Barrick Gold Announced Extended Life at Tongon Gold Mine

SEATTLE (Scrap Monster):  Significant exploration successes are likely to extend the life of Tongon gold mine in Cote d’Ivoire, said Mark Bristow, President and CEO, Barrick Gold, while speaking to local media.

The company had carried out near-mine exploration campaigns aimed at replacing the mine’s depleted reserves, which had delivered promising results. This has given hopes of an extension of mine life. It must be noted that Tongon gold mine has been in production for almost 10 years now. The company has been significantly investing in the mine over the past several years.

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According to the company press release, the successful operations of the mine have led to investments of over $1.77 billion in the country’s economy. It has provided the local community with access to electricity, better infrastructure facilities including hospitals and schools, in addition to boosting the development of local economy. A longer mine life would mean continuing benefits for stakeholders for years to come, it noted.

The Tongon gold mine is located within the Nielle mining permit. The mining permit is owned by Société des Mines de Tongon SA (Tongon), in which Barrick has an 89.7% interest, the State of Côte d’lvoire 10%, and 0.3% is held by Ivorian investors.