I.Coast aims to tap massive mining potential with new rules

Women in the central Ivorian village of Angovia wash gravel on March 9, 2009, looking for gold. By Kambou Sia (AFP/File)

Abidjan (AFP) - Already the world's biggest producer of cocoa, Ivory Coast politicians hope to tap the country's "immense" mining potential after approving new rules aimed at cleaning up the industry's murky reputation.

Lawmakers hope the new mining code, approved on Tuesday, will help modernise the industry and attract investors.

Among the measures outlined in the bill are tax and customs breaks for explorers, along with greater transparency in the way permits are allocated.

Exploration licences will also be extended "from seven to 10 years with a possibility of renewal in exceptional circumstances for a further two years", according to a copy of the bill seen by AFP.

The current licencing procedures have been criticised in the past for their lack of transparency, which local industry experts say has attracted "unscrupulous" investors.

The new bill aims to sever collusion between miners and government officials.

"Everyone with access to strategic mining information is prohibited from participating directly or indirectly in mining companies for five years after the end of their service," says one article.

The bill, which replaces a mining code from 1985, still requires the signature of President Alassane Ouattara, who is currently recovering in France from a sciatica operation earlier this month.

In October, Prime Minister Daniel Kablan Ducan reported "immense mining potential" in the country, but deplored its low levels of production and "very undeveloped mining industry" which he blamed on an "inadequate legislative framework".

Currently, only gold and manganese are industrially produced, and mining accounts for just 5 percent of national income.

In 2013, the country extracted 12 tons of gold, 400,000 tonnes of manganese and 300,000 carats of diamonds, according to figures included in the new bill.

Iron, nickel, bauxite and copper are also known to be present in its soil. The government recently announced the discovery of 180 tonnes of gold at Yaore, near the capital Yamoussoukro.