Barrick Gold's Ivory Coast Mine Sees Lifespan Expansion
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Barrick Gold's Ivory Coast Mine Sees Lifespan Expansion

Barrick Gold's Ivory Coast Mine Sees Lifespan Expansion

In a recent development, Barrick Gold Corp's Tongon mine in Ivory Coast is poised for an extended operational journey, now expected to thrive until at least 2030. The news comes as a result of a significant breakthrough – the discovery of new gold deposits, according to the company's Director General.

Tongon, the largest industrial mine in the country, strategically located north of the bustling port city of Abidjan, commenced production towards the end of 2010. Originally slated for closure in 2020, the mine's fate has taken a positive turn.

The turning point occurred with the uncovering of four new pit sites around the existing mine, accompanied by a substantial deposit in the nearby Boundiali region, complete with an exploration permit. These finds have breathed new life into the Tongon mine, promising increased output and an extended lifespan, as highlighted by Hilaire Diarra during an interview.

Process the gold

Barrick Gold initially intended to process the gold unearthed in Boundiali at the Tongon site. However, the company is now contemplating the construction of a new mining facility in Boundiali by 2025, should the deposit there prove more substantial than the one in Tongon.

Forecasts indicate that the mine's output will soar beyond 200,000 ounces of gold in 2023, with a gradual increase projected until at least 2026, as indicated by Diarra. To provide context, the mine produced 206,000 ounces of gold in 2021 and 200,000 ounces in 2022.

Ivory Coast, renowned as the world's leading cocoa producer, is diligently endeavoring to revitalize its long-overlooked mining sector to diversify its revenue streams. Notably, gold production has been on a consistent upward trajectory for several years. The nation achieved a record-breaking gold output of approximately 48 tonnes in 2022, representing a remarkable 14% increase from the preceding year.

The upward trend is set to continue, with an anticipated production of 50 tonnes in the current year. This growth will be catalyzed by the commencement of operations in two mines under the ownership of Roxgold, which includes companies Fortuna and Tietto Minerals. Furthermore, the outlook includes expectations of reaching 55 tonnes following the launch of a new mining venture by Endeavour in 2024.

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