Montage Gold, a leading Canadian mining company, has announced a groundbreaking gold discovery at its Koné mining project, located in the heart of Ivory Coast. This significant finding marks a pivotal moment for the company and the region, promising to transform the economic landscape of Ivory Coast through the development of a major gold mining operation.
The Koné mining project, with its expected lifespan of approximately 20 years, represents a significant investment in Ivory Coast’s mining sector. The construction phase, slated to begin in the final quarter of 2024, is a testament to Montage Gold’s commitment to developing sustainable and economically viable mining projects. With production anticipated to commence in 2027, the Koné mine is poised to become a cornerstone of Ivory Coast’s economy, contributing to the country’s GDP and creating numerous job opportunities.
“We are very pleased with the significant progress being made to advance our Koné project towards a construction launch, with significant support received from local stakeholders, lenders, and shareholders. The receipt of the environmental permit marks a significant milestone in our permitting process and reflects the strong support received from numerous government agencies and local communities.”
Martino De Ciccio, CEO of Montage
A key component of the Koné project is its state-of-the-art processing plant, designed to handle an impressive annual capacity of 11 million tons of ore. This facility will play a crucial role in extracting gold from the mined ore, ensuring efficient operations and maximizing the economic benefits for the Ivory Coast. The processing plant’s advanced technology will not only facilitate high-quality gold production but also minimize environmental impact through sustainable practices.
Martino De Ciccio, CEO of Montage Gold revealed: “The mineral resources of this deposit, the largest mine in the country to date, are estimated at 5 million ounces, or 155.5 tons of gold with an average grade of 0.72g/t.”
The Koné mining project is expected to have far-reaching impacts on Ivory Coast, beyond just economic growth. By providing employment opportunities and stimulating local businesses, the project will contribute to social development and improved living standards for Ivorians.
Additionally, the revenue generated from gold sales will enable the government to invest in infrastructure, education, and healthcare, further enhancing the country’s development prospects.
Montage Gold is committed to conducting its operations in an environmentally responsible manner. The company has outlined a comprehensive environmental management plan for the Koné project, emphasizing the protection of local ecosystems and the sustainable use of natural resources. This approach aligns with global sustainability goals and ensures that the mining activities contribute positively to the environment and the community.
Montage Gold Corp
Montage Gold Corp. (TSXV: MAU) is a Canadian-listed company focused on becoming a premier multi-asset African gold producer, with its flagship Koné project, located in Côte d’Ivoire, at the forefront.
Based on the Feasibility Study published in 2024, the Koné project ranks as one of the highest quality gold projects in Africa with a long 16-year mine life, low AISC of $998/oz over its life of mine, and sizeable annual production of +300koz of gold over the first 8 years.
Over the course of 2024, the Montage management team will be leveraging its extensive track record in developing projects in Africa to progress the Koné project towards an investment decision, thereby unlocking significant value for all its stakeholders.
Martino De Ciccio, CEO of Montage, “We look forward to continuing to build on the momentum created across our business to progress our strategy of creating a premier African gold producer, beginning in Côte d’Ivoire given the country’s highly favorable investment climate, significant geological potential, and our extensive experience in the region.”
The discovery of a significant gold deposit at the Koné mining project marks a significant milestone for Montage Gold and Ivory Coast. As construction begins and production approaches, the Koné mine is set to become a beacon of economic prosperity and social development for the region.
Through its commitment to environmental stewardship and sustainable practices, Montage Gold is poised to leave a lasting legacy in Ivory Coast, transforming the country’s mining sector and contributing to its long-term success.
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