Turaco Gold plans gold mine in Côte d'Ivoire

Turaco Gold, an Australian mining company, is speeding up its plans to develop a gold mine in Côte d'Ivoire, with production expected to start in 2029. The company has outlined financial steps to raise up to 130 million Australian dollars, or about 92 million USD, to fund the Afema gold project.

Financing includes share placements and shareholder offers

The funding strategy involves a two-part share placement totaling 120 million Australian dollars, with several investors already committed. Turaco also plans a share purchase plan (SPP) allowing Australian and New Zealand shareholders to buy new shares, potentially raising an extra 10 million Australian dollars.

Company acquires remaining stake in Afema

Earlier this week, Turaco announced an agreement to buy the 20% stake in Afema held by its partner Sodim for 30 million USD. This acquisition would increase Turaco's ownership to 100%, excluding the non-contributory share held by the Ivorian government.

Funds will support project development and studies

The money raised will be used to acquire the remaining interests in Afema, carry out engineering work, build a mining camp, and prepare the site. Turaco also plans to complete a final feasibility study (DFS) for the Afema project, expected to be published in the second quarter of 2027.

First funding tranche nearing completion

The first part of the share placement is set to close by November 5, raising 97.1 million Australian dollars. The second tranche, worth 23 million Australian dollars, still requires approval from shareholders at a general meeting in early December. The share purchase plan is expected to close by November 16.