mine's processing plant has a capacity of 11 million tons per year. According to the 2024 feasibility study, the mine is expected to generate nearly half of its revenue for the state over its estimated 16-year lifespan. The ceremony was attended by several high-ranking officials, including the Minister of Mines, Oil, and Energy, Mamadou Sangafowa-Coulibaly.
Montage Gold's CEO, Martino De Ciccio, emphasized the importance of Côte d'Ivoire's regulatory framework in attracting investment. He noted that the stability of the country's legal, regulatory, and fiscal environment is crucial for investors, particularly for low-grade deposits like Koné. The project has created over 3,600 jobs, with more than 95% of employees being Ivorian, and over 30% from nearby localities.
The Koné project has also led to various community development initiatives. Over 1,000 residents have been recruited, and 1,500 people have benefited from literacy programs. Additionally, Montage Gold has reconstructed the Dolorougokaha camp, provided health equipment and potable water, and established poultry farms. The company has committed over 27 billion FCFA to the local mining development committee for community development projects.
Montage Gold plans to reinvest its revenues in Côte d'Ivoire to construct a second mine and continue exploration. The company has increased the estimated resources of the Koné mine from 5 to 8 million ounces. Its West African portfolio includes the Didievi project, acquired in April 2026, the Wendé property in Côte d'Ivoire, and over 2,100 km² of exploration permits in Mauritania.
The development of the Koné gold mine and other mining projects in the region is part of a broader trend of growth in West Africa's gold sector. Another project, the Diamba Sud mine in Senegal, is set to be powered by a 14 MW central power plant. The growth of the sector has sparked debate on the continent about the need for African countries to add value to their mineral resources.
As the gold sector continues to grow in West Africa, Côte d'Ivoire and other countries are looking to maximize the benefits of their natural resources. The Koné mine's inauguration marks a significant milestone for Montage Gold and Côte d'Ivoire's mining industry. The project's success will be closely watched by investors, governments, and local communities in the region.
Key points
- Montage Gold has invested over 580 billion FCFA in the Koné gold mine, which is expected to produce over 300,000 ounces of gold per year.
