Barrick Completes Sale of Tongon Gold Mine as Portfolio Optimization Accelerates
Barrick Mining Sells Tongon Gold Mine to Atlantic Group in Deal Worth Up to $305 Million
Gold miner Barrick Mining has finalized the sale of its interests in the Tongon gold mine and associated exploration properties in Côte d’Ivoire to the Atlantic Group, in a transaction valued at up to $305 million.
The company announced on Tuesday that the consideration includes $192 million in cash, which incorporates a $23 million shareholder loan repayment due within six months of closing.
An additional $113 million in contingent payments may be made over the coming years, linked to gold price performance over 2.5 years and resource conversion milestones over a five-year period.
The sale follows Barrick’s October 6 announcement of its intention to divest the asset as part of its ongoing portfolio optimization strategy.
Barrick has been actively reshaping its portfolio by shedding noncore assets to concentrate on its key gold and copper operations. Recent divestments include the sale of the Hemlo gold mine in Canada for up to $1.09 billion and the disposal of the Alturas project in Chile for $50 million. y
Earlier this year, the company also exited the Donlin gold project in Alaska, selling its stake to affiliates of Paulson Advisers and Novagold for $2 billion in cash.
On Monday, Barrick confirmed that it is evaluating additional strategic options, including the potential separation of its North American asset portfolio.
COO Mark Hill—currently serving as interim CEO following the resignation of Mark Bristow—said such a move could provide investors with enhanced jurisdictional and operational clarity.
He added that a potential initial public offering of the North American assets could offer shareholders “more optionality around jurisdiction in a pure gold company with growth”.
