Barrick Mining's (B) Tongon gold mine in northern Ivory Coast is being considered for sale with China's Zijin Mining emerging as the front-runner, valuing the mine at $500 million, Reuters reported Wednesday, citing two sources close to the matter.

Barrick has hired TD Securities and Australia-based Treadstone Resource Partners to assist the company on the sale of the Tongon mine, as Barrick looks to pivot towards high-margin, long-term assets, Reuters reported.

Zijin Mining was not inclined toward setting up a partnership to acquire Barrick's assets, and a local Ivorian company was also in contention to buy the gold mine, according to the report, citing a mining executive.

Barrick did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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