Barrick Gold is seeking buyers for its Tongon gold mine in the Ivory Coast, capitalising on the current surge in bullion prices, reported Bloomberg.
The company has enlisted the help of Toronto-Dominion Bank to facilitate the sale process, which began in late November.
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This strategic move aligns with Barrick’s plan to cease production at the 24-year-old open-pit mine by 2027 due to diminishing resources.
The Tongon mine, which is 682km north of Abidjan, has been a notable asset for Barrick, contributing approximately 5% of its total gold production, or 204,000oz, in the past year.
Barrick Gold holds a nearly 90% stake in the mine, while the Ivory Coast Government and local investors own the remaining shares.
The divestment comes at a time when gold producers are experiencing higher valuations for their assets, driven by factors such as central-bank buying, geopolitical uncertainty and interest rate cuts.
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By GlobalDataThe gold mining industry has witnessed significant transactions, with Newmont realising $3.9bn from mine sales in 2024, surpassing its initial targets.
Notably, Newmont’s Akyem mine in Africa attracted interest from multiple Chinese companies before being acquired by Zijin Mining Group for $1bn (7.27bn yuan).
Barrick had previously attempted to sell the Tongon mine in 2019. The company hinted at exploring options for the mature operation during an investor event in November.
