Barrick explores Ivory Coast opportunities

Barrick Gold is aiming to extend the life of its Tongon gold mine in Ivory Coast
Barrick explores Ivory Coast opportunities Barrick explores Ivory Coast opportunities Barrick explores Ivory Coast opportunities Barrick explores Ivory Coast opportunities Barrick explores Ivory Coast opportunities

Barrick’s Tongon gold mine in Ivory Coast

Staff reporter

Barrick Gold president and CEO Mark Bristow pointed to "extensive exploration work" in Ivory Coast as Barrick looks to extend the Tongon gold mine's life.

The former Randgold Resources mine, which Barrick gained in the pair's merger at the start of this year, has less than three years left based on current reserves, Bristow said.

"We hope to extend that by converting near-mine resources to reserves, exploring the potential of satellite deposits and probing targets along the Badenou trend in the Tongon lease area," he said.

He also referred to exploration underway on all Barrick's permits which covered "the most prospective parts" of Ivory Coast but said success depended in part on the government's continued support in processing applications and facilitating access to permits.

A company presentation stated illegal mining was "still a challenge" on its permits and the phenomenon was becoming more of a social issue, saying all key actors including the government would deal with the issue.

Speaking in Mali yesterday, where the Morila gold mine is headed for closure, Bristow noted the progress made by the Mali management team and government in resolving outstanding tax disputes and said Barrick "expected to conclude the agreed mediation process soon".

It was yet another push by Bristow to underline the importance of government support during his Africa tour, after last week praising the importance of partnerships in the Democratic Republic of the Congo, where Barrick is hopeful of changes to the recently adjusted mining code.

Barrick is also about to gain full control of Acacia Mining's African assets after Acacia, hobbled by disputes with the government of Tanzania, agreed to a revised takeover offer on Friday.