Key Points
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Updated DFS increases Doropo gold output, extends mine life, and confirms strong project returns.
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Project expected to contribute over $420 million in royalties and social funds to Côte d’Ivoire.
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Employment peaks at 1,500 during construction and 400 during operations.
Africa-focused gold miner Resolute Mining released an updated definitive feasibility study (DFS) for its Doropo project in Côte d’Ivoire.
MD and CEO Chris Eger said the study confirms the project’s strong economics and its potential to become a high-quality gold mine in West Africa.
The updated DFS, prepared by Lycopodium and building on the 2024 DFS by Centamin, shows a larger project with 55% more ore and a three-year longer mine life. Production is expected to average 170,000 ounces per year over 13 years, reaching a total of 2.2 million ounces.
Financial Highlights
The project promises strong returns. The post-tax net present value (NPV) at 5% is $1.46 billion, and the internal rate of return (IRR) is 49%, assuming a conservative gold price of $3,000 per ounce.
Over the first five years, average annual production is projected at 204,000 ounces at an all-in sustaining cost (AISC) of $1,294 per ounce. Resolute expects to recover the updated $516 million construction capital in under two years at this gold price.
At recent spot gold prices of roughly $4,200 per ounce, the post-tax NPV jumps to $2.76 billion. The IRR climbs to 77%, with a payback period of about one year.
Production and Cash Flow
The study forecasts average annual post-tax free cash flow of $268 million and EBITDA of $364 million over the first five years. The life-of-mine AISC rises to about $1,406 per ounce, reflecting the project’s larger scale and updated cost assumptions.
Resolute plans to expand production to more than 500,000 ounces per year by 2028 across multiple assets. The company also expects to extend Doropo’s mine life through resource growth and further exploration on its permits.
Eger said the project will benefit Côte d’Ivoire through government royalties and social fund contributions exceeding $420 million over its lifetime.
Employment will peak at over 1,500 during construction. During operations, the project will provide more than 400 permanent jobs.
Government Support and Permits
Resolute has worked closely with Ivorian authorities. The Minister of Mines confirmed the mining license should be granted by early 2026.
After that, the company will make its final investment decision and begin construction in the first half of 2026.
Eger described the relationship with the government as positive and productive, emphasizing strong collaboration and ongoing support.
