Côte d’Ivoire launches Lobo gold mine expected to generate $259m in proceeds

Australian gold explorer and developer company Tietto Minerals has inaugurated a gold mine in Côte d’Ivoire for a total investment of $278 million. The mine is expected to generate $259 million revenues for the Ivorian State, ‘Sika Finance’ reports.

The mine dubbed Lobo is named after the river housing it. It is situated in Daloa region, Center-West of the West African country. The project will produce 3 tons of gold annually over nine years. It will also generate 620 direct jobs and 1,800 indirectly.

Lobo gold mine will bolster the position of the country among gold producing African countries. Côte d’Ivoire is forecasted to produce 50 tons of gold in 2023, and the outlook predicts 55 tons in 2024 compared to 48 tons produced last year.

The country currently counts 227 semi-industrial mines and 149 artisanal ones.