Ivory Coast — the world's largest cocoa producer — aims to diversify its economy by placing greater emphasis on mining. While gold has long been the backbone of its resource sector — with production reaching 56 metric tons (mt) in 2023, up from 51 mt in 2022 — the country is now setting its sights on untapped minerals such as manganese, nickel, bauxite, lithium, and newly discovered coltan.

It is positioning mining as a key pillar of its economic transformation with a revised mining code and plans to attract local and international investment.

In a significant development for the mining industry, in May 2024, Montage Gold, the Canadian mining company, announced the discovery of a substantial gold deposit at the Koné mining project in the country's northwest. Estimated at 5mn ounces (around 155mn mt) with an average grade of 0.72 grams per tonne, this is the largest gold deposit in the country until now.

Construction of the Koné mine is planned to begin in late 2024, with production slated for 2027 and a projected 20-year lifespan. This aligns with the government’s target of increasing annual gold production to 100 mt within five years.

The country boasts diverse mineral resources beyond its dominant gold sector. The Bondoukou and Ziemougoula regions in the northeast host manganese reserves totalling around 30mn mt. To the west, the Biankouma and Touba regions contain around 300mn mt of nickel reserves, while the southeastern Bongouanou region holds 35mn mt of bauxite. Though historically significant, diamond deposits are now largely dormant, with 450,000 carats in the northern Tortiya region and 150,000 in the central Bobi region.

The country's untapped potential extends to other minerals, including iron ore, coltan, rare earth elements, uranium, lithium, and phosphates, dispersed across its diverse geological landscape. Detailed surveys are needed to quantify these resources and support future development.

Ivory Coast’s rich mineral wealth is underpinned by its location within the West African craton, characterised by Precambrian Birimian greenstone belts. These belts, interspersed with granitic intrusions, span central, northern, and western regions and are well-known for hosting significant gold and base metal deposits. This geological foundation has driven the gold mining boom, with key sites in Boundiali, Man, and Fetekro.

The country's geological formations suggest the presence of rare earth elements (REEs), particularly within pegmatitic rocks and granitic intrusions. Despite their growing global demand, these deposits remain largely unquantified due to limited exploration efforts.

The Birimian greenstone belts and sedimentary basins also hold potential for uranium deposits, with some preliminary surveys conducted in the late 20th century. However, no substantial reserves have been defined. Similarly, copper deposits remain underexplored, often associated with sulphide formations in the same belts as gold.

Significant iron ore deposits, including magnetite and hematite, are believed to exist in the western and northern regions, but these resources have not been thoroughly surveyed or developed. The pegmatite formations scattered across the country may also host coltan (columbite-tantalite), yet systematic exploration for these deposits has been minimal. Southeastern Ivory Coast's sedimentary basins are thought to contain phosphate-rich rocks suitable for agricultural fertiliser production, but these remain largely untapped.

Ultramafic rocks in the western regions, known for nickel laterites, are also favourable for platinum group metals (PGMs), yet exploration has not focused on these high-value resources.

Several lithium sites in the south and north of the country were recently found. In January 2023, Australia’s African Gold discovered lithium sediment in the Agboville region in the south. A consortium of two companies, Ricca Resources and Firering Strategic Minerals, was authorised in November 2022 to exploit the country’s first lithium-tantalum programme, Atex, in the northern Boundiali region.

According to recent projections from the International Monetary Fund (IMF), Ivory Coast is set for robust economic growth during the next two years. The economy is expected to grow at a steady 6.4% annually in 2025 and 2026. In nominal terms, GDP is forecast to rise from $95.5bn in 2025 to $103.9bn in 2026. GDP per capita is set to increase from $2,902 in 2025 to $3,072 in 2026.

The country's economy is growing due to strong agricultural exports, rising mining activity, infrastructure investments, expanding industrialisation, private and public spending, and increasing household consumption, supported by macroeconomic stability and structural reforms.

Inflation is expected to remain under control, with average consumer prices anticipated to decline from 3% in 2025 to 2.2% in 2026. Meanwhile, the government’s fiscal position shows signs of improvement, with gross debt projected to decrease as a percentage of GDP, falling from 55.9% in 2025 to 54.1% in 2026.

