Barrick Gold Corp: Tongon Mine in Ivory Coast Set for Long-Term Operations and Expansion

Canadian Analyst Ratings for January 8th

Barrick Gold Corp Stock Forecast:

According to 14 analysts, the average target price for Barrick Gold Corp over the next 12 months is CAD 28.58. The average analyst rating for the stock is Strong Buy. However, Stock Target Advisor‘s analysis suggests a slightly bearish outlook based on 5 positive signals and 8 negative signals. Currently, Barrick Gold Corp’s stock price is CAD 22.17, which represents a 0.86% increase over the past week. However, it has decreased by 4.03% over the past month and 2.29% over the last year.

ABX:CA Ratings by Stock Target Advisor

Barrick Gold Corp. News:

In an exciting development for the mining industry in Ivory Coast, Barrick Gold Corp announced that its Tongon mine will continue operating until at least 2030. This news comes on the heels of a significant discovery of new deposits, paving the way for sustained gold production in the region. Diarra, the director general of Barrick Gold, shared this positive outlook during a recent statement.

Barrick Gold initially intended to process gold mined in Boundiali at the Tongon mine. However, with the possibility of a larger deposit in Boundiali, the company is considering the construction of a new mine in that area by 2025. This potential expansion underscores the company’s commitment to maximizing the opportunities presented by the region’s rich mineral resources.

The Tongon mine has already showcased promising performance and is expected to continue its upward trajectory. With the newly discovered deposits, the mine’s output is projected to exceed 200,000 ounces of gold in 2023, representing a substantial increase. Furthermore, Diarra anticipates a gradual rise in production levels until at least 2026, demonstrating the long-term growth potential of the Tongon mine.

This extended operation and potential expansion by Barrick Gold signify not only a boost to the local economy but also the company’s dedication to sustainable mining practices. Barrick Gold has been proactive in adopting responsible mining methods, focusing on environmental stewardship and community engagement. These principles will undoubtedly remain at the forefront as the company explores the possibility of a new mine in Boundiali.

 

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