PROJECTS AND EXPLORATION
BARRICK PROBES
OPPORTUNITIES
conceivable challenge including social and political unrest in the
region, a protracted work stoppage and an erratic power supply.
Thanks to a committed and courageous management team –
comprised almost entirely of Ivorian nationals – the mine has
nevertheless been consistently profitable, delivering significant
value to all its stakeholders and pointing the way for the growth
of the country’s mining industry and economy,” says Bristow.
• Location: Côte d’Ivoire
• Phase: Exploration
• Mineral: Gold
B
arrick Gold Corporation’s Tongon mine in Côte
d’Ivoire is now in its 10th year of operation.
Randgold, the mines’ initial developer, has been
actively involved in Côte d’Ivoire for more than 20 years.
According to Mark Bristow, president and CEO of Barrick,
the company is seeking to extend the life of Tongon while
at the same time exploring new opportunities elsewhere
in Côte d’Ivoire.
Bristow says Tongon had rebuilt the capacity compromised by
last year’s extended work stoppages, and at the halfway stage
of 2019 was on track to achieve its production target of about
290 000 ounces of gold. Its continuing engagement with the
government and the national power utility has resulted in a
significant improvement in the stability of the power supply on
the back of the expansion of the regional infrastructure. It is also
maintaining a positive industrial relations climate on the mine.
Gold
“Tongon was discovered and developed in the midst of a
civil war and since then we had to contend with almost every
“On current reserves, Tongon has under three years of life left,
but we hope to extend that 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,” says Bristow.
Barrick Gold’s Tongon mine’s life is to be extended.
LINDIAN FULLY FUNDED
• Location: Guinea
• Phase: Exploration
• Mineral: Bauxite
A
SX listed Lindian Resources has received binding
commitments to raise up to USD1.3-million for
the company’s inaugural drilling program at the
Gaoual Bauxite Project in Guinea.
This announcement follows the recent completion of due
diligence and the issuing of the Notice to Proceed with the
option to acquire up to 75% of the Gaoual Bauxite Project.
www. africanmining.co.za
African Mining Publication
Importantly, this funding, together with the Lindian’s
existing USD1-million loan facility, will ensure that the
company is now adequately funded to undertake its
upcoming inaugural drilling program scheduled to start
quarter four of 2019.
Lindian has signed an exclusive option agreement with KB
Bauxite Guinea and its sole shareholder Guinea Bauxite to
acquire the Gaoual Bauxite Project. KB and GB are related
parties of Lindian’s chairman, Asimwe Kabunga.
“The significant interest received from both new and
existing investor groups in this placement is a strong show
of confidence in both Lindian’s management and the
underlying potential of the Gaoual Bauxite Project,” says
Shannon Green, managing director at Lindian.
African Mining
African Mining October 2019
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