Barrick (B) Sells Tongon Mine Stake for Up to $305M

Core Viewpoint - Barrick Mining Corporation is positioned as a strong investment opportunity as gold prices rise, highlighted by its recent agreement to sell its stake in the Tongon gold mine for up to $305 million [1][2]. Group 1: Transaction Details - Barrick agreed to sell its interest in the Tongon gold mine and associated exploration properties in Côte d'Ivoire to Atlantic Group for up to $305 million, with an initial cash payment of $192 million [1]. - The deal includes a repayment of a $23 million shareholder loan due within six months after the transaction closes, along with contingent payments of up to $113 million over the next five years, contingent on gold prices and resource conversions [1]. - The transaction is expected to close by the end of 2025, pending regulatory approvals from the Ivorian government and other customary closing conditions [1]. Group 2: Ownership Structure - Following the transaction, Atlantic Group will become the full owner of the Tongon mine, which has been operational since 2010 [2]. - Prior to the sale, Barrick held an 89.7% stake in the Tongon mine, while the Ivorian government owned 10% and local investors held approximately 0.3% [2]. Group 3: Company Overview - Barrick Mining Corporation, formerly known as Barrick Gold Corporation until May 2025, is a Canadian mining company focused on acquiring, exploring, developing, and operating gold and copper properties [3]. - The company primarily operates through its Nevada Gold Mines joint venture in the United States, the Pueblo Viejo mine in the Dominican Republic, and the Loulo-Gounkoto and Kibali mines in Africa [3]. - Barrick's main products include gold bullion and copper concentrate, extracted from both open-pit and underground mining operations [3].