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• CÔTE D’IVOIRE COUNTRY PROFILE GOLD BOOMING IN CÔTE D’IVOIRE GOVERNMENT VOICE: HON. JEAN CLAUDE BROU, O OU, MINISTER OF INDUSTRY AND MINES State of the mining sector The president was re-elected for a second term in 2015 and will run his offi ce until 2020 – “this has given us political stability.” The mining sector has been growing steadily in the country and offers gold, Hon. Jean Claude Brou manganese, iron ore, nickel and bauxite. The gold sector is most vibrant and has doubled in the last six years from 12 t in 2011 to 25 t in 2016. This is anticipated to increase to 26 t in 2017 and 27 t in 2018. There are five gold mines in production (Tongon, Agbaou, Ity, Bonikro and Hiré) and another two in construction. Manganese production (from three operating mines and another in construction) is expected to increase from 125 000 t (sitting at a low base due to a drop in commodity price) in 2016 to 350 000 t in 2017 and 400 000 t in 2018. The mining sector accounts for approximately 7 000 jobs directly. We want to continue to ensure the sector continues to grow. “We want a strong contribution from the mining sector moving forward (6% to GDP in 2016 including oil and gas) and to do this will focus on improving infrastructure and improving our regulatory framework.” Solid infrastructure already • There is a good road network – more than 7 000 km of paved road • Two modern deep water ports available • Energy available (the country is a net exporter of energy) with a strong programme in place to double capacity by 2020 in hydro, gas and coal o High voltage electricity tariff = US$9.6 cents/kWh (third lowest tariff in West Africa) o Low voltage electricity tariff = US$12.9 cents/kWh (third lowest tariff in West Africa) 20 MINING REVIEW AFRICA | APRIL 2017 CÔTE D’IVOIRE FACTS • French-speaking • 24 million inhabitants • West African CFA franc • GDP: 18.7 billion (local currency) • GDP growth rate – between 8 and 9% average over last five years (2017 projection: 8.1%) • Existence of a railway in-country t tence running from south to north n ning • Availability of water resources – rivers lability and lakes New regulatory framework encourages investment A new mining code was adopted in 2014 and is: • Consensual – takes into account state, civil society, private sector, international and financial institutions • Attractive • Competitive o In line with international best practice o Is transparent o Promotes sustainable development It is compliant with governance best practices – Kimberley Process, Extractive Industries Transparency Initiative (ETI), corporate social responsibility. The mining convention encourages fiscal stability. The relationship between the mining sector and local communities is clear. The validity of exploration licences was increased from seven years to 10. There are various tax incentives – income tax exemption increased from three years to five, for example. Specific funds are allocated to local communities managed by all stakeholders to ensure they benefit from mining activities. “Since we have enacted the new legislation we’ve seen some positive developments and investments including an increase in exploration activity. The number of exploration licences has increased from 110 in 2014 to 160 in 2016,” the minister highlights. COMMODITY ANALYSIS: GOLD ON THE RISE (SOURCE: BMI RESEARCH) BMI Research, a unit of the Fitch Group, gives a positive growth outlook for Côte d’Ivoire, “bolstered by news of various discoveries and further exploration plans.” In September 2016, Endeavour Mining announced a significant discovery at its Ity gold mine in the Birimian corridor of Côte d’Ivoire, which has the potential to extend the mine’s life by 10 years.