Barrick Sells Stake in Tongon Gold Mine for Up to $305 Million

Barrick Mining Corp. has finalized a significant agreement to sell its stake in the Tongon gold mine, along with certain exploration properties in the Ivory Coast, to the Atlantic Group in a deal valued at up to US$305 million. This transaction underscores Barrick’s strategy to enhance its financial position and deliver returns to its shareholders.

Under the terms of the agreement, Barrick will receive US$192 million in cash, which includes the repayment of a US$23 million shareholder loan expected within six months of the transaction’s closing. Additionally, the deal comprises contingent cash payments that could total up to US$113 million, contingent upon gold prices over the next 2.5 years and resource conversions over five years.

Details of the Transaction

Barrick, which holds an 89.7 percent stake in Tongon, initially planned to close the mine in 2020. However, the operational life of the mine has been extended due to a successful exploration program, allowing it to continue generating revenue. The completion of this sale is anticipated later in 2025, pending necessary closing conditions, including approval from the Ivory Coast government.

The strategic shift comes as Barrick seeks to strengthen its balance sheet in an evolving market. The proceeds from the Tongon sale will be directed towards debt reduction and maximizing shareholder value, reflecting the company’s commitment to maintaining a robust financial foundation.

According to reports, Barrick’s decision to divest from Tongon aligns with its broader operational focus and investment strategy in the gold mining sector. The transaction not only facilitates immediate cash flow but also positions the company to respond to market fluctuations and explore further opportunities.

This report by The Canadian Press was first published on October 6, 2025, highlighting the dynamic landscape of gold mining investments and the ongoing strategic maneuvers by major players in the industry.