Tidiane COULIBALY embodies a remarkable combination of technical skills, enlightened leadership and a deep commitment to progress and multilateral cooperation, with a strong sense of pragmatism, constant dynamism and a brilliant ability to analyse the issues and challenges facing Africa and Côte d'Ivoire. With a rich and varied career ahead of him, Tidiane is undoubtedly one of the new guard of young technocrats, driven by a concern for diligence and the perfect execution of the projects entrusted to him. At the last Mining Indaba in Cape Town, South Africa, this graduate of the Ecole Nationale de Statistique et d'Economie Appliqué d'Abidjan (ENSEA), the London School of Economics, former co-founder of a fintech company in Monaco, and former employee of Accenture Technologie, was invited to present his skills and expertise at the following events the Port Autonome d'Abidjan and the Algest Investment Bank, was the driving force behind the opportunities created at the summit, which brought together investors, governments and leading mining companies.
On 8 July in Dakar, at the "Inspire & Connect - West Africa" event organised by BPI France, Tidiane COULIBALY, in the presence of Mr Serigne GUEYE DIOP, Senegal's Minister of Industry and Trade, outlined his vision of the industrialisation of the African mining sector and the changes underway. We had the opportunity to meet him in the prestigious setting of the former Palais de Justice in Dakar.
A bias towards sustainable mining in Africa: When sustainable investment reinvigorates the mining sector.
"The African mining sector is booming, and West Africa is a key player. Far from the clichés of an extractive industry with dated practices, a new era is dawning, driven by conviction, massive investment and a growing demand for sustainability. With more than US$1.3 billion injected into the continent by 2024, the upward trend is undeniable. But beyond the figures, it is the commitment to environmentally and socially responsible mining operations that is shaping the future of this industry."
An unstoppable dynamic: Investing for tomorrow
"The mining industry is inherently capital-intensive and fundamentally long-term in orientation. It requires patience, vision, and substantial funding to transform subsurface resources into wealth. For General Partners (GPs)—the managers of specialized investment funds—their role is to identify and finance the most promising projects. For Limited Partners (LPs), such as pension funds, sovereign wealth funds, and insurance companies, the objective is to deploy high-value capital in pursuit of stable and sustainable returns."
"The West African sub-region, rich in gold, bauxite, iron, phosphates and, increasingly, critical minerals such as lithium, is at the heart of this dynamic. Global demand for energy transition materials is propelling countries like Mali, Ghana and Côte d'Ivoire to the forefront. However, if this growth is to be sustainable and attract more capital, notably via the concrete emergence of dedicated investment funds, the integration of ESG (Environmental, Social and Governance) criteria is no longer an option, it is a necessity, reminds Mr Tidiane COULIBALY.
"Through this prerogative, we will develop a dynamic Mining Private Equity sector with a structured scientific and multidisciplinary approach required for the life cycle of staged mining development. Qualified geologists, metallurgists, engineers and environmental specialists will bring their indispensable expertise to deal origination, with the objective of reducing risk and optimising value creation through the evaluation and design of models according to the type of mineral resources. This also includes optimising operational strategies and mine design plans. In addition, the cyclical nature of the sector will enable us to take advantage of peaks in commodity prices. To speak a little like my dear uncle, the eminent Mr Pierre ATEPA GOUDIABY, promoter of "The New Steel and Aluminium Road" which aims to transform the vast mining resources (notably iron ore and bauxite) of West Africa, into finished steel and aluminium products, Africa must become part of this global ballet, where at present it only provides the Tam-Tam."
Conceiving ESG as a performance driver
A number of concrete examples illustrate how investment funds, through their proactive approach and ESG requirements, have been able to transform mining projects and attract additional financing:
- The Case of Teranga Gold (Now Endeavour Mining) and Orion Mine Finance: Orion Mine Finance, a private equity fund specialized in the mining sector, was a key player in financing and developing Teranga Gold, particularly for its operations in Senegal (Sabodala-Massawa) and Burkina Faso (Wahgnion). Their strategy went beyond mere capital injection, emphasizing operational optimization and adherence to ESG standards. By investing in process efficiency, water management, and supporting community development programs, they helped build robust and attractive mining assets. This approach enabled Teranga Gold to become a major acquisition target for Endeavour Mining, demonstrating that integrating ESG considerations creates value and facilitates profitable exits for investors.
- African Rainbow Minerals (ARM) and Strategic Investments: Although not an investment fund in the strict sense, African Rainbow Minerals (ARM), founded by Mr. Patrice Motsepe, perfectly illustrates how a long-term vision and strong involvement in local development can generate resounding success. ARM has invested in a diversified portfolio of precious and base metals across Africa. Their success is based on strong partnerships, rigorous management of environmental impacts, and innovative social programs that directly benefit communities. This model, focused on shared value, makes their projects highly resilient and attractive for co-investments.
- The African Development Bank (AfDB) and the African Finance Corporation (AFC): These development finance institutions (DFIs) play a crucial role by acting as "LPs" or co-investors in numerous mining and related infrastructure projects. They enforce stringent ESG and transparency standards. For instance, the AFC has made significant investments in critical infrastructure—such as ports and power transmission lines—supporting mining operations in Ghana and Côte d’Ivoire. By financing such infrastructure, which itself must meet strict sustainability criteria, they reduce the perceived risk for other investors and encourage private capital to flow into projects aligned with best practices.
Building a generational conviction around responsibility for the industrialisation of our assets.
West Africa has the potential to become a leading mining hub—not only due to the sheer volume of its resources, but above all because of the quality and sustainability of its projects. The influx of capital, estimated at over one billion dollars in 2024, is clear evidence of this potential. To transform this momentum into a thriving market for dedicated investment funds, it is essential that all stakeholders—governments, mining operators, and investors alike—firmly commit to the path of environmental excellence and social responsibility, which I believe yield greater long-term benefits than short-term profit maximization without regard for socio-environmental impacts. It is in this way that Africa’s green gold—the wealth of mining that is shared and respectful of people and planet—will truly shine.
