News: PRU UPDATE 1-Ivory Coast to revise mining code to increase state profits

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ABIDJAN, July 1 (Reuters) - Ivory Coast is planning to revise its mining code in order to increase state profits, the country's mines minister Mamadou Sangafowa Coulibaly said on Monday.

The world's top cocoa producer, is seeking to develop its long-neglected mining sector to diversify its income sources. The west African country's mining code was last revised in 2014.

"For the benefit of the state, for the benefit of mining companies, for the benefit of the population, this code deserves to be revised," the minister said.

In five years, Ivory Coast's gold output could reach at least 100 metric tons per year, he added.

Its gold output hit a record high in 2023, helped by the opening of new mines, and is expected to continue to grow.

Mining companies operating in Ivory Coast include Barrick Gold ABX.TO , Endeavour (EDV) and Perseus mining (PRU) .