Barrick extends Tongon life through exploration
Originally scheduled for closure in 2020, the life-of-mine (LoM) of gold miner Barrick Gold Corporation’s Tongon mine, in Côte d'lvoire, continues to be extended through successful exploration campaigns.
Speaking at a media briefing on July 6, Barrick GM Hilaire Diarra said that, since Tongon poured its first gold in 2010, the mine has contributed $2.2-billion to the Ivorian economy in the form of taxes, infrastructure development, salaries and payments to local suppliers.
“Extending its life will help ensure Tongon is still able to share the value it creates with all its Ivorian stakeholders by continuing its investment in community infrastructure development and income-generating projects,” he said.
He further noted that, in addition to the exploration that has delivered the Seydou North, Tongon West and Djinni satellite targets, thereby adding to the LoM, Barrick has now also been awarded a new exploration permit for Boundiali, with drilling currently ongoing at the Fonondara conversion project. The new permit was granted on May 24 with an initial four-year validity period.
“In spite of the fact that, throughout its life, Tongon has had to contend with serious operational issues, as well as a challenging socio-political environment, since pouring first gold it has never had an unprofitable quarter, which is a tribute to the dedication of the mine’s successive management teams. At the halfway mark of this year, it is on track to once again achieve its annual production guidance,” Diarra said.
With the inception of the Fonondara Conversion programme, Tongon began drilling activities to enhance its geological understanding and ensure continuity in the field. The observations from the first drillhole been promising, reinforcing the company's confidence in its geology-related pursuits, Diarra noted.
During the second quarter, Barrick declared $30-million in dividends.
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