China’s Zijin Mining is the front-runner to acquire Barrick Mining’s Tongon gold mine in northern Ivory Coast for up to $500 million, two sources close to the matter told Reuters.
Barrick, the world’s third largest gold producer, is pivoting toward high-margin, long-life assets, with a growing focus on copper and strategic operations in Africa and the Middle East.
It suspended activity at its flagship Loulo-Gounkoto complex in neighbouring Mali after the country’s military government blocked exports, detained staff and seized three tons of gold in a dispute over its new mining code.
The two sources said Barrick had appointed Canada-based TD Securities and Australia-based Treadstone Resource Partners to advise on the sale of the Tongon mine, which, according to Barrick, produced 148,000 ounces of gold in 2024 worth $504 million at current prices. Barrick expects the mine to enter care and…
