01:53:38 EDT Sat 27 Apr 2024
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Barrick Gold Corp
Symbol ABX
Shares Issued 1,755,407,560
Close 2023-07-07 C$ 21.71
Market Cap C$ 38,109,898,128
Recent Sedar Documents

Globe/wire say Barrick's Tongon mine gets a reprieve

2023-07-07 08:42 ET - In the News

The Globe and Mail reports in its Friday edition that Barrick's Tongon mine in Ivory Coast will continue operating until at least 2030 following discovery of new deposits, its director-general said. A Reuters dispatch to The Globe says that the country's biggest industrial mine, located north of the port city of Abidjan, started production toward the end of 2010 and was due to close in 2020. The discovery in 2021 and 2022 of four new pits around the mine, as well as a significant deposit with an exploration permit in the region of Boundiali, will extend its life and boost output, Hilaire Diarra told Reuters. Barrick planned to process gold mined in Boundiali in Tongon, but the company is considering building a new mine in Boundiali in 2025 if the deposit turns out to be larger than the one in Tongon. The mine's output is expected to rise above 200,000 ounces of gold in 2023 and continue to increase gradually until at least 2026. Production stood at 206,000 ounces of gold in 2021 and 200,000 in 2022. Ivory Coast is seeking to develop its long-neglected mining sector to diversify its revenue. Gold output has been climbing steadily for several years. Government interventions have reduced irregular mining around Tongon.

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