Côte d’Ivoire has attracted more than CFA2,000 billion (US$3.6 billion) in cumulative mining investment over the past decade, underscoring the sector’s steady growth as the West African nation positions itself for a much more ambitious expansion by 2040.
The figures were highlighted this week at the Mining Indaba conference in South Africa, where Ivorian officials held meetings with international investors to promote the country’s mineral potential. While the investment inflows mark progress, they remain well below the government’s long-term target of CFA11,400 billion earmarked for mining development by 2040.
Speaking on the sidelines of the conference, Seydou Coulibaly, director general of Mines and Geology at the Ministry of Mines, said Côte d’Ivoire’s recent performance reflects a combination of political stability, improving infrastructure and governance reforms aimed at transparency.
The country has steadily built a reputation as one of West Africa’s most attractive mining destinations. In its annual survey of global mining jurisdictions, the Canada-based Fraser Institute ranked Côte d’Ivoire as the top investment destination in West Africa in both 2022 and 2023, citing regulatory clarity and investor-friendly policies.
Industry executives have echoed that assessment. At the recent Africa Down Under conference in Australia, Justin Tremain, chief executive officer of junior miner Turaco, described Côte d’Ivoire as the “best place in the world” to build a gold mine. Turaco is developing the Afema gold project, which hosts resources estimated at more than 100 tons of gold.
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Gold-led growth
Côte d’Ivoire currently operates four manganese mines, one nickel mine and one bauxite mine. However, most investment momentum over the past decade has been concentrated in gold, which has emerged as the backbone of the country’s mining sector.
In 2010, Côte d’Ivoire had just four industrial gold mines, producing around five tons of gold annually. By 2024, the number of operating gold mines had risen to 13, with national production approaching 60 tons. Authorities estimate the country’s total gold potential at around 600 tons, pointing to substantial untapped resources.
Other minerals, including coltan, lithium and copper, have been identified but are not yet commercially exploited, offering additional upside for future exploration and investment.
Ambitions to 2040
To better leverage its mineral wealth, the government unveiled the Integrated Mineral and Energy Resources Policy (PIRME) in December. The long-term programme runs through 2040 and carries a total budget of CFA38,000 billion, equivalent to about US$69 billion.
Mining accounts for roughly 30 percent of that envelope, or about US$20.7 billion, highlighting the sector’s central role in Côte d’Ivoire’s development strategy. The policy aims to significantly scale up exploration, production and local value addition across minerals.
A key objective is to make Côte d’Ivoire Africa’s leading gold producer. In 2024, the country ranked seventh on the continent, according to the World Gold Council. Authorities also plan to raise the combined mining and energy sector’s contribution to gross domestic product to 14 percent by 2040, up from about 7 percent in 2022.
While the government has not yet detailed how PIRME will be financed, maintaining investor confidence will be critical to mobilising the scale of capital required.
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Balancing reform and investor confidence
As part of its reform agenda, Côte d’Ivoire is modernising its mining cadaster to improve transparency and streamline the allocation of exploration and production permits. At the same time, authorities are considering revisions to the mining code, a process that presents both opportunities and risks.
The challenge will be to strengthen state participation and local benefits without undermining the country’s attractiveness to investors. Recent tensions linked to mining code reforms in neighbouring Mali and Burkina Faso serve as a cautionary reminder of how policy shifts can unsettle investor sentiment.
For Côte d’Ivoire, the next decade will test whether its strong foundations can translate into the far larger investment flows required to meet its 2040 ambitions.
