Barrick Wraps Up Tongon Interests' Divestiture to Atlantic Group

Core Insights - Barrick Mining Corporation has completed the divestment of its interests in the Tongon gold mine and several exploration properties in Côte d'Ivoire to the Atlantic Group for a total consideration of $305 million [1][7] Financial Details - The total consideration includes a cash payment of $192 million, which consists of a $23 million shareholder loan repayment due within six months of closing, and contingent cash payments of up to $113 million based on gold prices over 2.5 years and resource conversions over five years [2][7] Company and Market Impact - The Atlantic Group, a privately held multisectoral Pan-African Group, will take over the ownership of Tongon, which is expected to enhance local stewardship and community benefits [3] - Barrick has successfully extended the life of the Tongon mine, which has generated over $2 billion in revenues for the Ivorian economy over the past 15 years [3] - The proceeds from the sale will be used to strengthen Barrick's balance sheet and deliver returns to shareholders, with the company's shares having increased by 141.2% over the past year, outperforming the industry's growth of 121% [4][7]