Sante Fe Minerals, an Australian company listed on the ASX, has signed a binding agreement to acquire the Eburnea gold project in Ivory Coast from fellow Australian miner Turaco Gold. The companies announced the deal on July 3, 2025.

This agreement marks Sante Fe’s first expansion outside Australia, where it operates the Challa and Mount Murray gold projects.

The deal gives Sante Fe 100% ownership of the Satama permit and 65% of the Bouaké North prospect, with an option to increase this stake to 80%. Satama and Bouaké North together make up the Eburnea project.

In return, Sante Fe will issue 12 million shares to Turaco, making Turaco a shareholder. The agreement also includes an additional 4 million shares if Sante Fe declares a gold resource estimate between 500,000 and 1 million ounces at Eburnea. This transaction allows us Santa Fe to enter a promising gold region and diversify their asset base.

To finalize the acquisition, Sante Fe must meet key conditions. These include raising A$1.2 million (around $800,000) to fund exploration and obtaining shareholder approval in August.

Ivory Coast continues to attract mining investors thanks to a stable business environment and significant recent gold deposit discoveries. Just last week, Desert Gold acquired 90% of the Tiegba gold project, highlighting the growing interest in the country’s mining potential.

Aurel Sèdjro Houenou