April 22 (Bloomberg) -- Mining companies seeking an exploration license in Ivory Coast are required to have a minimum investment budget of 600 million CFA francs ($1.2 million), according to a document from the Ministry of Mines, Oil and Energy.
Investors applying for a license will need to have capital of at least 20 million francs, while 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 and hasn’t been publicly released.
Ivory Coast, 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 Ltd. and Newcrest Mining Corp. 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.
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