Côte d’Ivoire: Future Assafou Gold Mine to Cost $1 Billion

Côte d’Ivoire aims to reach 100 tonnes of gold production within the next decade, driven by accelerated investments in new mining projects. Among them, the Assafou project stands out as one of the country’s future major gold mines.

Mining group Endeavour Mining published on Thursday, April 23, the results of the definitive feasibility study (DFS) for its Assafou gold project in Côte d’Ivoire. This milestone confirms the economic viability of the future large-scale mine, with the investment cost now estimated at $1.06 billion.

For comparison, this is significantly higher than the $734 million estimated in the pre-feasibility study (PFS) released in 2024. Endeavour Mining attributes the increase to adjustments made to site infrastructure, particularly the processing plant.

The project is expected to deliver an average annual production of 257,000 ounces of gold over a 16-year lifespan, with a peak of 320,000 ounces during the first eight years of operation.

Assafou shows a net present value (NPV) of $2.1 billion and an internal rate of return (IRR) of 28%, based on a gold price of $2,500 per ounce.

According to Endeavour Mining CEO Ian Cockerill, the project confirms the company’s growth strategy in West Africa and is expected to become one of its key assets, both in terms of production and profitability.

Beyond corporate growth, the Assafou project is also a strong signal for Côte d’Ivoire’s mining sector. With new developments underway, the country aims to increase national gold production from 58 tonnes in 2024 to 100 tonnes in the coming decade.

Assafou joins other major projects such as Koné, which is also expected to significantly boost output and government revenues through taxes, royalties, and a 10% state participation in mining projects.

However, the sector’s future will depend on regulatory stability, particularly with the ongoing review of the Mining Code, which could impact investment conditions and project profitability.

Endeavour Mining has indicated that the new Mining Code, if adopted before the signing of the mining convention, will apply to the Assafou project.

Final investment decision is expected by 2026, with construction planned to last between 24 and 30 months. Other emerging projects, such as Doropo operated by Resolute Mining, are also contributing to the country’s growing mining pipeline.