Australian miner Turaco Gold moves to take full control of Côte d’Ivoire’s Afema gold project
Australian mining company Turaco Gold is seeking to acquire the remaining 20% stake in its Afema gold project in southeastern Côte d’Ivoire, in a deal valued at approximately $79 million, or 44 billion CFA francs.
The proposed acquisition involves Sodim Ltd, the Israeli private partner that holds the remaining interest in the project. Turaco currently owns 80% of Afema. If completed, the transaction would give the Australian company full ownership of the project's private interests, while the Ivorian state retains its 10% free-carried interest.
The deal includes a combination of cash payments, shares and stock options. Turaco has already paid $3 million to secure a three-month option to acquire Sodim's stake. The agreement also provides for a further $30 million cash payment, the issue of 55.1 million Turaco shares and 36.7 million options.
Sodim will also retain a 0.33% royalty on net smelter returns, which Turaco can buy back for $12.5 million before June 30, 2027.
The transaction remains subject to shareholder approval, expected in early December 2026.
The acquisition comes as the Afema project advances towards development. The deposit has estimated mineral resources of 4.65 million ounces of gold, equivalent to approximately 145 tonnes.
A pre-feasibility study published in June 2026 envisages an open-pit mining operation with an annual processing capacity of 6 million tonnes of ore. The project is expected to produce an average of approximately 200,000 ounces of gold annually, equivalent to more than six tonnes, over an estimated mine life of 10.3 years.
Turaco plans to complete a definitive feasibility study in the second quarter of 2027, with production targeted for 2029, subject to financing, regulatory approvals and a final investment decision.
By consolidating its ownership, Turaco aims to simplify the project's structure and advance preparations for mine development. If brought into production, Afema would become a significant addition to Côte d’Ivoire's growing gold mining sector.
