Bloomberg News

Newcrest Mining to Triple Gold Output in Ivory Coast

June 04, 2012

(Corrects figure in third paragraph.)

Newcrest Mining Ltd. (NCM) will triple its gold output in the next five years at its Bonikro mine located in central-western Ivory Coast, according to the Mines and Energy Ministry.

The mining company, based in Melbourne, expects to produce 12 metric tons of gold a year by 2017 from 4 tons currently, the ministry said an e-mailed statement today.

Ivory Coast’s government, a shareholder in LGL Mines CI SA which operates the Bonikro mine, received 155 million CFA francs ($294,000) last week from Newcrest Mining in dividends.

Ivory Coast expects gold production to rise 18 percent this year to 14.6 tons mainly because of production at Rangold Resources Ltd. (RRS)’s Tongon gold mine located in the north of the country, the Finance Ministry said in March.

To contact the reporter on this story: Baudelaire Mieu in Abidjan via Accra at ebowers1@bloomberg.net

To contact the editor responsible for this story: Emily Bowers at ebowers1@bloomberg.net


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