The country’s population is projected to expand from 32.9mn in 2025 to 33.8mn in 2026. The capital city is Yamoussoukro, with around 355,000 inhabitants, while Abidjan is the country's biggest industrial city, with around 6mn inhabitants. 

Ivory Coast's mining sector plays a crucial role in the national economy, contributing significantly to exports. In 2022, mining products accounted for around 17.8% of the country's total exports, with gold being the standout contributor. That year, gold exports were valued at $2.12bn, reflecting the sector's growing importance.

The primary destinations for the Ivory Coast's mining exports are diverse and span multiple continents. Switzerland is the largest importer of Ivorian gold, purchasing $1.6bn in 2022. The Netherlands is also a significant trading partner, importing goods valued at $1.43bn.

According to the Professional Group of Miners of the Ivory Coast, the country's mining industry has created around 20,000 formal jobs over the past decade. Additionally, artisanal and small-scale mining (ASM) involves around 500,000 individuals and provides crucial livelihoods. 

The mining sector's contribution to GDP has grown from 1.5% ten years ago to 5% in recent years. Tax revenue from mining activities has increased 20-fold since 2012, reaching 372 billion CFA francs ($580mn) in 2023. The government aims to elevate the mining sector's role further, targeting it to account for 8% of GDP by 2030. 

Through the National Development Plan 2021–2025, the government actively encourages investment in underexplored minerals, such as bauxite, iron ore, and rare earth elements. 

To achieve its objectives, the government has introduced a more attractive and competitive Mining Code, adopted in March 2014, accelerating mining research and exploitation. The number of mining permits and projects has tripled since 2012, from nine to 28, and research permits have increased from 120 to nearly 200 over the same period. 

The mining sector is becoming a magnet for foreign investment. The Ity Gold Mine, located in the Montagnes District, is a flagship operation within the country's mining landscape. The UK-headquartered Endeavour Mining holds an 85% stake in the mine, with the Ivorian government owning 10% and the state mining company, SODEMI, holding the remaining 5%.

In 2019, Endeavour completed a $412mn investment in a state-of-the-art carbon-in-leach (CIL) processing plant at Ity, replacing the previous heap leaching method. This upgrade significantly boosted the mine’s annual gold production, extending its operational life by at least 14 years.

The enhanced processing capacity, which now handles up to 5mn mt of ore annually, ensures a steady output of approximately 144,000 ounces of gold for the first nine years. 

Further south, in the Goh-Djiboua District, the Bonikro Gold Mine is operated by Allied Gold, a company with strong ties to Canada and Australia. Allied Gold, the majority stakeholder, has leveraged funds from its 2023 listing on the Toronto Stock Exchange to optimise Bonikro's operations and potentially extend its mine life. Nearby, the company also operates the Agbaou Gold Mine in partnership with the Ivorian government and SODEMI. Allied has focused on improving efficiency and exploring additional deposits across its assets to sustain and maximise production.

In the northern Savanes District, the Tongon Gold Mine, operated by Canadian mining giant Barrick Gold, plays a vital role in the region's economy. Barrick holds a significant majority stake, with the Ivorian government as a minority partner. Investment in exploration has uncovered new reserves, with production surpassing 200,000 ounces in 2023. Current operations are expected to continue until at least 2030.

The Sissingué Gold Mine, another key operation in the Savanes District, is managed by Australian firm Perseus Mining. Holding an 86% stake, Perseus collaborates with the Ivorian government, which owns the remaining 14%. 

The newly inaugurated Lafigue Gold Mine in the Dabakala Region in the country's north-central region is a significant addition to the country's mining portfolio. Endeavour Mining has invested $415mn in its development, with production commencing in August 2024. Lafigue is expected to produce 200,000 ounces of gold annually starting in 2025, with a projected mine life of at least 13 years.
 
Ivory Coast has traditionally focused on extracting mineral resources, with limited involvement in downstream processing and refining activities. However, recent developments indicate a shift towards improving in-country value addition, particularly in the gold sector. A notable advancement is the establishment of the Ivory Coast Government Gold Refinery, a state-of-the-art facility dedicated to refining, storing, and exporting gold to international markets. 

