Mining Giants Circle Côte d'Ivoire Gold Prize Amid Record Prices
Canadian mining company B2Gold and Australian-listed Perseus Mining are among those circling the 4.65-million-ounce gold project in Côte d'Ivoire, as record bullion prices intensify competition for undeveloped deposits across West Africa.
The interest centers on Afema, Turaco's flagship project in south-eastern Côte d'Ivoire near the Ghanaian border, which contains an estimated mineral resource of 4.65 million ounces and a probable reserve of 1.91 million ounces.
Turaco's preliminary feasibility study estimates that Afema will require approximately $410 million in initial development capital and assigns the project a post-tax net present value of around $1.49 billion at a gold price of $3,000 an ounce, rising to $2.1 billion at $3,500 gold.
Chinese investors are also reportedly interested in partnering with Turaco for a possible bid on Afema, but none of the companies involved have publicly confirmed making an offer or receiving a takeover proposal.