Abidjan, Ivory Coast — 25 April 2013 – Mining companies seeking an exploration license in emerging mining destination Côte d’Ivoire are now required to have a minimum investment budget US$1.2 million, according to a document from the West African country’s Ministry of Mines, Oil and Energy.
Investors actually applying for a licence will need to have capital of at least US$40,000.00, and a company won’t be allowed to submit more than three applications, according to the letter, which was addressed to mining companies and dated April 3. The document was obtained by Bloomberg News and hasn’t been publicly released.
Ivory Coast “’ which is French-speaking West Africa’s biggest economy “’ has announced plans to review its mining code, which dates from 1995. The country produces gold, diamonds and manganese, and has reserves of iron ore in the northwest. Randgold Resources Limited and Newcrest Mining Corporation are among the mining companies currently operating in Ivory Coast.
A tax made on profit by gold-mining companies was approved by parliament in December.
Source: Bloomberg News. For more information, click here.