Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Ivory Coast Sets Minimum Investment Level for Prospect Licenses

Don't Miss Out —
Follow us on:

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.

To contact the reporters on this story: Baudelaire Mieu in Abidjan at bmieu@bloomberg.net; Pauline Bax in Accra at pbax@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.