Barrick took control of the mine in 2019, when the country’s National Environment Management Council had closed down the TSF, then holding significantly more water than it should.

As of Wednesday morning, 32 bodies had been recovered from the mine in West Kordofan in addition to three people rescued with injuries.

Analysts, including those at TD Securities remain optimistic about a potential gold rally in H1 2022.

The property is adjacent to two of Nevada Gold Mines' projects which, collectively, have produced over 100 million ounces of gold.

Still, bullion is heading for its first annual loss in three years as central banks dial back pandemic-era stimulus to contain inflation.

The incident occurred at a private gold mine in western Sudan.

The Philippines has lifted a four-year-old ban on open-pit mining for copper, gold, silver and complex ores.