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Appian backs Atlantic Group’s buyout of Barrick mine with $150M funding
MINING.COM· 2025-12-03 17:32
Core Insights - Appian Capital Advisory has provided a $150 million financing package to support Atlantic Group's acquisition of the Tongon gold mine from Barrick Mining [1][3] - The acquisition deal is valued at up to $305 million, with Barrick receiving an initial cash payment of $192 million and potential additional payments of $113 million based on gold prices and resource milestones [2] Financing Details - The financing package includes a senior secured debt facility and a gold stream agreement [3] - Atlantic Group will implement a downside gold price protection program to mitigate risks associated with Tongon's cash flows [3] Mine Overview - The Tongon mine has contributed over $2 billion to the Ivorian economy since its production began in 2010, through taxes, infrastructure projects, salaries, and local supplier payments [4] - The mine has proven and probable reserves of 620,000 ounces and measured and indicated resources of 700,000 ounces [5] Future Production - The Tongon mine is expected to produce approximately 140,000 ounces of gold in 2025, maintaining a similar output level to the previous year [7]