Randgold, Newcrest join forces to explore Ivory Coast for more gold

Africa-focused gold producer Randgold Resources (LON:RSS) is partnering with Newcrest Mining (ASX:NCM) to explore for gold in the south-east of the Ivory Coast, as part of its ambitious plan to discover three new deposits in the next five years.

Area to explore is an extension of Ghana’s rich gold belt.

The area in the Ivory Coast is an extension of some of the more prolific Ghanaian gold belts and associated structures, Randgold said, adding that it will manage the exploration as well as any mines they find in the area, which has not yet been explored in depth.

“The bigger the footprint, the greater the opportunity, and both Newcrest and Randgold believe in Côte d’Ivoire and the potential for the discovery of truly world class gold deposits,” Randgold chief executive Mark Bristow said in a statement.

Bristow said earlier this month that the gold industry had not focused enough on exploration, which would lead to a shortage of the precious metal over the next decade.

Randgold already operates the Tongon gold mine in the Ivory Coast and Bristow has said he is confident the country will deliver its next “world-class discovery”.