trending Market Intelligence /marketintelligence/en/news-insights/trending/osxCmhxURj1CaAKejKTaUQ2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

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

Mining Exploration Insights December

Mining Exploration Insights: Dip in gold drilling weighs on results

Mining Exploration Insights: Is the exploration sector back on recovery?

State of the Market: Mining Q2-2019

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.