Turaco Gold's Afema study points to 200,000oz-a-year Côte d'Ivoire mine

A pre-feasibility study puts the project's maiden reserve at 1.91 million ounces, with development capital estimated at $410 million

RMRoy Mulenga

15 June 20262 min read

ASX-listed Turaco Gold has completed a pre-feasibility study for its Afema gold project in south-eastern Côte d'Ivoire, outlining a 6 million-tonne-a-year open-pit operation capable of producing an average of about 200,000 ounces of gold a year, with output as high as 230,000 ounces in its first year. The study defines a maiden probable ore reserve of 1.91 million ounces at 1.1 grams per tonne, drawn from a mineral resource that has grown to 4.65 million ounces at 1.3g/t as further drilling has extended several of the project's deposits.

Costs and returns

Turaco estimates development capital of $410 million and life-of-mine all-in sustaining costs of $1,508 an ounce, with total recovered gold of about 2 million ounces at a processing recovery rate of 87% to 88% over the 10.3-year mine life. The company says the project delivers robust economics even measured against a conservative gold price, well below the spot levels of $3,000 to $4,000 an ounce prevailing through much of 2026.

Why it matters

Afema adds to a cluster of West African gold projects advancing through study stages at a moment of historically high gold prices, giving developers unusual room to absorb rising construction and labour costs while still showing strong returns on paper. The project has also drawn takeover interest, with reports naming Perseus Mining, B2Gold and PDI Gold as potential suitors, though none has confirmed a formal approach. For Côte d'Ivoire, a fourth or fifth large new gold mine reaching construction would reinforce the country's position as one of West Africa's fastest-growing gold producers, alongside Montage Gold's Koné project and Perseus's existing operations.

What happens next

Turaco says it will now advance Afema into a definitive feasibility study and detailed engineering, targeting completion in mid-2027 as it works toward development-ready status. The company has flagged first production in 2029, meaning Afema, if it proceeds, would follow several other Ivorian projects into construction rather than lead the pack.