Friday, May 14, 2010

Country Insight - Côte d'Ivoire & DRC

Côte d'Ivoire: The Abidjan port launched a seven-year bond bearing 6.95% interest, aiming to raise 25 billion CFA francs (USD 50 million) to finance its modernization works. The bond will be issued on May 21 across West Africa's eight-nation CFA zone and abroad.

Tongon mine, a gold mine owned by South African miner Randgold, will start production in October 2010 and is expected to produce 75,000 ounces of gold in 2010. Tongon projects gold output to increase up to 280,000 ounces per annum from 2011 through 2013.

The DRC: The Government forecasts that copper and cobalt production in the country will more than double over the next two years, signaling a surge in revenues. Copper production is expected to rise to about 850,000 tonnes in 2012 from an estimated 410,000 tonnes this year, while cobalt output will reach 91,000 tonnes from 39,000 tonnes over the same period. As a result of increased copper production, revenue from the mining industry is expected to more than triple, rising to about USD 88 million from USD 28 million last year.