Montage Gold is increasing its involvement in Côte d’Ivoire’s gold sector as it advances the development of its Koné project and explores new growth opportunities in the country.
On Tuesday, Dec. 16, the Canadian miner announced it had secured the Wendé exploration permit from the Ivorian government, a move it considers central to its long-term expansion strategy.
The announcement coincides with the company accelerating targeted acquisitions, including a planned buyout of African Gold.
The Koné project, estimated to cost over $800 million, is expected to become Montage’s flagship asset in Côte d’Ivoire.
Commissioning is scheduled for 2027, with projected production exceeding 300,000 ounces of gold per year over the first decade, according to Ecofin Agency.
As development progresses at Koné, Montage plans to intensify work at Wendé, aiming to launch an exploration campaign in 2026. The company sees the Wendé permit as a cornerstone of its long-term growth pipeline.
In parallel, Montage is positioning African Gold as a medium-term growth driver.
The Vancouver-based company already holds a 17.3% stake in the Australian junior, which operates the Didievi gold project in central Côte d’Ivoire.
Don’t Miss This:
Barrick Mining Officially Resumes Operations in Mali After $430 Million Settlement and Gold Return
In late November, Montage signed a binding agreement to acquire the remaining shares in a transaction valued at $170 million.
If completed, this acquisition would add Didievi to Montage’s portfolio, a project currently hosting inferred mineral resources of 989,000 ounces of gold.
“We are delighted to be granted additional exploration permits in Côte d’Ivoire,” chief executive Martino De Ciccio said. These permits add “the highly prospective Wendé advanced greenfield exploration property.
Moreover, it reflects the strong support we continue to receive from our local stakeholders as we strive to position Montage as the partner of choice through our win-win approach and strong focus on local content.”
Montage’s growth strategy could also extend to Aurum Resources, in which it acquired a 9.9% stake in July.
While no transaction similar to the African Gold deal is currently planned, Aurum operates the Boundiali project in northern Côte d’Ivoire, where mineral resources increased to 2.41 million ounces of gold this year.
These initiatives are part of Montage’s broader ambition to build a multi-asset gold platform in Africa, with Côte d’Ivoire at the center of that strategy. The company also holds a 19.9% stake in explorer Sanu Gold in Guinea.
Côte d’Ivoire is considered one of West Africa’s most attractive mining jurisdictions.
After leading the sub-region in 2023, the country ranked third in 2024 in the Fraser Institute’s annual survey of mining investment attractiveness. Industry executives cite its regulatory stability and favorable operating environment as competitive advantages.
By expanding its presence in Côte d’Ivoire, Montage is aligning with the Ivorian government’s goal of boosting gold production through new mine developments.
Challenges remain, however, as the company must execute disciplined management across multiple assets at different stages of development, particularly Wendé, which is still at an early exploration phase.
For Didievi, key milestones are still ahead. Montage expects to complete the African Gold acquisition by April 2026, subject to regulatory approvals.
With global gold prices remaining elevated, the coming months will be critical in determining whether Montage can convert its expansion strategy into its first operational successes in the African gold sector.
Don’t Miss This:
Asante Gold Launches C$156 Million Share Placement to Boost Ghana Mines
Image Credit: Mining Weekly
