Barrick Gold (TSX: ABX; NYSE: GOLD) says exploration successes might prolong the lifetime of its Tongon gold mine within the Ivory Coast.
Talking at an area media briefing, the corporate’s president and CEO, Mark Bristow, mentioned ten years after it went into manufacturing, Tongon might get a brand new lease on life due to promising outcomes from near-mine exploration campaigns designed to interchange the mine’s depleted reserves.
In accordance with Bristow, along with work on the promising Seydou North and Tongon West targets, Tongon has filed documentation for the extension of its Nielle mining licence by an additional ten years, to help the drive so as to add to its life-of-mine.
“The profitable commissioning of Tongon within the midst of a civil struggle was a landmark achievement within the improvement of a gold mining trade within the extremely potential however underexplored Côte d’Ivoire,” Bristow mentioned. “Since then, the mine has been persistently worthwhile — it has simply declared a $150 million dividend for the second quarter of this 12 months — and boasts the most effective security data within the Barrick group. Over time it has invested $1.77 billion within the Ivorian economic system within the type of taxes, salaries, funds to native suppliers and infrastructure developments.”
Barrick made an identical announcement in February, stating that optimistic exploration outcomes and the conversion of assets to reserves allowed it to increase the mine’s life to 2023.
Become one of many miner’s most valued belongings after virtually being bought in 2019, Tongon produced 284,863 ounces of gold in 2020, on the prime finish of its steering for the 12 months.
The mine was constructed and commissioned within the midst of country-wide battle and it has since operated in an unstable socio-political atmosphere. It has additionally been impacted by a broad vary of issues, together with a mill hearth, recurring technical points, and an erratic grid energy provide.
Barrick has an almost 90% stake within the gold mine, which is situated 682 km north of the coastal metropolis of Abidjan. The federal government of Côte d’Ivoire and native buyers personal the rest.