Barrick’s Tongon mine meets production guidance despite strikes in 2018
NYSE- and TSX-listed Barrick Gold managed to return its Tongon mine, in Côte d'lvoire, to normal operation in the last quarter of 2018 and achieve its revised production target of 230 000 oz.
This followed nine months of intermittent production at the mine, caused by illegal strikes and social unrest.
Barrick president and CE Mark Bristow said in a statement on Thursday that the government-endorsed reconciliation agreement between the mine, the employees and the community was designed to create a climate in which operations would run as normal and good relations could be rebuilt.
He added that the agreement should mark a new beginning for Tongon, especially since the Minister of Mines Jean Claude Kouassi visited the mine to sign it.
During 2018, the mine’s grid power supply was frequently interrupted by the rollout of the power utility’s new ring circuit, which also impacted on production. However, this situation has improved after the commissioning of the new circuit and Tongon now has a stable power supply.
Bristow noted that, despite its troubled history, Tongon has remained profitable and has continued to pay dividends to shareholders, including the government, while it has spent around $10-million on community initiatives.
As a result, all eight villages in the mine’s ambit now have primary schools, medical care facilities and potable water, while development of an agribusiness – as a sustainable source of economic activity after the mine’s closure in future – is progressing.
Barrick earlier this week reported total production of 4.53-million ounces of gold, in line with its 2018 guidance, but below 2017’s production of 5.32-million ounces.
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