2023-07-06 10:56:26 ET
Barrick Gold's ( NYSE: GOLD ) Tongon mine in Ivory Coast will continue operating until at least 2030 following a significant discovery of new deposits, director general Hilaire Diarra told Reuters in an interview Thursday.
Ivory Coast's biggest industrial mine began production in 2010 and was due to close in 2020, but the discovery in 2021-22 of four new pits around the mine, as well as a significant deposit with an exploration permit in the nearby Boundiali region, will extend its life and boost output, Diarra said.
The Tongon mine's production is expected to rise above 200K oz of gold in 2023 and continue to increase gradually until at least 2026, he said.
Barrick Gold ( GOLD ) planned to process gold mined in Boundiali in Tongon, but it would consider building a new mine in Boundiali if the deposit turns out to be larger than the one in Tongo, Diarra added.
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Barrick Gold to extend Ivory Coast mine operations due to new discoveries