On Saturday 11 November 2023, the Lobo gold mine was inaugurated in Daloa, in the Sasandra district. It was inaugurated by the Minister of Mines, Petroleum and Energy, Mamadou Sangafowa-Coulibaly. The inauguration of this mine is part of the government’s objective to make the mining sector a source of wealth.
The Australian company Tietto Minerals Ltd (ASX:TIE) has inaugurated its Lobo gold mine, located 40 km from Daloa in the centre-west of the country.
The Lobo mine is the 3rd mine to be inaugurated in 2023. It will be followed by the Lafigué mine in the Dabakala department, scheduled to open in 2024.
Commenting on the inauguration of these mines, Minister Sangafowa-Coulibaly said: “They show that we are on the right track to making the mining sector a major source of wealth, in line with the wishes of the President of the Republic”.
The Minister of Mines, Petroleum and Energy noted that Côte d’Ivoire’s gold sector is booming, with “227 active semi-industrial mines and 149 active artisanal mines to date, with these figures set to increase significantly in the coming months and years”.
“The project is estimated to cost more than 168 billion FCFA, with annual gold production of more than 03 tonnes over 09 years, giving a total production of around 27 tonnes of gold. It will contribute 156.42 billion FCFA to the country’s GDP”, according to Christine Logbo, Executive Director of the Ivory Coast Chamber of Mines.
“Through the mine, local communities will benefit from 3.85 billion FCFA over the mine’s estimated 9-year lifespan. These resources will be used to build socio-economic infrastructure and create income-generating activities. However, the mine has already committed around 380 million FCFA to emergency community projects. Unemployment in the region will also be alleviated thanks to this mine, through the creation of 620 direct jobs and almost 1,800 indirect jobs. 46% of these jobs will be reserved for local communities, including 13% for women employed by the mine”, said the Ivorian Minister for Mines.
The local authorities received a cheque for 200 million FCFA from the Minister of Mines as an initial contribution from the mine to the villages affected, with a view to implementing community projects for the benefit of the local population. Côte d’Ivoire is expected to produce 50 tonnes of gold in 2023.
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