Zijin Mining is the top contender to buy Barrick Gold’s Tongon mine in northern Ivory Coast for up to $500 million, sources told Reuters. The Tongon mine produced 148,000 ounces of gold in 2024 and could enter care and maintenance by 2027 due to declining resources.
Barrick is shifting focus to long-life, high-margin assets, especially copper and strategic mines in Africa and the Middle East. The company is also exiting several projects, including its 50% stake in Alaska’s Donlin Gold Project and Canada’s Hemlo mine. Zijin has been expanding globally, with recent mining acquisitions in South America, Central Asia, and Africa. A local Ivorian firm is reportedly bidding too, though Zijin’s deep financial strength puts it in the lead.
Ivory Coast prefers a partnership deal, but Zijin may pursue a solo acquisition. A final decision is expected later this month, pending regulatory approval.
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