Barrick Exits Ivory Coast With $305 Million Tongon Mine Sale
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 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.
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.
