Montage Gold now expects its Koné mine in Côte d’Ivoire to produce 350,000 to 400,000 ounces of gold a year over its first ten years, up from the previous forecast of 301,000 ounces. CEO Martino De Ciccio gave the new outlook on 30 September 2026 at Mining Forum Americas, Ecofin Agency reported, four days after the mine’s first gold pour.
What Montage has delivered so far
Koné poured first gold on 26 September 2026, yielding about 1,140 ounces, according to Mining Weekly. Construction began in December 2024. Since ore first entered the oxide circuit on 8 September, more than 400,000 tonnes have been processed.
Production is starting through the oxide circuit, which Montage added to bring forward first gold. The company expects that circuit to reach commercial production in the fourth quarter of 2026. The hard-rock comminution circuit, which will treat the bulk of the ore, is scheduled for completion in the second quarter of 2027.
As of its second-quarter 2026 report, Montage had committed $714.4 million, about 81% of total upfront capital expenditure.
How the state is paid
The Ivorian state earns from Koné through four channels, Ecofin Agency notes:
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Equity: a 10% stake in the operating company, with Montage holding 90%, which pays dividends once the mine is profitable.
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Royalties and taxes: mining royalties, corporate income tax and an annual surface fee under the Mining Code.
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Local development fund: 0.5% of annual revenue for communities affected by mining, which Montage estimated at about $33 million over the mine’s initial life.
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Employment: about 3,600 construction jobs, with around 1,500 permanent positions expected in operations.
The dividend channel is the least predictable. It depends on profitability, capital repayment and the company’s distribution policy, none of which have been set out for Koné.
Where the feasibility numbers no longer hold
The public estimates of the state’s take date from Montage’s 2024 updated feasibility study. That study assumed a 25% corporate income tax rate and a 4% progressive royalty, and estimated cumulative royalties of about $330 million over a 16-year mine life.
Three inputs to that estimate have since moved. Côte d’Ivoire amended its gold royalty schedule in 2025, and the rate now reaches 8% when gold is above $2,000 an ounce. The tax administration has said the change applies to existing mining agreements. Gold traded around $4,290 an ounce on 30 September, Reuters reported. The production guidance has also risen by 16% to 33%.
Taken together, the $330 million figure should be read as a floor from an earlier set of assumptions. A revised estimate would need the exact royalty schedule as applied to Koné, the realised gold price and audited output, and no such estimate has yet been published by the company or the state.
What remains uncertain
The new outlook is company guidance. It is not yet backed by a published technical report or by production from the hard-rock circuit, which carries most of the planned tonnage.
The fiscal framework is also changing. The government is preparing a new Mining Code to replace the 2014 law. How it treats existing conventions, fiscal stability clauses and state participation will shape Koné’s long-term contribution as much as output does.
What to watch
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Declaration of commercial production on the oxide circuit, expected in the fourth quarter of 2026.
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Completion of the hard-rock circuit in the second quarter of 2027, and whether 2027 output supports the new range.
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Montage’s first formal production guidance and any updated technical report reflecting the revised outlook.
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The text of the new Mining Code, particularly its treatment of agreements already in force.
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Publication of royalty and tax receipts from Koné, including through EITI reporting.