International mining companies are circling a 4.65-million-ounce gold project in Côte d’Ivoire as record bullion prices intensify competition for undeveloped deposits across West Africa.
Canadian miner B2Gold, Australia-listed Perseus Mining and PDI Gold are examining possible transactions involving Turaco Gold, according to The Australian’s DataRoom.
The publication also reported interest from unidentified Chinese groups seeking a joint-venture partner for a possible bid.
Turaco has not announced receiving a takeover proposal. None of the companies has publicly confirmed making an offer.
The interest centres on Afema, Turaco’s flagship project in south-eastern Côte d’Ivoire near the Ghanaian border.
Afema contains an estimated mineral resource of 4.65 million ounces and a probable reserve of 1.91 million ounces. Turaco’s preliminary feasibility study envisages an open-pit operation producing approximately 200,000 ounces annually over an initial life exceeding ten years.
**A project valued above Turaco itself**
Turaco’s study estimates that Afema will require approximately $410 million in initial development capital.
At a gold price of $3,000 an ounce, the company assigns the project a post-tax net present value of approximately $1.49 billion. That rises to $2.1 billion at $3,500 gold.
Those valuations are financial projections rather than sale prices. They depend on assumptions about production, costs, financing and gold prices and remain subject to a definitive feasibility study.
Nevertheless, the figures help explain why Turaco, valued by the Australian market at approximately A$840 million in recent reporting, could attract larger rivals.
Afema is expected to recover approximately two million ounces over its initial mine life. Average all-in sustaining costs are estimated at $1,508 an ounce, according to Turaco’s project disclosures.
**Four potential routes to a deal**
B2Gold already operates mines in Mali, Namibia and the Philippines, giving it extensive African experience.
Perseus produces gold in Côte d’Ivoire and Ghana, making Afema a possible addition to an established West African portfolio.
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PDI Gold, created after the combination of Predictive Discovery and Robex Resources, is developing assets in Guinea and Mali. Acquiring Turaco could increase its scale and move it closer to membership of Australia’s ASX 100 index.
Chinese interest would add a geopolitical dimension. However, The Australian cited sources who questioned whether Côte d’Ivoire would approve Chinese control of the project. No Ivorian authority has publicly ruled out such an investment.
**Ownership could complicate a sale**
Turaco owns 80% of Afema. The remaining 20% is held by privately owned Sodim, which is described in Australian reporting as Israeli-backed.
The Ivorian state is also expected to receive its statutory interest when the project moves into production.
A buyer may therefore prefer Turaco to consolidate ownership before completing a takeover. However, Turaco has not announced an agreement to purchase Sodim’s stake.
The company is continuing drilling and engineering work and targets completion of a definitive feasibility study in 2027, followed by potential first production in 2029.
For now, Afema remains an undeveloped project rather than an operating mine. The reported approaches nevertheless suggest that international miners may prefer to acquire the deposit before Turaco completes the expensive process of building it.