Barrick to divest stake in Tongon gold mine and exploration properties to Atlantic Group

Core Viewpoint - Barrick Mining Corporation has agreed to divest its stake in the Tongon gold mine and certain exploration properties in Côte d'Ivoire to Atlantic Group for up to $305 million, which includes both cash payments and contingent payments based on gold prices and resource conversions [1][2]. Financial Implications - The sale proceeds will be utilized to strengthen Barrick's financial position and improve shareholder returns [2]. - The transaction includes a cash payment of $192 million, which consists of a $23 million shareholder loan repayment due within six months of closing [1]. Transaction Details - The acquisition involves Barrick's stakes in two Ivorian subsidiaries that own the mine and exploration permits [2]. - The deal is expected to close in late 2025, subject to customary closing conditions and approval from the Government of Côte d'Ivoire [3]. Economic Contribution - Since its first gold pour in 2010, the Tongon mine has contributed over $2 billion to the Ivorian economy through taxes, infrastructure development, salaries, and payments to local suppliers [3]. Company Background - Atlantic Group is a privately held pan-African conglomerate with interests in various sectors across 15 African countries, founded by an Ivorian entrepreneur 48 years ago [4]. - Barrick Mining recently signed an agreement to sell the Hemlo Gold Mine in Canada for up to $1.09 billion and announced a leadership transition with the appointment of Mark Hill as COO and interim president and CEO [4].