Publications
Partners
Abidjan - Gold output from Cote d'Ivoire's Ity mine soared over 50% to 2.5 tonnes (89 595 ounces) in 2013 compared with the previous year due to round-the-clock operations, the mine's managing director said on Thursday.
Daniel Yai said production was expected to fall to about 2.2 tonnes in 2014 because of the low grade in the area currently exploited. The firm plans to invest 100bn CFA francs over three years to extend the life of the mine.
"We were operating 16 hours per day. We moved to a 24 hours operation, that explains the increase in production," Yai told Reuters.
Ity is Cote d'Ivoire's oldest gold mine located in the western Zouan Hounien region. Toronto-listed La Mancha, controlled by Egyptian tycoon Naguib Sawiris, holds a majority stake in the mine.
Cote d'Ivoire state miner Sodemi sold a 9% stake in the project to La Mancha last year, increasing La Mancha's controlling interest to 55%, while a group of investors led by Ivorian soccer star Didier Drogba holds 5%.
The state still owns 10% of the mine, which has produced more than 800 000 ounces of gold since it opened in 1991.
"To extend the life of the mine for another 17 years, we will invest about 100bn CFA francs starting this year for the construction of a new plant which will start production in 2017," Yai said.
Cote d'Ivoire, the world's largest cocoa grower, is trying to expand its mining industry, left underdeveloped for decades as the government concentrated its efforts on its agricultural commodities sector.
The country's total gold production stood at around 12 tonnes last year and the government has forecast annual output reaching around 25 tonnes by 2015 as new mines come on stream.
Daniel Yai said production was expected to fall to about 2.2 tonnes in 2014 because of the low grade in the area currently exploited. The firm plans to invest 100bn CFA francs over three years to extend the life of the mine.
"We were operating 16 hours per day. We moved to a 24 hours operation, that explains the increase in production," Yai told Reuters.
Ity is Cote d'Ivoire's oldest gold mine located in the western Zouan Hounien region. Toronto-listed La Mancha, controlled by Egyptian tycoon Naguib Sawiris, holds a majority stake in the mine.
Cote d'Ivoire state miner Sodemi sold a 9% stake in the project to La Mancha last year, increasing La Mancha's controlling interest to 55%, while a group of investors led by Ivorian soccer star Didier Drogba holds 5%.
The state still owns 10% of the mine, which has produced more than 800 000 ounces of gold since it opened in 1991.
"To extend the life of the mine for another 17 years, we will invest about 100bn CFA francs starting this year for the construction of a new plant which will start production in 2017," Yai said.
Cote d'Ivoire, the world's largest cocoa grower, is trying to expand its mining industry, left underdeveloped for decades as the government concentrated its efforts on its agricultural commodities sector.
The country's total gold production stood at around 12 tonnes last year and the government has forecast annual output reaching around 25 tonnes by 2015 as new mines come on stream.
