Miners

Reuters

Ivory Coast will unveil a windfall profits tax on gold miners to ensure the country benefits from higher world prices for the precious metal, an official said on Wednesday, the latest in a string of moves by African governments to boost state share in resource revenues.

The new tax will yield some 40 billion CFA francs in additional revenue to the West African state this year, government spokesman Bruno Kone said, without giving specific details on how the tax would work.

West Africa-focused Randgold Resources, Australia's Newcrest Mining and Toronto-listed La Mancha Resources all operate mines in the country, Reuters reports.

"In reality, this is a move to account for windfall profits that are not yet covered in these companies' contracts with the state," he said at a press conference. "What has happened in Ivory Coast is that these companies have benefited greatly and the state has gotten no benefit from these additional profits."

Kone said the government would provide further details on the proposed tax later on Wednesday or on Thursday.

Other regional minerals producing countries are also seeking to boost state share in revenues, including Guinea, Burkina Faso, Democratic Republic of Congo, and Senegal.

Gold prices are up about 8 percent since mid-August at around $1,730 an ounce but remain below all-time peaks of around $1,900 hit a year ago.

Ivory Coast is a relatively small, but growing gold producer. It mined some 12 tonnes of gold in 2011 despite a post-election civil war, up sharply from 7 tonnes the year before, as strong gold prices rekindled interest in gold deposits in the region.