The mining sector operates under a robust legal framework designed to attract investment, ensure sustainable development, and equitably distribute resources. Central to this is the Mining Code, established by Law No. 2014-138 on March 24, 2014, replacing the 1995 code. The updated legislation modernises the industry, enhances transparency, and fosters a competitive environment for investors.

The Mining Code outlines clear licensing terms: exploration permits are issued for an initial four years, renewable twice for three years each, with a potential two-year extension. Exploitation permits last up to 20 years and is renewable for consecutive ten-year periods. The government retains a free 10% stake in all mining ventures, with the option to purchase an additional 15% under negotiated terms.

The code emphasises environmental and social responsibility, mandating environmental impact assessments and contributions to community development funds. These measures aim to mitigate ecological impacts and ensure mining benefits local populations.

A well-defined fiscal regime includes ad valorem royalties on extracted minerals, such as a 3% rate for gold and annual surface fees to promote efficient land use. Though these are limited during exploitation, mining companies are subject to a 25% corporate income tax and enjoy customs duties and VAT exemptions during exploration.

Ivory Coast aligns its regulations with the West African Economic and Monetary Union (WAEMU) directives to promote regional harmonisation. It also participates in the Extractive Industries Transparency Initiative (EITI) to uphold good governance and transparency.

The country is a presidential republic with a multi-party system. The President is head of state and government, sharing executive powers with the Council of Ministers. Legislative duties fall to the bicameral Parliament, comprising the National Assembly and Senate.

President Alassane Ouattara has led the country since December 2010. In April 2022, he appointed Tiémoko Meyliet Koné as Vice President, and in October 2023, Robert Beugré Mambé became Prime Minister after a government reshuffle. Ouattara’s controversial 2020 re-election for a third term, validated by the Constitutional Council despite term limits, saw him win over 94% of the vote in a boycott-marred election.

With the October 2025 presidential election approaching, the 83-year-old Ouattara is willing to run again, though the RHDP has yet to confirm its candidate. Meanwhile, opposition parties like the PDCI are preparing for the race, with internal debates intensifying as former Trade Minister Jean-Louis Billon challenges leader Tidjane Thiam.

Ivory Coast’s mining industry has expanded significantly but faces challenges that could hinder its long-term development. Environmental concerns, including deforestation, soil degradation, and water pollution from artisanal and industrial mining, are pressing issues. Chemicals like mercury and cyanide pose risks to ecosystems and public health, complicating the balance between economic growth and subsistence farming, which supports much of the population.

While mining accounts for only 8% of the country's deforestation — agriculture, logging and infrastructure are mainly to blame — uncontrolled and poorly regulated mining could destroy what little forest is left. 

Illegal mining, particularly in western, northern, and central regions, exacerbates environmental damage and deprives the government of revenue. These unregulated operations fall outside legal frameworks, making enforcement of sustainable practices difficult.

The sector faces significant hurdles due to infrastructure deficits. Limited railways force reliance on costly, inefficient road transport, often disrupted by poor conditions and seasonal rains. Unreliable grid electricity leaves many operations dependent on expensive diesel generators, while remote mining zones remain largely off-grid, hindering smaller players.

Rising volumes are straining the Port of Abidjan, vital for mineral exports. Inefficiencies in customs and loading slow operations despite ongoing upgrades. Poor internet connectivity in mining regions hampers the adoption of modern technologies, and inconsistent water access creates tensions between mining activities and local communities.

Human capital is another challenge, as the sector relies heavily on expatriate expertise due to a shortage of skilled local professionals. Developing a trained workforce is underway but requires sustained investment in education and training.

Ivory Coast's mining sector has grown significantly, contributing to economic growth and exports. However, its long-term success depends on addressing infrastructure deficits, environmental concerns, and unregulated artisanal mining. With initiatives like the National Development Plan and efforts to attract international investment, the country is well-positioned to expand its mining sector significantly and diversify the economy away from cocoa production.