New code increasing investment potential for African nation
AS countries across Africa reassess their mining policies with the aim of extracting greater value from their natural resources, Cote d’Ivoire lawmakers have instated a new mining code designed to attract investors and increase gold production. While mining currently accounts for just 1 per cent of gross domestic product from the country’s agriculture-dominated economy, its government has announced intentions to increase gold production from 12t (about 423,287oz) in 2013 to 25t (about 881,849oz) by 2015. The changes to the Cote d’Ivoire mining code are just one element of a range of efforts to rebuild the country’s economy following a decade of political turmoil. Under the new code, holding permits were extended from seven years to 10 years, with the possibility...