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Barrick eyes the future in Côte D’Ivoire

Tongon mine plant. (Image courtesy of Randgold Resources)

The world’s no. 2 gold miner, Barrick Gold, (NYSE:GOLD) (TSX:ABX) is actively seeking to extend the life of its Tongon gold mine while exploring new opportunities elsewhere in Côte d’Ivoire, chief executive Mark Bristow said Friday. 

Tongon is now in its 10th year of operations, and on current reserves, has under three years of life left, but Barrick hopes to extend it by converting near-mine resources to reserves, exploring the potential of satellite deposits and probing targets along the Badenou trend in the Tongon lease area.   

Bristow said Randgold Resources, since merged with Barrick, has been involved in Côte d’Ivoire for more than 20 years, spending in excess of $90 million on exploration.  

Bristow said the success of the company’s exploration program depends on the government’s support in the processing of applications and facilitating access to permits.