Resolute strikes gold in Côte d’Ivoire

Resolute Mining (ASX: RSG) has found “a major” gold deposit at its Doropo asset in northeastern Côte d’Ivoire near the Burkina Faso border, according to a government website.

Doropo holds estimated reserves of more than 100 tonnes of gold and mine construction will begin in the first quarter of 2026 and take about two years, CEO Chris Eger told the government in the account published on Monday. It was sparse on details and didn’t appear to be matched by a new statement of discovery from the company. 

Resolute’s total investment is expected to reach 300 billion CFA francs (US$530 million), according to Eger. Resolute also plans to invest a further $204 million in gold exploration across the country, he said. 

Shares in Resolute Mining gained as much as 14% this week to close at A66¢ apiece on Wednesday before easing to A61¢ a day later, valuing the company at A$1.3 billion (US$840 million).

AngloGold buy

The asset is one of two the company acquired from AngloGold Ashanti (JSE: ANG, NYSE: AU) in May. Operations at Doropo are slated to begin in 2028. The mine is expected to run for over 20 years and generate more than 3,000 direct jobs.

Previous owner Centamin, acquired by AngloGold last year, had projected annual production at 167,000 oz., with all-in sustaining costs of $1,047 per oz. over a decade.

Prime Minister Robert Beugré Mambé welcomed the discovery, calling it a “strategic breakthrough” that can help Côte d’Ivoire become a leading mining nation. Mambé noted the Doropo deposit is considered one of the most promising gold projects in West Africa.

Infrastructure

Local officials expressed hope that the project will bring lasting benefits to the region, including infrastructure upgrades such as schools construction and hospital improvements. 

The Bounkani region, where Doropo is located, is the poorest in the country, with 71% of its population living on about 1,000 CFA francs (US$1.76) per day as of 2021, according to the National Statistics Agency. Illegal gold mining remains a serious challenge in the area.

In 2024, Montage Gold (TSX-V: MAU) said it would start building a mine at another world-class gold deposit in the departments of Kani and Dianra. Known as the Koné project, the asset’s resources are estimated at 155.5 tonnes of gold. Production is scheduled to start in 2027. 

Despite its potential, Côte d’Ivoire still lags behind the main gold producers on the continent, including Ghana, South Africa, Mali and Burkina Faso.