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The taxe ad valorem (ad valorem royalty) on gold is the headline revenue instrument of the Ivorian mining fiscal code. It is computed as a tiered percentage of the value of gold extracted, with the percentage rising as the international USD-per-ounce reference price rises — a price-participating royalty designed to give the state upside in gold-price super-cycles without renegotiating individual mining conventions.
The 2025 Finance Law shifts every tier upward by two percentage points, while keeping the tier breakpoints unchanged:
| Reference gold price (USD/oz) | Prior rate | New rate (from 10 Jan 2025) |
|---|---|---|
| ≤ 1,000 | 3.0% | 5.0% |
| > 1,000 to ≤ 1,300 | 3.5% | 5.5% |
| > 1,300 to ≤ 1,600 | 4.0% | 6.0% |
| > 1,600 to ≤ 2,000 | 5.0% | 7.0% |
| > 2,000 | 6.0% | 8.0% |
At spot gold trading well above USD 2,000/oz throughout 2024-2025, all Ivorian gold operations have been paying — and will continue to pay — at the top tier, so the practical effect of the reform is a flat 200 bp royalty hike on every ounce produced from a measure that was already binding at the ceiling.
The annexe fiscale also touches "redevances superficiaires et taxes proportionnelles" (mining-code surface fees and proportional taxes) but the gold ad valorem hike is the dominant fiscal item.
three largest Ivorian gold producers — Endeavour (Ity, Lafigué), Perseus (Yaouré, Sissingué), Barrick (Tongon) — plus mid-tier operators (Resolute, Allied Gold).
Mali, Burkina Faso, Ghana, Senegal and Madagascar in tightening state take from the 2024-2025 gold price super-cycle, but does so via a parametric tax tweak (legally low-friction, no convention renegotiation) rather than a full code rewrite — a template other Francophone West-African jurisdictions are likely to copy.
rate translates to USD 200/oz of additional state take on every ounce — modestly raising the AISC at which Ivorian deposits remain economic and tilting greenfield-development decisions toward jurisdictions with lower price-linked royalty schedules.
for the October 2025 presidential election with a budget that expands mineral-rent capture to fund infrastructure / social spending, without raising broad-based taxes.
to invoke fiscal-stabilisation clauses in their existing mining conventions? Public disclosures so far suggest the new rate is being absorbed without legal challenge.
be enacted in 2025/2026 — and if so, will it codify the LdF 2025 rate hike as the new permanent baseline?
Burkina Faso (which raised its gold ad valorem to 6-7% in the 2024 ALT Code Minier) and Mali (which sits at 6% per the 2023 code)?