Barrick Gold Seeks Buyers for Ivory Coast’s Tongon Mine
TLDR
- Barrick Gold Corp. is exploring the sale of its Tongon gold mine in the Ivory Coast as it seeks to capitalize on surging gold prices
- The company has engaged Toronto-Dominion Bank to identify potential buyers and solicit bids for the mine
- The Tongon mine, located 682 kilometers north of Abidjan, produced 204,000 ounces of gold in 2023
Barrick Gold Corp. is exploring the sale of its Tongon gold mine in the Ivory Coast as it seeks to capitalize on surging gold prices. The company has engaged Toronto-Dominion Bank to identify potential buyers and solicit bids for the mine, according to sources cited by Bloomberg.
The Tongon mine, located 682 kilometers north of Abidjan, produced 204,000 ounces of gold in 2023, accounting for about 5% of Barrick’s total output. However, the 24-year-old open-pit mine is nearing the end of its resource life, with production expected to cease by 2027. Barrick owns nearly 90% of the operation, with the remainder held by the Ivorian government and local investors.
Gold’s rally, fueled by central-bank buying, geopolitical uncertainty, and interest-rate cuts, has driven higher valuations for mining assets this year. Barrick’s move mirrors competitor Newmont Corp., which raised $3.9 billion in 2024 through asset sales, including its Akyem mine in Africa, sold to Zijin Mining for $1 billion.
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Key Takeaways
Barrick Gold’s planned divestment of the Tongon mine could attract significant interest given the current valuation surge in mining assets. Disposing of the aging asset aligns with Barrick’s focus on higher-quality, lower-cost operations. The company estimates selling Tongon could improve its overall cost profile by over $50 per ounce. The potential sale highlights a trend among major gold miners leveraging strong market conditions to exit mature or non-core assets. For Barrick, the move is part of a portfolio optimization strategy that balances growth investments with capital returns. As gold prices continue to rally, the Tongon divestment could set the stage for Barrick to fund future projects or enhance shareholder value.
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