Barrick Mining (TSX: ABX; NYSE: B) agreed to sell its stake in the Tongon gold mine and certain exploration properties in Côte d’Ivoire to the Atlantic Group for up to $305 million.
The transaction includes a cash payment of $192 million, which covers a $23 million shareholder loan repayment due within six months of closing, Barrick said Monday in a statement. Proceeds will be used to further strengthen the company’s balance sheet and support its commitment to shareholder returns, Barrick said.
The deal is expected to close in late 2025, subject to regulatory approvals and customary closing conditions. Côte d’lvoire’s government must sign off on the transaction.
Tongon was among the gold assets that former Barrick CEO Mark Bristow – who unexpectedly departed last week – had singled out as being candidates for a sale as the Toronto-based company pushes deeper into copper mining.
Founded 48 years ago, Atlantic Group is a privately held Pan-African conglomerate with diversified interests across financial services, agriculture, and industry, and operations spanning 15 African countries.
The acquisition marks a major step for Atlantic as it deepens its investments in the mining industry within Côte d’Ivoire, one of West Africa’s fastest-growing gold producers.
Barrick originally planned to close Tongon in 2020, but ongoing exploration success extended the mine’s life. Since pouring its first gold in 2010, Tongon has contributed more than $2 billion to the Ivorian economy through taxes, infrastructure projects, salaries, and local supplier payments, according to Barrick.
In 2024, the mine produced 148,000 oz. of gold. It hosts proven and probable reserves of 620,000 oz. and measured and indicated resources of 700,000 oz., Barrick says.
Barrick’s shares rose 1.9% to C$48.26 Monday afternoon in Toronto following the announcement. That have the miner a market capitalization of about C$82 billion ($59 billion).
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