Barrick sells Tongon mine interests to Atlantic Group for up to $305M

Barrick Mining (TSX: ABX; NYSE: B) said on Monday it has agreed to sell its interests 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 the proceeds will be used to further strengthen its balance sheet and support its commitment to shareholder returns.

The deal is expected to close in late 2025, subject to regulatory approvals and customary closing conditions, it added.

Founded 48 years ago, Atlantic is a privately held Pan-African conglomerate with diversified interests across financial services, agriculture and industry, with operations spanning 15 African countries.

The acquisition marks a major step for the group 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.

In 2024, the mine produced 148,000 oz. of gold. It currently hosts proven and probable reserves of 620,000 oz. and measured and indicated resources of 700,000 oz., according to Barrick.

Barrick’s shares rose as much as 1.9% following the announcement, giving the Toronto-based gold miner a market capitalization of about C$82 billion ($59 billion).