Former senior executives of Russian group Nordgold, known for its mining operations in Guinea and Burkina Faso, have announced the creation of a new junior mining company focused exclusively on Côte d'Ivoire. This ambitious project aims to exploit the growing gold potential of the West African country, which aspires to become one of the continent's leading gold producers.
According to sources close to the matter, a significant portion of the management team of this new entity is composed of former Nordgold executives, bringing with them proven expertise in the exploration and exploitation of gold deposits in West Africa. Nordgold, controlled by Russian billionaire Alexei Mordashov, operates the Lefa mine in Guinea and the Bissa and Bouly sites in Burkina Faso, producing several hundred thousand ounces of gold annually.
This initiative comes at a favourable time for the Ivorian mining sector. Côte d'Ivoire, currently ranked 7th largest gold producer in Africa with 58 tonnes extracted in 2024, recently unveiled a long-term strategic plan to become the continental leader. The Ivorian government, under the leadership of the Minister of Mines, Petroleum and Energy, Mamadou Sangafowa-Coulibaly, has increased its international partnerships, including with the World Bank and the World Gold Council, to formalise the artisanal sector and attract foreign investment.
The new company, whose financial details and exact name have not yet been fully disclosed, will focus on exploring promising mining permits in Côte d'Ivoire. Industry observers believe that this project could contribute to the national goal of increasing gold production, while complying with environmental and social standards reinforced by recent reforms, such as the increase in mining royalties to 8% of revenue, applied retroactively since January 2025.
This launch marks a new stage in the diversification of players in the Ivorian mining landscape, where companies such as Endeavour Mining, Perseus Mining and Montage Gold are already active. It also reflects the resilience of the African gold sector in the face of geopolitical challenges, with Nordgold itself having faced sanctions related to the Russian-Ukrainian context.
The project's initiators have not yet publicly disclosed specific timelines or initial investments, but sources indicate that discussions with local and international partners are underway to accelerate development. This venture could not only boost the Ivorian economy, but also create jobs in a sector that already employs thousands of people in the country.