Zijin Mining Emerges as Lead Bidder for Barrick’s Tongon Gold Mine in Côte d’Ivoire

Zijin Mining Poised to Acquire Barrick’s Tongon Gold Mine in Côte d’Ivoire for Up to $500 Million

Zijin Mining, one of China’s largest gold and copper producers, is the leading contender to acquire Barrick Gold’s Tongon mine in northern Côte d’Ivoire for up to $500 million, according to two sources familiar with the matter.

Barrick, the world’s third-largest gold producer, is actively reshaping its asset portfolio by prioritizing high-margin, long-life operations, with increasing emphasis on copper and strategic assets across Africa and the Middle East.

The move comes amid mounting tensions in Mali, where Barrick recently suspended operations at its flagship Loulo-Gounkoto complex.

The suspension followed actions by Mali’s military government, which blocked gold exports, detained company personnel, and seized three tonnes of bullion over a dispute involving the country’s revised mining code.

Sources told Reuters that Barrick has appointed TD Securities (Canada) and Treadstone Resource Partners (Australia) to manage the sale of the Tongon mine.

The mine produced 148,000 ounces of gold in 2024, valued at approximately $504 million based on current market prices.

Barrick anticipates placing the mine into care and maintenance by 2027 due to depleting reserves.

A spokesperson for Barrick declined to comment on what it called “market speculation.” Both TD Securities and Treadstone also did not respond to requests for comment.

Zijin’s interest in Tongon follows an aggressive global expansion strategy, with recent acquisitions across South America, Central Asia, and Africa.

Chinese state-owned enterprises have collectively invested over $50 billion in African mining ventures since 2010, targeting bauxite, copper, cobalt, and gold.

One mining industry executive said Zijin is the frontrunner due to its substantial financial resources.

While the Tongon mine is reportedly valued at around $300 million, Zijin is expected to offer as much as $500 million to secure the asset.

Another source confirmed Zijin’s leading position but noted that a local Ivorian company—whose identity remains undisclosed—is also competing for the acquisition.

Despite the Ivorian government’s preference for a joint-venture arrangement, Zijin appears uninterested in pursuing a partnership, the source added.

Zijin did not respond to requests for comment. Officials from Côte d’Ivoire’s Ministry of Mines declined to provide updates, stating they were not yet informed about the latest developments in the proposed sale.

A decision on the winning bidder is expected later this month, pending regulatory approvals. However, the transaction could still face delays or collapse entirely, one of the executives cautioned.

Barrick has been streamlining its global footprint, recently selling its 50% stake in Alaska’s Donlin Gold Project for $1 billion and agreeing to divest its historic Hemlo mine in Canada—effectively marking its exit from domestic gold mining operations.

In a dramatic episode earlier this month, a military helicopter reportedly airlifted gold from the Loulo-Gounkoto site in Mali, days after a court-appointed administrator announced plans to liquidate bullion to fund ongoing operations.

Zijin has already made inroads into Côte d’Ivoire, acquiring a 9.9% stake in Canada-based Montage Gold in July 2024. Montage is currently developing the Kone Gold Project in the country.

That deal preceded Zijin’s $1 billion acquisition of Newmont’s Akyem gold mine in Ghana in October.

Currently, Barrick holds an 89.7% stake in the Tongon mine. The government of Côte d’Ivoire owns 10%, while local investors hold the remaining 0.3%.