Barrick completes Tongon gold mine divestiture in Côte d’Ivoire

Core Insights - Barrick Mining has completed the divestiture of its interests in the Tongon gold mine and selected exploration assets in Côte d'Ivoire to Atlantic Group for a total consideration of up to $305 million [1][2] - The transaction includes an initial cash payment of $192 million, which consists of a $23 million repayment of a shareholder loan [1][2] - Barrick is eligible for additional contingent cash payments of up to $113 million based on gold prices and resource conversion over specified time frames [2] Financial Implications - The proceeds from the sale are intended to strengthen Barrick's financial position and enhance shareholder returns [3] - The mine, which began production in 2010, had its closure initially planned for 2020 but was extended through exploration activities [3] Strategic Developments - Atlantic Group, now the owner of the Tongon mine, has diversified interests across agriculture, financial services, and industry in 15 African countries [4] - The transfer of ownership to an Ivorian partner marks a new phase of local management for the Tongon mine [4]