Zijin Mining is reportedly leading the race to acquire Barrick Gold’s Tongon gold mine in northern Côte d’Ivoire, with bids said to be approaching US$500M.
The move comes as Barrick looks to offload the asset, which represents around 5% of its total gold output, as part of a broader portfolio strategy aimed at focusing on higher-margin, longer-life operations across Africa and the Middle East. The Tongon mine produced approximately 148,000oz of gold in 2024, though production is forecast to taper off, with the asset expected to be placed on care and maintenance by 2027.
Barrick has engaged TD Securities and Treadstone Resource Partners to manage the divestment process, with final bids anticipated by the end of the month. While other parties remain in contention, Zijin appears to be the frontrunner, bolstered by its recent international expansion and capacity to acquire assets outright. A local Ivorian bidder has also expressed interest, reportedly aligned with government preferences for joint venture structures, but Zijin is said to be pursuing full ownership.
The potential sale underscores the industry-wide trend of large producers reshaping their portfolios in light of sustained high gold prices. Barrick’s exit from Tongon also highlights the increasing presence of Chinese mining firms across the African continent, with Zijin continuing to strengthen its foothold in key emerging markets. Regulatory approval remains a key milestone before the deal is finalized, but completion is expected in the coming weeks if all proceeds as planned.
