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Tongon

The Tongon gold mine is located within the Nielle mining permit, 628 kilometers north of the Côte d’lvoire port city of Abidjan, and 55 kilometers south of the border with Mali. The Tongon gold mine and associated mining permit is owned by Société des Mines de Tongon SA (Tongon), in which Barrick has an 89.7% interest, the State of Côte d’lvoire 10%, and 0.3% is held by Ivorian investors.

2019 Outlook

Production
250,000 - 270,000
Ounces ? Barrick's 89.7% share
Cost of sales
per ounce ? 2019 forecast cost of sales does not include the impact of the Randgold purchase price allocation.

Cost of sales applicable to gold per ounce is calculated using cost of sales applicable to gold on an attributable basis (removing the non-controlling interest of 40% Pueblo Viejo, 36.1% Acacia, 40% South Arturo, 20% Loulo-Gounkoto and 10.3% of Tongon from cost of sales), divided by attributable gold ounces sold. Cost of sales applicable to copper per pound is calculated using cost of sales applicable to copper including our proportionate share of cost of sales attributable to equity method investments (Zaldívar and Jabal Sayid), divided by consolidated copper pounds sold (including our proportionate share of copper pounds sold from our equity method investments).
$945 - $995
All-in sustaining
costs per ounce ? “All-in sustaining costs” per ounce is a non-GAAP financial performance measure intended to provide additional information only, and does not have any standardized meaning under IFRS. This measure should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Further details on non-GAAP measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
$780 - $820

2018 Performance

Gold produced
in 2018
230,096
Ounces ? Randgold presented the production figures for Tongon on a 100% basis, although it owned 89.7%.
Cost of sales
per ounce
$1,059
Total Cash Costs
per ounce ? Refer to explanation of non-GAAP measures provided and to the reconciliation of non-GAAP measures provided on page 19 of Randgold's Q4 2018 report.
$785

Reserves and Resources

Mineral Resources tabulations as at December 31, 2018, and reported inclusive of that material which is then modified to estimate Ore Reserves.
 
Proven and probable gold reserves (non-attributable 100% basis) ? Proven reserves of 5.7 million tonnes grading 2.2 g/t representing 0.4 million ounes of gold. Probable reserves of 7.1 million tonnes grading 2.4 g/t representing 0.54 million ounces of gold.

Open pit Ore Reserves are reported at a gold price of $1 000/oz at an average cut-off of 0.80g/t, and include both dilution and ore loss factors. Open pit Ore Reserves were estimated by Shaun Gillespie, an officer of the company and Competent Person, under JORC and reviewed by Simon Bottoms, a Qualified Person under CIM.

Ore Reserve numbers are reported as per JORC 2012 and as such are reported to the second significant digit. Accordingly numbers may not add due to rounding. Ore Reserve estimates have been prepared according to JORC Code. The Qualified Person has reconciled the Ore Reserves to CIM Standards, and there are no material differences. Refer to the comments and disclaimer on page 22 of Randgold's Q4 2018 report.
0.95
Million Ounces
Measured and Indicated gold resources (non-attributable 100% basis) ? Measured resources of 6.7 million tonnes grading 2.4 g/t representing 0.51 million ounces of gold. Indicated gold resources of 14 million tonnes grading 2.5 g/t representing 1.2 million ounces of gold.

Open pit Mineral Resources are the insitu Mineral Resources falling within the $1 500/oz pit shell reported at an average cut-off of 0.73g/t. Underground Mineral Resources are those insitu Mineral Resources below the NZ, $1 500/oz pit shell reported at a cut-off of 2.0g/t. All Tongon Mineral Resources were generated by Karamogo Diabate, an officer of the company, under the supervision of Simon Bottoms, an officer of the company and Competent Person under JORC and Qualified Person under CIM.

Mineral Resources numbers are reported as per JORC 2012 and as such are reported to the second significant digit. Accordingly numbers may not add due to rounding. The Mineral Resource estimates have been prepared according to JORC Code. The Qualified Person has reconciled the Ore Reserves to CIM Standards, and there are no material differences. Refer to the comments and disclaimer on page 22 of Randgold's Q4 2018 report.
1.7
Million Ounces
Inferred
gold resources (non-attributable 100% basis) ? Inferred resources of 8.6 million pounds grading 2.8 g/t representing 0.77 million ounces of gold.

Open pit Mineral Resources are the insitu Mineral Resources falling within the $1 500/oz pit shell reported at an average cut-off of 0.73g/t. Underground Mineral Resources are those insitu Mineral Resources below the NZ, $1 500/oz pit shell reported at a cut-off of 2.0g/t. All Tongon Mineral Resources were generated by Karamogo Diabate, an officer of the company, under the supervision of Simon Bottoms, an officer of the company and Competent Person under JORC and Qualified Person under CIM.

Mineral Resources numbers are reported as per JORC 2012 and as such are reported to the second significant digit. Accordingly numbers may not add due to rounding. The Mineral Resource estimates have been prepared according to JORC Code. The Qualified Person has reconciled the Ore Reserves to CIM Standards, and there are no material differences. Refer to the comments and disclaimer on page 22 of Randgold's Q4 2018 report.
0.77
Million Ounces