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Barrick Said to Weigh Sale of Tongon Mine Amid Asset Disposals

  • Miner is working with Scotiabank to find potential buyers
  • Rally in the price of gold could help attract more interest
A dump truck travels along an access ramp at an open pit mine. 
Photographer: Carla Gottgens/Bloomberg

Barrick Gold Corp. is considering a sale of its Tongon Gold mine in the Ivory Coast as the company ramps up asset disposals following its purchase of Randgold Resources Ltd., people familiar with the matter said.

The miner is working with Bank of Nova Scotia to identify buyers for the asset, the people said, asking not to be identified as the information is private. The company aims to start a formal sale process in the near term for part or all of its stake, the people said. Deliberations are at an early stage, and Barrick may decide against selling the operations, they said.