Mauritania is moving to diversify its gold sector as production at its main mine, Tasiast, enters a structural decline phase, with new exploration activity led by Canada’s Montage Gold.
Montage Gold said on April 14 it has secured five gold exploration permits covering 2,103 square kilometres in northern Mauritania, according to Ecofin Agency. The permits are split between the Sfariat shear zone and the Zednes project, a setting considered favourable for orogenic gold deposits.
Four permits under Sfariat were directly awarded by authorities, with Montage holding 100% ownership. For Zednes, the company signed an agreement with Mauritanian firm SOCIEX to acquire an 80% stake, subject to approvals.
Montage will fully fund exploration until an exploitation permit is granted. SOCIEX may then either contribute to development costs or convert its stake into a 1% net smelter royalty. The company has allocated $2 million for 2026 exploration work, including drilling and geological studies.
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The expansion comes as Mauritania seeks to reduce reliance on a single dominant mine. Tasiast accounted for 77% of national gold output in 2023, while total production exceeded 25 tonnes.
Output from the mine has since been falling as it shifts to lower-grade ore, dropping 23% in 2025 after reaching 622,394 ounces in 2024. Kinross expects production to stabilize around 500,000 ounces in 2026.
Mauritania’s broader gold potential is estimated at more than 25 million ounces, though development timelines for new mines typically span years or more than a decade.
The country also relies on artisanal mining, which produced 14.7 tonnes between 2020 and August 2024, though unofficial flows remain a concern, with SWISSAID estimating nearly 30 tonnes may have left the country illegally between 2016 and 2022.
What this means for Africa
This shows how African resource economies often depend heavily on a single major mine, making diversification important for long-term stability.
It also highlights the need for stronger investment and regulation to turn large mineral potential into consistent national revenue.
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