09 August 2019 14:04 520 reuters.com

Barrick Gold plans to sell Tongon gold mine in Ivory Coast - BBG

Barrick Gold Corp. is looking to sell its Tongon gold mine in the Ivory Coast and is working with Bank of Nova Scotia to identify buyers, Bloomberg said here on Thursday.

The logo of sponsor Barrick Gold Corporation is seen as visitors arrive at the Prospectors and Developers Association of Canada (PDAC) annual convention in Toronto, Ontario, Canada March 4, 2019. REUTERS/Chris Helgren/File Photo

The logo of sponsor Barrick Gold Corporation is seen as visitors arrive at the Prospectors and Developers Association of Canada (PDAC) annual convention in Toronto, Ontario, Canada March 4, 2019. REUTERS/Chris Helgren/File Photo


Barrick Gold plans to start a formal sale process in the near term for all or a part of its stake, the report said, citing people familiar with the matter.

The Tongon mine, located north of the Ivory Coast’s port city of Abidjan, is expected to produce 250,000 ounces to 270,000 ounces of gold in 2019.

The company is also working with Scotiabank to sell its Massawa gold project in Senegal and plans to divest its Lumwana copper mine in Zambia, according to the report.

Lumwana is expected to produce 210 million pounds to 240 million pounds of copper in 2019, while Massawa feasibility project is being progressed toward a final development decision.

Barrick and Scotiabank were not immediately available for comment.

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