Canadian miner B2Gold,ASX-listed Perseus and Chinese investors circle 4.65-million-ounce Côte d’Ivoire gold prize - Business Insider Africa

AI desk brief

International miners are circling Turaco Gold’s Afema project in Côte d’Ivoire, a 4.65-million-ounce resource with 1.91 million ounces of probable reserves, as record bullion prices keep driving competition for undeveloped West African assets. Reported suitors include B2Gold, Perseus Mining, PDI Gold and unidentified Chinese groups, but no formal bid has been announced and interest remains preliminary.

Turaco’s preliminary feasibility study envisages an open-pit mine producing about 200,000 ounces a year for more than 10 years, requiring roughly $410 million of initial capex. The company values Afema at about $1.49 billion post-tax NPV at $3,000 gold and $2.1 billion at $3,500 gold, versus a reported market valuation around A$840 million, highlighting the strategic appeal of the asset at current bullion levels. Estimated AISC is $1,508/oz and total initial life-of-mine recovery is around 2 million ounces.

The deal logic is strategic as much as financial: B2Gold and Perseus already have African operating footprints, while PDI Gold could use an acquisition to add scale. Chinese interest adds a geopolitical layer, though approval for Chinese control in Côte d’Ivoire is uncertain. Any transaction could also be complicated by Turaco’s 80% ownership of Afema, with the remaining 20% held by Sodim and the Ivorian state due a statutory interest once production begins.

Near term, the key catalysts are whether any party confirms discussions and whether Turaco advances drilling, engineering and a definitive feasibility study targeted for 2027. For the gold market, the takeaway is that elevated prices are improving the economics of project-level M&A and may encourage faster consolidation of undeveloped ounces across West Africa.