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Ivory Coast sees gold output grow 20 pct in five months Surge in international prices as well as favorable government policy drives Ivory Coast gold production to grow in the first five months of 2012
Ivory Coast gold production surged 19.7 per cent to 4,829.1 kg in the year to May, compared with the same period a year ago, the west African nation's treasury said on Friday, helped by high gold prices and favourable government policy. The world's top cocoa-producing nation aims to diversify its economy away from cocoa, but a decade-long political conflict had slowed the development of its potentially substantial mineral resources. It produced 12 tonnes of gold last year despite a violent four-month post-election standoff, up from 7 tonnes in 2010. The government has forecast annual output at about 25 tonnes by 2015 as new mines come on stream. Record-breaking gold prices have rekindled interest in West African gold, and the Ivorian government has said it is keen to harness the sector's potential earning power. West Africa-focused Randgold Resources, Australia's Newcrest Mining and Toronto-listed La Mancha Resources all operate mines in the country. Earlier in August, the government granted production permits to Canada's Endeavour Mining Corp and Occidental Gold, a unit of Australia's Perseus Mining Limited.
