Montage Gold Seeks $131.6 Million to Accelerate Koné Gold Project in Ivory Coast
Montage Gold, a Canadian company controlling 90% of the Koné gold deposit in Ivory Coast, announced on July 16 its intention to raise $131.6 million to fast-track the development of its largest Ivorian mining asset.
The company aims to close the funding round by August 12. Zijin Mining Group, active in copper mining in the Democratic Republic of Congo (DRC), has pledged $41 million, while the Swedish Lundin Family Trusts will contribute $31.4 million. The Koné project is projected to commence production in 2027.
“We are thrilled to welcome Zijin as a shareholder following their thorough due diligence and site visit, and we appreciate the increased investment from the Lundin family,” said Martino De Ciccio, CEO of Montage Gold.
“These investments bolster our strategy to become a leading multi-asset gold producer in Africa and affirm the potential of our Koné gold project in Ivory Coast.”
On July 10, Montage Gold received a 20-year operating permit for the Koné project. Construction is expected to begin in the first quarter of 2025, with the first production slated for 2027. The total investment for the project is estimated at $807.2 million.
The Ivorian government holds a 10% stake in Shark Mining, the local subsidiary of Montage Gold, reflecting its share in the benefits from this mining venture.
