Barrick Gold's Tongon Mine Life Extended to 2023

SEATTLE (Scrap Monster): Canada-based Barrick Gold- world’s second largest gold miner announced its plans to extend the mine life of Tongon mine in Ivory Coast to 2023. The mine life extension is based on continued exploration and the conversion of resources to reserves. In addition, the company is reportedly in search of further opportunities to replace reserves at the mine.

Addressing the media, Mark Bristow, president and chief executive officer, Barrick recollected that the mine had to overcome numerous obstacles to reach the current phase of exceptional performance. Having built and commissioned in the midst of civil war in the country, the mill had to go through unstable socio-political circumstances in its early days. Also, the mill operations were adversely impacted by a mill fire, recurring technical issues and an erratic grid power supply.

In spite of all these challenges, the Tongon mine has been consistently profitable. In 2020, it paid $150 million as dividend to its shareholders and donated $1.2 million to the government in support of its campaign against Covid-19 pandemic.

During the previous year, the mine produced 284,863 ounces of gold. The production matched with the top end of its earlier provided guidance, the company noted.

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