Côte d’Ivoire: Resolute Mining accelerates construction of Doropo gold mine

The Doropo gold project in northeastern Côte d’Ivoire is entering an active construction phase following Australian miner Resolute Mining’s final investment decision on March 12. The company is targeting first gold production in 2028 and expects Doropo to become one of the main drivers of its growth in West Africa.

The project requires an initial investment of about $516 million. According to the feasibility study, Doropo is expected to produce an average of about 169,000 ounces of gold per year, with production reaching up to 204,000 ounces annually during its first five years. The mine is expected to have an initial operating life of around 13 years, with total production estimated at about 2.2 million ounces.

Construction activity has been ramping up at the site. Work is under way on access infrastructure, water and power facilities, as well as earthworks for the processing plant. Resolute has said the project remains on schedule and within its planned budget.

Financing is a key component of the development. Resolute has secured $155 million in financing from local banks in Côte d’Ivoire. The company also expects to secure a further $105 million from local lenders, which would bring the potential total of local bank financing to about $260 million.

The credit facilities are expected to be drawn progressively during 2026 and 2027 as construction spending increases. Interest rates on the facilities range from 6.5% to 7.4%, with repayment terms extending over several years.

The involvement of Ivorian banks gives the local financial sector a direct role in financing the development of the project. It also allows Resolute to diversify its sources of funding as it seeks to reduce reliance on international capital markets.

At the end of the second quarter, Resolute reported net cash of $317.4 million. The company expects its cash resources, operating cash flows and local bank financing to provide sufficient funding for the construction of Doropo under current conditions.

With Doropo, Resolute aims to strengthen its position in West Africa and increase annual gold production to more than 500,000 ounces from 2028. The Ivorian project will join the company’s Syama mine in Mali and Mako mine in Senegal as part of its regional production portfolio.