https://www.miningweekly.com
Exploration|Gold|Infrastructure|Mining|PROJECT|Resources|Infrastructure
Exploration|Gold|Infrastructure|Mining|PROJECT|Resources|Infrastructure
exploration|gold|infrastructure|mining|project|resources|infrastructure

Barrick doesn't have 'for-sale' sign on Tongon, Massawa, but open to options – CEO

14th August 2019

By: Reuters

  

Font size: - +

TORONTO – Barrick Gold is not actively seeking to sell its Tongon mine, in Côte d'Ivoire, and the Massawa project, in Senegal but will consider various options for both, CEO Mark Bristow told Reuters this week.

"We don't have a for-sale sign" at Tongon and Massawa, Bristow said in an interview in Toronto. "We're spending a lot of exploration dollars trying to extend Tongon's life."

While Barrick has said it will focus on its best-performing assets and look to divest the rest, it is also trying to extract more from its mines by stepping up exploration around them.

The company is open to acquiring assets around Tongon from junior miners to extend its life, or selling the mine as part of a bigger transaction, possibly with Massawa, Bristow said.

Barrick is also proceeding with Massawa's development, but could sell the project to a company with the infrastructure to mine it and take a stake in the acquirer, Bristow said.

Bloomberg reported last week that Barrick is considering the sale of Tongon. The company is prepping the sale of its Lumwana mine in Zambia in the second half, Reuters reported in May.

Barrick said on Monday it plans to begin the sale process for its 50% stake in the Kalgoorlie operation in Western Australia in the third quarter.

Kalgoorlie, Tongon and Lumwana are not among the tier-one mines that Barrick has said it will focus on.

The Toronto-based company has undertaken a flurry of deals recently, from the acquisition of Randgold Resources to a joint venture in Nevada with the world's biggest gold producer, Newmont Goldcorp, to retaking control of Tanzania-focused unit Acacia Mining.

Bristow said Barrick has a "great deal of work" to resolve a tax dispute with the Tanzanian government and increase productivity at Acacia, whose buyout the company expects to complete next month.

Edited by Reuters

Comments

Showroom

Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.206 0.241s - 108pq - 2rq
Subscribe Now