Barrick Mining announced that it has agreed to sell its interests in the Tongon gold mine and related assets in Côte d’Ivoire to Abidjan-based Atlantic Group for up to $305 million.
- Barrick Mining agreed to sell its interests in the Tongon gold mine in Côte d’Ivoire to Atlantic Group for up to $305 million.
- The sale is part of Barrick’s strategic effort to streamline operations and enhance its financial position.
- The deal involves a cash payment of $192 million, including repayment of a $23 million shareholder loan.
- Proceeds from the sale will be used to strengthen Barrick’s balance sheet and support growth initiatives.
Barrick Mining announced on Monday that it has agreed to sell its interests in the Tongon gold mine and related assets in Côte d’Ivoire to Abidjan-based Atlantic Group for up to $305 million, as part of its ongoing effort to streamline operations and bolster its balance sheet.
Shares of Barrick rose 3% on the Toronto Stock Exchange following the announcement, according to Reuters.
The transaction marks another step in Barrick’s broader strategy to monetise non-core assets, particularly in regions where operational costs have climbed.
Since its 2019 merger with Randgold Resources, the Canadian miner has been steadily shifting focus toward high-margin, long-life operations, notably in copper and key projects across Africa and the Middle East.
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According to the company, the deal includes a cash payment of $192 million, which factors in the repayment of a $23 million shareholder loan within six months of closing.
The proceeds will be used to strengthen Barrick’s balance sheet and fund its ongoing growth plans. The transaction is expected to close by the end of 2025, subject to regulatory and partner approvals.
Gold price boost
The sale comes at a time when gold prices are trading around $3,900 an ounce, supported by investor demand for safe-haven assets amid global economic uncertainty and expectations of further U.S. Federal Reserve rate cuts.
The Tongon gold mine, which began production in 2010, has been a significant contributor to Barrick’s West African portfolio. The company said it successfully extended the mine’s life beyond its original 2020 closure plan through continued exploration efforts.
