• Zijin Mining has offered $500M for Barrick’s Tongon gold mine in Côte d’Ivoire.

• Barrick is divesting the asset, with no official comment yet.

• The deal needs Ivorian government approval.

Chinese firm Zijin Mining has reportedly submitted a $500 million offer to Canadian company Barrick Gold to acquire its Tongon gold mine in Côte d’Ivoire. Reuters reported the news on Wednesday, July 23, 2025, citing two sources close to the matter.

Barrick, the world’s second-largest gold producer, has reportedly appointed TD Securities and Treadstone Resource Partners to advise on the deal. None of the parties involved have officially responded to the reports.

Barrick, which has operated the mine since 2010, has been looking to sell the asset in recent months, as it is considered less strategic within its portfolio. The Tongon mine produced 148,000 ounces in 2024, a drop from 204,000 ounces the previous year. Barrick expects attributable production this year to range between 110,000 and 140,000 ounces, translating to a total output between 123,000 and 156,000 ounces.

According to Barrick, the mine is expected to enter care and maintenance by 2027, but a sale could extend its operational life. In May 2025, the company stated that the divestment process was in line with its strategy. 

For Zijin, which has been expanding its presence in West Africa's gold sector, Tongon would be its second gold mine acquisition in the sub-region in under two years. The Chinese group spent about $1 billion in 2024 to acquire the Akyem gold mine in Ghana. That same year, Zijin also took a minority stake in Montage Gold, the company developing what will be Côte d’Ivoire's largest gold mine.

While more details on the sale process are pending, both Zijin and Barrick will need approval from the Ivorian government to complete the deal. The government holds a 10% stake in the project, compared to 89.7% for Barrick and 0.3% for local investors. The government will likely prioritize ensuring the new owner commits to the mine’s rehabilitation once it eventually closes.

Emiliano Tossou