Barrick Sells Tongon Gold Mine for Up to $305M to Strengthen Balance Sheet
Barrick Mining Corporation has announced the sale of its interests in the Tongon gold mine and associated exploration properties in Côte d'Ivoire to the Atlantic Group for up to $305 million. The transaction, expected to close in late 2025, will see Barrick strengthen its balance sheet and support shareholder returns.
The Tongon gold mine has been a significant contributor to the Ivorian economy since 2010, generating over $2 billion in taxes, infrastructure development, salaries, and payments to local suppliers. Barrick's decision to sell its interests in the mine comes as the company seeks to bolster its financial position and focus on its core assets.
The Atlantic Group, a Pan-African multisectoral group with a diversified presence in 15 countries, will acquire Barrick's interests in the two Ivorian subsidiaries that hold the mine and exploration permits. The consideration includes a cash payment of $192 million, a $23 million shareholder loan repayment, and contingent cash payments of up to $113 million based on gold prices and resource conversions over five years. TD Securities Inc. and Treadstone Resource Partners are acting as financial advisors to Barrick, while Lawson Lundell LLP is serving as legal counsel.
Barrick's sale of its interests in the Tongon gold mine is expected to close in late 2025, subject to customary closing conditions and approval by the Government of Côte d'Ivoire. The proceeds from the sale will be used to strengthen Barrick's balance sheet and support its commitment to delivering returns to shareholders. The Atlantic Group, with its diversified presence across Africa and the Indian Ocean, is well-positioned to continue the mine's positive impact on the Ivorian economy.
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