Montage Gold has poured its first gold at the Koné mine in Côte d'Ivoire, on budget and ahead of schedule. The mine is expected to produce more than 300,000 ounces a year over its first eight years.
At a glance
- The first pour on September 26 produced about 1,140 ounces from more than 400,000 tonnes of ore.
- An added oxide circuit let Koné produce gold before its main hard-rock plant is finished in the second quarter of 2027.
- Koné holds probable reserves of 4.01 million ounces and a 16-year mine life.
Background
Many gold mines treat two kinds of ore: soft, weathered oxide ore near the surface, and harder fresh rock deeper down that needs heavy crushing and grinding. Starting with the easier oxide ore lets a mine earn revenue while the rest of the plant is still being built.
What happened
Montage Gold poured its first gold at the Koné mine in Côte d'Ivoire on September 26. The pour produced about 1,140 ounces from more than 400,000 tonnes of ore fed into the plant since September 8.
"We are thrilled to have achieved first production at our Koné mine safely, on budget, and ahead of schedule," said chief executive Martino De Ciccio. Construction began in December 2024.
How it got there early
The early start came from a design change. Montage added an oxide circuit that can treat the softer ore near the surface without the heavy crushing that fresh rock needs.
That circuit is expected to reach commercial production in the fourth quarter of 2026. The main hard-rock circuit, which will handle most of the ore over the mine's life, remains on track for the second quarter of 2027.
What it means
Koné is a sizeable mine. Its 2024 feasibility study points to more than 300,000 ounces a year over the first eight years and a 16-year life. Probable reserves stand at 4.01 million ounces at a grade of 0.72 grams per tonne.
Early gold also means early cash at a time of high gold prices, which helps Montage fund the rest of the build. The project created about 3,600 construction jobs, over 95% held by Ivorians, and should employ about 1,500 people once it is running.
Our read
Outlook: neutral. More than 300,000 ounces a year is meaningful for Montage but small against global mine supply. The gold price will stay driven by rates, the dollar and investment demand.
What to watch
- Commercial production from the oxide circuit, expected in the fourth quarter of 2026.
- Completion of the hard-rock circuit, on track for the second quarter of 2027.
- Montage's first production and cost guidance once Koné is running.
For information only, not investment advice.
Gold price in India
metalscost.com India reference price as of 2026-10-03.
Detailed analysis
Timeline
- 2024-12: Construction of the Koné mine begins.
- 2026-09-08: Ore is first introduced to the processing plant.
- 2026-09-26: First gold pour yields about 1,140 ounces.
- 2027-Q2: Hard-rock circuit due for completion.
Supply Drivers
An added oxide circuit brought Koné's first gold forward, ahead of the main plant's 2027 completion.
Mining Production
Koné is expected to add more than 300,000 ounces a year of gold supply over its first eight years.
What could lift prices
- Early cash flow from the oxide circuit lowers Montage's funding needs for the rest of the build.
- Delivering on budget builds confidence in large West African gold projects.
What could weigh on prices
- A new 300,000-ounce-a-year mine adds to global gold supply over time.
- The hard-rock circuit still has to be finished and ramped up in 2027.
Country impact
| Country | Impact | Reason |
|---|---|---|
| Côte d'Ivoire | Medium | Koné adds a large new gold mine and about 1,500 permanent jobs. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| Gold Mining | Positive | A new mine delivered on budget and early is a positive signal for developers. |
Who gains, who loses
- Montage Gold: It starts earning revenue from gold months before its main plant is complete.
- No clear loser: The mine adds new supply without displacing an existing producer.
Other ways this could play out
- If the hard-rock circuit finishes early, Koné could reach full output ahead of the second quarter of 2027.
- If the ramp-up hits snags, early oxide output may not bridge the gap to full production.
Price risks
- A sharp fall in gold prices would reduce the value of Koné's early cash flow.
- Higher costs during the hard-rock ramp-up could erode the project's on-budget record.
Technical view
Price is trading below both its 20-period and 50-period moving averages, a bearish alignment.
Computed from metalscost.com's own stored price history.
