By: Ecofin Agency

Measured and indicated mineral resources at Côte d’Ivoire's Koné gold project rose by about 7% to 6.3 million ounces, according to an update released on Monday, June 15, by Canadian operator Montage Gold. The increase supports the company's plans to expand the production capacity of the future gold mine before it begins operations.

Resources exceed target

Presented as the country's next major gold mine, Koné represents a $712 million investment and is expected to begin production by the end of 2026. Over its first 10 years of operation, the mine is projected to produce 300,000 ounces of gold annually.

Montage Gold had committed to increasing that target by delineating an additional one million ounces of resources from new deposits. That objective has now been surpassed, with a total of 1.4 million ounces added since 2024, bringing measured and indicated resources to 6.3 million ounces.

"Since the publication of the 2024 Updated Feasibility Study, a total of approximately 330,000 metres has been drilled in addition to the 118,525 metres completed prior, focused on discovering higher-grade satellite deposits with the objective of enhancing the production profile of the operation from the commencement of production. In support of this objective, in October 2024 we published a target of delineating more than 1Moz of M&I Resources at a grade at least 50% higher than that of the Koné deposit, and we are very pleased to have already significantly exceeded this target," Montage Gold CEO Martino De Ciccio said.

Updated mine plan expected this year

Building on this progress, Montage Gold plans to publish an updated mine plan this year that will incorporate the new discoveries. Its findings will be key to assessing how the new resources could improve Koné's production profile, as they must first be converted into mineable reserves before they can be included in such a plan.

Meanwhile, these developments reflect a broader growth trend in Côte d’Ivoire's gold industry. Other large-scale projects are also advancing toward the construction phase, including Assafou, led by Endeavour Mining, and Doropo, being developed by Resolute Mining.