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

" Barrick Exits Ivory Coast With $305 Million Tongon Mine Sale \r\n \r\n\r\nBarrick Mining announced that it has agreed to sell its interests in the Tongon gold mine and related assets in C\u00f4te d\u2019Ivoire to Abidjan-based Atlantic Group for up to $305 million.\r\n\r\n \r\n \r\n \r\n \r\n\r\nBarrick Mining announced on Monday that it has agreed to sell its interests in the Tongon gold mine and related assets in C\u00f4te d\u2019Ivoire to Abidjan-based Atlantic Group for up to $305 million, as part of its ongoing effort to streamline operations and bolster its balance sheet.\r\n\r\n \r\n \r\n\r\nShares of Barrick rose 3% on the Toronto Stock Exchange following the announcement, according to\u00a0 Reuters .\r\n\r\n \r\n \r\n\r\nThe transaction marks another step in Barrick\u2019s broader strategy to monetise non-core assets, particularly in regions where operational costs have climbed.\r\n \r\n\r\nSince 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.\r\n\r\n \r\n \r\n\r\nAccording 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.\r\n\r\n \r\n \r\n\r\nThe proceeds will be used to strengthen Barrick\u2019s 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.\r\n\r\n \r\n \r\n Gold price boost \r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nThe sale comes at a time when gold prices are trading around $3,900 an ounce, supported by investor demand for safe-haven assets amid global economic uncertainty and expectations of further U.S. Federal Reserve rate cuts.\r\n\r\n \r\n \r\n\r\nThe Tongon gold mine, which began production in 2010, has been a significant contributor to Barrick\u2019s West African portfolio. The company said it successfully extended the mine\u2019s life beyond its original 2020 closure plan through continued exploration efforts.\r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n "

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

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