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In This List

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Report: Barrick mulls sale of Tongon gold mine in Cote d'Ivoire

Barrick Gold Corp. is considering selling part or all of its stake in the Tongon gold mine in Cote d'Ivoire, Bloomberg News reported Aug. 8, citing people familiar with the matter.

Barrick owns 89.70% of Tongon, with 10% held by the government and 0.3% by New Mining Cl, according to S&P Global Market Intelligence data.

The gold major is said to have tapped Bank of Nova Scotia for the sale process, which it plans to start shortly. The report noted that deliberations are at an early stage, and the company may eventually decide against selling the mine.

Tongon produced 230,096 ounces of gold in 2018 at cost of sales and total cash costs of US$1,059 per ounce and US$785/oz, respectively, according to Barrick's website.

A Barrick representative declined Bloomberg News' request for comment, while a Scotiabank representative did not immediately respond.

Barrick targets about US$1.5 billion in divestments following its takeover of Randgold Resources. The company is also reportedly eyeing the sale of the Lumwana copper mine in Zambia and the Massawa gold project in Senegal.

In the second quarter, Barrick's production rose to 1.35 million ounces, from 1.07 Moz.